Document:

Exhibit 4.4

 

EXECUTION VERSION  

	 

 

DEUTSCHE
MORTGAGE & ASSET RECEIVING CORPORATION,

Depositor,

 

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

Master Servicer,

 

RIALTO
CAPITAL ADVISORS, LLC,

Special Servicer,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Trustee,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator, Paying Agent and Custodian,

 

and

 

Pentalpha
Surveillance LLC,

Operating Advisor and Asset Representations Reviewer

	 

  

POOLING
AND SERVICING AGREEMENT

Dated as of December 1, 2020 

	 

 

Benchmark
2020-B22 Mortgage Trust

Commercial Mortgage Pass-Through Certificates,

Series 2020-B22 

	 

  

    

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE
    I
	 	 	 
	DEFINITIONS
    7
	 	 	 
	Section 1.01	Defined
    Terms	7
	Section 1.02	Certain
    Calculations	124
	Section 1.03	Certain
    Constructions	128
	Section 1.04	Certain
    Matters Relating to the Non-Serviced Mortgage Loans	129
	 	 	 
	ARTICLE
    II
	 	 	 
	CONVEYANCE
    OF MORTGAGE LOANS;
	ORIGINAL ISSUANCE OF CERTIFICATES	130
	 	 
	Section 2.01	Conveyance
    of Mortgage Loans; Assignment of Mortgage Loan Purchase Agreements	130
	Section 2.02	Acceptance
    by Custodian and the Trustee	141
	Section 2.03	Representations,
    Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans	143
	Section 2.04	Representations,
    Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
    Advisor and the Asset Representations Reviewer	160
	Section 2.05	Execution
    and Delivery of Certificates; Issuance of Upper-Tier Regular Interests; Issuance of Lower-Tier Regular Interests	168
	Section 2.06	Miscellaneous
    REMIC and Grantor Trust Provisions	169
	 	 	 
	ARTICLE
    III
	 	 	 
	ADMINISTRATION
    AND SERVICING
	OF THE TRUST FUND	170
	 	 
	Section 3.01	The
    Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Mortgage Loans
    and the Serviced Companion Loans	170
	Section 3.02	Liability
    of the Master Servicer and the Special Servicer When Sub- Servicing	176
	Section 3.03	Collection
    of Mortgage Loan and Serviced Companion Loan Payments	176
	Section 3.04	Collection
    of Taxes, Assessments and Similar Items; Escrow Accounts	177
	Section 3.05	Collection
    Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan Collection
    Accounts	179

 

    -i-

    

    

 

	Section 3.06	Permitted
    Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection Accounts and the Distribution Accounts; Trust
    Ledger	188
	Section 3.07	Investment
    of Funds in the Collection Accounts, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, the Interest
    Reserve Account, the Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and
    the Reserve Accounts	208
	Section 3.08	Maintenance
    of Insurance Policies and Errors and Omissions and Fidelity Coverage	210
	Section 3.09	Enforcement
    of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions	215
	Section 3.10	Appraisals;
    Realization upon Defaulted Loans	223
	Section 3.11	Custodian
    to Cooperate; Release of Mortgage Files	230
	Section 3.12	Servicing
    Fees, Certificate Administrator/Trustee Fees and Special Servicing Compensation	231
	Section 3.13	Reports
    to the Certificate Administrator; Collection Account Statements	240
	Section 3.14	Access
    to Certain Documentation	247
	Section 3.15	Title
    and Management of REO Properties and REO Accounts	256
	Section 3.16	Sale
    of Specially Serviced Loans and REO Properties	261
	Section 3.17	Additional
    Obligations of the Master Servicer and the Special Servicer; Inspections	266
	Section 3.18	Authenticating
    Agent	268
	Section 3.19	Appointment
    of Custodians	269
	Section 3.20	Lock-Box
    Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts	269
	Section 3.21	Servicing
    Advances	269
	Section 3.22	Appointment
    and Replacement of Special Servicer	274
	Section 3.23	Transfer
    of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report	280
	Section 3.24	Special
    Instructions for the Master Servicer and/or Special Servicer	287
	Section 3.25	Certain
    Rights and Obligations of the Master Servicer and/or the Special Servicer	288
	Section 3.26	Modification,
    Waiver, Amendment and Consents	290
	Section 3.27	Certain
    Intercreditor Matters Relating to the Whole Loans	296
	Section 3.28	Directing
    Holder Contact with the Master Servicer and the Special Servicer	301
	Section 3.29	Controlling
    Class Certificateholders, the Directing Holder and the Risk Retention Consultation Party; Certain Rights and Powers of the
    Directing Holder and the Risk Retention Consultation Party	301
	Section 3.30	Rating
    Agency Confirmation	307
	Section 3.31	Appointment
    and Duties of the Operating Advisor	310
	Section 3.32	Delivery
    of Excluded Information to the Certificate Administrator	315
	Section 3.33	Certain
    Matters with Respect to Joint Mortgage Loans	315
	Section 3.34	[Reserved]	319

 

    -ii-

    

    

 

	ARTICLE
    IV
	 	 	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS	319
	 	 
	Section 4.01	Distributions	319
	Section 4.02	Statements
    to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others	330
	Section 4.03	Compliance
    with Withholding Requirements	343
	Section 4.04	REMIC
    Compliance	344
	Section 4.05	Imposition
    of Tax on the Trust Fund	346
	Section 4.06	Remittances	347
	Section 4.07	P&I
    Advances	348
	Section 4.08	Appraisal
    Reductions; Collateral Deficiency Amounts	354
	Section 4.09	Grantor
    Trust Reporting	358
	Section 4.10	Secure
    Data Room	359
	 	 	 
	ARTICLE
    V
	 	 	 
	THE CERTIFICATES	360
	 	 
	Section 5.01	The
    Certificates	360
	Section 5.02	Registration,
    Transfer and Exchange of Certificates	365
	Section 5.03	Mutilated,
    Destroyed, Lost or Stolen Certificates	377
	Section 5.04	Appointment
    of Paying Agent	377
	Section 5.05	Access
    to Certificateholders’ Names and Addresses; Special Notices	378
	Section 5.06	Actions
    of Certificateholders	379
	Section 5.07	Rule
    144A Information	379
	Section 5.08	Voting
    Procedures	379
	 	 	 
	ARTICLE
    VI
	THE DEPOSITOR,
    THE MASTER SERVICER, THE SPECIAL SERVICER, THE
	DIRECTING
    HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE
	OPERATING ADVISOR AND THE ASSET
    REPRESENTATIONS REVIEWER	381
	 	 
	Section 6.01	Liability
    of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer	381
	Section 6.02	Merger
    or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the Asset Representations Reviewer or the Operating
    Advisor	381
	Section 6.03	Limitation
    on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
    Reviewer and Others	382
	Section 6.04	Limitation
    on Resignation of the Master Servicer, the Special Servicer and the Operating Advisor; Termination of the Master Servicer,
    the Special Servicer and the Operating Advisor	385

    -iii-

    

    

 

	Section 6.05	Rights
    of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer	387
	Section 6.06	The
    Master Servicer or Special Servicer as Owners of a Certificate	387
	Section 6.07	The
    Directing Holder, the Operating Advisor and the Risk Retention Consultation Party	388
	Section 6.08	Rights
    of Non-Directing Holders	394
	 	 	 
	ARTICLE
    VII
	 	 	 
	SERVICER AND OPERATING ADVISOR TERMINATION	395
	 	 
	Section 7.01	Servicer
    Termination Events	395
	Section 7.02	Trustee
    to Act; Appointment of Successor	403
	Section 7.03	Notification
    to Certificateholders and Other Persons	405
	Section 7.04	Other
    Remedies of Trustee	406
	Section 7.05	Waiver
    of Past Servicer Termination Events and Operating Advisor Termination Events; Termination	406
	Section 7.06	Trustee
    as Maker of Advances	406
	Section 7.07	Termination
    of the Operating Advisor	407
	 	 	 
	ARTICLE
    VIII
	 	 	 
	CONCERNING THE TRUSTEE AND CERTIFICATE
    ADMINISTRATOR	410
	 	 
	Section 8.01	Duties
    of Trustee and Certificate Administrator	410
	Section 8.02	Certain
    Matters Affecting the Trustee and the Certificate Administrator	413
	Section 8.03	Trustee
    and Certificate Administrator Not Liable for Certificates or Mortgage Loans	416
	Section 8.04	Trustee
    and Certificate Administrator May Own Certificates	417
	Section 8.05	Payment
    of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification	417
	Section 8.06	Eligibility
    Requirements for Trustee and Certificate Administrator	420
	Section 8.07	Resignation
    and Removal of Trustee and Certificate Administrator	422
	Section 8.08	Successor
    Trustee and Certificate Administrator	424
	Section 8.09	Merger
    or Consolidation of Trustee or Certificate Administrator	424
	Section 8.10	Appointment
    of Co-Trustee or Separate Trustee	425
	 	 	 
	ARTICLE
    IX
	 	 	 
	TERMINATION	426
	 	 
	Section 9.01	Termination	426

    -iv-

    

    

 

	ARTICLE
    X
	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION
    AB COMPLIANCE	431
	 	 
	Section 10.01	Intent
    of the Parties; Reasonableness	431
	Section 10.02	Notification
    Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan	432
	Section 10.03	Information
    to be Provided by the Master Servicer and the Special Servicer	434
	Section 10.04	Information
    to be Provided by the Trustee	435
	Section 10.05	Filing
    Obligations	435
	Section 10.06	Form
    10-D and Form ABS-EE Filings	437
	Section 10.07	Form
    10-K Filings	441
	Section 10.08	Sarbanes-Oxley
    Certification	444
	Section 10.09	Form
    8-K Filings	445
	Section 10.10	Suspension
    of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports	447
	Section 10.11	Annual
    Compliance Statements	448
	Section 10.12	Annual
    Reports on Assessment of Compliance with Servicing Criteria	449
	Section 10.13	Annual
    Independent Public Accountants’ Servicing Report	452
	Section 10.14	Exchange
    Act Reporting Indemnification	453
	Section 10.15	Amendments	456
	Section 10.16	Exchange
    Act Report Signatures; Delivery of Notices	456
	Section 10.17	Termination
    of the Certificate Administrator	457
	 	 	 
	ARTICLE
    XI
	 	 	 
	THE ASSET REPRESENTATIONS REVIEWER	458
	 	 
	Section 11.01	Asset
    Review.	458
	Section 11.02	Payment
    of Asset Representations Reviewer Asset Review Fees and Expenses; Limitation of Liability	464
	Section 11.03	Resignation
    of the Asset Representations Reviewer	465
	Section 11.04	Restrictions
    of the Asset Representations Reviewer	466
	Section 11.05	Termination
    of the Asset Representations Reviewer	466
	 	 	 
	ARTICLE
    XII
	 	 	 
	MISCELLANEOUS PROVISIONS	469
	 	 
	Section 12.01	Counterparts	469
	Section 12.02	Limitation
    on Rights of Certificateholders	469
	Section 12.03	Governing
    Law	470
	Section 12.04	Waiver
    of Jury Trial; Consent to Jurisdiction	470
	Section 12.05	Notices	471
	Section 12.06	Severability
    of Provisions	479

    -v-

    

    

 

	Section 12.07	Notice
    to the Depositor and Each Rating Agency	480
	Section 12.08	Amendment	482
	Section 12.09	Confirmation
    of Intent	487
	Section 12.10	No
    Intended Third-Party Beneficiaries	487
	Section 12.11	Entire
    Agreement	487
	Section 12.12	Third
    Party Beneficiaries	488
	 	 	 

    -vi-

    

    

 

	TABLE
    OF EXHIBITS
	Exhibit A-1	Form
    of Class A-1 Certificate
	Exhibit A-2	Form
    of Class A-2 Certificate
	Exhibit A-3	Form
    of Class A-SB Certificate
	Exhibit A-4	Form
    of Class A-4 Certificate
	Exhibit A-5	Form
    of Class A-5 Certificate
	Exhibit A-6	Form
    of Class A-M 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 F Certificate
	Exhibit A-12	Form
    of Class G Certificate
	Exhibit A-13	Form
    of Class H Certificate
	Exhibit A-14	Form
    of Class X-A Certificate
	Exhibit A-15	Form
    of Class X-B Certificate
	Exhibit A-16	Form
    of Class X-D Certificate
	Exhibit A-17	Form
    of Class X-F Certificate
	Exhibit A-18	Form
    of Class X-G Certificate
	Exhibit A-19	Form
    of Class X-H Certificate
	Exhibit A-20	Form
    of Class S Certificate
	Exhibit A-21	Form
    of Class R Certificate
	Exhibit A-22	Form
    of VRR Interest
	Exhibit B	Mortgage
    Loan Schedule
	Exhibit C-1	Form
    of Transferee Affidavit
	Exhibit C-2	Form
    of Transferor Letter
	Exhibit C-3	[Reserved]
	Exhibit C-4	[Reserved]
	Exhibit C-5	Form
    of Transferee Certificate for Transfers of the VRR Interest
	Exhibit C-6	Form
    of Transferor Certificate for Transfers of the VRR Interest
	Exhibit D-1	Form
    of Investment Representation Letter
	Exhibit D-2	Form
    of ERISA Representation Letter
	Exhibit E	Form
    of Request for Release
	Exhibit F	Securities
    Legend
	Exhibit G	Form
    of Regulation S Transfer Certificate
	Exhibit H	Form
    of Transfer Certificate for Exchange or Transfer from Rule 144A Global Certificate to Regulation S Global Certificate during
    the Restricted Period
	Exhibit I	Form
    of Transfer Certificate for Exchange or Transfer from Rule 144A Global Certificate to Regulation S Global Certificate after
    the Restricted Period
	Exhibit J	Form
    of Transfer Certificate for Exchange or Transfer from Regulation S Global Certificate to Rule 144A Global Certificate during
    the Restricted Period
	Exhibit K	Form
    of Distribution Date Statement
	Exhibit L-1A	Form
    of Investor Certification for Non-Borrower Party and/or Risk Retention Consultation Party (for Persons other than the Directing
    Holder and/or a Controlling Class Certificateholder)

 

    -vii-

    

    

 

	Exhibit L-1B	Form
    of Investor Certification for Non-Borrower Party (for the Directing Holder and/or a Controlling Class Certificateholder)
	Exhibit L-1C	Form
    of Investor Certification for Borrower Party (for Persons other than the Directing Holder, a Controlling Class Certificateholder
    and/or the Risk Retention Consultation Party)
	Exhibit L-1D	Form
    of Investor Certification for Borrower Party (for the Directing Holder and/or a Controlling Class Certificateholder)
	Exhibit L-1E	Form
    of Notice of Excluded Controlling Class Holder
	Exhibit L-1F	Form
    of Notice of Excluded Controlling Class Holder to Certificate Administrator
	Exhibit L-1G	Form
    of Certification of the Directing Holder
	Exhibit L-1H	Form
    of Certification of the Risk Retention Consultation Party
	Exhibit L-2	Form
    of Financial Market Publisher Certification
	Exhibit M	Form
    of Notification from Custodian
	Exhibit N-1	Form
    of Closing Date Custodian Certification
	Exhibit N-2	Form
    of Post-Closing Custodian Certification
	Exhibit O	Form
    of Trustee Backup Certification
	Exhibit P	Form
    of Custodian Backup Certification
	Exhibit Q	Form
    of Certificate Administrator Backup Certification
	Exhibit R	Form
    of Operating Advisor Backup Certification
	Exhibit S	[Reserved]
	Exhibit T	Form
    of Master Servicer Backup Certification
	Exhibit U	Form
    of Special Servicer Backup Certification
	Exhibit V	Form
    of Sub-Servicer Backup Certification
	Exhibit W	Form
    of Sarbanes Oxley Certification
	Exhibit X	Mortgage
    Loan Seller Sub-Servicers
	Exhibit Y	Servicing
    Function Participants
	Exhibit Z	Form
    of NRSRO Certification
	Exhibit AA-1	Form
    of Transferor Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit AA-2	Form
    of Transferee Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit BB	Form
    of Operating Advisor Annual Report
	Exhibit CC	Additional
    Disclosure Notification
	Exhibit DD-1	Form
    of Power of Attorney by Trustee for Master Servicer
	Exhibit DD-2	Form
    of Power of Attorney by Trustee for Special Servicer
	Exhibit EE	Form
    of Non-Serviced Mortgage Loan Notification
	Exhibit FF	Form
    of Companion Loan Noteholder Certification
	Exhibit GG	[Reserved]
	Exhibit HH	Form
    of Asset Review Report by the Asset Representations Reviewer
	Exhibit II	Form
    of Asset Review Report Summary by the Asset Representations Reviewer
	Exhibit JJ-1	GACC
    and CREFI Asset Review Procedures
	Exhibit JJ-2	GSMC
    Asset Review Procedures
	Exhibit JJ-3	JPMCB
    Asset Review Procedures
	Exhibit KK	Form
    of Certification to Certificate Administrator Requesting Access to Secure Data Room
	Exhibit LL	Form
    of Notice of [Additional Delinquent Loan][Cessation of Delinquent Loan][Cessation of Asset Review Trigger]
	Exhibit MM	Form
    of Certificate Administrator Receipt of the Retained Certificates

 

    -viii-

    

    

 

	Exhibit NN	[Reserved]
	Exhibit OO	Form
    of Notice of Additional Secured Indebtedness Notification
	 	 
	TABLE
    OF SCHEDULES
	 	 
	Schedule I	Directing
    Holders
	Schedule II	Servicing
    Criteria to be Addressed in Assessment of Compliance
	Schedule III	Class
    A-SB Planned Principal Balance Schedule
	Schedule IV	Additional
    Form 10-D Disclosure
	Schedule V	Additional
    Form 10-K Disclosure
	Schedule VI	Form
    8-K Disclosure Information
	Schedule VII	Initial
    Serviced Companion Loan Noteholders
	Schedule VIII	Contact
    Information for the Other 17g-5 Information Provider
	Schedule IX	Mortgage
    Loans With “Performance”, “Earn-Out” or “Holdback” Escrows or Reserves Exceeding 10% of
    the Stated Principal Balance of the Mortgage Loan or Whole Loan, as Applicable, as of the Cut-off Date
	Schedule X	Retained
    Defeasance Rights and Obligations Mortgage Loans
	Schedule XI	Mortgage
    Loans With Additional Secured Debt

    -ix-

    

    

   

Pooling
and Servicing Agreement, dated as of December 1, 2020, 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 Pentalpha Surveillance LLC, as Operating Advisor and Asset Representations Reviewer.

 

PRELIMINARY
STATEMENT:

 

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

the meanings specified in Article I hereof)

 

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

 

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

 

LOWER-TIER
REMIC

 

The
Lower-Tier REMIC will hold the Mortgage Loans (exclusive of Excess Interest) and certain other related assets subject to this
Agreement, and will issue (i) the Lower-Tier Regular Interests set forth in the table below (the “Lower-Tier Regular
Interests”), as classes of regular interests in the Lower-Tier REMIC and (ii) the Class LTR Interest as the sole
class of residual interests in the Lower-Tier REMIC, which will be evidenced by the Class R Certificates.

 

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

 

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

 

    -1-

    

    

 

	Lower-Tier
                                         Regular Interests / (Corresponding Upper-Tier Regular Interests) 
	Initial
                                         Principal Balance or Notional Amount 
	Pass-Through
                                         Rate 

	Class
    LA-1 / (A-1)	 $9,763,000	(1)
	Class
    LA-2 / (A-2)	 $3,086,000	(1)
	Class
    LA-SB / (A-SB)	 $15,906,000	(1)
	Class
    LA-4 / (A-4)	 $132,500,000	(1)
	Class
    LA-5 / (A-5)	 $380,199,000	(1)
	Class
    LA-M / (A-M)	 $69,615,000	(1)
	Class
    LB / (B) 	 $30,941,000	(1)
	Class
    LC / (C) 	 $31,907,000	(1)
	Class
    LD / (D) 	 $22,238,000	(1)
	Class
    LE / (E)	 $19,338,000	(1)
	Class
    LF / (F)	 $22,238,000	(1)
	Class
    LG / (G)	 $7,735,000	(1)
	Class
    LH / (H)	 $28,040,150	(1)
	LVRR
    / (VRR Interest)	$40,710,850	(1)
	LTR	(2)	(2)

 

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

 

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

 

UPPER-TIER
REMIC

 

The
Upper-Tier REMIC will hold the Lower-Tier Regular Interests and certain other related assets subject to this Agreement and will
issue (i) the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D,
Class X-F, Class X-G, Class X-H, Class A-M, Class B, Class C, Class D, Class E, Class F,
Class G and Class H Certificates (exclusive of Excess Interest) and the VRR Interest (exclusive of Excess Interest)
representing “regular interests” in the Upper-Tier REMIC created hereunder (“Upper-Tier Regular Interests”),
and (ii) the Class UTR Interest as the sole class of residual interests in the Upper-Tier REMIC, which will be evidenced
by the Class R Certificates.

 

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

 

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

	Class A-1	 $9,763,000	0.509%
	Class A-2	 $3,086,000	1.155%
	Class A-SB	 $15,906,000	1.731%
	Class A-4	 $132,500,000	1.685%
	Class A-5	 $380,199,000	1.973%
	Class X-A	$611,069,000(1)	1.523%(2)
	Class A-M	 $69,615,000	2.163%
	Class B	 $30,941,000	2.151%
	Class C	 $31,907,000	2.698%
	Class X-B	$62,848,000(1)	0.992%(3)
	Class X-D	$41,576,000(1)	1.421%(4)
	Class X-F	$22,238,000(1)	1.421%(5)

 

    -2-

    

    

 

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

	Class X-G	$7,735,000(1)	1.421%(6)
	Class X-H	$28,040,150(1)	1.421%(7)
	Class D	 $22,238,000	2.000%
	Class E	 $19,338,000	2.000%
	Class F	 $22,238,000	2.000%
	Class G	 $7,735,000	2.000%
	Class H	 $28,040,150	2.000%
	VRR
    Interest	$40,710,850	3.421%(8)
	 	 	 
	Upper-Tier
                                         Regular Interests Not Represented by Certificates 
	 	 
	Class
    UTR(9)	 	 

 

		(1)	Notional
                                         Amount.

 

		(2)	The
                                         regular interest represented by this certificate is entitled to a specified portion of
                                         the interest payable on each of the Class LA-1, Class LA-2, Class LA-SB, Class LA-4,
                                         Class LA-5 and Class LA-M Lower-Tier Regular Interests equal to the excess of the WAC
                                         Rate over the interest payable on the Corresponding Upper-Tier Regular Interest as identified
                                         on the table for the Lower-Tier REMIC.

 

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

 

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

 

		(5)	The
                                         regular interest represented by this certificate is entitled to a specified portion of
                                         the interest payable on the Class LF Lower-Tier Regular Interest equal to the excess
                                         of the WAC Rate over the interest payable on the Corresponding Upper-Tier Regular Interest
                                         as identified on the table for the Lower-Tier REMIC.

 

		(6)	The
                                         regular interest represented by this certificate is entitled to a specified portion of
                                         the interest payable on the Class LG Lower-Tier Regular Interest equal to the excess
                                         of the WAC Rate over the interest payable on the Corresponding Upper-Tier Regular Interest
                                         as identified on the table for the Lower-Tier REMIC.

 

		(7)	The
                                         regular interest represented by this certificate is entitled to a specified portion of
                                         the interest payable on the Class LH Lower-Tier Regular Interest equal to the excess
                                         of the WAC Rate over the interest payable on the Corresponding Upper-Tier Regular Interest
                                         as identified on the table for the Lower-Tier REMIC.

 

		(8)	Although
                                         it does not have a specified Pass-Through Rate (other than for tax reporting purposes),
                                         the effective interest rate for the VRR Interest will be the WAC rate.

 

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

 

None
of the Class X-A, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class S or Class R Certificates have Certificate
Balances. Additionally, neither the Class S nor Class R Certificates have a Notional Amount. The Certificate Balance of any
Class of Principal Balance Certificates and the VRR Interest outstanding at any time represents the maximum amount which Holders
thereof are entitled to receive as distributions allocable to principal from the cash flow on the Mortgage Loans and the other
assets in the Trust Fund and the other assets in the Trust Fund; provided that if amounts previously allocated as Realized
Losses or VRR Realized Losses, as applicable, to a Class of Certificates in reduction of the Certificate Balance thereof are

 

    -3-

    

    

 

subsequently
recovered (including without limitation after the reduction of the Certificate Balance of such Class to zero), such Class may
receive distributions in respect of such recoveries in accordance with the priorities set forth in Section 4.01 of
this Agreement.

 

GRANTOR
TRUST

 

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

 

On
the Closing Date, the Depositor is selling, assigning and transferring and otherwise conveying to DBNY, the VRR Interest (which
assignment, transfer and conveyance shall, solely for purposes of satisfying the requirements of Section 3(a) and Section 4(a)(1)
of the Risk Retention Rule, be deemed assigned, transferred and conveyed from the Depositor to GACC and from GACC to DBNY).

 

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

 

    -4-

    

    

 

WHOLE
LOANS

 

	Loan
    No.	Whole
    Loan	Type	Non-Serviced
    PSA/TSA	Companion
    Loan Name	Companion
    Loan Type
	1	The
    Grace Building	Non-Serviced	GRACE
    2020-GRCE	Note
    A-1-1	Pari
    Passu
	Note
    A-2-1	Pari
    Passu
	Note
    A-3-1	Pari
    Passu
	Note
    A-4-1	Pari
    Passu
	Note
    A-1-2	Pari
    Passu
	Note
    A-1-3-1	Pari
    Passu
	Note
    A-2-2	Pari
    Passu
	Note
    A-2-3	Pari
    Passu
	Note
    A-4-2	Pari
    Passu
	Note
    A-3-2	Pari
    Passu
	Note
    A-3-3	Pari
    Passu
	Note
    A-3-4	Pari
    Passu
	Note
    A-3-5	Pari
    Passu
	Note
    A-1-3-2	Pari
    Passu
	Note
    A-4-3	Pari
    Passu
	Note
    A-4-5	Pari
    Passu
	Note
    A-2-4	Pari
    Passu
	Note
    B-1	Subordinate
	Note
    B-2	Subordinate
	Note
    B-3	Subordinate
	Note
    B-4	Subordinate
	2	MGM
    Grand & Mandalay Bay	Non-Serviced	BX
    2020-VIVA	Note
    A-1	Pari
    Passu
	Note
    A-2	Pari
    Passu
	Note
    A-3	Pari
    Passu
	Note
    A-4	Pari
    Passu
	Note
    A-5	Pari
    Passu
	Note
    A-6	Pari
    Passu
	Note
    A-7	Pari
    Passu
	Note
    A-8	Pari
    Passu
	Note
    A-9	Pari
    Passu
	Note
    A-10	Pari
    Passu
	Note
    A-11	Pari
    Passu
	Note
    A-12	Pari
    Passu
	Note
    A-13-1	Pari
    Passu
	Note
    A-15-1	Pari
    Passu
	Note
    A-13-2	Pari
    Passu
	Note
    A-15-3	Pari
    Passu
	Note
    A-13-3	Pari
    Passu
	Note
    A-14-4	Pari
    Passu
	Note
    A-15-5	Pari
    Passu
	Note
    A-16-2	Pari
    Passu
	Note
    A-13-4	Pari
    Passu
	Note
    A-15-4	Pari
    Passu
	Note
    A-13-5	Pari
    Passu
	Note
    A-15-6	Pari
    Passu
	Note
    A-14-1	Pari
    Passu
	Note
    A-16-1	Pari
    Passu
	Note
    A-14-2	Pari
    Passu
	Note
    A-14-3	Pari
    Passu
	Note
    A-15-2	Pari
    Passu
	Note
    A-13-7	Pari
    Passu
	Note
    A-13-8	Pari
    Passu
	Note
    A-14-5	Pari
    Passu
	Note
    A-15-8	Pari
    Passu
	Note
    A-16-3	Pari
    Passu
	Note
    B-1-A	Subordinate
	Note
    B-2-A	Subordinate
	Note
    B-3-A	Subordinate
	Note
    B-4-A	Subordinate
	Note
    B-1-B	Subordinate
	Note
    B-2-B	Subordinate
	Note
    B-3-B	Subordinate
	Note
    B-4-B	Subordinate
	Note
    B-5-A	Subordinate
	Note
    B-6-A	Subordinate
	Note
    B-7-A	Subordinate
	Note
    B-8-A	Subordinate
	Note
    B-5-B	Subordinate
	Note
    B-6-B	Subordinate
	Note
    B-7-B	Subordinate
	Note
    B-8-B	Subordinate

 

 

    -5-

    

    

 

	 	 	 	 	Note
    B-9-A	Subordinate
	Note
    B-10-A	Subordinate
	Note
    B-11-A	Subordinate
	Note
    B-12-A	Subordinate
	Note
    C-1	Subordinate
	Note
    C-2	Subordinate
	Note
    C-3	Subordinate
	Note
    C-4	Subordinate
	3	Elo
    Midtown Office Portfolio	Serviced	N/A	Note
    A-2	Pari
    Passu
	4	Station
    Park & Station Park West	Serviced	N/A	Note
    A-2	Pari
    Passu
	5	Rugby
    Pittsburgh Portfolio	Serviced	N/A	Note
    A-2	Pari
    Passu
	7	4
    West 58th Street	Non-Serviced	Benchmark
    2020-B20	Note
    A-1	Pari
    Passu
	Note
    A-2	Pari
    Passu
	8	McClellan
    Business Park	Non-Serviced	BANK
    2020-BNK30	Note
    A-1	Pari
    Passu
	Note
    A-2	Pari
    Passu
	Note
    A-3	Pari
    Passu
	Note
    A-4	Pari
    Passu
	Note
    A-5	Pari
    Passu
	Note
    A-6	Pari
    Passu
	10	711
                                         Fifth Avenue

         
	Non-Serviced

         
	GSMS
                                         2020-GC47

         
	Note
    A-1-1	Pari
    Passu
	Note
    A-1-2	Pari
    Passu
	Note
    A-1-3	Pari
    Passu
	Note
    A-1-4	Pari
    Passu
	Note
    A-1-5-B	Pari
    Passu
	Note
    A-1-6	Pari
    Passu
	Note
    A-1-7	Pari
    Passu
	Note
    A-1-8	Pari
    Passu
	Note
                                         A-1-9

        

        Note
        A-1-10

        
	Pari
                                         Passu

        

        Pari
Passu

	Note
    A-1-11	Pari
    Passu
	Note
    A-1-12	Pari
    Passu
	Note
    A-1-13	Pari
    Passu
	Note
    A-1-14	Pari
    Passu
	Note
                                         A-1-15 

        

        Note
        A-1-16 

        
	Pari
                                         Passu 

        

        Pari
        Passu 

        

	Note
    A-1-17	Pari
    Passu
	Note
    A-2-1	Pari
    Passu
	Note
    A-2-2	Pari
    Passu
	Note
    A-2-3-A	Pari
    Passu
	Note
    A-2-3-B	Pari
    Passu
	Note
    A-2-4	Pari
    Passu
	13	32-42
    Broadway	Non-Serviced	Benchmark
    2020-B21	Note
    A-1	Pari
    Passu
	Note
    A-2-1	Pari
    Passu
	15	JW
    Marriott Nashville	Non-Serviced	(1)	Note
    A-1	Pari
    Passu
	Note
    A-2	Pari
    Passu
	Note
    A-3	Pari
    Passu
	Note
    A-4	Pari
    Passu
	Note
    A-6	Pari
    Passu
	Note
    A-7	Pari
    Passu
	Note
    A-8	Pari
    Passu
	Note
    A-9	Pari
    Passu
	16	Hotel
    ZaZa Houston Museum District	Non-Serviced	(2)	Note
    A-1-1	Pari
    Passu
	Note
    A-2-1	Pari
    Passu
	19	Cabinetworks
    Portfolio	Non-Serviced	(2)	Note
    A-1	Pari
    Passu
	Note
    A-2	Pari
    Passu

 

 

		(1)	The
                                         subject Whole Loan will be serviced under the pooling and servicing agreement governing
                                         the Benchmark 2020-B21 transaction until the securitization of the related controlling
                                         note, after which the related Whole Loan will be serviced under the related pooling and
                                         servicing agreement for such future securitization.

 

		(2)	The
                                         subject Whole Loan will be serviced under the pooling and servicing agreement governing
                                         the GSMS 2020-GSA2 transaction until the securitization of the related controlling note,
                                         after which the related Whole Loan will be serviced under the related pooling and servicing
                                         agreement for such future securitization.

 

    -6-

    

    

 

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

 

Article I

DEFINITIONS

 

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

 

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

 

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

 

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

 

“17g-5
Information Provider’s Website”: The internet website of the 17g-5 Information Provider, initially located at
“www.ctslink.com”, under the “NRSRO” tab or other applicable tab of the respective transaction,
access to which is limited to the Depositor and to NRSROs who have provided an NRSRO Certification to the 17g-5 Information Provider.

 

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

 

“Acceptable
Insurance Default”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, any Default
arising by reason of the failure of the related Borrower to maintain standard extended coverage casualty insurance or other insurance
that covers acts of terrorism, as to which the Special Servicer has determined, in accordance with the Servicing Standard (and
(i) unless a Control Termination Event is continuing, with the consent of the Directing Holder (or, if a Control Termination
Event is continuing, but no Consultation Termination Event is continuing, after consulting with the Directing Holder as provided
in Section 6.07) and (ii) with respect to any Specially Serviced Loan, after non-binding consultation with the Risk
Retention Consultation Party pursuant to Section 6.07 (but, in either case, other than with respect to any Mortgage
Loan that is an Excluded Loan as to any such party)), that either: (x) such insurance is not available at commercially reasonable
rates and the subject hazards are not at the time commonly insured against for properties similar to the Mortgaged Property and
located in or around the geographic region in which such Mortgaged Property is located (but only by reference to such insurance
that has been obtained by such owners at current market rates), or (y) such insurance is not available at any rate; provided
that the Directing Holder and the Risk Retention Consultation Party, as applicable, will not have more than 30 days to
respond to the

 

    -7-

    

    

 

Master
Servicer’s or the Special Servicer’s, as applicable, request for such consent or consultation, as applicable; provided,
further, that upon the Master Servicer’s or the Special Servicer’s, as applicable, determination, consistent
with the Servicing Standard, that exigent circumstances do not allow the Master Servicer or the Special Servicer, as applicable,
to consult with the Directing Holder or the Risk Retention Consultation Party, as applicable, the Master Servicer or the Special
Servicer, as applicable, will not be required to do so. In making this determination, the Master Servicer or the Special Servicer,
as applicable, to the extent consistent with the Servicing Standard, may rely on the opinion of an insurance consultant.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Additional
Secured Debt”: With respect to any Mortgage Loan, any debt owed by the related Borrower 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 XI
hereto, as increased or decreased from time to time pursuant to the terms of the related subordinate or pari passu loan documents
(including any Intercreditor Agreement or subordination agreement).

 

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

 

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

 

    -8-

    

    

 

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

 

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

 

“Advance
Interest Amount”: Interest at the Reimbursement Rate on the aggregate amount of P&I Advances and Servicing Advances
for which the Master Servicer or the Trustee, as applicable, has not been reimbursed for the number of days from the date on which
such Advance was made to the date of payment or reimbursement of the related Advance or other such amount, less any amount of
interest previously paid on such Advance; provided that if, during any Collection Period in which an Advance was made,
the related Borrower makes payment of an amount in respect of which such Advance was made with interest at the Default Rate, the
Advance Interest Amount payable to the Master Servicer or the Trustee shall be paid first, from the amount of Default Interest
on the related Mortgage Loan (or Whole Loan, with respect to Servicing Advances) actually paid by such Borrower, second,
from late payment fees on the related Mortgage Loan (or Whole Loan, with respect to Servicing Advances) actually paid by the related
Borrower, and third, upon determining in accordance with the Servicing Standard that such Advance Interest Amount is not
recoverable from the amounts described in first or second, from other amounts on deposit in the Collection Account
or the Serviced Whole Loan Collection Account, as applicable.

 

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

 

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

 

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

 

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

 

    -9-

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(iv)        with
respect to each Actual/360 Loan and any Distribution Date occurring in (1) each February and (2) any January occurring in a year
that is not a leap year (unless, in either case, such Distribution Date is the final Distribution Date), the related Withheld
Amount to the extent such amounts are on deposit in the Collection Account pursuant to Section 3.05(e) of this Agreement;

 

(v)         all
Excess Interest allocable to the Mortgage Loans (which is separately distributed to Holders of the Excess Interest Certificates);

 

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

 

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

 

    -10-

    

    

 

(viii)      all
Penalty Charges retained in the Collection Account pursuant to Section 3.05(a)(vii) of this Agreement; and

 

(b)         if
and to the extent not already included in clause (a) hereof, the aggregate amount transferred on or before the applicable Determination
Date from the REO Account allocable to the Mortgage Loans to the Collection Account for such Distribution Date pursuant to Section 3.15(b);

 

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

 

(d)         with
respect to each Actual/360 Loan and for the Distribution Date occurring in each March (or February, if the related Distribution
Date is the final Distribution Date), the Withheld Amounts remitted to the Lower-Tier Distribution Account pursuant to Section 3.05(e)
of this Agreement;

 

(e)         the
aggregate amount of Gain-on-Sale Proceeds in respect of the Mortgage Loans transferred to the Lower Tier Distribution Account
from the Gain-on-Sale Reserve Account for distribution on the subject Distribution Date pursuant to the first paragraph of Section 4.01(g);
and

 

(f)         solely
with respect to the Distribution Date occurring in January 2021, amounts on deposit in the Lower-Tier Distribution Account as
a result of the Closing Date Deposit Amount.

 

Notwithstanding
the investment of funds held in the Collection Account or the Lower-Tier Distribution Account pursuant to Section 3.07
of this Agreement, for purposes of calculating the Aggregate Available Funds, the amounts so invested shall be deemed to remain
on deposit in such account.

 

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

 

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

 

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

 

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

 

(A)       
Nonrecoverable Advances (including any servicing advance with respect to a Non-Serviced Mortgage Loan under the related Other
Pooling and Servicing Agreement reimbursed out of general collections on the Mortgage Loans), with interest on such Nonrecoverable
Advances at the Reimbursement Rate, that are paid or reimbursed from principal collections

 

    -11-

    

    

 

on
the Mortgage Loans in a period during which such principal collections would have otherwise been included in the Aggregate Principal
Distribution Amount for such Distribution Date; and

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -12-

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Appraisal
Reduction Amount”: For any Distribution Date and for any Serviced Mortgage Loan and any related Serviced Companion Loan
as to which any Appraisal Reduction Event has occurred, an amount calculated by the Master Servicer (and, prior to the occurrence
of a Consultation Termination Event, in consultation with the Directing Holder, and, during the continuance of a Control Termination
Event, in consultation with the Operating Advisor to the extent set forth in Section 6.07 of this Agreement) as of
the first Determination Date that is at least 10 Business Days following the later of (i) the date the Master Servicer receives
from the Special Servicer the related Appraisal (and any information reasonably requested by the Master Servicer from the Special
Servicer, to the extent such information is in the possession of the Special Servicer, necessary to calculate the Appraisal Reduction
Amount) or the Special Servicer’s Small Loan Appraisal Estimate (and thereafter by the first Determination Date following
any material change in the amounts set forth in the following equation) and (ii) the occurrence of such Appraisal Reduction
Event equal to the excess, if any, of (a) the Stated Principal Balance of such Mortgage Loan or the Stated Principal Balance
of the applicable Serviced Whole Loan, as the case may be, over (b) the excess of (i) the sum of: (A) 90% of the appraised
value of the related Mortgaged Property as determined (1) by one or more Appraisals obtained by the Special Servicer with respect
to that Mortgage Loan or Serviced Whole Loan with an outstanding principal balance equal to or in excess of $2,000,000 (the costs
of which shall be paid by the Master Servicer as a Servicing Advance), minus such downward adjustments as the Special Servicer
may make (without implying any obligation to do so) based upon its review of the Appraisals and any other information it deems
relevant, or (2) by an internal valuation performed by the Special Servicer with respect to any Mortgage Loan or Serviced Whole
Loan with an outstanding principal balance less than $2,000,000, plus (B) all escrows, letters of credit and reserves, plus
(C) all insurance and casualty proceeds and condemnation awards that constitute collateral for the related Mortgage Loan
or Serviced Whole Loan (whether paid or then payable by any insurance company or government authority), over (ii) the sum
as of the Due Date occurring in the month of the date of determination of (without duplication) (A) to the extent not previously
advanced by the Master Servicer or the

 

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Trustee,
all unpaid interest on such Mortgage Loan or Serviced Whole Loan at a per annum rate equal to the Mortgage Rate (or with
respect to the applicable Serviced Whole Loan, the weighted average of the Mortgage Rates for the related Mortgage Loan and related
Serviced Companion Loans) (and any accrued and unpaid interest on any Subordinate Companion Loan), (B) all unreimbursed Servicing
Advances and the principal portion of all unreimbursed P&I Advances, and all unpaid interest on Advances at the Reimbursement
Rate, in respect of such Mortgage Loan or Serviced Whole Loan, (C) any other unpaid Additional Trust Fund Expenses in respect
of such Mortgage Loan or Serviced Whole Loan (but subject to the provisions of Section 1.02(e)), (D) all currently
due and unpaid real estate taxes, ground rents and assessments and insurance premiums (net of any escrows or reserves therefor)
that have not been the subject of an Advance by the Master Servicer or the Trustee, as applicable, and (E) all other amounts
due and unpaid with respect to such Mortgage Loan or Serviced Whole Loan that, if not paid by the related Borrower, would result
in a shortfall in distributions to the Certificateholders, except for Prepayment Premiums and Yield Maintenance Charges payable
due to an acceleration of such Mortgage Loan or Serviced Whole Loan following a default thereunder; provided that, without
limiting the Special Servicer’s obligation to order and obtain such Appraisal, if the Special Servicer has not obtained
an Appraisal, Updated Appraisal or Small Loan Appraisal Estimate, as applicable, referred to above within 60 days of the
Appraisal Reduction Event (or in the case of an Appraisal Reduction Event occurring by reason of clause (ii) of the definition
thereof, within 30 days of such Appraisal Reduction Event), the Appraisal Reduction Amount shall be deemed to be an amount equal
to 25% of the current Stated Principal Balance of the related Mortgage Loan or the applicable Serviced Whole Loan until such time
as such Updated Appraisal or Small Loan Appraisal Estimate referred to above is received and the Appraisal Reduction Amount is
recalculated.

 

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

 

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

 

    -14-

    

    

 

Intercreditor
Agreement or, if no allocation is specified in the related Intercreditor Agreement, then, pro rata, between the related
Serviced Mortgage Loan and any related Serviced Pari Passu Companion Loans based upon their respective Stated Principal Balances.

 

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

 

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

 

Notwithstanding
anything to the contrary in the definition of Appraisal Reduction Event, no event, circumstance or action that has occurred or
will occur with respect to a COVID Modified Loan (other than an event described in clauses (iii) or (iv) of the definition of
Appraisal Reduction Event) or the entry into of a COVID Modification Agreement shall constitute an Appraisal Reduction Event,
but only if, and for so long as, the related Borrower and each related obligor is in compliance with the terms of the related
COVID Modification Agreement. For the avoidance of doubt, in the event a Borrower fails to comply with the terms of a COVID Modification
Agreement (as determined by the Special Servicer in accordance with the Servicing Standard), a determination as to whether any
applicable event specified in the preceding sentence constitutes an Appraisal Reduction Event shall be made as though the COVID
Modification never

 

    -15-

    

    

 

occurred;
provided, however, if, pursuant to this sentence, an Appraisal Reduction Event is determined to occur prior to the
date of such Borrower’s failure, then such Appraisal Reduction Event shall be deemed to occur on the date of such Borrower’s
failure.

 

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

 

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

 

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

 

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

 

“Asset
Representations Reviewer”: Pentalpha Surveillance LLC, a Delaware limited liability company, or its successor in interest,
or any successor Asset Representations Reviewer appointed as herein provided.

 

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

 

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

 

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

 

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

 

“Asset
Review”: A review of the compliance of each Delinquent Loan with certain representations and warranties of the applicable
Mortgage Loan Seller, in accordance with the Asset Review Standard and the procedures set forth on Exhibit JJ-1, Exhibit JJ-2
and Exhibit JJ-3 hereto.

 

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

 

“Asset
Review Quorum”: In connection with any solicitation of votes to authorize an Asset Review as described in Section
11.01(a), the Certificateholders evidencing at least 5% of the aggregate Voting Rights represented by the Non-VRR Certificates
(other than the Class S Certificates) and the VRR Interest.

 

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

 

    -16-

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“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

 

    -17-

    

    

 

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

 

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

 

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

 

“Available
Funds”: With respect to any Distribution Date, an amount equal to the Non-VRR Percentage of the Aggregate Available
Funds for such Distribution Date.

 

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

 

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

 

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

 

(A)
any of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C,
Class D and Class E Certificates with a Pass-Through Rate equal to either the WAC Rate or the WAC Rate less a specified rate,
a fraction (not greater than one) (a) whose numerator is the greater of zero and the amount, if any, by which (i) the
Pass-Through Rate on such Class of Certificates exceeds (ii) the yield rate (as provided by the Master Servicer) used in
calculating the Prepayment Premium or Yield Maintenance Charge, as applicable, with respect to such Principal Prepayment and (b) whose
denominator is the amount, if any, by which (i) the Net Mortgage Rate on such Mortgage Loan during the related Interest Accrual
Period exceeds (ii) the yield rate (as provided by the Master Servicer) used in calculating the Prepayment Premium or Yield
Maintenance Charge, as applicable, with respect to such Principal Prepayment; provided, however, that if such yield rate
is greater than or equal to the Net Mortgage Rate on such Mortgage Loan during the related Interest Accrual Period, then the respective
Base Interest Fraction shall be zero; provided, further, that if such yield rate is greater than or equal to the
Net Mortgage Rate on

 

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such
Mortgage Loan during the related Interest Accrual Period, but less than the Pass-Through Rate described in clause (a)(i) above, then the respective Base Interest Fraction shall be one; and

 

(B)
any of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C,
Class D and Class E Certificates with a Pass-Through Rate equal to a fixed per annum rate, a fraction (not greater
than one)(a) whose numerator is the greater of zero and the amount, if any, by which (i) the Pass-Through Rate on such class of
certificates exceeds (ii) the yield rate (as provided by the Master Servicer) used in calculating the Prepayment Premium or Yield
Maintenance Charge, as applicable, with respect to such principal prepayment and (b) whose denominator is the amount, if any,
by which (i) the Mortgage Rate on such Mortgage Loan (without regard to any increase in the interest rate of any ARD Loan after
the related Anticipated Repayment Date, and net of the Administrative Cost Rate) during the related Interest Accrual Period multiplied
by 365/360 exceeds (ii) the yield rate (as provided by the Master Servicer) used in calculating the Prepayment Premium or Yield
Maintenance Charge, as applicable, with respect to such Principal Prepayment; provided, however, that if such yield
rate is greater than or equal to the amount set forth in clause (b)(i) above, then the respective Base Interest Fraction
shall be zero; provided, further, that if such yield rate is greater than or equal to the amount set forth in clause
(b)(i) above, but less than the Pass-Through Rate described in clause (a)(i) above, then the respective Base Interest
Fraction shall be one.

 

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

 

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

 

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

 

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

 

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

 

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“Borrower
Party”: A borrower, a mortgagor, a manager of a Mortgaged Property, Restricted Mezzanine Holder or any Borrower Party
Affiliate.

 

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

 

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

 

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

 

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

 

“Cash
Collateral Account”: With respect to any Mortgage Loan or Serviced Whole Loan that has a Lock-Box Account, any account
or accounts created pursuant to the related Mortgage, Loan Agreement, Cash Collateral Account Agreement or other Loan Document
into which the Lock-Box Account monies are swept on a regular basis for the benefit of the Trustee, on behalf of the Certificateholders,
as successor to the related Mortgage Loan Seller. Any Cash Collateral Account shall be beneficially owned for federal income tax
purposes by the Person who is entitled to receive all reinvestment income or gain thereon in accordance with the terms and provisions
of the related Loan Documents and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment
income or gain thereon in accordance with the terms of the related

 

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Mortgage
Loan or Serviced Whole Loan. The Master Servicer shall be permitted to make withdrawals therefrom for deposit into the Collection
Account or the applicable Serviced Whole Loan Collection Account, as applicable. To the extent not inconsistent with the terms
of the related Loan Documents, each such Cash Collateral Account shall be an Eligible Account.

 

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

 

“Certificate”:
Any Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class
X-F, Class X-G, Class X-H, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class H,
Class S and Class R Certificates and the VRR Interest issued, authenticated and delivered hereunder.

 

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

 

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

 

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

 

“Certificate
Administrator/Trustee Fee Rate”: A rate equal to 0.00976% per annum.

 

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

 

“Certificate
Balance”: With respect to any Class of Principal Balance Certificates and the VRR Interest, (a) on or prior to the first
Distribution Date, an amount equal to the aggregate initial Certificate Balance of such Class as specified in the Preliminary
Statement to this Agreement and (b) as of any date of determination after the first Distribution Date, an amount equal to the
Certificate Balance of such Class on the Distribution Date immediately prior to such

 

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date
of determination less any distributions allocable to principal and any allocations of Realized Losses or VRR Realized Losses,
as applicable, made thereon on such prior Distribution Date.

 

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

 

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

 

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

 

“Certificateholder”:
The Person in whose name a Certificate (including the VRR Interest) is registered in the Certificate Register or any beneficial
owner thereof; provided, however, that solely for the purposes of giving any consent, approval, waiver or taking
any action pursuant to this Agreement, any Certificate (including the VRR Interest) registered in the name of or beneficially
owned by (i) 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 or
(ii) any Borrower Party, in each case shall be deemed not to be outstanding (provided that notwithstanding the foregoing,
any Controlling Class Certificates owned by an Excluded Controlling Class Holder shall not be deemed to be outstanding
as to such Excluded Controlling Class Holder solely with respect to any related Excluded Controlling Class Loan; and provided,
further, that any Controlling Class Certificates owned by the Special Servicer or an Affiliate thereof shall not be
deemed to be outstanding as to the Special Servicer or such Affiliate solely with respect to any related Excluded Special Servicer
Loan), and the Voting Rights to which it is entitled shall not be taken into account in determining whether the requisite percentage
of Voting Rights necessary to effect any such consent, approval, waiver or take any such action has been obtained; provided,
however, that the foregoing restrictions shall not apply in the case of the Master Servicer, the Special Servicer (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
such Affiliate of either shall be entitled to exercise such Voting Rights with respect to any issue which could reasonably be
believed to adversely affect such party’s compensation or increase its obligations or liabilities hereunder; and provided,
further, that such restrictions shall not apply to (i) the exercise of the Special Servicer’s, the Master Servicer’s
or any Mortgage Loan Seller’s rights, if any, or any of their Affiliates as a member of the Controlling Class or (ii) any
Affiliate of the Depositor, the Master Servicer, any Special Servicer, the Trustee or the Certificate Administrator that has

 

    -22-

    

    

 

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, such 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.

 

“Certificateholder
Quorum”: In connection with any solicitation of votes in connection with the replacement of the Special Servicer pursuant
to pursuant to Section 3.22(d) of this Agreement (other than as a result of the replacement of the Special Servicer
at the recommendation of the Operating Advisor) or the Asset Representations Reviewer pursuant to Section 11.05(b)
of this Agreement, the holders of Certificates evidencing at least 50% of the aggregate Voting Rights (taking into account the
application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Certificates pursuant to Section 4.08
of this Agreement, except in the case of the termination of the Asset Representations Reviewer pursuant to Section 11.05(b)
of this Agreement) of all Principal Balance Certificates and the VRR Interest on an aggregate basis.

 

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

 

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

 

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

 

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

 

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

 

“Class”:
All of the Certificates that collectively bear the same alphabetical or alphanumeric Class designation and each separately designated
Lower-Tier Regular Interest.

 

“Class A-1
Certificate”: Any one of the Certificates with a “Class A-1” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-1
Pass-Through Rate”: A per annum rate equal to 0.509%.

 

“Class A-2
Certificate”: Any one of the Certificates with a “Class A-2” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the

 

    -23-

    

    

 

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

 

“Class A-2
Pass-Through Rate”: A per annum rate equal to 1.155%.

 

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

 

“Class A-4
Pass-Through Rate”: A per annum rate equal to 1.685%.

 

“Class A-5
Certificate”: Any one of the Certificates with a “Class A-5” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-5
Pass-Through Rate”: A per annum rate equal to 1.973%.

 

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

 

“Class A-M
Pass-Through Rate”: A per annum rate equal to 2.163%.

 

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

 

“Class A-SB
Pass-Through Rate”: A per annum rate equal to 1.731%.

 

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

 

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

 

“Class B
Pass-Through Rate”: A per annum rate equal to (i) the WAC Rate that corresponds to the related interest
accrual period minus (ii) 1.27000%, but in any case, not less than 0.000%.

 

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

 

    -24-

    

    

 

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

 

“Class C
Pass-Through Rate”: A per annum rate equal to (i) the WAC Rate that corresponds to the related interest
accrual period minus (ii) 0.72375%, but in any case, not less than 0.000%.

 

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

 

“Class D
Pass-Through Rate”: A per annum rate equal to 2.000%.

 

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

 

“Class
E Pass-Through Rate”: A per annum rate equal to 2.000%.

 

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

 

“Class F
Pass-Through Rate”: A per annum rate equal to 2.000%.

 

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

 

“Class G
Pass-Through Rate”: A per annum rate equal to 2.000%.

 

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

 

“Class H
Pass-Through Rate”: A per annum rate equal to 2.000%.

 

“Class LA-1
Interest”, “Class LA-2 Interest”, “Class LA-SB Interest”, “Class LA-4
Interest”, “Class LA-5 Interest”, “Class LA-M Interest”, “Class LB
Interest”, “Class LC Interest”, “Class LD Interest”, “Class LE
Interest”, “Class LF Interest”, “Class LG Interest”, “Class LH Interest”
and “Class LVRR Interest”: Each, a regular interest in the Lower-Tier REMIC entitled to monthly distributions
payable thereto pursuant to Section 4.01 of this Agreement.

 

    -25-

    

    

 

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

 

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

 

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

 

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

 

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

 

“Class X
Certificates”: The Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-H Certificates, collectively.

 

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

 

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

 

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

 

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

 

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

 

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

 

    -26-

    

    

 

“Class X-A
Pass-Through Rate”: With respect to any Distribution Date, the weighted average of the Class X-A Strip Rates for
the respective Class X-A Components for such Distribution Date, weighted on the basis of the respective Class X Component
Notional Amounts of such Components outstanding immediately prior to such Distribution Date. The Class X-A Pass-Through Rate
for the initial Distribution Date is 1.523% per annum.

 

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

 

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

 

“Class X-B
Components”: Each of Component XB and Component XC.

 

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

 

“Class X-B
Pass-Through Rate”: With respect to any Distribution Date, the weighted average of the Class X-B Strip Rates for the
respective Class X-B Components for such Distribution Date, weighted on the basis of the respective Class X Component
Notional Amounts of such Components outstanding immediately prior to such Distribution Date. The Class X-B Pass-Through Rate for
the initial Distribution Date is 0.992% per annum.

 

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

 

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

 

“Class
X-D Component”: Each of the Component XD and Component XE.

 

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

 

“Class
X-D Pass-Through Rate”: With respect to any Distribution Date, the weighted average of the Class X-D Strip Rates for
the respective Class X-D Components for such Distribution Date, weighted on the basis of the respective Class X Component
Notional Amounts of such Components outstanding immediately prior to such Distribution Date. The Class X-D Pass-Through Rate for
the initial Distribution Date is 1.421% per annum.

 

    -27-

    

    

 

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

 

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

 

“Class
X-F Component”: The Component XF.

 

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

 

“Class
X-F Pass-Through Rate”: With respect to any Distribution Date, the Class X-F Strip Rate for the Class X-F Component
for such Distribution Date. The Class X-F Pass-Through Rate for the initial Distribution Date is 1.421% per annum.

 

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

 

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

 

“Class
X-G Component”: The Component XG.

 

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

 

“Class
X-G Pass-Through Rate”: With respect to any Distribution Date, the Class X-G Strip Rate for the Class X-G Component
for such Distribution Date. The Class X-G Pass-Through Rate for the initial Distribution Date is 1.421% per annum.

 

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

 

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

 

“Class
X-H Component”: The Component XH.

 

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

 

    -28-

    

    

 

“Class
X-H Pass-Through Rate”: With respect to any Distribution Date, the Class X-H Strip Rate for the Class X-H Component
for such Distribution Date. The Class X-H Pass-Through Rate for the initial Distribution Date is 1.421% per annum.

 

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

 

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

 

“Closing
Date”: December 31, 2020.

 

“Closing
Date Deposit Amount”: An initial deposit made by the Depositor on the Closing Date equal to $757,253.23 in respect of
Mortgage Loans with an initial Due Date after January 2021.

 

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

 

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

 

“Collection
Account”: The trust account or accounts created and maintained by the Master Servicer pursuant to Section 3.05(a)
of this Agreement, which shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as
Master Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Deutsche Mortgage
& Asset Receiving Corporation, Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22,
Collection Account” and which must be an Eligible Account.

 

“Collection
Period”: With respect to any Distribution Date and each Mortgage Loan (including any related Companion Loan), the period
that begins on the day immediately

 

    -29-

    

    

 

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

 

“Commission”:
The Securities and Exchange Commission.

 

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

 

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

 

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

 

“Compensating
Interest Payment”: An amount as of any Distribution Date equal to the lesser of (i) the aggregate amount of Prepayment
Interest Shortfalls incurred in connection with voluntary Principal Prepayments received in respect of the Serviced Mortgage Loans
or Serviced Pari Passu Companion Loans (in each case, other than (a) a Non-Serviced Mortgage Loan, (b) a Specially Serviced
Loan or (c) a Mortgage Loan or any related Serviced Companion Loan with respect to which the Special Servicer has waived or amended
the prepayment restrictions such that the related Borrower is not required to prepay on a Due Date or pay interest that would
have accrued on the amount prepaid through and including the last day of the interest accrual period occurring following the date
of such prepayment) for the related Distribution Date, and (ii) the aggregate of (A) the portion of its Master Servicing Fee (calculated
for this purpose at 0.00125% (0.125 basis points per annum)) that is being paid in such Collection Period with respect
to the Mortgage Loans, Serviced Pari Passu Companion Loans or REO Loans serviced by it, (B) all Prepayment Interest Excess received
by the Master Servicer during the related Collection Period on the Mortgage Loans (and, for so long as a Whole Loan is serviced
under this Agreement, any related Pari Passu Companion Loan) and (C) to the extent earned on principal prepayments, net investment
earnings payable to the Master Servicer for such Collection Period received by the Master Servicer during such Collection Period
with respect to the Mortgage Loan or any related Pari Passu Companion Loan, as applicable, subject to such prepayment; provided
that if any Prepayment Interest Shortfall occurs with respect to any Mortgage Loan as a result of the Master Servicer’s
failure to enforce the related Loan Documents (a “Prohibited Prepayment”) regarding principal prepayments (other
than in connection with (a) a Non-Serviced Mortgage Loan, (b) subsequent to a default under the related Loan Documents (provided
that the Master Servicer reasonably believes that acceptance of such prepayment is consistent with the Servicing Standard)
or if the Mortgage Loan or Serviced Whole Loan is a Specially Serviced Loan, (c) at the request of or with the consent of the
Special Servicer or, for so long as no Control Termination Event is continuing (other than with respect to any applicable Excluded
Loan), the Directing Holder, (d) 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

 

    -30-

    

    

 

Standard,
(e) in connection with the payment of Insurance and Condemnation Proceeds unless the Master Servicer did not apply the proceeds
thereof in accordance with the terms of the related Loan Documents and such failure caused the shortfall or (f) a previously Specially
Serviced Loan with respect to which the Special Servicer has waived or amended the prepayment restriction such that the related
Borrower is not required to prepay on a Due Date or pay interest that would have accrued on the amount prepaid through and including
the last day of the interest accrual period occurring following the date of such prepayment), then for purposes of calculating
the Compensating Interest Payment for the related Distribution Date, the Master Servicer shall pay, without regard to clause (ii)
above, the aggregate amount of Prepayment Interest Shortfalls with respect to such Mortgage Loan or Serviced Companion Loan, otherwise
described in clause (i) above in connection with such Prohibited Prepayments. The Master Servicer’s obligation to pay the
Compensating Interest Payment, and the rights of the Certificateholders to offset of the aggregate Prepayment Interest Shortfalls
against those amounts, shall not be cumulative.

 

“Component
XA-1”: One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then
current Lower-Tier Principal Balance of the Class LA-1 Interest as of any date of determination.

 

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

 

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

 

“Component
XA-5”: One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then
current Lower-Tier Principal Balance of the Class LA-5 Interest as of any date of determination.

 

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

 

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

 

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

 

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

 

    -31-

    

    

 

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

 

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

 

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

 

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

 

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

 

“Condemnation
Proceeds”: Any awards resulting from the full or partial condemnation or any eminent domain proceeding or any conveyance
in lieu or in anticipation thereof with respect to a Mortgaged Property by or to any governmental, quasi-governmental authority
or private entity with condemnation powers (other than amounts to be applied to the restoration, preservation or repair of such
Mortgaged Property or released to the related Borrower in accordance with the terms of the REMIC Provisions and the applicable
Loan Documents for the related Mortgage Loan or Serviced Whole Loan) or, if applicable, with respect to the Mortgaged Property
securing a Serviced Whole Loan, any portion of such amounts payable to the holders of the applicable Mortgage Loan. With respect
to the Mortgaged Property securing any Non-Serviced Mortgage Loan or Non-Serviced Companion Loan, only the portion of such amounts
payable to the holder of the related Non-Serviced Mortgage Loan shall be included in Condemnation Proceeds).

 

“Consultation
Termination Event”: An event that will occur and be continuing (a) with respect to any Mortgage Loan (other than any
Servicing Shift Mortgage Loan and Serviced AB Mortgage Loan) or any Serviced Whole Loan (other than any Servicing Shift Mortgage
Loan or any Serviced AB Mortgage Loan), when one or more of the following is true: (i) there is no class of Control Eligible
Certificates that has a then-outstanding Certificate Balance (without regard to the application of any Cumulative Appraisal Reduction
Amounts) equal to at least 25% of the initial Certificate Balance of that Class, (ii) the Holder of the Class G 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 the terms of this Agreement; 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 G
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 any Serviced AB Whole Loan,
when a related Control

 

    -32-

    

    

 

Appraisal
Period has occurred and is continuing and the events described in clause (a) are occurring; provided, that no Consultation
Termination Event may occur with respect to the Loan-Specific Directing Holder related to each such Servicing Shift Whole Loan
and the term “Consultation Termination Event” shall not be applicable to the Loan-Specific Directing Holder related
to such Servicing Shift Whole Loan; provided, further, that a Consultation Termination Event shall not be deemed
to be continuing in the event the Certificate Balances of all Classes of Principal Balance Certificates other than the Control
Eligible Certificates have been reduced to zero. With respect to Excluded Loans related to the Directing Holder, a Consultation
Termination Event shall be deemed to exist.

 

“Control
Appraisal Period”: With respect to any Serviced AB Whole Loan, a “Control Appraisal Period” as defined in
the related Intercreditor Agreement.

 

“Control
Eligible Certificates”: Any of the Class G and Class H Certificates.

 

“Control
Termination Event”: An event that will occur and be continuing (a) with respect to any Mortgage Loan (other than
any Serviced AB Mortgage Loan and any Servicing Shift Mortgage Loan) or Serviced Whole Loan (other than any Serviced AB Whole
Loan and any Servicing Shift Whole Loan), when one or more of the following is true: (i) the Certificate Balance of the Class
G Certificates (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate
Balance of such Class in accordance with Section 4.08(a) hereof) is reduced to less than 25% of the initial Certificate
Balance of such Class, (ii) the Holder of the Class G 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 the terms of this Agreement; provided
that no Control 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 G 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 each Serviced AB Whole Loan, when a related Control Appraisal Period is continuing and the
events described in clause (a) are occurring; provided, further that a Control Termination Event shall not
be deemed to be continuing in the event the Certificate Balances of all Classes of Principal Balance Certificates other than the
Control Eligible Certificates has been reduced to zero; provided, further, that no Control Termination Event may occur
with respect to the Loan-Specific Directing Holder related to any 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. With respect
to Excluded Loans related to the Directing Holder, a Control Termination Event shall be deemed to exist.

 

“Controlling
Class”: As of any date of determination, the most subordinate Class of Control Eligible Certificates then-outstanding
that has a then aggregate Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable to
such Class in accordance with Section 4.08(a) of this Agreement) at least equal to 25% of the initial Certificate
Balance of that Class or if no Class of Control Eligible Certificates meets the preceding requirement, the most senior Class of
Control Eligible Certificates. The Controlling Class as of the Closing Date will be the Class H Certificates; provided
that if, at any time, the Certificate Balances of all Control Eligible Certificates, as notionally reduced by any Appraisal
Reduction

 

    -33-

    

    

 

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

 

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

 

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

 

“Corporate
Trust Office”: The offices of the Trustee and Certificate Administrator are located, (i) with respect to the Trustee,
at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust Services – Benchmark 2020-B22, (ii)
with respect to the Certificate Administrator, at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate
Trust Services – Benchmark 2020-B22, and (iii) in the case of any surrender, transfer or exchange, at Wells Fargo Center,
600 South 4th Street, 7th Floor, MAC N9300-070, Minneapolis, Minnesota 55479, Attention: CTS – Certificate Transfers Services
– Benchmark 2020-B22, or the principal trust office of any successor certificate administrator qualified and appointed pursuant
to this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

    -34-

    

    

 

(i)           
prior to the modification or forbearance or waiver, the related Borrower certified to the Special Servicer that it is seeking
limited relief from the terms of the related Loan Documents because it is experiencing a financial hardship due, directly or indirectly,
to the COVID-19 Emergency;

 

(ii)         
the related modification or forbearance or waiver provides for (a) the temporary forbearance, waiver or deferral with respect
to payment obligations or operating covenants, (b) the temporary alternative use of funds on deposit in any reserve account or
escrow account for any purpose other than the explicit purpose provided for in the related Loan Documents, or (c) such other modifications,
forbearance or waiver that is related or incidental to clause (a) or clause (b) as may be reasonably determined by the Special
Servicer in accordance with the Servicing Standard to address a financial hardship due, directly or indirectly, to the COVID-19
Emergency;

 

(iii)           the
related COVID Modification Agreement is entered into prior to the date that is nine months following the Closing Date;

 

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

 

(v)         
any COVID Modification Agreement (a) does not defer more than 3 monthly debt service payments under the Mortgage Loan, and (b)
requires that any payments deferred in accordance with clause (ii)(a) above or reserve or escrow amounts used for alternate purposes
in accordance with clause (ii)(b) above are repaid or restored in full within 12 months of the date of the first COVID Modification
Agreement with respect to such Mortgage Loan; and

 

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

 

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

 

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

 

“CREFC®”:
Commercial Real Estate Finance Council®, formerly known as Commercial Mortgage Securities Association, or any association
or organization that is a successor thereto. If neither such association nor any successor remains in existence, “CREFC®”
shall be deemed to refer to such other association or organization as may exist whose principal membership consists of servicers,
trustees, certificateholders, issuers, placement agents and underwriters generally involved in the commercial mortgage loan securitization
industry, which is the principal such association or organization in the commercial mortgage loan securitization industry and

 

    -35-

    

    

 

whose
principal purpose is the establishment of industry standards for reporting transaction-specific information relating to commercial
mortgage pass-through certificates and commercial mortgage-backed bonds and the commercial mortgage loans and foreclosed properties
underlying or backing them to investors holding or owning such certificates or bonds, and any successor to such other association
or organization. If an organization or association described in one of the preceding sentences of this definition does not exist,
“CREFC®” shall be deemed to refer to such other association or organization as shall be selected by
the Master Servicer and reasonably acceptable to the Certificate Administrator, the Trustee, the Special Servicer and, if no Control
Termination Event is continuing, the Directing Holder.

 

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

 

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

 

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

 

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

 

“CREFC®
Comparative Financial Status Report”: The monthly report in “Comparative Financial Status Report”
format substantially in the form of and containing the information called for therein for the Mortgage Loans or Serviced Whole
Loans, or such other form for the presentation of such information as may be approved from time to time by the CREFC®
for commercial mortgage securities transactions generally. In connection with preparing the CREFC® Comparative
Financial Status Report, the Master Servicer shall process (a) interim financial statements beginning with interim financial
statements for the fiscal quarter ending March 31, 2021 (to the extent that the related Borrower provides sufficient information
to report pursuant to CREFC® guidelines), and (b) annual financial statements beginning with annual financial
statements for the 2020 fiscal year.

 

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

 

    -36-

    

    

 

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

 

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

 

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

 

“CREFC®
Historical Loan Modification and Corrected Mortgage Loan Report”: The monthly report in the “Historical
Loan Modification and Corrected Mortgage Loan Report” format substantially in the form of and containing the information
called for therein for the Mortgage Loans or Serviced Whole Loans, or such other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

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

 

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

 

Bank
Name: JPMorgan Chase Bank, National Association

 

Bank
Address: 80 Broadway, New York, NY 10005

 

Routing
Number: 021000021

 

Account
Number: 213597397

 

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

 

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

 

    -37-

    

    

 

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

 

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

 

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

 

(c)        
the following eight templates: (i) CREFC® Appraisal Reduction Template, (ii) CREFC® Servicer
Realized Loss Template, (iii) CREFC® Reconciliation of Funds Template, (iv) CREFC® Historical
Bond/Collateral Realized Loss Reconciliation Template, (v) CREFC® Historical Liquidation Loss Template, (vi) CREFC®
Interest Shortfall Reconciliation Template, (vii) CREFC® Servicer Remittance to Trustee Template and
(viii) CREFC® Significant Insurance Event Template; and

 

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

 

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

 

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

 

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

 

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

 

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

 

    -38-

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -39-

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Cut-off
Date Balance”: With respect to any Mortgage Loan or Companion Loan, the outstanding principal balance of such Mortgage
Loan or Companion Loan, as of the Cut-off Date, after application of all payments of principal due on or before such date, whether
or not received.

 

    -40-

    

    

 

“DBNY”:
Deutsche Bank AG, acting through its New York Branch, in its capacity as the holder of the VRR Interest, and its successors in
interest.

 

“DBRS
Morningstar”: DBRS, Inc., or its successor in interest. If neither such rating agency 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 other parties hereto,
and specific ratings of DBRS Morningstar herein referenced shall be deemed to refer to the equivalent ratings of the party so
designated.

 

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

 

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

 

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

 

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

 

“Defaulted
Loan”: A Serviced Mortgage Loan and any related Serviced Companion Loan (i) that is delinquent at least 60 days
in respect of its Periodic Payments or that is more than 120 days delinquent in respect of its Balloon Payment (taking into account
any extensions to such 120-day period as provided in the provisos to clause (a) of the definition of “Specially Serviced
Loan”), if any, in either case such Delinquency to be determined without giving effect to any grace period permitted by
the related Loan Documents and without regard to any acceleration of payments under the related Mortgage Loan or Serviced Companion
Loan or (ii) as to which the Master Servicer or Special Servicer has, by written notice to the related borrower, accelerated
the maturity of the indebtedness evidenced by the related Mortgage Note.

 

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

 

    -41-

    

    

 

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

 

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

 

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

 

“Delinquent
Loan”: A Mortgage Loan that is delinquent at least sixty days in respect of its Periodic Payments or Balloon Payment,
if any, in either case such delinquency to be determined without giving effect to any grace period. For the avoidance of doubt,
a delinquency that would have existed but for a COVID Modification shall not constitute a delinquency for so long as the related
Borrower is complying with the terms of such COVID Modification.

 

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

 

“Depositor”:
Deutsche Mortgage & Asset Receiving Corporation, a Delaware corporation, and its successors and assigns.

 

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

 

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

 

“Determination
Date”: With respect to any Distribution Date, the 11th day of the calendar month of the related Distribution Date or,
if such 11th day is not a Business Day, then the next Business Day, commencing in January 2021.

 

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

 

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

 

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

 

    -42-

    

    

 

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

 

(iii)       assignment
of the Mortgage in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) or in blank
and (subject to the completion of certain missing recording information and, if applicable, the assignee’s name) in recordable
form (or, if the related Mortgage Loan Seller is responsible for the recordation of that assignment, a copy of such assignment
to be sent for recordation);

 

(iv)
      any related Assignment of Leases, Rents and Profits of any intervening assignments (if such item is a document separate from the
Mortgage), with evidence of recording indicated thereon or certified to have been submitted for recording;

 

(v)         an
assignment of any related Assignment of Leases, Rents and Profits (if such item is a document separate from the Mortgage) in favor
of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) or in blank and (subject to the completion
of certain missing recording information and, if applicable, the assignee’s name) in recordable form (or, if the related
Mortgage Loan Seller is responsible for the recordation of that assignment, a copy of such assignment to be sent for recordation);

 

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

 

(vii)       all
modification, consolidation, assumption, written assurance and substitution agreements in those instances in which the terms or
provisions of the Mortgage or Mortgage Note have been modified or the Mortgage Loan has been assumed or consolidated;

 

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

 

(ix)        any
UCC financing statements, related amendments and continuation statements in the possession of the applicable Mortgage Loan Seller;

 

(x)         an
original assignment in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) or in
blank of any financing statement executed and filed in favor of the applicable Mortgage Loan Seller in the relevant jurisdiction
(or, if the related Mortgage Loan Seller is responsible for the filing of that assignment, a copy of such assignment to be sent
for filing);

 

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

 

    -43-

    

    

 

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

 

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

 

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

 

(xv)       any
franchise agreements and comfort letters or similar agreements relating to a Mortgage Loan or Serviced Whole Loan and, with respect
to any franchise agreement, comfort letter or similar agreement, any assignment of such agreements or any notice to the franchisor
of the transfer of a Mortgage Loan or Serviced Whole Loan and a request for confirmation that the Trust is a beneficiary of such
comfort letter or other agreement, or for the issuance of a new comfort letter in favor of the Trust, as the case may be;

 

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

 

(xvii)
   any related mezzanine intercreditor agreement;

 

(xviii)
  all related environmental reports;

 

(xix)
    all related environmental insurance policies;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -44-

    

    

 

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

 

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

 

(k)       
copies of any zoning reports;

 

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

 

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

 

(n)       
copies of all UCC searches;

 

(o)       
copies of all litigation searches;

 

(p)       
copies of all bankruptcy searches;

 

(q)        
a copy of the origination settlement statement;

 

(r)         
a copy of the insurance consultant report;

 

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

 

(t)         
copies of the escrow statements;

 

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

 

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

 

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

 

provided
that (i) with respect to any Mortgage Loan which is a Non-Serviced Mortgage Loan on the Closing Date, any assignments
in favor of the trustee will be in favor of the trustee under the related Other Pooling and Servicing Agreement and (ii) with
respect to any Servicing Shift Mortgage Loan, any assignments in favor of the trustee may be in blank and may not be recorded
or filed until otherwise set forth in Section 2.01(a), in each case, to the extent that the Originator received such
documents in connection with the origination of such Mortgage Loan. In the event any of the items identified above were not included
in connection with the origination of such Mortgage Loan, the Diligence File shall include a statement to that effect; provided
that the Mortgage Loan Seller shall not deliver information that is proprietary to the related Originator or Mortgage Loan
Seller or any draft documents or privileged or internal communications. The Mortgage Loan Seller may, without any obligation to
do so, include such other documents or information as part of the Diligence File that such Mortgage Loan Seller believes should
be included to enable the Asset Representations Reviewer to perform the Asset Review on such Mortgage Loan; provided that
such documents or information are clearly labeled and identified.

 

    -45-

    

    

 

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

 

“Directing
Holder”: (A) With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan, any applicable Excluded Loan,
any Servicing Shift Mortgage Loan or any Serviced AB Mortgage Loan) or Serviced Whole Loan (other than any applicable Excluded
Loan, any Servicing Shift Whole Loan or any Serviced AB Whole Loan), the Trust Directing Holder; (B) with respect to any Servicing
Shift Mortgage Loan (prior to the related Servicing Shift Securitization Date), the related Loan-Specific Directing Holder; and
(C) with respect to any Serviced AB Whole Loan, (i) for so long as no related Control Appraisal Period is continuing, the related
Loan-Specific Directing Holder and (ii) for so long as a related Control Appraisal Period is continuing, the Trust Directing Holder.

 

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

 

For
the avoidance of doubt, notwithstanding anything to the contrary contained in this Agreement, neither a Control Termination Event
nor a Consultation Termination Event shall affect the rights of a Non-Directing Holder. Whenever the term “Directing Holder”
is used in this Agreement without further clarification, the parties hereto intend for such reference to mean the applicable Directing
Holder under the circumstances.

 

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

 

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

 

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

 

    -46-

    

    

 

“Disclosable
Special Servicer Fees”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan or Serviced
REO Property, any compensation and other remuneration (including, without limitation, in the form of commissions, brokerage fees,
rebates, and as a result of any other fee-sharing arrangement) received or retained by the Special Servicer or any of its Affiliates
that is paid by any Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor in
respect of a Serviced Mortgage Loan and any related Serviced Companion Loan and any purchaser of any Serviced Mortgage Loan and
any related Serviced Companion Loan or Serviced REO Property) in connection with the disposition, workout or foreclosure of any
Serviced Mortgage Loan and any related Serviced Companion Loan, if applicable, the management or disposition of any Serviced REO
Property, and the performance by the Special Servicer or any such Affiliate of any other special servicing duties under this Agreement;
provided that any compensation and other remuneration that the Master Servicer or Certificate Administrator is permitted
to receive or retain pursuant to the terms of this Agreement in connection with its respective duties in such capacity as Master
Servicer or Certificate Administrator under this Agreement shall not be Disclosable Special Servicer Fees.

 

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

 

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

 

“Dispute
Resolution Cut-off Date”: As defined in Section 2.03(l)(i) of this Agreement.

 

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

 

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

 

    -47-

    

    

 

to
be subject to tax or to fail to qualify as a REMIC at any time that the Certificates are outstanding. For the purposes of this
definition, the terms “United States,” “State” and “International Organization” shall have
the meanings set forth in Section 7701 of the Code or successor provisions.

 

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

 

“Distribution
Date”: For each Determination Date, the 4th Business Day following such Determination Date, commencing in January 2021.

 

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

 

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

 

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

 

“Early
Termination Notice Date”: Any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining
in the Trust is less than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date. Solely for purposes
of this calculation, if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated
Repayment Date, then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off
Date Balance.

 

“EDGAR
Compatible Format”: (a) With respect to the Initial Schedule AL File, Initial Schedule AL Additional File, CREFC®
Schedule AL File, the Schedule AL Additional File and any other information required pursuant to Item 1111(h)
of Regulation AB, XML Format or such other format as mutually agreed to between the Depositor, Certificate Administrator
and the Master Servicer and (b) with respect to any other document or information, any format compatible with EDGAR, including,
without limitation, HTML, Word, Excel or clean and searchable PDFs.

 

“Eligible
Account”: Any of the following:

 

(i)         
a segregated account or accounts maintained with a federal or state chartered depository institution or trust company (including
the Trustee or the Certificate Administrator), the long-term unsecured debt or deposit obligations of which are rated at least

 

    -48-

    

    

 

“A2”
by Moody’s, “A” by Fitch and at least the equivalent by KBRA (if then rated by KBRA), if the deposits are to
be held in such account for thirty (30) days or more, and the short-term debt or deposit obligations of which have a short-term
rating of not less than “P-1” from Moody’s, “F1” by Fitch and at least the equivalent by KBRA (if
then rated by KBRA) if the deposits are to be held in such account for less than thirty (30) days;

 

(ii)         
an account or accounts maintained with PNC Bank, National Association so long as PNC Bank, National Association’s long-term
unsecured debt or deposit rating shall be at least “A2” by Moody’s, “A” by Fitch and at least the
equivalent by KBRA (if then rated by KBRA) (if the deposits are to be held in the account for more than thirty (30) days) or PNC
Bank, National Association’s short-term deposit or short-term unsecured debt rating shall be at least “P-1”
by Moody’s, “F1” by Fitch and at least the equivalent by KBRA (if then rated by KBRA) (if the deposits are to
be held in the account for thirty (30) days or less);

 

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

 

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

 

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

 

Eligible
Accounts may bear interest.

 

“Eligible
Asset Representations Reviewer”: An entity that (a) is the special servicer, operating advisor or asset representations
reviewer on a transaction rated by any of DBRS 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 applicable, as the sole or material factor in such rating action, (b) can

 

    -49-

    

    

 

and
will make the representations and warranties of the Asset Representations Reviewer set forth in Section 2.04(g), (c)
is not (and is not affiliated with) any Sponsor, any Mortgage Loan Seller, any Originator, the Master Servicer, the Special Servicer,
the Depositor, the Certificate Administrator, the Trustee, the Trust Directing Holder, the Risk Retention Consultation Party or
any of their respective affiliates, (d) has not performed (and is not affiliated with any party hired to perform) any due diligence,
loan underwriting, brokerage, borrower advisory or similar services with respect to any Mortgage Loan or any related Companion
Loan prior to the Closing Date for or on behalf of any Sponsor, any Mortgage Loan Seller, any Underwriter, any party to this Agreement
or the Trust Directing Holder, the Risk Retention Consultation Party or any of their respective Affiliates, or have been paid
any fees, compensation or other remuneration by any of them in connection with any such services, and (e) does not directly or
indirectly, through one or more Affiliates or otherwise, own any interest in any Certificates, any Mortgage Loan, any Companion
Loan or any securities backed by a Companion Loan or otherwise have any financial interest in the securitization transaction to
which this Agreement relates, other than in fees from its role as Asset Representations Reviewer (or as Operating Advisor, if
applicable) and except as otherwise set forth in Section 11.04.

 

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

 

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

 

    -50-

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Excess
Interest”: With respect to any ARD Loan, interest collected from the related Borrower at the Revised Rate in respect
of such ARD Loan in excess of the interest accrued at the Initial Rate, plus any related interest accrued on such amounts,
to the extent permitted by applicable law and the related Loan Documents and, in the case of the Mortgage Loan identified on the
Mortgage Loan Schedule as “MGM Grand & Mandalay Bay”, any accrued and deferred principal that has been added to
the principal balance of the Mortgage Loan following the

 

    -51-

    

    

 

Anticipated
Repayment Date that has been collected from the related Borrower (after payment in full of all other principal and interest due
and owing on such Mortgage Loan).

 

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

 

“Excess
Interest Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained
by the Certificate Administrator pursuant to Section 3.05(k), which shall be entitled “Wells Fargo Bank, National
Association, as Certificate Administrator, for the benefit of the Holders of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2020-B22 – Excess Interest Distribution Account,” and which must be an Eligible
Account or a sub-account of an Eligible Account. The Excess Interest Distribution Account shall not be an asset of any Trust REMIC,
but rather shall be an asset of the Grantor Trust.

 

“Excess
Prepayment Interest Shortfall”: With respect to any Distribution Date, with respect to the Mortgage Loans, the
aggregate of any Prepayment Interest Shortfalls resulting from any Principal Payments made on the Mortgage Loans to be included
in the Aggregate Available Funds for such Distribution Date and that are not covered by the Master Servicer’s Compensating
Interest Payment for such Distribution Date and the portion of the compensating interest payments allocable to any Non-Serviced
Mortgage Loan to the extent received from the related Non-Serviced Master Servicer.

 

“Excess
Servicing Fee Rate”: With respect to each Mortgage Loan and any related Serviced Companion Loan (and any successor
REO Loan with respect thereto), a rate per annum equal to the Servicing Fee Rate (subject to the rights of the Mortgage
Loan Seller Sub-Servicers identified on Exhibit X to this Agreement) minus 0.0025%.

 

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

 

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

 

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

 

“Excluded
Controlling Class Holder”: With respect to any Excluded Controlling Class Loan, the Directing Holder or any Controlling
Class Certificateholder, as applicable, in either case that is a Borrower Party with respect to such Excluded Controlling Class
Loan. Immediately upon obtaining actual knowledge of any such party becoming an “Excluded Controlling Class Holder”,
the Directing Holder or Controlling Class Certificateholder, as applicable, shall provide notice in the form of Exhibit L-1E
hereto to the Master Servicer, the

 

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Special
Servicer, the Operating Advisor, the Trustee and the Certificate Administrator, which such notice shall be physically delivered
in accordance with Section 11.05 of this Agreement and shall specifically identify the Excluded Controlling Class Holder
and the subject Excluded Controlling Class Loan. Additionally, any Excluded Controlling Class Holder shall also send to the
Certificate Administrator a notice substantially in the form of Exhibit L-1F hereto, which such notice shall provide each
of the CTSLink User ID’s associated with such Excluded Controlling Class Holder, and which such notice shall direct
the Certificate Administrator to restrict such Excluded Controlling Class Holder’s access to the Certificate Administrator’s
Website as provided in this Agreement. As of the Closing Date, there are no Excluded Controlling Class Holders related to
the Trust.

 

“Excluded
Controlling Class Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination, the
Directing Holder or any Controlling Class Certificateholder is a Borrower Party. As of the Closing Date, there are no Excluded
Controlling Class Loans related to the Trust.

 

“Excluded
Information”: With respect to any Excluded Controlling Class Loan, any information and reports solely relating to such
Excluded Controlling Class Loan(s) and/or the related Mortgaged Properties that is segregated on the Certificate Administrator’s
Website, including, without limitation, any Asset Status Reports, Final Asset Status Reports or summaries thereof, or any appraisals,
inspection reports (related to Specially Serviced Loans conducted by the Special Servicer or the Excluded Special Servicer), recoverability
officer’s certificates, the Operating Advisor Annual Reports, any determination of the Special Servicer’s net present
value calculation, any appraisal reduction amount calculations, environmental assessments, seismic reports and property condition
reports and such other information and reports designated as Excluded Information (other than such information with respect to
such Excluded Controlling Class Loan(s) that is aggregated with information of other Mortgage Loans at a pool level) by the Master
Servicer, the Special Servicer and the Operating Advisor, as the case may be. For the avoidance of doubt, any file or report
contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other than the CREFC® Special Servicer Loan File
relating to any Excluded Controlling Class Loan) and any Schedule AL Additional File shall not be considered “Excluded Information”.
Any Excluded Information to be delivered to the Certificate Administrator by the Master Servicer, the Special Servicer or the
Operating Advisor shall be delivered in accordance with Section 3.32 hereof. For the avoidance of doubt, the Certificate
Administrator’s obligation to segregate any information delivered to it under the “Excluded Information” tab
on the Certificate Administrator’s Website shall be triggered solely by such information being delivered in the manner provided
in Section 3.31(d) hereof.

 

“Excluded
Loan”: (a) With respect to the Directing Holder, any Mortgage Loan or Whole Loan with respect to which, as of the applicable
date of determination, the Directing Holder or (solely in the case of the Trust Directing Holder) the holder of the majority of
the Controlling Class is a Borrower Party, or (b) with respect to the Risk Retention Consultation Party, a Mortgage Loan or Whole
Loan with respect to which, as of the applicable date of determination, the Risk Retention Consultation Party or the Person entitled
to appoint the Risk Retention Consultation Party is a Borrower Party. For the avoidance of doubt, any Excluded Loan as to either
the Trust Directing Holder or a holder of the majority of the Controlling Class is also an Excluded Controlling Class Loan. As
of the Closing Date, there are no Excluded Loans related to the Trust.

 

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

 

“Excluded
Special Servicer Loan”: Any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan with respect
to which, as of any date of determination, the Special Servicer has obtained knowledge that it is a Borrower Party. As of the
Closing Date, there are no Excluded Special Servicer Loans related to the Trust.

 

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

 

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

 

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

 

“Final
Asset Status Report”: With respect to any Specially Serviced Loan, the Asset Status Report (together with such other
data or supporting information provided by the Special Servicer to the Directing Holder that does not include any communication
(other than the related Asset Status Report) between the Special Servicer and the Directing Holder with respect to such Specially
Serviced Loan) required to be delivered by the Special Servicer by the Initial Delivery Date or any Subsequent Asset Status Report,
in each case, in the form fully approved or deemed approved, if applicable, by the Directing Holder pursuant to the Directing
Holder Asset Status Report Review Process or following completion of the ASR Consultation Process, as applicable. For the avoidance
of doubt, the Special Servicer may issue more than one Final Asset Status Report with respect to any Specially Serviced Loan in
accordance with the procedures described in Section 3.23(e). Each Final Asset Status Report will be labeled or otherwise
identified or communicated as being final by the Special Servicer.

 

“Final
Dispute Resolution Election Notice”: As defined in Section 2.03(k)(iii) of this Agreement.

 

“Final
Recovery Determination”: With respect to any Specially Serviced Loan, Serviced REO Loan or any Mortgage Loan subject
to repurchase by the related Mortgage Loan Seller pursuant to Section 2.03(e) of this Agreement, or in the case of
a Whole Loan, subject to a purchase pursuant to the applicable Intercreditor Agreement, or any Mortgage Loan or Whole Loan subject
to purchase pursuant to any related mezzanine intercreditor agreement, the recovery of all Insurance Proceeds, Liquidation Proceeds,
the related Purchase Price and other payments or recoveries (including proceeds of the final sale of any Serviced REO Property)
which the Master Servicer (or in the case of a Specially Serviced Loan or Serviced REO Loan, the Special Servicer), in its reasonable
judgment, and, if no Consultation Termination Event is continuing, in consultation with the Directing Holder, as evidenced by
a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset
Representations Reviewer and the Custodian (and the Master Servicer, if the certificate is from the Special Servicer), expects
to be finally recoverable. If no Control Termination Event is continuing, the Directing Holder shall have ten (10) Business Days
to review and approve each such recovery determination; provided that if the Directing Holder fails to approve or disapprove
any recovery determination within ten (10) Business Days of receipt of the initial recovery determination, such

 

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consent
shall be deemed given. The Master Servicer shall maintain records, prepared by a Servicing Officer, of each Final Recovery Determination
until the earlier of (i) its termination as the Master Servicer hereunder and the transfer of such records to a successor
servicer and (ii) five years following the termination of the Trust Fund.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Gain-on-Sale
Reserve Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator for the benefit of the Certificateholders pursuant to Section 3.05(i) of this Agreement for the Certificateholders
and, in the case of a Serviced Companion Loan, the Serviced Companion Loan Noteholders, which shall be entitled “Wells Fargo
Bank, National Association, as Certificate Administrator, for the

 

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benefit
of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B22 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2020-B22 and, if applicable, Serviced Companion Loan Noteholders, Gain-on-Sale Reserve
Account.” The Gain-on-Sale Reserve Account must be an Eligible Account or a sub-account of an Eligible Account and will
be an asset of the Lower-Tier REMIC.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Holder”:
With respect to any Certificate, a Certificateholder; with respect to any Lower-Tier Regular Interest, the Trustee.

 

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

 

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

 

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

 

    -56-

    

    

 

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

 

“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the applicable
Trust REMIC within the meaning of Section 856(d)(3) of the Code if such Trust REMIC were a real estate investment trust (except
that the ownership tests set forth in that section shall be considered to be met by any Person that owns, directly or indirectly,
35% or more of any Class or 35% or more of the aggregate value of all Classes of Certificates), provided that such Trust
REMIC does not receive or derive any income from such Person and the relationship between such Person and such Trust REMIC is
at arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except neither the Master Servicer
nor the Special Servicer shall be considered to be an Independent Contractor under the definition in this clause (i) unless
an Opinion of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) addressed to the Master Servicer
or the Special Servicer, as applicable, the Certificate Administrator and the Trustee has been delivered to the Certificate Administrator
to that effect) or (ii) any other Person (including the Master Servicer and the Special Servicer) if the Master Servicer
or the Special Servicer, as applicable, on behalf of itself, the Certificate Administrator and the Trustee has received an Opinion
of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) to the effect that the taking of any action
in respect of any Serviced REO Property by such Person, subject to any conditions therein specified, that is otherwise herein
contemplated to be taken by an Independent Contractor will not cause such Serviced REO Property to cease to qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable
for purposes of Section 860D(a) of the Code) or cause any income realized in respect of such Serviced REO Property to
fail to qualify as Rents from Real Property (provided that such income would otherwise so qualify).

 

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

 

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

 

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

 

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

 

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

 

    -57-

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Intercreditor
Agreement”: With respect to any Whole Loan, the related intercreditor, co-lender or similar agreement in effect from
time to time by and between (a) the holder of the related Mortgage Loan(s) and the holder of the related Subordinate Companion
Loan(s) relating to the relative rights of such holders or (b) the holders of the related Mortgage Loan and the related Serviced
Pari Passu Companion Loan(s) or Non-Serviced Companion Loan(s) relating to the relative rights of such holders. The intercreditor
or co-lender agreements related to each Whole Loan shall each be an Intercreditor Agreement.

 

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

 

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

 

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

 

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“Interest
Reserve Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator for the benefit of the Certificateholders pursuant to Section 3.05(e) of this Agreement, which shall
be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank,
National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2020-B22, Interest Reserve Account” and which must be an Eligible Account or a sub-account of an Eligible
Account. The Interest Reserve Account shall be an asset of the Lower-Tier REMIC.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Investor
Certification”: A certificate (which may be in electronic form) substantially in the form of Exhibit L-1A, Exhibit
L-1B, Exhibit L-1C or Exhibit L-1D to this Agreement or in the form of an electronic certification on the Certificate
Administrator’s Website (which may be a “click-through confirmation”), representing (i) that such Person
executing the certificate is a Certificateholder, the Directing Holder or the Risk Retention Consultation Party (in each case,
to the extent such Person is not a Certificateholder), a beneficial owner of a Certificate, a Companion Loan Noteholder, a prospective
purchaser of a Certificate (or any investment advisor or manager or other representative of the foregoing), (ii) that either
(a) such Person is the Risk Retention Consultation Party or is a Person who is not a Borrower Party, in which case such Person
shall have access to all the reports and information made available to Certificateholders via the Certificate Administrator’s
Website hereunder, or (b) such Person is a Borrower Party in which case (1) if such Person is the Directing Holder,
a Controlling Class Certificateholder or the Risk Retention Consultation Party, such Person shall have access to all the
reports and information made available to Certificateholders via the Certificate Administrator’s Website hereunder other
than any Excluded Information as set forth herein, or (2) if such Person is not the Directing Holder, a Controlling Class Certificateholder
or the Risk Retention Consultation Party, such Person shall only receive access to the Distribution Date Statements prepared by
the Certificate Administrator, (iii) that such Person has received a copy of the final Prospectus and (iv) such Person
agrees to keep any Privileged Information confidential and will not violate any securities laws; provided, however,
that any Excluded Controlling Class Holder (i) shall be permitted to obtain, upon reasonable request in accordance with
Section 4.02(b) of this Agreement any Excluded Information relating to any Excluded Controlling Class Loan with respect
to which such Excluded Controlling Class Holder is not a Borrower Party (if such Excluded Information is not otherwise available
to such Excluded Controlling Class Holder via the Certificate Administrator’s Website on account of it constituting
Excluded Information) from the Master Servicer (with respect to non-Specially Serviced Loans) or the Special Servicer (with respect
to Specially Serviced Loans), in each case, to the extent in the possession of the Master Servicer or Special Servicer, as applicable
and (ii) shall be considered a Privileged Person for all other purposes, except with respect to its ability to obtain information
with respect to any related Excluded Controlling Class Loan.

 

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

 

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

 

“IO
Group YM Distribution Amount”: As defined in Section 4.01(d) of this Agreement.

 

“IRS”:
The Internal Revenue Service.

 

“Joint
Mortgage Loan”: Any Mortgage Loan comprised of multiple Mortgage Notes that are being sold separately to the Depositor
by more than one Mortgage Loan Seller. The Mortgage Loans identified on Exhibit B hereto as “The Grace Building”
and “MGM Grand & Mandalay Bay” are the Joint Mortgage Loans related to the Trust.

 

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

 

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

 

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

 

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

 

“Late
Collections”: With respect to any Mortgage Loan or Serviced Whole Loan, all amounts received thereon during any Collection
Period (or the related grace period), whether as payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or
otherwise, which represent late payments or collections of principal or interest due in respect of such Mortgage Loan or Serviced
Whole Loan (without regard to any acceleration of amounts due thereunder by reason of default) on a Due Date in a previous Collection
Period and not previously recovered. With respect to any REO Loan, all amounts received in connection with the related REO Property
during any Collection Period (including any grace period applicable under the original Mortgage Loan or Serviced Whole Loan),
whether as Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, REO Proceeds or otherwise, which represent late
collections of principal or interest due or deemed due in respect of such REO Loan or the predecessor Mortgage Loan or Serviced
Whole Loan (without regard to any acceleration of amounts due under the predecessor Mortgage Loan or Serviced Whole Loan by reason
of default) on a Due Date in a previous Collection Period and not previously recovered. The term “Late Collections”
shall specifically exclude Penalty Charges. With respect to any Whole Loan, as used in this Agreement, Late Collections shall
refer to such portion of Late Collections to the extent allocable to the related Mortgage Loan or related Companion Loan, as applicable,
pursuant to the terms of the related Intercreditor Agreement.

 

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

 

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

 

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

 

(a)         
the lesser of:

 

(i)         
the product of 1.0% (or, if such rate would result in an aggregate liquidation fee of less than $25,000, then such higher rate
as would result in an aggregate liquidation fee equal to $25,000) and the proceeds of such full, partial or discounted payoff
or the Net Liquidation Proceeds related to such liquidated or repurchased Mortgage Loan or Specially Serviced Loan, as the case
may be, in each case exclusive of any portion of such payoff or Net Liquidation Proceeds that represents Penalty Charges;

 

(ii)         
$1,000,000; and

 

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

 

(b)              
with respect to any particular liquidation (or partial liquidation), as reduced by the amount of any and all related Offsetting
Modification Fees received by the Special Servicer as additional servicing compensation relating to such Specially Serviced Loan,
Serviced REO Loan or Mortgage Loan.

 

No
Liquidation Fee shall be payable:

 

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

 

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

 

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

 

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

 

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

 

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

 

(g) in
connection with a Loss of Value Payment by a Mortgage Loan Seller, if the applicable Mortgage Loan Seller makes such Loss of Value
Payment within the Initial Resolution Period (and giving effect to any applicable extension period beyond the end of the Initial
Resolution Period set forth in Section 2.03(e) of this Agreement); provided that, with respect to a Serviced
Companion Loan and any related Loss of Value Payment made after such Initial Resolution Period and any such extension period,
a Liquidation Fee shall only be payable to the Special Servicer to the extent that (i) the Special Servicer is enforcing the related
Mortgage Loan Seller’s obligations under the applicable Mortgage Loan Purchase Agreement with respect to such Serviced Companion
Loan and (ii) the related Liquidation Fee is not otherwise required to be paid to the Other Special Servicer relating to such
Serviced Companion Loan or otherwise prohibited from being paid to the Special Servicer (in each case, under the related Other
Pooling and Servicing Agreement); and

 

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

 

“Liquidation
Proceeds”: Cash amounts (other than Insurance Proceeds and Condemnation Proceeds and REO Proceeds) received by or paid
to the Master Servicer or the

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Special
Servicer in connection with: (i) the liquidation of a Mortgaged Property or other collateral constituting security for a
Defaulted Loan, through trustee’s sale, foreclosure sale, disposition of REO Property or otherwise, exclusive of any portion
thereof required to be released to the related Borrower in accordance with applicable law and the terms and conditions of the
related Mortgage Note and Mortgage; (ii) the realization upon any deficiency judgment obtained against a Borrower; (iii) the
sale of a Defaulted Loan; (iv) the repurchase of a Mortgage Loan (or related REO Loan) by the applicable Mortgage Loan Seller
pursuant to the related Mortgage Loan Purchase Agreement; (v) the purchase of all the Mortgage Loans and all property acquired
in respect of any Mortgage Loan by the Sole Certificateholder, the Certificateholder owning a majority of the Percentage Interests
in the Controlling Class, the Special Servicer or the Master Servicer pursuant to Section 9.01 of this Agreement;
(vi) with respect to any existing mezzanine indebtedness or any mezzanine indebtedness that may exist on a future date, the purchase
of the related Mortgage Loan by a mezzanine lender; (vii) in the case of a Mortgage Loan that is part of a Whole Loan, the
purchase of such Mortgage Loan by a related Companion Loan Noteholder, or the applicable designee, as applicable, pursuant to
the related Intercreditor Agreement; or (viii) the transfer of any Loss of Value Payments from the Loss of Value Reserve
Fund to the Collection Account in accordance with Section 3.06(e) of this Agreement (provided that, for the
purpose of determining the amount of the Liquidation Fee (if any) payable to the Special Servicer in connection with such Loss
of Value Payment, the full amount of such Loss of Value Payment shall be deemed to constitute “Liquidation Proceeds”
from which the Liquidation Fee (if any) is payable as of such time such Loss of Value Payment is made by the applicable Mortgage
Loan Seller). With respect to the Mortgaged Property or Mortgaged Properties securing any Non-Serviced Mortgage Loan or Non-Serviced
Companion Loan, only the portion of such amounts payable to the holder of the related Non-Serviced Mortgage Loan will be included
in Liquidation Proceeds.

 

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

 

“Loan
Documents”: With respect to any Mortgage Loan or Serviced Whole Loan, the documents executed or delivered in connection
with the origination or any subsequent modification of such Mortgage Loan or Serviced Whole Loan or subsequently added to the
related Mortgage File.

 

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

 

“Loan-Specific
Directing Holder”: (a) With respect to each Serviced AB Whole Loan, the holder of the related Subordinate Companion
Loan; and (b) with respect to each Servicing Shift Whole Loan prior to the related Servicing Shift Securitization Date, the related
“controlling holder”, “directing holder”, “directing lender” or any analogous concept set
forth under the related Intercreditor Agreement. On and after the related Servicing Shift Securitization Date, there will be no
Loan-Specific Directing Holder under the Pooling and Servicing Agreement with respect to such Servicing Shift Whole Loan. For
the avoidance of doubt, as of the Closing Date there are no Loan-Specific Directing Holders with respect to the Trust.

 

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

 

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

 

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

 

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

 

“Lower-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which shall be entitled “Wells Fargo
Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee,
for the benefit of the Holders of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22,
Lower-Tier Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Lower-Tier
Distribution Account shall be an asset of the Lower-Tier REMIC.

 

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

 

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

 

“Lower-Tier
Regular Interests”: The Class LA-1 Interest, Class LA-2 Interest, Class LA-SB Interest, Class LA-4
Interest, Class LA-5 Interest, Class LA-M Interest, Class LB Interest, Class LC Interest, Class LD Interest,
Class LE Interest, Class LF Interest, Class LG Interest, Class LH Interest and Class LVRR Interest issued
by the Lower-Tier REMIC and held by the Trustee as assets of the Upper-Tier REMIC. Each Lower-Tier Regular Interest (i) is
designated as a “regular interest” in the Lower-Tier REMIC, (ii) relates to its Corresponding Certificates and,
if applicable, Corresponding Component, (iii) is uncertificated, (iv) has an initial Lower-Tier

 

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Principal
Balance as set forth in the Preliminary Statement herein, (v) has a Pass-Through Rate equal to the WAC Rate, (vi) has
a “latest possible maturity date,” within the meaning of Treasury Regulations Section 1.860G-1(a), that is the
Rated Final Distribution Date and (vii) is entitled to the distributions in the amounts and at the times specified in Section 4.01(a)
of this Agreement.

 

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

 

“MAI”:
Member of the Appraisal Institute.

 

“Major
Decision”: Any of the following:

 

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

 

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

 

(b)       
any modification, consent to a modification or waiver of any monetary term or material non-monetary term (including, without limitation,
a COVID Modification, the timing of payments and acceptance of discounted payoffs but excluding late payment charges or Default
Interest) of a Serviced Mortgage Loan and any related Serviced Companion Loan or any extension of the Maturity Date of any Serviced
Mortgage Loan and any related Serviced Companion Loan, in each case, to the extent the Directing Holder or any affiliate does
not own any controlling interest (whether legally, beneficially or otherwise) in the related mezzanine loan, if applicable;

 

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

 

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

 

(e)        
any release of collateral or any acceptance of substitute or additional collateral (other than through defeasance, provided that
such defeasance does not otherwise

 

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involve
a Major Decision) for a Serviced Mortgage Loan and any related Serviced Companion Loan, or any consent to either of the foregoing,
other than (i) the release of non-material collateral or (ii) as required pursuant to the specific terms of the related Serviced
Mortgage Loan and any related Serviced Companion Loan and for which there is no lender discretion;

 

(f)        
any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Serviced Mortgage
Loan and any related Serviced Companion Loan or any consent to such a waiver or consent to a transfer of the Mortgaged Property
or interests in the Borrower or consent to the incurrence of additional debt, other than any such transfer or incurrence of debt
(i) as may be effected without the consent or discretion of the lender under the related loan agreement, (ii) where
the Loan Documents include specific objective conditions that must be satisfied for such action where lender discretion is not
necessary in order to determine whether such specific objective conditions have been satisfied and (iii) where such specific
objective conditions have been satisfied with no exceptions;

 

(g)       
any acceptance of an assumption agreement releasing a Borrower from liability under a Serviced Mortgage Loan and any related Serviced
Companion Loan other than any such action (i) as may be effected without the consent or discretion of the lender under the
related Loan Agreement, (ii) where the Loan Documents include specific objective conditions that must be satisfied for such
action where lender discretion is not necessary in order to determine whether such specific objective conditions have been satisfied
and (iii) where such specific objective conditions have been satisfied with no exceptions;

 

(h)       
any acceleration of a Mortgage Loan or Serviced Whole Loan following a default or an event of default with respect to a Serviced
Mortgage Loan and any related Serviced Companion Loan or any initiation of judicial, bankruptcy or similar proceedings under the
related Loan Documents or with respect to the related Borrower or Mortgaged Property;

 

(i)         
franchise changes with respect to a Serviced Mortgage Loan and any related Serviced Companion Loan for which the lender is required
to consent or approve under the related Loan Documents;

 

(j)        
any property management company changes with respect to a Serviced Mortgage Loan and any related Serviced Companion Loan for which
the lender is required to consent or approve under the related Loan Documents (i) with a principal balance greater than $2,500,000
or (ii) where the property management company will be an Affiliate of the related Borrower following such change;

 

(k)        
releases or substitutions of any amount from any escrow accounts, reserve accounts, letters of credit or collateral related to
hospitality property improvement plans or earnout or performance escrows, reserves or holdbacks as set forth on Schedule IX
to this Agreement, other than those required pursuant to the specific terms of the related Serviced Mortgage Loan and any
related Serviced Companion Loan and for which no lender discretion is required;

 

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(l)         
any determination of an Acceptable Insurance Default; and

 

(m)       
any modification, waiver or amendment of an intercreditor agreement, co-lender agreement, participation agreement or similar agreement
with any mezzanine lender, holder of a Companion Loan or other subordinate debt holder related to a Mortgage Loan (including a
Non-Serviced Mortgage Loan, to the extent consent rights with respect to such modification, waiver or amendment are granted to
the holder of the Companion Loan or other subordinate debt under the related agreement) or Serviced Whole Loan, or an action to
enforce rights with respect thereto, in each case, to the extent such modification, waiver, amendment or action would materially
and adversely affect the holders of the Control Eligible Certificates; provided, however, any such modification
or amendment to any such agreement that would adversely impact the Master Servicer shall additionally require the consent of the
Master Servicer as a condition to its effectiveness; and

 

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

 

For
the avoidance of doubt, the Master Servicer and the Special Servicer (each in such capacity) shall not make or be obligated to
make any Major Decisions with respect to any Non-Serviced Mortgage Loans and the Trust Directing Holder shall have no consent
and/or consultation rights regarding Major Decisions with respect to any Non-Serviced Mortgage Loans, any Servicing Shift Mortgage
Loan and any Excluded Loans related to the Trust Directing Holder under this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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“Master
Servicer Major Decision”: With respect to any Performing Loan, any Major Decision under clause (1)(l) of the definition
of “Major Decision” in this Agreement.

 

“Master
Servicer Non-Major Decision” Any of the following:

 

(a)        
approving leases, lease modifications or amendments or any requests for subordination, non-disturbance and attornment agreements
for leases (i) equal to or less than the lesser of (A) 30,000 square feet and (B) 30% of the net rentable area
at the related Mortgaged Property and (ii) which are not ground leases;

 

(b)        
approving any waiver regarding the receipt of financial statements if such waiver does not involve permitting delivery of financial
statements less than quarterly or more than 60 days after the end of the calendar quarter;

 

(c)        
approving annual budgets for the related Mortgaged Property so long as the budget does not provide for (x) increases in operating
expenses equal to or more than 110% of the amount budgeted therefor for the prior year and (y) payments to a borrower affiliate;

 

(d)        
approving immaterial rights-of-way and immaterial easements, and consent to subordination of the related Mortgage Loan or Serviced
Whole Loan to such immaterial rights-of-way or easements;

 

(e)        
any modification, consent to a modification or waiver of any immaterial non-monetary term (excluding the timing of payments but
including late payment charges or Default Interest) of a Serviced Mortgage Loan and any related Serviced Companion Loan;

 

(f)         
other than with respect to reserves and escrows which are addressed in clause (h) below, any release of collateral or any acceptance
of substitute or additional collateral for a Serviced Mortgage Loan and any related Serviced Companion Loan or any consent to
either of the foregoing, to the extent the foregoing is not otherwise a Major Decision;

 

(g)       
any property management company changes with respect to a Serviced Mortgage Loan and any related Serviced Companion Loan (i) with
a principal balance less than or equal to $2,500,000 or (ii) where the property management company will not be an Affiliate
of the related Borrower following such change;

 

(h)       
releases or substitutions of any amounts from any escrow accounts, reserve accounts, letters of credit or collateral, if required
pursuant to the specific terms of the related Serviced Mortgage Loan and any related Serviced Companion Loan and for which no
lender discretion is required and other than those set forth on Schedule IX to this Agreement;

 

(i)         
any acceptance of an assumption agreement releasing a Borrower from liability under a Serviced Mortgage Loan and any related Serviced
Companion Loan if (i) such action may be effected without the consent or discretion of the lender under the related Loan
Agreement, (ii) the Loan Documents include specific objective conditions

 

    -69-

    

    

 

that
must be satisfied for such action where lender discretion is not necessary in order to determine whether such specific objective
conditions have been satisfied and (iii) such specific objective conditions have been satisfied with no exceptions;

 

(j)         
any modification, waiver or amendment of an Intercreditor Agreement, co-lender agreement, participation agreement or similar agreement
with any mezzanine lender, holder of a Companion Loan or other subordinate debt holder related to a Mortgage Loan (including a
Non-Serviced Mortgage Loan, to the extent consent rights with respect to such modification, waiver or amendment are granted to
the holder of the Companion Loan or other subordinate debt under the related agreement) or such Serviced Whole Loan, or an action
to enforce rights with respect thereto, to the extent the foregoing is not otherwise a Major Decision; and

 

(k)        
any other action that does not constitute a Major Decision or a Special Servicer Non-Major Decision.

 

The
Master Servicer shall process and consent to or refuse consent to, as applicable, all Master Servicer Major Decisions and Master
Servicer Non-Major Decisions with respect to any non-Specially Serviced Loan (other than a Non-Serviced Mortgage Loan). The Master
Servicer shall also obtain the consent of the Directing Holder, and shall consult with the Operating Advisor, in connection with
any Master Servicer Major Decision with respect to any non-Specially Serviced Loan (other than a Non-Serviced Mortgage Loan),
to the extent described herein.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -71-

    

    

 

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

 

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

 

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

 

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

 

“Mortgage
File”: With respect to any Mortgage Loan and Serviced Companion Loan, collectively, the mortgage documents listed in
Section 2.01(a)(i) through Section 2.01(a)(xxi) of this Agreement pertaining to such particular Mortgage
Loan or Serviced Companion Loan and any additional documents required to be added to such Mortgage File pursuant to the express
provisions of this Agreement; provided that whenever the term “Mortgage File” is used to refer to documents
actually received by the Depositor, Trustee, or Custodian, such term shall not be deemed to include such documents and instruments
required to be included therein unless they are actually so received.

 

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

 

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

 

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

 

(a)         
the Loan Number;

 

    -72-

    

    

 

(b)       
the Mortgage Loan Seller;

 

(c)        
the Mortgage Loan name;

 

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

 

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

 

(f)         
the original principal balance;

 

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

 

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

 

(i)          
the Due Date;

 

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

 

(k)        
the Servicing Fee Rate;

 

(l)          
whether the Mortgage Loan is an Actual/360 Loan;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -73-

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -74-

    

    

 

condemnation,
amounts required to be applied to the restoration or repair of the related Mortgaged Property.

 

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

 

Notwithstanding
the foregoing, if any such Mortgage Loan does not accrue interest on the basis of a 360-day year consisting of twelve 30-day months,
then, solely for purposes of calculating the Pass-Through Rate on the Non-VRR Certificates (other than the Class S Certificates)
and the VRR Interest (and for the purposes of calculating the Base Interest Fraction), the Net Mortgage Rate of such Mortgage
Loan 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 at the related Net Mortgage Rate during such one month period;
provided, however, that with respect to each Actual/360 Loan, the Net Mortgage Rate for the one-month period (i) prior
to the Due Dates in (a) January and February in each year that is not a leap year or (b) February only in
each year that is a leap year (in either case, unless the related Distribution Date is the final Distribution Date) shall be determined
exclusive of any Withheld Amounts from that month and (ii) prior to the Due Date in March (or February if the related
Distribution Date is the final Distribution Date), shall be determined inclusive of the Withheld Amounts from the immediately
preceding February, and, if applicable, January; provided, further, that with respect to each Mortgage Loan
for which the Closing Date Deposit Amount was made, the Closing Date Deposit Amount shall be included in determining the Mortgage
Rate relating to the initial Distribution Date. With respect to any REO Loan, the Net Mortgage Rate shall be calculated as described
above, as if the predecessor Mortgage Loan had remained outstanding.

 

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

 

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

 

    -75-

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -76-

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -77-

    

    

 

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

 

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

 

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

 

“NRSRO”:
Any nationally recognized statistical ratings organization.

 

“NRSRO
Certification”: A certification (a) executed by an NRSRO in favor of the 17g-5 Information Provider substantially in
the form attached hereto as Exhibit Z or (b) provided electronically and executed by such NRSRO by means of a
“click-through” confirmation on the 17g-5 Information Provider’s Website, in either case in favor of the 17g-5
Information Provider that states that such NRSRO is a Rating Agency under this Agreement, or that such NRSRO has been engaged
to rate any securities backed, in whole or in part, by a Serviced Companion Loan, or that such NRSRO has provided the Depositor
with the appropriate certifications pursuant to paragraph (e) of Rule 17g-5 of the Exchange Act, such NRSRO has access
to the Depositor’s 17g-5 website and such NRSRO will keep such information confidential, except to the extent such information
has been made available to the general public.

 

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

 

    -78-

    

    

 

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

 

“Operating
Advisor”: Pentalpha Surveillance LLC, a Delaware limited liability company, or its successors in interest and assigns,
or any successor Operating Advisor appointed as herein provided.

 

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

 

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

 

“Operating
Advisor Fee”: With respect to each Mortgage Loan and REO Loan (including Non-Serviced Mortgage Loans and Servicing Shift
Mortgage Loans but excluding any Companion Loans) and any Distribution Date, an amount per Interest Accrual Period equal to the
product of (i) the applicable Operating Advisor Fee Rate and (ii) the Stated Principal Balance of such Mortgage Loan
as of the Due Date in the immediately preceding Collection Period (without giving effect to payments of principal on such Mortgage
Loan on such Due Date). Such fee shall be in addition to, and not in lieu of, any other fee or other sum payable to the Operating
Advisor under this Agreement. The Operating Advisor Fee shall be calculated in accordance with the provisions of Section 1.02(a)
of this Agreement. For the avoidance of doubt, the Operating Advisor Fee shall be payable from the Lower-Tier REMIC. For the
avoidance of doubt, no Operating Advisor Fee shall accrue on the principal balance of, or be payable with respect to, any Companion
Loan.

 

    -79-

    

    

 

“Operating
Advisor Fee Rate”: For each Interest Accrual Period, a per annum rate equal to 0.00220% with respect to each
such Mortgage Loan and REO Loan (including Non-Serviced Mortgage Loans but excluding any Companion Loans).

 

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

 

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

 

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

 

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

 

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

 

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

 

    -80-

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -81-

    

    

 

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

 

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

 

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

 

	Class 
	Pass-Through
                                         Rate 

	Class A-1	Class A-1
    Pass-Through Rate
	Class A-2	Class A-2
    Pass-Through Rate
	Class A-SB	Class A-SB
    Pass-Through Rate
	Class A-4	Class A-4
    Pass-Through Rate
	Class A-5	Class A-5
    Pass-Through Rate
	Class X-A	Class X-A
    Pass-Through Rate
	Class X-B	Class X-B
    Pass-Through Rate
	Class
    X-D	Class
    X-D Pass-Through Rate
	Class
    X-F	Class
    X-F Pass-Through Rate
	Class
    X-G	Class
    X-G Pass-Through Rate
	Class
    X-H	Class
    X-H Pass-Through Rate
	Class A-M	Class A-M
    Pass-Through Rate
	Class B	Class B
    Pass-Through Rate
	Class C	Class C
    Pass-Through Rate
	Class D	Class D
    Pass-Through Rate
	Class
    E	Class
    E Pass-Through Rate
	Class F	Class F
    Pass-Through Rate
	Class G	Class G
    Pass-Through Rate
	Class H	Class H
    Pass-Through Rate

 

None
of the Class S Certificates, Class R Certificates or the VRR Interest have Pass-Through Rates. Although it does not have a specified
Pass-Through Rate, the effective interest rate of the VRR Interest will be the WAC Rate for the related Distribution Date.

 

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

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

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

 

“Percentage
Interest”: As to any Certificate (except the Class R and Class S Certificates), the percentage interest evidenced
thereby in distributions required to be made with respect to the related Class. With respect to any Certificate (except the Class R
and Class S

 

    -82-

    

    

 

Certificates),
the percentage interest is equal to the initial denomination of such Certificate divided by the initial Certificate Balance or
Notional Amount, as applicable, of such Class of Certificates. With respect to the Class R and Class S Certificates,
the percentage interest is set forth on the face thereof.

 

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

 

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

 

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

 

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

 

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

 

(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;

 

(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 and the

 

    -83-

    

    

 

Applicable
Moody’s Permitted Investment Rating (or, in the case of any such Rating Agency, if permitted by the related Mortgage Loan,
such lower rating as is otherwise acceptable to such Rating Agency, as confirmed in a Rating Agency Confirmation);

 

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

 

(iv)     
debt obligations bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States
of America or any state thereof which mature in one (1) year or less from the date of acquisition, that, in each case, satisfy
the Applicable Fitch Permitted Investment Rating, the Applicable KBRA Permitted Investment Rating and the Applicable Moody’s
Permitted Investment Rating (or, in the case of 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 and the Applicable Moody’s Permitted
Investment Rating (or, in the case of any such Rating Agency, if permitted by the related Mortgage Loan, such lower rating as
is otherwise acceptable to such Rating Agency, as confirmed in a Rating Agency Confirmation); provided, however, that the investments
described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B)
if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed
spread (if any) and must move proportionately with that index, and (C) such investments must not be subject to liquidation prior
to their maturity;

 

(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 by each Fitch and KBRA (or, if not rated by either such Rating Agency, otherwise acceptable
to such Rating Agency, as confirmed in a Rating Agency Confirmation relating to the Certificates), which may include the investments
referred to in clause (i) hereof if so qualified that (a) have substantially all of their assets invested continuously
in the types of investments referred to in clause (i) above and (b) have net assets of not less than $5,000,000,000;

 

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

 

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

 

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

 

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to
a fixed base or foreign permanent establishment, within the meaning of an applicable income tax treaty, of such transferee or
any other U.S. Person.

 

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

 

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

 

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

 

“Preliminary
Prospectus”: The Depositor’s Prospectus, dated December 15, 2020, relating to the offering of the Publicly Offered
Certificates.

 

“Prepayment
Assumption”: The assumption that (i) each Mortgage Loan (other than an ARD Loan) does not prepay prior to its respective
Maturity Date and (ii) each ARD Loan prepays on its Anticipated Repayment Date.

 

“Prepayment
Interest Excess”: With respect to any Distribution Date, the aggregate amount, with respect to all Mortgage Loans or
Serviced Companion Loans serviced by the Master Servicer that were subject to Principal Prepayment in full or in part, or as to
which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the Master Servicer or
Special Servicer for application to such Mortgage Loans or Serviced Companion Loans, in each case after the Due Date in the month
of such Distribution Date and on or prior to the related Determination Date, the amount of interest accrued at the Mortgage Rate
for such Mortgage Loans or Serviced Companion Loans on the amount of such Principal Prepayments, Insurance Proceeds, Liquidation
Proceeds and Condemnation Proceeds after the Due Date relating to such Collection Period and accruing in the manner set forth
in the related Loan Documents, to the extent such interest is collected by the Master Servicer or the Special Servicer (without
regard to any Prepayment Premium, Yield Maintenance Charge or Excess Interest actually collected).

 

“Prepayment
Interest Shortfall”: With respect to any Distribution Date, for each Mortgage Loan or Serviced Companion Loan serviced
by the Master Servicer that was subject to a Principal Prepayment in full or in part and which did not include a full month’s
interest, or as to which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the
Master Servicer or Special Servicer for application to such Mortgage Loan or Serviced Companion Loan, in each case after the Determination
Date in the calendar month preceding such Distribution Date but prior to the Due Date in the related Collection Period, the amount
of interest that would have accrued at the Net Mortgage Rate for such Mortgage Loan or Serviced Companion Loan on the amount of
such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds during the period commencing on the
date as of which such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable,
were applied to the unpaid principal balance of the Mortgage Loan or Serviced Companion Loan and ending on (and including) the
day immediately preceding such Due Date (without regard to any Prepayment Premium, Yield Maintenance Charge or Excess Interest
actually collected).

 

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“Prepayment
Premium”: Any premium, fee or other additional amount (other than a Yield Maintenance Charge) paid or payable on a Mortgage
Loan or Serviced Companion Loan by a Borrower as the result of a Principal Prepayment thereon, not otherwise due thereon, in respect
of principal or interest, which is intended to compensate the holder of the related Mortgage Note for prepayment.

 

“Pricing
Date”: December 18, 2020.

 

“Primary
Servicing Fee Rate”: With respect to each Serviced Mortgage Loan (other than any Servicing Shift Mortgage Loan), the
rate per annum set forth on Exhibit B to this Agreement. With respect to each Servicing Shift Mortgage Loan,
prior to the related Servicing Shift Securitization Date, the applicable rate per annum set forth on Exhibit B
to this Agreement. With respect to each Non-Serviced Mortgage Loan, no Primary Servicing Fee Rate will be charged by the Master
Servicer, but the Non-Serviced Mortgage Loan Primary Servicing Fee Rate (which, with respect to each such Non-Serviced Mortgage
Loan as of the Closing Date, is set forth on Exhibit B to this Agreement under the column labeled “Primary Servicing
Fee Rate”) is charged by the applicable Other Servicer pursuant to the related Other Pooling and Servicing Agreement. For
the avoidance of doubt, the Primary Servicing Fee Rate includes any fee rate payable to a Mortgage Loan Seller Sub-Servicer.

 

“Prime
Rate”: The “Prime Rate” as published in the “Money Rates” section of The Wall Street
Journal, Eastern edition (or, if such section or publication is no longer available, such other comparable publication as
determined by the Certificate Administrator in its reasonable discretion) as may be in effect from time to time, or, if the “Prime
Rate” no longer exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable discretion)
as may be in effect from time to time. The Certificate Administrator shall notify in writing the Master Servicer and the Special
Servicer with regard to any determination of the Prime Rate in accordance with the parenthetical in the preceding sentence.

 

“Principal
Balance Certificates”: The Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G and Class H Certificates.

 

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

 

“Principal
Prepayment”: Any payment of principal made by a Borrower on a Mortgage Loan or Serviced Companion Loan which is received
in advance of its scheduled due date and which is not accompanied by an amount of interest representing the full amount of scheduled
interest due on any date or dates in any month or months subsequent to the month of prepayment.

 

“Principal
Shortfall”: For any Distribution Date, the amount, if any, by which (1) the Principal Distribution Amount for the prior
Distribution Date exceeds (2) the aggregate amount actually distributed on the preceding Distribution Date to Holders of the Principal
Balance Certificates in respect of such Principal Distribution Amount.

 

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

 

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

 

“Private
Placement Memorandum”: The Depositor’s Private Placement Memorandum, dated December 18, 2020, relating to the
offering of the Private Certificates (other than the VRR Interest).

 

“Privileged
Information”: Any (i) correspondence or other communications between the Directing Holder or the Risk Retention
Consultation Party and the Special Servicer related to any Specially Serviced Loan (other than any applicable Excluded Loan) or
the exercise of the consent or consultation rights of the Directing Holder or consultation rights of the Risk Retention Consultation
Party under this Agreement or any related Intercreditor Agreement, (ii) strategically sensitive information that the Special
Servicer has reasonably determined could compromise the Trust Fund’s position in any ongoing or future negotiations with
the related Borrower or other interested party and that is labeled or otherwise identified as Privileged Information by the Special
Servicer, (iii) information subject to attorney-client privilege and (iv) any Asset Status Report or Final Asset Status Report.
The Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer shall be entitled to rely
on any identification of materials as “attorney-client privileged” without liability for any such reliance hereunder.

 

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

 

“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Underwriters, the Mortgage Loan Sellers, the Master
Servicer, the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the Certificate
Administrator, any Additional Servicer designated by the Master Servicer or the Special Servicer, the Operating Advisor, any Affiliate
of the Operating Advisor designated by the Operating Advisor, the Asset Representations Reviewer, any Companion Loan Noteholder
who provides a certification substantially in the form of Exhibit FF hereto, any Person (including the Directing Holder,
the Risk Retention Consultation Party or Holder of the VRR Interest) who provides the Certificate Administrator with an Investor
Certification and any NRSRO (including any Rating Agency) that provides the Certificate Administrator with a NRSRO Certification,
which Investor Certification

 

    -88-

    

    

 

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 the Risk Retention Consultation Party or the Special
Servicer) be entitled to receive (i) if such party is the Directing Holder or any Controlling Class Certificateholder, any Excluded
Information via the Certificate Administrator’s Website (unless a loan-by-loan segregation is later performed by the Certificate
Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)),
and (ii) if such party is not the Directing Holder or any Controlling Class Certificateholder, any information other than
the Distribution Date Statement.

 

Notwithstanding
anything to the contrary in this Agreement, if the Special Servicer obtains knowledge that it is a Borrower Party, the Special
Servicer shall nevertheless be a Privileged Person; provided that the Special Servicer (i) shall not directly or indirectly
provide any information solely related to the related Excluded Special Servicer Loan (which includes, among other things, any
Asset Status Reports, Final Asset Status Reports (or summaries thereof), and such other information specified in this Agreement
pertaining to such Excluded Special Servicer Loan) to (A) the related Borrower Party, (B) any of the Special Servicer’s
employees or personnel or any of its Affiliates involved in the management of any investment in the related Borrower Party or
the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest
in the related Borrower Party, and (ii) shall maintain sufficient internal controls and appropriate policies and procedures in
place in order to comply with the obligations described in clause (i) above; provided, further, that nothing in
this Agreement shall be construed as an obligation of the Master Servicer or the Certificate Administrator to restrict the Special
Servicer’s access to any information on the Master Servicer’s website or the Certificate Administrator’s Website
and in no case shall the Master Servicer or the Certificate Administrator be held liable if the Special Servicer accesses any
of the items listed in the definition of Excluded Information relating to the Excluded Special Servicer Loans.

 

“Prohibited
Party”: Any proposed Servicing Function Participant that is listed on the Depositor’s Do Not Hire List.

 

“Prohibited
Prepayment”: As defined in the definition of “Compensating Interest Payment”.

 

“Property
Protection Expenses”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole
Loan, any costs and expenses incurred by the Master Servicer or the Special Servicer pursuant to Section 3.04, Section 3.08(a),
Section 3.10, Section 3.11, Section 3.15(a), Section 3.15(b), Section 3.15(c),
Section 3.16(b) or Section 3.24(a) of this Agreement or indicated herein as being payable as a Servicing
Advance or as a cost or expense of the Trust Fund (and, in the case of the Serviced Whole Loans, the Serviced Companion Loan Noteholders
but subject to the provisions of Section 1.02(e)) or the Lower-Tier REMIC or Upper-Tier REMIC to be paid out of the
Collection Account.

 

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

 

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

 

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“Prospectus”:
The Depositor’s Prospectus, dated December 18, 2020, relating to the offering of the Publicly Offered Certificates.

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

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

 

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

 

“Purchase
Price”: With respect to (i) any Mortgage Loan to be repurchased or purchased pursuant to Section 2.03(e)
or Section 9.01 of this Agreement, (ii) any Specially Serviced Loan or any Serviced REO Loan to be sold pursuant to
Section 3.16 of this Agreement or (iii) any Defaulted Loan that is a Non-Serviced Mortgage Loan to be sold by the
Special Servicer in accordance with the proviso in Section 3.16(b) of this Agreement, an amount, calculated by the
Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans or Serviced
REO Loans), as applicable, equal to:

 

(a)         
the outstanding principal balance of such Mortgage Loan (or related REO Loan) (including, to the extent required pursuant to the
final sentence of this definition, any related Companion Loan) as of the date of purchase; plus

 

(b)        
all accrued and unpaid interest on such Mortgage Loan (or any related REO Loan) (including, to the extent required pursuant to
the final sentence of this definition, any related Companion Loan) at the related Mortgage Rate in effect from time to time to
but not including the Due Date immediately preceding or coinciding with the Determination Date for the Collection Period of purchase,
but excluding any Default Interest or Excess Interest; plus

 

(c)         
all related unreimbursed Servicing Advances plus accrued and unpaid interest on related Advances at the Reimbursement Rate, and
all Special Servicing Fees (whether paid or unpaid) and Workout Fees and Liquidation Fees (to the extent set forth in clause
(d) below) allocable to such Mortgage Loan (and, in the case of a Non-Serviced Mortgage Loan, unpaid fees payable to the applicable
servicer, Other Servicer, the Other Special Servicer or the Other Trustee allocable to such Mortgage Loan) and the related REO
Loan, if any; plus

 

(d)        
any Liquidation Fee due pursuant to Section 3.12 of this Agreement allocable to such Mortgage Loan (or related REO
Loan) (including, to the extent required pursuant to the final sentence of this definition, any related Companion Loan) (which
shall not include any Liquidation Fees if such affected Mortgage Loan is repurchased prior to the expiration of the additional
90-day period immediately following the initial 90-day period under Section 2.03 of this Agreement); plus

 

(e)         
all Additional Trust Fund Expenses allocable to such Mortgage Loan; plus

 

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(f)         
if such Mortgage Loan (or related REO Loan) is being purchased or substituted by a Mortgage Loan Seller pursuant to the related
Mortgage Loan Purchase Agreement, to the extent not otherwise included in the amount described in clause (c) of this
definition, any unpaid Asset Representations Reviewer Asset Review Fee related to such Mortgage Loan and all reasonable out-of-pocket
expenses reasonably incurred or to be incurred by the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee in respect of the Breach or Defect giving rise to the repurchase obligation, including any such expenses arising
out of the enforcement of the repurchase obligation, including, without duplication, any such expenses previously reimbursed from
the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, plus accrued and unpaid interest
thereon at the Reimbursement Rate, to the extent payable to the Master Servicer, the Special Servicer, the Certificate Administrator,
the Asset Representations Reviewer or the Trustee; provided, however, that such out-of-pocket expenses shall not
include expenses incurred by Certificateholders or Certificate Owners in instituting an Asset Review Vote Election, in taking
part in an Asset Review Vote Election or in exercising such Certificateholder’s or Certificate Owner’s, as applicable,
rights under the dispute resolution mechanics pursuant to Section 2.03(k) hereof.

 

For
purposes of this Agreement, (i) the “Purchase Price” in respect of a Serviced Companion Loan that is purchased
by the related Mortgage Loan Seller shall be the purchase price paid by the related Mortgage Loan Seller under the related Other
Pooling and Servicing Agreement or the applicable servicing agreement, (ii) with respect to a sale of an REO Property securing
a Serviced Whole Loan, the term Mortgage Loan or REO Loan shall be construed to include any related Companion Loans and (iii)
with respect to any Joint Mortgage Loan, the “Purchase Price” for each of the applicable Mortgage Loan Sellers shall
be its respective percentage interest as of the Closing Date of the total Purchase Price for such Joint Mortgage Loan.

 

“Qualified
Affiliate”: Any Person (a) that is organized and doing business under the laws of any state of the United States
or the District of Columbia, (b) that is in the business of performing the duties of a servicer of mortgage loans (or, in
the case of the Operating Advisor, that is in the business of performing the duties of an operating advisor), and (c) as
to which 50% or greater of its outstanding voting stock or equity ownership interest are directly or indirectly owned by the Master
Servicer, the Special Servicer or the Operating Advisor, as applicable, or by any Person or Persons who directly or indirectly
own equity ownership interests in the Master Servicer, the Special Servicer or the Operating Advisor, as applicable.

 

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

 

“Qualified
Insurer”: As used in Section 3.08 of this Agreement,

 

(i) in
the case of each Mortgage Loan or Serviced Pari Passu Whole Loan, an insurance company or security or bonding company qualified
to write the related insurance policy in the relevant jurisdiction and whose claims paying ability is rated (a) “A3”
by Moody’s (or, if not rated by Moody’s, an equivalent rating by (A) at least two NRSROs (which may include S&P,
Fitch and/or KBRA) or (B) one NRSRO (which may include

 

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S&P,
Fitch or KBRA) and A.M. Best Company, Inc.) and (b) “A-” by Fitch (or, if not rated by Fitch, at least “A-”
or an equivalent rating as “A-” by one other nationally recognized insurance rating organization (which may include
S&P, Moody’s or KBRA)),

 

(ii) in
the case of the fidelity bond and the errors and omissions insurance required to be maintained pursuant to Section 3.08(d)
of this Agreement, an insurance company that has a claims paying ability (or the obligations which are guaranteed or backed
by a company having such claims paying ability) with at least one of the following ratings: (a) “A3” by Moody’s,
(b) “A-” by S&P, (c) “A-” by Fitch, (d) “A-:X” by A.M. Best Company, Inc. or (e) “A(low)”
by DBRS Morningstar,

 

or,
in the case of clauses (i) and (ii), such other rating as to which the related Rating Agency (and, if applicable, the related
Serviced Companion Rating Agency) has provided a Rating Agency Confirmation relating to the Certificates and any Serviced Companion
Loan Securities (subject to the foregoing exceptions).

 

“Qualified
Mortgage”: A Mortgage Loan that is a “qualified mortgage” within the meaning of Section 860G(a)(3)
of the Code (but without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats a defective obligation
as a qualified mortgage), or any substantially similar successor provision.

 

“Qualified
Replacement Special Servicer”: A replacement special servicer that (i) satisfies all of the eligibility requirements
applicable to special servicers in this Agreement, (ii) is not the Operating Advisor, the Asset Representations Reviewer or an
affiliate of the Operating Advisor or the Asset Representations Reviewer, (iii) is not obligated to pay the Operating Advisor
(x) any fees or otherwise compensate the Operating Advisor in respect of its obligations under this Agreement, or (y) for
the appointment of the successor special servicer or the recommendation by the Operating Advisor for the replacement special servicer
to become the special servicer, (iv) is not entitled to receive any compensation from the Operating Advisor other than compensation
that is not material and is unrelated to the Operating Advisor’s recommendation that such party be appointed as the replacement
special servicer, (v) is not entitled to receive any fee from the Operating Advisor for its appointment as successor special servicer,
in each case, unless expressly approved by 100% of the Certificateholders, (vi)  (a) has been appointed and currently
serves as a special servicer on a “transaction level” basis on a CMBS transaction currently rated by Moody’s
that currently has securities outstanding and (b) is not a special servicer that has been publicly cited by Moody’s
as having servicing concerns as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement
on “watch status” in contemplation of a rating downgrade or withdrawal) of securities rated by Moody’s in a
CMBS transaction serviced by the applicable replacement special servicer prior to the time of determination, (vii) currently
has a special servicer rating of at least “CSS3” from Fitch, and (viii) is not a special servicer that has been
publicly cited by KBRA as having servicing concerns as the sole or material factor in any qualification, downgrade or withdrawal
of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities
in a transaction serviced by the applicable servicer prior to the time of determination.

 

“Qualified
Substitute Mortgage Loan”: A substitute mortgage loan (other than with respect to the Whole Loans, for which no substitution
shall be permitted) replacing a Mortgage Loan with respect to which a Material Breach or Material Defect exists that must, on
the date of

 

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substitution:
(i) have an outstanding Stated Principal Balance, after application of all scheduled payments of principal and/or interest
due during or prior to the month of substitution, whether or not received, not in excess of the Stated Principal Balance of the
Removed Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs; (ii) have a fixed Mortgage
Rate not less than the Mortgage Rate of the Removed Mortgage Loan (determined without regard to any prior modification, waiver
or amendment of the terms of the removed Mortgage Loan); (iii) have the same Due Date and a grace period no longer than that
of the Removed Mortgage Loan; (iv) accrue interest on the same basis as the Removed Mortgage Loan (for example, on the basis
of a 360-day year and the actual number of days elapsed); (v) have a remaining term to stated maturity not greater than,
and not more than five years less than, the remaining term to stated maturity of the Removed Mortgage Loan; (vi) have a then-current
loan to value ratio equal to or less than the lesser of (1) the loan to value ratio for the Removed Mortgage Loan as of the Closing
Date and (2) 75%, in each case using the “value” for the Mortgaged Property as determined using an Appraisal prepared
in accordance with the requirements of the FIRREA; (vii) comply (except in a manner that would not be adverse to the interests
of the Certificateholders) as of the date of substitution in all material respects with all of the representations and warranties
set forth in the applicable Mortgage Loan Purchase Agreement; (viii) have an Environmental Report that indicates no material
adverse environmental conditions with respect to the related Mortgaged Property and that will be delivered as a part of the related
Servicing File; (ix) have a then-current Debt Service Coverage Ratio at least equal to the greater of (1) the original Debt
Service Coverage Ratio of the Removed Mortgage Loan as of the Closing Date and (2) 1.25x; (x) be determined by an Opinion
of Counsel (at the applicable Mortgage Loan Seller’s expense) to be a “qualified replacement mortgage” within
the meaning of Section 860G(a)(4) of the Code; (xi) not have a maturity date or an amortization period that extends
to a date that is after the date that is two years prior to the Rated Final Distribution Date; (xii) have comparable prepayment
restrictions to those of the Removed Mortgage Loan; (xiii) not be substituted for a Removed Mortgage Loan unless the Certificate
Administrator and the Trustee have received a Rating Agency Confirmation from each of the Rating Agencies (the cost, if any, of
obtaining such Rating Agency Confirmation to be paid by the applicable Mortgage Loan Seller; (xiv) have been approved, (A) for
so long as no Control Termination Event is continuing, by the Directing Holder, and (B) during any such time that the Master
Servicer is the Enforcing Servicer, by the Special Servicer; (xv) prohibit defeasance within two years after the Closing
Date; (xvi) not be substituted for a Removed Mortgage Loan if it would result in the termination of the REMIC status of any
Trust REMIC or the imposition of tax on any Trust REMIC other than a tax on income expressly permitted or contemplated to be received
by the terms of this Agreement, as determined by an Opinion of Counsel (at the cost of the applicable Mortgage Loan Seller); (xvii)
have an engineering report that indicates no material adverse property condition or deferred maintenance with respect to the related
Mortgaged Property that will be delivered as a part of the related Servicing File; and (xviii) be current in the payment
of all scheduled payments of principal and interest then due. In the event that one or more mortgage loans are substituted for
one or more Removed Mortgage Loans, then the amounts described in clause (i) shall be determined on the basis of aggregate
Stated Principal Balances and each such proposed Qualified Substitute Mortgage Loan must individually satisfy each of the requirements
specified in clauses (ii) through (xviii) above, except the rates referred to in clause (ii) above and the remaining term
to stated maturity referred to in clause (v) above shall be determined on a weighted average basis; provided that
no individual Mortgage Rate (net of the Servicing Fee Rate, the Certificate Administrator/Trustee Fee Rate, the Operating Advisor
Fee Rate and the CREFC® Intellectual 

 

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Property
Royalty License Fee Rate) shall be lower than the highest Pass-Through Rate (that is a fixed rate not subject to a cap equal to
or based on the WAC Rate) of any Class of Principal Balance Certificates having an outstanding Certificate Balance. When a Qualified
Substitute Mortgage Loan is substituted for a Removed Mortgage Loan, the applicable Mortgage Loan Seller shall certify that the
Mortgage Loan meets all of the requirements of the above definition and shall send such certification to the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the Trustee and, for so long as no Consultation Termination Event is
continuing, the Directing Holder.

 

“RAC
No-Response Scenario”: As defined in Section 3.30(a) of this Agreement.

 

“Rated
Final Distribution Date”: The Distribution Date in January 2054. None of the Class H, Class X-H, Class S or Class R
Certificates or the VRR Interest will have a Rated Final Distribution Date.

 

“Rating
Agency”: Any of Moody’s, Fitch or KBRA; provided that with respect to any matter affecting a Non-Serviced
Mortgage Loan or any Serviced Whole Loan, “Rating Agency” shall also refer to any rating agency engaged to rate the
Serviced Companion Loan Securities related to such Serviced Whole Loan or securities related to such Non-Serviced Mortgage Loan,
as applicable.

 

“Rating
Agency Confirmation”: With respect to any matter, confirmation in writing (which may be in electronic form) by each
applicable Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result
in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class of Certificates if then rated by
the Rating Agency; provided that a written waiver or other acknowledgment from any Rating Agency indicating its decision
not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement for the
Rating Agency Confirmation from such Rating Agency with respect to such matter. At any time during which no Certificates are rated
by a Rating Agency, no Rating Agency Confirmation shall be required from that Rating Agency. With respect to any matter affecting
any Pari Passu Companion Loan, any Rating Agency Confirmation shall also refer to a comparable confirmation from the nationally
recognized statistical rating organizations then rating the securities representing an interest in such loan with respect to such
rating organizations’ respective ratings of such securities.

 

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

 

“Real
Property”: Land or improvements thereon such as buildings or other inherently permanent structures thereon (including
items that are structural components of the buildings or structures), in each such case as such terms are used in the REMIC Provisions.

 

“Realized
Loss”: With respect to the Mortgage Loans and any Distribution Date, the amount, if any, by which (i) the aggregate
Certificate Balance of the Principal Balance Certificates, after giving effect to distributions of principal on such Distribution
Date, exceeds (ii) product of (A) the Non-VRR Percentage and (B) the aggregate Stated Principal Balance of the Mortgage Loans
in the Mortgage Pool (for purposes of this calculation, the aggregate Stated Principal Balance will not be reduced by the amount
of principal payments received on the

 

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Mortgage
Loans that were used to reimburse the Master Servicer or the Trustee from general collections of principal on the Mortgage Loans
for Workout-Delayed Reimbursement Amounts, to the extent those amounts are not otherwise determined to be Nonrecoverable Advances),
including any REO Loans (but in each case, excluding any Companion Loan), as of the end of the last day of the related Collection
Period.

 

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

 

“Record
Date”: With respect to each Distribution Date, the close of business on the last Business Day of the calendar month
immediately preceding the month in which such Distribution Date occurs.

 

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

 

“Regulation D”:
Regulation D under the Act.

 

“Regulation S”:
Regulation S under the Act.

 

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

 

“Regulation
S Investor”: With respect to a transferee of an interest in a Regulation S Global Certificate, a transferee that acquires
such interest pursuant to Regulation S.

 

“Regulation
S Transfer Certificate”: As defined in Section 5.02(c)(i)(B) of this Agreement.

 

“Regulatory
Agencies” As defined in the definition of “Risk Retention Rule”.

 

“Reimbursement
Rate”: The rate per annum applicable to the accrual of interest on Servicing Advances in accordance with Section 3.21(e)
and P&I Advances in accordance with Section 4.07(h), which rate per annum shall equal the Prime Rate,
compounded annually. Interest at the Reimbursement Rate will accrue from (and including) the date on which the related Advance
is made or the related expense incurred to (but excluding) the date on which such amounts are recovered out of amounts received
on the Mortgage Loan as to which such Advances were made or servicing expenses incurred or the first Master Servicer Remittance
Date after a determination of non-recoverability, as the case may be, is made; provided that such interest at the Reimbursement
Rate will continue to accrue to the extent funds are not available in the Collection Accounts for such reimbursement of such Advance;
provided, further, that no interest will accrue on any P&I Advance (i) made with respect to a Mortgage Loan
until after the related Due Date has passed and any applicable grace period has expired or (ii) if the related Periodic Payment
is

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received
after the Determination Date but on or prior to the Business Day immediately prior to the related Distribution Date.

 

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

 

“Relevant
Servicing Criteria”: The Servicing Criteria applicable to each Reporting Servicer (as set forth, with respect to the
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee on Schedule II to this Agreement).
For clarification purposes, multiple Reporting Servicers can have responsibility for the same Relevant Servicing Criteria and
some of the Servicing Criteria will not be applicable to certain Reporting Servicers. With respect to a Servicing Function Participant
engaged by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, the term “Relevant Servicing
Criteria” refers to the items of the Relevant Servicing Criteria applicable to the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee that engaged such Servicing Function Participant that are applicable to such Servicing
Function Participant based on the functions it has been engaged to perform.

 

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

 

“REMIC
Provisions”: Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear
at Section 860A through 860G of subchapter M of chapter 1 of the Code, and related provisions, and regulations
(including any applicable proposed regulations) and rulings promulgated thereunder, as the foregoing may be in effect from time
to time.

 

“Removed
Mortgage Loan”: A Mortgage Loan which is repurchased from the Trust Fund pursuant to the terms hereof or as to which
one or more Qualified Substitute Mortgage Loans are substituted.

 

“Rents
from Real Property”: With respect to any Serviced REO Property, gross income of the character described in Section 856(d) of
the Code, which income, subject to the terms and conditions of that Section of the Code in its present form, does not include:

 

(a)        
except as provided in Section 856(d)(4) or Section 856(d)(6) of the Code, any amount received or accrued, directly or
indirectly, with respect to such Serviced REO Property, if the determination of such amount depends in whole or in part on the
income or profits derived by any Person from such property (unless such amount is a fixed percentage or percentages of receipts
or sales and otherwise constitutes Rents from Real Property);

 

(b)        
any amount received or accrued, directly or indirectly, from any Person if the Trust Fund owns directly or indirectly (including
by attribution) a ten percent or greater

 

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interest
in such Person determined in accordance with Sections 856(d)(2)(B) and Section 856(d)(5) of the Code;

 

(c)        
any amount received or accrued, directly or indirectly, with respect to such Serviced REO Property if any Person Directly Operates
such Serviced REO Property;

 

(d)        
any amount charged for services that are not customarily furnished in connection with the rental of property to tenants in buildings
of a similar class in the same geographic market as such Serviced REO Property within the meaning of Treasury Regulations Section 1.856-4(b)(1) (whether
or not such charges are separately stated); and

 

(e)        
rent attributable to personal property unless such personal property is leased under, or in connection with, the lease of such
Serviced REO Property and, for any taxable year of the Trust Fund, such rent is no greater than 15 percent of the total rent received
or accrued under, or in connection with, the lease.

 

“REO
Account”: As defined in Section 3.15(b) of this Agreement.

 

“REO
Loan”: Any Mortgage Loan (excluding any Non-Serviced Mortgage Loan) or Serviced Whole Loan as to which the related Mortgaged
Property has become an REO Property.

 

“REO
Proceeds”: With respect to any Serviced REO Property and the related Serviced REO Loan, all revenues received by the
Special Servicer with respect to such Serviced REO Property or Serviced REO Loan which do not constitute Liquidation Proceeds.

 

“REO
Property”: A Mortgaged Property title to which has been acquired by the Special Servicer on behalf of the Trust Fund
through foreclosure, deed-in-lieu of foreclosure or otherwise, or in the case of a Non-Serviced Mortgage Loan, the Trust Fund’s
beneficial interest in the Mortgaged Property acquired by the Other Trustee pursuant to the Other Pooling and Servicing Agreement.

 

“Replacement
Mortgage Loan”: Any Qualified Substitute Mortgage Loan that is substituted for one or more Removed Mortgage Loans.

 

“Reporting
Servicer”: As defined in Section 10.12 of this Agreement.

 

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

 

“Repurchase
Communication”: For purposes of Section 2.03(d) of this Agreement only, any communication, whether oral
or written, which need not be in any specific form.

 

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

 

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

 

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

 

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

 

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“Request
for Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit E
to this Agreement.

 

“Requesting
Certificateholder”: As defined in Section 2.03(l)(iii) of this Agreement.

 

“Requesting
Holders”: As defined in Section 4.08(b) of this Agreement.

 

“Requesting
Investor”: As defined in Section 5.05(a) of this Agreement.

 

“Requesting
Party”: As defined in Section 5.05(a) of this Agreement.

 

“Reserve
Accounts”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, reserve
accounts, if any, established pursuant to the Mortgage or the Loan Agreement and any Escrow Account. Any Reserve Account may be
a sub-account of a related Cash Collateral Account. Any Reserve Account shall be beneficially owned for federal income tax purposes
by the Person who is entitled to receive the reinvestment income or gain thereon in accordance with the terms and provisions of
the related Mortgage Loan or Serviced Whole Loan and Section 3.07 of this Agreement, which Person shall be taxed on
all reinvestment income or gain thereon. The Master Servicer shall be permitted to make withdrawals therefrom for deposit into
the related Cash Collateral Account, if applicable, or the Collection Account or for the purposes set forth under the related
Loan Documents for the related Mortgage Loan or Serviced Whole Loan.

 

“Resolution
Extension Period” shall mean:

 

(a)        
for purposes of remediating a Material Breach with respect to any Mortgage Loan, the 90-day period following the end of the applicable
Initial Resolution Period;

 

(b)        
for purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Performing Loan at the commencement
of, and does not become a Specially Serviced Loan during, the applicable Initial Resolution Period, the period commencing at the
end of the applicable Initial Resolution Period and ending on, and including, the earlier of (i) the 90th day following the
end of such Initial Resolution Period and (ii) the 45th day following the applicable Mortgage Loan Seller’s receipt
of written notice from the Master Servicer or the Special Servicer of the occurrence of any Servicing Transfer Event with respect
to such Mortgage Loan subsequent to the end of such Initial Resolution Period;

 

(c)        
for purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Performing Loan as of the commencement
of the applicable Initial Resolution Period, but as to which a Servicing Transfer Event occurs during such Initial Resolution
Period, the period commencing at the end of the applicable Initial Resolution Period and ending on, and including, the 90th day
following the earlier of the end of such Initial Resolution Period and the applicable Mortgage Loan Seller’s receipt of
written notice from the Master Servicer or the Special Servicer of the occurrence of such Servicing Transfer Event; and

 

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(d)        
for purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Specially Serviced Loan as of the commencement
of the applicable Initial Resolution Period, zero (-0-) days; provided that, if the applicable Mortgage Loan Seller did
not receive written notice from the Master Servicer or the Special Servicer of the relevant Servicing Transfer Event as of the
commencement of the applicable Initial Resolution Period, then such Servicing Transfer Event shall be deemed to have occurred
during such Initial Resolution Period and clause (c) of this definition will be deemed to apply.

 

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

 

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

 

“Responsible
Officer”: When used with respect to the Trustee or the Certificate Administrator, any officer of the Trustee or
the Certificate Administrator, as the case may be, assigned to the Corporate Trust Office of such party; in each case, with direct
responsibility for the administration of this Agreement and also, with respect to a particular matter, any other officer to whom
such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, and, in the
case of any certification required to be signed by a Responsible Officer, such an officer whose name and specimen signature appears
on a list of corporate trust officers furnished to the Master Servicer by the Trustee and the Certificate Administrator, as such
list may from time to time be amended.

 

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

 

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

 

“Restricted
Party”: As defined in the definition of “Privileged Information Exception”.

 

“Restricted
Period”: The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which the Certificates
are first offered to persons other than the Initial Purchasers and any other distributor (as defined in Regulation S) of
the Certificates and (b) the Closing Date.

 

“Retained
Certificate”: The VRR Interest.

 

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“Retained
Defeasance Rights and Obligations”: Any of the rights and obligations defined in Section 3.26(i).

 

“Retained
Interest Safekeeping Account”: An account maintained by the Certificate Administrator, which account shall be deemed
to be owned by the Holder(s) of the Retained Certificates in proportions equal to their respective Percentage Interests.

 

“Retaining
Party”: Any Holder of a Retained Certificate and any successor Holder of such Retained Certificate.

 

“Retaining
Sponsor”: GACC.

 

“Revised
Rate”: With respect to those Mortgage Loans on the Mortgage Loan Schedule indicated as having a revised rate, the increased
interest rate after the Anticipated Repayment Date (in the absence of a default) for each applicable Mortgage Loan, as calculated
and as set forth in the related Mortgage Loan.

 

“Risk
Retention Consultation Party”: The party selected by DBNY as the Holder of the VRR Interest. 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 a replacement of the Risk Retention Consultation Party from DBNY, as confirmed by
the Certificate Registrar. Notwithstanding the foregoing, the Risk Retention Consultation Party shall not have any consultation
rights with respect to any Excluded Loan related to the Risk Retention Consultation Party. The initial Risk Retention Consultation
Party shall be DBNY.

 

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

 

“Risk
Retention Rule”: The Credit Risk Retention regulations, 79 Fed. Reg. 77601, pages 77740-77766 (Dec. 24, 2014), jointly
promulgated by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal
Deposit Insurance Corporation, the Federal Housing Finance Agency, the Securities and Exchange Commission, and the Department
of Housing and Urban Development (the “Regulatory Agencies”) to implement the credit risk retention requirements
under Section 15G of the Securities Exchange Act of 1934 (as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act), as such regulations may be amended from time to time by such Regulatory Agencies, and subject to such clarification
and interpretation as have been provided by such Regulatory Agencies, whether in the adopting release, or as may be provided by
any such Regulatory Agency or its staff from time to time, in each case, as effective from time to time as of the applicable compliance
date specified therein.

 

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“Rule 144A”:
Rule 144A under the Act.

 

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

 

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

 

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

 

“S&P”:
S&P Global, a Standard and Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business,
or its successor in interest. If neither such rating agency nor any successor remains in existence, “S&P” shall
be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated
by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings of S&P herein
referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Serviced
AB Mortgage Loan”: Any Mortgage Loan serviced pursuant to this Agreement comprised of a Serviced Mortgage Loan, a Serviced
Subordinate Companion Loan and, in certain cases, one or more Pari Passu Companion Loans. For the avoidance of doubt, there are
no Serviced AB Mortgage Loans related to the Trust.

 

“Serviced
AB Whole Loan”: Any Whole Loan serviced pursuant to this Agreement comprised of a Serviced Mortgage Loan, a Serviced
Subordinate Companion Loan and, in certain cases, one or more Pari Passu Companion Loans. For the avoidance of doubt, there are
no Serviced AB Whole Loans related to the Trust.

 

“Serviced
AB Whole Loan Major Decision”: With respect to any Serviced AB Whole Loan, shall have the meaning assigned to the term
“Major Decision” in the related Intercreditor Agreement.

 

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

 

“Serviced
Companion Loan Noteholder”: Any holder of a Serviced Companion Loan; provided that for so long as a Serviced
Companion Loan is included in an Other Securitization, for purposes of providing or distributing any reports, statements, notices
or other information required or permitted to be provided to a Serviced Companion Loan Noteholder hereunder, “Serviced Companion
Loan Noteholder” shall also include the related Other Servicer.

 

“Serviced
Companion Loan Noteholder Register”: As defined in Section 3.27(b) of this Agreement.

 

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

 

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

 

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written
notice, a “Serviced Companion Loan Rating Agency Declination”), or as otherwise provided in Section 3.30
of this Agreement, the requirement for the Serviced Companion Loan Rating Agency Confirmation from the applicable Serviced
Companion Loan Rating Agency with respect to such matter shall not apply.

 

“Serviced
Companion Loan Securities”: With respect to any Serviced Companion Loan so long as the related Mortgage Loan or any
successor Serviced REO Loan is part of the Mortgage Pool, any class of securities backed by such Serviced Companion Loan. Any
reference herein to a “series” of Serviced Companion Loan Securities shall refer to separate securitizations of one
or more of the Serviced Companion Loans.

 

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

 

“Serviced
Mortgage Loan”: Any Mortgage Loan that is included in the Trust and serviced under this Agreement. For the avoidance
of doubt, “Serviced Mortgage Loans” exclude any Non-Serviced Mortgage Loan.

 

“Serviced
Pari Passu Companion Loan”: A Pari Passu Companion Loan that is part of a Serviced Whole Loan.

 

“Serviced
Pari Passu Companion Loan Noteholder”: Any holder of a Serviced Pari Passu Companion Loan.

 

“Serviced
Pari Passu Whole Loan”: Each of the Whole Loans identified as “Serviced” under the column entitled “Type”
in the “Whole Loan” chart in the Preliminary Statement that has at least one Serviced Pari Passu Companion Loan.

 

“Serviced
REO Loan”: Any REO Loan that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced
REO Property”: Any REO Property that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced
Subordinate Companion Loan”: With respect to any Serviced AB Whole Loan, any subordinate promissory note that is
part of such Whole Loan that is subordinate to the related Serviced Mortgage Loan. With respect to each of the Whole Loans identified
as “Serviced” under the column entitled “Type” in the “Whole Loan” chart in the Preliminary
Statement, the related Companion Loans identified as “Subordinate” under the column entitled “Companion Loan
Type” shall be Serviced Subordinate Companion Loans related to the Trust.

 

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

 

“Serviced
Whole Loan Collection Account”: With respect to each Serviced Whole Loan, the separate account, sub-account or ledger
account created and maintained by the Master

 

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Servicer
pursuant to Section 3.05(g) on behalf of the Certificateholders and the related Serviced Companion Loan Noteholders,
which shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf
of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Deutsche Mortgage & Asset Receiving
Corporation, Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22, and the Serviced
Companion Loan Noteholders, Serviced Whole Loan Collection Account.” Amounts in any Serviced Whole Loan Collection Account
applicable to the related Serviced Companion Loans shall not be assets of the Trust Fund, but instead shall be held by the Master
Servicer on behalf of the Trust Fund (in respect of amounts reimbursable therefrom) and, the related Serviced Companion Loan Noteholders.
Any such account or sub-account shall be an Eligible Account or a sub-account of an Eligible Account (including a sub-account
of the Collection Account).

 

“Serviced
Whole Loan Remittance Amount”: For each distribution date that a Master Servicer is required to make a distribution
to a Serviced Companion Loan Noteholder pursuant to Section 3.05(h) and with respect to each Serviced Whole Loan and
related Mortgaged Property (if it becomes a Serviced REO Property), any amount received by the Master Servicer (or, with respect
to a Serviced REO Property, the Special Servicer) during the related Collection Period that is payable to the Serviced Companion
Loan Noteholder(s) pursuant to the related Intercreditor Agreement or to be remitted to the Collection Account.

 

“Serviced
Whole Loan Remittance Date”: With respect to any Serviced Companion Loan, (x) prior to contribution of such Serviced
Companion Loan to an Other Securitization, a date as set forth in the related Intercreditor Agreement (or if no such date is specified,
the Master Servicer Remittance Date) and (y) following contribution of such Serviced Companion Loan to an Other Securitization,
the earlier of (A) the Master Servicer Remittance Date or (B) the Business Day immediately succeeding the “determination
date” set forth in the related Other Pooling and Servicing Agreement, or such earlier date as required by the related Intercreditor
Agreement; provided, however, that, unless otherwise required under the related Intercreditor Agreement, no remittance
is required to be made until two (2) Business Days after receipt of the related Periodic Payment with respect to the related Serviced
Whole Loan.

 

“Serviced
Whole Loan REO Account”: As defined in Section 3.15(b) of this Agreement.

 

“Serviced
Whole Loan Special Servicer”: Any Person responsible for performing the duties of Special Servicer hereunder with respect
to a Serviced Whole Loan or any related Serviced REO Property.

 

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

 

“Servicer
Termination Event”: A Master Servicer Termination Event or Special Servicer Termination Event, as applicable.

 

    -104-

    

    

 

“Servicing
Advance”: All customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’
fees and expenses and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer, Certificate Administrator,
or the Trustee, as applicable, in connection with the servicing and administering of (a) a Serviced Mortgage Loan and any
related Serviced Companion Loan, in respect of which a default, delinquency or other unanticipated event has occurred or as to
which a default is reasonably foreseeable or (b) a Mortgaged Property securing a Serviced Mortgage Loan or an REO Property,
including, in the case of each of such clause (a) and clause (b), but not limited to, (x) the cost
of (i) compliance with the Master Servicer’s obligations set forth in Section 3.04, (ii) the preservation,
restoration and protection of a Mortgaged Property, (iii) obtaining any Insurance and Condemnation Proceeds or any Liquidation
Proceeds of the nature described in clauses (i) – (vi) of the definition of “Liquidation Proceeds,”
(iv) any enforcement or judicial proceedings with respect to a Mortgaged Property, including foreclosures and (v) the
operation, leasing, management, maintenance and liquidation of any REO Property and (y) any amount specifically designated
herein to be paid as a “Servicing Advance”. Notwithstanding anything to the contrary, “Servicing Advances”
shall not include allocable overhead of the Master Servicer or the Special Servicer, such as costs for office space, office equipment,
supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses or costs and expenses
incurred by any such party in connection with its purchase of a Mortgage Loan or REO Property. None of the Master Servicer, the
Special Servicer or the Trustee shall make any Servicing Advance in connection with the exercise of any cure rights or purchase
rights granted to the holder of a Companion Loan under the related Intercreditor Agreement or this Agreement.

 

“Servicing
Compensation”: With respect to any Collection Period, the related Servicing Fee, Net Prepayment Interest Excess, if
any, and any other fees, charges or other amounts payable to the Master Servicer under this Agreement for such period.

 

“Servicing
Criteria”: The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time
to time.

 

“Servicing
Fee”: With respect to each Mortgage Loan, Serviced Companion Loan and any REO Loan and for any Distribution Date, an
amount per Interest Accrual Period equal to the product of (i) the respective Servicing Fee Rate (adjusted to a monthly rate)
and (ii) the Stated Principal Balance of such Mortgage Loan or Serviced Companion Loan as of the Due Date in the immediately
preceding Collection Period (without giving effect to payments of principal on such Mortgage Loan or Serviced Companion Loan on
such Due Date). The Servicing Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this
Agreement. For the avoidance of doubt, with respect to each Mortgage Loan, the Servicing Fee shall be deemed payable from the
Lower-Tier REMIC.

 

“Servicing
Fee Amount”: With respect to the Master Servicer and any date of determination, the aggregate of the products obtained
by multiplying, for each Mortgage Loan, Serviced Companion Loan and any REO Loan, (a) the Stated Principal Balance of such
Mortgage Loan, Serviced Companion Loan or REO Loan as of the end of the immediately preceding Collection Period and (b) the
difference between the Servicing Fee Rate for such Mortgage Loan, Serviced Companion Loan or REO Loan over the servicing fee rate
(if any) applicable to such Mortgage Loan, Serviced Companion Loan or REO Loan as specified in any Sub-Servicing Agreement related
to such Mortgage Loan, Serviced Companion Loan or REO Loan. With respect

 

    -105-

    

    

 

to
each Sub-Servicer and any date of determination, the aggregate of the products obtained by multiplying, for each Mortgage Loan,
Serviced Companion Loan or REO Loan serviced by such Sub-Servicer, (a) the Stated Principal Balance of such Mortgage Loan,
Serviced Companion Loan or REO Loan as of the end of the immediately preceding Collection Period and (b) the servicing fee
rate specified in the related Sub-Servicing Agreement for such Mortgage Loan, Serviced Companion Loan or REO Loan.

 

“Servicing
Fee Rate”: (A) With respect to each Mortgage Loan, Serviced Companion Loan and any REO Loan, the sum of the Master Servicing
Fee Rate and the related Primary Servicing Fee Rate, if any, which rates per annum are set forth on Exhibit B
to this Agreement, and (B) with respect to each Serviced Companion Loan, the rate set forth on Exhibit B to this Agreement
under the column labeled “Primary Servicing Fee Rate”.

 

“Servicing
File”: As defined in the related Mortgage Loan Purchase Agreement and including any original or copy of any replacement
comfort letter related to any hospitality property following receipt thereof by the Master Servicer.

 

“Servicing
Function Participant”: Any Person, other than the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee, the Operating Advisor or the Asset Representations Reviewer, that, within the meaning of Item 1122 of Regulation
AB, is performing activities that address the Servicing Criteria, unless such Person’s activities relate only to 5% or less
of the Mortgage Loans (based on their Stated Principal Balance) or the Master Servicer has assumed responsibility for the servicing
activity, as provided for under Regulation AB. No Non-Serviced Mortgage Loan Service Provider shall be a Servicing Function
Participant retained by any Servicing Function Participant that is a party to this Agreement, unless such party is a Servicing
Function Participant in connection with its servicing obligations under this Agreement. The Servicing Function Participants as
of the Closing Date are listed on Exhibit Y hereto.

 

“Servicing
Officer”: Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved in, or responsible
for, the administration and servicing of the Mortgage Loans and/or Serviced Companion Loans, or this Agreement and also, with
respect to a particular matter, any other officer to whom such matter is referred because of such officer’s or employee’s
knowledge of and familiarity with the particular subject, and, in the case of any certification required to be signed by a Servicing
Officer, such an officer or employee whose name and specimen signature appears on a list of servicing officers furnished to the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee by the Master Servicer or
the Special Servicer, as applicable, as such list may from time to time be amended.

 

“Servicing
Shift Lead Note”: With respect to each Servicing Shift Whole Loan, as of any date of determination, the note or other
evidence of indebtedness and/or agreements evidencing the indebtedness of the related Borrower under the related Servicing Shift
Whole Loan including any amendments or modifications, or any renewal or substitution notes, as of such date, the sale of which
to the related Other Securitization will cause servicing to shift from this Agreement to the related Other Pooling and Servicing
Agreement pursuant to the terms of the related Intercreditor Agreement for such Servicing Shift Whole Loan. For the avoidance
of doubt, there are no Servicing Shift Lead Notes related to the Trust.

 

    -106-

    

    

 

“Servicing
Shift Mortgage Loan” With respect to each Servicing Shift Whole Loan, the related Mortgage Loan included in the Trust
Fund that will be serviced under this Agreement as of the Closing Date, but the servicing of which is expected to shift to the
pooling and servicing agreement entered into in connection with the securitization of the related Controlling Companion Loan on
and after the date of such securitization. For the avoidance of doubt, there are no Servicing Shift Mortgage Loans related to
the Trust.

 

“Servicing
Shift Securitization Date”: With respect to each Servicing Shift Whole Loan, the date on which the related Servicing
Shift Lead Note (or Controlling Companion Loan) is included in a related Other Securitization, provided that such holder
of such Servicing Shift Lead Note (or Controlling Companion Loan) provides each of the parties to this Agreement (in each case
only to the extent such party will not also be a party to the related Other Securitization) with notice in accordance with the
terms of the related Intercreditor Agreement that such Servicing Shift Lead Note (or Controlling Companion Loan) is to be included
in such Other Securitization, which notice shall include contact information for each party to the related Other Pooling and Servicing
Agreement and the identity of the other related “controlling class representative” (or analogous term). For the avoidance
of doubt, there is no Whole Loan related to the Trust that will have a Servicing Shift Securitization Date.

 

“Servicing
Shift Whole Loan”: A Whole Loan that is serviced and administered pursuant to this Agreement as of the Closing Date,
which includes the related Servicing Shift Mortgage Loan included in the Trust Fund and one or more Pari Passu Companion Loans
not included in the Trust Fund, but the servicing of which is expected to shift to the pooling and servicing agreement or other
servicing agreement entered into in connection with the securitization of the related Servicing Shift Lead Note on and after the
date of such Securitization. As of the Closing Date, each Whole Loan identified as a “Servicing Shift Whole Loan”
under the heading “Whole Loan Type” in the Preliminary Statement hereto is a Serviced Whole Loan. After the related
Servicing Shift Securitization Date, such Servicing Shift Whole Loan will cease to be a Serviced Whole Loan.

 

“Servicing
Standard”: With respect to the Master Servicer and the Special Servicer, to diligently service and administer the applicable
Serviced Mortgage Loans and any related Serviced Companion Loans, Specially Serviced Loans and Serviced REO Loans for which each
is responsible in the best interests of and for the benefit of all of the Certificateholders and, in the case of any Serviced
Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and Serviced
Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with any related Subordinate
Companion Loan(s), taking into account the subordinate nature of such Subordinate Companion Loan(s)), as determined by the Master
Servicer or the Special Servicer, as the case may be, in the exercise of its reasonable judgment) in accordance with applicable
law, the terms of this Agreement, the applicable Loan Documents and any related Intercreditor Agreement, and to the extent consistent
with the foregoing, in accordance with the higher of the following standards of care:

 

(a)         
the same manner in which, and with the same care, skill, prudence and diligence with which the Master Servicer or the Special
Servicer, as the case may be, services and administers similar mortgage loans for other third-party portfolios, and

 

    -107-

    

    

 

(b)        
the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services
and administers similar mortgage loans owned, if any, by the Master Servicer or the Special Servicer, as the case may be.

 

In
either case, with a view to the timely recovery of all payments of principal and interest under the applicable Mortgage Loans
or Serviced Whole Loans or, in the case of a Specially Serviced Loan or an REO Property, the maximization of timely recovery of
principal and interest on a net present value basis (determined in accordance with the Loan Documents or, if the Loan Documents
are silent, at the Calculation Rate) on the applicable Mortgage Loans or Serviced Companion Loans, and the best interests of the
Trust and the Certificateholders (as a collective whole, as if such Certificateholders constituted a single lender) (and, in the
case of any Serviced Whole Loan, the best interests of the Trust, the Certificateholders and the related Serviced Companion Loan
Noteholders (as a collective whole as if such Certificateholders and Serviced Companion Loan Noteholders, as applicable, constituted
a single lender (taking into account the pari passu nature (or, in the case of a Serviced Whole Loan with a related Subordinate
Companion Loan, the subordinate nature of any Companion Loan), as determined by the Master Servicer or the Special Servicer, as
the case may be, in its reasonable judgment, in either case, giving due consideration to the customary and usual standards of
practice of prudent institutional commercial, multifamily and manufactured housing community mortgage loan servicers, but without
regard to any potential conflict of interest arising from (a) any relationship that the Master Servicer or the Special Servicer,
as the case may be, or any Affiliate of the Master Servicer or the Special Servicer, may have with the related Borrower, any Mortgage
Loan Seller, the Originators, any other party to this Agreement or any Affiliate of the foregoing; (b) the ownership of any
Certificate or any interest in any Companion Loan or any mezzanine loan or subordinate debt relating to a Mortgage Loan by the
Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof; (c) the Master Servicer’s obligation,
if any, to make Advances; (d) the Master Servicer’s or the Special Servicer’s, as the case may be, right to receive
compensation or reimbursement of costs for its services hereunder or with respect to any particular transaction; (e) the
ownership, servicing or management for others of any other mortgage loans, subordinate debt, mezzanine loans or mortgaged properties
not covered by this Agreement by the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer or the Special
Servicer, as applicable; (f) any debt that the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer
or the Special Servicer, as applicable, has extended to any Borrower or an Affiliate of any Borrower (including, without limitation,
any mezzanine financing); (g) any option to purchase any Mortgage Loan or the related Companion Loan the Master Servicer or Special
Servicer, as the case may be, or any of its affiliates may have; and (h) any obligation of the Master Servicer, the Special
Servicer or one of their respective Affiliates, to repurchase or substitute for a Mortgage Loan as Mortgage Loan Seller (if the
Master Servicer or the Special Servicer or one of their respective affiliates is a Mortgage Loan Seller).

 

“Servicing
Transfer Event”: An event specified in the definition of Specially Serviced Loan.

 

“Significant
Obligor”: (a) Any obligor (as defined in Item 1101(i) of Regulation AB) or group of affiliated obligors on any Mortgage
Loan or group of Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage Pool (by principal balance
as of the Cut-off Date); or (b) any single Mortgaged Property or group of Mortgaged Properties securing

 

    -108-

    

    

 

any
Mortgage Loan or group of cross-collateralized and/or cross-defaulted Mortgage Loans that represent, as of the Closing Date, 10%
or more of the Mortgage Pool (by principal balance as of the Cut-off Date. For the avoidance of doubt, as of the Closing Date,
there are no Significant Obligors relating to the Trust.

 

“Significant
Obligor NOI Quarterly Filing Deadline”:  With respect to each calendar quarter (other than the fourth calendar
quarter of any calendar year), the date that is fifteen (15) days after the Relevant Distribution Date occurring on or immediately
following the date on which financial statements for such calendar quarter are required to be delivered to the related lender
under the related Loan Documents.

 

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

 

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

 

“Small
Loan Appraisal Estimate”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan having
a Stated Principal Balance of less than $2,000,000, the Special Servicer’s good faith estimate of the value of the Mortgaged
Property securing such Mortgage Loan or Serviced Whole Loan, as certified to the Master Servicer by the Special Servicer.

 

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

 

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

 

“Special
Servicer”: With respect to (i) each of the Serviced Mortgage Loans (other than any Excluded Special Servicer Loan) and
any related Serviced Companion Loans, Rialto Capital Advisors, LLC, a Delaware limited liability company, or its successor in
interest, or any successor special servicer appointed as provided herein, and (ii) with respect to any Excluded Special Servicer
Loan, if any, the related Excluded Special Servicer appointed pursuant to Section 3.22(j) of this Agreement, as applicable
and as the context may require.

 

“Special
Servicer Major Decision”: Any Major Decision under clauses (1)(a) through (1)(k) and (1)(m) of
the definition of “Major Decision” in this Agreement.

 

    -109-

    

    

 

“Special
Servicer Non-Major Decision”: Any of the following:

 

(a)        
approving leases, lease modifications or amendments or any requests for subordination, non-disturbance and attornment agreements
for leases in excess of the lesser of (i) 30,000 square feet and (ii) 30% of the net rentable area at the related Mortgaged Property;

 

(b)        
approving material rights-of-way and material easements, and consent to subordination of the related Mortgage Loan or Serviced
Whole Loan to such material rights-of-way or easements;

 

(c)        
agreeing to any modification, waiver, consent or amendment of the related Mortgage Loan 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 interest in the Borrower
or the existing collateral or material modifications of the existing collateral), (ii) a modification of the type of defeasance
collateral required under the Mortgage Loan or Serviced Whole Loan documents other than direct, non-callable obligations of the
United States would be permitted or (iii) a modification that would permit a principal prepayment instead of defeasance if the
applicable Loan Documents do not otherwise permit such principal prepayment; provided that the foregoing is not otherwise
a Major Decision;

 

(d)        
approving any waiver regarding the receipt of financial statements that involves permitting delivery of financial statements less
than quarterly or more than 60 days after the end of the calendar quarter;

 

(e)        
any requests for the disbursement of (i) earnouts or holdback amounts with respect to any Specially Serviced Loan that is not
otherwise a Major Decision and (ii) amounts from (A) any escrow accounts, reserve accounts, letters of credit or other collateral
related to hospitality property improvement plans or (B) earnout or performance escrows, reserves or holdbacks, in the case of
clause (ii)(A) and (ii)(B), relating to certain Mortgage Loans set forth on Schedule IX of this Agreement;

 

(f)        
approving any proposed modification or waiver of any material provision in the related loan documents governing the type, nature
or amount of insurance coverage required to be obtained and maintained by the related borrower;

 

(g)       
approving any casualty insurance settlements or condemnation settlements, and determining whether to apply casualty proceeds or
condemnation awards to the reduction of the debt rather than to the restoration of the Mortgaged Property;

 

(h)        
approving annual budgets for the related Mortgaged Property if the budget provides for (x) increases in operating expenses equal
to or more than 110% of the amount budgeted therefor for the prior year and (y) payments to a borrower affiliate;

 

(i)         
agreeing to any modification or amendment to any ground lease or any subordination, non-disturbance and attornment agreement relating
to any ground lease or

 

    -110-

    

    

 

any
entry into a new ground lease with respect to a Mortgaged Property or determining whether to cure any default by a Borrower under
a ground lease;

 

(j)         
approving any transfers of an interest in the Borrower, unless such transfer (i) is permitted under the terms of the related Loan
Documents without the exercise of any lender approval or discretion other than confirming the satisfaction of the other conditions
to the transfer set forth in the related Loan Documents that do not include any other approval or exercise of discretion, including
a consent to transfer to any subsidiary or Affiliate of such Borrower or to a Person acquiring less than a majority interest in
such Borrower, and (ii) does not involve incurring new mezzanine financing or a change in control of the Borrower;

 

(k)        
any consent to a transfer of the Mortgaged Property or interests in the Borrower where (i) such transfer may be effected without
the consent or discretion of the lender under the related loan agreement, (ii) the loan documents include specific objective conditions
that must be satisfied for such action where lender discretion is not necessary in order to determine whether such specific objective
conditions have been satisfied and (iii) such specific objective conditions have been satisfied with no exceptions; and

 

(l)         
any consent to the incurrence of additional debt where (i) such incurrence of debt may be effected without the consent or discretion
of the lender under the related loan agreement, (ii) the loan documents include specific objective conditions that must be satisfied
for such action where lender discretion is not necessary in order to determine whether such specific objective conditions have
been satisfied and (iii) such specific objective conditions have been satisfied with no exceptions; provided, however,
with respect to clauses (c)(i) and (c)(ii) of this definition the Master Servicer shall evaluate and process
requests for any modifications described in such clauses and obtain the consent or deemed consent of the Special Servicer as provided
in the this Agreement.

 

Notwithstanding
the foregoing, the Master Servicer and Special Servicer may mutually agree as provided in this Agreement that the Master Servicer
shall process any of the foregoing matters (as well as any Special Servicer Major Decision) with respect to any non-Specially
Serviced Loan (other than a Non-Serviced Mortgage Loan). If the Master Servicer and Special Servicer mutually agree that the Master
Servicer shall process a Special Servicer Non-Major Decision, the Master Servicer shall obtain the Special Servicer’s prior
consent to such Special Servicer Non-Major Decision.

 

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

 

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

 

“Special
Servicing Compensation”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, any of
the Special Servicing Fee, Workout Fee, Liquidation Fee and any other fees, charges or other amounts which shall be due to the
Special Servicer that are expressly provided for in Section 3.12 of this Agreement.

 

    -111-

    

    

 

“Special
Servicing Fee”: With respect to each Specially Serviced Loan (or Serviced REO Loan) for each calendar month (or portion
thereof), the fraction of the Special Servicing Fee Rate applicable to such month, or portion thereof (determined using the same
interest accrual methodology that is applied with respect to the Mortgage Rate for such Mortgage Loan for such month) multiplied
by the Stated Principal Balance of such Specially Serviced Loan as of the Due Date (without giving effect to all payments of principal
on such Specially Serviced Loan or Serviced REO Loan on such Due Date) in the Collection Period prior to such Distribution Date
(or, in the event that a Principal Prepayment in full or an event described in clauses (i)-(vii) under the definition
of Liquidation Proceeds has occurred with respect to any such Specially Serviced Loan or Serviced REO Loan on a date that is not
a Due Date, on the basis of the actual number of days to elapse from and including the most recently preceding related Due Date
to but excluding the date of such Principal Prepayment or Liquidation Proceeds event in a month consisting of 30 days). For
the avoidance of doubt, the Special Servicing Fee shall be deemed to be paid from the Lower-Tier REMIC with respect to the Mortgage
Loans.

 

“Special
Servicing Fee Rate”: A rate equal to (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 Loan or REO Loan that would be less than $5,000 in any given month,
then the Special Servicing Fee Rate for such month for such Specially Serviced Loan or REO Loan shall be the higher per annum
rate as would result in a Special Servicing Fee equal to $5,000 for such month with respect to such Specially Serviced Loan
or REO Loan.

 

“Specially
Serviced Loan”: Subject to Section 3.23 of this Agreement, any Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or Serviced Companion Loan with respect to which:

 

(a)        
either (i) with respect to such Mortgage Loan or Serviced Companion Loan, other than a Balloon Loan, a payment default shall
have occurred on such Mortgage Loan or Serviced Companion Loan at its Maturity Date or, if the Maturity Date of such Mortgage
Loan or Serviced Companion Loan has been extended in accordance herewith, a payment default occurs on such Mortgage Loan or Serviced
Companion Loan at its extended Maturity Date or (ii) with respect to a Balloon Loan, a payment default shall have occurred
with respect to the related Balloon Payment; provided that if (A) the related Borrower is diligently seeking a refinancing
or sale of the related Mortgaged Property or Mortgaged Properties and delivers, on or before the related Maturity Date or extended
Maturity Date, a statement to that effect, and delivers, on or before the related Maturity Date or extended Maturity Date, a refinancing
commitment, letter of intent or otherwise binding application for refinancing from an acceptable lender or a signed purchase agreement
reasonably acceptable to the Master Servicer (who shall promptly deliver a copy to the Special Servicer) or the Special Servicer
(who shall promptly deliver to the Master Servicer), in each case who shall promptly deliver a copy to the Operating Advisor (if
a Control Termination Event has occurred and is continuing) and the Directing Holder (but only for so long as no Consultation
Termination Event is continuing), (B) the related Borrower continues to make its Assumed Scheduled Payment, and (C) no
other Servicing Transfer Event shall have occurred with respect to such Mortgage Loan or Serviced Companion Loan, then a Servicing
Transfer Event will not occur until the earlier of (1) 120 days beyond the related Maturity Date or extended Maturity Date
and (2) the termination of such

 

    -112-

    

    

 

refinancing
commitment, letter of intent, otherwise binding application for refinancing or signed purchase agreement;

 

(b)        
any Periodic Payment (other than a Balloon Payment or any other payment due under clause (a)(i) above in this definition), or
any amount due on a monthly basis as an Escrow Payment or reserve funds, is 60 days or more delinquent;

 

(c)        
the Master Servicer or the Special Servicer determines in its reasonable business judgment, exercised in accordance with the Servicing
Standard, that (x) a default consisting of a failure to make a payment of principal or interest is reasonably foreseeable
or there is a significant risk of such default or (y) any other default that is likely to impair the use or marketability
of the related Mortgaged Property or the value of the Mortgaged Property as security for the Mortgage Loan or, if applicable,
Serviced Companion Loan is reasonably foreseeable or there is a significant risk of such default, which monetary or other default,
in either case, would likely continue unremedied beyond the applicable grace period (or, if no grace period is specified, for
a period of 60 days) and is not likely to be cured by the related Borrower within 60 days or, except as provided in
clause (a)(ii) above, in the case of a Balloon Payment, for at least 30 days;

 

(d)        
the related Borrower has become the subject of a decree or order of a court or agency or supervisory authority having jurisdiction
in the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law, or
the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs;

 

(e)         
the related Borrower consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of
debt, marshaling of assets and liabilities or similar proceedings of or relating to such Borrower of or relating to all or substantially
all of its property;

 

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

 

(g)        
a default, of which the Master Servicer or Special Servicer has notice (other than a failure by such related Borrower to pay principal
or interest) and which in the opinion of the Master Servicer or Special Servicer (and, in the case of the Special Servicer, for
so long as no Control Termination Event has occurred and is continuing with the consent of the Directing Holder and, with respect
to any Serviced Whole Loan, in consultation with the related Serviced Companion Loan Noteholders to the extent provided for in
the related Intercreditor Agreement) materially and adversely affects the interests of the Certificateholders or any holder of
a Serviced Companion Loan, if applicable, occurs and remains unremedied for the applicable grace period specified in the Loan
Documents for such Mortgage Loan or Serviced Companion Loan (or if no grace period is specified for those defaults which are capable
of cure, 60 days); or

 

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(h)         
the Master Servicer or Special Servicer receives notice of the foreclosure or proposed foreclosure of any lien on the related
Mortgaged Property (each of clause (a) through (h), a “Servicing Transfer Event”);

 

provided
that such Mortgage Loan or Serviced Whole Loan will cease to be a Specially Serviced Loan (each, a “Corrected Mortgage
Loan”) (i) with respect to the circumstances described in clauses (a) and (b) above, when the related Borrower
thereunder has brought such Mortgage Loan or Serviced Companion Loan current and thereafter made three consecutive full and timely
Periodic Payments, including pursuant to any workout of such Mortgage Loan or Serviced Companion Loan, (ii) with respect
to the circumstances described in clauses (c), (d), (e), (f) and (h) above, when such circumstances cease to exist in the
good faith judgment of the Special Servicer, or (iii) with respect to the circumstances described in clause (g) above,
when such default is cured (as determined by the Special Servicer in accordance with the Servicing Standard) or waived by the
Special Servicer; provided that, in each case, at that time no circumstance exists (as described above) that would cause
such Mortgage Loan or Serviced Companion Loan to continue to be characterized as a Specially Serviced Loan.

 

Notwithstanding
anything to the contrary in the definition of “Servicing Transfer Event”, no event, circumstance or action that has
occurred or will occur with respect to a COVID Modified Loan (other than an event described in clauses (a)(ii), (d), (e),
(f)(ii) or (h) of the definition of “Servicing Transfer Event”) shall constitute a Servicing Transfer Event under
this Agreement, but only if, and for so long as, the related Borrower is in compliance with the terms of the related COVID Modification
Agreement. For the avoidance of doubt, in the event a Borrower fails to comply with the terms of a COVID Modification Agreement
(as determined by the Special Servicer in accordance with the Servicing Standard), a determination as to whether any applicable
event specified in the preceding sentence constitutes a Servicing Transfer Event or causes such Mortgage Loan or Serviced Whole
Loan to be characterized as a Specially Serviced Loan shall be made as though the COVID Modification never occurred; provided,
however, if, pursuant to this sentence, a Servicing Transfer Event is determined to occur prior to the date of such Borrower’s
failure, then such Servicing Transfer Event shall be deemed to occur on the date of such Borrower’s failure.

 

If
a Servicing Transfer Event exists with respect to any Mortgage Loan included in a Serviced Whole Loan, then it will also be deemed
to exist with respect to the related Serviced Companion Loans, and vice versa.

 

“Sponsor”:
Each of GACC, GSMC, CREFI and JPMCB.

 

“Startup
Day”: In the case of the Upper-Tier REMIC and the Lower-Tier REMIC, the day designated as such pursuant to Section 2.06(a)
of this Agreement.

 

“Stated
Principal Balance”: With respect to any Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan, as applicable,
on any date of determination, the principal balance as of the Cut-off Date of such Mortgage Loan, Serviced Companion Loan or Serviced
Whole Loan (or in the case of a Replacement Mortgage Loan, the outstanding principal balance as of the related date of substitution
and after application of all scheduled payments of

 

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principal
and interest due on or before the related Due Date in the month of substitution, whether or not received), as reduced (to not
less than zero) on each Distribution Date by (i) all payments (or P&I Advances in lieu thereof) of, and all other collections
allocated as provided in Section 1.02 of this Agreement to, principal of or with respect to such Mortgage Loan, the
Serviced Companion Loan or Serviced Whole Loan, as applicable, that are distributed to the Certificateholders on such Distribution
Date or Serviced Companion Loan Noteholders on the related remittance date in the same calendar month as such Distribution Date
or applied to any other payments required under this Agreement or related Intercreditor Agreement on or prior to such Distribution
Date, and (ii) any principal forgiven by the Special Servicer (or with respect to a Non-Serviced Mortgage Loan, by the related
Other Special Servicer or other applicable servicer) and other principal losses realized in respect of such Mortgage Loan, Serviced
Companion Loan or Serviced Whole Loan during the related Collection Period (or with respect to a Non-Serviced Mortgage Loan, other
principal losses realized in respect of such Non-Serviced Mortgage Loan during the related Collection Period as determined in
accordance with the terms of the Other Pooling and Servicing Agreement).

 

A
Mortgage Loan or any related REO Loan shall be deemed to be part of the Trust Fund and to have an outstanding Stated Principal
Balance until the Distribution Date on which Liquidation Proceeds, if any, are to be (or, if no such Liquidation Proceeds are
received, would have been) distributed to Certificateholders. The Stated Principal Balance of any Mortgage Loan or Serviced Whole
Loan with respect to which the Master Servicer or Special Servicer has made a Final Recovery Determination is zero.

 

“Sub-Servicer”:
Any Person engaged by the Master Servicer or the Special Servicer (including, for the avoidance of doubt, each Mortgage Loan Seller
Sub-Servicer and any primary servicer) to perform servicing activities with respect to one or more Mortgage Loans or REO Loans.

 

“Sub-Servicing
Agreement”: The written contract between the Master Servicer or the Special Servicer, on the one hand, and any Sub-Servicer,
on the other hand, relating to servicing and administration of the Mortgage Loans as provided in Section 3.01(c) of
this Agreement.

 

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

 

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

 

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

 

“Subordinate
Companion Loan”: With respect to any Whole Loan, any related subordinated loan not included in the Trust, which is subordinated
in right of payment to the related Mortgage Loan to the extent set forth in the related Intercreditor Agreement, which are identified
as “Subordinate” in the chart entitled “Whole Loans” in the Preliminary Statement.

 

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

 

“Subsequent
Notice”: As defined in Section 3.23(e) of this Agreement.

 

“Substitution
Shortfall Amount”: In connection with the substitution of one or more Replacement Mortgage Loans for one or more Removed
Mortgage Loans, the amount, if any, by which the Purchase Price or aggregate Purchase Price, as the case may be, for such Removed
Mortgage Loan(s) exceeds the initial Stated Principal Balance or aggregate initial Stated Principal Balance, as the case may be,
of such Replacement Mortgage Loan(s).

 

“Tax
Returns”: The federal income tax returns on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income
Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss
Allocation, or any successor forms, to be filed by the Certificate Administrator on behalf of each of the Upper-Tier REMIC and
the Lower-Tier REMIC due to its classification as a REMIC under the REMIC Provisions and the federal income tax return to be filed
by the Certificate Administrator on behalf of the Grantor Trust due to its classification as a grantor trust under subpart E,
part I of subchapter J of the Code, together with any and all other information, reports or returns that may be required
to be furnished to the Certificateholders or filed with the IRS or any other governmental taxing authority under any applicable
provisions of federal law or Applicable State and Local Tax Law.

 

“Terminated
Party”: As defined in Section 7.01(e) of this Agreement.

 

“Terminating
Party”: As defined in Section 7.01(e) of this Agreement.

 

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

 

“Test”:
As defined in Section 11.01(b)(iv) of this Agreement.

 

“Third
Party Appraiser”: A Person performing an Appraisal.

 

“Third
Party Reports”: With respect to any Mortgaged Property, the related Appraisal, Phase I environmental report, Phase II
environmental report, seismic report, engineering report, structural report, property condition report or similar report, if any.

 

“Transfer”:
Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R Certificate.

 

“Transfer
Restriction Period”: The period from the Closing Date to the conclusion of the earlier of:

 

(a)               
the latest of (i) the date on which the aggregate unpaid principal balance of all outstanding Mortgage Loans has been reduced
to 33.0% of the aggregate Cut-off Date Balance of the Mortgage Loans; (ii) the date on which the aggregate outstanding Certificate
Balance of the Principal Balance Certificates and the VRR Interest has been reduced to 33.0% of the aggregate outstanding Certificate
Balance of the Principal Balance

 

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Certificates and the VRR Interest as of the Cut-off Date; and (iii) two years after the Closing
Date; and

 

(b)              
such time as when the Risk Retention Rule ceases to require the retention of risk with respect to the securitization of the Mortgage
Loans contemplated by this Agreement, resulting from the repeal, amendment or modification of all or any portion of the Risk Retention
Rule, as confirmed by an acknowledgment by the Retaining Sponsor.

 

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

 

“Transferor
Letter”: As defined in Section 5.02(l)(ii) of this Agreement.

 

“Trust”
or “Trust Fund”: The corpus of the trust created hereby and to be administered hereunder, consisting of (in
each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion
Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject to this Agreement, together with the Mortgage
Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after
the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO
Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any
indemnities or guaranties given as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund;
(ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve
Account, the Interest Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein,
assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements
relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and
the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery
requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding
its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest Upper-Tier Regular Interest; (xv) the proceeds
of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower); and (xvi) the Closing Date Deposit Amount.
For the avoidance of doubt, no Retained Defeasance Rights and Obligations will be an asset of the Trust.

 

“Trust
Directing Holder”: The initial Trust Directing Holder shall be RREF IV Debt AIV, LP, a Delaware limited partnership.
Thereafter, the Trust Directing Holder shall be the Controlling Class Certificateholder (or a representative thereof) selected
by more than 50% of the Controlling Class Certificateholders, by Certificate Balance, as determined by the Certificate Registrar
from time to time; provided, however, that (i) absent that selection, or (ii) until a Trust Directing Holder is
so selected, or (iii) pursuant to Section 3.29(b), upon receipt of a notice from a majority of the Controlling Class
Certificateholders, by Certificate Balance, that a Trust Directing Holder is no longer designated, the Controlling Class Certificateholder
that represents that it owns the largest aggregate Certificate Balance of the Controlling Class (or its representative) shall
be the Trust Directing Holder; provided, however, that in the case of this clause (iii) in the

 

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event no one
holder represents that it owns the largest aggregate Certificate Balance of the Controlling Class, then there shall be no Trust
Directing Holder until appointed in accordance with the terms of this Agreement.

 

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

 

“Trust
Ledger”: Amounts deposited in the Collection Account or a Serviced Whole Loan Collection Account and attributable to
the Mortgage Loans or related Serviced Whole Loan, respectively, which are maintained pursuant to Section 3.06(a)
and Section 3.06(b) of this Agreement, as applicable, and held on behalf of the Trustee on behalf of the Certificateholders
or held on behalf of the Trustee on behalf of the Certificateholders and related Companion Loan Noteholders, as applicable.

 

“Trust
REMICs”: The Lower-Tier REMIC and the Upper-Tier REMIC.

 

“Trust-Level
Basis”: With respect to the Operating Advisor’s evaluation of the Special Servicer’s performance of its
duties as they relate to the resolution and/or liquidation of Specially Serviced Loans taking into account the Special Servicer’s
specific duties under this Agreement as well as the extent to which those duties were performed in accordance with the Servicing
Standard, with reasonable consideration by the Operating Advisor of any assessment of compliance report, attestation report, Major
Decision Reporting Package, Asset Status Report, 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. Notwithstanding the foregoing, no 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.

 

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

 

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

 

“UCC”:
Uniform Commercial Code.

 

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

 

“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that
made the Advance hereunder, on the one

 

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hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount
pursuant to Section 3.06(a) of this Agreement, as applicable, but that has not been recovered from the related Borrower
or otherwise from collections on or the proceeds of the Mortgage Loan or the applicable Serviced Whole Loan or Serviced REO Property
in respect of which the Advance was made.

 

“Unscheduled
Payments”: With respect to a Mortgage Loan and a Collection Period, all Net Liquidation Proceeds, Net Condemnation Proceeds
and Net Insurance Proceeds payable under such Mortgage Loan, the Purchase Price of any Mortgage Loan that is repurchased or purchased
pursuant to Section 2.03(e), Section 3.16 or Section 9.01 of this Agreement, the Substitution
Shortfall Amount with respect to any substitution pursuant to Section 2.03(g) of this Agreement and any other payments
under or with respect to such Mortgage Loan not scheduled to be made, including Principal Prepayments received by the Master Servicer
(but excluding Prepayment Premiums or Yield Maintenance Charges, if any) during such Collection Period.

 

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

 

“Updated
Appraisal”: An Appraisal of a Mortgaged Property or Serviced REO Property, as the case may be, conducted subsequent
to any appraisal performed on or prior to the Cut-off Date and in accordance with Appraisal Institute standards, the costs of
which shall be paid as a Servicing Advance by the Master Servicer. Updated Appraisals shall be conducted by an Independent MAI
appraiser selected by the Special Servicer.

 

“Updated
Valuation”: With respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan having
a Stated Principal Balance of $2,000,000 or higher, an Updated Appraisal. With respect to a Mortgage Loan having a Stated Principal
Balance of less than $2,000,000, an updated Small Loan Appraisal Estimate or an Updated Appraisal.

 

“Upper-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(f) of this Agreement, which shall be entitled “Wells Fargo
Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee,
for the benefit of the Holders of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22,
Upper-Tier Distribution

 

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Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Upper-Tier
Distribution Account shall be an asset of the Upper-Tier REMIC.

 

“Upper-Tier
Regular Interest”: As defined in the Preliminary Statement hereto.

 

“Upper-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests, the Upper-Tier
Distribution Account and amounts held therein from time to time.

 

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

 

“Voting
Rights”: The portion of the voting rights of all of the Certificates that is allocated to any Certificateholder or Class
of Certificateholders. At all times during the term of this Agreement, the percentage of Voting Rights assigned to each Class
shall be allocated among the various Classes of Certificateholders as follows: (1) 2% in the case of the Class X Certificates
(allocated pro rata based upon their respective Notional Amounts as of the date of determination); and (2) in the case
of any Principal Balance Certificates and the VRR Interest, a percentage equal to the product of 98% and a fraction, the numerator
of which is equal to the aggregate Certificate Balance (and solely in connection with any vote for purposes of determining whether
to remove the Special Servicer pursuant to Section 7.01(a) and the Operating Advisor pursuant to Section 7.07(a),
taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates
pursuant to Section 4.08(a) hereof) of such Class, in each case, determined as of the prior Distribution Date, and
the denominator of which is equal to the aggregate Certificate Balance (and solely in connection with any vote for purposes of
determining whether to remove the Special Servicer pursuant to Section 7.01(a) and the Operating Advisor pursuant
to Section 7.07(a), taking into account any notional reduction in the Certificate Balance for Appraisal Reduction
Amounts allocated to the Certificates) of the Principal Balance Certificates and the VRR Interest, each determined as of the prior
Distribution Date. Neither the Class S Certificates nor the Class R Certificates shall 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 product of the VRR Percentage multiplied
by the Aggregate Available Funds for such Distribution Date.

 

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

 

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“VRR
Interest Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (A) the VRR
Allocation Percentage and (B) the aggregate amount of interest distributed to the Holders of the Non-VRR Certificates pursuant
to Section 4.01(b)(i), (iv), (vii), (x), (xiii), (xvi), (xix), (xxii)
and (xxv) on such Distribution Date.

 

“VRR
Interest Upper-Tier Regular Interest”: The uncertificated interest (i) constituting a “regular interest”
in the Upper-Tier REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described
herein, in each case, for purposes of the REMIC Provisions.

 

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

 

“VRR
Principal Distribution Amount”: With respect to any Distribution Date and the VRR Interest, an amount equal to the product
of (A) the VRR Allocation Percentage and (B) the aggregate amount of principal distributed to the Holders of the Non-VRR Certificates
pursuant to Section 4.01(b)(ii), (v), (viii), (xi), (xiv), (xvii), (xx),
(xxiii) and (xxvi) on such Distribution Date.

 

“VRR
Realized Loss”: With respect to any Distribution Date, the amount, if any, by which (i) the aggregate Certificate Balance
of the VRR Interest, after giving effect to distributions of principal on such Distribution Date, exceeds (ii) the product of
(A) the VRR Percentage and (B) the aggregate Stated Principal Balance of the Mortgage Loans (for purposes of this calculation,
the aggregate Stated Principal Balance will not be reduced by the amount of principal payments received on the Mortgage Loans
that were used to reimburse the Master Servicer, the Special Servicer or the Trustee from general collections of principal on
the Mortgage Loans for Workout-Delayed Reimbursement Amounts, to the extent those amounts are not otherwise determined to be Nonrecoverable
Advances), including any REO Loans (but in each case, excluding any Companion Loan), as of the end of the last day of the related
Collection Period.

 

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

 

“VRR
Regular Interests”: As defined in the Preliminary Statement hereto.

 

“VRR
Retaining Party”: Any Holder of any portion of the VRR Interest. Initially, the VRR Retaining Party shall be DBNY, as
the Holder of the VRR Interest.

 

“WAC
Rate”: With respect to any Distribution Date, a per annum rate equal to the fraction (expressed as a percentage)
the numerator of which is the sum for all Mortgage Loans of the product of (i) the Net Mortgage Rate for each such Mortgage
Loan as of the first day of the related Collection Period and (ii) the Stated Principal Balance of each such Mortgage Loan
as of the first day of the related Collection Period, and the denominator of which is the sum of the Stated

 

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Principal Balances
of all Mortgage Loans as of the first day of the related Collection Period (after giving effect to any payments received during
any applicable grace period).

 

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

 

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

 

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

 

“Whole
Loan”: With respect to any Mortgage Loan with a related Companion Loan and/or a related Subordinate Companion Loan,
such Mortgage Loan and its related Companion Loan(s), collectively, as identified in the “Whole Loan” chart in the
Preliminary Statement. With respect to each Whole Loan, references herein to each such Whole Loan shall be construed to refer
to the aggregate indebtedness under the related Mortgage Loan and the related Companion Loan(s).

 

“Withheld
Amount”: With respect to each Mortgage Loan that accrues interest on an Actual/360 Basis, and with respect to each Distribution
Date occurring in any January of each calendar year that is not a leap year and February of each calendar year,
unless in either case such Distribution Date is the final Distribution Date, an amount equal to one day’s interest at the
Net Mortgage Rate on the respective Stated Principal Balance as of the Distribution Date in the month preceding the month in which
the Master Servicer Remittance Date occurs, to the extent a Periodic Payment or P&I Advance or other deposit is made in respect
of the Mortgage Loans.

 

The
Withheld Amount for each applicable Distribution Date for each Mortgage Loan that does not accrue interest on a 30/360 basis will
be equal to 1/31 of the interest accrued in respect of the immediately preceding Due Date, to the extent a Periodic Payment or
P&I Advance is made in respect thereof.

 

“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan or, with respect to Servicing Advances, any Serviced Whole
Loan, the amount of any Advance made with respect to such Mortgage Loan or Serviced Whole Loan, as applicable, on or before the
date such Mortgage Loan or Serviced Whole Loan becomes (or, but for the making of three monthly payments under its modified terms,
would then constitute) a Corrected Mortgage Loan, together with (to the extent accrued and unpaid) interest on such Advances,
to the extent that (i) such Advance is not reimbursed to the Person who made such Advance on or before the date, if any,
on which such Mortgage Loan or Serviced Whole Loan becomes a Corrected Mortgage Loan and (ii) the amount of such Advance
becomes an obligation of the related Borrower to pay such amount under the terms of the modified Loan Documents.

 

“Workout
Fee”: An amount equal to the lesser of (1) 1.0% of each collection of interest and principal (including scheduled payments,
prepayments (provided that a repurchase or substitution by a Mortgage Loan Seller of a Mortgage Loan due to a Material
Defect or a Material Breach shall not be considered a prepayment for purposes of this definition), Balloon Payments and payments
at maturity, but excluding late payment charges, Default Interest and Excess Interest) received on a Specially Serviced Loan that
becomes a Corrected Mortgage Loan for so

 

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long as it remains a Corrected Mortgage Loan, pursuant to Section 3.12(c)
of this Agreement and (2) $1,000,000, in the aggregate with respect to any particular workout of a Specially Serviced Loan;
provided that in the event the Workout Fee with respect to a Corrected Mortgage Loan is less than $25,000, then the Special
Servicer shall be entitled to an amount from the final payment on the related Corrected Mortgage Loan (including any related Serviced
Companion Loan) that would result in the total Workout Fees payable to the Special Servicer in respect of that Corrected Mortgage
Loan (including any related Serviced Companion Loan) to be equal to $25,000; provided, further, that the Workout Fee with
respect to any Corrected Mortgage Loan shall be capped in accordance with Section 3.12(c) of this Agreement; provided,
further that no Workout Fee shall be payable by the Trust with respect to any Corrected Mortgage Loan if and to the extent
that the Corrected Mortgage Loan became a Specially Serviced Loan under clause (c) of the definition of “Specially
Serviced Loan” (and no other clause of such definition) and no event of default actually occurs, unless the Mortgage
Loan or Serviced Companion Loan is modified by the Special Servicer in accordance with the terms of this Agreement; provided,
further, that if a Mortgage Loan or Serviced Companion Loan becomes a Specially Serviced Loan only because of an event
described in clause (a) of the definition of “Specially Serviced Loan” and the related collection
of principal and interest is received within 4 months following the related maturity date as a result of the related Mortgage
Loan or Serviced Companion Loan being refinanced or otherwise repaid in full, the Special Servicer shall not be entitled to collect
a Workout Fee out of the proceeds received in connection with such workout if such fee would reduce the amount available for distributions
to Certificateholders, but the Special Servicer may collect from the related Borrower and retain (x) a workout fee, (y) such
other fees as are provided for in the related Loan Documents and (z) other appropriate fees in connection with such workout; provided,
further, however, that in the event the Workout Fee collected over the course of such workout calculated at 1.0%
is less than $25,000, then the Special Servicer shall be entitled to an amount from the final payment on the related Corrected
Mortgage Loan (including any related Serviced Companion Loan) that would result in the total Workout Fees payable to the Special
Servicer in respect of that Corrected Mortgage Loan (including any related Serviced Companion Loan) to be $25,000. In addition,
notwithstanding the foregoing, the total amount of Workout Fees payable by the Trust with respect to such Corrected Mortgage Loan
and with respect to any particular workout (assuming, for the purposes of this calculation, that such Corrected Mortgage Loan
continues to perform throughout its term in accordance with the terms of the related workout) shall be reduced by the amount of
any and all related Offsetting Modification Fees received by the Special Servicer as additional servicing compensation relating
to such Corrected Mortgage Loan; provided that the Special Servicer shall be entitled to collect such Workout Fees from
the Trust until such time it has been fully paid such reduced amount. For the avoidance of doubt, the applicable Mortgage Loan
Seller will be required to pay a Workout Fee in connection with a repurchase or substitution to the extent the Special Servicer
was entitled to such a fee and such fee was unpaid immediately prior to such repurchase or substitution or was previously paid
by the Trust and was not reimbursed by the related Borrower immediately prior to such repurchase or substitution. In furtherance
of the foregoing, upon a Specially Serviced Loan becoming a Corrected Mortgage Loan, the Special Servicer shall provide the Master
Servicer with a calculation of the total amount of Workout Fees expected to be payable by the Trust with respect to such Corrected
Mortgage Loan throughout its term (which calculation shall be reasonably acceptable to the Master Servicer) and the total amount
of related Offsetting Modification Fees received by the Special Servicer.

 

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“Yield
Maintenance Charge”: With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge set
forth in the related Loan Documents; provided that, amounts shall be considered Yield Maintenance Charges pursuant to the
allocation set forth under Section 1.02(f) or Section 1.02(g), as applicable.

 

Section 1.02         
Certain Calculations. Unless otherwise specified herein, the following provisions shall apply:

 

(a)               
All calculations of interest with respect to the Mortgage Loans and Serviced Companion Loans (other than the Actual/360 Loans)
and of Advances in respect thereof provided for herein shall be made on the basis of a 360-day year consisting of twelve 30-day
months. All calculations of interest with respect to the Actual/360 Loans and of Advances provided in respect thereof provided
for herein shall be made as set forth in the Loan Documents for such Mortgage Loans and, if applicable, Serviced Companion Loans,
with respect to the calculation of the related Mortgage Rate. The Servicing Fee, the Certificate Administrator/Trustee Fee, the
CREFC® Intellectual Property Royalty License Fee and the Operating Advisor Fee for each Mortgage Loan or Serviced
Whole Loan, as applicable, shall accrue on the same basis as interest accrues on such Mortgage Loan or Serviced Whole Loan, as
applicable.

 

(b)              
Any Mortgage Loan or Serviced Whole Loan payment is deemed to be received on the date such payment is actually received by the
Master Servicer or the Certificate Administrator; provided that for purposes of calculating distributions on the Certificates,
Principal Prepayments with respect to any Mortgage Loan or Serviced Whole Loan are deemed to be received on the date they are
applied in accordance with Section 3.01(b) of this Agreement to reduce the Stated Principal Balance of such Mortgage
Loan or Serviced Whole Loan on which interest accrues.

 

(c)               
Except as otherwise provided in the related Loan Documents or Intercreditor Agreement, any amounts received in respect of a Mortgage
Loan or Serviced Whole Loan as to which a default has occurred and is continuing in excess of Periodic Payments shall be applied
to Default Interest and other amounts due on such Mortgage Loan or Serviced Whole Loan prior to the application to late fees.

 

(d)              
Allocations of payments between a Mortgage Loan and the related Serviced Companion Loans in a Whole Loan shall be made in accordance
with the related Intercreditor Agreement.

 

(e)               
If an expense under this Agreement relates in the reasonable judgment of the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee or the Paying Agent, as applicable, primarily to the administration of the Trust Fund, any Trust REMIC,
the Grantor Trust or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions or
the actual payment of any REMIC tax or expense, or Grantor Trust tax or expense or this Agreement states that any expense is solely
“an expense of the Trust Fund” or words of similar import, then such expense shall not be allocated to, deducted or
reimbursed from, or otherwise charged against any Serviced Companion Loan Noteholder and such Serviced Companion Loan Noteholder
shall not suffer any adverse consequences as a result of the payment of such expense.

 

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(f)                
All amounts collected by or on behalf of the Trust in respect of any Mortgage Loan (other than an REO Loan) in the form of payments
from the related Borrower, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds (excluding, if applicable, in the
case of a Mortgage Loan that is part of a Serviced Whole Loan, of any amounts payable to the holder of the related Serviced Companion
Loan, pursuant to the related Intercreditor Agreement) shall be allocated to amounts due and owing under the related Loan Documents
(including for principal and accrued and unpaid interest) in accordance with the express provisions of the related Loan Documents
and, with respect to any Mortgage Loan that is part of a Serviced Whole Loan, the related Intercreditor Agreement; provided that, absent such express provisions, all such amounts collected (exclusive, if applicable, in the case of a Mortgage Loan
that is part of a Serviced Whole Loan, of any amounts payable to the holder of the related Serviced Companion Loan pursuant to
the related Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage
Loan in the following order of priority:

 

(i)               
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage
Loan and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust
Fund Expenses (including Special Servicing Fees, Liquidation Fees and Workout Fees previously paid by the Trust from general collections)
with respect to the related Mortgage Loan;

 

(ii)               
as a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously paid or reimbursed
from principal collections on the Mortgage Loans (as described in the first proviso in the definition of Aggregate Principal Distribution
Amount);

 

(iii)               
to the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest
on such Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and
unpaid interest on such Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable
interest accrual period for the related Mortgage Loan, over (B) the sum of (a)(x) the cumulative amount of the reductions
(if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d)
of this Agreement in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated as
a recovery of accrued and unpaid interest pursuant to clause (v) below on earlier dates) or (y) with respect to any
accrued and unpaid interest that was not advanced due to a determination that the related P&I Advance would be a Nonrecoverable
Advance, the amount of interest that (absent such determination of nonrecoverability preventing such P&I Advance from being
made) would not have been advanced because of the reductions in the amount of related P&I Advances for such Mortgage Loan
that would have occurred in connection with related Appraisal Reduction Amounts, and (b) Accrued AB Loan Interest;

 

(iv)               
to the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of such Mortgage Loan
then due and owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or, if such Mortgage
Loan has been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

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(v)               
as a recovery of (i) accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions
(if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d)
of this Agreement in connection with related Appraisal Reduction Amounts or would have occurred in connection with the related
Appraisal Reduction Amounts but for such P&I Advance not having been made as a result of a determination that such P&I
Advance would have been a Nonrecoverable Advance and (ii) Accrued AB Loan Interest (in each of clause (i) and (ii), to the extent
that collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause (v) on
earlier dates);

 

(vi)               
as a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes,
assessments and insurance premiums and similar items relating to such Mortgage Loan;

 

(vii)               
as a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

(viii)               
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

(ix)               
as a recovery of any late payment charges and Default Interest and Excess Interest then due and owing under such Mortgage Loan;

 

(x)               
as a recovery of any Assumption Fees and Modification Fees then due and owing under such Mortgage Loan;

 

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

 

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

 

(xiii)               
in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued and unpaid Excess Interest;

 

provided that, to the extent required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the Mortgage
Loan Seller’s rights under the related Loan Documents) with respect to any partial release of a Mortgaged Property (including
in connection with a condemnation) at a time when the loan-to-value ratio of the related Mortgage Loan (or Serviced Whole Loan)
exceeds 125% or would exceed 125% following any partial release (based solely on the value of real property and excluding personal
property and going concern value, if any) must be collected and allocated to reduce the Stated Principal Balance of the Mortgage
Loan (or Serviced Whole Loan) in the manner permitted by the REMIC Provisions.

 

(g)               
Collections by or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment of
the costs of operating, managing, leasing,

 

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maintaining and disposing of such REO Property and, if applicable, in the case of an
REO Property related to a Serviced Whole Loan, exclusive of any amounts payable to the holder of the related Serviced Companion
Loan pursuant to the related Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under
the Mortgage Loan in the following order of priority:

 

(i)               
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage
Loan and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust
Fund Expenses (including Special Servicing Fees, Liquidation Fees and Workout Fees previously paid by the Trust from general collections)with
respect to such Mortgage Loan;

 

(ii)               
as a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously allocated
to principal collections on the Mortgage Loans (as described in the first proviso in the definition of Aggregate Principal Distribution
Amount);

 

(iii)               
to the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on the
related Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and
unpaid interest on such Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable
interest accrual period for the related Mortgage Loan, over (B) the sum of (a)(x) the cumulative amount of the reductions
(if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated as
a recovery of accrued and unpaid interest pursuant to clause (v) below or Section 1.02(f)(v) on earlier dates)
or (y) with respect to any accrued and unpaid interest that was not advanced due to a determination that the related P&I Advance
would be a Nonrecoverable Advance, the amount of interest (absent such determination of nonrecoverability preventing such P&I
Advance from being made) would not have been advanced because of the reductions in the amount of related P&I Advances for
such Mortgage Loan that would have occurred in connection with related Appraisal Reduction Amounts, and (b) Accrued AB Loan Interest;

 

(iv)               
to the extent not previously allocated pursuant to clause (i)-(ii) above, as a recovery of principal of the related Mortgage
Loan to the extent of its entire unpaid principal balance;

 

(v)               
as a recovery of (i) accrued and unpaid interest on the related Mortgage Loan to the extent of the cumulative amount of the reductions
(if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with related Appraisal Reduction Amounts or would have occurred in connection with the related
Appraisal Reduction Amounts but for such P&I Advance not having been made as a result of a determination that such P&I
Advance would have been a Nonrecoverable Advance and (ii) Accrued AB Loan Interest (in each of clause (i) and (ii), to the extent
that collections have not theretofore been allocated as a recovery

 

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of accrued and unpaid interest pursuant to this clause (v)
or Section 1.02(f)(v) on earlier dates);

 

(vi)               
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under the related Mortgage Loan;

 

(vii)               as a recovery of any late payment charges and Default Interest and Excess Interest then due and owing under the related Mortgage
Loan;

 

(viii)              as a recovery of any Assumption Fees and Modification Fees then due and owing under the related Mortgage Loan;

 

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

 

(x)                 
in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest.

 

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

 

(i)                
All net present value calculations and determinations made hereunder with respect to the Mortgage Loans or a Mortgaged Property
or REO Property (including for purposes of the definition of “Servicing Standard”) shall be made in accordance
with the Loan Documents or, if the Loan Documents are silent, using the Calculation Rate.

 

(j)                
For purposes of calculations required herein, Excess Interest shall not be added to the outstanding principal balance of the Mortgage
Loans notwithstanding that the related Loan Documents may provide otherwise.

 

Section 1.03         
Certain Constructions. For purposes of this Agreement, references to the most or next most subordinate Class of Non-VRR
Certificates outstanding at any time shall mean the most or next most subordinate Class of Non-VRR Certificates then outstanding
as among the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C,
Class D, Class E, Class F, Class G and Class H Certificates. For purposes of this Agreement, each Class of Principal
Balance Certificates and the VRR Interest shall be deemed to be outstanding only to the extent its respective Certificate Balance
has not been reduced to zero. For purposes of this Agreement, the Excess Interest Certificates shall be outstanding so long as
any ARD Loan is outstanding. For purposes of this Agreement, the Class R Certificates shall be outstanding so long as the
Trust Fund has not been terminated pursuant to Section 9.01 of this Agreement or any other Class of Certificates remains
outstanding. For purposes of this Agreement, each of the Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class
X-H Certificates shall be deemed to be outstanding until their respective Notional Amounts have been reduced to zero.

 

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Notwithstanding
anything to the contrary contained herein, for purposes of this Agreement, each reference to any action by the Master Servicer
or Special Servicer that is subject to the consent or approval of the Directing Holder or consultation with the Directing Holder,
the Risk Retention Consultation Party, the Operating Advisor, shall in each case be further subject to the determination by the
Master Servicer or the Special Servicer that taking or refraining from taking the action as proposed by the Directing Holder,
the Risk Retention Consultation Party or the Operating Advisor, or not taking such action as proposed by the Master Servicer or
the Special Servicer if the Directing Holder or the Operating Advisor fails to grant its consent or approval, or if the Directing
Holder, the Risk Retention Consultation Party or the Operating Advisor, as applicable, fail to express their concurrence, to any
action proposed to be taken by the Master Servicer or the Special Servicer, in each case, is consistent with the Servicing Standard.
In each case, (a) if the response by the Directing Holder, the Risk Retention Consultation Party or the Operating Advisor
hereunder is inconsistent with the Servicing Standard, the Master Servicer or the Special Servicer, as applicable, shall take
such action as is consistent with the Servicing Standard, and (b) if the Master Servicer or the Special Servicer determines
that immediate action is necessary to protect the interests of the Certificateholders and, in the case of any Serviced Whole Loan,
the related Serviced Companion Loan Noteholders, (as a collective whole as if such Certificateholders and Serviced Companion Loan
Noteholders, as applicable, constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate
Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)), and the Master Servicer or the
Special Servicer, as applicable, has made a reasonable effort to contact the Directing Holder, the Risk Retention Consultation
Party or the Operating Advisor, as applicable, it may take such action without waiting for a response from the Directing Holder,
the Risk Retention Consultation Party or the Operating Advisor, as applicable; provided that the Master Servicer or the
Special Servicer, as applicable, shall provide the Directing Holder or the Risk Retention Consultation Party (or the Operating
Advisor, if applicable) with prompt written notice following such action including a reasonably detailed explanation of the basis
for such action.

 

Section 1.04         
Certain Matters Relating to the Non-Serviced Mortgage Loans. Each Other Servicer, Other Special Servicer, Other Depositor,
Other Operating Advisor, Other Asset Representations Reviewer and Other Trustee, and any of their respective directors, officers,
employees or agents (as and to the same extent the securitization trust formed under the related Other Pooling and Servicing Agreement
is required to indemnify such parties in respect of other Mortgage Loans in the securitization trust formed under the related
Other Pooling and Servicing Agreement pursuant to the terms of the Other Pooling and Servicing Agreement) and each Other Securitization
(collectively, the “Other Indemnified Parties”), shall be indemnified by the Trust and held harmless against
the Trust’s pro rata share (subject to the related Intercreditor Agreement) of any and all claims, losses, damages,
penalties, fines, forfeitures, reasonable legal fees and related costs, judgments and any other costs, liabilities, fees and expenses
incurred in connection with servicing and administration of or any actual or threatened legal action or claim relating to the
related Non-Serviced Mortgage Loan and the related non-serviced Mortgaged Property under the related Other Pooling and Servicing
Agreement, this Agreement or the related Intercreditor Agreement (but excluding any such losses allocable to the related Companion
Loans); provided that such indemnification will not extend to any losses, liabilities, costs or expenses: (i) specifically
required to be borne by such party, without right of reimbursement, pursuant to the terms of the related Other Pooling and Servicing
Agreement; (ii) incurred in connection with any legal action or claim against such party resulting from any breach of a representation
or warranty

 

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made by such person under the related Other Pooling and Servicing Agreement or (iii) incurred in connection with any
legal action or claim against such party resulting from any willful misfeasance, bad faith or negligence in the performance of
such Person’s obligations and duties under the related Other Pooling and Servicing Agreement or the related Intercreditor
Agreement or resulting from negligent disregard of such obligations and duties.

 

In
connection with the securitization of any Serviced Companion Loan while it is a Serviced Companion Loan, upon the request of (and
at the expense of) the related Companion Loan Noteholders, each of the Master Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, as applicable, shall use reasonable efforts to cooperate with such Companion Loan Noteholders in
attempting to cause the related Borrower to provide information relating to the related Serviced Whole Loan and the related notes,
and that such holders reasonably determine to be necessary or appropriate, for inclusion in any disclosure document(s) relating
to such Other Securitization.

 

On
the related Servicing Shift Securitization Date for each Servicing Shift Whole Loan (i) the Custodian shall, upon receipt of a
Request for Release transfer the related Mortgage File (other than the note(s) designating such Servicing Shift Mortgage Loan),
the original of which shall be retained by the Custodian) for such Servicing Shift Whole Loan to the related Other Trustee under
the related Other Pooling and Servicing Agreement and retain a copy of such Mortgage File and (ii) the Master Servicer shall,
upon receipt of notice from the applicable Mortgage Loan Seller or the holder of the applicable Controlling Companion Loan that
the related Servicing Shift Lead Note has been or is being securitized on the related Servicing Shift Securitization Date, transfer
(and cooperate with reasonable requests in connection with such transfer of) the Servicing File for such Servicing Shift Whole
Loan, and any Escrow Payments, reserve funds and originals of items specified in Sections 2.01(a)(xix) and (xx)
for such Servicing Shift Whole Loan, to the related Other Servicer on the related Servicing Shift Securitization Date.

 

Upon
receipt of notice from the applicable Mortgage Loan Seller or the holder of the applicable Controlling Companion Loan that such
Servicing Shift Lead Note has been or is being securitized on the related Servicing Shift Securitization Date, the Master Servicer
shall provide the Custodian with a Request for Release of the Mortgage File on such related Servicing Shift Securitization Date
and transfer (and cooperate with reasonable requests in connection with such transfer of) the Servicing File to the related Other
Servicer identified to it pursuant to the related notice from the related Mortgage Loan Seller on such related Servicing Shift
Securitization Date.

 

Article II

CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.01         
Conveyance of Mortgage Loans; Assignment of Mortgage Loan Purchase Agreements. (a)  The Depositor, concurrently
with the execution and delivery hereof on the Closing Date, does hereby establish a trust designated as “Benchmark 2020-B22
Mortgage Trust,” appoint the Trustee as trustee of the Trust Fund and sell, transfer, assign, set over and otherwise convey
to the Trustee without recourse (except to the extent herein provided) all the

 

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right, title and interest of the Depositor in and
to the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest
thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Depositor, and a security
interest in all Reserve Accounts, Lock-Box Accounts, Cash Collateral Accounts and all other assets to the extent included or to
be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and
principal due on or with respect to the Mortgage Loans after the Cut-off Date and, in the case of a Mortgage Loan included in
a Whole Loan, is subject to the related Intercreditor Agreement. Transfer and assignment of a Non-Serviced Mortgage Loan and the
right to service a Non-Serviced Mortgage Loan is further subject to the terms and conditions of the Other Pooling and Servicing
Agreement and the related Intercreditor Agreement. The Depositor, concurrently with the execution and delivery hereof, does also
hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to the extent provided herein),
for the benefit of the Certificateholders and the Serviced Companion Loan Noteholders, all the right, title and interest of the
Depositor in, to and under the Mortgage Loan Purchase Agreements as provided therein (excluding Sections 6(e)-(g) of each Mortgage
Loan Purchase Agreement, the representations, warranties and covenants in favor of the Depositor set forth in clause (viii)
of Section 4(b) of each Mortgage Loan Purchase Agreement and the Depositor’s rights and remedies with respect to a
breach thereof, and excluding the Depositor’s rights and remedies under the Indemnification Agreements) to the extent related
to any Mortgage Loan. The Depositor shall cause the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts relating
to the Mortgage Loans to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to
the Mortgage Loan Sellers.

 

With
respect to any Mortgage Loan that is subject to an Intercreditor Agreement, the parties hereto intend that the provisions of this
Section 2.01(a) serve as an assignment and assumption agreement between the Depositor, as the assignor, and the
Trustee on behalf of the Trust, as the assignee. Accordingly, the Depositor hereby (and in accordance with and subject to all
other applicable provisions of this Agreement) assigns, grants, sells, transfers, delivers, sets over, and conveys to the Trustee
all right, title and interest of the Depositor in, to and arising out of the related Intercreditor Agreement and the Trustee on
behalf of the Trust hereby accepts (subject to applicable provisions of this Agreement) the foregoing assignment and assumes all
of the rights and obligations of the Depositor with respect to related Intercreditor Agreement from and after the Closing Date.
In addition, the Trustee acknowledges that any such Mortgage Loan that is part of a Serviced Whole Loan shall be serviced pursuant
to the terms of this Agreement.

 

In
connection with such transfer and assignment, the Depositor does hereby deliver to, and deposit with, the Custodian, with copies
to the Master Servicer and the Special Servicer, the following documents or instruments with respect to each Mortgage Loan and
each Serviced Companion Loan (which, except for the Mortgage Note referred to in clause (i) below, relate to the Serviced
Whole Loan) so assigned (provided that the original of documents specified in Section 2.01(a)(xix) and Section 2.01(a)(xx)
shall be delivered to the Master Servicer):

 

(i)               
(A) the original Mortgage Note, bearing, or accompanied by, all prior or intervening endorsements, endorsed by the most recent
endorsee prior to the Trustee or, if none, by the Originator, without recourse, either in blank and further showing a complete,
unbroken chain of endorsement from the Originator or to the order of the Trustee in the

 

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following form: “Pay to the order
of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B22 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2020-B22, without recourse”; and (B) in the case of each related Serviced
Companion Loan, a copy of the executed Mortgage Note for such Serviced Companion Loan;

 

(ii)               
(A) the original of the Mortgage or a certified copy thereof from the applicable recording office (or a copy thereof from
the applicable recording office if (to the knowledge of the applicable Mortgage Loan Seller or its third-party vendor, as certified
by such party to the Custodian in writing) it is not the practice of such office to provide certified copies, provided
that the Custodian may conclusively rely on any such certification by such Mortgage Loan Seller or third-party vendor and shall
not be required to investigate whether any recording office cannot provide a certified copy) and, (B) if applicable, the originals
or certified copies thereof from the applicable recording office (or copies thereof from the applicable recording office if (to
the knowledge of the applicable Mortgage Loan Seller or its third-party vendor, as certified by such party to the Custodian in
writing) it is not the practice of such office to provide certified copies, provided that the Custodian may conclusively
rely on any such certification by such Mortgage Loan Seller or third-party vendor and shall not be required to investigate whether
any recording office cannot provide a certified copy) of any intervening assignments thereof showing a complete chain of assignment
from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record thereof prior to the Trustee,
if any, in each case with evidence of recording indicated thereon;

 

(iii)               
an original or copy (if the related Mortgage Loan Seller or its designee, rather than the Custodian and its designee, is responsible
for the recording thereof) of an Assignment of Mortgage, in recordable form (except for missing recording information and, if
delivered in blank, except for the name of the assignee), executed by the most recent assignee of record thereof prior to the
Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wells Fargo Bank,
National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2020-B22” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related
Serviced Companion Loan Noteholders);

 

(iv)               
(A) an original or copy of any related security agreement (if such item is a document separate from the Mortgage) and, if
applicable, the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the Originator
of the related Mortgage Loan or Serviced Whole Loan to the most recent assignee thereof prior to the Trustee, if any; and (B) an
original assignment of any related security agreement (if such item is a document separate from the related Mortgage) executed
by the most recent assignee thereof prior to the Trustee or, if none, by the Originator, either in blank or in favor of the Trustee
in the following form: “Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark
2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22” (in such capacity and, with respect
to any Serviced Whole Loan, on behalf of any related Serviced Companion

 

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Loan Noteholders), which assignment may be included as
part of the corresponding Assignment of Mortgage referred to in clause (iii) above;

 

(v)               
(A) stamped or certified copies of any UCC financing statements and continuation statements which were filed in order to
perfect (and maintain the perfection of) any security interest held by the Originator of the Mortgage Loan or Serviced Whole Loan
(and each assignee of record prior to the Trustee) in and to the personalty of the Borrower at the Mortgaged Property (in each
case with evidence of filing or recording thereon) and which were in the possession of the related Mortgage Loan Seller (or its
agent) at the time the Mortgage Files were delivered to the Custodian, together with original UCC-3 assignments of financing statements
showing a complete chain of assignment from the secured party named in such UCC-1 financing statement to the most recent assignee
of record thereof prior to the Trustee, if any, and (B) if any such security interest is perfected and the earlier UCC financing
statements and continuation statements were in the possession of the related Mortgage Loan Seller, an assignment of UCC financing
statement by the most recent assignee of record prior to the Trustee or, if none, by the Originator, evidencing the transfer of
such security interest, either in blank or in favor of the Trustee in the following form: “Wells Fargo Bank, National Association,
as Trustee, for the benefit of the Holders of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2020-B22” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion
Loan Noteholders); provided that other evidence of filing or recording reasonably acceptable to the Trustee may be delivered
in lieu of delivering such UCC financing statements including, without limitation, evidence of such filed or recorded UCC financing
statement as shown on a written UCC search report from a reputable search firm, such as CSC/LexisNexis Document Solutions, Corporation
Service Company, CT Corporation System and the like or printouts of on-line confirmations from such UCC filing or recording offices
or authorized agents thereof;

 

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

 

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

 

(viii)             
(A) the original or a copy of the related Assignment of Leases, Rents and Profits (if such item is a document separate from
the Mortgage) and, if applicable, the originals or copies of any intervening assignments thereof showing a complete chain of assignment
from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record thereof prior to the Trustee,
if any, in each case with evidence of

 

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recording thereon; and (B) an original or copy (if the related Mortgage Loan Seller
or its designee, rather than the Custodian and its designee, is responsible for the recording thereof) of an assignment of any
related Assignment of Leases, Rents and Profits (a “Reassignment of Assignment of Leases, Rents and Profits”)
(if such item is a document separate from the Mortgage), in recordable form (except for missing recording information and, if
delivered in blank, except for the name of the assignee), executed by the most recent assignee of record thereof prior to the
Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wells Fargo Bank,
National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2020-B22” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related
Serviced Companion Loan Noteholders), which assignment may be included as part of the corresponding Assignment of Mortgage referred
to in clause (iii) above;

 

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

 

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

 

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

 

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

 

(xiii)              
if any related Lock-Box Agreement or Cash Collateral Account Agreement is separate from the Mortgage or Loan Agreement, a copy
thereof; with respect to the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts, if any, a stamped or certified
copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related mortgagee’s security interest
in the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts and all funds contained therein (and UCC-3 assignments
of financing statements assigning such UCC-1 financing statements to the Trustee in the following form: “Wells Fargo Bank,
National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2020-B22” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related
Serviced Companion Loan Noteholders));

 

(xiv)             
originals or copies of all assumption, modification, written assurance and substitution agreements, if any, with evidence of recording
thereon if appropriate, in those instances where the terms or provisions of the Mortgage, the Mortgage Note or any related

 

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security
document have been modified or the Mortgage Loan or Serviced Whole Loan has been assumed;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

The
original assignments referred to in clauses (iii), (iv)(B), (viii)(B) and (xv)(B), may be in the form
of one or more instruments in recordable form in any applicable filing or recording offices.

 

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Notwithstanding
anything to the contrary contained in this Section 2.01(a) or in Section 2.01(b), Section 2.01(c),
or Section 2.02, in connection with any Servicing Shift Whole Loan (1) instruments of assignment to the Trustee may
be in blank and need not be recorded or filed pursuant to this Agreement until the earliest of (i) the related Servicing Shift
Securitization Date, in which case such instruments shall be assigned and recorded in accordance with the related Other Pooling
and Servicing Agreement, (ii) the date such Servicing Shift Whole Loan becomes a Specially Serviced Loan, in which case assignments
and recordations shall be effected in accordance with this Section 2.01(a), and (iii) 90 days following the Closing
Date, in which case assignments and recordations shall be effected in accordance with this Section 2.01(a), (2) no
letter of credit need be amended (including, without limitation, to change the beneficiary thereon) until the earliest of (i)
the related Servicing Shift Securitization Date, in which case such amendment shall be in accordance with the related Other Pooling
and Servicing Agreement and (ii) the date such Servicing Shift Whole Loan becomes a Specially Serviced Loan, in which case
such amendment shall be effected in accordance with the terms of this Section 2.01, and (iii) 90 days following
the Closing Date, in which case such amendment shall be effected in accordance with the terms of this Section 2.01,
and (3) on and following the related Servicing Shift Securitization Date, the Person selling the related Servicing Shift Lead
Note to the related Other Depositor, at its own expense, shall be (a) entitled to direct in writing, which may be conclusively
relied upon by the Custodian, the Custodian to deliver the originals of all the Loan Documents relating to such Servicing Shift
Whole Loan in its possession (other than the original Note(s) evidencing such Servicing Shift Mortgage Loan) to the related Other
Trustee or the related Other Custodian, (b) if the right under clause (a) is exercised, required to cause the retention
by or delivery to the Custodian of photocopies of Loan Documents related to such Servicing Shift Whole Loan so delivered to such
Other Trustee or such Other Custodian, (c) entitled to cause the completion (or, in the event of a recordation as contemplated
by clause (1)(ii) of this paragraph, the preparation, execution and delivery) and recordation of instruments of assignment
in the name of the related Other Trustee or related Other Custodian, (d) if the right under clause (c) is exercised, required
to deliver to the Trustee or Custodian photocopies of any instruments of assignment so completed and recorded, and (e) entitled
to require the Master Servicer to transfer, and to cooperate with all reasonable requests in connection with the transfer of,
the Servicing File, and any Escrow Payments, reserve funds and items specified in clauses (xix) and (xx) of Section 2.01(a)
for such Servicing Shift Whole Loan to the related Other Servicer.

 

With
respect to Serviced Whole Loans, except for the Mortgage Note referred to in clause (i)(B) of the second preceding
paragraph, only a single original set of the Loan Documents specified above is required to be delivered. Notwithstanding anything
herein to the contrary, with respect to a Non-Serviced Mortgage Loan, any assignments or other transfer documents referred to
in the third preceding paragraph as being in favor of the Trustee shall instead be in favor of the applicable Other Trustee and
(1) if the Custodian is not also the related Non-Serviced Whole Loan Custodian, the preceding document delivery requirements will
be met by the delivery by the applicable Mortgage Loan Seller to the Custodian of copies of the documents specified above (other
than the Mortgage Note and intervening endorsements evidencing a Non-Serviced Mortgage Loan, with respect to which the originals
shall be required), including a copy of the Mortgage securing the applicable Non-Serviced Mortgage Loan and copies of the companion
notes or (2) if the Custodian is also the related Non-Serviced Whole Loan Custodian, the preceding document delivery requirements
shall be met by the delivery by the Mortgage Loan Seller to the Custodian of only the original Mortgage Note and intervening endorsements
evidencing such Non-Serviced

 

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Mortgage Loan (and, if any document specified in Section 2.01(a) of this Agreement was
not required to be delivered in connection with the related Other Securitization, a copy of such document); provided that
with respect to such Non-Serviced Mortgage Loan, if Wells Fargo Bank, National Association ceases to be Custodian with respect
to such Non-Serviced Mortgage Loan, it shall, upon receipt of a request for release, provide the original note, allonge and intercreditor
agreement and copies of all other Loan Documents specified above to the successor Custodian.

 

With
respect to the Mortgage Loans, within 45 days after the Closing Date or, without limiting the requirements of the third paragraph
of Section 2.01(b), after such later date on which the Mortgage Loan Seller has received all the missing recording/filing
information, each Mortgage Loan Seller will, or will at the expense of such Mortgage Loan Seller retain a third party vendor to,
except in the case of any Mortgage Loan that is a Non-Serviced Mortgage Loan, (1) complete (to the extent necessary) and
submit for recording in favor of the Trustee in the following form: “Wells Fargo Bank, National Association, as Trustee,
for the benefit of the Holders of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22”
(and with respect to a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in the appropriate public recording
office (a) each Assignment of Mortgage referred to in Section 2.01(a)(iii) which has not yet been submitted for recording
and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(a)(viii)(B) (if
not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) complete
(to the extent necessary) and file in the appropriate public filing office each UCC assignment of financing statement referred
to in Section 2.01(a)(v)(B) and (xiii) which has not yet been submitted for filing or recording. Each such document
shall reflect that the recorded original should be returned by the public recording office to the Custodian or its designee (or
to the Mortgage Loan Seller or its designee as an alternative) following recording, and each such document shall reflect that
the file copy thereof should be returned to the Custodian or its designee (or to the Mortgage Loan Seller or its designee as an
alternative) following filing; provided that in those instances where the public recording office retains the original
Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, the Custodian shall use commercially reasonable
efforts to obtain therefrom a certified copy of the recorded original, at the expense of the Depositor. In the event that any
such document or instrument in respect of any Mortgage Loan is lost or returned unrecorded or unfiled, as the case may be, because
of a defect therein, the related Mortgage Loan Seller shall promptly prepare or cause the preparation of a substitute thereof
or cure or cause the curing of such defect, as the case may be, and shall thereafter deliver the substitute or corrected document
to or at the direction of the Custodian or such other third party vendor as retained by the Mortgage Loan Seller for recording
or filing, as appropriate, at such Mortgage Loan Seller’s expense (as set forth in the related Mortgage Loan Purchase Agreement).
In the event that any Mortgage Loan Seller receives the original recorded or filed copy, each Mortgage Loan Seller will, promptly
upon receipt of the original recorded or filed copy (and in no event later than five Business Days following such receipt) deliver
such original to the Custodian, with evidence of filing or recording thereon. Notwithstanding anything to the contrary contained
in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment
of Mortgage, Assignment of Leases, Rents and Profits or Reassignment of Assignment of Leases, Rents and Profits, if applicable,
after any has been recorded, the obligations of the related Mortgage Loan Seller under the applicable Mortgage Loan Purchase Agreement
shall be deemed to have been satisfied upon delivery to the Custodian of a copy of the recorded original of such Mortgage, Assignment
of

 

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Mortgage, Assignment of Leases, Rents and Profits or Reassignment of Assignment of Leases, Rents and Profits, if applicable.

 

If
a Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original or a copy of the related
lender’s title insurance policy referred to in Section 2.01(a)(vii) solely because such policy has not yet been
issued, the delivery requirements of this Section 2.01 will be deemed to be satisfied as to such missing item, and
such missing item will be deemed to have been included in the related Mortgage File by delivery to the Custodian of a binder marked
as binding and countersigned by the title insurer or its authorized agent (which may be a pro forma or specimen title insurance
policy which has been accepted or approved as binding in writing by the related title insurance company) or an acknowledged closing
instruction or escrow letter, and the Mortgage Loan Seller will be required to deliver to the Custodian, promptly following the
receipt thereof, the original related lender’s title insurance policy (or a copy thereof). Copies of recorded or filed Assignments
of Mortgage, Reassignments of Assignment of Leases, Rents and Profits and UCC assignments of financing statements shall be held
by the Custodian.

 

Subject
to the third preceding paragraph, all original documents relating to the Mortgage Loans which are not delivered to the Custodian
are and shall be held by the Depositor or the Master Servicer (or a sub-servicer on its behalf), as the case may be, in trust
for the benefit of the Certificateholders and, insofar as they also relate to the Serviced Companion Loans, on behalf of and for
the benefit of the related Serviced Companion Loan Noteholders. In the event that any such original document, or in the case of
a Serviced Companion Loan, the original Mortgage Note, is required pursuant to the terms of this Section to be a part of
a Mortgage File in order to effectuate the purposes of this Agreement, such document shall be delivered promptly to the Custodian.

 

(b)              
In connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and hereby
represents and warrants that it has directed, each of the Mortgage Loan Sellers pursuant to the applicable Mortgage Loan Purchase
Agreement to deliver to and deposit with or cause to be delivered to and deposited with, (i) the Custodian, on or before the Closing
Date, subject to Section 2.01(a), for each Mortgage Loan so assigned the Mortgage Note (or a copy of the Mortgage
Note evidencing each related Serviced Companion Loan), the original or a copy of the related Mortgage, the original or a copy
of the title policy for each Mortgage Loan (subject to the second-to-last paragraph under Section 2.01(a)), a copy
of the related ground lease (or, with respect to a leasehold interest with respect to a space lease or air rights, a copy of the
related space lease or air rights lease), if applicable, for each Mortgage Loan and an original (or copy, if the original is held
by the Master Servicer pursuant to Section 2.01(c) or the Mortgage Loan is a Non-Serviced Mortgage Loan) of any letters
of credit held by the lender as beneficiary or assigned as security for the Mortgage Loan, and, except as otherwise provided in
the following paragraph, within 30 days following the Closing Date, the remaining applicable documents referred to in Section 2.01(a) for
each such Mortgage Loan or Serviced Companion Loan, in each case, with copies to the Master Servicer and (ii) the Master
Servicer, on or before the Closing Date, all documents and records that are part of each applicable Servicing File. If the applicable
Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original Mortgage Note, such Mortgage
Loan Seller shall deliver a copy or duplicate original of such Mortgage Note, together with an affidavit certifying that the original
thereof has been lost

 

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or destroyed and an indemnification in favor of the Certificate Administrator, the Trustee and the Custodian.

 

If
the applicable Mortgage Loan Seller or the Depositor cannot deliver, or cause to be delivered, as to any Mortgage Loan (subject
to any qualifications provided for herein or in the related Mortgage Loan Purchase Agreement with respect to a Non-Serviced Mortgage
Loan), the original or a copy of any of the documents and/or instruments referred to in Section 2.01(a)(ii), Section 2.01(a)(iii),
Section 2.01(a)(v), Section 2.01(a)(viii), Section 2.01(a)(xiv) and Section 2.01(a)(xvi)
and the UCC financing statements and UCC assignments of financing statements referred to in Section 2.01(a)(xiii),
with evidence of recording or filing thereon, solely because of a delay caused by the public recording or filing office where
such document or instrument has been delivered for recordation or filing, or because such original recorded or filed document
has been lost or returned from the recording or filing office and subsequently lost, as the case may be, the delivery requirements
of Section 2.01 shall be deemed to have been satisfied as to such missing item, and such missing item shall be deemed
to have been included in the related Mortgage File, provided that a copy of such document or instrument (without evidence
of recording or filing thereon, but certified (which certificate may relate to multiple documents and/or instruments) by the applicable
public recording or filing office, the applicable title insurance company or the related Mortgage Loan Seller to be a true and
complete copy of the original thereof submitted for recording or filing, as the case may be) has been delivered to the Custodian
within 60 days after the Closing Date, and either the original of such missing document or instrument, or a copy thereof, with
evidence of recording or filing, as the case may be, thereon, is delivered to the Custodian within 180 days after the Closing
Date (or within such longer period after the Closing Date so long as the related Mortgage Loan Seller has provided the Custodian
with evidence of such recording or filing, as the case may be, or has certified to the Custodian as to the occurrence of such
recording or filing, as the case may be, and is, as certified to the Custodian no less often than quarterly, in good faith attempting
to obtain from the appropriate county recorder’s or filing office such original or copy, provided such extensions do not
exceed 24 months in the aggregate).

 

(c)               
Notwithstanding anything herein to the contrary, with respect to the documents referred to in Section 2.01(a)(xix)
and Section 2.01(a)(xx) of this Agreement, the Master Servicer shall hold (or the applicable Other Servicer with respect
to any Non-Serviced Mortgage Loan will hold) the original of each such document in trust on behalf of the Trust (or the applicable
Other Trust with respect to any Non-Serviced Mortgage Loan) in order to draw on such letter of credit on behalf of the Trust (or
the applicable Other Trust with respect to any Non-Serviced Mortgage Loan) and the applicable Mortgage Loan Seller shall be deemed
to have satisfied the delivery requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01
of this Agreement by delivering the original of each such document to the Master Servicer (or the applicable Other Servicer with
respect to any Non-Serviced Mortgage Loan) who shall forward a copy of the applicable document to the Custodian (or the custodian
in the applicable Other Securitization with respect to any Non-Serviced Mortgage Loan). The applicable Mortgage Loan Seller shall
pay any costs of assignment or amendment of such letter of credit (which amendment shall change the beneficiary of the letter
of credit to the Trust (or the applicable Other Trust with respect to any Non-Serviced Mortgage Loan) in care of the Master Servicer
(or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan)) required in order for the Master Servicer (or
the applicable Other Servicer with respect to any Non-Serviced Mortgage

 

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Loan) to draw on such
letter of credit on behalf of the Trust (or the applicable Other Trust with respect to any Non-Serviced Mortgage Loan). In the
event that the documents specified in Section 2.01(a)(xx) of this Agreement are missing with respect to any Serviced
Mortgage Loan because the related assignment or amendment documents have not been completed, the applicable Mortgage Loan Seller
shall take all necessary steps to enable the Master Servicer to draw on the related letter of credit on behalf of the Trust including,
if necessary, drawing on the letter of credit in its own name pursuant to written instructions from the Master Servicer and immediately
remitting such funds (or causing such funds to be remitted) to the Master Servicer.

 

(d)              
With respect to the Serviced Mortgage Loan secured by the Mortgaged Property identified as Loan No. 4 (Station Park & Station
Park West) on the Mortgage Loan Schedule, which is subject to a franchise agreement with a related comfort letter in favor of
the respective Mortgage Loan Seller that requires notice to or request of the related franchisor to transfer or assign any related
comfort letter to the Trust or otherwise have a new comfort letter issued in the name of the Trust, the related Mortgage Loan
Seller or its designee will be required to provide any such required notice or make any such required request to the related franchisor,
with a copy of such notice or request to the Master Servicer, or take any such other required action, in any event, within 45
days of the Closing Date (or any shorter period if required by the applicable comfort letter), notify the related franchisor that
such Mortgage Loan has been transferred to the Trust and request a replacement comfort letter (or any such new document or acknowledgement
as may be contemplated under the existing comfort letter), and the Master Servicer shall use reasonable efforts in accordance
with the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement
as may be contemplated under the existing comfort letter).

 

(e)               
Notwithstanding anything to the contrary contained herein, with respect to any Joint Mortgage Loan, the obligations of the related
Mortgage Loan Seller to deliver a Note to the Trustee, or a Custodian on its behalf, shall be limited to delivery of only the
Note held by such party to the Trustee, or Custodian on its behalf. With respect to any Joint Mortgage Loan, the obligations of
each Mortgage Loan Seller to deliver the remaining portion of the related Mortgage File or any document required to be delivered
with respect thereto shall be joint and several, provided that either of the related Mortgage Loan Sellers may deliver
one Mortgage File or one of any other document required to be delivered with respect to any Joint Mortgage Loan hereunder and
such delivery shall satisfy such delivery requirements for each of the related Mortgage Loan Sellers.

 

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

 

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Diligence
File for each of its Mortgage Loans, (ii) the Diligence File contains all documents and information required under the definition
of “Diligence File” and (iii) the Diligence File is organized and categorized in accordance with the electronic file
structure reasonably agreed to by the Depositor and the related Mortgage Loan Seller (the “Diligence File Certification”).

 

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

 

Section 2.02         
Acceptance by Custodian and the Trustee. By its execution and delivery of this Agreement, the Trustee acknowledges the
assignment to it of the Mortgage Loans in good faith without notice of adverse claims and declares that the Custodian holds and
will hold such documents and all others delivered to it constituting the Mortgage File (to the extent the documents constituting
the Mortgage File are actually delivered to the Custodian) for any Mortgage Loan assigned to the Trustee hereunder in trust, upon
the conditions herein set forth, for the use and benefit of all present and future Certificateholders and Serviced Companion Loan
Noteholders.

 

The
Custodian hereby certifies to each of the Directing Holder, the Depositor, the Certificate Administrator, the Trustee, the Master
Servicer, the Special Servicer, the Operating Advisor and each Mortgage Loan Seller that except as identified in the Custodian’s
closing date certification, which shall be delivered no later than two Business Days after the Closing Date substantially in the
form attached as Exhibit N-1 to this Agreement, (i) each Mortgage Note (or copy thereof, with respect to any Serviced
Companion Loan) is in its possession and has been reviewed by the Custodian and (A) appears regular on its face (handwritten
additions, changes or corrections shall not constitute irregularities if initialed by the Borrower), (B) appears to have
been executed (where appropriate) and (C) purports to relate to such Mortgage Loan and (ii) each of the documents specified
in Section 2.01(a)(ii), Section 2.01(a)(vii), Section 2.01(a)(xi) and Section 2.01(a)(xix)
of this Agreement have been received, have been executed, appear to be what they purport to be, purport to be recorded or
filed (as applicable) and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such
documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule. If the Custodian does not send a closing date
certification on the Closing Date, it shall send an email confirmation to the Trustee that it has received all of the Mortgage
Notes (or copies or lost note affidavits as permitted), subject to any exceptions noted therein, on the Closing Date.

 

On
or about the 60th day following the Closing Date (and, if any exceptions are noted, again on or about the 90th day following the
Closing Date and monthly thereafter until the earliest of (i) the second anniversary of the Closing Date, (ii) the day
on which all material exceptions have been removed and (iii) the day on which the applicable Mortgage Loan Seller has repurchased
or substituted for the last affected Mortgage Loan), the Custodian shall review each Mortgage File and shall certify to each of
the Directing Holder, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer and each Mortgage Loan Seller in the form attached as Exhibit N-2
to this Agreement that all documents (other than documents referred to in clauses (xix) and (xx) of Section 2.01(a) of
this Agreement, which shall be delivered to the Master Servicer, and the documents referred to in clauses (iii), (iv)(B),
(v)(B) and (viii)(B) of Section 2.01(a) of this

 

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Agreement and the assignments of financing
statements referred to in clause (xiii) of Section 2.01(a) of this Agreement, which shall be delivered
for filing or recording by the related Mortgage Loan Seller as provided herein) referred to in Section 2.01(a) above
(in the case of the documents referred to in Section 2.01(a)(iv), Section 2.01(a)(vi), Section 2.01(a)(viii),
Section 2.01(a)(ix), Section 2.01(a)(x), Section 2.01(a)(xi), Section 2.01(a)(xii) through Section 2.01(a)(xvi) and Section 2.01(a)(xviii) through Section 2.01(a)(xx) of
this Agreement, as identified to it in writing as a document required to be delivered by the related Mortgage Loan Seller) and
any original recorded documents included in the delivery of a Mortgage File have been received, have been executed, appear to
be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially adverse manner
or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule.
In so doing, the Custodian may rely on the purported due execution and genuineness of any such document and on the purported genuineness
of any signature thereon. With respect to any Non-Serviced Mortgage Loan, the Custodian shall only be required to certify to each
of the Directing Holder, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer and each Mortgage Loan Seller that the document set forth in Section 2.01(a)(i)
has been received, subject to the preceding provisions of this Section 2.02.

 

If
at the conclusion of such review any document or documents constituting a part of a Mortgage File have not been executed or received,
have not been recorded or filed (if required), are unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, appear
not to be what they purport to be or have been torn in any materially adverse manner or mutilated or otherwise defaced, the Custodian
shall promptly so notify (in the form attached as Exhibit M to this Agreement) the Trustee, the Directing Holder (but
only if no Consultation Termination Event is continuing), the Depositor, the Certificate Administrator, the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the related Mortgage Loan Seller by providing
a written report, setting forth for each affected Mortgage Loan, with particularity, the nature of the defective or missing document.
The Depositor shall or shall cause the related Mortgage Loan Seller to deliver to the Custodian an executed, recorded or undamaged
document, as applicable, or, if the failure to deliver such document in such form constitutes a Material Defect, the Depositor
shall cause the related Mortgage Loan Seller to cure, repurchase or substitute for the related Mortgage Loan in the manner provided
in Section 2.03(e) of this Agreement. None of the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian or the Trustee shall be responsible for any loss, cost, damage or expense to the Trust Fund resulting from any failure
to receive any document constituting a portion of a Mortgage File noted on such a report or for any failure by the Depositor to
use its best efforts to deliver any such document.

 

Within
10 Business Days following the Closing Date or upon any earlier request made by the Master Servicer or the Special Servicer, the
Depositor shall cause each Mortgage Loan Seller to deliver a power of attorney substantially in the form of Exhibit C to the applicable Mortgage Loan Purchase Agreement to the Master Servicer and Special Servicer, that permits such parties
to take such other action as is necessary to effect the delivery, assignment and/or recordation of any documents and/or instruments
relating to any Mortgage Loan which have not been delivered, assigned or recorded at the time required for enforcement by the
Trust Fund. Pursuant to the related Mortgage Loan Purchase Agreement, each of the Mortgage Loan Sellers

 

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will be required to effect
(at the expense of the applicable Mortgage Loan Seller) the assignment and recordation of its respective Loan Documents until
the assignment and recordation of all such Loan Documents has been completed.

 

In
reviewing any Mortgage File pursuant to the third preceding paragraph or Section 2.01 of this Agreement, the Master
Servicer shall have no responsibility to cause the Custodian or Trustee to, and the Custodian or Trustee will have no responsibility
to, examine any opinions or determine whether any document is legal, valid, binding, sufficient, duly authorized or enforceable,
whether the text of any assignment or endorsement is in proper or recordable form (except, if applicable, to determine if the
Trustee is the assignee or endorsee), whether any document has been recorded in accordance with the requirements of any applicable
jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person executing any document
or rendering any opinion is authorized to do so or whether any signature thereon is genuine.

 

The
Custodian shall hold that portion of the Trust Fund delivered to the Custodian consisting of “instruments” (as such
term is defined in Section 9-102 of the Uniform Commercial Code as in effect in Minnesota on the date hereof) in Minnesota
and, except as otherwise specifically provided in this Agreement, shall not remove such instruments from Minnesota unless it receives
an Opinion of Counsel (obtained and delivered at the expense of the Person requesting the removal of such instruments from Minnesota)
that if the transfer of the Mortgage Loans to the Trustee is deemed not to be a sale, after such removal, the Trustee will possess
a first priority perfected security interest in such instruments.

 

Section 2.03         
Representations, Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans. (a)  The
Depositor hereby represents and warrants that:

 

(i)               
The Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware;

 

(ii)               
The Depositor has taken all necessary action to authorize the execution, delivery and performance of this Agreement by it, and
has the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby, including,
but not limited to, the power and authority to sell, assign and transfer the Mortgage Loans in accordance with this Agreement;

 

(iii)               
This Agreement has been duly and validly executed and delivered by the Depositor and assuming the due authorization, execution
and delivery of this Agreement by each other party hereto, this Agreement and all of the obligations of the Depositor hereunder
are the legal, valid and binding obligations of the Depositor, enforceable in accordance with the terms of this Agreement, except
as such enforcement may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or other laws
relating to or affecting creditors’ rights generally, or by general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law);

 

(iv)               
The execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict
with any provision of its certificate

 

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of incorporation or bylaws, or any law or regulation to which the Depositor is subject,
or conflict with, result in a breach of or constitute a default under (or an event which with notice or lapse of time or both
would constitute a default under) any of the terms, conditions or provisions of any agreement or instrument to which the Depositor
is a party or by which it is bound, or any law, order or decree applicable to the Depositor, or result in the creation or imposition
of any lien on any of the Depositor’s assets or property, which would materially and adversely affect the ability of the
Depositor to carry out the transactions contemplated by this Agreement;

 

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

 

(A)          to acquire, own, hold, sell, transfer, assign, pledge and otherwise deal with the following: (I) “fully-modified pass-through”
certificates (“GNMA Certificates”) issued and guaranteed as to timely payment of principal and interest by
the Government National Mortgage Association (“GNMA”), a wholly-owned corporate instrumentality of the United
States within the Department of Housing and Urban Development organized and existing under Title III of the National Housing Act
of 1934; (II) Guaranteed Mortgage Pass-Through Certificates (“FNMA Certificates”) issued and guaranteed
as to timely payment of principal and interest by FNMA; (III) Mortgage Participation Certificates (“FHLMC Certificates”)
issued and guaranteed as to timely payment of interest and ultimate or full payment of principal by FHLMC; (IV) any other
participation certificates, pass-through certificates or other obligations or interests backed directly or indirectly by mortgage
loans and issued or guaranteed by GNMA, FNMA or FHLMC (collectively with the GNMA Certificates, FNMA Certificates and FHLMC Certificates,
the “Agency Securities”); (V) mortgage-backed securities, which securities need not be issued or guaranteed,
in whole or in part, by any governmental entity, issued by one or more private entities (hereinafter referred to as “Private
Securities”); (VI) mortgage loans secured by first, second or more junior liens on one-to-four family residential
properties, multifamily properties that are either rental apartment buildings or projects containing five or more residential
units or commercial properties, regardless of whether insured or guaranteed in whole or in part by any governmental entity, or
participation interests or stripped interests in such mortgage loans (“Mortgage Loans”); (VII) conditional
sales contracts and installment sales or loan agreements or participation interests therein secured by manufactured housing (“Contract”);
and (VIII) receivables of third-parties or other financial assets of third-parties, either fixed or revolving, that by their
terms convert into cash within a finite time period (“Other Assets”);

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)            It is understood and agreed that the representations and warranties set forth in this Section 2.03 shall survive delivery
of the respective Mortgage Files to the Custodian until the termination of this Agreement, and shall inure to the benefit of the
Certificateholders, any Serviced Companion Loan Noteholders, Certificate Administrator, the Trustee, the Custodian, the Master
Servicer and the Special Servicer.

 

(d)            If the Master Servicer or the Special Servicer (i) receives a Repurchase Communication of a request or demand for repurchase or
replacement of a Mortgage Loan because of a Breach or a Defect (each as defined below) (any such request or demand, a “Repurchase
Request”, and the Master Servicer or the Special Servicer, as applicable, to the extent it receives a Repurchase Request,
the “Repurchase Request Recipient” with respect to such Repurchase Request); (ii) receives a Repurchase
Communication of a withdrawal of a Repurchase Request by the Person making such Repurchase Request (a “Repurchase Request
Withdrawal”), (iii) receives a Repurchase Communication that any Mortgage Loan that was subject to a Repurchase Request
has been repurchased or replaced (a “Repurchase”), or (iv) receives a Repurchase Communication of the rejection
of a Repurchase Request (a “Repurchase Request Rejection”), then such Person shall deliver written notice of
such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection (each such notice, a “Rule 15Ga-1
Notice”) to the Depositor, the Master Servicer, the Special Servicer and the related Mortgage Loan Seller, in each case
within ten Business Days from such party’s receipt of a Repurchase Communication of such Repurchase Request, Repurchase
Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable; provided, however, if the Master
Servicer or the Special Servicer receives notice of a Repurchase Request Withdrawal or Repurchase Request Rejection from the Special
Servicer or the Master Servicer, as applicable, then such receiving party shall have no obligation to deliver such notice to any
other party.

 

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

 

No
Person that is required to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(d) (a “Rule 15Ga-1
Notice Provider”) shall be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client
privilege or attorney work product doctrines. Each Mortgage Loan Purchase Agreement will provide that (i) any Rule 15Ga-1
Notice provided pursuant to this Section 2.03(d) is so provided only to assist the related Mortgage Loan Seller, the
Depositor and its Affiliates to comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and
any other requirement of law or regulation and (ii) (A) no action taken by, or inaction of, a Rule 15Ga-1 Notice
Provider and (B) no information provided pursuant to this Section 2.03(d) by a Rule 15Ga-1 Notice Provider,
shall be deemed to constitute a waiver or defense to the exercise of any legal right the Rule 15Ga-1 Notice Provider may
have with respect

 

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to the related Mortgage Loan Purchase Agreement, including with respect to any Repurchase Request that is the
subject of a Rule 15Ga-1 Notice.

 

In
the event that the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Custodian receives a Repurchase Communication of a Repurchase Request or a Repurchase Request Withdrawal, then such party
shall promptly forward such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal to the Master
Servicer, if relating to a Performing Loan, or to the Special Servicer, if relating to a Specially Serviced Loan or REO Property,
and include the following statement in the related correspondence: “This is a “Repurchase Request [Withdrawal]”
under Section 2.03(d) of the Pooling and Servicing Agreement relating to the Benchmark 2020-B22 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2020-B22 requiring action by you as the recipient of such Repurchase Request or Repurchase
Request Withdrawal thereunder”. Upon receipt of such Repurchase Communication of such Repurchase Request or Repurchase Request
Withdrawal by the Master Servicer or the Special Servicer, as applicable, such party shall be deemed to be the Repurchase Request
Recipient of such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal, and such party shall comply
with the procedures set forth in this Section 2.03(d) with respect to such Repurchase Request or Repurchase Request
Withdrawal. In no event shall the Custodian, by virtue of this provision, be required to provide any notice other than as set
forth in Section 2.02 of this Agreement in connection with its review of the Mortgage File.

 

(e)               
A “Defect” shall exist with respect to a Mortgage Loan if any document constituting a part of the related Mortgage
File that is required to be delivered by the related Mortgage Loan Seller has not been delivered within the time periods provided
for in the related Mortgage Loan Purchase Agreement, has not been properly executed, is missing, does not appear to be regular
on its face or contains information that does not conform in any material respect with the corresponding information set forth
in the Mortgage Loan Schedule. A “Breach” shall mean a breach of any representation or warranty of any Mortgage
Loan Seller made pursuant to the related Mortgage Loan Purchase Agreement with respect to any Mortgage Loan. If any party hereto
discovers or receives notice of a Defect or a Breach, and if such Defect is a Material Defect or such Breach is a Material Breach,
as applicable, then such party, on behalf of the Trust Fund, shall give prompt written notice thereof (which notice shall be accompanied
by a written demand to cure, repurchase or substitute in accordance with the applicable Mortgage Loan Purchase Agreement) to the
related Mortgage Loan Seller, the other parties hereto, the 17g-5 Information Provider (who shall promptly post such notice to
the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), the related Serviced
Companion Loan Noteholder (if any) and, for so long as no Consultation Termination Event is continuing, the Directing Holder.
If any such Defect or Breach materially and adversely affects the value of any Mortgage Loan, the value of the related Mortgaged
Property or the interests of the Trustee or any Certificateholders in any Mortgage Loan or Mortgaged Property, or causes the related
Mortgage Loan to be other than a Qualified Mortgage, then such Defect shall constitute a “Material Defect” or such
Breach shall constitute a “Material Breach,” as the case may be; provided that if any of the documents specified
in Section 2.01(a)(i), Section 2.01(a)(ii), Section 2.01(a)(vii), Section 2.01(a)(xi)
and Section 2.01(a)(xix) of this Agreement are not delivered as required in the related Mortgage Loan Purchase
Agreement, it shall be deemed a Material Defect. The Custodian, the Certificate Administrator and the Trustee shall not be required
to make any such determination. Promptly

 

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upon receiving written notice of any such Material Defect or Material Breach with respect
to a Mortgage Loan, accompanied by a written demand to take the actions contemplated by this sentence from the Depositor, the
Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or the Custodian, on behalf of the Trust Fund, the applicable Mortgage Loan Seller shall, not later than 90 days
from the applicable Mortgage Loan Seller’s receipt of such notice of such Material Defect or Material Breach, as the case
may be (or, in the case of a Material Defect or Material Breach relating to a Mortgage Loan not being a Qualified Mortgage, not
later than 90 days after the Mortgage Loan Seller or any party hereto discovering such Material Defect or Material Breach,
provided that the related Mortgage Loan Seller has received notice in accordance with the terms of the related Mortgage
Loan Purchase Agreement) (any such 90-day period, the “Initial Resolution Period”), (i) cure the same
in all material respects, at its own expense, (ii) repurchase the affected Mortgage Loan (or, in the case of each of a Joint
Mortgage Loan, the applicable portion thereof) or REO Loan at the applicable Purchase Price in conformity with the applicable
Mortgage Loan Purchase Agreement or (iii) substitute a Qualified Substitute Mortgage Loan (other than with respect to the
Whole Loans, as applicable, for which no substitution will be permitted) for such affected Mortgage Loan (provided that,
in no event shall such substitution occur later than the second anniversary of the Closing Date) and pay to the Master Servicer
for deposit into the Collection Account (or, with respect to any Serviced Whole Loan, the applicable Serviced Whole Loan Collection
Account) any Substitution Shortfall Amount in connection therewith; provided, that if (i) such Material Defect or Material
Breach is capable of being cured but not within the Initial Resolution Period or, with respect to the immediately preceding proviso,
the time period set forth therein, (ii) such Material Defect or Material Breach is not related to any Mortgage Loan’s
not being a Qualified Mortgage, (iii) the Mortgage Loan Seller has commenced and is diligently proceeding with the cure of
such Material Defect or Material Breach within the Initial Resolution Period and (iv) the Mortgage Loan Seller has delivered to
the Master Servicer, the Special Servicer, the Asset Representations Reviewer, the Certificate Administrator (who will promptly
deliver a copy of such officer’s certificate to the 17g-5 Information Provider), the Trustee, the Operating Advisor and,
other than during the continuance of a Consultation Termination Event, the Directing Holder, an officer’s certificate that
describes the reason the cure was not effected within the initial 90-day period, then the Mortgage Loan Seller shall have an additional
period equal to the applicable Resolution Extension Period to complete such cure or, failing such cure, to repurchase the Mortgage
Loan and the related REO Loan (or, in the case of a Joint Mortgage Loan, the applicable portion thereof) or, if applicable, substitute
a Qualified Substitute Mortgage Loan. Notwithstanding the foregoing, if a Mortgage Loan is not secured by a Mortgaged Property
that is, in whole or in part, a hotel, restaurant (operated by a Borrower), healthcare facility, nursing home, assisted living
facility, theatre or fitness center (operated by a Borrower), then the failure to deliver to the Custodian copies of the UCC financing
statements with respect to such Mortgage Loan shall not be a Material Defect. With respect to any Joint Mortgage Loan, each applicable
Mortgage Loan Seller’s obligation shall be such Mortgage Loan Seller’s pro rata share based on such Mortgage
Loan Seller’s percentage interest as of the date of the applicable Mortgage Loan Purchase Agreement in such Joint Mortgage
Loan. With respect to the Non-Serviced Mortgage Loans, the related Mortgage Loan Seller agrees that any Defect as such term is
defined in the related Other Pooling and Servicing Agreement (other than a Defect related to the promissory note for the related
Companion Loan) will constitute a Defect under the related Mortgage Loan Purchase Agreement.

 

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Notwithstanding
the foregoing, if there is a Material Breach or Material Defect with respect to one or more Mortgaged Properties with respect
to a Mortgage Loan, the applicable Mortgage Loan Seller will not be obligated to repurchase the Mortgage Loan (or, in the case
of a Joint Mortgage Loan, the applicable portion thereof) and such Material Breach or Material Defect will be considered Resolved
if (i) the affected Mortgaged Property may be released pursuant to the terms of any partial release provisions in the related
Loan Documents (and such Mortgaged Property is, in fact, released), (ii) the remaining Mortgaged Property(ies) satisfy the
requirements, if any, set forth in the Loan Documents and the Mortgage Loan Seller provides an Opinion of Counsel to the effect
that such release would not cause an Adverse REMIC Event to occur and (iii) each applicable Rating Agency has provided a
Rating Agency Confirmation.

 

If
a Mortgage Loan Seller, in connection with a Material Defect or a Material Breach (or an allegation of a Material Defect or a
Material Breach) pertaining to a Mortgage Loan, makes a cash payment pursuant to an agreement or a settlement between the applicable
Mortgage Loan Seller and the Special Servicer on behalf of the Trust (and, for so long as no Control Termination Event is continuing,
only if such Mortgage Loan Seller is not affiliated with the Directing Holder, and only with respect to any Mortgage Loan that
is not an applicable Excluded Loan or any Servicing Shift Mortgage Loan, with the consent of the Directing Holder) (each such
payment, a “Loss of Value Payment”) with respect to such Mortgage Loan, the amount of such Loss of Value Payment
shall be deposited into the Loss of Value Reserve Fund to be applied in accordance with Section 3.06(e) of this Agreement.
In connection with any such determination with respect to any Performing Loan, the Master Servicer shall promptly provide the
Special Servicer, but in any event within the time frame and in the manner set forth in Section 3.23, with the Servicing
File and all information, documents (but excluding the original documents constituting the Mortgage File) and records (including
records stored electronically) relating to such Mortgage Loan or Serviced Whole Loan, as applicable, and reasonably requested
by the Special Servicer pursuant to Section 2.03 in order to permit the Special Servicer to calculate the Loss of
Value Payment. If such Loss of Value Payment is made, the Loss of Value Payment shall serve as the sole remedy available to the
Certificateholders and the Trustee on their behalf regarding any such Material Breach or Material Defect in lieu of any obligation
of the Mortgage Loan Seller to otherwise cure such Material Breach or Material Defect or repurchase or substitute for the affected
Mortgage Loan based on such Material Breach or Material Defect under any circumstances. This paragraph is intended to apply only
to a mutual agreement or settlement between the applicable Mortgage Loan Seller and the Trust, provided that (i) prior
to any such agreement or settlement nothing in this paragraph shall preclude the Mortgage Loan Seller or the Trustee from exercising
any of its rights related to a Material Defect or a Material Breach in the manner and timing set forth in the related Mortgage
Loan Purchase Agreement or this Section 2.03 (excluding this paragraph) (including any right to cure, repurchase or
substitute for such Mortgage Loan); (ii) such Loss of Value Payment shall not be greater than the Purchase Price of the affected
Mortgage Loan; and (iii) a Material Defect or a Material Breach as a result of a Mortgage Loan not constituting a Qualified
Mortgage may not be cured by a Loss of Value Payment. With respect to any Joint Mortgage Loan, each applicable Mortgage Loan Seller’s
obligation shall be such Mortgage Loan Seller’s pro rata share based on such Mortgage Loan Seller’s percentage
interest as of the date of the applicable Mortgage Loan Purchase Agreement in such Joint Mortgage Loan.

 

If
any Breach pertains to a representation or warranty to the effect that the related Loan Documents or any particular Loan Document
requires the related Borrower to bear the costs

 

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and expenses associated with any particular action or matter under such Loan Document(s),
then the related Mortgage Loan Seller shall cure such Breach within the applicable cure period (as the same may be extended) by
reimbursing the Trust Fund (by wire transfer of immediately available funds) the reasonable amount of any such costs and expenses
incurred by the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Trust Fund that are incurred
as a result of such Breach and have not been reimbursed by the related Borrower; provided, however, that in the
event any such costs and expenses exceed $10,000, the related Mortgage Loan Seller shall have the option to either repurchase
or substitute for the related Mortgage Loan as provided above or pay such costs and expenses. Except as provided in the proviso
to the immediately preceding sentence, the related Mortgage Loan Seller shall remit the amount of such costs and expenses and
upon its making such remittance, the related Mortgage Loan Seller shall be deemed to have cured such Breach in all respects. To
the extent any fees or expenses that are the subject of a cure by the related Mortgage Loan Seller are subsequently obtained from
the related Borrower, the portion of the cure payment made by the related Mortgage Loan Seller equal to such fees or expenses
obtained from the related Borrower shall promptly be returned to the related Mortgage Loan Seller. With respect to any Joint Mortgage
Loan, each applicable Mortgage Loan Seller’s obligation shall be such Mortgage Loan Seller’s pro rata share
based on such Mortgage Loan Seller’s percentage interest as of the date of the applicable Mortgage Loan Purchase Agreement
in such Joint Mortgage Loan.

 

(f)                
In connection with any repurchase of or substitution for a Mortgage Loan contemplated by this Section 2.03, (A) the
Custodian, the Master Servicer (with respect to any Performing Loan) and the Special Servicer (with respect to any Specially Serviced
Loan) shall each tender to the applicable Mortgage Loan Seller all portions of the Mortgage File (in the case of the Custodian)
and the Servicing File (in the case of the Master Servicer and the Special Servicer, as applicable) and other documents pertaining
to such Mortgage Loan possessed by it (other than attorney-client communications that are privileged communications), upon delivery
(i) to each of the Master Servicer or the Special Servicer, as applicable, of a trust receipt and (ii) to the Custodian by
the Master Servicer or the Special Servicer, as applicable, of a Request for Release and an acknowledgement by the Master Servicer
or Special Servicer, as applicable, of its receipt of the Purchase Price or the Substitution Shortfall Amount from the applicable
Mortgage Loan Seller, (B) each document that constitutes a part of the Mortgage File that was endorsed or assigned to the
Trustee shall be endorsed or assigned without recourse in the form of endorsement or assignment provided to the Custodian by the
applicable Mortgage Loan Seller, as the case may be, to the applicable Mortgage Loan Seller as shall be necessary to vest in the
applicable Mortgage Loan Seller the legal and beneficial ownership of such Mortgage Loan to the extent such ownership was transferred
to the Trustee (provided that the Master Servicer or Special Servicer, as applicable, shall use reasonable efforts to cooperate
in furnishing necessary information to the extent in its possession to the Mortgage Loan Seller in connection with such Mortgage
Loan Seller’s preparation of such endorsement or assignment) and (C) the Trustee, the Certificate Administrator, the Master
Servicer and the Special Servicer shall release, or cause a release of, any escrow payments and reserve funds held by the Trustee,
the Certificate Administrator, the Master Servicer and the Special Servicer, as applicable, or on the Trustee’s, the Certificate
Administrator’s, the Master Servicer’s and the Special Servicer’s, as applicable, behalf, in respect of such
Mortgage Loan to the applicable Mortgage Loan Seller.

 

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(g)               
The Enforcing Servicer shall, for the benefit of the Certificateholders and the Trustee, use reasonable efforts to enforce the
obligations of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement. Such
enforcement, including, without limitation, the legal prosecution of claims, shall be carried out in accordance with the Servicing
Standard. The Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, as the case may be, shall
be reimbursed for the reasonable costs of such enforcement: first, pursuant to Section 3.06 of this Agreement
(with respect to the related Mortgage Loan), out of the related Purchase Price or Substitution Shortfall Amount, as applicable,
to the extent that such expenses are a specific component thereof; and second, if at the conclusion of such enforcement
action it is determined that the amounts described in clause first are insufficient, then pursuant to Section 3.06
of this Agreement, out of general collections on the Mortgage Loans on deposit in the Collection Account in each case with
interest thereon at the Reimbursement Rate from the time such expense was incurred to, but excluding, the date such expense was
reimbursed. To the extent the applicable Mortgage Loan Seller prevails in such proceeding, such Mortgage Loan Seller shall be
entitled to reimbursement from the Trust for all necessary and reasonable costs and expenses incurred in connection with such
proceeding, including reasonable attorneys’ fees.

 

So
long as document exceptions are outstanding, on each anniversary of the Closing Date, the Custodian shall prepare and forward
to the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Directing Holder (as identified to the Custodian by the Certificate Administrator) and
the applicable Mortgage Loan Seller, a document exception report setting forth the then current status of any Defects related
to the Mortgage Files pertaining to the Mortgage Loans sold by such Mortgage Loan Seller.

 

As
to any Qualified Substitute Mortgage Loan, the Master Servicer (with respect to Performing Loans) or the Special Servicer (with
respect to Specially Serviced Loans and REO Properties) shall direct the related Mortgage Loan Seller to deliver to the Custodian
for such Qualified Substitute Mortgage Loan (with a copy to the Master Servicer), the related Mortgage File with the related Mortgage
Note endorsed as required by Section 2.01(a)(i) hereof. Periodic Payments due with respect to Qualified Substitute
Mortgage Loans in or prior to the month of substitution shall not be part of the Trust Fund and, if received by the Master Servicer,
shall be remitted by the Master Servicer to the related Mortgage Loan Seller on the next succeeding Distribution Date. For the
month of repurchase or substitution, distributions to Certificateholders will include the Periodic Payment(s) due on the related
Removed Mortgage Loan, if and to the extent received by the Master Servicer or the Special Servicer on behalf of the Trust on
or prior to the related date of repurchase or substitution, as applicable, and such Mortgage Loan Seller shall be entitled to
retain all amounts received thereafter in respect of such Removed Mortgage Loan.

 

In
any month in which a Mortgage Loan Seller substitutes one or more Qualified Substitute Mortgage Loans for one or more Removed
Mortgage Loans, the Master Servicer shall determine the applicable Substitution Shortfall Amount and promptly notify the Certificate
Administrator thereof. Promptly upon receipt of such notice, the Certificate Administrator shall direct such Mortgage Loan Seller
to deposit into the Collection Account and/or the applicable Serviced Whole Loan Collection Account, as applicable, cash equal
to such amount concurrently with the delivery of the Mortgage Files for such Qualified Substitute Mortgage Loans, without any

 

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reimbursement thereof. The Certificate Administrator shall also direct such Mortgage Loan Seller to give written notice to the
Depositor, the Trustee and the Master Servicer of such deposit. The Certificate Administrator shall cause its Distribution Date
Statement to reflect the removal of each Removed Mortgage Loan and, if applicable, the substitution of the Qualified Substitute
Mortgage Loan. Upon any such substitution, the Qualified Substitute Mortgage Loans shall be subject to the terms of this Agreement
in all respects.

 

It
is understood and agreed that Section 6 of the Mortgage Loan Purchase Agreements provides the sole remedy available to the
Certificateholders and the Trustee on behalf of the Certificateholders respecting any Breach (including a Breach with respect
to a Mortgage Loan failing to constitute a Qualified Mortgage) or any Defect.

 

(h)               In the event that any litigation is commenced which alleges facts which, in the judgment of the Depositor, could constitute a
breach of any of the Depositor’s representations and warranties relating to the Mortgage Loans, the Depositor hereby reserves
the right to conduct the defense of such litigation at its expense and shall not be required to obtain any consent from the Master
Servicer, the Special Servicer or the Directing Holder, unless such defense results in any liability of the Master Servicer, the
Special Servicer or the Directing Holder, as applicable.

 

(i)                If for any reason a Mortgage Loan Seller fails to fulfill its obligations under the related Mortgage Loan Purchase Agreement with
respect to any Mortgage Loan, the Master Servicer (with respect to Performing Loans) and the Special Servicer (with respect to
Specially Serviced Loans) shall use reasonable efforts in enforcing any obligation of such Mortgage Loan Seller (including but
not limited to) to cure, repurchase or substitute for such Mortgage Loan under the terms of the related Mortgage Loan Purchase
Agreement all at the expense of such Mortgage Loan Seller.

 

(j)                Notwithstanding anything to the contrary contained in this Agreement, for the purposes of Section 2.03 of this Agreement
and any provision relating to repurchase and substitution obligations for a Material Breach or Material Defect, with respect to
any Joint Mortgage Loan, the obligations of each of the applicable Mortgage Loan Sellers to repurchase or substitute such Joint
Mortgage Loan shall be limited to a repurchase, substitution or Loss of Value Payment with respect to the Note it sold to the
Depositor in accordance with the related Mortgage Loan Purchase Agreement. With respect to any Joint Mortgage Loan, any cure by
either of the applicable Mortgage Loan Sellers with respect to the Note sold by it to the Depositor in accordance with the related
Mortgage Loan Purchase Agreement that also cures the Material Defect or Material Breach with respect to the entire related Joint
Mortgage Loan shall satisfy the cure obligations of both Mortgage Loan Sellers with respect to such Joint Mortgage Loan.

 

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

 

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Section 2.03(e). Subject to Section 2.03(l),
the Enforcing Servicer shall be the Enforcing Party with respect to the Certificateholder Repurchase Request. If a Resolution
Failure occurs with respect to the Certificateholder Repurchase Request, the provisions described below under Section 2.03(l)
shall apply.

 

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

 

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

 

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

 

(l)                (i)  After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase
Request was initiated by an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing Servicer shall
send a notice (a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder, if any, to
the address specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate Administrator,
who shall make such notice available to all other Certificateholders and Certificate Owners (by posting such notice on the Certificate
Administrator’s Website) indicating 

 

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

 

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Owners supporting the Enforcing Servicer’s initial Proposed Course of Action, such
responses shall be considered Preliminary Dispute Resolution Election Notices supporting the Proposed Course of Action for purposes
of determining the course of action proposed by the majority of Certificateholders.

 

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

 

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

 

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

 

(v)               
If a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then such
Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to mediation (including nonbinding
arbitration) or arbitration. If there is more than one Requesting Certificateholder that timely delivers a Final Dispute Resolution
Election Notice, then such Requesting Certificateholders will collectively become the Enforcing Party, and the holder or holders
of a majority of the Voting Rights among such Requesting Certificateholders will

 

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be entitled to make all decisions relating to
such mediation or arbitration. If, however, no Requesting Certificateholder commences arbitration or mediation pursuant to the
terms of this Agreement within 30 days after delivery of its Final Dispute Resolution Election Notice to the Enforcing Servicer,
then (i) the rights of a Requesting Certificateholder to act as the Enforcing Party shall terminate and no Certificateholder or
Certificate Owner shall have any further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed
Course of Action Notice indicated that the Enforcing Servicer shall take no further action with respect to the Repurchase Request,
then the related Material Breach or Material Defect shall be deemed waived for all purposes under this Agreement and the related
Mortgage Loan Purchase Agreement; provided, however, that such Material Breach or Material Defect shall not be deemed
waived with respect a Requesting Certificateholder, any other Certificateholder or Certificate Owner or the Enforcing Servicer
to the extent there is a material change in the facts and circumstances known to such party at the time when the Proposed Course
of Action Notice is posted on the Certificate Administrator’s Website and (iii) if the Proposed Course of Action Notice
had indicated a course of action other than the course of action under clause (ii), then the Enforcing Servicer shall again become
the Enforcing Party and, as such, shall be the sole party obligated and entitled to determine a course of action including, but
not limited to, enforcing the Trust’s rights against the related Mortgage Loan Seller.

 

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

 

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

 

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

 

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

 

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Repurchase Request with respect to such
Mortgage Loan based on the same alleged Material Breach or Material Defect unless there is a material change in the facts and
circumstances known to such party.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(ii)                The arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation and commercial real estate finance or commercial mortgage-backed securitization matters or

 

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other complex
commercial transactions, and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider. Upon
being supplied a list of at least ten potential arbitrators by the Arbitration Services Provider each party will have the right
to exercise two peremptory challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The
Arbitration Services Provider will select the arbitrator from the remaining attorneys on the list respecting the preference choices
of the parties to the extent possible.

 

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

 

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

 

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

 

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

 

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and non-appealable, except for actions to confirm or vacate the determination
permitted under federal or state law, and may be enforced in any court of competent jurisdiction.

 

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

 

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

 

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

 

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

 

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

 

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

 

(iv)               
In the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the case
may be, shall be required contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be a party
to any arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the Enforcing
Party; provided that the degree and extent to which the Enforcing Servicer actively prepares for and participates in such
proceedings shall be determined by such Enforcing Servicer in consultation with the Trust Directing Holder, provided that
a Consultation Termination Event is not continuing, and in accordance with the

 

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Servicing Standard. All amounts recovered by the
Enforcing Party shall be paid to the Trust, or the Enforcing Servicer on its behalf, and deposited in the Collection Account.
The agreement with the arbitrator or mediation, as the case may be, will provide that in the event a Requesting Certificateholder
is allocated any related costs and expenses pursuant to the terms of the arbitrator’s decision or the agreement reached
in mediation, neither the Trust nor the Enforcing Servicer acting on its behalf shall be responsible for any such costs and expenses
allocated to the Requesting Certificateholder.

 

(v)               In the event a Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder shall be required to pay
any expenses allocated to the Enforcing Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to
bear in the mediation proceedings.

 

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

 

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

 

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

 

Section 2.04         
Representations, Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator, the
Trustee, the Operating Advisor and the Asset Representations Reviewer. (a) The Master Servicer, as Master Servicer, hereby
represents and warrants with respect to itself to the Trustee, for its own benefit and the benefit of the Certificateholders,
and to the Depositor, the Certificate Administrator, the Special Servicer, the Asset Representations Reviewer and the Operating
Advisor and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)               
The Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of
the United States of America, and the Master Servicer is in compliance with the laws of each state (within the United States of
America) in which any related Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

  

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

 

(iii)               
The Master Servicer has the full corporate power and authority to enter into and consummate all transactions to be performed by
it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement, and has
duly executed and delivered this Agreement;

 

(iv)               
This Agreement, assuming due authorization, execution and delivery by the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the Special Servicer and the Depositor, constitutes a valid, legal
and binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject
to applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’
rights generally, and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity
or at law;

 

(v)               
The Master Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Master Servicer’s reasonable judgment is
likely to materially and adversely affect the financial condition or operations of the Master Servicer or its properties taken
as a whole or its ability to perform its duties and obligations hereunder;

 

(vi)               
No litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer which
would prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable
judgment is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under
this Agreement or the financial condition of the Master Servicer;

 

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

 

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(viii)              Each officer and employee of the Master Servicer that has responsibilities concerning the servicing and administration of Mortgage
Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage
required by this Agreement or the Master Servicer self-insures for such risks in compliance with the requirements of Section 3.08(d)
of this Agreement.

 

(b)              
The Special Servicer, as Special Servicer, hereby represents and warrants to and covenants with the Trustee, for its own benefit
and the benefit of the Certificateholders, and to the Depositor, the Certificate Administrator, the Master Servicer, the Operating
Advisor, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)               
The Special Servicer is a limited liability company, duly organized, validly existing and in good standing under the laws of Delaware,
and the Special Servicer is in compliance with the laws of each state (within the United States of America) in which any
related Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

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

 

(iii)               
The Special Servicer has the full limited liability company power and authority to enter into and consummate all transactions
to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this
Agreement, and has duly executed and delivered this Agreement;

 

(iv)               
This Agreement, assuming due authorization, execution and delivery by the Trustee, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Master Servicer and the Depositor, constitutes a valid, legal and binding obligation
of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject to applicable bankruptcy,
insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally,
and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)               
The Special Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or
demand of any federal, state, municipal or governmental agency, which default, in the Special Servicer’s reasonable judgment
is likely to materially and adversely affect the financial condition or operations of the Special

 

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Servicer or its properties taken
as a whole or its ability to perform its duties and obligations hereunder;

 

(vi)               
No litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer which
would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and reasonable
judgment is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations under
this Agreement or the financial condition of the Special Servicer;

 

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

 

(viii)              Each officer and employee of the Special Servicer that has responsibilities concerning the servicing and administration of Mortgage
Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage
required by this Agreement or the Special Servicer self-insures for such risks in compliance with the requirements of Section 3.08(d)
of this Agreement.

 

(c)               
[Reserved].

 

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

 

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

 

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

 

(iii)                
Neither the execution and delivery of this Agreement by the Trustee nor the consummation by the Trustee of the transactions herein
contemplated to be performed by the Trustee, nor compliance by the Trustee with the provisions hereof, will conflict with or result
in a breach of, or constitute a default under, any of the provisions of any applicable

 

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law (subject to the appointment in accordance
with such applicable law of any co-Trustee or separate Trustee required pursuant to this Agreement), governmental rule, regulation,
judgment, decree or order binding on the Trustee or its properties or the organizational documents of the Trustee or the terms
of any material agreement, instrument or indenture to which the Trustee is a party or by which it is bound which, in the Trustee’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations
under this Agreement;

 

(iv)               
The Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance and compliance
with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court binding on
the Trustee or any law, order or regulation of any federal, state, municipal or governmental agency having jurisdiction, or result
in the creation or imposition of any lien, charge or encumbrance which, in any such event, would have consequences that would
materially and adversely affect the condition (financial or otherwise) or operation of the Trustee or its properties;

 

(v)               
No consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency
or body, is required for the execution, delivery and performance by the Trustee of or compliance by the Trustee with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained, would have a materially adverse
effect on the Trustee’s ability to perform its obligations hereunder; and

 

(vi)               
To the best of the Trustee’s knowledge, no litigation is pending or threatened against the Trustee which would prohibit
its entering into or materially and adversely affect its ability to perform its obligations under this Agreement or the Indemnification
Agreement, dated and effective the Pricing Date, between the Trustee, the Depositor, the Underwriters and the Initial Purchasers.

 

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

 

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

 

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

 

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

 

(iv)               
The Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate Administrator
and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order
or decree of any court binding on the Certificate Administrator or any law, order or regulation of any federal, state, municipal
or governmental agency having jurisdiction, or result in the creation or imposition of any lien, charge or encumbrance which,
in any such event, would have consequences that are likely to affect materially and adversely the ability of the Certificate Administrator
to perform its obligations under this Agreement;

 

(v)               
No consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency
or body, is required for the execution, delivery and performance by the Certificate Administrator of or compliance by the Certificate
Administrator with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date or which, if not
obtained, would have a materially adverse effect on the Certificate Administrator’s ability to perform its obligations hereunder;
and

 

(vi)               
To the best of the Certificate Administrator’s knowledge, no litigation is pending or threatened against the Certificate
Administrator which would prohibit its entering into or materially and adversely affect its ability to perform its obligations
under this Agreement or the Indemnification Agreement, dated and effective the Pricing Date, between the Certificate Administrator,
the Depositor, the Underwriters and the Initial Purchasers.

 

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

 

(i)               
The Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of
the State of Delaware and has full power, authority and legal right to own its properties and conduct its business as presently
conducted and to execute, deliver and perform the terms of this Agreement;

 

(ii)               
The execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this
Agreement by the Operating

 

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

 

(iii)              
The Operating Advisor has the full limited liability company power and authority to enter into and consummate all transactions
to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this
Agreement, and has duly executed and delivered this Agreement;

 

(iv)              
This Agreement, assuming due authorization, execution and delivery by the Trustee, the Certificate Administrator, the Master Servicer,
the Special Servicer, and the Depositor, constitutes a valid, legal and binding obligation of the Operating Advisor, enforceable
against the Operating Advisor in accordance with the terms hereof, subject to applicable bankruptcy, insolvency, reorganization,
receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally, and general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)               
The Operating Advisor is not in default with respect to any law, any order or decree of any court, or any order, regulation or
demand of any federal, state, municipal or governmental agency, which default, in the Operating Advisor’s reasonable judgment,
is likely to materially and adversely affect the financial condition or operations of the Operating Advisor or its properties
taken as a whole or its ability to perform its duties and obligations hereunder;

 

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

 

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

 

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

 

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(g)               
The Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders,
and to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator, as of
the Closing Date, that:

 

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

 

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

 

(iii)                 
The Asset Representations Reviewer has the full limited liability company power and authority to enter into and consummate all
transactions to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance
by it of this Agreement, and has duly executed and delivered this Agreement;

 

(iv)                 
This Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and
binding obligation of the Asset Representations Reviewer, enforceable against the Asset Representations Reviewer in accordance
with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws
affecting the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether such
enforcement is considered in a proceeding in equity or at law;

 

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

 

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

 

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

 

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

 

(h)               
It is understood and agreed that the representations and warranties set forth in this Section shall survive delivery of the respective
Mortgage Files to the Custodian on behalf of the Trustee until the termination of this Agreement, and shall inure to the benefit
of the Trustee, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Serviced
Companion Loan Noteholders and the Master Servicer or Special Servicer, as the case may be. Upon discovery by the Depositor, the
Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
or a Responsible Officer of the Trustee (or upon written notice thereof from any Certificateholder) of a breach of any of the
representations and warranties set forth in this Section which materially and adversely affects the interests of the Certificateholders,
the Certificate Administrator, the Master Servicer, Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Serviced Companion Loan Noteholders or the Trustee in any Mortgage Loan, the party discovering such breach shall give prompt
written notice to the other parties hereto, the Serviced Companion Loan Noteholders and the Mortgage Loan Sellers.

 

Section 2.05         
Execution and Delivery of Certificates; Issuance of Upper-Tier Regular Interests; Issuance of Lower-Tier Regular Interests
. The Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery of the Mortgage Files to the Custodian
(to the extent the documents constituting the Mortgage Files are actually delivered to the Custodian), subject to the provisions
of Section 2.01 and Section 2.02 of this Agreement and, concurrently with such delivery, (i) acknowledges
and hereby declares that it holds the Mortgage Loans (excluding Excess Interest) for the benefit of (y) the Holders of the
Class R Certificates (in respect of the Class LTR Interest) and (z) the Holder of the Lower-Tier Regular Interests;
(ii) acknowledges and hereby declares that it holds the Excess Interest for the benefit of the Holders of the Excess Interest
Certificates; (iii) in exchange for the Mortgage Loans, acknowledges the issuance of the Lower-Tier Regular Interests and
the Class LTR Interest represented by the Class R Certificates; (iv) acknowledges the contribution by the Depositor
of the Lower-Tier Regular Interests to the Upper-Tier REMIC and hereby declares that it holds the Lower-Tier Regular Interests
on behalf of the Upper-Tier REMIC and the Holders of the Non-VRR Certificates and the VRR Interest; and (v) in exchange for
the Lower-Tier Regular Interests, has caused to be executed and caused to be authenticated and delivered to or upon the order
of the Depositor, or as

 

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directed by the terms of this Agreement, the Non-VRR Certificates, the VRR Interest and the Class UTR
Interest, each represented by the Class R Certificates, in authorized denominations; and the Depositor hereby acknowledges
the receipt by it or its designees of the Certificates, which Certificates evidence ownership of the entire Trust Fund.

 

The
Depositor, as of the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without
recourse all the right, title and interest of the Depositor in and to the Excess Interest and any other property constituting
the Grantor Trust to the Trustee for the benefit of the Holders of the Excess Interest Certificates. The Trustee (i) acknowledges
the assignment to it of the VRR Regular Interests and Class S Specific Grantor Trust Assets, (ii) declares that it holds and will
hold such Class S Specific Grantor Trust Assets in trust for the exclusive use and benefit of all present and future Holders of
the Excess Interest Certificates, and (iii) has caused to be executed and caused to be authenticated and delivered to or upon
the order of the Depositor, in exchange for the Class S Specific Grantor Trust Assets, and the Depositor hereby acknowledges the
receipt by it or its designees of, the Excess Interest Certificates in authorized Denominations.

 

Section 2.06         
Miscellaneous REMIC and Grantor Trust Provisions. (a)  The Lower-Tier Regular Interests issued hereunder are hereby
designated as the “regular interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1) of the
Code, and the Class LTR Interest, represented by the Class R Certificates, is hereby designated as the sole class of
“residual interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(2) of the Code. The Non-VRR
Certificates and the VRR Interest are hereby designated as “regular interests” in the Upper-Tier REMIC within the
meaning of Section 860G(a)(1) of the Code, and the Class UTR Interest, represented by the Class R Certificates,
is hereby designated as the sole class of “residual interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(2)
of the Code. The Closing Date is hereby designated as the “Startup Day” of each Trust REMIC within the meaning of
Section 860G(a)(9) of the Code. The “latest possible maturity date” of the Lower-Tier Regular Interests and the
Non-VRR Certificates and the VRR Interest for purposes of Section 860G(a)(l) of the Code is the Rated Final Distribution
Date.

 

(b)              
None of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall enter into
any arrangement by which the Trust Fund will receive a fee or other compensation for services other than as specifically contemplated
herein.

 

(c)               
Each Class of Excess Interest Certificates shall represent undivided beneficial interests in the portion of the Grantor Trust
consisting of the VRR Regular Interest and the Class S Specific Grantor Trust Assets with the corresponding alphabetic or alphanumeric
designation. The Grantor Trust shall be treated as a “grantor trust” within the meaning of the Grantor Trust Provisions.
The Class S Certificates shall each represent undivided beneficial interests in the Non-VRR Percentage of the Class S Specific
Grantor Trust Assets and the VRR Interest shall represent undivided beneficial interests in the VRR Regular Interests and distributions
thereon and the VRR Percentage of the Class S Specific Grantor Trust Assets.

 

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Article III

ADMINISTRATION AND SERVICING

OF THE TRUST FUND

 

Section 3.01         
The Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Mortgage
Loans and the Serviced Companion Loans. (a) The Master Servicer (generally with respect to Serviced Mortgage Loans and any
related Serviced Companion Loans that are not Specially Serviced Loans) and the Special Servicer (generally with respect to Specially
Serviced Loans and Serviced REO Loans), each as an independent contractor servicer, shall service and administer the Serviced
Mortgage Loans and any related Serviced Companion Loans on behalf of the Trust Fund and the Trustee (as Trustee for the Certificateholders)
and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholder(s), (as a collective whole as if such
Certificateholders and Serviced Companion Loan Noteholder(s), as applicable, constituted a single lender (and with respect to
any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such
Serviced Subordinate Companion Loan)), in each case, in accordance with the Servicing Standard.

 

The
Master Servicer’s or Special Servicer’s liability for actions and omissions in its capacity as Master Servicer or
Special Servicer, as the case may be, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.03
hereof). To the extent consistent with the foregoing and subject to any express limitations set forth in this Agreement, the
Master Servicer and Special Servicer shall seek to maximize the timely and complete recovery of principal and interest on the
Mortgage Notes; provided that nothing herein contained shall be construed as an express or implied guarantee by the Master
Servicer or Special Servicer of the collectability of the Mortgage Loans or the Serviced Companion Loans. Subject only to the
Servicing Standard, the Master Servicer and Special Servicer shall have full power and authority, acting alone or through sub-servicers
(subject to paragraph (c) of this Section 3.01, to the related sub-servicing agreement with each sub-servicer
and to Section 3.02 of this Agreement), to do or cause to be done any and all things in connection with such servicing
and administration that it may deem consistent with the Servicing Standard and, in its reasonable judgment, in the best interests
of the Certificateholders, including, without limitation, with respect to each Serviced Mortgage Loan and, in the case of any
Serviced Whole Loan, in the best interests of the Certificateholders and the Serviced Companion Loan Noteholder(s), as a collective
whole as if such Certificateholders and (with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholder(s) constituted
a single lender (and with respect to any Serviced Whole Loan with any related Serviced Subordinate Companion Loan, taking into
account the subordinate nature of such Serviced Subordinate Companion Loan)) to prepare, execute and deliver, on behalf of the
Certificateholders and Serviced Companion Loan Noteholders and the Trustee or any of them: (i) any and all financing statements,
continuation statements and other documents or instruments necessary to maintain the lien on each Mortgaged Property and related
collateral; (ii) any modifications, waivers, consents or amendments to or with respect to any documents contained in the
related Mortgage File; and (iii) any and all instruments of satisfaction or cancellation, or of partial or full release or
discharge, and all other comparable instruments, with respect to such Mortgage Loans and the Mortgaged Properties. Notwithstanding
the foregoing, neither the Master Servicer nor the Special Servicer shall modify, amend, waive or otherwise consent to any change

 

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of the terms of any Mortgage Loan except under the circumstances described in Section 3.03, Section 3.09,
Section 3.10, Section 3.24, Section 3.25, Section 3.26 and Section 3.27
hereof. The Master Servicer (with respect to Serviced Mortgage Loans and any related Serviced Companion Loans that are non-Specially
Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans and Serviced REO Loans) shall provide to the
Borrowers related to such Mortgage Loans that it is servicing any reports required to be provided to them pursuant to the related
Loan Documents. Subject to Section 3.11 of this Agreement, the Trustee shall, upon the receipt of a written request
of a Servicing Officer, execute and deliver to the Master Servicer and Special Servicer, as applicable, any powers of attorney
(in the form attached hereto as Exhibit DD-1 or Exhibit DD-2, as applicable, or such other form as mutually agreed
to by the Trustee and the Master Servicer or the Special Servicer, as applicable) and other documents (including but not limited
to other powers of attorney) prepared by the Master Servicer and Special Servicer, as applicable, and necessary or appropriate
(as certified in such written request) to enable the Master Servicer and Special Servicer, as applicable, to carry out their servicing
and administrative duties hereunder. The Trustee shall not be held liable for any misuse of any such power of attorney or such
other documents by the Master Servicer and Special Servicer, as applicable. Notwithstanding anything contained herein to the contrary,
none of the Master Servicer or the Special Servicer shall, without the Trustee’s written consent: (i) initiate any
action, suit or proceeding solely under the Trustee’s name without indicating the Master Servicer’s or the Special
Servicer’s, as the case may be, representative capacity (unless prohibited by any requirement of the applicable jurisdiction
in which any such action, suit or proceeding is brought and if so prohibited, in the manner required by such jurisdiction (provided
that the Master Servicer or the Special Servicer, as applicable, shall then provide five (5) Business Days’ written
notice to the Trustee of the initiation of such action, suit or proceeding (or such shorter time period as is reasonably required
in the judgment of the Master Servicer or the Special Servicer, as applicable, made in accordance with the Servicing Standard)
prior to filing such action, suit or proceeding), and shall not be required to obtain the Trustee’s consent or indicate
the Master Servicer’s or the Special Servicer’s, as applicable, representative capacity); or (ii) take any action
with the intent to cause, and that actually causes, the Trustee to be registered to do business in any state.

 

(b)              
Unless otherwise provided in the related Mortgage Note or related Intercreditor Agreement, the Master Servicer shall apply any
partial Principal Prepayment received on a Serviced Mortgage Loan or Serviced Companion Loan, as applicable, on a date other than
a Due Date to the Stated Principal Balance of such Serviced Mortgage Loan or Serviced Companion Loan, as applicable, as of the
Due Date immediately following the date of receipt of such partial Principal Prepayment. Unless otherwise provided in the related
Mortgage Note or related Intercreditor Agreement, the Master Servicer shall apply any amounts received on U.S. Treasury obligations
in respect of a Serviced Mortgage Loan or Serviced Companion Loan, as applicable, being defeased pursuant to its terms to the
Stated Principal Balance of and interest on such Mortgage Loan or Serviced Companion Loan, as applicable, as of the Due Date immediately
following the receipt of such amounts.

 

(c)               
The Master Servicer and the Special Servicer, may enter into Sub-Servicing Agreements with third parties with respect to any of
its respective obligations hereunder, provided that (i) any such agreement requires the Sub-Servicer to comply in
all material respects with all of the applicable terms and conditions of this Agreement and shall be consistent with the provisions
of this Agreement, the terms of the respective Loan Documents and, in the case of a Serviced

 

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Companion Loan, the related Intercreditor
Agreement, (ii) if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer, any such agreement provides
that (x) the failure of such Sub-Servicer to comply with any of the requirements under Article X of this Agreement
applicable to such Sub-Servicer, including the failure to deliver any reports or certificates at the time such report or certification
is required under Article X and (y) the failure of such Sub-Servicer to comply with any requirements to deliver
any items required by Items 1122 and 1123 of Regulation AB under any other pooling and servicing agreement relating to any other
series of certificates offered by the Depositor shall constitute an event of default by such Sub-Servicer upon the occurrence
of which (following the expiration of any applicable grace period) the Master Servicer shall (and the Depositor may) immediately
terminate the related Sub-Servicer under the related Sub-Servicing Agreement, which termination shall be deemed for cause, (iii) no
Sub-Servicer retained by the Master Servicer or the Special Servicer, as applicable, shall grant any modification, waiver or amendment
to any Mortgage Loan or Serviced Companion Loan, as applicable, or foreclose any Mortgage without the approval of the Master Servicer
or the Special Servicer, as applicable, which approval shall be given or withheld in accordance with the procedures set forth
in Section 3.09, Section 3.10, Section 3.24, Section 3.25, Section 3.26,
Section 3.27, (as applicable), (iv) such Sub-Servicing Agreement shall be consistent with the Servicing Standard,
and (v) with respect to any Sub-Servicing Agreement entered into after the Closing Date, if such Sub-Servicer is a Servicing
Function Participant or an Additional Servicer, such Sub-Servicer, at the time the related Sub-Servicing Agreement is entered
into, is not a Prohibited Party. Any such Sub-Servicing Agreement may permit the Sub-Servicer to delegate its duties to agents
or Subcontractors so long as the related agreements or arrangements with such agents or Subcontractors are consistent with the
provisions of this Section 3.01(c) (including, for the avoidance of doubt, that no such agent or Subcontractor is
a Prohibited Party, if such agent or Subcontractor would be a Servicing Function Participant, at the time the related sub-servicing
agreement is entered into). Any monies received by a Sub-Servicer pursuant to a Sub-Servicing agreement (other than sub-servicing
fees) shall be deemed to be received by the Master Servicer on the date received by such Sub-Servicer.

 

Any
Sub-Servicing Agreement entered into by the Master Servicer or the Special Servicer, as applicable, shall provide that it may
be assumed or terminated by the Trustee (in its sole discretion, but must be assumed with respect to any Mortgage Loan Seller
Sub-Servicer so long as such Mortgage Loan Seller Sub-Servicer is not in default under the applicable Sub-Servicing Agreement)
if the Trustee has assumed the duties of the Master Servicer or the Special Servicer, respectively, or any successor Master Servicer
or Special Servicer, as applicable, without cost or obligation to the assuming party or the Trust Fund, upon the assumption by
such party of the obligations, except to the extent they arose prior to the date of assumption, of the Master Servicer or the
Special Servicer, as applicable, pursuant to Section 7.02 (it being understood that any such obligations shall be
the obligations of the terminated Master Servicer or Special Servicer, as applicable, only).

 

Any
Sub-Servicing Agreement, and any other transactions or services relating to the Mortgage Loans or the Serviced Companion Loans
involving a Sub-Servicer, shall be deemed to be between the Master Servicer or the Special Servicer, as applicable, and such Sub-Servicer
alone, and the Trustee, the Certificate Administrator, the Trust Fund, the Operating Advisor, the Asset Representations Reviewer,
the Certificateholders and, if applicable, Serviced Companion Loan Noteholders shall not be deemed parties thereto and shall have
no claims, rights (except as

 

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specified below), obligations, duties or liabilities with respect to the Sub-Servicer, except as
set forth in Section 3.01(c)(ii) and Section 3.01(d).

 

Any
Sub-Servicing Agreement as to which a Mortgage Loan Seller required the Master Servicer to enter into shall provide that the Master
Servicer (and any successor Master Servicer) or Trustee may only terminate the related Mortgage Loan Seller Sub-Servicer for cause
pursuant to such Sub-Servicing Agreement and as otherwise specified in such Sub-Servicing Agreement.

 

Notwithstanding
any other provision of this Agreement, the Special Servicer shall not enter into any Sub-Servicing Agreement which provides for
the performance by third parties of any or all of its obligations herein, without the consent of the Directing Holder for so long
as no Control Termination Event is continuing, except to the extent necessary for the Special Servicer to comply with applicable
regulatory requirements.

 

The
Master Servicer or the Special Servicer, as applicable, shall monitor the performance and enforce the obligations of each Mortgage
Loan Seller Sub-Servicer and each Sub-Servicer that it retains under a related Sub-Servicing Agreement, except that the Master
Servicer shall only be required to use commercially reasonable efforts to cause any Mortgage Loan Seller Sub-Servicer to comply
with Article X hereof. No Sub-Servicer shall be permitted under any Sub-Servicing Agreement to make material servicing decisions,
such as loan modifications or determinations as to the manner or timing of enforcing remedies under the Loan Documents, without
the consent of the Master Servicer or Special Servicer, as applicable. The Master Servicer's consent may also be required for
certain other servicing decisions as provided in the related Sub-Servicing Agreement.

 

(d)              
If the Trustee or any successor Master Servicer assumes the obligations of the Master Servicer, or if the Trustee or any successor
Special Servicer assumes the obligations of the Special Servicer, in each case in accordance with Section 7.02, the
Trustee, the successor Master Servicer or such successor Special Servicer, as applicable, to the extent necessary to permit the
Trustee, the successor Master Servicer or such successor Special Servicer, as applicable, to carry out the provisions of Section 7.02,
shall, without act or deed on the part of the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable,
succeed to all of the rights and obligations of the Master Servicer or the Special Servicer, as applicable, under any Sub-Servicing
Agreement entered into by the Master Servicer or the Special Servicer, as applicable, pursuant to Section 3.01(c).
In such event, such successor shall be deemed to have assumed all of the Master Servicer’s or the Special Servicer’s
interest, as applicable, therein (but not any liabilities or obligations in respect of acts or omissions of the Master Servicer
or the Special Servicer, as applicable, prior to such deemed assumption) and to have replaced the Master Servicer or the Special
Servicer, as applicable, as a party to such Sub-Servicing Agreement to the same extent as if such Sub-Servicing Agreement had
been assigned to such successor, except that the Master Servicer or the Special Servicer, as applicable, shall not thereby be
relieved of any liability or obligations under such Sub-Servicing Agreement that accrued prior to the succession of such successor.

 

If
the Trustee or any successor Master Servicer or Special Servicer, as applicable, assumes the servicing obligations of the Master
Servicer or the Special Servicer, as applicable, then upon request of such successor, the Master Servicer or Special Servicer,
as applicable, shall

 

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at its own expense (except (i) in the event that the Special Servicer is terminated pursuant to Section 3.22(b),
at the expense of the Certificateholders effecting such termination, as applicable; or (ii) in the event that the Master
Servicer or the Special Servicer is terminated pursuant to Section 6.04(c), at the expense of the Trust) deliver to
such successor all documents and records relating to any Sub-Servicing Agreement and the Mortgage Loans and/or the Serviced Companion
Loans, as applicable, then being serviced hereunder or thereunder and an accounting of amounts collected and held by it, if any,
and shall otherwise use commercially reasonable efforts to effect the orderly and efficient transfer of any Sub-Servicing Agreement
to such successor. The Master Servicer shall not be required to assume the obligations of the Special Servicer and nothing in
this paragraph shall imply otherwise.

 

(e)               
The parties hereto acknowledge that each Whole Loan is subject to the terms and conditions of the related Intercreditor Agreement
and, with respect to a Non-Serviced Mortgage Loan, further subject to the servicing under and all other terms and conditions of
the Other Pooling and Servicing Agreement. The parties hereto further recognize the respective rights and obligations of each
Companion Loan Noteholder under the related Intercreditor Agreement, including, without limitation with respect to (A) the
allocation of collections (and all other amounts received in connection with the related Whole Loan) on or in respect of the related
Mortgage Loan and (B) the allocation of Default Interest on or in respect of the related Mortgage Loan.

 

Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to the Serviced Whole Loans are limited by and subject to the terms of the related Intercreditor Agreement and, with respect to
any Non-Serviced Mortgage Loan, the rights of the Other Servicer and the Other Special Servicer under the Other Pooling and Servicing
Agreement. The Master Servicer shall, consistent with the applicable Servicing Standard, enforce the rights of the Trustee (as
holder of a Non-Serviced Mortgage Loan) under the related Intercreditor Agreement and the Other Pooling and Servicing Agreement.
The parties hereto acknowledge that each Non-Serviced Whole Loan and any related REO Property are being serviced and administered
under the related Other Pooling and Servicing Agreement and the Other Servicer will make any Servicing Advances required thereunder
in respect of such Non-Serviced Whole Loan and remit collections on the Non-Serviced Mortgage Loan to or on behalf of the Trust.
None of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall have any obligation or authority
to supervise the related Other Servicer, the related Other Special Servicer or the related Other Trustee or to make Servicing
Advances with respect to any such Non-Serviced Whole Loan. Although each Non-Serviced Whole Loan is being serviced under the related
Other Pooling and Servicing Agreement, the Directing Holder may have certain information and consultation rights relating to the
servicing of the Non-Serviced Whole Loan pursuant to the terms of the related Intercreditor Agreement and the related Other Pooling
and Servicing Agreement. Any obligation of the Master Servicer or Special Servicer, as applicable, to provide information and
collections to the Trustee, the Certificate Administrator and the Certificateholders with respect to any Non-Serviced Whole Loan
shall be dependent on its receipt of the corresponding information and collections from the related Other Servicer or the related
Other Special Servicer. Nothing herein shall be deemed to override the provisions of an Intercreditor Agreement with respect to
the rights of the related noteholders thereunder and with respect to the servicing and administrative duties and obligations with
respect to such Non-Serviced Whole Loans. In the event of any inconsistency or discrepancy

 

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between the provisions, terms or conditions
of an Intercreditor Agreement related to a Non-Serviced Whole Loan and the provisions, terms or conditions of this Agreement,
the related Intercreditor Agreement shall govern.

 

If
any Mortgage Loan included in any Serviced Whole Loan is no longer part of the Trust Fund and the servicing and administration
of such Serviced Whole Loan is to be governed by a separate servicing agreement and not by this Agreement, the Master Servicer
and, if such Serviced Whole Loan is then being specially serviced hereunder, the Special Servicer, shall continue to act in such
capacities under such separate servicing agreement, which agreement shall be reasonably acceptable to the Master Servicer and/or
the Special Servicer, as the case may be, and shall contain servicing and administration, limitation of liability, indemnification
and servicing compensation provisions substantially similar to the corresponding provisions of this Agreement, except that such
Serviced Whole Loan and the related Mortgaged Property shall be serviced as if they were the sole assets serviced and administered
thereunder and the sole source of funds thereunder and except that there shall be no further obligation of any Person to make
P&I Advances. All amounts due the Master Servicer, the Trustee and the Special Servicer (including Advances and interest thereon)
pursuant to this Agreement and the applicable Intercreditor Agreement shall be paid to the Master Servicer, the Trustee and the
Special Servicer by the successor Master Servicer or Special Servicer, as applicable, or as an Additional Trust Fund Expense on
the first Master Servicer Remittance Date following termination. In addition, until such time as a separate servicing agreement
with respect to such Serviced Whole Loan and any related Serviced REO Property has been entered into and, notwithstanding that
neither such Mortgage Loan nor any related Serviced REO Property is part of the Trust Fund, the Custodian shall continue to hold
the Mortgage File and the Master Servicer and, if applicable, the Special Servicer shall (subject to the preceding sentence) continue
to service such Serviced Whole Loan or any related Serviced REO Property, as the case may be, under this Agreement as if it were
a separate servicing agreement; provided that, 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 Intercreditor Agreement) has not been entered into, the Master Servicer
shall inform the related Other Servicer of any need to make Servicing 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 Servicing Advance that needs to be made on an emergency or urgent basis, within one (1) Business Day. With respect
to Servicing 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 Servicing Advances in the same manner and on
the same level of priority as if such Servicing Advances had been made by the Master Servicer hereunder. Nothing herein shall
be deemed to override the provisions of an Intercreditor Agreement with respect to the rights of the related noteholders thereunder
and with respect to the servicing and administrative duties and obligations with respect to such Serviced Whole Loans. In the
event of any inconsistency or discrepancy between the provisions, terms or conditions of an Intercreditor Agreement related to
a Serviced Whole Loan and the provisions, terms or conditions of this Agreement, the related Intercreditor

 

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Agreement shall govern,
and as to any matter on which such Intercreditor Agreement is silent or makes reference to this Agreement, this Agreement shall
govern.

 

Section 3.02         
Liability of the Master Servicer and the Special Servicer When Sub-Servicing. Notwithstanding any Sub-Servicing Agreement,
any of the provisions of this Agreement relating to agreements or arrangements between the Master Servicer or Special Servicer,
as applicable, and any Person acting as sub-servicer (or its agents or Subcontractors) or any reference to actions taken through
any Person acting as sub-servicer or otherwise, the Master Servicer or the Special Servicer, as applicable, shall remain obligated
and primarily liable to the Trustee (on behalf of the Certificateholders), the Certificateholders and, with respect to the Serviced
Whole Loans, the Serviced Companion Loan Noteholders, for the servicing and administering of the Mortgage Loans and Serviced Companion
Loans in accordance with the provisions of this Agreement without diminution of such obligation or liability by virtue of such
sub-servicing agreements or arrangements or by virtue of indemnification from the Depositor or any other Person acting as sub-servicer
(or its agents or Subcontractors) to the same extent and under the same terms and conditions as if the Master Servicer or the
Special Servicer, as applicable, alone were servicing and administering the Mortgage Loans and Serviced Companion Loans. Each
of the Master Servicer and the Special Servicer shall be entitled to enter into an agreement with any sub-servicer providing for
indemnification of the Master Servicer or the Special Servicer, as applicable, by such sub-servicer, and nothing contained in
this Agreement shall be deemed to limit or modify such indemnification, but no such agreement for indemnification shall be deemed
to limit or modify this Agreement.

 

Section 3.03         
Collection of Mortgage Loan and Serviced Companion Loan Payments. The Master Servicer (with respect to all the Serviced
Mortgage Loans and any related Serviced Companion Loans (other than Specially Serviced Loans) that the Master Servicer is servicing)
and the Special Servicer (with respect to Specially Serviced Loans) shall use reasonable efforts to collect all payments called
for under the terms and provisions of the Serviced Mortgage Loans and any related Serviced Companion Loans each is obligated to
service hereunder, and shall follow the Servicing Standard with respect to such collection procedures; provided that nothing
herein contained shall be construed as an express or implied guarantee by the Master Servicer or the Special Servicer of the collectability
of the Mortgage Loans or the Serviced Companion Loans; provided, further, that with respect to such Serviced Mortgage
Loans and any related Serviced Companion Loans, as applicable, that have Anticipated Repayment Dates, so long as the related Borrower
is in compliance with each provision of the related Loan Documents, the Master Servicer and Special Servicer (including the Special
Servicer in its capacity as a Certificateholder, if applicable) shall not take any enforcement action with respect to the failure
of the related Borrower to make any payment of Excess Interest, other than requests for collection, until the final maturity date
of such Mortgage Loan or Serviced Whole Loan, as applicable, or the outstanding principal balance of such Mortgage Loan or Serviced
Whole Loan, as applicable, has been paid in full, however, consistent with the applicable Servicing Standard, the Master Servicer,
or the Special Servicer each may in its discretion waive the Excess Interest (even at the final maturity date) in connection with
any Mortgage Loan it is obligated to service hereunder if taking such action is in the best interest of the Certificateholders
as a collective whole. With respect to each Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall
use its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from Borrowers
as required by the Loan Documents and the terms hereof. The Master Servicer shall

 

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provide at least 90 days’ notice
(with a copy to the Special Servicer) to the Borrowers of Balloon Payments coming due on Performing Loans (other than a Non-Serviced
Mortgage Loan). Consistent with the foregoing, the Master Servicer (with respect to each Performing Loan) or the Special Servicer
(with respect to Specially Serviced Loans) may in their discretion waive any late payment charge or Default Interest it is entitled
to receive in connection with any delinquent Periodic Payment or Balloon Payment with respect to any Mortgage Loan or Serviced
Companion Loan that it is servicing. In addition, the Special Servicer shall be entitled to take such actions with respect to
the collection of payments on the Mortgage Loans and the Serviced Companion Loans as are permitted or required under this Agreement.

 

Section 3.04         
Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a)  The Master Servicer, in the case of
all Serviced Mortgage Loans that it is servicing, shall maintain accurate records with respect to each related Mortgaged Property
reflecting the status of taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance
premiums payable with respect thereto. With respect to each Specially Serviced Loan, the Special Servicer shall use its reasonable
efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from Borrowers as required by the
Loan Documents. The Special Servicer, in the case of Serviced REO Loans, and the Master Servicer, in the case of all Serviced
Mortgage Loans that it is servicing, shall use reasonable efforts consistent with the Servicing Standard to, from time to time,
(i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect, or, if the Special Servicer,
to use reasonable efforts to cause the Master Servicer to effect, payment of all such bills with respect to such Mortgaged Properties
prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under
the terms of the related Loan Documents for the related Mortgage Loan or Serviced Companion Loan. If a Borrower under a Serviced
Mortgage Loan fails to make any such payment on a timely basis or collections from the Borrower are insufficient to pay any such
item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Servicing
Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable
Advance (provided that with respect to advancing insurance premiums or delinquent tax assessments the Master Servicer shall
comply with the provisions of the second to last paragraph in Section 3.21(d) of this Agreement). The Master Servicer
shall be entitled to reimbursement of Servicing Advances, with interest thereon at the Reimbursement Rate, that it makes pursuant
to this Section 3.04 of this Agreement from amounts received on or in respect of the related Mortgage Loan or Serviced
Whole Loan respecting which such Advance was made or if such Advance has become a Nonrecoverable Advance, to the extent permitted
by Section 3.06 of this Agreement. No costs incurred by the Master Servicer in effecting the payment of taxes and
assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders or Serviced
Companion Loan Noteholders, be added to the amount owing under the related Mortgage Loans or Serviced Companion Loans, notwithstanding
that the terms of such Mortgage Loans or Serviced Companion Loans so permit.

 

The
parties acknowledge that with respect to Non-Serviced Mortgage Loans, the Other Servicer is obligated to make (or any other service
provider provided for in the related Other Pooling and Servicing Agreement may make) Servicing Advances with respect to such Non-Serviced
Mortgage Loans pursuant to the related Other Pooling and Servicing Agreement. The Other Servicer (or other service provider) shall
be entitled to reimbursement for nonrecoverable

 

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Servicing Advances (as such term or similar term may be defined in the related
Other Pooling and Servicing Agreement) with, in each case, any accrued and unpaid interest thereon provided for under the related
Other Pooling and Servicing Agreement in the manner set forth in such Other Pooling and Servicing Agreement, the related Intercreditor
Agreement and Section 3.06(a)(v) of this Agreement.

 

(b)              
The Master Servicer shall segregate and hold all funds collected and received pursuant to any Serviced Mortgage Loan or any Serviced
Companion Loan that it is servicing constituting Escrow Payments separate and apart from any of its own funds and general assets
and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow Account”) into
which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds and
maintained in accordance with the requirements of the related Mortgage Loan or Serviced Whole Loan, as applicable, and in accordance
with the Servicing Standard. The Master Servicer shall also deposit into each Escrow Account any amounts representing losses on
Permitted Investments to the extent required pursuant to Section 3.07(b) of this Agreement and any Insurance Proceeds
or Liquidation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the
related Mortgage Loan or Serviced Whole Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Loan
Documents require it to be held in an account that is not an Eligible Account); provided that, if the ratings of the financial
institution holding such account are downgraded to a ratings level below that of an Eligible Account (except to the extent the
related Loan Documents require it to be held in an account that is not an Eligible Account), the Master Servicer shall have 30
days (or such longer time as confirmed by a Rating Agency Confirmation, obtained at the expense of the Master Servicer relating
to the Certificates and any related Serviced Companion Loan Securities) to transfer such account to an Eligible Account. Escrow
Accounts shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on
behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Deutsche Mortgage & Asset
Receiving Corporation, Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22 and various
Borrowers and, if applicable, Serviced Companion Loan Noteholders”. Withdrawals from an Escrow Account may be made by the
Master Servicer only:

 

(i)          
        to effect timely payments of items constituting Escrow Payments for the related
Mortgage;

 

(ii)                 
to transfer funds to the Collection Account and/or the applicable Serviced Whole Loan Collection Account (or any sub-account thereof)
to reimburse the Master Servicer or the Trustee for any Servicing Advance (with interest thereon at the Reimbursement Rate) relating
to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan and/or Serviced Whole Loan, as applicable,
which represent late collections of Escrow Payments thereunder;

 

(iii)               
for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and/or
Serviced Whole Loan, as applicable, and the Servicing Standard;

 

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(iv)               
to clear and terminate such Escrow Account upon the termination of this Agreement or pay-off of the related Mortgage Loan and/or
Serviced Whole Loan, as applicable;

 

(v)               
to pay from time to time to the related Borrower any interest or investment income earned on funds deposited in the Escrow Account
if such income is required to be paid to the related Borrower under law or by the terms of the Loan Documents for such Mortgage
Loan or Serviced Whole Loan, or otherwise to the Master Servicer; or

 

(vi)               
to remove any funds deposited in an Escrow Account that were not required to be deposited therein or to refund amounts to Borrowers
determined to be overages.

 

(c)               
The Master Servicer shall, as to each Serviced Mortgage Loan and each Serviced Companion Loan that it is servicing, (i) maintain
accurate records with respect to the related Mortgaged Property reflecting the status of real estate taxes, assessments and other
similar items that are or may become a lien thereon and the status of insurance premiums and any ground rents payable in respect
thereof and (ii) use reasonable efforts to obtain, from time to time, all bills for (or otherwise confirm) the payment of
such items (including renewal premiums) and, for such Mortgage Loans and Serviced Companion Loans that require the related Borrower
to escrow for such items, shall effect payment thereof prior to the applicable penalty or termination date. For purposes of effecting
any such payment for which it is responsible, the Master Servicer shall apply Escrow Payments as allowed under the terms of the
related Loan Documents for such Mortgage Loan and Serviced Companion Loan (or, if such Mortgage Loan or Serviced Companion Loan
does not require the related Borrower to escrow for the payment of real estate taxes, assessments, insurance premiums, ground
rents (if applicable) and similar items, the Master Servicer shall use reasonable efforts consistent with the Servicing Standard
to cause the related Borrower to comply with the requirement of the related Loan Documents that the Borrower make payments in
respect of such items at the time they first become due and, in any event, prior to the institution of foreclosure or similar
proceedings with respect to the related Mortgaged Property for nonpayment of such items). Subject to Section 3.21
of this Agreement, the Master Servicer shall timely make a Servicing Advance with respect to the Serviced Mortgage Loans and any
related Serviced Companion Loans that it is servicing, if any, to cover any such item which is not so paid, including any penalties
or other charges arising from the Borrower’s failure to timely pay such items.

 

Section 3.05         
Collection Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan
Collection Accounts. (a)  The Master Servicer shall establish and maintain a Collection Account, on behalf of the
Trustee as the Holder of the Lower-Tier Regular Interests with respect to the Mortgage Loans that it is servicing and for the
benefit of the Certificateholders. The Collection Account shall be established and maintained as an Eligible Account. Amounts
attributable to Excess Interest will be assets of the Grantor Trust. Amounts attributable to the Companion Loans will not be assets
of the Trust Fund.

 

Within
two (2) Business Days following receipt of properly identified funds, the Master Servicer shall deposit or cause to be deposited
in the Collection Account the following

 

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payments and collections received or made by or on behalf of it on or with respect to
the Mortgage Loans subsequent to the Cut-off Date:

 

(i)               
all payments on account of principal on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan), including
the principal component of all Unscheduled Payments;

 

(ii)               
all payments on account of interest on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) (net
of the related Servicing Fees), including Prepayment Premiums, Default Interest, Excess Interest, Yield Maintenance Charges and
the interest component of all Unscheduled Payments;

 

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

 

(iv)               
all Net REO Proceeds withdrawn from the related REO Account (other than the Serviced Whole Loan REO Account) pursuant to Section 3.15(b)
of this Agreement;

 

(v)               
any amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to the Mortgage
Loans (other than any Mortgage Loan related to a Serviced Whole Loan), to the extent not permitted to be retained by the Master
Servicer as provided herein;

 

(vi)               
all Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of any Mortgage Loan (other than any
Mortgage Loan related to a Serviced Whole Loan) or any REO Property (other than a Serviced REO Property related to a Serviced
Whole Loan), other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase of all
the Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution Account
pursuant to Section 9.01 of this Agreement, together with any amounts representing recoveries of Nonrecoverable Advances,
including any recovery of Unliquidated Advances, in respect of the related Mortgage Loans (other than any Mortgage Loan related
to a Serviced Whole Loan); provided that any Liquidation Proceeds related to a sale, pursuant to Section 3.16
hereof or pursuant to the related Intercreditor Agreement, of a Mortgage Loan included in a Serviced Whole Loan shall be deposited
directly into the Collection Account and applied solely to pay expenses relating to that Mortgage Loan and to Aggregate Available
Funds;

 

(vii)               
Penalty Charges on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) to the extent required to
offset interest on Advances and Additional Trust Fund Expenses pursuant to Section 3.12(d) of this Agreement;

 

(viii)               
any amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) of
this Agreement in connection with losses resulting from a deductible clause in a blanket or master force-placed policy in
respect of the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan);

 

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(ix)               
any other amounts required by the provisions of this Agreement (including without limitation any amounts to be transferred from
the Serviced Whole Loan Collection Account pursuant to Section 3.06(b)(i)(B) and, with respect to the Companion Loans
or any mezzanine indebtedness that may exist on a future date, all amounts received pursuant to the cure and purchase rights or
reimbursement obligations set forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable,
other than in respect of a Serviced Whole Loan) to be deposited into the Collection Account by the Master Servicer or Special
Servicer;

 

(x)               
any Compensating Interest Payments in respect of the Mortgage Loans that the Master Servicer is servicing (other than any Non-Serviced
Mortgage Loan or any Mortgage Loan related to a Serviced Whole Loan) pursuant to Section 3.17(b) of this Agreement;

 

(xi)               
any Loss of Value Payments, as set forth in Section 3.06(e) of this Agreement; and

 

(xii)               
in the case of any Mortgage Loan that is part of a Serviced Whole Loan, the amounts to be withdrawn from the related Serviced
Whole Loan Collection Account and deposited into the Collection Account pursuant to Section 3.06(b)(i).

 

In
the case of Gain-on-Sale Proceeds, the Master Servicer shall make appropriate ledger entries received with respect thereto, which
the Master Servicer shall hold for (i) the Trustee for the benefit of the Lower-Tier Regular Interests, (ii) for the benefit
of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular Interests and (iii) for the benefit of any Serviced
Companion Loan Noteholder entitled thereto. Any Gain-on-Sale Proceeds shall be identified separately from any other amounts held
in the Collection Account (with amounts attributable to each Class or Classes and any Serviced Companion Loan also identified
separately).

 

The
foregoing requirements for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without
limiting the generality of the foregoing, payments in the nature of late payment charges (subject to Section 3.12
and the related Intercreditor Agreement), Assumption Fees, assumption application fees, Modification Fees and consent fees, loan
service transaction fees, defeasance fees, extension fees, demand fees, beneficiary statement charges and similar fees need not
be deposited in the Collection Account by the Master Servicer or the Special Servicer, as applicable, and, to the extent permitted
by applicable law, the Master Servicer or the Special Servicer, as applicable in accordance with Section 3.12 hereof,
shall be entitled to retain any such charges and fees received with respect to the Mortgage Loans that it is servicing as additional
compensation.

 

If
the Master Servicer deposits in the Collection Account any amount not required to be deposited therein, it may at any time withdraw
such amount from the Collection Account, any provision herein to the contrary notwithstanding.

 

Upon
receipt of any of the amounts described in clauses (i), (ii), (v) and (vi) above with respect to any Specially Serviced Loan which
is not a Serviced REO Loan, the Special Servicer shall remit such amounts within one Business Day after receipt thereof (except,
if such amounts are not properly identified, the Special Servicer shall promptly identify such amounts and

 

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shall remit such amounts
within one Business Day after such identification) to the Master Servicer for deposit into the Collection Account in accordance
with the second paragraph of this Section 3.05 of this Agreement, unless the Special Servicer determines, consistent
with the Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate
reason. Any such amounts received by the Special Servicer with respect to a Serviced REO Property (other than any Serviced REO
Property related to the Serviced Whole Loans) shall be deposited by the Special Servicer into the REO Account and remitted to
the Master Servicer for deposit into the Collection Account pursuant to Section 3.15(b) of this Agreement. With respect
to any related Serviced Whole Loan, the Special Servicer shall comply with Section 3.05(g) of this Agreement. With
respect to any such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse without recourse
or warranty such check to the order of the Master Servicer and shall promptly deliver any such check to the Master Servicer by
overnight courier.

 

With
respect to the Mortgage Loans that have an initial Due Date after January 2021, an amount equal to the Closing Date Deposit Amount
shall be required to be delivered by the related Mortgage Loan Seller to the Depositor on the Closing Date, and the Depositor
shall forward such amount to the Master Servicer on the Closing Date for deposit into the Collection Account.

 

(b)              
The Certificate Administrator shall establish and maintain the Lower-Tier Distribution Account in its own name for the benefit
of the Trustee, for the benefit of the Certificateholders (other than the Holders of the Excess Interest Certificates) and the
Trustee as the Holder of the Lower-Tier Regular Interests. The Lower-Tier Distribution Account shall be established and maintained
as an Eligible Account or as a sub-account of an Eligible Account.

 

(c)               
With respect to each Distribution Date, the Master Servicer shall deliver to the Certificate Administrator on or before the Master
Servicer Remittance Date the funds then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant
to Section 3.06(a) of this Agreement and deposits from the Serviced Whole Loan Collection Account pursuant to Section 3.06
of this Agreement. Upon receipt from the Master Servicer of such amounts held in the Collection Account, the Certificate Administrator
shall deposit in (A) the Lower-Tier Distribution Account, (i) the amount of Aggregate Available Funds to be distributed
pursuant to Section 4.01 of this Agreement on such Distribution Date and (ii) the amount of Gain-on-Sale Proceeds
allocable to any Mortgage Loan to be deposited into the Lower-Tier Distribution Account (which the Certificate Administrator shall
then deposit in the Gain-on-Sale Reserve Account) pursuant to Section 3.06 of this Agreement, (B) the Interest Reserve
Account as part of the Lower-Tier REMIC, the amount of any Withheld Amounts to be deposited pursuant to Section 3.05(e)
of this Agreement and (C) in the Excess Interest Distribution Account, the Excess Interest to be distributed to the Holders
of the Excess Interest Certificates.

 

(d)              
If any Loss of Value Payments are received in connection with a Material Defect or Material Breach, as the case may be, pursuant
to or as contemplated by Section 2.03(e) of this Agreement, the Special Servicer shall establish and maintain one
or more accounts (collectively, the “Loss of Value Reserve Fund”) to be held for the benefit of the Certificateholders,
for purposes of holding such Loss of Value Payments. Each account that constitutes the Loss of Value Reserve Fund shall be an
Eligible Account or a sub-account of an Eligible Account. The Special Servicer shall, upon receipt, deposit in the Loss of Value
Reserve Fund all Loss of Value

 

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Payments received by it and shall remit or apply as set forth in Section 3.06(e). The
Certificate Administrator shall account for the Loss of Value Reserve Fund as an outside reserve fund within the meaning of Treasury
Regulations Section 1.860G-2(h) and not an asset of any Trust REMIC or the Grantor Trust. Furthermore, for all federal tax
purposes, the Certificate Administrator shall (i) treat amounts paid out of the Loss of Value Reserve Fund through the Collection
Account to the Certificateholders as contributed to and distributed by the Trust REMICs and (ii) treat any amounts paid out
of the Loss of Value Reserve Fund through the Collection Account to a Mortgage Loan Seller as distributions by the Trust Fund
to such Mortgage Loan Seller as beneficial owner of the Loss of Value Reserve Fund. The applicable Mortgage Loan Seller will be
the beneficial owner of the Loss of Value Reserve Fund for all federal income tax purposes, and shall be taxable on all income
earned thereon.

 

(e)               
The Certificate Administrator shall establish and maintain the Interest Reserve Account in its own name for the benefit of the
Trustee, for the benefit of the Certificateholders (other than the Holders of the Excess Interest Certificates) and the Trustee
as the Holder of the Lower-Tier Regular Interests. The Interest Reserve Account shall be established and maintained as an Eligible
Account or as a sub-account of an Eligible Account.

 

On
each Master Servicer Remittance Date occurring in (i) January of each calendar year that is not a leap year and (ii) February
of each calendar year, unless in either case such Master Servicer Remittance Date is the final Master Servicer Remittance Date,
the Certificate Administrator shall calculate the Withheld Amounts. On each such Master Servicer Remittance Date, the Certificate
Administrator shall, with respect to each Mortgage Loan that does not accrue interest on the basis of a 360-day year of twelve
30-day months, withdraw or be deemed to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit
in the Interest Reserve Account an amount equal to the aggregate of the Withheld Amounts with respect to the Mortgage Loans, as
calculated in accordance with the previous sentence. If the Certificate Administrator shall deposit in the Interest Reserve Account
any amount not required to be deposited therein, it may at any time withdraw such amount from the Interest Reserve Account any
provision herein to the contrary notwithstanding. On or prior to the Master Servicer Remittance Date in March of each calendar
year (or in February if the final Distribution Date will occur in such month), the Certificate Administrator shall transfer to
the Lower-Tier Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account with respect
to the Mortgage Loans.

 

(f)                
The Certificate Administrator shall establish and maintain the Upper-Tier Distribution Account in its own name for the benefit
of the Trustee and for the benefit of the Certificateholders (other than the Holders of the Excess Interest Certificates). The
Upper-Tier Distribution Account shall be established and maintained as an Eligible Account or a sub-account of an Eligible Account.
Promptly on each Distribution Date, the Certificate Administrator shall withdraw or be deemed to withdraw from the Lower-Tier
Distribution Account and deposit or be deemed to deposit in the Upper-Tier Distribution Account on or before such date the Lower-Tier
Distribution Amount and the amount of any Prepayment Premiums and Yield Maintenance Charges for such Distribution Date to be distributed
in respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a) and Section 4.01(b), as applicable,
of this Agreement on such date.

 

(g)               
With respect to each Serviced Whole Loan or any related Serviced REO Property, the Master Servicer shall maintain, or cause to
be maintained, a Serviced Whole Loan

 

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Collection Account in which the Master Servicer shall deposit or cause to be deposited within
two Business Days following receipt of properly identified and available funds the following payments and collections received
or made by or on behalf of it on such Serviced Whole Loan or Serviced REO Property subsequent to the Cut-off Date:

 

(i)               
all payments on account of principal on such Serviced Whole Loan, including the principal component of Unscheduled Payments;

 

(ii)               
all payments on account of interest on such Serviced Whole Loan (net of the related Servicing Fees), including Prepayment Premiums,
Default Interest, Yield Maintenance Charges and the interest component of all Unscheduled Payments;

 

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

 

(iv)               
all Net REO Proceeds withdrawn from the related REO Account in respect of such Serviced Whole Loan pursuant to Section 3.15(b);

 

(v)               
any amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to such Serviced
Whole Loan, to the extent not permitted to be retained by the Master Servicer as provided herein;

 

(vi)               
all Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of such Serviced Whole Loan or any
related Serviced REO Property (other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with
a purchase of all the Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution
Account pursuant to Section 9.01), together with any amounts representing recoveries of Nonrecoverable Advances, including
any recovery of Unliquidated Advances, in respect of such Serviced Whole Loan; provided that (1) any Liquidation Proceeds
related to a sale pursuant to Section 3.16 hereof or pursuant to the related Intercreditor Agreement of a Mortgage
Loan included in a Serviced Whole Loan shall be deposited directly into the Collection Account and applied solely to pay expenses
relating to that Mortgage Loan and to Aggregate Available Funds; and (2) any Liquidation Proceeds related to a sale of a related
Serviced Companion Loan included in a Serviced Whole Loan shall be deposited into the Serviced Whole Loan Collection Account and
applied solely to pay expenses relating to that Serviced Companion Loan and to pay amounts due to the related Serviced Companion
Loan Noteholder;

 

(vii)               
Penalty Charges on such Serviced Whole Loan to the extent required to offset interest on Advances and debt service advances made
by a Serviced Companion Loan Service Provider and Additional Trust Fund Expenses pursuant to Section 3.12(d);

 

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

 

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(ix)            any other amounts required by the provisions of this Agreement (including with respect to the Companion Loans or any mezzanine
indebtedness that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement obligations
set forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable) to be deposited into the
applicable Serviced Whole Loan Collection Account by the Master Servicer or the Special Servicer;

 

(x)             any cure payments remitted by any Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement; and

 

(xi)            any Compensating Interest Payments in respect of such Serviced Whole Loan pursuant to Section 3.17(c).

 

The
foregoing requirements for deposits into the applicable Serviced Whole Loan Collection Account shall be exclusive, it being understood
and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges (subject to
Section 3.12 hereof), Assumption Fees, assumption application fees, Modification Fees, consent fees, loan service
transaction fees, defeasance fees, extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited
into the applicable Serviced Whole Loan Collection Account by the Master Servicer or the Special Servicer, as applicable, and,
to the extent permitted by applicable law, the Master Servicer or the Special Servicer, as applicable in accordance with Section 3.12
hereof, shall be entitled to retain any such charges and fees received with respect to the Serviced Whole Loans as additional
compensation. If the Master Servicer deposits in the applicable Serviced Whole Loan Collection Account any amount not required
to be deposited therein, it may at any time withdraw such amount from such Serviced Whole Loan Collection Account, any provision
herein to the contrary notwithstanding.

 

Each
Serviced Whole Loan Collection Account shall be maintained as a segregated account, separate and apart from any trust fund created
for mortgage backed securities of other series and the other accounts of the Master Servicer; provided that such Serviced
Whole Loan Collection Account may be a sub-account of the Master Servicer’s Collection Account or may be maintained on a
ledger basis but shall, for purposes of this Agreement, be treated as a separate account. Each Serviced Whole Loan Collection
Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

Upon
receipt of any of the foregoing amounts described in clauses (i), (ii), (v) and (vi) above with respect to each Serviced Whole
Loan for so long as it is a Specially Serviced Loan but is not a Serviced REO Loan, the Special Servicer shall remit within one
Business Day such amounts to the Master Servicer for deposit into the applicable Serviced Whole Loan Collection Account in accordance
with the first paragraph of this Section 3.05(g), unless the Special Servicer determines, consistent with the applicable
Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason.
Any such amounts received by the Special Servicer with respect to a Serviced REO Property related to any Serviced Whole Loan shall
initially be deposited by the Special Servicer into the related Serviced Whole Loan REO Account and remitted to the Master Servicer
for deposit into the applicable Serviced Whole

 

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Loan Collection Account pursuant to Section 3.15(b). With respect to
any such amounts paid by check to the order of the Special Servicer, the Special Servicer (A) with respect to any Specially
Serviced Loan shall endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly deliver
any such check to the Master Servicer by overnight courier and (B) with respect to any REO Loan shall deposit such check
into the applicable Whole Loan REO Account.

 

(h)               
Except as otherwise set forth in Section 3.06(b), with respect to each Due Date and any related Serviced Companion
Loan, on each Serviced Whole Loan Remittance Date, the Master Servicer shall remit, from amounts on deposit in the applicable
Serviced Whole Loan Collection Account in accordance with Section 3.06(b)(i)(A), to the applicable Serviced Companion
Loan Noteholder by wire transfer in immediately available funds to the account of such Serviced Companion Loan Noteholder or an
agent therefor appearing on the Serviced Companion Loan Noteholder Register on the related date such amounts as are required to
be remitted (or, if no such account so appears or information relating thereto is not provided at least five (5) Business Days
prior to the date such amounts are required to be remitted, by check sent by first class mail to the address of such Serviced
Companion Loan Noteholder or its agent appearing on the Serviced Companion Loan Noteholder Register) the portion of the applicable
Serviced Whole Loan Remittance Amount allocable to such Serviced Companion Loan Noteholder.

 

(i)                 
Prior to the Master Servicer Remittance Date relating to any Collection Period in which Gain-on-Sale Proceeds are received, the
Certificate Administrator shall establish and maintain the Gain-on-Sale Reserve Account, which may have one or more sub-accounts,
to be held in its own name for the benefit of the Trustee, for the benefit of the Certificateholders (other than the Holders of
the Excess Interest Certificates), and with respect to each Serviced Whole Loan, the related Serviced Companion Loan Noteholders,
and the Trustee as holder of the Lower-Tier Regular Interests. Each account that constitutes a Gain-on-Sale Reserve Account shall
be an Eligible Account or a sub-account of an Eligible Account. On each Master Servicer Remittance Date, the Master Servicer shall
withdraw from the Collection Account or, if allocable to any Serviced Whole Loan, the Master Servicer shall withdraw from the
applicable Serviced Whole Loan Collection Account, and remit to the Certificate Administrator (i) in the case of the Mortgage
Loans (other than the Serviced Whole Loans), for deposit in the Lower-Tier Distribution Account, as applicable (which the Certificate
Administrator shall then deposit in the Gain-on-Sale Reserve Account), and (ii) in the case of the Serviced Whole Loans, for deposit
in the Gain-on-Sale Reserve Account, all Gain-on-Sale Proceeds received during the Collection Period ending on the Determination
Date immediately prior to such Master Servicer Remittance Date which are allocable to a Mortgage Loan or Serviced Whole Loan;
provided that on the Business Day prior to the final Distribution Date, the Certificate Administrator shall withdraw from
the Gain-on-Sale Reserve Account and deposit in the Lower-Tier Distribution Account (after allocation to any related Serviced
Companion Loan as provided in Section 4.01(d)), for distribution on such Distribution Date, any and all amounts then
on deposit in the Gain-on-Sale Reserve Account attributable to the Mortgage Loans.

 

(j)                
Funds in the Collection Account, the Serviced Whole Loan Collection Account, the Distribution Accounts, the Interest Reserve Account,
the Gain-on-Sale Reserve Account and the REO Account may be invested in Permitted Investments in accordance with the

 

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provisions
of Section 3.07 of this Agreement; provided, however, that for so long as Wells Fargo Bank, National
Association is the Certificate Administrator, funds on deposit in the Distribution Accounts, the Interest Reserve Account and
the Gain-on-Sale Reserve Account shall not be invested.

 

The
Master Servicer shall give written notice to the Depositor, the Trustee, the Certificate Administrator and the Special Servicer
of the location and account number of the Collection Account and, if applicable, the Serviced Whole Loan Collection Accounts as
of the Closing Date and shall notify the Depositor, the Special Servicer, the Certificate Administrator and the Trustee, as applicable,
in writing on or prior to the Closing Date and prior to any subsequent change thereof. In addition, the Master Servicer shall
provide notice to each affected holder of a Serviced Companion Loan of the location and account number of the relevant Serviced
Whole Loan Collection Account as well as notice in writing on or prior to the Closing Date and prior to any subsequent change
thereof. The Certificate Administrator shall give written notice to the Depositor, the Trustee, the Special Servicer and the Master
Servicer of the location and account number of the Interest Reserve Account and the Distribution Accounts as of the Closing Date
and shall notify the Depositor, the Trustee, the Special Servicer and the Master Servicer, as applicable, in writing prior to
any subsequent change thereof.

 

(k)              
The Certificate Administrator shall establish and maintain the Excess Interest Distribution Account, in its own name, for the
benefit of the Holders of the Excess Interest Certificates, with respect to the Excess Interest, which shall be an asset of the
Grantor Trust and beneficially owned by the Holders of the Excess Interest Certificates and shall not be an asset of any Trust
REMIC. The Excess Interest Distribution Account shall be established and maintained as an Eligible Account or as a subaccount
of an Eligible Account. Following the distribution of the applicable portions of Excess Interest to the Holders of the Excess
Interest Certificates on the first Distribution Date after which there are no longer any Mortgage Loans outstanding which pursuant
to their terms could pay Excess Interest, the Certificate Administrator shall terminate the Excess Interest Distribution Account.

 

(l)                 
The Certificate Administrator shall establish and maintain the Legal Fee Reserve Account. On the Closing Date, the Depositor shall
deposit $250,000 with the Certificate Administrator, to be credited to the Legal Fee Reserve Account. Funds held in the Legal
Fee Reserve Account shall remain uninvested. Annually, on or about April 1, beginning 2021, upon receipt by the Certificate Administrator
from the Depositor of a legal invoice related to Commission compliance matters, the Certificate Administrator shall pay such legal
invoice from and solely to the extent of funds then on deposit in the Legal Fee Reserve Account. Any such instruction shall be
sent by email to cts.cmbs.bond.admin@wellsfargo.com, along with a copy of the invoice, and a subject line reference of
“Benchmark 2020-B22 - Legal Fee Reserve Account”. The Legal Fee Reserve Account will not be a part of the Trust Fund,
any Trust REMIC or the Grantor Trust. The Depositor will be the beneficial owner of the Legal Fee Reserve Account for all federal
income tax purposes, and shall be taxable on all income earned therefrom.

 

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

 

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

 

(m)             
[Reserved.]

 

(n)               
The Certificate Administrator shall establish (upon written notice from the Special Servicer to the Master Servicer (who shall
deliver a copy of such notice to the Certificate Administrator) of an event occurring that generates Gain-on-Sale Proceeds) and
maintain the Gain-on-Sale Reserve Account for the benefit of the Certificateholders. The 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.

 

Section 3.06         
Permitted Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection Accounts and the Distribution Accounts;
Trust Ledger. (a)  The Master Servicer shall maintain a separate Trust Ledger with respect to the Mortgage Loans
that it is servicing on which it shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with
respect thereto. On each Master Servicer Remittance Date (or such other date as may be specified below or on which funds are available
for such purpose as specified below), with respect to each Mortgage Loan (other than any Mortgage Loan related to a Serviced Whole
Loan unless otherwise specified in clauses (i), (ii), (v), (vi), (x), (xi), (xii),
(xiii), (xv), (xvi) and (xvii) of this (a)), the Master Servicer shall make withdrawals from
amounts allocated thereto in the Collection Account (and may debit the Trust Ledger) for the purposes listed below (the order
set forth below not constituting an order of priority for such withdrawals):

 

(i)               
on or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, to remit to the Certificate Administrator
the amounts to be deposited into the Lower-Tier Distribution Account (including any amount transferred from the Serviced Whole
Loan Collection Account in respect of each Mortgage Loan that is part of a Serviced Whole Loan) (including without limitation
the aggregate of the Available Funds, Prepayment Premiums, Yield Maintenance Charges and Gain-on-Sale Proceeds) which the Certificate
Administrator shall then deposit into the Upper-Tier Distribution Account, the Interest Reserve Account and the Gain-on-Sale Reserve
Account, pursuant to Section 3.05(e), Section 3.05(f) and Section 3.05(i) of this Agreement,
respectively;

 

(ii)               
to pay (A) itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing
Fees to the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement); the Operating
Advisor, unpaid Operating Advisor Fees; and the Special Servicer, unpaid Special Servicing Fees, Liquidation Fees and Workout
Fees in respect of each Mortgage Loan, Specially Serviced Loan and Serviced REO Loan (exclusive of each Mortgage Loan or Serviced
REO Loan included in a Serviced Whole Loan), as applicable, the Master Servicer’s, the Operating Advisor’s or Special
Servicer’s, as applicable, rights to payment of Servicing Fees, Operating Advisor Fees and Special Servicing Fees, Liquidation
Fees and Workout Fees pursuant to this clause (ii)(A) with respect to any Mortgage Loan, Specially Serviced Loan or
Serviced REO Loan (exclusive of each Mortgage Loan or Serviced REO Loan included

 

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in a Serviced Whole Loan), as applicable, being
limited to amounts received on or in respect of such Mortgage Loan, Specially Serviced Loan or REO Loan, as applicable (whether
in the form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds), that are allocable as recovery of
interest thereon, (B) the Special Servicer, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect
of each Specially Serviced Loan or Serviced REO Loan, as applicable, remaining unpaid out of general collections on the Mortgage
Loans, Specially Serviced Loans and REO Properties, but in the case of each Serviced Whole Loan, only to the extent that amounts
on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor (provided that the Master
Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the
related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights
under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the
related Serviced Companion Loans from the related Companion Loan Noteholders), (C) each month to the Other Servicer or Other
Special Servicer (or Other Indemnified Party under Section 1.04 of this Agreement), as applicable, the Trust’s pro
rata portion (based on the related Mortgage Loan’s Stated Principal Balance) of any unpaid special servicing fees, liquidation
fees, workout fees and additional trust expenses in respect of a Non-Serviced Mortgage Loan remaining unpaid (including amounts
payable to such parties and Other Indemnified Parties under Section 1.04 of this Agreement), out of general collections
on the Mortgage Loans, Specially Serviced Loans and REO Properties, (D) the Operating Advisor, any unpaid Operating Advisor
Consulting Fees (but only to the extent such Operating Advisor Consulting Fees were received from the related Borrower) and (E)
the Asset Representations Reviewer, the unpaid Asset Representations Reviewer Asset Review Fee (to the extent such fee is to be
paid by the Trust Fund) payable in connection with any Asset Review that was performed as a result of an Affirmative Asset Review
Vote;

 

(iii)               
to reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances (other than Nonrecoverable Advances, which
are reimbursable pursuant to clause (v) below, and exclusive of the Mortgage Loans or Serviced REO Loans included in the
Serviced Whole Loans) the Master Servicer’s or the Trustee’s right to reimbursement pursuant to this clause (iii)
being limited to amounts received which represent Late Collections for the applicable Mortgage Loan (exclusive of the Mortgage
Loan or Serviced REO Loan included in the Serviced Whole Loan; provided that to the extent such amounts are insufficient
to repay such P&I Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I
Advances may be reimbursed, on a pro rata basis with any reimbursement to the related Serviced Companion Loan Service Provider
for unreimbursed principal and/or interest advances with respect to any related Serviced Pari Passu Companion Loan, from collections
on the related Serviced Whole Loan allocable to such Serviced Subordinate Companion Loan) during the applicable period; provided,
further, that if such P&I Advance becomes a Workout-Delayed Reimbursement Amount, then such P&I Advance shall thereafter
be reimbursed from amounts recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse
such Workout-Delayed Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of
all of the Mortgage Loans and REO

 

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Properties on deposit in the Collection Account from time to time that represent collections
or recoveries of principal to the extent provided in clause (v) below;

 

(iv)               
to reimburse the Trustee or itself, in that order, (with respect to any Mortgage Loan or Serviced REO Property) (exclusive of
the Mortgage Loans or Serviced REO Loans included in the Serviced Whole Loans or any Serviced REO Property securing any Serviced
Whole Loan), for unreimbursed Servicing Advances, the Master Servicer’s or the Trustee’s respective rights to receive
payment pursuant to this clause (iv) with respect to any Mortgage Loan or Serviced REO Property being limited to, as
applicable, payments received from the related Borrower which represent reimbursements of such Servicing Advances, Liquidation
Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds with respect to the applicable Mortgage Loan or Serviced
REO Property; provided that if such Servicing Advance becomes a Workout-Delayed Reimbursement Amount, then such Servicing
Advance shall thereafter be reimbursed from amounts recovered on the related Mortgage Loan intended by the modified loan documents
to be applied to reimburse such Workout-Delayed Reimbursement Amount and then from the portion of general collections and recoveries
on or in respect of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent
collections or recoveries of principal to the extent provided in clause (v) below;

 

(v)               
(A) to reimburse the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property), (1)  with
respect to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO
Proceeds, if any, received on the related Mortgage Loan and related REO Properties, second, out of the principal portion
of general collections on the Mortgage Loans and REO Properties, and then, to the extent the principal portion of general
collections is insufficient and with respect to such deficiency only, subject to any election at its sole discretion (or at the
Trustee’s sole discretion for the reimbursement of the Trustee) to defer reimbursement thereof pursuant to this Section 3.06(a)
of this Agreement, out of other collections on the Mortgage Loans and REO Properties; and (2) with respect to the Workout-Delayed
Reimbursement Amounts, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of
such amounts being reimbursed pursuant to the preceding clause (1) above, but in the case of either clause (1) or (2)
above with respect to each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable Serviced Whole Loan
Collection Account are insufficient therefor after taking into account any allocation set forth in the related Intercreditor Agreement
(provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if
any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise
on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion
(or such other amount as may be set forth in the related Intercreditor Agreement) of such amount representing Servicing Advances
allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders); and (B) to pay itself or
the Special Servicer out of general collections on the Mortgage Loans and REO Properties, with respect to any Mortgage Loan or
Serviced REO Property any related earned Servicing Fee, Special Servicing Fee, Liquidation Fee or Workout Fee, as applicable,
that remained unpaid in accordance with clause (ii) above following a Final Recovery Determination made with

 

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respect to such
Mortgage Loan or Serviced REO Property and the deposit into the Collection Account of all amounts received in connection therewith,
but in the case of each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable Serviced Whole Loan
Collection Account are insufficient therefor (provided that the Master Servicer shall, after receiving payment from amounts
on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use
commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain
reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related
Companion Loan Noteholders) and (C) to reimburse the related Other Servicer, the related Other Special Servicer and the related
Other Trustee, as applicable, out of general collections on the Mortgage Loans and REO Properties for the Trust’s pro
rata portion (based on the related Non-Serviced Mortgage Loan’s Stated Principal Balance) of nonrecoverable servicing
advances (and interest thereon at the Reimbursement Rate) previously made with respect to the related Non-Serviced Mortgage Loans;

 

(vi)               
(A) at such time as it reimburses the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property),
for (1) any unreimbursed P&I Advance (including any such P&I Advance that constitutes a Workout-Delayed Reimbursement
Amount) made with respect to a Mortgage Loan pursuant to clause (iii) above, to pay itself or the Trustee, as applicable,
any Advance Interest Amounts accrued and payable thereon, (2) any unreimbursed Servicing Advances (including any such Advance
that constitutes a Workout-Delayed Reimbursement Amount) made with respect to a Mortgage Loan or Serviced REO Property pursuant
to clause (iv) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable
thereon or (3) any Nonrecoverable P&I Advances made with respect to a Mortgage Loan or Serviced REO Property and any Nonrecoverable
Servicing Advances made with respect to a Mortgage Loan or REO Property or any Workout-Delayed Reimbursement Amounts pursuant
to clause (v) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable thereon,
in each case, first, from Penalty Charges as provided in Section 3.12(d) and then, from general collections, but in the case
of a Serviced Whole Loan only to the extent that such Nonrecoverable Advance has been reimbursed and only to the extent that amounts
on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation
set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from
amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use
commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain
reimbursement for a pro rata portion of such amount representing Advance Interest Amounts on Servicing Advances allocable
to the related Serviced Companion Loans from the related Companion Loan Noteholders) and (B) at such time as it reimburses
the related Other Servicer, the related Other Special Servicer and the related Other Trustee, as applicable, for any nonrecoverable
servicing advances made with respect to any related Non-Serviced Mortgage Loan or the related REO Property pursuant to clause (v)
above, to pay the related Other Servicer, the related Other Special Servicer and the related Other Trustee, as applicable, any
interest accrued and payable thereon;

 

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(vii)               
to reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, for
any unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect giving rise to a repurchase or
substitution obligation of the applicable Mortgage Loan Seller or any other obligation of the applicable Mortgage Loan Seller
under Section 6 of the applicable Mortgage Loan Purchase Agreement, including, without limitation, any expenses arising out of
the performance of its duties under Section 2.03 of this Agreement or out of the enforcement of the repurchase or substitution
obligation of the applicable Mortgage Loan Seller or any other obligation of the applicable Mortgage Loan Seller under Section
6 of the applicable Mortgage Loan Purchase Agreement, together with interest thereon at the Reimbursement Rate, each such Person’s
right to reimbursement pursuant to this clause (vii) with respect to any Mortgage Loan (exclusive of any Mortgage Loan included
in the Serviced Whole Loan) subject to the following: (a) if the Purchase Price is paid for such Mortgage Loan, then such Person’s
right to reimbursement shall be limited to that portion of the Purchase Price that represents such expense in accordance with
clause (f) of the definition of Purchase Price, or (b) if no Purchase Price is paid or if an amount less than the Purchase Price
is paid and proceedings are instituted to enforce the related Mortgage Loan Seller’s payment or performance pursuant to
the applicable Mortgage Loan Purchase Agreement or if a Loss of Value Payment is made, then such Person shall be entitled to reimbursement
from the Trust following the adjudication of such proceedings in favor of such Mortgage Loan Seller, settlement of the Breach
or Defect claim, or payment of such Loss of Value Payment, as the case may be;

 

(viii)               
to pay itself all Prepayment Interest Excesses on the Mortgage Pool (exclusive of any Mortgage Loan or Serviced REO Loan included
in the Serviced Whole Loan) not required to be used pursuant to Section 3.17(b) of this Agreement;

 

(ix)               
(A) to pay itself, as additional servicing compensation in accordance with Section 3.12(a) of this Agreement, (1) interest
and investment income earned in respect of amounts relating to the Trust Fund held in the Collection Account as provided in Section 3.12(b)
of this Agreement (but only to the extent of the net investment earnings with respect to such Collection Account for any period
from any Distribution Date to the immediately succeeding Master Servicer Remittance Date) and (2) Penalty Charges on the
Mortgage Loans that are non-Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included in a Serviced
Whole Loan), but only to the extent collected from the related Borrower and only to the extent that all amounts then due and payable
with respect to the related Mortgage Loan have been paid and are not needed to pay interest on Advances in accordance with Section 3.12
and/or pay or reimburse the Trust for Additional Trust Fund Expenses incurred with respect to such Mortgage Loan during or
prior to the related Collection Period (including Special Servicing Fees, Workout Fees or Liquidation Fees); and (B) to pay
the Special Servicer, as additional servicing compensation in accordance with Section 3.12(b), Net Default Interest
and any other Penalty Charges on Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included in the
Serviced Whole Loan), but only to the extent collected from the related Borrower and only to the extent that all amounts then
due and payable with respect to the related Specially Serviced Loan have been paid and are not needed to pay interest on Advances
or Additional

 

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Trust Fund Expenses (including Special Servicing Fees, Workout Fees or Liquidation Fees), all in accordance with
Section 3.12;

 

(x)               
to pay itself, the Special Servicer, the Depositor, the Operating Advisor or any of their respective directors, officers, members,
managers, employees and agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a)
of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit in the applicable
Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related
Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the
Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable
efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a
pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders));
provided that for the purposes of allocating Additional Trust Fund Expenses, any amounts so paid shall be deemed allocated,
(a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage
Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xi)               
to pay for the cost of the Opinions of Counsel contemplated by Sections 3.10(d), 3.10(e), 3.15(a), 3.15(b)
and 12.08 of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit
in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set
forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts
on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use
commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain
reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related
Companion Loan Noteholders)); provided that for the purposes of allocating Additional Trust Fund Expenses, (i) any
amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if
not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal
Balances of the Mortgage Loans;

 

(xii)               
to pay out of general collections on the Mortgage Loans and REO Properties any and all federal, state and local taxes imposed
on the Lower-Tier REMIC, the Upper-Tier REMIC or any of their assets or transactions, together with all incidental costs and expenses,
to the extent that none of the Master Servicer, the Special Servicer or the Trustee is liable therefor pursuant to this Agreement,
except to the extent such amounts relate solely to the Serviced Whole Loans, in which case, such amounts will be reimbursed, first,
out of the related Serviced Whole Loan Collection Account from collections on the related Serviced Companion Loan and the related
Mortgage Loan on a pro rata basis by principal balance, and second, to the extent any such costs and expenses remain
unreimbursed, out of the Collection Account; provided that for the purposes of allocating Additional Trust Fund Expenses,
(i) any amounts so paid shall be deemed allocated, (a) if relating to a particular

 

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Mortgage Loan, to such Mortgage Loan
and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective
Stated Principal Balances of the Mortgage Loans;

 

(xiii)               
to reimburse the Trustee, the Custodian or the Certificate Administrator out of general collections on the Mortgage Loans
and REO Properties for expenses incurred by and reimbursable to it by the Trust Fund, except to the extent such amounts relate
solely to a Serviced Whole Loan, in which case, such amounts will be reimbursed first, from the applicable Serviced Whole
Loan Collection Account(s) in accordance with Section 3.06(b) and then, out of general collections on the Mortgage
Loans; provided that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall
be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to
any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the
Mortgage Loans;

 

(xiv)               
to pay any Person permitted to purchase a Mortgage Loan under Section 3.16 of this Agreement with respect to each
Mortgage Loan (exclusive of any Mortgage Loan included in the Serviced Whole Loan), if any, previously purchased by such Person
pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods after the date
of purchase;

 

(xv)               
(A) to pay to itself, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor,
the Asset Representations Reviewer or the Depositor, as the case may be, any amount specifically required to be paid to such Person
at the expense of the Trust Fund under any provision of this Agreement to which reference is not made in any other clause of
this Section 3.06(a) of this Agreement and (B) to reimburse or pay any party to this Agreement any unpaid expenses
specifically reimbursable from the Collection Account under this Agreement (and, in the case of an amount specifically related
to a Serviced Whole Loan, only to the extent that such amounts on deposit in the applicable Serviced Whole Loan Collection Account
are insufficient therefor after taking into account any allocation set forth in the related Intercreditor Agreement (provided
that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly
notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust
any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable
to the related Serviced Companion Loans from the related Companion Loan Noteholders)), it being acknowledged that this clause (xv)
shall not be construed to modify any limitation or requirement otherwise set forth in this Agreement as to the time at which any
Person is entitled to payment or reimbursement of any amount or as to the funds from which any such payment or reimbursement is
permitted to be made; provided that (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular
Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage
Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xvi)               
to withdraw from the Collection Account any sums deposited therein in error and pay such sums to the Persons entitled thereto
(including any amounts relating to a Mortgage Loan that is part of a Serviced Whole Loan);

 

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(xvii)             
to pay from time to time to itself in accordance with Section 3.07(b) of this Agreement any interest or investment
income earned on funds deposited in the Collection Account;

 

(xviii)             
to transfer Gain-on-Sale Proceeds allocable to Mortgage Loans to the Lower-Tier Distribution Account for deposit by the Certificate
Administrator into the Gain-on-Sale Reserve Account in accordance with Section 3.05(i) of this Agreement;

 

(xix)               
to pay itself, the Special Servicer or the related Mortgage Loan Seller, as the case may be, with respect to each Mortgage Loan,
if any, previously purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this Agreement,
all amounts received on such Mortgage Loan subsequent to the date of purchase or substitution, and, in the case of a substitution,
with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior to the month
of substitution, in accordance with the third paragraph of Section 2.03(g) of this Agreement;

 

(xx)               
to pay to the Certificate Administrator, the Trustee, the Custodian or any of their directors, officers, employees, representatives
and agents, as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(d)
of this Agreement; provided that any amounts so paid shall be deemed allocated, (a) if relating to a particular
Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage
Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

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

 

(xxii)               
to clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01 of this
Agreement.

 

The
Master Servicer shall also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary
for the payments or reimbursement of amounts required to be paid to the applicable Non-Serviced Mortgage Loan Service Providers
and the related trust of the applicable Other Securitization by the holder of a Non-Serviced Mortgage Loan pursuant to the applicable
Intercreditor Agreement and the applicable Other Pooling and Servicing Agreement.

 

The
Master Servicer shall pay to the Special Servicer from the Collection Account amounts permitted to be paid to it therefrom promptly
upon receipt of a certificate of a Servicing Officer of the Special Servicer describing the item and amount to which the Special
Servicer is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate
the amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan
and Serviced REO Loan and any related Serviced Companion Loan, on a loan-by-loan and, if appropriate, property-by-property basis,
for the purpose of justifying any request for withdrawal from the Collection Account.

 

The
Master Servicer shall keep and maintain separate accounting records, on a Mortgage Loan by Mortgage Loan basis, reflecting amounts
allocable to each Mortgage Loan, and

 

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on a property-by-property basis when appropriate, for the purpose of justifying any withdrawal,
debit or credit from the Collection Account or the Trust Ledger. Upon written request, the Master Servicer shall provide to the
Certificate Administrator such records and any other information in the possession of the Master Servicer to enable the Certificate
Administrator to determine the amounts attributable to (i) the Lower-Tier REMIC with respect to the Mortgage Loans, (ii)
the Excess Interest and (iii) the Companion Loans.

 

The
Master Servicer shall pay to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
the Special Servicer, the Other Trustee, the Other Servicer or the Other Special Servicer, from the Collection Account amounts
permitted to be paid to such Person therefrom, promptly upon receipt of a certificate of a Responsible Officer of the Trustee,
a responsible officer of the Other Trustee, a Responsible Officer of the Certificate Administrator, a certificate of an officer
of the Operating Advisor, a certificate of an officer of the Asset Representations Reviewer, a certificate of a Servicing Officer
or a certificate of the Other Servicer or Other Special Servicer, as applicable, describing the item and amount to which such
Person is entitled (unless such payment to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the Special Servicer, the Other Trustee, the Other Servicer or Other Special Servicer, as the case may be, is specifically
required pursuant to this Agreement and the timing and the amount of payment is specified in, or calculable pursuant to, this
Agreement, in which case a certificate is not required). The Master Servicer may rely conclusively on any such certificate and
shall have no duty to recalculate the amounts stated therein.

 

The
Trustee, the Certificate Administrator, the Custodian, the Special Servicer, the Master Servicer, CREFC®, the Operating
Advisor, the Asset Representations Reviewer and the Non-Serviced Mortgage Loan Service Providers (to the extent specified in Section 12.12)
shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to
time for the reimbursement or payment of the Servicing Compensation (including investment income), Certificate Administrator/Trustee
Fees, Special Servicing Compensation (including investment income), the CREFC® Intellectual Property Royalty License
Fee, the Operating Advisor Fees, Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fees
are actually received from the Borrowers), the Asset Representations Reviewer Asset Review Fee (to the extent owed by the Trust
pursuant to Section 11.02(c) of this Agreement), Advances, Advance Interest Amounts, their respective indemnification
payments (if any) pursuant to Section 6.03, Section 8.05 or Section 12.02 of this Agreement
(for each of such Persons other than CREFC®), their respective expenses hereunder to the extent such fees and expenses
are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement. For the avoidance of
doubt, any fees or expenses (including legal fees) for which a party is to be indemnified pursuant to Section 6.03
herein may be submitted directly to the Trust Fund and paid from amounts on deposit in the Collection Account on behalf of such
party pursuant to this Agreement. In addition, the Certificate Administrator, the Trustee, the Special Servicer, the Master Servicer,
the Operating Advisor and the Asset Representations Reviewer shall in all cases have a right prior to the Certificateholders to
any funds on deposit in the Collection Account from time to time for the reimbursement and payment of any federal, state or local
taxes imposed on any Trust REMIC.

 

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Upon
the determination that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would
exceed the full amount of the principal portion of general collections on the Mortgage Loans (or with respect to Servicing Advances,
the Serviced Whole Loans) deposited in the Collection Account and available for distribution on the next Distribution Date, the
Master Servicer or the Trustee, each at its own option and in its sole discretion, as applicable, instead of obtaining reimbursement
for the remaining amount of such Nonrecoverable Advance pursuant to Section 3.06(a) or Section 3.06(b)
of this Agreement immediately, may elect to refrain from obtaining such reimbursement for such portion of the Nonrecoverable Advance
during the Collection Period ending on the then-current Determination Date for successive one-month periods for a total period
not to exceed 12 months (with the consent of the Directing Holder, for so long as no Control Termination Event is continuing,
for any deferral in excess of 6 months). If the Master Servicer or the Trustee makes such an election at its sole option and in
its sole discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together with interest
thereon), then such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to be fully reimbursable
in the subsequent Collection Period (subject, again, to the same sole discretion to elect to defer; it is acknowledged that, in
such a subsequent period, such Nonrecoverable Advance shall again be payable first from principal collections as described
above prior to payment from other collections). In connection with a potential election by the Master Servicer or the Trustee
to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the one-month Collection Period
ending on the related Determination Date for any Distribution Date, the Master Servicer or the Trustee shall further be authorized
(in its sole discretion) to wait for principal collections on the Mortgage Loans and Serviced Companion Loans, as applicable,
to be received before making its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance
(or portion thereof) until the end of such Collection Period; provided that the Master Servicer or the Trustee shall use
reasonable efforts to give notice of its election to the 17g-5 Information Provider (who shall promptly post such notice to the
17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), at least 15 days prior
to any reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest on the Mortgage
Loans unless (1) the Master Servicer or the Trustee determines in its sole discretion that waiting 15 days after such a notice
could jeopardize its ability to recover Nonrecoverable Advances, (2) changed circumstances or new or different information
becomes known to the Master Servicer or the Trustee that could affect or cause a determination of whether any Advance is a Nonrecoverable
Advance, whether to defer reimbursement of a Nonrecoverable Advance or the determination in clause (1) above, or (3) the
Master Servicer or the Trustee has not timely received from the Certificate Administrator information requested by the Master
Servicer or the Trustee to consider in determining whether to defer reimbursement of a Nonrecoverable Advance; provided
that, if clause (1), (2) or (3) apply, the Master Servicer or the Trustee shall give notice of an anticipated reimbursement
to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest on the Mortgage Loans as soon as
reasonably practicable in such circumstances to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5
Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). Neither the Master Servicer nor
the Trustee shall have any liability for any loss, liability or expense resulting from any notice provided to each Rating Agency
contemplated by the immediately preceding sentence.

 

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The
foregoing shall not, however, be construed to limit any liability that may otherwise be imposed on such Person for any failure
by such Person to comply with the conditions to making such an election under this Section 3.06(a) or to comply with
the terms of this Section 3.06(a) and the other provisions of this Agreement that apply once such an election, if
any, has been made. If the Master Servicer or the Trustee, as applicable, determines, in its sole discretion, that it should recover
the Nonrecoverable Advances without deferral as described above, then the Master Servicer or the Trustee, as applicable, shall
be entitled to immediate reimbursement of Nonrecoverable Advances with interest thereon at the Reimbursement Rate from all amounts
in the Collection Accounts for such Distribution Date. Any such election by any such party to refrain from reimbursing itself
or obtaining reimbursement for any Nonrecoverable Advance or portion thereof with respect to any one or more Collection Periods
shall not limit the accrual of interest at the Reimbursement Rate on such Nonrecoverable Advance for the period prior to the actual
reimbursement of such Nonrecoverable Advance. The Master Servicer’s or the Trustee’s, as applicable, election to defer
reimbursement of such Nonrecoverable Advances as set forth above is an accommodation to the Certificateholders and, as applicable,
the Serviced Companion Loan Noteholders and shall not be construed as an obligation on the part of the Master Servicer or the
Trustee, as applicable, or a right of the Certificateholders or the Serviced Companion Loan Noteholders. Nothing herein shall
be deemed to create in the Certificateholders or the Serviced Companion Loan Noteholders a right to prior payment of distributions
over the Master Servicer’s or the Trustee’s, as applicable, right to reimbursement for Advances (deferred or otherwise).
In all events, the decision to defer reimbursement or to seek immediate reimbursement of Nonrecoverable Advances shall be deemed
to be in accordance with the Servicing Standard and neither the Master Servicer, the Trustee nor the other parties to this Agreement
shall have any liability to one another or to any of the Certificateholders or any of the Serviced Companion Loan Noteholders
for any such election that such party makes as contemplated by this Section 3.06(a) or for any losses, damages or
other adverse economic or other effects that may arise from such an election.

 

None
of the Master Servicer, the Special Servicer or the Trustee shall be permitted to reverse any other Person’s determination,
or to prohibit any such other authorized Person from making a determination, that an Advance constitutes, or would constitute
a Nonrecoverable Advance.

 

If
the Master Servicer, the Trustee or any Non-Serviced Mortgage Loan Service Provider, as applicable, is reimbursed out of general
collections for any unreimbursed Advances that are determined to be Nonrecoverable Advances (together with any Advance Interest
Amount), then (for purposes of calculating distributions on the Certificates) such reimbursement and payment of interest shall
be deemed to have been made: first, out of the Principal Distribution Amount, which, but for its application to reimburse
a Nonrecoverable Advance and/or to pay the Advance Interest Amount, would be included in Available Funds for any subsequent Distribution
Date and, second, out of other amounts which, but for their application to reimburse a Nonrecoverable Advance and/or to
pay the Advance Interest Amount, would be included in Available Funds for any subsequent Distribution Date.

 

If
and to the extent that any payment is deemed to be applied as contemplated in the paragraph above to reimburse a Nonrecoverable
Advance or to pay the Advance Interest Amount, then the Principal Distribution Amount for such Distribution Date shall be reduced,
to

 

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not less than zero, by the amount of such reimbursement. If and to the extent (i) any Advance is determined to be a Nonrecoverable
Advance, (ii) such Advance and/or the Advance Interest Amount is reimbursed out of the Principal Distribution Amount as contemplated
above and (iii) the particular item for which such Advance was originally made is subsequently collected out of payments
or other collections in respect of the related Mortgage Loan, then the Principal Distribution Amount for the Distribution Date
that corresponds to the Collection Period in which such item was recovered shall be increased by an amount equal to the lesser
of (A) the amount of such item and (B) any previous reduction in the Principal Distribution Amount for a prior Distribution
Date as contemplated in the paragraph above resulting from the reimbursement of the subject Advance and/or the payment of the
Advance Interest Amount.

 

(b)              
The Master Servicer shall maintain a separate Trust Ledger with respect to each Serviced Whole Loan that it is servicing on which
it shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On each Master
Servicer Remittance Date (or such other date as may be specified below or on which funds are available for such purpose as specified
below), with respect to each Serviced Whole Loan, the Master Servicer shall make withdrawals from amounts allocated thereto in
the related Serviced Whole Loan Collection Account (and may debit the Trust Ledger) for any of the following purposes (the order
set forth below not constituting an order of priority for such withdrawals):

 

(i)               
to make remittances each month in an aggregate amount of immediately available funds equal to the allocable portion of the applicable
Serviced Whole Loan Remittance Amount (A) to the related Serviced Companion Loan Noteholders within the time frame specified in,
and otherwise in accordance with Section 3.05(h) and (B) to the Collection Account for the benefit of the Trust in respect
of amounts allocable to the related Mortgage Loan, in each case in accordance with the related Intercreditor Agreement (after
taking into account the amounts permitted to be withdrawn from the Serviced Whole Loan Collection Account pursuant to this Section 3.06(b));
provided that Liquidation Proceeds relating to the repurchase of any Serviced Companion Loan by the related seller thereof
shall be remitted solely to the holder of such Serviced Companion Loan, as the case may be, and Liquidation Proceeds relating
to the repurchase of a Mortgage Loan related to a Serviced Whole Loan by the related Mortgage Loan Seller shall be remitted solely
to the Collection Account;

 

(ii)               
to pay (A) to itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing
Fees to the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement) and to the Special
Servicer unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole Loan or related Serviced
REO Loan, as applicable, the Master Servicer’s or the Special Servicer’s, as applicable, rights to payment of Servicing
Fees, Special Servicing Fees, Liquidation Fees and Workout Fees, as applicable, pursuant to this clause (ii)(A) with
respect to such Serviced Whole Loan or related Serviced REO Loan, as applicable, being limited to amounts received on or in respect
of such Serviced Whole Loan (whether in the form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds),
or such Serviced REO Loan (whether in the form of REO Proceeds, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds),
that are allocable as recovery of interest thereon and (B) to the Special Servicer, each month to the

 

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extent not covered
by clause (ii)(A) above, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced
Whole Loan or related Serviced REO Loan, as applicable, remaining unpaid out of general collections in the Collection Account
as provided in Section 3.06(a)(ii) of this Agreement;

 

(iii)               
to reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances with respect to the applicable Mortgage Loan
and to reimburse the related Serviced Companion Loan Service Provider for unreimbursed principal and/or interest advances with
respect to the applicable Serviced Companion Loan, the Master Servicer’s, the Trustee’s and the applicable Serviced
Companion Loan Service Provider’s right to reimbursement pursuant to this clause (iii) being limited to amounts
received in the applicable Serviced Whole Loan Collection Account which represent Late Collections received in respect of such
Mortgage Loan or Serviced Companion Loan, as applicable (as allocable thereto pursuant to the related Loan Documents and the related
Intercreditor Agreement), during the applicable period; provided that to the extent such amounts are insufficient to repay
such P&I Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I Advances
may be reimbursed, from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan; provided,
further, that if such P&I Advance on the applicable Mortgage Loan becomes a Nonrecoverable Advance or a Workout-Delayed
Reimbursement Amount, then such P&I Advance shall thereafter be reimbursed in accordance with clause (v) below;

 

(iv)               
to reimburse the Trustee, the Special Servicer or itself, in that order, as applicable (with respect to such Serviced Whole Loan
or Serviced REO Property), for unreimbursed Servicing Advances with respect to such Serviced Whole Loan or related Serviced REO
Property, the Master Servicer’s or the Trustee’s respective rights to receive payment pursuant to this clause (iv) being
limited to, as applicable, related payments by the applicable Borrower with respect to such Servicing Advance, Liquidation Proceeds,
Insurance Proceeds and Condemnation Proceeds and REO Proceeds with respect to such Serviced Whole Loan; provided that if
such Servicing Advance becomes a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount, then such Servicing Advance
shall thereafter be reimbursed in accordance with clause (v) below;

 

(v)               
(A) to reimburse the Trustee or itself, in that order, (with respect to such Serviced Whole Loan or related REO Property),
as applicable (x) with respect to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds,
Condemnation Proceeds and REO Proceeds received on the related Serviced Whole Loan and related REO Properties, and second,
out of general collections in the Collection Account as provided in Section 3.06(a) and (y) with respect to the
Workout-Delayed Reimbursement Amounts, first, out of the principal portion of the general collections on the Serviced Whole
Loan and related REO Properties, net of such amounts being reimbursed pursuant to the subclause first in the preceding
clause (x) above and second out of general collections in the Collection Account as provided in Section 3.06(a);
provided that in the case of both clause (x) and clause (y) of this clause (v), prior to making any
reimbursement from general collections, such reimbursements shall be made first, from collections on, and proceeds of the applicable
Subordinate Companion Loan, if any, and then from collections on, and proceeds of the related Mortgage Loan, or in the case of
a Serviced Pari Passu Whole Loan

 

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with a Serviced Pari Passu Companion Loan, on a pro rata basis as between the Mortgage
Loan and any related Serviced Pari Passu Companion Loans (based on the Mortgage Loan’s Stated Principal Balance or related
Serviced Pari Passu Companion Loan’s principal balance) and then from general collections of the Trust (provided
that, in the case of a Servicing Advance that is a Nonrecoverable Advance, the Master Servicer shall, after receiving payment
from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and
(ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement
to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the
related Companion Loan Noteholders) or (B) to pay itself or the Special Servicer out of general collections on such Serviced
Whole Loan and related REO Properties, any related earned Servicing Fee, Special Servicing Fee, Liquidation Fee or Workout Fee,
as applicable, that remained unpaid in accordance with clause (ii) above following a Final Recovery Determination made with
respect to such Serviced Whole Loan or related REO Property and the deposit into the applicable Serviced Whole Loan Collection
Account of all amounts received in connection therewith; provided that, notwithstanding the foregoing, such party’s
rights to reimbursement pursuant to this clause (v) with respect to any such Nonrecoverable Advance or Workout-Delayed
Reimbursement Amount that is a P&I Advance, being limited (except to the extent set forth in Section 3.06(a))
to amounts on deposit in the applicable Serviced Whole Loan Collection Account that were received in respect of the particular
Mortgage Loan (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor Agreement) in the related
Serviced Whole Loan as to which such Nonrecoverable Advance or such Workout-Delayed Reimbursement Amount were incurred (provided
that to the extent such amounts are insufficient to repay such Advances on any Mortgage Loan as to which there is a related
Subordinate Companion Loan, such P&I Advances may be reimbursed from collections on the related Serviced Whole Loan allocable
to such Subordinate Companion Loan);

 

(vi)               
at such time as it reimburses the Trustee or itself, in that order, as applicable, for (A) any unreimbursed P&I Advance
with respect to the applicable Mortgage Loan (including any such Advance that constitutes a Workout-Delayed Reimbursement Amount)
or any unreimbursed principal and/or interest advance with respect to the related Serviced Companion Loan pursuant to clause (iii)
above, to pay itself, the Trustee or such Serviced Companion Loan Service Provider, as applicable, any Advance Interest Amounts
accrued and payable thereon, (B) any unreimbursed Servicing Advances (including any such Advance that constitutes a Workout-Delayed
Reimbursement Amount) pursuant to clause (iv) above, to pay itself, the Special Servicer or the Trustee, as the case may
be, any Advance Interest Amounts accrued and payable thereon or (C) any Nonrecoverable Advances pursuant to clause (v)
above, to pay itself, the Special Servicer, the Trustee or any Serviced Companion Loan Service Provider, as the case may be, any
Advance Interest Amounts accrued and payable thereon, with such amounts payable in the case of clauses (A), (B) and (C) above,
first, from Penalty Charges pursuant to Section 3.12(d), then, from collections on, and proceeds of the applicable
Subordinate Companion Loan, if any, and then, from collections on, and proceeds of on a pro rata basis as between the Mortgage
Loan and any related other Serviced Pari Passu Companion Loans (based on the Mortgage Loan’s Stated Principal Balance or
related Serviced Pari Passu Companion Loan’s principal balance), provided that, notwithstanding the foregoing, such
party’s rights

 

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to reimbursement pursuant to this clause (vi) with respect to any such interest on P&I Advances
(including any such P&I Advance that is a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount) being limited
to amounts on deposit in the applicable Serviced Whole Loan Collection Account that were received in respect of the particular
Mortgage Loan (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor Agreement) in the related
Serviced Whole Loan as to which such advance relates (provided that any Mortgage Loan as to which there is a related Subordinate
Companion Loan, such interest on P&I Advances may be reimbursed from collections on the related Serviced Whole Loan allocable
to such Subordinate Companion Loan);

 

(vii)               
to reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, as
applicable, for any unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect with respect to
the Mortgage Loan giving rise to a repurchase obligation of the applicable Mortgage Loan Seller under Section 6 of the applicable
Mortgage Loan Purchase Agreement or, with respect to a Serviced Companion Loan, under the related mortgage loan purchase agreement,
including, without limitation, any expenses arising out of the enforcement of the repurchase obligation, each such Person’s
right to reimbursement pursuant to this clause (vii) with respect to such Serviced Whole Loan being limited to that portion
of the Purchase Price paid for the related Mortgage Loan that represents such expense in accordance with clause (e) of the
definition of Purchase Price (or, with respect to a Serviced Companion Loan, a comparable expense);

 

(viii)               
to pay itself all Prepayment Interest Excesses on any related Mortgage Loan or Serviced Companion Loan included in the Serviced
Whole Loans not required to be used pursuant to Section 3.17(c) of this Agreement;

 

(ix)               
(A) to pay itself, as additional servicing compensation in accordance with Section 3.12(a), (1) interest
and investment income earned in respect of amounts relating to such Serviced Whole Loan held in the applicable Serviced Whole
Loan Collection Account as provided in Section 3.07(b) (but only to the extent of the net investment earnings with
respect to such Serviced Whole Loan Collection Account for any period from any Distribution Date to the immediately succeeding
Master Servicer Remittance Date) and (2) any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except
to the extent prohibited by the related Intercreditor Agreement and other than Specially Serviced Loans) but only to the extent
collected from the related Borrower and to the extent that all amounts then due and payable with respect to the Serviced Whole
Loans have been paid and are not needed to pay Advance Interest Amounts, interest on debt service advances made by the related
Serviced Companion Loan Service Provider and/or Additional Trust Fund Expenses in accordance with Section 3.12 and
the related Intercreditor Agreement; and (B) to pay the Special Servicer, as additional servicing compensation in accordance
with the second paragraph of Section 3.12, the portion of any Penalty Charges on the related Mortgage Loan and Serviced
Companion Loan (except to the extent prohibited by the related Intercreditor Agreement), during the period it is a Specially Serviced
Loan (but only to the extent collected from the related Borrower and to the extent that all amounts then due and payable with
respect to the related Specially Serviced Loan have been paid and are not needed to pay interest on Advances, interest on debt
service

 

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advances made by the related Serviced Companion Loan Service Provider and/or Additional Trust Fund Expenses in accordance
with Section 3.12 and the related Intercreditor Agreement);

 

(x)                 
to recoup any amounts deposited in such Serviced Whole Loan Collection Account in error;

 

(xi)                
to pay itself, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Depositor or any of their
respective directors, officers, members, managers, employees and agents, as the case may be, any amounts payable to any such Person
pursuant to Section 6.03(a) or 6.03(b), to the extent that such amounts relate to such Serviced Whole Loan;

 

(xii)               
to pay for the cost of the Opinions of Counsel contemplated by Section 3.10(d), 3.10(e), 3.15(a), 3.15(b)
and 12.08 to the extent that such opinions specifically relate to such Serviced Whole Loan;

 

(xiii)              
to pay out of general collections on such Serviced Whole Loan and related Serviced REO Property any and all federal, state and
local taxes imposed on the Upper-Tier REMIC, the Lower-Tier REMIC or any of their assets or transactions, together with all incidental
costs and expenses, in each case to the extent that neither the Master Servicer, the Special Servicer, the Certificate Administrator
nor the Trustee is liable therefor pursuant to this Agreement and only to the extent that such amounts relate to the related Mortgage
Loan or to the related Serviced Companion Loans (but only to the extent that any related Serviced Companion Loan is included in
a REMIC);

 

(xiv)             
to reimburse the Trustee and the Certificate Administrator out of general collections on such Serviced Whole Loan and related
REO Properties for expenses incurred by and reimbursable to it by the Trust Fund specifically related to such Serviced Whole Loan;

 

(xv)              
to pay any Person permitted to purchase a Mortgage Loan under Section 3.16 with respect to the Mortgage Loan included
in such Serviced Whole Loan, if any, previously purchased by such Person pursuant to this Agreement, all amounts received thereon
subsequent to the date of purchase relating to periods after the date of purchase;

 

(xvi)             
to deposit in the Interest Reserve Account the amounts with respect to the Mortgage Loan included in such Serviced Whole Loan
required to be deposited in the Interest Reserve Account pursuant to Section 3.05(e);

 

(xvii)            
to pay to the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Depositor, as the case
may be, to the extent that such amounts relate to the Mortgage Loan included in such Serviced Whole Loan, any amount specifically
required to be paid to such Person at the expense of the Trust Fund under any provision of this Agreement to which reference is
not made in any other clause of this Section 3.06(b), it being acknowledged that this clause (xvii) shall
not be construed to modify any limitation or requirement otherwise set forth in this Agreement or in the related Intercreditor
Agreement as to the time at which any Person is entitled to payment or

 

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reimbursement of any amount or as to the funds from which
any such payment or reimbursement is permitted to be made;

 

(xviii)               
to pay the related Mortgage Loan Seller with respect to the Mortgage Loan included in such Serviced Whole Loan, if any, previously
purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this Agreement, all amounts
received on such Mortgage Loan subsequent to the date of purchase or substitution, and, in the case of a substitution, with respect
to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior to the month of substitution,
in accordance with the third paragraph of Section 2.03(g); and

 

(xix)               
to clear and terminate such Serviced Whole Loan Collection Account at the termination of this Agreement pursuant to Section 9.01.

 

In
the case of the amounts payable as set forth above in this Section 3.06(b) with respect to any Serviced Whole Loan,
if such amount is not specifically payable, pursuant to the terms of this Agreement or the related Intercreditor Agreement, out
of collections or proceeds allocable to any particular note that is a part of such Serviced Whole Loan, such amount shall be paid
from collections on, and proceeds of the related Serviced Subordinate Companion Loan, if any, and then, from collections on, and
proceeds of, on a pro rata basis as between, the related Mortgage Loan and any related Serviced Pari Passu Companion Loans
(based on the related Mortgage Loan’s principal balance or the related Serviced Pari Passu Companion Loan’s principal
balance), and then, to the extent provided for in this Agreement, from general collections.

 

The
Master Servicer shall keep and maintain separate accounting records, on a loan by loan and property by property basis when appropriate,
for the purpose of justifying any withdrawal from any Serviced Whole Loan Collection Account. All withdrawals with respect to
any Serviced Whole Loan shall be made first, from the applicable Serviced Whole Loan Collection Account and then,
from the Master Servicer’s Collection Account to the extent permitted by Section 3.06(a). Upon request, the
Master Servicer shall provide to the Certificate Administrator such records and any other information in the possession of the
Master Servicer to enable the Certificate Administrator to determine the amounts attributable to the Lower-Tier REMIC and the
Companion Loans.

 

The
Master Servicer shall pay to the Special Servicer from the Serviced Whole Loan Collection Accounts amounts permitted to be paid
to it therefrom promptly upon receipt of a certificate of a Servicing Officer of such Special Servicer describing the item and
amount to which the Special Servicer is entitled. The Master Servicer may rely conclusively on any such certificate and shall
have no duty to recalculate the amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each
Specially Serviced Loan included in the Serviced Whole Loan and related REO Loan, on a loan-by-loan and, if appropriate, property-by-property
basis, for the purpose of justifying any request for withdrawal from any Serviced Whole Loan Collection Account.

 

Any
permitted withdrawals under this Section 3.06(b) with respect to reimbursement for advances or other amounts payable
to an Other Trustee shall, if applicable, also be deemed to be a permitted withdrawal for similar amounts owed to the fiscal agent
of the Other Trustee, if any.

 

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Notwithstanding
anything to the contrary contained herein, with respect to each Serviced Companion Loan, the Master Servicer shall withdraw from
the related Serviced Whole Loan Collection Account and remit to the related Serviced Companion Loan Noteholders, within (x) with
respect to any Serviced Subordinate Companion Loan, if required pursuant to the terms of the related Intercreditor Agreement,
two (2) Business Days of receipt of properly identified funds and (y) with respect to any Serviced Pari Passu Companion Loan,
one (1) Business Day of receipt of properly identified funds, any amounts that represent Late Collections or Principal Prepayments
on such Serviced Companion Loan or any successor REO Loan with respect thereto, that are received by the Master Servicer prior
to 3:00 p.m. (New York City time) on any given Business Day (and to the extent any such amounts are received after 3:00 p.m. Eastern
Time on any given Business Day, the Master Servicer shall use commercially reasonable efforts to remit such Late Collections or
Principal Prepayments to the related Serviced Companion Loan Noteholders within one (1) Business Day of receipt of properly identified
funds but, in any event, the Master Servicer shall remit such amounts within two (2) Business Days of receipt of properly identified
funds) (exclusive of any portion of such amount payable or reimbursable to any third party in accordance with the related Intercreditor
Agreement or this Agreement), unless such amount would otherwise be included in the monthly remittance to the holder of such Serviced
Companion Loan for such month.

 

If
the Master Servicer fails, as of 5:00 p.m. (New York City time) on any Master Servicer Remittance Date, any related Serviced Whole
Loan Remittance Date or any other date a remittance is required to be made, as applicable, to remit to the Certificate Administrator
(in respect of the related Mortgage Loan) or the Serviced Companion Loan Noteholders (in respect of any related Serviced Companion
Loan) any amounts required to be so remitted hereunder by such date (including any P&I Advance pursuant to Section 4.07
and any Gain-on-Sale Proceeds allocable to the Serviced Companion Loans pursuant to Section 4.01(e)), the Master
Servicer shall pay to the Certificate Administrator (in respect of the Mortgage Loan) or the Serviced Companion Loan Noteholders
(in respect of the Serviced Companion Loan), for the account of the Certificate Administrator (in respect of the Mortgage Loan)
or the Serviced Companion Loan Noteholders (in respect of the Serviced Companion Loans), interest, calculated at the Prime Rate,
on such amount(s) not timely remitted, from the time such payment was required to be made (without regard to any grace period)
until (but not including) the date such late payment is received by the Certificate Administrator or the Serviced Companion Loan
Noteholders, as applicable.

 

(c)               
On each Master Servicer Remittance Date, all net income and gain realized from investment of funds to which the Master Servicer
or the Special Servicer is entitled pursuant to Section 3.07(b) of this Agreement shall be subject to withdrawal by
the Master Servicer or the Special Servicer, as applicable.

 

(d)              
With respect to the Serviced Whole Loans, if amounts required to pay the expenses allocable to any related Serviced Companion
Loan exceed amounts on deposit in the Serviced Whole Loan Collection Account, the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as applicable, may seek reimbursement from the Trust Fund with respect to such expenses allocable
to such Serviced Companion Loan. The Master Servicer or the Special Servicer, as applicable, shall seek (on behalf of the Trust
Fund, subject to the related Intercreditor Agreement) payment or reimbursement from the holder of the related Serviced Subordinate
Companion Loan, if any, and then for the pro rata portion of such expenses

 

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allocable to a related Serviced Pari Passu Companion
Loan from the related Serviced Companion Loan Noteholder or, if such Serviced Companion Loan has been deposited into a securitization,
out of general collections in the collection account established pursuant to the related Other Pooling and Servicing Agreement.

 

(e)               
If any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related
Serviced REO Property, then the Special Servicer shall (provided that, (1) with respect to clause (iv) below, the
Special Servicer shall have provided notice to the Master Servicer of the occurrence of such liquidation event and (2) with respect
to clause (v) below, the Certificate Administrator shall have provided the Master Servicer and the Special Servicer with
five Business Days’ prior notice of such final Distribution Date), transfer such Loss of Value Payments (up to the remaining
portion thereof) from the Loss of Value Reserve Fund to the 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 3.06(a) of this Agreement, for any Nonrecoverable
Advance made by such party with respect to such Mortgage Loan or any related Serviced REO Property (together with the Advance
Interest Amount);

 

(ii)               
to pay, in accordance with Section 3.06(a) of this Agreement, or to reimburse the Trust for the prior payment of,
any expense relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not paid out of such Loss
of Value Payments, would constitute an Additional Trust Fund Expense;

 

(iii)               
to offset any portion of Realized Losses and VRR Realized Losses that are attributable to such Mortgage Loan or related REO Property,
as the case may be (as calculated without regard to the application of such Loss of Value Payments), incurred with respect to
such Mortgage Loan or any related successor REO Loan;

 

(iv)               
following the occurrence of a liquidation event with respect to such Mortgage Loan or any related Serviced REO Property and any
related transfers from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii)
as to such Mortgage Loan or related Serviced REO Property, to cover the items contemplated by the immediately preceding clauses (i)-(iii)
in respect of any other Mortgage Loan or Serviced REO Loan; and

 

(v)               
On the final Distribution Date after all distributions have been made as set forth in clauses (i)-(iv) above, to each
Mortgage Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed by such
Mortgage Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses and VRR
Realized Losses, that are attributable to such Mortgage Loan or related REO Property, Additional Trust Fund Expenses or any Nonrecoverable
Advances incurred with respect to the Mortgage Loan related to such contribution.

 

Any
Loss of Value Payments transferred to the Collection Account pursuant to clauses (i)-(iii) of the prior paragraph shall be
treated as Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan or any successor REO Loan with respect
thereto for which

 

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such Loss of Value Payments were received; and any Loss of Value Payments transferred to the Collection Account
pursuant to clause (iv) of the prior paragraph shall be treated as Liquidation Proceeds received by the Trust in respect
of the Mortgage Loan or REO Loan for which such Loss of Value Payments are being transferred to the Collection Account to cover
an item contemplated by clauses (i)-(iv) of the prior paragraph.

 

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

 

(i)                 
to make deposits of the Lower-Tier Distribution Amount and the amount of any Prepayment Premium and Yield Maintenance Charges
distributable pursuant to Section 4.01(a) of this Agreement in the Upper-Tier Distribution Account, and to make distributions
on the Class R Certificates in respect of the Class LTR Interest pursuant to Section 4.01(a) of this Agreement;

 

(ii)                 
to pay itself, the Trustee and the Custodian respective portions of any accrued but unpaid Certificate Administrator/Trustee Fees;

 

(iii)               
to pay itself an amount equal to all net income and gain realized from investment of funds in the Lower-Tier Distribution Account
pursuant to Section 3.07(b) of this Agreement;

 

(iv)               
to pay to itself, the Trustee, the Custodian or any of their directors, officers, employees, representatives and agents, as the
case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(b), Section 8.05(c)
and Section 8.05(d) of this Agreement;

 

(v)                
to recoup any amounts deposited in the Lower-Tier Distribution Account in error; and

 

(vi)               
to clear and terminate the Lower-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01
of this Agreement.

 

(g)               
The Certificate Administrator may make withdrawals from the Upper-Tier Distribution Account for any of the following purposes:

 

(i)                 
to make distributions to Certificateholders (other than the Holders of the Excess Interest Certificates) on each Distribution
Date pursuant to Section 4.01 or Section 9.01 of this Agreement (in the case of Holders of the Class R
Certificates, in respect of the Class UTR Interest), as applicable;

 

(ii)                 
to recoup any amounts deposited in the Upper-Tier Distribution Account in error; and

 

(iii)               
to clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01
of this Agreement.

 

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Section 3.07         
Investment of Funds in the Collection Accounts, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, the
Interest Reserve Account, the Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts
and the Reserve Accounts. (a)  The Master Servicer (with respect to the Collection Account, and any Serviced Whole
Loan Collection Account and any Borrower Accounts (as defined below and subject to the second succeeding sentence)), the Special
Servicer (with respect to any REO Account and any Loss of Value Reserve Fund) and the Certificate Administrator (with respect
to the Distribution Accounts, the Interest Reserve Account and the Gain-on-Sale Reserve Account) may direct any depository institution
maintaining the Collection Account, any Serviced Whole Loan Collection Account, the Gain-on-Sale Reserve Account, any Borrower
Accounts, any REO Account, any Loss of Value Reserve Fund, the Interest Reserve Account and the Distribution Accounts (each such
account, for purposes of this Section 3.07, an “Investment Account”), to invest the funds in such
Investment Account in one or more Permitted Investments that bear interest or are sold at a discount, and that mature, unless
payable on demand, no later than the Business Day preceding the date on which such funds are required to be withdrawn from such
Investment Account pursuant to this Agreement. Any investment of funds on deposit in an Investment Account by the Master Servicer,
the Special Servicer or the Certificate Administrator shall be documented in writing and shall provide evidence that such investment
is a Permitted Investment which matures at or prior to the time required hereby or is payable on demand. In the case of any Escrow
Account, Lock-Box Account, Cash Collateral Account or Reserve Account (the “Borrower Accounts”), the Master
Servicer shall act upon the written request of the related Borrower or Manager to the extent that the Master Servicer is required
to do so under the terms of the respective Loan Documents, provided that in the absence of appropriate written instructions
from the related Borrower or Manager meeting the requirements of this Section 3.07, the Master Servicer shall have
no obligation to, but will be entitled to, direct the investment of funds in such accounts in Permitted Investments. All such
Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall
be made in the name of the Trustee (in its capacity as such) or in the name of a nominee of the Trustee. The Certificate Administrator
shall have sole control (except with respect to investment direction which shall be in the control of the Master Servicer or the
Special Servicer, with respect to any REO Accounts, as an independent contractor to the Trust Fund) over each such investment
and any certificate or other instrument evidencing any such investment shall be delivered directly to the Certificate Administrator
or its agent (which shall initially be the Master Servicer), together with any document of transfer, if any, necessary to transfer
title to such investment to the Trustee or its nominee. Neither the Certificate Administrator nor the Trustee shall have any responsibility
or liability with respect to the investment directions of the Master Servicer, the Special Servicer, any Borrower or Manager or
any losses resulting therefrom, whether from Permitted Investments or otherwise. The Master Servicer shall have no responsibility
or liability with respect to the investment directions of the Special Servicer, the Certificate Administrator, the Trustee, any
Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall
have no responsibility or liability with respect to the investment directions of the Master Servicer, the Certificate Administrator,
the Trustee, any Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the
event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master
Servicer (or the Special Servicer or the Certificate Administrator, as applicable) shall:

 

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

 

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

 

(b)              
All income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the Master
Servicer (except with respect to the investment of funds deposited in (i) any Borrower Account, which shall be for the benefit
of the related Borrower to the extent required under the related Loan Documents for the Mortgage Loan or applicable law, (ii)
any REO Account and the Loss of Value Reserve Fund, which shall be for the benefit of the Special Servicer or (iii) the Gain-on-Sale
Reserve Account, the Interest Reserve Account and the Distribution Accounts, which shall be for the benefit of the Certificate
Administrator) and, if held in the Collection Account, any Serviced Whole Loan Collection Account, REO Account or Distribution
Account shall be subject to withdrawal by the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable,
in accordance with Section 3.06 or Section 3.15(b) of this Agreement, as applicable. The Master Servicer,
or with respect to any REO Account or Loss of Value Reserve Fund, the Special Servicer, or with respect to the Gain-on-Sale Reserve
Account or the Distribution Accounts, the Certificate Administrator, shall deposit from its own funds into the Collection Account,
applicable Serviced Whole Loan Collection Account, any REO Account or Loss of Value Reserve Fund, the Gain-on-Sale Reserve Account,
the Interest Reserve Account or the Distribution Accounts, as applicable, the amount of any loss incurred in respect of any such
Permitted Investment immediately upon realization of such loss; provided that the Master Servicer, the Special Servicer
or the Certificate Administrator, as applicable, may reduce the amount of such payment to the extent it forgoes any investment
income in such Investment Account otherwise payable to it. The Master Servicer shall also deposit from its own funds in any Borrower
Account immediately upon realization of such loss the amount of any loss incurred in respect of Permitted Investments, except
to the extent that amounts are invested at the direction of or for the benefit of the Borrower under the terms of the related
Loan Documents for the Mortgage Loan, Serviced Whole Loan or applicable law; provided that neither the Master Servicer
nor the Special Servicer shall be required to deposit any loss on an investment of funds in an Investment Account if such loss
is incurred solely as a result of the insolvency of the federal or state chartered depository institution or trust company that
holds such Investment Account, so long as such depository institution or trust company has satisfied the qualifications set forth
in the definition of Eligible Account both (x) at the time the investment was made and (y) 30 days prior to such insolvency.

 

(c)               
Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted
Investment, or if a default occurs in any other performance required under any Permitted Investment, in either case as a result
of an action or inaction of the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, the Trustee
may, and upon the request of Holders of Certificates entitled to a majority

 

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of the Voting Rights allocated to any Class shall,
take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate
proceedings. If the Trustee takes any such action, (i) the Master Servicer, if such Permitted Investment was for the benefit
of the Master Servicer, (ii) the Special Servicer, if such Permitted Investment was for the benefit of the Special Servicer
or (iii) the Certificate Administrator, if such Permitted Investment was for the benefit of the Certificate Administrator,
shall pay or reimburse the Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the
Trustee in connection therewith.

 

Section 3.08         
Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage. (a)  In the case of each Serviced
Mortgage Loan and any related Serviced Companion Loan, as applicable (but excluding any REO Loan), the Master Servicer shall use
commercially reasonable efforts consistent with the Servicing Standard to cause the related Borrower, with respect to the Serviced
Mortgage Loans and any related Serviced Companion Loans that it is servicing, to maintain the following insurance coverage (including
identifying the extent to which such Borrower is maintaining insurance coverage and, if such Borrower does not so maintain, the
Master Servicer will itself cause to be maintained with Qualified Insurers) for the related Mortgaged Property: (x) except
where the Loan Documents permit a Borrower to rely on self-insurance provided by a tenant, a fire and casualty extended coverage
insurance policy, which does not provide for reduction due to depreciation, in an amount that is at least equal to the lesser
of (i) the full replacement cost of improvements securing such Mortgage Loan or Serviced Whole Loan, as applicable, and (ii) the
Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan, as applicable, but, in any event, in an amount sufficient
to avoid the application of any co-insurance clause and (y) all other insurance coverage (including, but not limited
to, coverage for acts of terrorism) that is required, subject to applicable law, under the related Loan Documents; provided
that:

 

(i)               
the Master Servicer shall not be required to maintain any earthquake or environmental insurance policy on any Mortgaged Property
unless the Trustee has an insurable interest and (x) such insurance policy was in effect at the time of the origination of
the related Mortgage Loan or Serviced Whole Loan, as applicable, or (y) such insurance policy was required by the related
Loan Documents and is available at commercially reasonable rates, provided that the Master Servicer shall require the related
Borrower to maintain such insurance in the amount, in the case of clause (x), maintained at origination, and in the case
of clause (y), required by such Mortgage Loan or Serviced Whole Loan, in each case, to the extent such amounts are available
at commercially reasonable rates and to the extent the Trustee has an insurable interest;

 

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

 

(iii)               
the Master Servicer shall have no obligation beyond using its reasonable efforts consistent with the Servicing Standard to cause
any Borrower to maintain the insurance required to be maintained under the Loan Documents; provided that this

 

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clause shall
not limit the Master Servicer’s obligation to obtain and maintain a force-placed insurance policy, as provided herein;

 

(iv)               
except as provided below (including under clause (vi) below), in no event shall the Master Servicer be required to cause
the Borrower to maintain, or itself obtain, insurance coverage to the extent that the failure of such Borrower to maintain insurance
coverage is an Acceptable Insurance Default (as determined by the Special Servicer);

 

(v)               
to the extent that the Master Servicer itself is required to maintain insurance that the Borrower does not maintain, the Master
Servicer will not be required to maintain insurance other than what is available to the Master Servicer on a force-placed basis
at commercially reasonable rates, and only to the extent the Trust as lender has an insurable interest thereon; and

 

(vi)               
any explicit terrorism insurance requirements contained in the related Loan Documents shall be enforced by the Master Servicer
in accordance with the Servicing Standard (unless the Special Servicer with the consent of, if no Control Termination Event is
continuing, the Directing Holder, and after non-binding consultation with the Risk Retention Consultation Party and the Operating
Advisor pursuant to Section 6.07, has consented to a waiver (including a waiver to permit the Master Servicer to accept
insurance that does not comply with specific requirements contained in the Loan Documents) in writing of that provision in accordance
with the Servicing Standard); provided that the Special Servicer shall promptly notify the Master Servicer in writing of
such waiver.

 

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 Party pursuant to Section 6.08,
neither the Master Servicer nor the Special Servicer shall be liable for any loss related to its failure to require the Borrower
to maintain such insurance and neither shall 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.

 

With
respect to each CREFI Mortgage Loan, the Master Servicer shall not permit the related Borrower to maintain a “Non-Conforming
Policy” (as such term is defined in the related Loan Agreement) unless a Rating Agency Confirmation has been obtained.

 

The
Master Servicer shall notify the Special Servicer, the Certificate Administrator, the Trustee and the Directing Holder if the
Master Servicer determines in accordance with the Servicing Standard that a Borrower under a Serviced Mortgage Loan has failed
to maintain insurance required under the Loan Documents and such failure materially and adversely affects the interests of the
Certificateholders or if a Borrower under a Serviced Mortgage Loan has notified the Master Servicer in writing that the Borrower
does not intend to maintain such insurance and that the Master Servicer has determined in accordance with the Servicing Standard
that such failure materially and adversely affects the interests of the Certificateholders.

 

Subject
to Section 3.15(b) of this Agreement, with respect to each Serviced REO Property, the Special Servicer shall use reasonable
efforts and only if the Trustee has an insurable interest, consistent with the Servicing Standard, to maintain (subject to the
right of the Special

 

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Servicer to direct the Master Servicer to make a Servicing Advance for the costs associated with coverage
that the Special Servicer determines to maintain, in which case the Master Servicer shall make such Servicing Advance) with Qualified
Insurers to the extent reasonably available at commercially reasonable rates and to the extent the Trustee has an insurable interest,
(a) a fire and casualty extended coverage insurance policy, which does not provide for reduction due to depreciation, in
an amount that is at least equal to the lesser of the full replacement value of the Mortgaged Property or the Stated Principal
Balance of the Mortgage Loan, Serviced REO Loan or the Serviced Whole Loan, as applicable (or such greater amount of coverage
required by the related Loan Documents (unless such amount is not available or, if no Control Termination Event is continuing,
the Directing Holder has consented to a lower amount)), but, in any event, in an amount sufficient to avoid the application of
any co-insurance clause, (b) a comprehensive general liability insurance policy with coverage comparable to that which would
be required under prudent lending requirements and in an amount not less than $1.0 million per occurrence, and (c) to the
extent consistent with the Servicing Standard, a business interruption or rental loss insurance covering revenues or rents for
a period of at least 12 months; provided that the Special Servicer shall not be required in any event to maintain or obtain
insurance coverage described in this paragraph beyond what is reasonably available at a commercially reasonable rate and consistent
with the Servicing Standard, and in no case will any such insurance be an expense of the Special Servicer.

 

All
such insurance policies maintained as described above shall contain (if they insure against loss to property) a “standard”
mortgagee clause, with loss payable to the Master Servicer (on behalf of the Trustee on behalf of Certificateholders and, with
respect to a Serviced Whole Loan, the related Serviced Companion Loan Noteholders), or shall name the Trustee as the insured,
with loss payable to the Special Servicer on behalf of the Trustee (on behalf of Certificateholders and, with respect to a Serviced
Whole Loan, the related Serviced Companion Loan Noteholders) (in the case of insurance maintained in respect of an REO Property).
Any amounts collected by the Master Servicer or Special Servicer, as applicable, under any such policies (other than amounts to
be applied to the restoration or repair of the related Mortgaged Property or Serviced REO Property or amounts to be released to
the related Borrower, in each case in accordance with the Servicing Standard) shall be deposited in the Collection Account (or,
in the case of the Serviced Whole Loans, in the applicable Serviced Whole Loan Collection Account), subject to withdrawal pursuant
to Section 3.06 of this Agreement, in the case of amounts received in respect of a Serviced Mortgage Loan and any
related Serviced Companion Loan, or in the applicable REO Account of the Special Servicer, subject to withdrawal pursuant to Section 3.15
of this Agreement, in the case of amounts received in respect of a Serviced REO Property. Any cost incurred by the Master
Servicer or the Special Servicer in maintaining any such insurance shall not, for purposes hereof, including calculating monthly
distributions to Certificateholders or Serviced Companion Loan Noteholders, be added to the Stated Principal Balance of the related
Mortgage Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loan so permit; provided
that this sentence shall not limit the rights of the Master Servicer or Special Servicer on behalf of the Trust Fund to enforce
any obligations of the related Borrower under such Serviced Mortgage Loan and any related Serviced Companion Loan. Any costs incurred
by the Master Servicer in maintaining any such insurance policies in respect of the Mortgage Loans or Specially Serviced Loans
(other than REO Properties) (i) if the Borrower defaults on its obligation to do so, shall be advanced by the Master Servicer
as a Servicing Advance and will be charged to the related Borrower and (ii) shall not, for purposes of calculating monthly
distributions to Certificateholders, be added to the Stated Principal Balance of the related Mortgage

 

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Loan, notwithstanding that
the terms of such Mortgage Loan so permit. Any cost incurred by the Special Servicer in maintaining any such insurance policies
with respect to Serviced REO Properties shall be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such
expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement) payable out of
the related REO Account (or Serviced Whole Loan REO Account, as applicable) or, if the amount on deposit therein is insufficient
therefor, advanced by the Master Servicer as a Servicing Advance (or paid from the Collection Account if the Master Servicer determines
such Advance would be a Nonrecoverable Advance, subject to Section 3.21(d) of this Agreement).

 

(b)           If either:

 

(x) the
Master Servicer or Special Servicer obtains and maintains, or causes to be obtained and maintained, a blanket policy or master
force-placed policy insuring against hazard losses on all of the Serviced Mortgage Loans and any related Serviced Companion Loans
or Serviced REO Properties, as applicable, then, to the extent such policy

 

(i)               
is obtained from a Qualified Insurer, and

 

(ii)               
provides protection equivalent to the individual policies otherwise required, or

 

(y) the
Master Servicer or the Special Servicer (or, in each case, its corporate parent), as applicable, has long-term unsecured debt
obligations or deposit accounts that are rated not lower than “A2” by Moody’s, “A-” by Fitch and
its equivalent by KBRA (if then rated by KBRA) and the Master Servicer or Special Servicer self-insures for its obligation to
maintain the individual policies otherwise required,

 

then
the Master Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation to cause hazard insurance
to be maintained on the related Mortgaged Properties or Serviced REO Properties, as applicable.

 

Such
a blanket or master force-placed policy may contain a deductible clause (not in excess of a customary amount), in which case
the Master Servicer or Special Servicer, as the case may be, that maintains such policy shall, if there shall not have been maintained
on any Mortgaged Property securing a Serviced Mortgage Loan or Serviced REO Property thereunder a hazard insurance policy complying
with the requirements of Section 3.08(a) of this Agreement, and there shall have been one or more losses that would
have been covered by such an individual policy, promptly deposit into the Collection Account (or, in the case of a Serviced Whole
Loan, in the related Serviced Whole Loan Collection Account), from its own funds, the amount not otherwise payable under the blanket
or master force-placed policy in connection with such loss or losses because of such deductible clause to the extent that
any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan or the related Serviced Whole
Loan (or, in the absence of any such deductible limitation, the deductible limitation for an individual policy which is consistent
with the Servicing Standard). The Master Servicer and Special Servicer shall prepare and present, on behalf of itself, the Trustee,
Certificateholders and, if applicable the Serviced Companion Loan Noteholders, claims under any such blanket or master force-placed
policy maintained by it in a timely fashion in accordance with the terms of such policy. If the Master

 

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Servicer or Special Servicer,
as applicable, causes any Mortgaged Property securing a Serviced Mortgage Loan or Serviced REO Property to be covered by such
“force-placed” insurance policy, the incremental costs of such insurance applicable to such Mortgaged Property or
Serviced REO Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged
Property or Serviced REO Property is covered thereby) shall be paid as a Servicing Advance.

 

(c)               
With respect to each Serviced Mortgage Loan and any related Serviced Companion Loan that is subject to an Environmental Insurance
Policy, if the Master Servicer has actual knowledge of any event giving rise to a claim under an Environmental Insurance Policy,
the Master Servicer shall notify the Special Servicer to such effect and the Master Servicer shall take reasonable actions as
are in accordance with the Servicing Standard and the terms and conditions of such Environmental Insurance Policy to make a claim
thereunder and achieve the payment of all amounts to which the Trust is entitled thereunder. With respect to each Specially Serviced
Loan and Serviced REO Property that is subject to an Environmental Insurance Policy, if the Special Servicer has actual knowledge
of any event giving rise to a claim under an Environmental Insurance Policy, such Special Servicer shall take reasonable actions
as are in accordance with the Servicing Standard and the terms and conditions of such Environmental Insurance Policy to make a
claim thereunder and achieve the payment of all amounts to which the Trust, on behalf of the Certificateholders and, if applicable,
the Serviced Companion Loan Noteholders (giving due regard to the junior nature of the related Subordinate Companion Loan, if
any), is entitled thereunder. Any legal fees or other out-of-pocket costs incurred in accordance with the Servicing Standard in
connection with any claim under an Environmental Insurance Policy described above (whether by the Master Servicer or Special Servicer)
shall be paid by, and reimbursable to, the Master Servicer as a Servicing Advance.

 

(d)              
The Master Servicer and the Special Servicer shall at all times during the term of this Agreement (or, in the case of the Special
Servicer, at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO Properties
as to which it is the Special Servicer are included in the Trust Fund) keep in force with a Qualified Insurer, a fidelity
bond in such form and amount as are consistent with the Servicing Standard. The Master Servicer and Special Servicer, as applicable,
shall be deemed to have complied with the foregoing provision if an Affiliate thereof has such fidelity bond coverage and, by
the terms of such fidelity bond, the coverage afforded thereunder extends to the Master Servicer and Special Servicer, as the
case may be. Such fidelity bond shall provide that it may not be canceled without ten days’ prior written notice to the
Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the Master Servicer (or its corporate parent
if such insurance is guaranteed by its parent) or the Special Servicer (or its corporate parent), as applicable, are rated not
lower than “A2” by Moody’s, “A-” by Fitch and its equivalent by KBRA (if then rated by KBRA)), the
Master Servicer or the Special Servicer, as applicable, may self-insure with respect to the fidelity bond coverage required as
described above, in which case it shall not be required to maintain an insurance policy with respect to such coverage.

 

The
Master Servicer and Special Servicer, as applicable, shall at all times during the term of this Agreement (or, in the case of
the Special Servicer, at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO
Properties exist as part of the Trust Fund) also keep in force with a Qualified Insurer a policy or policies of insurance

 

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covering
loss occasioned by the errors and omissions of its officers and employees in connection with their servicing obligations hereunder,
which policy or policies shall be in such form and amount as are consistent with the Servicing Standard. The Master Servicer or
the Special Servicer, as applicable, shall be deemed to have complied with the foregoing provisions if an Affiliate thereof has
such insurance and, by the terms of such policy or policies, the coverage afforded thereunder extends to the Master Servicer or
Special Servicer, as the case may be. Any such errors and omissions policy shall provide that it may not be canceled without ten
days’ prior written notice to the Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the
Master Servicer (or its corporate parent if such insurance is guaranteed by its parent) or the Special Servicer (or its corporate
parent), as applicable, are rated not lower than “A2” by Moody’s, “A-” by Fitch and its equivalent
by KBRA (if then rated by KBRA), the Master Servicer or the Special Servicer, as applicable, may self-insure with respect to the
errors and omissions coverage required as described above, in which case it shall not be required to maintain an insurance policy
with respect to such coverage.

 

Section 3.09         
Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions. (a) If any Serviced Mortgage Loan and
any related Serviced Companion Loan contains a provision in the nature of a “due-on-sale” clause (including,
without limitation, sales or transfers of Mortgaged Properties (in full or part) or the sale, transfer, pledge or hypothecation
of direct or indirect interests in the Borrower or its owners), which by its terms:

 

(i)               
provides that such Serviced Mortgage Loan and any related Serviced Companion Loan will (or may at the mortgagee’s option)
become due and payable upon the sale or other transfer of an interest in the related Mortgaged Property (including, without limitation,
the sale, transfer, pledge or hypothecation of direct or indirect interests in the Borrower or its owners),

 

(ii)               
provides that such Serviced Mortgage Loan and any related Serviced Companion Loan may not be assumed without the consent of the
related mortgagee in connection with any such sale or other transfer, or

 

(iii)               
provides that such Serviced Mortgage Loan and any related Serviced Companion Loan may be assumed or transferred without the consent
of the mortgagee, provided certain conditions set forth in the Loan Documents are satisfied,

 

then,
for so long as such Serviced Mortgage Loan is included in the Trust Fund, subject to the rights of the Directing Holder and Section
3.25, the Special Servicer, on behalf of the Trust Fund, shall not be required to enforce any such due-on-sale clauses and
in connection therewith shall not be required to (x) accelerate payments thereon or (y) withhold its consent to such
an assumption if (1) such provision is not exercisable under applicable law or if the Special Servicer determines, subject
to the rights of the Directing Holder, that the enforcement of such provision is reasonably likely to result in meritorious legal
action by the Borrower or (2) the Special Servicer determines, in accordance with the Servicing Standard and subject to the
rights of the Directing Holder, that granting such consent would be likely to result in a greater recovery, on a present value
basis (discounting at the related Calculation Rate), than would enforcement of such clause. The Special Servicer (other than with
respect to any non-Specially Serviced Loan involving a Master Servicer Non-Major Decision or a Master Servicer Major Decision)
shall be responsible for determining whether (i) to enforce any such due-on-sale clauses or (ii) to provide its consent to such
an

 

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assumption, and for the handling of all related processing and documentation, or, if mutually agreed to by the Master Servicer
and the Special Servicer, the Master Servicer shall be required to process such request subject to the consent of the Special
Servicer. If the Special Servicer determines that (A) granting such consent would be likely to result in a greater recovery,
(B) such provision is not legally enforceable, or (C) that the conditions described in clause (a)(iii) above relating
to the assumption or transfer of a related Serviced Mortgage Loan and any related Serviced Companion Loan have been satisfied,
the Special Servicer is authorized to take or enter into an assumption agreement from or with the Person to whom the related Mortgaged
Property has been or is about to be conveyed, and to release the original Borrower from liability upon such Mortgage Loan and
substitute the new Borrower as obligor thereon, provided that (a) the credit status of the prospective new Borrower
is in compliance with the Servicing Standard and the terms of the related Mortgage and (b) the Special Servicer has obtained
(in accordance with Section 3.30) a Rating Agency Confirmation from each Rating Agency with respect to the Certificates and Serviced
Companion Loan Securities, if any, in the case of any such Mortgage Loan that (1) represents more than 5% of the aggregate Stated
Principal Balance of the Mortgage Loans then outstanding and has a Stated Principal Balance of at least $10,000,000, (2) has a
Stated Principal Balance that is more than $35,000,000, (3) represents one of the ten largest Mortgage Loans or groups of cross-collateralized
Mortgage Loans based on Stated Principal Balance and has a Stated Principal Balance of at least $10,000,000, or (4) is a Mortgage
Loan as to which the related Serviced Companion Loan (A) represents one of the ten largest mortgage loans in the related Other
Securitization based on outstanding principal balance and has an outstanding principal balance of at least $10,000,000, (B) represents
more than 5% of the aggregate outstanding principal balance of the mortgage loans then outstanding in the related Other Securitization
and has an outstanding principal balance of at least $10,000,000 or (C) has an outstanding principal balance that is more than
$35,000,000 (provided that the Master Servicer or Special Servicer, as applicable, shall be entitled to request and reasonably
rely upon the written notification provided by the master servicer, special servicer, trustee or certificate administrator of
the applicable Other Securitization as to whether any condition in clause (4)(A) or (B) is met, or if no timely response is received,
entitled to reasonably rely on the most recent CREFC® reports related to the applicable Other Securitization). In addition,
with respect to a Serviced Companion Loan, the Special Servicer shall not waive any rights under a due-on-sale clause unless it
first obtains a Rating Agency Confirmation with respect to the related Serviced Companion Loan Securities. The Master Servicer
and the Special Servicer shall be entitled to rely on the master servicer and/or the special servicer of the Other Securitization
to determine whether a No Downgrade Confirmation is required with respect to the Serviced Companion Loans under the Other Securitization.
In connection with each such assumption or substitution entered into by the Special Servicer, the Special Servicer shall give
prior notice thereof to the Master Servicer.

 

The
Special Servicer shall notify the Trustee, the Certificate Administrator, the Directing Holder and the Master Servicer that any
such assumption or substitution agreement has been completed by forwarding to the Custodian (with a copy to the Master Servicer,
the Certificate Administrator, the Trustee and the Directing Holder, as applicable) the original copy of such agreement, which
copies shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to
the same extent as all other documents and instruments constituting a part thereof. To the extent not precluded by the Loan Documents,
neither the Master Servicer nor the Special Servicer shall approve an assumption or substitution without requiring the related
Borrower to pay any fees owed to the Rating Agencies associated with the approval of such

 

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assumption or substitution. However,
if the related Borrower is required but fails to pay such fees, such fees shall be an expense of the Trust Fund (and in the case
of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor
Agreement); provided that in the case of a Serviced Whole Loan the Master Servicer (if such Serviced Whole Loan is a Performing
Loan) or the Special Servicer (if such Serviced Whole Loan is a Specially Serviced Loan) shall be required, after receiving payment
from amounts on deposit in the Collection Account, if any, to (i) promptly notify the holder of the related Companion Loan
and (ii) use commercially reasonable efforts to exercise on behalf of the Trust Fund the rights of the Trust Fund under the
related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related
Companion Loan from the holders of such Companion Loan.

 

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

 

The
Master Servicer (with respect to any non-Specially Serviced Loan involving a Master Servicer Non-Major Decision or a Master Servicer
Major Decision) shall be responsible for processing any such transaction without the consent or approval of the Special Servicer;
provided, however, if such transaction is a Master Servicer Major Decision, the Master Servicer shall be required to obtain the
consent of the Directing Holder pursuant to Section 6.07(a) of this Agreement and consult with the Operating Advisor
pursuant to Section 6.07(c) of this Agreement. In connection with such processing, the Master Servicer will be required
to receive a Rating Agency Confirmation (and, if the affected Mortgage Loan is part of a Serviced Whole Loan, a Rating Agency
Confirmation with respect to any commercial mortgage pass-through certificates backed by any related Serviced Companion Loan)
from each Rating Agency with respect to any Mortgage Loan that (A) represents more than 5% of the aggregate Stated Principal
Balance of the Mortgage Loans then outstanding and has a Stated Principal Balance of at least $10,000,000, (B) has a Stated
Principal Balance that is more than $35,000,000, (C) represents one of the 10 largest Mortgage Loans based on Stated Principal
Balance and has a Stated Principal Balance of at least $10,000,000, or (D) is a Mortgage Loan as to which the related Serviced
Companion Loan (1) represents one of the 10 largest mortgage loans in the related Other Securitization based on outstanding
principal balance and has an outstanding principal balance of at least $10,000,000, (2) represents more than 5% of the aggregate
outstanding principal balance of the mortgage loans then outstanding in the related Other Securitization and has an outstanding
principal balance of at least $10,000,000 or (3) has an outstanding principal balance that is more than $35,000,000 (provided,
that the Master Servicer shall be entitled to request and reasonably rely upon the written notification provided by the master
servicer, special servicer, trustee or certificate administrator of the applicable Other Securitization as to whether any condition
in clause (D)(1) or (2) is met, or if no timely response is received, entitled to reasonably rely on the most recent CREFC®
reports related to the applicable Other Securitization).

 

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(b)              
If any Serviced Mortgage Loan and any related Serviced Companion Loan contains a provision in the nature of a “due-on-encumbrance”
clause, which by its terms:

 

(i)                
provides that such Serviced Mortgage Loan and any related Serviced Companion Loan shall (or may at the mortgagee’s option)
become due and payable upon the creation of any lien or other encumbrance on the related Mortgaged Property or any direct or indirect
ownership interest in the borrower (including, unless specifically permitted, any mezzanine financing of the Borrower or the Mortgaged
Property or any sale or transfer of preferred equity in the Borrower or its owners),

 

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

 

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

 

then,
subject to Section 3.25, the Special Servicer, on behalf of the Trust Fund, shall not be required to enforce such
due-on-encumbrance clauses and in connection therewith, will not be required to (i) accelerate the payments on the related
Mortgage Loan or Serviced Whole Loan or (ii) withhold its consent to such lien or encumbrance, if the Special Servicer, subject
to the rights of the Directing Holder, (x) determines, in accordance with the Servicing Standard that such enforcement would
not be in the best interests of the Trust Fund or the holder of the related Serviced Companion Loan, if applicable (giving due
regard to the junior nature of the related Subordinate Companion Loan, if any), or that in the case of a Serviced Mortgage Loan
and any related Serviced Companion Loan described in clause (b)(iii) above that the conditions to further encumbrance have
been satisfied and (y) as to any Mortgage Loan or Serviced Whole Loan, has obtained (in accordance with Section 3.30) a Rating
Agency Confirmation from each Rating Agency with respect to the Certificates and Serviced Companion Loan Securities, if any, in
the case of any such Mortgage Loan that (1) represents more than 2% of the aggregate Stated Principal Balance of the Mortgage
Loans then outstanding, (2) has a Stated Principal Balance that is more than $35,000,000, (3) represents one of the ten largest
Mortgage Loans or groups of cross-collateralized Mortgage Loans based on Stated Principal Balance, (4) has an aggregate loan-to-value
ratio (including any existing and proposed additional debt) that is equal to or greater than 85%, (5) has an aggregate Debt Service
Coverage Ratio (in each case, determined based upon the aggregate of the Stated Principal Balance of the related Mortgage Loan,
any existing additional debt and the principal amount of the proposed additional lien) that is less than 1.20x or (6) is a Mortgage
Loan as to which the related Serviced Companion Loan (A) represents one of the ten largest mortgage loans in the related Other
Securitization based on outstanding principal balance, (B) represents more than 2% of the aggregate outstanding principal balance
of the mortgage loans then outstanding in the related Other Securitization or (C) has an outstanding principal balance that is
more than $35,000,000 (provided that the Special Servicer shall be entitled to request and reasonably rely upon the written
notification provided by the master servicer, special servicer, trustee or certificate administrator of the applicable Other Securitization
as to whether any condition in clause (6)(A) or (B) is met, or

 

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if no timely response is received, entitled to reasonably rely
on the most recent CREFC® reports related to the applicable Other Securitization); provided that with respect to clauses
(1), (3), (4) and (5), such Mortgage Loan shall have a Stated Principal Balance of at least $10,000,000 for the requirement of
a Rating Agency Confirmation to apply. In addition, with respect to each Serviced Companion Loan, the Special Servicer shall not
waive any rights under a due-on-encumbrance clause unless it first obtains a Rating Agency Confirmation with respect to the related
Serviced Companion Loan Securities.

 

The
Master Servicer or the Special Servicer processing such action shall notify the Trustee, the Certificate Administrator, the Directing
Holder and the Master Servicer or the Special Servicer, as applicable, that the creation of any lien or other encumbrance has
been completed by forwarding to the Custodian (with a copy to the Master Servicer, the Certificate Administrator, the Trustee
and the Directing Holder, as applicable) the original copy (if available, and otherwise, a copy) of the document creating such
lien or encumbrance, which copies shall be added to the related Mortgage File and shall, for all purposes, be considered a part
of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. To the extent not
precluded by the Loan Documents, neither the Master Servicer nor the Special Servicer shall approve the creation of any lien or
other encumbrance without requiring the related Borrower to pay any fees owed to the Rating Agencies associated with the approval
of such lien or encumbrance. However, if the related Borrower is required but fails to pay such fees, such fees shall be an expense
of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation
provisions of the related Intercreditor Agreement); provided that in the case of a Serviced Whole Loan the Master Servicer
(if such Serviced Whole Loan is a Performing Loan) or the Special Servicer (if such Serviced Whole Loan is a Specially Serviced
Loan) shall be required, after receiving payment from amounts on deposit in the Collection Account, if any, to (i) promptly
notify the holder of the related Companion Loan and (ii) use commercially reasonable efforts to exercise on behalf of the
Trust Fund the rights of the Trust Fund under the related Intercreditor Agreement to obtain reimbursement for a pro rata
portion of such amount allocable to the related Companion Loan from the holders of such Companion Loan. The Special Servicer (other
than with respect to any non-Specially Serviced Loan involving a Master Servicer Non-Major Decision or a Master Servicer Major
Decision) shall be responsible for determining whether (i) to enforce any such due-on-encumbrance clauses or (ii) to
provide its consent to such a lien or due-on-encumbrance, and for the handling of all related processing and documentation or,
if mutually agreed to by the Master Servicer and the Special Servicer, the Master Servicer shall be required to process such request
subject to the consent of the Special Servicer.

 

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

 

The
Master Servicer (with respect to any non-Specially Serviced Loan involving a Master Servicer Non-Major Decision or a Master Servicer
Major Decision) shall be responsible for processing any such transaction without the consent or approval of the Special Servicer;

 

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provided, however, if such transaction is a Master Servicer Major Decision, the Master Servicer shall be required to obtain the
consent of the Directing Holder pursuant to Section 6.07(a) of this Agreement and consult with the Operating Advisor
pursuant to Section 6.07(c) of this Agreement. In connection with such action, the Master Servicer will be required
to receive a prior Rating Agency Confirmation (including a Rating Agency Confirmation with respect to any commercial mortgage
pass-through certificates backed by any related Serviced Companion Loan) from each Rating Agency with respect to any Mortgage
Loan that (A) represents more than 2% 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) has a Stated Principal Balance that is more than $35,000,000,
(C) represents one of the 10 largest Mortgage Loans based on Stated Principal Balance and has a Stated Principal Balance
of at least $10,000,000, (D) has an aggregate loan-to-value ratio (including any existing and proposed additional debt) that
is equal to or greater than 85%, (E) has an aggregate Debt Service Coverage Ratio (in each case, determined based upon the
aggregate of the Stated Principal Balance of the related Mortgage Loan, any existing additional debt and the principal amount
of the proposed additional lien) that is less than 1.20x, or (F) is a Mortgage Loan as to which the related Serviced Companion
Loan (1) represents one of the 10 largest mortgage loans in the related Other Securitization, (2) represents more than
2% of the aggregate outstanding principal balance of the mortgage loans then outstanding in the related Other Securitization or
(3) has an outstanding principal balance that is more than $35,000,000 (provided, that the Master Servicer shall be
entitled to request and reasonably rely upon the written notification provided by the master servicer, special servicer, trustee
or certificate administrator of the applicable Other Securitization as to whether any condition in clause (F)(1) or (2) is met,
or if no timely response is received, entitled to reasonably rely on the most recent CREFC® reports related to
the applicable Other Securitization); provided that with respect to clauses (A), (B), (C), (D) and (E), such Mortgage Loan
must also have a Stated Principal Balance of at least $10,000,000 for the requirement of a Rating Agency Confirmation to apply.

 

Notwithstanding
the foregoing but subject to other conditions contained in this Agreement regarding Rating Agency Confirmations, without any other
approval, consent or consultation, (i) the Master Servicer may grant and process a Borrower’s request for any Master
Servicer Non-Major Decision relating to a non-Specially Serviced Loan and (ii) the Special Servicer may grant and process
a Borrower's request for any matter relating to a Specially Serviced Loan that is not a Major Decision.

 

(c)               
Notwithstanding any other provision of this Agreement, neither the Master Servicer nor the Special Servicer may waive its rights
or grant its consent under any “due-on-sale” or “due-on-encumbrance” clause relating to any Mortgage Loan
without, if no Control Termination Event is continuing, the consent of the Directing Holder. The Directing Holder shall have 10
Business Days (or longer period provided by the related Intercreditor Agreement) after receipt of notice along with the Special
Servicer’s recommendation and analysis with respect to such waiver and any additional information the Directing Holder may
reasonably request from the Special Servicer of a proposed waiver or consent under any “due-on-sale” or “due-on-encumbrance”
clause in which to grant or withhold its consent (provided that if the Special Servicer fails to receive a response
to such notice from the Directing Holder in writing within such period, then the Directing Holder shall be deemed to have consented
to such proposed waiver or consent).

 

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(d)              
The Master Servicer and the Special Servicer, as applicable, shall provide copies of any waivers that it processes pursuant to
Section 3.09(a) or (b) of this Agreement to the other party, the 17g-5 Information Provider (who shall promptly
post such waivers to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement)
and the related Other 17g-5 Information Provider (if any) with respect to each Mortgage Loan or Serviced Whole Loan.

 

(e)               
Nothing in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to
receive notice of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation
of any lien or other encumbrance with respect to such Mortgaged Property.

 

(f)                
In connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, the Special Servicer
shall not agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a)
of this Agreement shall contain any terms that are different from, any term of any Serviced Mortgage Loan and any related
Serviced Companion Loan or the related Mortgage Note, other than pursuant to Section 3.26 hereof, as applicable.

 

(g)               
With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan which permits release of Mortgaged Properties
through defeasance:

 

(i)               
Subject to the consent rights and processes set forth in Section 6.07 with respect to Major Decisions and Section 3.26(m)
with respect to actions that are Special Servicer Major Decisions and Special Servicer Non-Major Decisions, the Master Servicer
shall process all defeasances of Serviced Mortgage Loans and Serviced Companion Loans in accordance with the terms of the related
Loan Documents, and shall be entitled to any defeasance fees paid relating thereto (provided that for the avoidance of
doubt, any such defeasance fee shall not include the Special Servicer’s portion of any Modification Fees or waiver fees
in connection with a defeasance that the Special Servicer is entitled to under this Agreement). Notwithstanding anything herein
to the contrary, the Master Servicer shall process such defeasances without the consent of the Special Servicer (or Directing
Holder, if applicable), subject only to the Special Servicer’s consent rights (including any required Directing Holder approval
of Special Servicer actions) with respect to any modification, waiver or amendment that constitutes a Special Servicer Major Decision
or Special Servicer Non-Major Decision.

 

(ii)               
If such Serviced Mortgage Loan and any related Serviced Companion Loan requires that the lender purchase the required government
securities, then the Master Servicer shall purchase, or shall cause the purchase of, such obligations on behalf of the Trust,
at the related Borrower’s expense, in accordance with the terms of such Mortgage Loan; provided that the Master Servicer
shall not accept the amounts paid by the related Borrower to effect defeasance until acceptable government securities have been
identified.

 

(iii)               
To the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require the related Borrower
to provide an Opinion of Counsel (which shall be an expense of the related Borrower) to the effect that the Trustee has a first
priority perfected security interest in the defeasance collateral (including the

 

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government securities) and the assignment of
the defeasance collateral is valid and enforceable; such opinion, together with any other certificates or documents to be required
in connection with such defeasance shall be in form and substance acceptable to each Rating Agency.

 

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

 

(v)               
Prior to permitting the release of any Mortgaged Property through defeasance, the Master Servicer shall obtain, to the extent
permissible under the related Loan Documents and at the related Borrower’s expense, a Rating Agency Confirmation; provided
that the Master Servicer shall not be required to obtain such Rating Agency Confirmation from any Rating Agency if such Mortgage
Loan at the time of such defeasance is not (x) a Mortgage Loan that (together with any Mortgage Loans cross-collateralized
with such Mortgage Loan) is one of the ten largest Mortgage Loans by Stated Principal Balance, (y) a Mortgage Loan with a
Stated Principal Balance equal to or greater than $35,000,000 or (z) a Mortgage Loan that represents 5% or more of the Stated
Principal Balance of all Mortgage Loans.

 

(vi)               
Prior to permitting release of any Mortgaged Property through defeasance, the Master Servicer shall require an Opinion of Counsel
to the effect that such release will not cause any Trust REMIC to fail to qualify as a REMIC at any time that any Certificates
are outstanding or cause a tax to be imposed on the Trust Fund under the REMIC Provisions; provided that to the extent
not inconsistent with the Mortgage Loan or Serviced Whole Loan, the related Borrower shall pay the cost related to the Opinion
of Counsel (and shall otherwise be a Servicing Advance).

 

(vii)               
No defeasance shall occur on or prior to the second anniversary of the Startup Day of the Trust REMICs, or in the case of any
Companion Loan, the later of the second anniversary of the Startup Day of the Trust REMICs and the second anniversary of the startup
day of any REMIC holding such Companion Loan.

 

(viii)               
The Trustee shall at the expense of the related Borrower (to the extent not inconsistent with the related Loan Documents) hold
the U.S. government securities as pledgee for the benefit of the Certificateholders and, if applicable, the Serviced Companion
Loan Noteholders, and the Certificate Administrator shall apply payments of principal and interest received on the government
obligations to the Collection Account (or Serviced Whole Loan Collection Account) in respect of the defeased Mortgage Loan or
Serviced Whole Loan according to the payment schedule existing immediately prior to the defeasance.

 

(ix)               
The Master Servicer shall, in accordance with the Servicing Standard, enforce provisions in the Mortgage Loans that it is servicing
requiring Borrowers to pay all reasonable expenses associated with a defeasance.

 

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(x)               
To the extent not inconsistent with such Mortgage Loan, or to the extent the related Loan Documents provide the lender with discretion,
the Master Servicer shall require a single purpose entity, formed solely for the purpose of owning and pledging the government
securities related to one or more of the Mortgage Loans, to act as a successor borrower.

 

(xi)               
The Master Servicer may accept as defeasance collateral of any “government security,” within the meaning of Treasury
Regulation’s Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents;
provided that the Master Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will
not cause an Adverse REMIC Event.

 

(xii)               
Neither the Master Servicer nor the Special Servicer shall charge a fee for defeasance in excess of that permitted under the Loan
Documents in the event that the Loan Documents provide for such a fee limitation.

 

(h)               
When the Special Servicer’s consent is requested under this Section 3.09, such consent shall be deemed given
15 Business Days (or such longer time period pursuant to the terms of the related Intercreditor Agreement but not less than five
(5) Business Days after the time period set forth therein for Directing Holder approval) after receipt (unless earlier objected
to) by the Special Servicer from the Master Servicer of the Master Servicer’s written analysis and recommendation with respect
to such proposed action together with such other information reasonably requested by the Special Servicer.

 

Section 3.10         
Appraisals; Realization upon Defaulted Loans. (a)  Other than with respect to a Non-Serviced Mortgage Loan, contemporaneously
with the earliest of (i) the effective date of any (A) modification of the Maturity Date or extended Maturity Date,
a Mortgage Rate, principal balance or amortization terms of any Mortgage Loan or Serviced Whole Loan or any other term of a Mortgage
Loan or Serviced Whole Loan, (B) extension of the Maturity Date or extended Maturity Date of a Mortgage Loan or Serviced
Whole Loan as described below in Section 3.26 of this Agreement, or (C) consent to the release of any Mortgaged
Property from the lien of the related Mortgage other than pursuant to the terms of the related Mortgage Loan or Serviced Whole
Loan, (ii) the occurrence of an Appraisal Reduction Event, (iii) a default in the payment of a Balloon Payment for which
an extension is not granted, or (iv) the date on which the Special Servicer, consistent with the Servicing Standard, requests
an Updated Valuation, the Special Servicer shall use commercially reasonable efforts to obtain an Updated Valuation (or a letter
update for an existing appraisal which is less than two years old) within 60 days of such request, the cost of which shall
constitute a Servicing Advance; provided that the Special Servicer shall not be required to obtain an Updated Valuation
pursuant to clauses (i) through (iv) above with respect to any Mortgaged Property for which there exists an Appraisal, Updated
Appraisal or Small Loan Appraisal Estimate which is less than nine months old unless the Special Servicer has actual knowledge
of a material adverse change in circumstances that, consistent with the Servicing Standard, would call into question the validity
of such Appraisal, Updated Appraisal or Small Loan Appraisal Estimate. For so long as such Mortgage Loan or Serviced Whole Loan
is a Specially Serviced Loan, (i) the Special Servicer shall, within 30 days of the end of each 9-month period following
the related Appraisal Reduction Event, use commercially reasonable efforts to order an Appraisal (which may be an update of a
prior Appraisal), the cost of which shall constitute a Servicing Advance and (ii) the Master Servicer shall recalculate the
Appraisal Reduction Amount

 

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prior to the Special Servicer granting extensions beyond one year or any subsequent extension after
granting a one year extension with respect to the same Mortgage Loan or Serviced Whole Loan. Subject to any required consent from
the Directing Holder and consultation with the Risk Retention Consultation Party and Operating Advisor pursuant to Section 6.07,
nothing herein is intended to limit the Special Servicer’s ability to pursue multiple strategies contemporaneously if the
Special Servicer deems such actions appropriate under the Servicing Standard. The Special Servicer shall update, in accordance
with the timing described above, each Small Loan Appraisal Estimate or Updated Appraisal for so long as an Appraisal Reduction
Event exists with respect to the related Mortgage Loan or Serviced Whole Loan and the Master Servicer shall recalculate the Appraisal
Reduction Amount based on such updated Small Loan Appraisal Estimate or Updated Appraisal and receipt of information reasonably
requested by the Master Servicer from the Special Servicer to the extent such information is in the possession of the Special
Servicer, reasonably necessary to calculate the Appraisal Reduction Amount. The Special Servicer shall send all such letter updates
and Updated Valuations to the Master Servicer, the Trustee, the Operating Advisor, the 17g-5 Information Provider (who shall promptly
post such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement),
the related Serviced Companion Loan Noteholder (if any), the Risk Retention Consultation Party and, for so long as no Consultation
Termination Event is continuing, the Directing Holder.

 

The
Special Servicer shall monitor each Specially Serviced Loan, evaluate whether the causes of the default can be corrected over
a reasonable period without significant impairment of the value of the related Mortgaged Property, initiate corrective action
in cooperation with the Borrower if, in the Special Servicer’s judgment, cure is likely, and take such other actions (including
without limitation, negotiating and accepting a discounted payoff of a Mortgage Loan or Serviced Whole Loan) as are consistent
with the Servicing Standard. If, in the Special Servicer’s judgment, such corrective action has been unsuccessful, no satisfactory
arrangement can be made for collection of delinquent payments, and the Specially Serviced Loan has not been released from the
Trust Fund pursuant to any provision hereof, and except as otherwise specifically provided in Section 3.09(a) and
3.09(b) of this Agreement, the Special Servicer may, to the extent consistent with the Asset Status Report (and with the
consent of the Directing Holder, if no Control Termination Event is continuing, and after consultation with each of the Risk Retention
Consultation Party pursuant to Section 6.07) and with the Servicing Standard, accelerate such Specially Serviced Loan
and commence a foreclosure or other acquisition with respect to the related Mortgaged Property or Properties, provided
that the Special Servicer determines that such acceleration and foreclosure are more likely to produce a greater recovery to Certificateholders
and, if applicable, Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders, constituted a single lender) (and with respect to any Serviced Whole Loan with a related
Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan) on a present value
basis (discounting at the related Calculation Rate) than would a waiver of such default or an extension or modification in accordance
with the provisions of Section 3.26 hereof. In connection with causing the Trust to foreclose on collateral that consists
of multiple properties held for sale to customers by the related Borrower (such as unsold condominium units in a single project),
the Special Servicer directing such foreclosure shall consider the effect of the bidding price for the properties on the tax basis
of such properties if such properties are likely to be treated in the hands of the Trust as properties held for sale to customers.
The Master Servicer shall pay the costs and expenses in any such proceedings as a Servicing Advance unless the Master Servicer

 

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or the Special Servicer, as applicable, determines, in its good faith judgment, that such Servicing Advance would constitute a
Nonrecoverable Advance; provided that, if such Servicing Advance would constitute a Nonrecoverable Advance but the Special
Servicer determines that such payment would be in the best interests of the Certificateholders and, if applicable, Serviced Companion
Loan Noteholders (as a collective whole as if such Certificateholders and Serviced Companion Loan Noteholders, as applicable,
constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking
into account the subordinate nature of such Serviced Subordinate Companion Loan) (with the Master Servicer permitted to conclusively
rely upon any such determination by the Special Servicer), the Special Servicer shall direct the Master Servicer to make such
payment from the Collection Account (or, if applicable, the applicable Serviced Whole Loan Collection Account), which payment
shall be an Additional Trust Fund Expense. The Trustee shall be entitled to conclusively rely (and with respect to the Special
Servicer, shall rely) upon any determination of the Master Servicer or Special Servicer that a Servicing Advance, if made, would
constitute a Nonrecoverable Advance. If the Master Servicer does not make such Servicing Advance in violation of the second preceding
sentence, the Trustee shall make such Servicing Advance, unless the Trustee determines that such Servicing Advance would be a
Nonrecoverable Advance. The Master Servicer and the Trustee, as applicable, shall be entitled to reimbursement of Servicing Advances
(with interest at the Reimbursement Rate) made pursuant to this paragraph to the extent permitted by Section 3.06
of this Agreement.

 

(b)              
If the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state where the Mortgaged
Property is located, the Special Servicer shall not be required to pursue a deficiency judgment against the related Borrower or
any other liable party if (i) the laws of the state do not permit such a deficiency judgment after a non-judicial foreclosure
or (ii) if the Special Servicer determines, in its best judgment, that the likely recovery if a deficiency judgment is obtained
will not be sufficient to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment and such determination
is evidenced by an Officer’s Certificate delivered to the Trustee and the Certificate Administrator.

 

(c)               
In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate
of sale shall be issued to the Trustee (on behalf of the Trust Fund), or to its nominee (which shall not include the Special Servicer)
or a separate Trustee or co-Trustee on behalf of the Trustee as Holder of the Lower-Tier Regular Interests and the Certificateholders
and, if applicable, the Serviced Companion Loan Noteholders. Notwithstanding any such acquisition of title and cancellation of
the related Mortgage Loan or Serviced Whole Loan, as applicable, such Mortgage Loan or Serviced Whole Loan, as applicable, shall
(except for purposes of Section 9.01 of this Agreement) be considered to be a Serviced REO Loan until such time as
the related Serviced REO Property shall be sold by the Trust Fund and shall be reduced only by collections net of expenses. Consistent
with the foregoing, for purposes of all calculations hereunder, so long as such Mortgage Loan or Serviced Whole Loan, as applicable,
shall be considered to be an outstanding Mortgage Loan or Serviced Whole Loan, as applicable:

 

(i)               
it shall be assumed that, notwithstanding that the indebtedness evidenced by the related Mortgage Note shall have been discharged,
such Mortgage Note and, for

 

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purposes of determining the Stated Principal Balance thereof, the related amortization schedule in
effect at the time of any such acquisition of title shall remain in effect; and

 

(ii)               
subject to Section 1.02(g) of this Agreement, Net REO Proceeds received in any month shall be applied to amounts that
would have been payable under the related Mortgage Note(s) in accordance with the terms of such Mortgage Note(s) and any applicable
Intercreditor Agreement. In the absence of such terms, Net REO Proceeds shall, subject to Section 1.02(g) of this
Agreement, be deemed to have been received first, in payment of the accrued interest that remained unpaid on the date that
the related Serviced REO Property was acquired by the Trust Fund; second, in respect of the delinquent principal installments
that remained unpaid on such date; and thereafter, Net REO Proceeds received in any month shall be applied to the payment
of installments of principal and accrued interest on such Mortgage Loan or Serviced Companion Loan, as applicable, deemed to be
due and payable in accordance with the terms of such Mortgage Note(s) and such amortization schedule until such principal has
been paid in full and then to other amounts due under such Mortgage Loan or Serviced Companion Loan, as applicable. If such Net
REO Proceeds exceed the Periodic Payment then payable, the excess shall be treated as a Principal Prepayment received in respect
of such Mortgage Loan or Serviced Companion Loan, as applicable.

 

(d)              
Notwithstanding any provision herein to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund
any personal property pursuant to this Section 3.10 unless either:

 

(i)               
such personal property is incident to real property (within the meaning of Section 856(e)(l) of the Code) so acquired by
the Special Servicer for the benefit of the Trust Fund; or

 

(ii)               
the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Lower-Tier
REMIC) to the effect that the holding of such personal property by the Lower-Tier REMIC will not cause the imposition of a tax
on any Trust REMIC under the REMIC Provisions or cause any Trust REMIC to fail to qualify as a REMIC at any time that any Certificate
is outstanding (and such Opinion of Counsel may be premised on the designation hereby of any such personal property as being deemed
part of an “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h)) with the owner
of such personal property for federal income tax purposes to be designated at such time).

 

(e)               
Notwithstanding any provision to the contrary in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund,
obtain title to any direct or indirect partnership interest or other equity interest in any Borrower pledged pursuant to any pledge
agreement unless the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense
of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation
provisions of the related Intercreditor Agreement)) to the effect that the holding of such partnership interest or other equity
interest by the Trust Fund will not cause the imposition of a tax on any Trust REMIC under the REMIC Provisions or cause any Trust
REMIC to fail to qualify as a REMIC at any time that any Certificate is outstanding.

 

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(f)                
Notwithstanding any provision to the contrary contained in this Agreement, the Special Servicer shall not cause the Trustee, on
behalf of the Trust Fund, to obtain title to a Mortgaged Property as a result of or in lieu of foreclosure or otherwise, to obtain
title to any direct or indirect partnership interest in any Borrower pledged pursuant to a pledge agreement and thereby be the
beneficial owner of a Mortgaged Property, have a receiver of rents appointed with respect to, and shall not otherwise cause the
Trustee to acquire possession of, or take any other action with respect to, any Mortgaged Property if, as a result of any such
action, the Trustee, for the Trust Fund, the Certificateholders or Serviced Companion Loan Noteholders, if applicable, would be
considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator”
of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980,
as amended from time to time, or any comparable law, unless the Special Servicer has previously determined in accordance with
the Servicing Standard, based on an updated environmental assessment report prepared by an Independent Person who regularly conducts
environmental audits (which report shall be an expense of the Trust), performed within six months prior to any such acquisition
of title or other action that:

 

(i)               
such Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental
consultant, that it would be in the best economic interest of the Certificateholders (and with respect to the Serviced Whole Loans,
the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Pari
Passu Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced
Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such
actions as are necessary to bring such Mortgaged Property in compliance therewith, and

 

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

 

In
the event that the environmental assessment first obtained by the Special Servicer with respect to a Mortgaged Property indicates
that such Mortgaged Property may not be in compliance with applicable environmental laws or that Hazardous Materials may be present
but does not definitively establish such fact, the Special Servicer shall cause such further environmental tests to be conducted
by an Independent Person who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests
of Certificateholders and, if

 

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applicable, the Serviced Companion Loan Noteholders. Any such tests shall be deemed part of the
environmental assessment obtained by the Special Servicer for purposes of this Section 3.10.

 

(g)               
The environmental assessment contemplated by Section 3.10(f) of this Agreement shall be prepared within three months
(or as soon thereafter as practicable) of the determination that such assessment is required by any Independent Person who regularly
conducts environmental audits for purchasers of commercial property where the Mortgaged Property is located, as determined by
the Special Servicer in a manner consistent with the Servicing Standard. Upon the written direction of the Special Servicer and
delivery by the Special Servicer to the Master Servicer of pertinent back-up information the Master Servicer shall advance the
cost of preparation of such environmental assessments as a Servicing Advance unless the Master Servicer determines, in its good
faith judgment, that such Servicing Advance would be a Nonrecoverable Advance. The Master Servicer shall be entitled to reimbursement
of Servicing Advances (with interest at the Reimbursement Rate) made pursuant to the preceding sentence to the extent permitted
by Section 3.06. The Special Servicer shall provide written reports and a copy of any environmental assessments in
electronic format to the Directing Holder (if no Consultation Termination Event is continuing), the Risk Retention Consultation
Party, the Operating Advisor, the Master Servicer, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information
Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement), monthly regarding any actions taken by the Special Servicer with respect to any Mortgaged Property securing
a Defaulted Loan or defaulted Serviced Companion Loan as to which the environmental testing contemplated by Section 3.10(f)
of this Agreement has revealed that either of the conditions set forth in clauses (i) and (ii) of the first sentence
thereof has not been satisfied, in each case until the earlier to occur of (i) satisfaction of both such conditions, (ii) repurchase
of the related Mortgage Loan by the Mortgage Loan Seller or (iii) release of the lien of the related Mortgage on such Mortgaged
Property.

 

(h)               
If the Special Servicer determines pursuant to Section 3.10(f)(i) of this Agreement that a Mortgaged Property is not
in compliance with applicable environmental laws but that it is in the best economic interest of the Trust Fund (and with respect
to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and,
if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with
a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion
Loan), to take such actions as are necessary to bring such Mortgaged Property in compliance therewith, or if the Special Servicer
determines pursuant to Section 3.10(f)(ii) of this Agreement that the circumstances referred to therein relating to
Hazardous Materials are present but that it is in the best economic interest of the Trust Fund (and with respect to the Serviced
Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced
Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such
action with respect to the containment, clean-up or remediation of Hazardous Materials affecting such Mortgaged Property as is
required by law or regulation, the Special Servicer shall (with the consent of the Directing Holder (if no Control Termination
Event is continuing) and after consultation with the Risk Retention Consultation Party and the Operating

 

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Advisor pursuant to Section 6.07)
take such action as it deems to be in the best economic interest of the Trust Fund (and with respect to the Serviced Whole Loans,
the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion
Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate
Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan), but only if the Certificate
Administrator has mailed notice to the Holders of the Non-VRR Certificates and the VRR Interest and the related Serviced Companion
Loan Noteholders of such proposed action, which notice shall be prepared by the Special Servicer, and only if the Certificate
Administrator does not receive, within 30 days of such notification, instructions from the Holders of the Non-VRR Certificates
and the VRR Interest entitled to a majority of the Voting Rights and, with respect to Serviced Whole Loans, the applicable Serviced
Companion Loan Noteholders directing the Special Servicer not to take such action. Notwithstanding the foregoing, if the Special
Servicer reasonably determines that it is likely that within such 30-day period irreparable environmental harm to such Mortgaged
Property would result from the presence of such Hazardous Materials and provides a prior written statement to the Trustee and
the Certificate Administrator setting forth the basis for such determination, then the Special Servicer may take or cause to be
taken such action to remedy such condition as may be consistent with the Servicing Standard. None of the Trustee, the Certificate
Administrator, the Master Servicer or the Special Servicer shall be obligated to take any action or not take any action pursuant
to this Section 3.10(g) at the direction of the Certificateholders entitled to Voting Rights or with respect to any
Serviced Whole Loan, at the direction of the Certificateholders entitled to Voting Rights and the related Serviced Companion Loan
Noteholders unless the Certificateholders entitled to Voting Rights and, with respect to any Serviced Companion Loan, the Serviced
Companion Loan Noteholders agree to indemnify the Trustee, the Certificate Administrator, the Master Servicer and the Special
Servicer with respect to such action or inaction. The Master Servicer shall advance the cost of any such compliance, containment,
clean-up or remediation as a Servicing Advance unless the Master Servicer determines, in its good faith judgment, that such Advance
would constitute a Nonrecoverable Advance.

 

(i)                 
The Special Servicer shall notify the Master Servicer of any Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced
Mortgage Loan) which is abandoned or foreclosed that requires reporting to the IRS and shall provide the Master Servicer with
all information regarding forgiveness of indebtedness and required to be reported with respect to any Serviced Mortgage Loan and
any related Serviced Companion Loan which is abandoned or foreclosed and the Master Servicer shall report to the IRS and the related
Borrower, in the manner required by applicable law, such information and the Master Servicer shall report, via Form 1099C
or Form 1099A, all forgiveness of indebtedness to the extent such information has been provided to the Master Servicer by
the Special Servicer. The Master Servicer shall deliver a copy of any such report to the Trustee and the Certificate Administrator.

 

(j)                
The costs of any Updated Valuation obtained pursuant to this Section 3.10 shall be paid by the Master Servicer as
a Servicing Advance (or from the Collection Account upon a non-recoverability determination) and shall be reimbursable from the
Collection Account or, with respect to the Serviced Whole Loans, first, from the applicable Serviced Whole Loan Collection
Account and second, to the extent amounts in the Serviced Whole Loan Collection Accounts are insufficient therefor, from
the Collection Account in accordance with Section 3.06(a); provided that the Master Servicer shall, after receiving
payment from amounts on

 

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deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder
and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor
Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans
from the related Companion Loan Noteholders.

 

Section 3.11         
Custodian to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan or Serviced Whole Loan,
or the receipt by the Master Servicer of a notification that payment in full has been escrowed in a manner customary for such
purposes, the Master Servicer shall immediately notify the Custodian by a certification (which certification shall include a statement
to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in
the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, pursuant to Section 3.05
of this Agreement have been or will be so deposited) of a Servicing Officer and shall request delivery to it of the related
Mortgage File. Any expense incurred in connection with any instrument of satisfaction or deed of reconveyance that is not paid
by the related Borrower shall be chargeable to the Trust Fund. The Master Servicer agrees to use reasonable efforts in accordance
with the Servicing Standard to enforce any provision in the relevant Loan Documents that require the Borrower to pay such amounts.
No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be an expense of the Custodian.

 

From
time to time upon request of the Master Servicer or the Special Servicer and delivery to the Custodian of a Request for Release,
the Custodian shall promptly release the Mortgage File (or any portion thereof) designated in such Request for Release to the
Master Servicer or the Special Servicer, as applicable. Upon return of the foregoing to the Custodian, or in the event of a liquidation
or conversion of the Mortgage Loan or the Serviced Whole Loan into a Serviced REO Property, or in the event of a substitution
of a Mortgage Loan pursuant to Section 2.03 of this Agreement, or receipt by the Custodian of a certificate of a Servicing
Officer stating that such Mortgaged Property was liquidated and that all amounts received or to be received in connection with
such liquidation which are required to be deposited into the Collection Account or the applicable Serviced Whole Loan Collection
Account, as applicable, have been so deposited, or that such Mortgage Loan or Serviced Whole Loan has become a Serviced REO Property,
or that the Master Servicer has received a Qualified Substitute Mortgage Loan and the applicable Substitution Shortfall Amount,
the Custodian shall deliver a copy of the Request for Release to the Master Servicer or the Special Servicer, as applicable. If
from time to time, pursuant to the terms of the applicable Intercreditor Agreement or Other Pooling and Servicing Agreement, and
as appropriate for enforcing the terms of the related Non-Serviced Mortgage Loan, the Other Servicer or the Other Special Servicer
requests delivery to it of the original Mortgage Note by providing the Trustee and the Custodian a Request for Release, then the
Custodian shall release or cause the release of such original Mortgage Note to the Other Servicer or the Other Special Servicer
or its designee.

 

Within
five (5) Business Days (or, in case of an emergency, within such shorter period as is reasonable under the circumstances) after
receipt of a written certification of a Servicing Officer, the Trustee shall execute and deliver to the Master Servicer (with
respect to Performing Loans) and the Special Servicer (with respect to Specially Serviced Loans and REO Loans) any court pleadings,
requests for a trustee’s sale or other documents prepared by the Special

 

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Servicer, its agents or attorneys, necessary to
the foreclosure or trustee’s sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against
any Borrower on the Mortgage Note or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided
by the Mortgage Note or Mortgage or otherwise available at law or in equity. Each such certification shall include a request that
such pleadings or documents be executed by the Trustee and a statement as to the reason such documents or pleadings are required,
that the proposed action is consistent with the Servicing Standard and that the execution and delivery thereof by the Trustee
will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion of
the foreclosure or trustee’s sale.

 

With
respect to each Servicing Shift Whole Loan, on and after the related Servicing Shift Securitization Date, if pursuant to the related
Intercreditor Agreement and the related Other Pooling and Servicing Agreement, and as appropriate for enforcing the terms of such
Servicing Shift Whole Loan, as applicable, the related Other Servicer requests in writing delivery to it of the related original
Note, then the Custodian shall release or cause the release of such related original Note to the related Other Servicer or its
designee.

 

Section 3.12         
Servicing Fees, Certificate Administrator/Trustee Fees and Special Servicing Compensation. (a) As compensation for its
activities hereunder, the Master Servicer shall be entitled to the Servicing Fee with respect to each Mortgage Loan, Serviced
Companion Loan and REO Loan. The Master Servicer’s rights to the Servicing Fee may not be transferred in whole or in part
except in connection with the transfer of all of the Master Servicer’s responsibilities and obligations under this Agreement
or as provided in the second succeeding paragraph with respect to the Excess Servicing Fee.

 

In
addition, the Master Servicer shall be entitled to receive, as additional Servicing Compensation, to the extent not prohibited
by applicable law and the related Loan Documents and any related Intercreditor Agreement, (i) all investment income earned
on amounts on deposit in the Collection Account (and with respect to each Serviced Whole Loan, the related Serviced Whole Loan
Collection Account) and certain Reserve Accounts (to the extent consistent with the related Loan Documents); (ii) any Net
Default Interest and any other Penalty Charges collected by the Master Servicer or the Special Servicer during a Collection Period
accrued on any Performing Loan (and the related Serviced Companion Loan, if applicable), in each case, remaining after application
thereof during such Collection Period to pay the Advance Interest Amount relating to such Performing Loan and to pay or reimburse
the Trust for any unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation
Fees) relating to such Performing Loan incurred during or prior to such Collection Period, and, in the case of the Serviced Whole
Loans, to the extent allocated to the related Mortgage Loan in the related Intercreditor Agreement and as further described in
Section 3.12(d); (iii) any amounts collected for checks returned for insufficient funds (with respect to any
Performing Loan or Specially Serviced Loan); and (iv) 100% of any Modification Fees and consent fees (or similar fees) related
to any consents, modifications, waivers, extensions or amendments of any Serviced Mortgage Loans (and any related Serviced Companion
Loan) that are non-Specially Serviced Loans that do not involve a Major Decision or Special Servicer Non-Major Decision, 50% of
any Modification Fees and consent fees (or similar fees) related to any consents, modifications, waivers, extensions or amendments
of any Serviced Mortgage Loans (and any related Serviced Companion Loan) that are non-Specially Serviced Loans that involve one
or more Major Decisions or Special Servicer

 

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Non-Major Decisions (whether or not processed by the Special Servicer) (provided,
however, that the Master Servicer shall receive 0% of any Modification Fees in connection with a COVID Modification), 100%
of any defeasance fees (provided that for the avoidance of doubt, any such defeasance fee shall not include the Special
Servicer’s portion of any Modification Fees or waiver fees in connection with a defeasance that the Special Servicer is
entitled to under this Agreement), 100% of Assumption Fees or processing fees with respect to Serviced Mortgage Loans (and any
related Serviced Companion Loan) that do not involve a Major Decision or Special Servicer Non-Major Decision, 50% of Assumption
Fees with respect to non-Specially Serviced Mortgage Loans (and any related Serviced Companion Loan) that involve one or more
Major Decisions or Special Servicer Non-Major Decisions (whether or not processed by the Special Servicer), 100% of beneficiary
statement charges to the extent such beneficiary statements are prepared by the Master Servicer (but not including Prepayment
Premiums or Yield Maintenance Charges) on all Mortgage Loans (and the related Serviced Companion Loans) that are non-Specially
Serviced Loans, 100% of assumption application fees with respect to Serviced Mortgage Loans (and any related Serviced Companion
Loan) for which the Master Servicer is processing the underlying assumption-related transaction (whether or not the consent of
the Special Servicer is required), and 0% of assumption application fees with respect to Specially Serviced Loans, in each case
to the extent received and not required to be deposited or retained in the Collection Account (or Serviced Whole Loan Collection
Account), in each case pursuant to Section 3.05 of this Agreement. The Master Servicer shall also be entitled pursuant
to, and to the extent provided in, Section 3.06(a)(viii) or 3.07(b) of this Agreement, as applicable, to withdraw
from the Collection Account and to receive from any Borrower Accounts (to the extent not payable to the related Borrower under
the Mortgage Loan or applicable law), Net Prepayment Interest Excess, if any, that accrue on the Mortgage Loans that it is servicing
and any interest or other income earned on deposits therein. In addition, the Master Servicer shall be entitled to (i) the portion
of Net Default Interest and any late payment fees or penalty charges collected by the Other Servicer servicing a Non-Serviced
Mortgage Loan that are allocated to such Non-Serviced Mortgage Loan remaining after application thereof to reimburse interest
on related P&I Advances and to reimburse the Trust for certain expenses of the Trust, if applicable, as provided in this Agreement
and (ii) and (A) with respect to non-Specially Serviced Loans, 100% of any fee paid in connection with any Master Servicer Non-Major
Decision and to the extent not expressly provided above, 50% of any fee paid in connection with any Major Decision or Special
Servicer Non-Major Decision (provided, however, that the Master Servicer shall receive 0% of any Modification Fees
in connection with a COVID Modification) and (B) with respect to Specially Serviced Loans, 0% of any such fee. Except as specified
in the preceding sentence and except with respect to clause (i) in this paragraph, the Master Servicer will not be entitled
to the compensation set forth in clauses (iii) and (iv) in this paragraph with respect to a Non-Serviced Mortgage Loan.

 

Notwithstanding
anything to the contrary, the Master Servicer and the Special Servicer will each be entitled to charge the related Borrower reasonable
review fees in connection with any borrower request to the extent such fees are not prohibited under the related Loan Documents
and are actually paid by or on behalf of the related Borrower.

 

With
respect to any of the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion
thereof (other than a split fee with respect to Penalty Charges), 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

 

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such fee; provided that (A) neither the Master Servicer
nor the Special Servicer shall have the right to reduce or elect not to charge the portion of any such fee due to the other and
(B) to the extent either the Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge its
respective portion in any such fee, the party that reduced or elected not to charge its respective portion of such fee shall not
have any right to share in any part of the other party’s portion of such fee. If the Master Servicer decides not to charge
any fee (other than Penalty Charges), 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. If the Special Servicer decides not to charge any fee (other
than Penalty Charges), 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.

 

The
Master Servicer and any successor holder of the Excess Servicing Fee Rights that relate to the Mortgage Loans (and any successor
REO Loans with respect to such Mortgage Loans) shall be entitled, at any time, at its own expense, to transfer, sell, pledge or
otherwise assign such Excess Servicing Fee Rights in whole (but not in part), in either case, to any Qualified Institutional Buyer
or Institutional Accredited Investor (other than a Plan); provided that no such transfer, sale, pledge or other assignment
shall be made unless (i) that transfer, sale, pledge or other assignment is exempt from the registration and/or qualification
requirements of the Act and any applicable state securities laws and is otherwise made in accordance with the Act and such state
securities laws, (ii) the prospective transferor shall have delivered to the Depositor a certificate substantially in the
form attached as Exhibit AA-1 hereto and (iii) the prospective transferee shall have delivered to the Master
Servicer and the Depositor a certificate substantially in the form attached as Exhibit AA-2 hereto. None of the Depositor,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Certificate Registrar
is obligated to register or qualify an Excess Servicing Fee Right under the Act or any other securities law or to take any action
not otherwise required under this Agreement to permit the transfer, sale, pledge or assignment of an Excess Servicing Fee Right
without registration or qualification. The Master Servicer and each holder of an Excess Servicing Fee Right desiring to effect
a transfer, sale, pledge or other assignment of such Excess Servicing Fee Right shall, and the Master Servicer hereby agrees,
and each such holder of an Excess Servicing Fee Right by its acceptance of such Excess Servicing Fee Right shall be deemed to
have agreed, in connection with any transfer of such Excess Servicing Fee Right effected by such Person, to indemnify the Certificateholders,
the Trust, the Depositor, the Underwriters, the Certificate Administrator, the Trustee, the Master Servicer, the Certificate Registrar,
the Operating Advisor, the Asset Representations Reviewer and the Special Servicer against any liability that may result if such
transfer is not exempt from registration and/or qualification under the Act or other applicable federal and state securities laws
or is not made in accordance with such federal and state laws or in accordance with the foregoing provisions of this paragraph.
By its acceptance of an Excess Servicing Fee Right, the holder thereof shall be deemed to have agreed not to use or disclose such
information in any manner that could result in a violation of any provision of the Act or other applicable securities laws or
that would require registration of such Excess Servicing Fee Right or any Certificate pursuant to the Act. From time to time following
any transfer, sale, pledge or assignment of an Excess Servicing Fee Right, the Master Servicer with respect to the related Mortgage
Loan or successor REO Loan with respect thereto to which the Excess Servicing Fee

 

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Right relates, shall
pay, out of each amount paid to the Master Servicer as Servicing Fee with respect
to such Mortgage Loan or REO Loan, as the case may be, the related Excess Servicing Fees to the holder of such Excess
Servicing Fee Right within one Business Day following the payment of such Servicing Fee to the Master Servicer, in each case
in accordance with payment instructions provided by such holder in writing to the Master Servicer. The holder of an Excess
Servicing Fee Right shall not have any rights under this Agreement except as set forth in the preceding sentences of this
paragraph. None of the Certificate Administrator, the Certificate Registrar, the Operating Advisor, the Asset Representations
Reviewer, the Depositor, the Special Servicer or the Trustee shall have any obligation whatsoever regarding payment of the
Excess Servicing Fee or the assignment or transfer of the Excess Servicing Fee Right.

 

As
compensation for its activities hereunder on each Distribution Date, the Certificate Administrator shall be entitled with respect
to each Mortgage Loan to its portion of the Certificate Administrator/Trustee Fee, which shall be payable from amounts on deposit
in the Lower-Tier Distribution Account. The Certificate Administrator shall pay the Trustee the Trustee’s portion of the
Certificate Administrator/Trustee Fee. The Certificate Administrator’s rights to the Certificate Administrator/Trustee Fee
may not be transferred in whole or in part except in connection with the transfer of all of its responsibilities and obligations
under this Agreement.

 

Except
as otherwise provided herein, the Master Servicer shall pay all of its overhead expenses incurred by it in connection with its
servicing activities hereunder, including all fees of any sub-servicers retained by it (but excluding Mortgage Loan Seller Sub-Servicers).
Except as otherwise provided herein, the Trustee and the Certificate Administrator shall each pay all expenses incurred by it
in connection with its activities hereunder.

 

(b)              
As compensation for its activities hereunder, the Special Servicer shall be entitled with respect to each Specially Serviced Loan
and Serviced REO Loan to the Special Servicing Compensation, which shall be payable from amounts on deposit in the Collection
Account or the Serviced Whole Loan Collection Account, as applicable, as set forth in Section 3.06 of this Agreement.
The Special Servicer’s rights to the Special Servicing Fee may not be transferred in whole or in part except in connection
with the transfer of all of the Special Servicer’s responsibilities and obligations under this Agreement. In addition, the
Special Servicer shall be entitled to receive, as Special Servicing Compensation, to the extent permitted by applicable law and
the related Loan Documents, (i) any Net Default Interest and any other Penalty Charges collected by the Master Servicer or
the Special Servicer during a Collection Period accrued on any Specially Serviced Loan remaining after application thereof during
such Collection Period (and in the case of the Serviced Whole Loans, as set forth in and subject to the terms of the related Intercreditor
Agreement) and as further described in Section 3.12(d) herein to pay the Advance Interest Amount relating to such
Specially Serviced Loan and any unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and
Liquidation Fees) incurred during or prior to such Collection Period on such related Specially Serviced Loan (but not nonsufficient
funds check fees and the like, which shall be paid to the Master Servicer) as further described below in this subsection (b);
(ii) (A) 100% of any Modification Fees and consent fees (or similar fees) related to any Specially Serviced Loan and
100% of any Modification Fees in connection with a COVID Modification, (B) 50% of any Modification Fees (other than Modification
Fees related to a COVID Modification) and consent fees (or similar fees) related to any consents, modifications, waivers, extensions
or amendments of any Mortgage Loans (and the

 

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related Serviced Companion Loans) that are non-Specially Serviced Loans which involve
one or more Major Decisions or Special Servicer Non-Major Decisions (whether or not processed by the Special Servicer) and (C) 0%
of any Modification Fees and consent fees (or similar fees) on Mortgage Loans (and the related Serviced Companion Loans) that
are non-Specially Serviced Loans which do not involve a Special Servicer Major Decision or Special Servicer Non-Major Decision,
(iii) (A) 100% of any Assumption Fees and processing fees on Specially Serviced Loans, (B) 50% of any Assumption
Fees and processing fees on Mortgage Loans (and the related Serviced Companion Loans) that are non-Specially Serviced Loans which
involve a Major Decision or Special Servicer Non-Major Decision (whether or not processed by the Special Servicer) and (C) 0%
of any Assumption Fees and consent fees on Mortgage Loans (and the related Serviced Companion Loans) that are non-Specially Serviced
Loans which do not involve a Special Servicer Major Decision or Special Servicer Non-Major Decision, (iv) 100% of assumption
application fees received with respect to the Mortgage Loans (and the related Serviced Companion Loans) for which the Special
Servicer is processing the underlying assumption related transaction, (v) 100% of beneficiary statement charges, demand fees or
similar items to the extent such beneficiary statements are prepared by the Special Servicer (but not including Prepayment Premiums
or Yield Maintenance Charges) on Specially Serviced Loans, (vi) any interest or other income earned on deposits in the REO Accounts
and (vii) (A) with respect to non-Specially Serviced Loans, 0% of any fee paid in connection with any Master Servicer Non-Major
Decision and, to the extent not expressly provided above, 50% of any fee paid in connection with any Major Decision or Special
Servicer Non-Major Decision and (B) with respect to Specially Serviced Loans, 100% of any such fees and 100% of any Modification
Fees in connection with a COVID Modification.

 

Notwithstanding
anything to the contrary, the Master Servicer and the Special Servicer will each be entitled to charge the related Borrower reasonable
review fees in connection with any borrower request.

 

With
respect to any of the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion
thereof (other than a split fee with respect to Penalty Charges), the Master Servicer and the Special Servicer shall each have
the right, in their sole discretion, but not any obligation, to reduce or elect not to charge its respective portion of such fee;
provided that (A) neither the Master Servicer nor the Special Servicer shall have the right to reduce or elect not to charge the
portion of any such fee due to the other and (B) to the extent either the Master Servicer or the Special Servicer exercises its
right to reduce or elect not to charge its respective portion in any such fee, the party that reduced or elected not to charge
its respective portion of such fee shall not have any right to share in any part of the other party’s portion of such fee.
If the Master Servicer decides not to charge any fee (other than Penalty Charges), 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. If the Special
Servicer decides not to charge any fee (other than Penalty Charges), 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.

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Except as otherwise provided herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder, including all fees of any sub-servicers retained by it.

 

In addition, the Special Servicer shall be entitled to the portion of Net Default Interest and any other Penalty Charges collected by the Other Special Servicer servicing the related Non-Serviced Mortgage Loan and that are allocated to such Non-Serviced Mortgage Loan remaining after application thereof during such Collection Period to pay the Advance Interest Amount relating to such Non-Serviced Mortgage Loan and any unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred during or prior to such Collection Period on such related Non-Serviced Mortgage Loan (but not nonsufficient funds check fees and similar fees, which shall be paid to the Master Servicer) as provided in this Agreement. Except as specified in the preceding sentence, the Special Servicer will not be entitled to the compensation set forth in this Section 3.12(b) with respect to a Non-Serviced Mortgage Loan.

 

(c)           In addition, a Workout Fee will be payable to the Special Servicer with respect to each Serviced Mortgage Loan and any related Serviced Companion Loan that ceases to be a Specially Serviced Loan pursuant to the definition thereof. As to each such Mortgage Loan or Serviced Whole Loan, the Workout Fee will be payable out of each collection of interest and principal (including scheduled payments, prepayments, Balloon Payments and payments at maturity) received on such Mortgage Loan or Serviced Whole Loan for so long as it remains a Corrected Mortgage Loan. The Workout Fee with respect to any such Mortgage Loan or Serviced Whole Loan will cease to be payable if such loan again becomes a Specially Serviced Loan or if the related Mortgaged Property becomes a Serviced REO Property; provided that a new Workout Fee will become payable if and when such Mortgage Loan or Serviced Whole Loans again ceases to be a Specially Serviced Loan. If the Special Servicer is terminated (other than for cause) or resigns with respect to any or all of its servicing duties, it shall retain the right to receive any and all Workout Fees payable with respect to the Mortgage Loans that cease to be a Specially Serviced Loan during the period that it had responsibility for servicing such Specially Serviced Loan (or for any Specially Serviced Loan that had not yet become a Corrected Mortgage Loan because as of the time that the Special Servicer is terminated the borrower has not made three consecutive monthly debt service payments and subsequently the Specially Serviced Loan becomes a Corrected Mortgage Loan) at the time of such termination or resignation (and the successor Special Servicer shall not be entitled to any portion of such Workout Fees), in each case until the Workout Fee for any such loan ceases to be payable in accordance with the preceding sentence.

 

A Liquidation Fee will be payable to the Special Servicer, except as described below, with respect to (i) each Mortgage Loan repurchased by a Mortgage Loan Seller after the Initial Resolution Period (and giving effect to any Resolution Extension Period) in accordance with Section 2.03(e) of this Agreement or that is subject to a Loss of Value Payment, (ii) each Specially Serviced Loan as to which the Special Servicer obtains a full, partial or discounted payoff from the related Borrower, (iii) any Specially Serviced Loan or Serviced REO Property as to which the Special Servicer recovered any Liquidation Proceeds and (iv) each Defaulted Loan that is a Non-Serviced Mortgage Loan sold by the Special Servicer in accordance with the proviso in Section 3.16(b) of this Agreement as to which the Special Servicer recovered any Liquidation Proceeds; provided, however, for clarification, in the case of clause (iv), should the Non-Serviced

 

 

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Mortgage Loan be sold by the Other Special Servicer, then the Liquidation Fee shall be paid to such Other Special Servicer. As to each such Mortgage Loan repurchased by a Mortgage Loan Seller after the Initial Resolution Period (and giving effect to any Resolution Extension Period) in accordance with Section 2.03(e) of this Agreement or Specially Serviced Loan and Serviced REO Property, the Liquidation Fee will be payable from the related payment or proceeds. Notwithstanding anything to the contrary described above, no Liquidation Fee will be payable based on, or out of, Liquidation Proceeds to the extent set forth in the definition of “Liquidation Fee” herein. With respect to any future mezzanine debt, to the extent not prohibited by the Loan Documents, the Master Servicer or Special Servicer, as applicable, shall require that the related mezzanine intercreditor agreement provide that if a Mortgage Loan is purchased by the related mezzanine lender on a date that is more than 90 days following the date that the related option first becomes exercisable, such mezzanine lender shall be required to pay a Liquidation Fee equal to the amount that the Special Servicer would otherwise be entitled to under this Agreement with respect to a liquidation of such Mortgage Loan (provided that such Liquidation Fee shall in all circumstances be payable by the related mezzanine lender and shall not, under any circumstances, be payable out of the Trust unless the Master Servicer fails to require the related mezzanine intercreditor agreement to require the mezzanine lender to pay such amounts in breach of its obligation to do so under this paragraph). If Liquidation Proceeds are received with respect to any Specially Serviced Loan as to which the Special Servicer is properly entitled to a Workout Fee, such Workout Fee will be payable based on and out of the portion of such Liquidation Proceeds that constitute principal and/or interest. Notwithstanding anything herein to the contrary, the Special Servicer shall only be entitled to receive a Liquidation Fee or a Workout Fee, but not both, with respect to Liquidation Proceeds received on any Mortgage Loan or any Specially Serviced Loan. If (i) the Special Servicer resigns or has been terminated, and (ii) either prior or subsequent to such resignation or termination, either (A) a Specially Serviced Loan was liquidated or modified pursuant to an action plan submitted by the initial Special Servicer and approved (or deemed approved) by the Directing Holder or the Special Servicer has determined to grant a forbearance, or (B) a Specially Serviced Loan being monitored by the Special Servicer subsequently became a Corrected Mortgage Loan, then in either such event the Special Servicer shall be paid the related Workout Fee or Liquidation Fee, as applicable.

 

The total amount of Workout Fees and Liquidation Fees that are payable by the Trust with respect to each Mortgage Loan, Serviced Whole Loan or Serviced REO Loan through the period such Mortgage Loan is an asset of the Trust shall be subject to an aggregate cap of $1,000,000. For the purposes of determining whether any such cap has been reached with respect to a Special Servicer and a Mortgage Loan, Serviced Whole Loan or Serviced REO Loan, only the Workout Fees and Liquidation Fees paid to such Special Servicer with respect to such Mortgage Loan, Serviced Whole Loan or Serviced REO Loan shall be taken into account, and any Workout Fees or Liquidation Fees for any other Mortgage Loans, Serviced Whole Loans or Serviced REO Loans shall not be taken into account (and any Workout Fees or Liquidation Fees paid to a predecessor or successor special servicer or Other Special Servicer shall also not be taken into account).

 

The Special Servicer shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder (including, without limitation, any amounts, other than management fees in respect of REO Properties, due and owing to any of its sub-servicers, any amounts due and owing to any of its Affiliates, and the premiums for any

 

 

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blanket insurance policy obtained by it insuring against hazard losses pursuant to Section 3.08 of this Agreement, except to the extent such premiums are reimbursable pursuant to Section 3.08 of this Agreement), if and to the extent such expenses are not expressly payable directly out of the Collection Account or if a Serviced Whole Loan is involved, the applicable Serviced Whole Loan Collection Account or the applicable REO Account or as a Servicing Advance, and the Special Servicer shall not be entitled to reimbursement therefor except as expressly provided in this Agreement.

 

The Special Servicer and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration (including, without limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) from any Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor in respect of a Mortgage Loan or Serviced Whole Loan and any purchaser of any Mortgage Loan, Serviced Companion Loan or REO Property) in connection with the disposition, workout or foreclosure of any Mortgage Loan or Serviced Whole Loan, the management or disposition of any REO Property, or the performance of any other special servicing duties under this Agreement, other than as expressly provided in this Section 3.12; provided that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

(d)          In determining the compensation of the Master Servicer or Special Servicer, as applicable, with respect to Penalty Charges, on any Distribution Date, the aggregate Penalty Charges collected on any Mortgage Loan or, unless prohibited by the related Intercreditor Agreement to be so applied, any Serviced Companion Loan, during the related Collection Period shall be applied (as between Default Interest and late payment charges, in the priority set forth in the definition of “Advance Interest Amount”) to reimburse (i) the Master Servicer or the Trustee for interest on Advances at the Reimbursement Rate with respect to such Mortgage Loan that accrued in the period that such Penalty Charges were collected and advance interest to any related Serviced Companion Loan Service Provider for any debt service advance made by such party with respect to any related Serviced Companion Loan that accrued in the period that such Penalty Charges were collected, (ii) the Trust Fund for all interest on Advances with respect to such Mortgage Loan or Serviced Whole Loan previously paid to the Master Servicer, the Trustee or to any Serviced Companion Loan Service Provider pursuant to Section 3.06(a)(vi) or Section 3.06(b)(vi) of this Agreement and (iii) the Trust Fund for any Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) with respect to such Mortgage Loan or Serviced Whole Loan paid in or prior to the Collection Period that such Penalty Charges were collected and not previously paid out of Penalty Charges, and any Penalty Charges remaining thereafter shall be distributed pro rata to the Master Servicer and the Special Servicer based upon the amount of Penalty Charges the Master Servicer or the Special Servicer would otherwise have been entitled to receive during such period with respect to such Mortgage Loan or Serviced Whole Loan without any such application. Except as set forth in this Agreement, the Special Servicer shall not be entitled to any Special Servicing Fees, Workout Fees or Liquidation Fees with respect to any Non-Serviced Mortgage Loan or any related REO Property. For the avoidance of doubt, the portion of Penalty Charges allocated to a Mortgage Loan that is part of a Non-Serviced Whole Loan (in accordance with the applicable Intercreditor Agreement and, if applicable, the Other Pooling and Servicing Agreement) shall be allocated in accordance with clauses (i), (ii) and (iii) above (except that, Advances in clauses (i) and (ii) shall mean P&I Advances).

 

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If any Servicing Shift Whole Loan becomes a Specially Serviced Loan prior to the related Servicing Shift Securitization Date, the Special Servicer shall service and administer such Servicing Shift Whole Loan and any related REO Property in the same manner as any other Specially Serviced Loan or Serviced REO Property and shall be entitled to all rights and compensation earned with respect to such Serviced Whole Loan as Special Servicer of such Serviced Whole Loan. With respect to any Servicing Shift Mortgage Loan, prior to the related Servicing Shift Securitization Date, no other special servicer will be entitled to any such compensation or have such rights and obligations. If such Servicing Shift Whole Loan is still a Specially Serviced Loan on the related Servicing Shift Securitization Date, the Other Special Servicer and the Special Servicer shall be entitled to compensation with respect to such Servicing Shift Whole Loan as if the Special Servicer were being terminated as the Special Servicer with respect to such Servicing Shift Whole Loan and the Other Special Servicer were replacing the Special Servicer as the successor Special Servicer with respect to such Servicing Shift Whole Loan.

 

If any Servicing Shift Whole Loan is being specially serviced on the related Servicing Shift Securitization Date, the Special Servicer shall be entitled to compensation for the period during which it acted as Special Servicer with respect to such Servicing Shift Whole Loan, including its share of any liquidation or workout fees and any additional servicing compensation as well as all surviving indemnity and other rights in respect of such special servicing role under this Agreement.

 

(e)           The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to reimbursement from the Trust Fund (and, prior to recovery from the Trust Fund, in the case of any Serviced Whole Loans, subject to the related Intercreditor Agreement, first, from the related Subordinate Companion Loan up to the full principal balance thereof, if any, and second, to the extent any such costs and expenses remain unreimbursed, from the related Mortgage Loan and the Collection Account, or in the case of a Serviced Whole Loan with a Serviced Pari Passu Companion Loan, first, out of the related Serviced Whole Loan Collection Account from collections on the related Serviced Pari Passu Companion Loan and the related Mortgage Loan on a pro rata basis by principal balance, and second, to the extent any such costs and expenses remain unreimbursed, out of the Collection Account) for the costs and expenses incurred by them in the performance of their duties under this Agreement which are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(iii). Such expenses shall include, by way of example and not by way of limitation, environmental assessments, Updated Appraisals and appraisals in connection with foreclosure, the fees and expenses of any administrative or judicial proceeding and expenses expressly identified as reimbursable in Section 3.06(a)(xv) of this Agreement. All such costs and expenses shall be treated as costs and expenses of the Lower-Tier REMIC and the related Serviced Whole Loan, if applicable.

 

(f)           No provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee to expend or risk their own funds or otherwise incur any financial liability in the performance of any of their duties hereunder or thereunder, or in the exercise of any of their rights or powers, if, in the good faith business judgment of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the

 

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Certificate Administrator or the Trustee, as the case may be, repayment of such funds would not be ultimately recoverable from late payments, Net Insurance Proceeds, Net Liquidation Proceeds and other collections on or in respect of the Mortgage Loans, or from adequate indemnity from other assets comprising the Trust Fund against such risk or liability.

 

If the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee receives a request or inquiry from a Borrower, any Certificateholder or any other Person the response to which would, in the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s, the Operating Advisor’s, the Asset Representations Reviewer’s or the Trustee’s good faith business judgment require the assistance of Independent legal counsel or other consultant to the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee, the cost of which would not be an expense of the Trust Fund or any Serviced Companion Loan Noteholder hereunder, then the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee, as the case may be, shall not be required to take any action in response to such request or inquiry unless such Borrower, such Certificateholder, or such other Person, as applicable, makes arrangements for the payment of the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s, the Operating Advisor’s, the Asset Representations Reviewer’s or the Trustee’s reasonable expenses associated with such counsel (including, without limitation, posting an advance payment for such expenses) satisfactory to the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee, as the case may be, in its sole discretion. Unless such arrangements have been made, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee, as the case may be, shall have no liability to any Person for the failure to respond to such request or inquiry.

 

Section 3.13 Reports to the Certificate Administrator; Collection Account Statements. (a) The Master Servicer shall deliver to the Certificate Administrator no later than 3:00 p.m. (New York City time) one Business Day prior to the Master Servicer Remittance Date prior to each Distribution Date (beginning January 2021), the CREFC® Appraisal Reduction Template, if any for such Distribution Date and the CREFC® Loan Periodic Update File with respect to the Mortgage Loans that it is servicing (and, if applicable, the related REO Properties) for the related Distribution Date (which shall include, without limitation, the amount of Available Funds allocable to the Mortgage Loans) including information therein that states the anticipated P&I Advances in respect of such Mortgage Loans for the related Distribution Date. The Master Servicer’s responsibilities under this Section 3.13(a) with respect to Serviced REO Loans shall be subject to the satisfaction of the Special Servicer’s obligations under Section 3.23 of this Agreement. The Master Servicer shall (no later than the applicable Serviced Whole Loan Remittance Date) make available to each Serviced Companion Loan Noteholder with respect to the related Whole Loan or, if such Serviced Companion Loan is securitized, the respective Other Servicer and Other Trustee, the CREFC® Investor Reporting Package (CREFC® IRP) (excluding any templates) pursuant to the terms of this Agreement on a monthly basis.

 

No later than 5:00 p.m. (New York City time) two (2) business days following each Distribution Date beginning January 2021, the Master Servicer shall deliver to the Certificate Administrator and the Depositor (in the case of the Depositor, to the Depositor’s email addresses

 

 

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set forth in Section 12.05
together with the name, phone number and email address of the servicing officer of the Master Servicer to contact with any
questions related to the CREFC® Schedule AL File and the Schedule AL Additional File) a single
CREFC® Schedule AL File (with respect to each Mortgage Loan that was part of the Mortgage Pool during any
portion of the related reporting period covered by the Form 10-D required to be filed with respect to the subject
Distribution Date pursuant to Section 10.06) and the related Schedule AL Additional File, in each case, in EDGAR
Compatible Format and Excel format; provided, however, that the Master Servicer shall have no obligation to prepare or
deliver the CREFC® Schedule AL File or the Schedule AL Additional File unless and until the Master Servicer
receives the Initial Schedule AL File and the Initial Schedule AL Additional File from the Depositor in EDGAR Compatible
Format and Excel format; and provided, further, that, if the Master Servicer has not received the Initial Schedule AL File
and the Initial Schedule AL Additional File from the Depositor prior to the time it would need the Initial Schedule AL File
and the Initial Schedule AL Additional File in order for the Master Servicer to prepare the CREFC® Schedule
AL File with respect to the first Distribution Date, the Master Servicer shall request the Initial Schedule AL File and the
Initial Schedule AL Additional File from the Depositor, including by email to the email addresses for the Depositor set forth
in Section 12.05. If the CREFC® Schedule AL File is not provided by the Master Servicer to the
Certificate Administrator by 5:00 p.m. (New York city time) two (2) business days following any Distribution Date, the
Certificate Administrator shall notify the Depositor in writing and also request such CREFC® Schedule AL File
from the Master Servicer via email to NoticeAdmin@midlandls.com. The Master Servicer shall be entitled to conclusively
rely, absent manifest error, without any due diligence, investigation or verification, on the content, completeness and
accuracy of the Initial Schedule AL File and the Initial Schedule AL Additional File, in each case, as of the Closing Date.
Any Schedule AL Additional File that the Master Servicer determines, in accordance with the Servicing Standard, to deliver in
connection with any CREFC® Schedule AL File prepared by the Master Servicer pursuant to this paragraph shall
be delivered in EDGAR Compatible Format and in Excel format to the Certificate Administrator concurrently with the delivery
of the related CREFC® Schedule AL File. With respect to each Non-Serviced Mortgage Loan, the Master Servicer
shall include the analogous CREFC® Schedule AL File and/or Schedule AL Additional File, as applicable,
information that it receives from the related Other Servicer under the applicable Other Pooling and Servicing Agreement in
the single CREFC® Schedule AL File and/or Schedule AL Additional File, as applicable, that it delivers to the
Certificate Administrator for the subject Distribution Date.

 

In the absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, any information and reports delivered to it by any third party, and the Certificate Administrator shall be entitled to conclusively rely upon the Master Servicer’s reports and any information provided by the Trustee, without any duty or obligation to recompute, verify or recalculate any of the amounts and other information stated therein.

 

(b)          For so long as the Master Servicer makes deposits into or credits to and withdrawals or debits from the Collection Account or any Serviced Whole Loan Collection Account, not later than 15 days after each Distribution Date, the Master Servicer shall forward to the Certificate Administrator and, upon request (but not more frequently than once per month), each Serviced Companion Loan Noteholder with respect to the related Whole Loan and related Serviced Whole Loan Collection Account (or, if such Serviced Companion Loan is securitized,

 

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the respective Other Servicer and Other Trustee) a statement prepared by the Master Servicer setting forth the status of each of the Collection Account and each Serviced Whole Loan Collection Account as of the close of business on the last Business Day of the prior Collection Period and showing the aggregate amount of deposits into and withdrawals from the Collection Account and each Serviced Whole Loan Collection Account of each category of deposit (or credit) specified in Section 3.05 of this Agreement and each category of withdrawal (or debit) specified in Section 3.06 of this Agreement for the related Collection Period, in each case for the Mortgage Loans (including the Non-Serviced Mortgage Loans). The Trustee and the Certificate Administrator and its agents and attorneys may at any time during normal business hours, upon reasonable notice, inspect and copy the books, records and accounts of the Master Servicer solely relating to the Mortgage Loans and the performance of its duties hereunder.

 

(c)          Beginning in January 2021, no later than 4:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master Servicer shall deliver or cause to be delivered to the Certificate Administrator (who shall promptly post such reports to the Certificate Administrator’s Website pursuant to Section 4.02(b)(iii)(B) of this Agreement), the Serviced Companion Loan Noteholders and the Operating Advisor the following reports (in electronic form) with respect to the Mortgage Loans that it is servicing (and, if applicable, the related REO Properties), providing the required information as of the immediately preceding Determination Date: (i) to the extent the Master Servicer has received the most recent CREFC® Special Servicer Loan File from the Special Servicer at the time required, the most recent CREFC® Delinquent Loan Status Report, CREFC® Historical Loan Modification and Corrected Mortgage Loan Report, the CREFC® Loan Setup File (with respect to the first Distribution Date) and CREFC® REO Status Report, (ii) the most recent CREFC® Property File, CREFC® Financial File, CREFC® Comparative Financial Status Report and the CREFC® Loan Level Reserve/LOC Report (in each case incorporating the data required to be included in the CREFC® Special Servicer Loan File), (iii) the CREFC® Servicer Watch List with information that is current as of such Determination Date and (iv) the CREFC® Advance Recovery Report.

 

The information that pertains to Specially Serviced Loans and REO Properties reflected in such reports shall be based solely upon the reports delivered by the Special Servicer to the Master Servicer (other than information as to which the Master Servicer has the primary responsibility to generate) no later than the related Determination Date in the form required by Section 3.13(g) of this Agreement or shall be provided by means of such reports so delivered by the Special Servicer to the Master Servicer in the form so required. In the absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, the information and reports delivered to it by the Special Servicer, and the Certificate Administrator shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports and any information provided by the Certificate Administrator or the Trustee without any duty or obligation to recompute, verify or recalculate any of the amounts and other information stated therein.

 

(d)          The Master Servicer shall deliver or cause to be delivered to the Trustee, the Certificate Administrator, the Serviced Companion Loan Noteholders, the Underwriters, the Initial Purchasers and the Operating Advisor the following materials, in each case to the extent

 

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that such materials or the information on which they are based have been received by the Master Servicer with respect to the Mortgage Loans that the Master Servicer is servicing:

 

(i)      Within 45 days after receipt of any quarterly operating statement, if any, commencing within 45 days of receipt of such quarterly operating statement for the quarter ending March 31, 2021, with respect to each Serviced Mortgage Loan, Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the Special Servicer (in written format or in electronic media) in the case of any Specially Serviced Loan or Serviced REO Loan) (and the Borrower provides sufficient information to report pursuant to CREFC® guidelines), a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar quarter, together with, upon request, copies of the related operating statements and rent rolls (but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide such information and, with respect to operating statements and rent rolls for Specially Serviced Loans and REO Properties, only to the extent received by the Special Servicer); provided that, to the extent the annual CREFC® Operating Statement Analysis Report is delivered as described under clause (ii) below, then such delivery shall satisfy the requirement under this clause (a) to deliver a quarterly CREFC® Operating Statement Analysis Report for the quarter ending June 30 of each year, commencing in 2021. The Master Servicer (or the Special Servicer in the case of Specially Serviced Loans and Serviced REO Properties) shall use commercially reasonable efforts to obtain said quarterly and other periodic operating statements and related rent rolls, which efforts shall include a letter sent to the related Borrower (except with respect to any Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting such quarterly and other periodic operating statements and related rent rolls until they are received to the extent such action is consistent with applicable law and the terms of the related Loan Documents; provided, however, that any analysis or update with respect to the first calendar quarter of each year shall not be required to the extent such analysis or update is not required to be provided under the then current applicable CREFC® guidelines. The Master Servicer shall deliver, upon request of any Rating Agency, copies of any of the foregoing items so collected thereby to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)).

 

(ii)     At least annually, on or before June 30 of each year, beginning with June 30, 2021, with respect to each Serviced Mortgage Loan, Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the Special Servicer (in written format or in electronic media) in the case of any Specially Serviced Loan or Serviced REO Loan), a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar year (initially, year-end 2021), together with, upon request, copies of the related operating statements and related rent rolls (but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide such information and, with respect to operating statements and related rent rolls for Specially Serviced Loans and REO Properties, only to the extent received by the Special Servicer) for the current trailing 12 months, if available, or year-to-date, provided, however, that with respect to any obligation of the Master Servicer or Special Servicer, as applicable, to provide a year-end analysis or update, such analysis or update shall not be required to the extent such analysis or update is not required to be

 

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provided under the then current applicable CREFC® guidelines. The Master Servicer (or the Special Servicer in the case of Specially Serviced Loans and Serviced REO Properties) shall use commercially reasonable efforts to obtain said annual and other periodic operating statements and related rent rolls, which efforts shall include a letter sent to the related Borrower (except with respect to any Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting such annual and other periodic operating statements and related rent rolls until they are received to the extent such action is consistent with applicable law and the terms of the related Loan Documents. Upon receipt of such annual and other periodic operating statements (including year-to-date statements) and related rent rolls, the Master Servicer shall promptly update the CREFC® Operating Statement Analysis Report (commencing with the quarter ending March 31, 2021 (to the extent that the related Borrower provides sufficient information to report pursuant to CREFC® guidelines)). The Master Servicer shall deliver, upon request of any Rating Agency, copies of any of the foregoing items so collected thereby to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)).

 

(iii)    Within 30 days after receipt by the Special Servicer (in the case of a Specially Serviced Loan or Serviced REO Property) or the Master Servicer (in the case of any Mortgage Loan that is not a Specially Serviced Loan) of any annual year-end operating statements or related rent rolls with respect to any Mortgaged Property (except with respect to any Non-Serviced Mortgage Loan) or Serviced REO Property (to the extent prepared by and received from the Special Servicer in the case of any Specially Serviced Loan or Serviced REO Property), commencing within 30 days of receipt of such statements for year-end 2021, a CREFC® NOI Adjustment Worksheet for such Mortgaged Property (with the annual year-end operating statements attached thereto as an exhibit). The Master Servicer will use the “Normalized” column from the CREFC® NOI Adjustment Worksheet to update the full year-end data on any CREFC® Operating Statement Analysis Report and will use any operating statements received with respect to any Mortgaged Property (other than any Mortgaged Property which is a Serviced REO Property or constitutes security for a Specially Serviced Loan or a Non-Serviced Mortgage Loan) to update the CREFC® Operating Statement Analysis Report for such Mortgaged Property; provided, however, that any analysis or update with respect to the year-end or first quarter of each year shall not be required to the extent such analysis or update is not required to be provided under the then current applicable CREFC® guidelines.

 

Notwithstanding anything to the contrary in this Agreement, the Master Servicer or the Special Servicer, as applicable, upon request by a Rating Agency, shall forward such items to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

The Master Servicer shall maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property (and shall not be required to maintain any such report for a Mortgaged Property securing a Non-Serviced Mortgage Loan) and Serviced REO Property (to the extent prepared by and received from the Special Servicer in the case of any Serviced REO Property or any Mortgaged Property constituting security for a Specially Serviced Loan) relating to a Mortgage Loan that it is servicing. The CREFC® Operating Statement Analysis Report for each Mortgaged Property (other than any such Mortgaged Property that secures a Non-Serviced

 

 

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Mortgage Loan or that is a Serviced REO Property or constitutes security for a Specially Serviced Loan) is to be updated with trailing 12-month information, as available, or year-to-date information until 12-month trailing information (commencing with the quarter ending March 31, 2021 (to the extent that the related Borrower provides sufficient information to report pursuant to CREFC® guidelines)) is available by the Master Servicer, and the Master Servicer shall deliver such updated report to the Trustee, the Certificate Administrator, the Operating Advisor, the Directing Holder and any related Serviced Companion Loan Noteholder in the calendar month following receipt by the Master Servicer of such updated trailing or year-to-date operating statements and related rent rolls for such Mortgaged Property, and upon request.

 

The Special Servicer shall pursuant to Section 3.13(h) of this Agreement, deliver to the Master Servicer the information required of it pursuant to this Section 3.13(d) with respect to Specially Serviced Loans and Serviced REO Loans.

 

(e)           In connection with their servicing of the Serviced Mortgage Loans and Serviced REO Properties, the Master Servicer and the Special Servicer, as applicable, shall provide to each other and to the Trustee and the Certificate Administrator, written notice of any event that comes to their knowledge with respect to a Mortgage Loan or Serviced REO Property that the Master Servicer or the Special Servicer, respectively, determines, in accordance with the Servicing Standard, would have a material adverse effect on such Mortgage Loan or Serviced REO Property, which notice shall include an explanation as to the reason for such material adverse effect.

 

(f)           The Master Servicer or the Special Servicer, as applicable, shall make available to the Directing Holder copies of all rent rolls, operating statements and financial statements actually provided by each Borrower, including any monthly or quarterly statements or rent rolls, within 15 Business Days of receipt.

 

(g)          On or before 2:00 p.m. Central Time on each Determination Date, the Special Servicer shall deliver, or cause to be delivered, to the Master Servicer and, upon the request of any of the Trustee, the Certificate Administrator, the Operating Advisor, the Depositor, the Directing Holder or any Rating Agency, to such requesting party, the CREFC® Special Servicer Loan File with respect to the Specially Serviced Loans (and, if applicable, the related Serviced REO Properties), providing the required information as of the Determination Date (or, upon the reasonable request of any Master Servicer, data files in a form acceptable to the Master Servicer), which CREFC® Special Servicer Loan File shall include data, to enable the Master Servicer to produce the CREFC® Supplemental Servicer Reports. Such reports or data shall be presented in writing and in an electronic format acceptable to the Master Servicer.

 

(h)         The Special Servicer shall deliver or cause to be delivered to the Master Servicer and, upon the request of any of the Trustee, the Certificate Administrator, the Operating Advisor, the Depositor, the Controlling Class or any Rating Agency, to such requesting party, without charge, the following materials for Specially Serviced Loans or Serviced REO Properties, as applicable, in each case to the extent that such materials or the information on which they are based have been received by the Special Servicer:

 

  (i)         At least annually, on or before June 1 of each year, commencing in 2021, with respect to each Specially Serviced Loan and Serviced REO Loan, a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property

 

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as of the end of the preceding calendar year (initially year-end December 31, 2020) together with copies of the operating statements and related rent rolls for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar year (but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide, such information and, with respect to operating statements and related rent rolls for Specially Serviced Loans and Serviced REO Properties, only to the extent requested by the Special Servicer) and for the current trailing 12 months, if available, or year-to-date. The Special Servicer shall use its reasonable efforts to obtain said annual and other periodic operating statements and related rent rolls with respect to each Mortgaged Property constituting security for a Specially Serviced Loan and each Serviced REO Property.

 

(ii)     Within 45 days of receipt by the Special Servicer of any annual operating statements with respect to any Mortgaged Property relating to a Specially Serviced Loan or Serviced REO Property, a CREFC® NOI Adjustment Worksheet for such Mortgaged Property or Serviced REO Property (with the annual operating statements attached thereto as an exhibit); provided that, with the consent of the Master Servicer, the Special Servicer may instead provide data files in a form acceptable to the Master Servicer. The Special Servicer will use the “Normalized” column from the CREFC® NOI Adjustment Worksheet to update the full year-end data on any CREFC® Operating Statement Analysis Report and will use any operating statements received with respect to any Mortgaged Property relating to a Specially Serviced Loan or Serviced REO Property to update the CREFC® Operating Statement Analysis Report for such Mortgaged Property.

 

Notwithstanding anything to the contrary in this Agreement, upon request for receipt of any such items from any Rating Agency, the Special Servicer shall forward such items to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

The Special Servicer shall maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property securing a Specially Serviced Loan and each Serviced REO Property. The CREFC® Operating Statement Analysis Report for each Mortgaged Property securing a Specially Serviced Loan and each Serviced REO Property is to be updated by the Special Servicer and such updated report delivered to the Master Servicer within 45 days after receipt by the Special Servicer of updated operating statements for each such Mortgaged Property; provided that, the Special Servicer may instead provide data files in an electronic form acceptable to the Special Servicer. The Special Servicer shall provide each such report to the Master Servicer in the then applicable CREFC® format.

 

(i)           If the Master Servicer or the Special Servicer, as applicable, is required to deliver any statement, report or information under any provision of this Agreement (including Section 3.14), the Master Servicer or the Special Servicer, as the case may be, may satisfy such obligation by (x) delivering such statement, report or information in a commonly used electronic format or (y) making such statement, report or information available on the Master Servicer’s website, unless this Agreement expressly specifies a particular method of delivery or such statement, report or information must be filed with the Commission as contemplated in Article X; provided that all reports required to be delivered to the Certificate Administrator shall be delivered in accordance with clause (x).

 

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(j)           The Master Servicer may, but is not required to, make any of the reports or files it delivers pursuant to this Section 3.13 available each month on the Master Servicer’s website only with the use of a password, in which case the Master Servicer shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder who requests such password, and has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer. In connection with providing access to the Master Servicer’s website, the Master Servicer may require registration and the acceptance of a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the extent the Master Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the availability, use and disclosure of such information, and which may provide indemnification to the Master Servicer for any liability or damage that may arise therefrom.

 

(k)         With respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within two Business Days following the Determination Date and the Master Servicer shall, to the extent it has received, deliver to the Certificate Administrator, without charge and on the same day as the Master Servicer is required to deliver the CREFC® Investor Reporting Package, an electronic report which may include html, word or excel compatible format, clean and searchable pdf. format or such other format as mutually agreeable between the Certificate Administrator and the Special Servicer (or Master Servicer on its behalf) that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period; provided that no report regarding Disclosable Special Servicer Fees shall be required to be delivered if there are no Disclosable Special Servicer Fees for the related Collection Period.

 

Section 3.14  Access to Certain Documentation. (a) The Master Servicer and Special Servicer, as applicable, shall provide to any Certificateholders and any Serviced Companion Loan Noteholders that are federally insured financial institutions, the Operating Advisor (but only if a Control Termination Event is continuing), the Directing Holder (but only if no Consultation Termination Event is continuing), the Federal Reserve Board, the FDIC and the Office of the Comptroller of the Currency and the supervisory agents and examiners of such boards and such corporations, and any other federal or state banking or insurance regulatory authority that may exercise authority over any Certificateholder or Serviced Companion Loan Noteholder is subject, access to the documentation regarding the Mortgage Loans or the Whole Loans, as applicable, that it is servicing required by applicable regulations of the Federal Reserve Board, FDIC, Office of the Comptroller of the Currency or any such federal or state banking or regulatory authority, such access being afforded without charge but only upon reasonable written request and during normal business hours at the offices of the Master Servicer or Special Servicer, as applicable. At the election of the Master Servicer, the Special Servicer or the Certificate Administrator, such access may be afforded to such Person identified above by the delivery of copies of information as requested by such Person and the Master Servicer, the Special Servicer or the Certificate Administrator shall be permitted to require payment (other than from the Directing Holder and the Trustee and the Certificate Administrator on its own behalf or on behalf of the Certificateholders, as applicable) of a sum sufficient to cover the reasonable out-of-pocket costs incurred by it in making such copies. Such access shall (except as described in the preceding sentence) be afforded without charge but only upon reasonable prior written request and during

 

 

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normal business hours at the offices of the Certificate Administrator or the Custodian. In addition, upon reasonable prior written notice to the Master Servicer or the Special Servicer, as the case may be, the Trustee, the Certificate Administrator, the Operating Advisor, the Depositor or their accountants or other representatives shall have reasonable access to review the documents, correspondence and records in the possession of the Master Servicer or the Special Servicer, as the case may be, as they relate to a Mortgaged Property and any Serviced REO Property during normal business hours at the offices of the Master Servicer or the Special Servicer, as the case may be. Nothing in this Section 3.14 shall detract from the obligation of the Master Servicer and Special Servicer to observe any applicable law prohibiting disclosure of information with respect to the Borrowers, and the failure of the Master Servicer and Special Servicer to provide access as provided in this Section 3.14 as a result of such obligation shall not constitute a breach of this Section 3.14.

 

(b)          In connection with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder, Serviced Companion Loan Noteholder or any regulatory authority that may exercise authority over a Certificateholder or Serviced Companion Loan Noteholder, the Master Servicer and the Special Servicer may each require payment from such Certificateholder or Serviced Companion Loan Noteholder (to the extent permitted in the related Intercreditor Agreement) of a sum sufficient to cover the reasonable costs and expenses of providing such information or access, including copy charges and reasonable fees for employee time and for space; provided that no charge may be made if such information or access was required to be given or made available under applicable law. In connection with providing Certificateholders or Serviced Companion Loan Noteholders access to the information described in the preceding paragraph the Master Servicer and the Special Servicer, as applicable, may require (prior to affording such access) a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer or the Special Servicer, as the case may be, generally to the effect that such Person is a Holder of Certificates or a beneficial holder of Book-Entry Certificates or Serviced Companion Loan Noteholder or a regulator or governmental body and will keep such information confidential.

 

(c)           Upon the reasonable request of (1) any Certificateholder identified to the Master Servicer to the Master Servicer’s reasonable satisfaction (or, with respect to any Serviced Companion Loan, the request of any Serviced Companion Loan Noteholder), the Master Servicer may provide (or forward electronically) (at the expense of such Certificateholder or Serviced Companion Loan Noteholder) copies of any appraisals, operating statements, rent rolls and financial statements obtained by the Master Servicer, or (2) any Controlling Class Certificateholder identified to the Master Servicer (in the case of a Performing Loan) or the Special Servicer (in the case of a Specially Serviced Loan) to the Master Servicer’s or Special Servicer’s reasonable satisfaction, as applicable, the Master Servicer or Special Servicer, as applicable, shall provide (or forward electronically) (at the expense of such Controlling Class Certificateholder) any Excluded Information in the Master Servicer’s or Special Servicer’s, as applicable, possession (available on the Certificate Administrator’s Website but not accessible to such Controlling Class Certificateholder through the Certificate Administrator’s Website on account of it constituting Excluded Information) relating to any Excluded Controlling Class Loan in which such Controlling Class Certificateholder is not an Excluded Controlling Class Holder; provided that, in connection therewith, the Master Servicer or Special Servicer, as applicable, may require a written confirmation executed by the requesting Person substantially in such form as may

 

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be reasonably acceptable to the Master Servicer or Special Servicer, generally to the effect that such Person is a Holder of Certificates or a Serviced Companion Loan Noteholder or a beneficial holder of Book-Entry Certificates or a regulator or a governmental body and will keep such information confidential and will use such information only for the purpose of analyzing asset performance and evaluating any continuing rights the Certificateholder may have under this Agreement. For the avoidance of doubt, the Master Servicer shall not make any Asset Status Reports available to any Certificateholders on its website. None of the parties to this Agreement shall provide any Asset Status Report or any Final Asset Status Report to the Certificate Administrator.

 

(d)      The 17g-5 Information Provider shall make available solely to the Depositor and to any NRSRO that delivers an NRSRO Certification to the 17g-5 Information Provider the following items to the extent such items are delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com (or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto) in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically with a subject reference of “Benchmark 2020-B22 Mortgage Trust, Series 2020-B22” and an identification of the type of information being provided in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial (provided that, if such information is not in electronic format readable and uploadable (that is not locked or corrupted), then the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon such party shall promptly deliver the subject information in such format):

 

(i)          any waivers delivered to the 17g-5 Information Provider pursuant to Section 3.09 of this Agreement;

 

(ii)         any Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance delivered to the 17g-5 Information Provider pursuant to Section 3.21(d) or Section 4.07(c) of this Agreement and notice of determination not to refrain from reimbursement of all Nonrecoverable Advances;

 

(iii)        any Asset Status Report delivered by the Special Servicer pursuant to Section 3.23(e) of this Agreement;

 

(iv)       any environmental reports delivered by the Special Servicer pursuant to Section 3.10(g) of this Agreement;

 

(v)        any annual statements as to compliance and related Officer’s Certificates delivered pursuant to Section 10.11 and Section 10.12 of this Agreement;

 

(vi)        any annual independent public accountants’ attestation reports delivered pursuant to Section 10.13 of this Agreement;

 

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

 

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(viii)     any notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving a Rating Agency Confirmation from any Rating Agency as set forth in the definition of “Rating Agency Confirmation” pursuant to Section 3.30 of this Agreement;

 

(ix)        copies of any questions or requests submitted by the Rating Agencies directed toward the Master Servicer, Special Servicer, Certificate Administrator or Trustee;

 

(x)         any requests for a Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.30 of this Agreement;

 

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

 

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

 

(xiii)      any notice of Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section 7.03 of this Agreement;

 

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

 

(xv)       any notice of the merger or consolidation of the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer pursuant to Section 6.02 of this Agreement;

 

(xvi)      any notice of any amendment that modifies the procedures herein relating to Exchange Act Rule 17g-5 pursuant to Section 12.08 of this Agreement;

 

(xvii)     any notice or other information provided by the Master Servicer pursuant to Section 12.07 of this Agreement;

 

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

 

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

 

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

 

The foregoing information shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website (a link to which shall be provided on the Depositor’s website at www.intralinks.com or such other website as the Depositor may notify the parties hereto in writing). Information will be posted on the same Business Day of receipt provided

 

 

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that such information is received by 2:00 p.m. (Eastern Time) or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. New York City time. The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be or whether such information (other than (solely with respect to the 17g-5 Information Provider’s obligation to post such information) the information set forth in clauses (i) through (xx) above) is required to be posted on the 17g-5 Information Provider’s Website pursuant to this Agreement or Rule 17g-5. If any information is delivered or posted in error, the 17g-5 Information Provider may remove it from the 17g-5 Information Provider’s Website. The Certificate Administrator and the 17g-5 Information Provider have not obtained and shall not be deemed to have obtained actual knowledge of any information only by receipt and posting to the 17g-5 Information Provider’s Website. Access will be provided by the 17g-5 Information Provider to the Rating Agencies, and to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit Z hereto (which certification may be submitted electronically via the 17g-5 Information Provider’s Website). If a Rating Agency requests access to the 17g-5 Information Provider’s Website, access will be provided by the 17g-5 Information Provider on the same Business Day provided such request is made prior to 2:00 p.m., on such Business Day, or, if received after 2:00 p.m., on the following Business Day. Questions regarding delivery of information to the 17g-5 Information Provider may be directed to cmbsexcludedinformation@wellsfargo.com (or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto).

 

Upon delivery by the Depositor to the 17g-5 Information Provider (in an electronic format mutually agreed upon by the Depositor and the 17g-5 Information Provider) of information designated by the Depositor as having been previously made available to NRSROs by the Depositor (the “Pre-Closing 17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5 Information available only to the Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant this Section 3.14(b).  The Depositor shall not be entitled to direct the 17g-5 Information Provider to provide access to the Pre-Closing 17g-5 Information or any other information on the 17g-5 Information Provider’s Website to any designee or other third party.

 

The 17g-5 Information Provider shall notify any party that delivers information to the 17g-5 Information Provider under this Agreement that such information was received and that it has been posted. The 17g-5 Information Provider shall notify each NRSRO that has provided a NRSRO Certification each time a document is posted to the 17g-5 Information Provider’s Website and such notice shall specifically identify such document. The 17g-5 Information Provider shall send such notice to such Persons to the email address that has been provided by and is used by such Person for the purpose of accessing the 17g-5 Information Provider’s Website, including a general email address if such general email address has been provided to the 17g-5 Information Provider in connection with a completed NRSRO Certification in the form of Exhibit Z hereto.

 

The 17g-5 Information Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool. The “Rating Agency Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information Provider’s Website, where Rating Agencies and NRSROs may (i) submit Inquiries to the Certificate Administrator relating to the Distribution Date Statement, submit Inquiries to the Master Servicer or the Special

 

 

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Servicer, as applicable, relating to the reports being made available pursuant to this Section 4.02(d), the Serviced Mortgage Loans or the Mortgaged Properties or submit inquiries to the Operating Advisor relating to the Operating Advisor Annual Reports or actions by the Master Servicer or the Special Servicer as to which the Operating Advisor has consultation rights pursuant to Section 6.07, whether or not referenced in such Operating Advisor Annual Report, (ii) view Inquiries that have been previously submitted and answered, together with the answers thereto and (iii) submit requests for loan-level reports and information. Upon receipt of an Inquiry for the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, the 17g-5 Information Provider shall forward the Inquiry to the Certificate Administrator, Operating Advisor, the Master Servicer or the Special Servicer, as applicable, and in the case of an inquiry relating to any Non-Serviced Mortgage Loan, to the applicable party under the related Other Pooling and Servicing Agreement, in each case within a commercially reasonable period following receipt thereof. Following receipt of an Inquiry or request relating to the subject matters described in clauses (i) or (iii) above, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Certificate Administrator, the Operating Advisor, Master Servicer or Special Servicer shall be by email to the 17g-5 Information Provider. The 17g-5 Information Provider shall post (within a commercially reasonable period following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer (or reports, as applicable) to the 17g-5 Information Provider’s Website. Any report posted by the 17g-5 Information Provider in response to a request may be posted on a page accessible by a link on the 17g-5 Information Provider’s Website. If the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer determines, in its respective sole discretion, that (i) the question is beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders or would be in violation of applicable law, the Servicing Standard, this Agreement or the applicable Loan Documents, (iii) answering any Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product or answering such inquiry is otherwise not advisable or (iv) (A) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, and (B) the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard (or in good faith, in the case of the Certificate Administrator or the Operating Advisor) that the performance of such duties or the payment of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator, Operating Advisor, Master Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Inquiry and, in the case of the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, shall promptly notify the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such Inquiry on the Rating Agency Q&A Forum and Document Request Tool together with a statement that such Inquiry was not answered. Answers posted on the Rating Agency Q&A Forum and Document Request Tool will be attributable only to the respondent, and shall not be deemed to be answers from any of the Depositor, the Underwriters, the Initial Purchasers, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee or any of their respective Affiliates and no such party shall have any responsibility or liability for the content of any such information. The 17g-5 Information Provider shall not be required to post to the 17g-5 Information Provider’s Website any Inquiry or answer thereto that the 17g-5 Information Provider determines, in its sole

 

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discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document Request Tool will not reflect questions, answers and other communications between the 17g-5 Information Provider and any Person which are not submitted via the 17g-5 Information Provider’s Website.

 

In connection with providing access to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, the Certificate Administrator and/or the 17g-5 Information Provider may require registration and the acceptance of a disclaimer. The Certificate Administrator and the 17g-5 Information Provider, as the case may be, shall not be liable for the dissemination of information in accordance with the terms of this Agreement, make no representations or warranties as to the accuracy or completeness of such information being made available, and assume no responsibility for such information; provided that it is acknowledged and agreed that the 17g-5 Information Provider shall not be charged with knowledge of any of the contents of such information solely by virtue of its compliance with its obligations to post such information to the 17g-5 Information Provider’s Website. The 17g-5 Information Provider shall not be liable for its failure to make any information available to the NRSROs unless such information was delivered to the 17g-5 Information Provider at the email address set forth herein in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, with a subject heading of “Benchmark 2020-B22 Mortgage Trust, Series 2020-B22” and sufficient detail to indicate that such information is required to be posted on the 17g-5 Information Provider’s Website; provided that, if such information is not in electronic format readable and uploadable (that is not locked or corrupted), then the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon such party shall promptly deliver the subject information in such format.

 

The 17g-5 Information Provider shall not be responsible or have any liability for any act, omission or delay attributable to the failure of any other party to this Agreement to timely deliver information to be posted on the 17g-5 Information Provider’s Website or for any errors or defects in the information supplied by any such party.

 

The 17g-5 Information Provider’s obligations in respect of Rule 17g-5 or any other law or regulation related thereto shall be limited to the specific obligations contained in this Agreement and the 17g-5 Information Provider makes no representations or warranties as to the compliance of the Depositor with Rule 17g-5 or any other law or regulation related thereto.

 

With respect to each Non-Serviced Mortgage Loan, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall provide to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website, promptly upon receipt from a Non-Serviced Mortgage Loan Service Provider, all reports, statements, documents, notices and other information it receives in respect of such Non-Serviced Mortgage Loan that such party would otherwise have been required to be submitted to the 17g-5 Information Provider under this Agreement for posting had such Non-Serviced Mortgage Loan been a Serviced Mortgage Loan. The 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website all such information it receives in accordance with this Agreement.

 

Upon delivery by the Depositor to the 17g-5 Information Provider (in an electronic format mutually agreed upon by the Depositor and the 17g-5 Information Provider) of information designated by the Depositor as having been previously made available to NRSROs by the

 

 

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Depositor (the “Pre-Closing 17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5 Information available only to the Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant this Section 3.14(b). The Depositor shall not be entitled to direct the 17g-5 Information Provider to provide access to the Pre-Closing 17g-5 Information or any other information on the 17g-5 Information Provider’s Website to any designee or other third party.

 

(e)           Each of the Master Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also deliver, produce or otherwise make available through its website or otherwise, any additional information identified in Section 3.14(d) of this Agreement relating to the Mortgage Loans or Whole Loans, the Mortgaged Properties or the related Borrowers, for review by the Depositor, the Underwriters, the Initial Purchasers and any other Persons who deliver an Investor Certification in accordance with this Section 3.14, the related Serviced Companion Loan Noteholder (if any), the Directing Holder and the Rating Agencies (collectively, the “Disclosure Parties”) (only to the extent such additional information is simultaneously or previously delivered to the 17g-5 Information Provider in accordance with the provisions of Section 3.14(d) of this Agreement, who shall post such additional information on the 17g-5 Information Provider’s Website in accordance with the provisions of Section 3.14(d) of this Agreement), in each case, except to the extent doing so is prohibited by this Agreement, applicable law or by the related Loan Documents. Each of the Master Servicer and the Special Servicer shall be entitled to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion and/or (ii) require that the recipient of such information (A) except for the Depositor, enter into an Investor Certification or other confidentiality agreement acceptable to the Master Servicer or the Special Servicer, as the case may be, and (B) acknowledge that the Master Servicer or the Special Servicer may contemporaneously provide such information to any other Disclosure Party. In addition, to the extent access to such information is provided via the Master Servicer’s or the Special Servicer’s website, the Master Servicer and the Special Servicer may require registration and the acceptance of a reasonable and customary disclaimer and/or an additional or alternative agreement as to the confidential nature of such information. In connection with providing access to or copies of the information described in this Section 3.14(e) to current or prospective Certificateholders the form of confidentiality agreement used by the Master Servicer or the Special Servicer, as applicable, shall be: (i) in the case of a Certificateholder (or a licensed or registered investment advisor acting on behalf of such Certificateholder), an Investor Certification executed by the requesting Person indicating that such Person is a Holder of Certificates and will keep such information confidential (except that such Certificateholder may provide such information (x) to its auditors, legal counsel and regulators and (y) to any other Person that holds or is contemplating the purchase of any Certificate or interest therein (provided that such other Person confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information confidential)); and (ii) in the case of a prospective purchaser of Certificates or interests therein (or a licensed or registered investment advisor acting on behalf of such prospective purchaser), an Investor Certification indicating that such Person is a prospective purchaser of a Certificate or an interest therein and is requesting the information for use in evaluating a possible investment in Certificates and will otherwise keep such information confidential with no further dissemination (except that such Certificateholder may provide such information to its auditors, legal counsel and regulators). In the case of a licensed or registered investment advisor acting on behalf of a current or prospective Certificateholder, the Investor

 

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Certification shall be executed and delivered by both the investment advisor and such current or prospective Certificateholder.

 

Neither the Master Servicer nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in violation of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be responsible or have any liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this Section 3.14 unless (i) the Master Servicer or Special Servicer, as applicable, is the original source for such information and (ii) such failure to deliver complete and accurate information is by reason of such party’s willful misconduct, bad faith, fraud and/or negligence.

 

In connection with the delivery by the Master Servicer or the Special Servicer, as applicable, to the 17g-5 Information Provider of any information, report, notice or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify the Master Servicer or the Special Servicer, as applicable, of when such information, report, notice or document has been posted to the 17g-5 Information Provider’s Website. The Master Servicer or the Special Servicer, as applicable, may, but is not obligated to, send such information report, notice or other document to the applicable Rating Agency or Rating Agencies following the earlier of (a) receipt of notification from the 17g-5 Information Provider that such information, report, notice or other document has been posted to the Rule 17g-5 Information Provider’s Website and (b) 12:00 p.m. on the first Business Day following the date the Master Servicer or the Special Servicer, as applicable, has provided such information, report, notice or other document to the 17g-5 Information Provider.

 

(f)           The Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee shall be permitted (but shall not be required) to orally communicate with the Rating Agencies regarding any Mortgage Loan, Serviced Whole Loan, any Certificateholder, any Serviced Companion Loan Noteholder, any Mortgaged Property or any REO Property; provided that such party summarizes the information provided to the Rating Agencies in such communication and provides the 17g-5 Information Provider and the related Other 17g-5 Information Provider (if any) with such summary in accordance with the procedures set forth in Section 3.14(d) of this Agreement the same day such communication takes place; provided that the summary of such oral communications shall not attribute which Rating Agency the communication was with. The 17g-5 Information Provider shall post such summary on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section 3.14(d) of this Agreement.

 

(g)           None of the foregoing restrictions in this Section 3.14 or otherwise in this Agreement shall prohibit or restrict oral or written communications, or providing information, between the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s or NRSRO’s review of the ratings it assigns to the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval of the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, as a commercial mortgage master, special or primary servicer or (iii) such Rating Agency’s or NRSRO’s evaluation of the Master Servicer’s, the Operating Advisor, the Asset Representations

 

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Reviewer or the Special Servicer’s, as applicable, servicing operations in general; provided that the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, shall not provide any information relating to the Certificates or the Mortgage Loans to any Rating Agency or NRSRO in connection with such review and evaluation by such Rating Agency or NRSRO unless (x) Borrower, property and other deal specific identifiers are redacted; (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded on to the 17g-5 Information Provider’s Website or the Master Servicer or Special Servicer, as applicable, has in fact provided such information to such Rating Agency in accordance with Section 3.14(e); or (z) the Rating Agency confirms in writing that it does not intend to use such information in undertaking credit rating surveillance with respect to the Certificates; provided, however, that the Rating Agencies may use information delivered under this clause (z) for any purpose to the extent it is publicly available (unless the availability results from a breach of this Agreement or any other confidentiality agreement to which such Rating Agency is subject) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information Provider’s Website (or another 17g-5 information provider’s website that they have access to) other than pursuant to this Section 3.14(g).

 

(h)          The costs and expenses of compliance with this Section 3.14 by the Depositor, the Master Servicer, the Special Servicer, the Trustee and any other party hereto shall not be Additional Trust Fund Expenses.

 

Section 3.15 Title and Management of REO Properties and REO Accounts. (a) If title to any Mortgaged Property (other than with respect to a Non-Serviced Mortgage Loan) is acquired for the benefit of Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) in foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale shall be taken in the name of the Trust where permitted by applicable law or regulation and consistent with customary servicing procedures, and otherwise in the name of the Trustee, or its nominee (which shall not include the Master Servicer), or a separate Trustee or co-Trustee, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders). The Special Servicer, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders), shall dispose of any Serviced REO Property prior to the close of the third calendar year following the year in which the Trust Fund acquires ownership of such Serviced REO Property for purposes of Section 860G(a)(8) of the Code, unless (i) the Special Servicer on behalf of the Lower-Tier REMIC has applied for an extension of such period pursuant to Sections 856(e)(3) and 860G(a)(8)(A) of the Code, in which case the Special Servicer shall sell such Serviced REO Property within the applicable extension period or if the Special Servicer has applied for extension as provided in this clause (i) but such request has not yet been granted or denied, the additional time specified in such request, or (ii) the Special Servicer seeks and subsequently receives an Opinion of Counsel (which opinion shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan, such expenses shall be allocated in accordance with the allocation provisions set forth in the related Intercreditor Agreement), addressed to the Special Servicer, the Certificate Administrator and the Trustee, to the effect that the holding by the Trust Fund of such Serviced REO Property for an additional specified period will not cause such Serviced REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of the Code) at any time that any Certificate

 

 

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is outstanding, in which event such period shall be extended by such additional specified period subject to any conditions set forth in such Opinion of Counsel. The Special Servicer, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders), shall dispose of any Serviced REO Property held by the Trust Fund prior to the last day of such period (taking into account extensions) by which such Serviced REO Property is required to be disposed of pursuant to the provisions of the immediately preceding sentence in a manner provided under Section 3.16 hereof. In the case of the Trust Fund’s beneficial interest in any REO Property acquired by the Other Trustee pursuant to an Other Pooling and Servicing Agreement, the Special Servicer shall coordinate with the Other Special Servicer with respect to any REO extension on behalf of the Trust Fund. The Special Servicer shall manage, conserve, protect and operate each Serviced REO Property for the Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) solely for the purpose of its prompt disposition and sale in a manner which does not cause such Serviced REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of the Code) and such that income from the operation or sale of such property does not result in receipt by the Trust Fund of any income from non-permitted assets as described in Section 860F(a)(2)(B) of the Code with respect to such property.

 

(b)          The Special Servicer shall have full power and authority, subject only to the Servicing Standard and the specific requirements and prohibitions of this Agreement, to do any and all things in connection with any Serviced REO Property as are consistent with the manner in which the Special Servicer manages and operates similar property owned or managed by the Special Servicer or any of its Affiliates, all on such terms and for such period as the Special Servicer deems to be in the best interests of Certificateholders and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders and, in connection therewith, the Special Servicer shall agree to the payment of management fees that are consistent with general market standards. Consistent with the foregoing, the Special Servicer shall cause or permit to be earned with respect to such Serviced REO Property any “net income from foreclosure property,” within the meaning of Section 860G(c) of the Code, which is subject to tax under the REMIC Provisions, only if it has determined, and has so advised the Trustee and the Certificate Administrator in writing, that the earning of such income on a net after-tax basis could reasonably be expected to result in a greater recovery on behalf of Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) than an alternative method of operation or rental of such Serviced REO Property that would not be subject to such a tax.

 

The Special Servicer shall segregate and hold all revenues received by it with respect to any Serviced REO Property separate and apart from its own funds and general assets and shall establish and maintain with respect to any Serviced REO Property a segregated custodial account (each, an “REO Account”), for the benefit of the Certificateholders, each of which shall be an Eligible Account and shall be entitled “Rialto Capital Advisors, LLC, as Special Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22, REO Account.” With respect to a Serviced REO Property securing a Serviced Whole Loan, the Special Servicer shall establish an REO Account solely with respect to such property (each such account, a “Serviced Whole Loan REO Account”), each of which shall be an Eligible

 

 

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Account and shall be entitled “Rialto Capital Advisors, LLC, as Special Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22 and the related Serviced Companion Loan Noteholders REO Account,” to be held for the benefit of the Certificateholders and the related Serviced Companion Loan Noteholders. The Special Servicer shall be entitled to withdraw for its account any interest or investment income earned on funds deposited in an REO Account or a Serviced Whole Loan REO Account to the extent provided in Section 3.07(b) of this Agreement. The Special Servicer shall deposit or cause to be deposited REO Proceeds in the REO Account or the applicable Serviced Whole Loan REO Account within two Business Days after receipt of such properly identified and available REO Proceeds, and shall withdraw therefrom funds necessary for the proper operation, management and maintenance of such Serviced REO Property and for other Property Protection Expenses with respect to such Serviced REO Property, including:

 

(i)      all insurance premiums due and payable in respect of any Serviced REO Property;

 

(ii)     all real estate taxes and assessments in respect of any Serviced REO Property that may result in the imposition of a lien thereon;

 

(iii)    all costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any Serviced REO Property including, if applicable, the payments of any ground rents in respect of such Serviced REO Property; and

 

(iv)    any taxes imposed on the Lower-Tier REMIC, as applicable, in respect of net income from foreclosure property in accordance with Section 4.05, and with respect to a Serviced Whole Loan, such expenses shall be allocated pro rata to the Mortgage Loan and any related Serviced Companion Loans based on each loan’s Stated Principal Balance and only to the extent any such Serviced Companion Loan is included in a REMIC.

 

To the extent that such REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iii) above, the Master Servicer shall make such Advance unless the Master Servicer or the Special Servicer determines, in accordance with the Servicing Standard, that such Servicing Advance would constitute a Nonrecoverable Advance (provided that with respect to advancing insurance premiums or delinquent tax assessments the Master Servicer shall comply with the provisions of the second to last paragraph in Section 3.21(d) of this Agreement) and if the Master Servicer does not make any such Advance, the Trustee, to the extent the Trustee has actual knowledge of the Master Servicer’s failure to make such Advance, shall make such Advance, unless in each case, the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that such Advance would be a Nonrecoverable Advance. The Trustee shall be entitled to rely, conclusively, on any determination by the Special Servicer or the Master Servicer, as applicable, that an Advance, if made, would be a Nonrecoverable Advance, and in the case of such determination by the Special Servicer, shall be bound by such determination. The Trustee, when making an independent determination whether or not a proposed Advance would be a Nonrecoverable Advance, shall use its good faith business judgment. The Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement of such Advances (with interest at the Reimbursement Rate) made pursuant to the preceding sentence, to the extent permitted by Section 3.06 of this Agreement. The Special Servicer shall withdraw from each REO Account or

 

 

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Serviced Whole Loan REO Account, as applicable, and remit to the Master Servicer for deposit into the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, on a monthly basis on the later of the date that is (x) on or prior to the related Determination Date or (y) two (2) Business Days after such amounts are received and properly identified and determined to be available, the Net REO Proceeds received or collected from each Serviced REO Property, except that in determining the amount of such Net REO Proceeds, the Special Servicer may retain in each REO Account or Serviced Whole Loan REO Account reasonable reserves for repairs, replacements and necessary capital improvements and other related expenses.

 

Notwithstanding the foregoing, the Special Servicer shall not:

 

(i)       permit any New Lease to be entered into, renewed or extended, if the New Lease by its terms will give rise to any income that does not constitute Rents from Real Property;

 

(ii)      permit any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real Property;

 

(iii)     authorize or permit any construction on any Serviced REO Property, other than the repair or maintenance thereof or the completion of a building or other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement was completed before default on the related Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

(iv)     Directly Operate or allow any Person to Directly Operate any Serviced REO Property on any date more than 90 days after its date of acquisition by the Trust Fund, unless such Person is an Independent Contractor;

 

unless, in any such case, the Special Servicer has requested and received an Opinion of Counsel addressed to the Special Servicer, the Certificate Administrator and the Trustee (which opinion shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan with a Serviced Companion Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement) to the effect that such action will not cause such Serviced REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of the Code) at any time that it is held by the Trust Fund, in which case the Special Servicer may take such actions as are specified in such Opinion of Counsel.

 

The Special Servicer shall be required to contract with an Independent Contractor, the fees and expenses of which shall be an expense of the Trust Fund (and, in the case of the Serviced Whole Loans, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement) and payable out of REO Proceeds, for the operation and management of any Serviced REO Property, within 90 days of the Trust Fund’s acquisition thereof (unless the Special Servicer shall have provided the Trustee and the Certificate Administrator with an Opinion of Counsel that the operation and management of any Serviced REO Property other than through an Independent Contractor shall not cause such Serviced REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code) (which opinion shall be an expense of the Trust Fund, and in the case of a Serviced

 

 

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Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement), provided that:

 

(1)           the terms and conditions of any such contract shall be reasonable and customary for the area and type of property and shall not be inconsistent herewith;

 

(2)         any such contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and expenses incurred in connection with the operation and management of such Serviced REO Property, including those listed above, and remit all related revenues (net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event later than 30 days following the receipt thereof by such Independent Contractor;

 

(3)          none of the provisions of this Section 3.15(b) relating to any such contract or to actions taken through any such Independent Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund, the Trustee on behalf of the Certificateholders and, in the case of a Serviced Whole Loan, the related Companion Loan Noteholders, with respect to the operation and management of any such Serviced REO Property; and

 

(4)           the Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations in connection with the operation and management of such Serviced REO Property.

 

The Special Servicer shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such indemnification.

 

(c)           Promptly following any acquisition by the Special Servicer of a Serviced REO Property on behalf of the Trust Fund, the Special Servicer shall notify the Master Servicer thereof, and, upon delivery of such notice, the Special Servicer shall obtain an Updated Valuation thereof, but only if any Updated Valuation with respect thereto is more than 9 months old and the Special Servicer has no actual knowledge of any material adverse change in circumstances that, consistent with the Servicing Standard, would call into question the validity of such Updated Valuation, in order to determine the fair market value of such Serviced REO Property and shall notify the Depositor and the Master Servicer and with respect to a Serviced Whole Loan, the holder of the related Companion Loan, if any, and of the results of such Updated Valuation. Any such Updated Appraisal shall be conducted in accordance with Appraisal Institute standards and the cost thereof shall be an expense of the Trust Fund and allocated to Classes of Principal Balance Certificates and the VRR Interest (in the same manner as Realized Losses and VRR Realized Losses as set forth in Section 4.01(d) of this Agreement). In the case of any Serviced Whole Loan such expenses shall be allocated in accordance with the allocation provisions set forth in the related Intercreditor Agreement. The Special Servicer shall obtain a new Updated Valuation or a letter update every 9 months thereafter until the Serviced REO Property is sold.

 

(d)          When and as necessary, the Special Servicer shall send to the Certificate Administrator a statement prepared by the Special Servicer setting forth the amount of net income

 

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or net loss, as determined for federal income tax purposes, resulting from the operation and management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt of any other amount not constituting Rents from Real Property in respect of, any Serviced REO Property in accordance with Sections 3.15(a) and 3.15(b) of this Agreement.

 

(e)           Upon the disposition of any Serviced REO Property in accordance with this Section 3.15, the Special Servicer shall calculate the Gain-on-Sale Proceeds allocable to a Mortgage Loan or the applicable Serviced Whole Loan, if any, realized in connection with such sale.

 

Section 3.16 Sale of Specially Serviced Loans and REO Properties.  (a)  The parties hereto may sell or purchase, or permit the sale or purchase of, a Serviced Mortgage Loan and any related Serviced Companion Loan only on the terms and subject to the conditions set forth in this Section 3.16 or as otherwise expressly provided in or contemplated by Section 2.03(e) and Section 9.01 of this Agreement or in an applicable Intercreditor Agreement. The Special Servicer may only sell a Serviced Subordinate Companion Loan together with the related Mortgage Loan if it has received consent of the holder of the related Subordinate Companion Loan.

 

(b)          If the Special Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the Certificateholders or, in the case of a Serviced Whole Loan, the Certificateholders and the related Serviced Pari Passu Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan) to attempt to sell a Defaulted Loan (other than any Non-Serviced Mortgage Loan) and any related Pari Passu Companion Loan, the Special Servicer shall use reasonable efforts to solicit offers for each such Defaulted Loan on behalf of the Certificateholders and, if applicable, the related Serviced Pari Passu Companion Loan Noteholders in such manner as will be reasonably likely to realize a fair price. In the case of a Non-Serviced Mortgage Loan, to the extent that such Non-Serviced Mortgage Loan is not sold together with the related Non-Serviced Companion Loan by the Other Special Servicer for the related Non-Serviced Whole Loan and, if permitted under the related Intercreditor Agreement, the Special Servicer shall be entitled to sell (with the consent of the Directing Holder (if no Control Termination Event is continuing) and after consulting on a non-binding basis with the Risk Retention Consultation Party pursuant to Section 6.07) such Non-Serviced Mortgage Loan if it determines in accordance with the Servicing Standard that such action would be in the best interests of the Certificateholders (and shall be entitled to a Liquidation Fee in connection with such sale). Subject to the qualifications described in this Section 3.16, the Special Servicer shall accept the first cash offer received from any Person that constitutes a fair price for such Defaulted Loan. Subject to Section 3.16(k), if the Special Servicer receives more than one cash offer that constitutes a fair price for such Defaulted Loan during the period designated by the Special Servicer for receipt of offers, the Special Servicer shall accept the highest price.

 

The Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor, the Directing Holder (other than in respect of any applicable Excluded Loan) and the Risk Retention Consultation Party not less than ten (10) Business Days’ prior written notice of its intention to sell any such Defaulted Loan, and

 

 

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notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any such Defaulted Loan pursuant to this Agreement.

 

(c)           Whether any cash offer constitutes a fair price for such Defaulted Loan, as the case may be, shall be determined by the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person; provided that no offer from an Interested Person shall constitute a fair price unless (i) the offer is the highest offer received, and (ii) if the offer is less than the applicable Purchase Price, at least two other offers are received from independent third parties. In determining whether any offer received from an Interested Person represents a fair price for any such Defaulted Loan, the Trustee shall be supplied with and shall rely on the most recent Appraisal or Updated Appraisal conducted in accordance with this Agreement within the preceding 9-month period or in the absence of any such Appraisal, on a narrative appraisal prepared by an Independent MAI appraiser selected by (i) the Special Servicer if the Special Servicer or an Affiliate of the Special Servicer is not making an offer with respect to such Defaulted Loan, (ii) by the Master Servicer if the Special Servicer is making such an offer unless the Master Servicer and Special Servicer are Affiliates or (iii) the Operating Advisor if the Master Servicer and Special Servicer are Affiliates and the Special Servicer is making an offer. The cost of any such Updated Appraisal or narrative appraisal shall be covered by, and shall be reimbursable as, a Servicing Advance. In addition, the Trustee shall be permitted to retain, at the expense of the related Interested Person, an independent third party expert in real estate or commercial mortgage loan matters with at least 5 years’ experience in valuing or investing in loans similar to the subject Mortgage Loan or Serviced Whole Loan, as the case may be, that has been selected with reasonable care by the trustee to determine such fair price and will be permitted to conclusively rely on the opinion of such third party’s determination. Any costs and fees of the Trustee in connection with an offer by an Interested Person and the Trustee’s duties therewith shall be paid in advance of any such determination by such Interested Person.

 

In determining whether any offer from a Person other than an Interested Person constitutes a fair price for any such Defaulted Loan, the Special Servicer shall take into account (in addition to the results of any Appraisal, Updated Appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person constitutes a fair price for any such Defaulted Loan, any appraiser shall be instructed to take into account, as applicable, among other factors, the period and amount of the Delinquency on such Defaulted Loan, the period and amount of the occupancy level and physical condition of the related Mortgaged Property, the state of the local economy in the area where the Mortgaged Property is located, the expected recovery from such Defaulted Loan if the Special Servicer were to pursue a workout strategy, and the time and expense associated with a purchaser’s foreclosing on the related Mortgaged Property.

 

In addition, the Special Servicer shall refer to all other relevant information obtained by it or otherwise contained in the Mortgage File; provided that the Special Servicer shall take account of any change in circumstances regarding the related Mortgaged Property known to the Special Servicer that has occurred subsequent to, and that would, in the Special Servicer’s reasonable judgment, materially affect the value of the related Mortgaged Property reflected in the most recent related Appraisal. Furthermore, the Special Servicer may consider available objective third party information obtained from generally available sources, as well as information obtained

 

 

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from vendors providing real estate services to the Special Servicer, concerning the market for distressed real estate loans and the real estate market for the subject property type in the area where the related Mortgaged Property is located. The Special Servicer may, to the extent it is reasonable to do so in accordance with the Servicing Standard, conclusively rely on any opinions or reports of qualified Independent experts in real estate or commercial mortgage loan matters with at least five years’ experience in valuing or investing in loans similar to the subject Specially Serviced Loan, selected with reasonable care by the Special Servicer, in making such determination. All reasonable costs and expenses incurred by the Special Servicer pursuant to this Section 3.16(c) shall constitute, and be reimbursable as, Servicing Advances. The other parties to this Agreement shall cooperate with all reasonable requests for information made by the Special Servicer in order to allow the Special Servicer to perform its duties pursuant to this Section 3.16(c).

 

The Purchase Price (which, in connection with the administration of a Defaulted Loan related to a Serviced Whole Loan, shall be construed and calculated as if the loans in such Serviced Whole Loan together constitute a single Mortgage Loan thereunder) for any such Defaulted Loan shall in all cases be deemed a fair price.

 

(d)          Subject to subsection (c) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any other action necessary or appropriate in connection with the sale of any such Defaulted Loan, and the applicable collection of all amounts payable in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining to such sales or exchanging offers without obligation to deposit such amounts into the REO Account the Collection Account or, in the case of any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of such Defaulted Loan shall be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters), and if such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee shall have any liability to any Certificateholder or Companion Loan Noteholder with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

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

 

(f)           The parties hereto may sell or purchase, or permit the sale or purchase of, a Serviced REO Property only on the terms and subject to the conditions set forth in this Section 3.16 or as otherwise expressly provided in an applicable Intercreditor Agreement.

 

(g)         The Special Servicer shall use reasonable efforts to solicit offers for each Serviced REO Property on behalf of the Certificateholders and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders in such manner as will be reasonably likely to realize a fair price within the time period provided for by Section 3.15(a) of this Agreement. The Special Servicer (with the consent of the Directing Holder for so long as no Control Termination Event is continuing) shall accept the first cash offer received from any Person that constitutes a fair price for such Serviced REO Property. Subject to Section 3.16(k), if the

 

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Special Servicer receives more than one cash offer that constitutes a fair price for such Serviced REO Property during the period designated by the Special Servicer for receipt of offers, the Special Servicer shall accept the highest price. If the Special Servicer determines, in its good faith and reasonable judgment, that it will be unable to realize a fair price for any Serviced REO Property within the time constraints imposed by Section 3.15(a) of this Agreement, then the Special Servicer (with the consent of the Directing Holder for so long as no Control Termination Event is continuing) shall dispose of such Serviced REO Property upon such terms and conditions as the Special Servicer shall deem necessary and desirable to maximize the recovery thereon under the circumstances and, in connection therewith, shall accept the highest outstanding cash offer, regardless of from whom received.

 

The Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor, the Asset Representations Reviewer and the Directing Holder, not less than ten (10) Business Days’ prior written notice of its intention to sell any Serviced REO Property, and notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any Serviced REO Property pursuant to this Agreement.

 

(h)          Whether any cash offer constitutes a fair price for any Serviced REO Property, as the case may be, shall be determined by the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person; provided that no offer from an Interested Person shall constitute a fair price unless it is the highest offer received. In determining whether any offer received from an Interested Person represents a fair price for any such Serviced REO Property, the Trustee shall be supplied with and shall rely on the most recent appraisal or Updated Appraisal conducted in accordance with this Agreement within the preceding 9-month period or in the absence of any such appraisal, on a narrative appraisal prepared by an Independent MAI appraiser selected by the Special Servicer if the Special Servicer or an Affiliate of the Special Servicer is not making an offer with respect to a Serviced REO Property (or by the Master Servicer if the Special Servicer is making such an offer). The cost of any such Updated Appraisal or narrative appraisal and any related costs and fees of the Trustee shall be covered by, and shall be reimbursable as, a Servicing Advance. In determining whether any offer from a Person other than an Interested Person constitutes a fair price for any such Serviced REO Property, the Special Servicer shall take into account (in addition to the results of any appraisal, updated appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person constitutes a fair price for any such Serviced REO Property, any appraiser shall be instructed to take into account, as applicable, among other factors, the period and amount of the occupancy level and physical condition of the Mortgaged Property or Serviced REO Property, the state of the local economy and the obligation to dispose of any Serviced REO Property within the time period specified in Section 3.15(a) of this Agreement. The Purchase Price (which, in connection with the administration of a Serviced REO Property related to a Serviced Whole Loan, shall be construed and calculated as if the loans in such Serviced Whole Loan together constitute a single Mortgage Loan thereunder) for any Serviced REO Property shall in all cases be deemed a fair price. In addition, the Trustee shall be permitted to retain, at the expense of the related Interested Person, an independent third party to determine such fair price and will be permitted to conclusively rely on the opinion of such third party’s determination. Any costs and fees of the

 

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Trustee in connection with an offer by an Interested Person and the Trustee’s duties therewith shall be paid in advance of any such determination by such Interested Person.

 

(i)          Subject to subsections (g) and (h) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any other action necessary or appropriate in connection with the sale of any Serviced REO Property, and the applicable collection of all amounts payable in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining to such sales or exchanging offers without obligation to deposit such amounts into the Collection Account or, in the case of any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of a Serviced REO Property shall be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters), and if such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor or the Trustee shall have any liability to any Certificateholder or Serviced Companion Loan Noteholder with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(j)            Any sale of a Serviced REO Property shall be for cash only.

 

(k)         Notwithstanding any of the foregoing paragraphs of this Section 3.16, the Special Servicer shall not be obligated to accept the highest cash offer if the Special Servicer determines (in consultation with the Directing Holder (other than with respect to any applicable Excluded Loan or unless a Consultation Termination Event exists), the Risk Retention Consultation Party (other than with respect to any applicable Excluded Loan) (which consultation shall be non-binding) and, in the case of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Loan Noteholder(s)), in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of the Certificateholders and, in the case of a sale of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan), and the Special Servicer may accept a lower cash offer (from any Person other than itself or its Affiliate) if it determines, in its reasonable and good faith judgment, that acceptance of such offer would be in the best interests of the Certificateholders (for example, if the prospective buyer making the lower offer is more likely to perform its obligations or the terms offered by the prospective buyer making the lower offer are more favorable) and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan).

 

(l)           With respect to each defaulted Serviced Companion Loan, the Special Servicer shall sell such defaulted Serviced Companion Loan together with the related Mortgage Loan pursuant to the terms of the related Intercreditor Agreement and this Agreement as if such

 

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Mortgage Loan and Serviced Companion Loans were one whole loan on behalf of the Certificateholders and the related Serviced Companion Loan Noteholders. The Special Servicer shall provide notice and other information required under the related Intercreditor Agreement to the applicable Other Special Servicer as soon as practicable following its decision to attempt to sell, and prior to commencement or marketing of, any Serviced Companion Loan. With respect to Serviced Whole Loans, the Special Servicer shall be required to obtain the consent of any holder of a related Serviced Companion Loan prior to a sale of such Serviced Whole Loan, unless (i) such holder is the related Borrower or an Affiliate or agent of the related Borrower or (ii) the Special Servicer delivers to such holders of the related Serviced Companion Loans: (A) at least fifteen (15) Business Days’ prior written notice of any decision to attempt to sell the related Serviced Whole Loan; (B) at least ten (10) days prior to the proposed sale date, a copy of each bid package (together with any material amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale; (C) at least ten (10) days prior to the proposed sale date, a copy of the most recent appraisal for such Serviced Whole Loan, and any documents in the servicing file reasonably requested by the holders of the applicable Serviced Companion Loans that are material to the sale price of such Serviced Whole Loan; and (D) until the sale is completed, and a reasonable period of time (but not less time than is afforded to other offerors, the Directing Holder and the Risk Retention Consultation Party) prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents that are approved by the Special Servicer in connection with the proposed sale. The holders of the Serviced Companion Loans (or, in any case, their respective representatives) shall be permitted to submit an offer at any sale of such related Serviced Whole Loan; however, the related Borrower and its agents and Affiliates shall not be permitted to submit an offer at such sale.

 

(m)         With respect to any Servicing Shift Mortgage Loan, if the related Servicing Shift Mortgage Loan becomes a Defaulted Loan, the Special Servicer (or, on or after the related Servicing Shift Securitization Date, the Other Special Servicer under the Other Pooling and Servicing Agreement related to such Servicing Shift Mortgage Loan) will be required to sell such Servicing Shift Mortgage Loan together with the related Companion Loan(s) as notes evidencing one whole loan, in accordance with the provisions of the related Intercreditor Agreement and this Agreement or the related Other Pooling and Servicing Agreement, as the case may be.

 

Section 3.17  Additional Obligations of the Master Servicer and the Special Servicer; Inspections. (a) The Master Servicer (at its own expense) (or, with respect to Specially Serviced Loans and Serviced REO Properties, the Special Servicer) shall inspect or cause to be inspected each Mortgaged Property securing a Serviced Mortgage Loan that it is servicing at such times and in such manner as is consistent with the Servicing Standard, but in any event shall inspect each Mortgaged Property with a Stated Principal Balance (or in the case of a Mortgage Loan secured by more than one Mortgaged Property, having an Allocated Loan Amount) of (A) $2,000,000 or more at least once every 12 months (commencing in 2022) and (B) less than $2,000,000 at least once every 24 months (commencing in 2022), (or, in each case, at such decreased frequency as each Rating Agency shall have provided a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any); provided that if a physical inspection has been performed by the Special Servicer in the previous twelve (12) months and the Master Servicer has no knowledge of a material change in the Mortgaged Property since such physical inspection, the Master Servicer will not be required to perform or cause to be performed, such physical inspection; provided, further, that if any scheduled payment becomes

 

 

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more than sixty (60) days delinquent on the related Mortgage Loan, the Special Servicer shall inspect or cause to be inspected the related Mortgaged Property as soon as practicable after such Mortgage Loan becomes a Specially Serviced Loan and annually thereafter for so long as such Mortgage Loan remains a Specially Serviced Loan. The reasonable cost of each such inspection performed in accordance with the Servicing Standard by the Special Servicer shall be paid by the Master Servicer as a Servicing Advance. With respect to a Serviced Whole Loan, the costs described in the preceding sentence above that relate to the applicable Serviced Whole Loan shall be paid out of amounts on deposit in the Serviced Whole Loan Collection Account related to such Serviced Whole Loan (allocated in accordance with the expense allocation provision of the related Intercreditor Agreement). If funds in the applicable Serviced Whole Loan Collection Account relating to a Serviced Whole Loan are insufficient, then any deficiency shall be paid from amounts on deposit in the Collection Account; provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Companion Loans from the related Companion Loan Noteholders. With respect to any Serviced AB Whole Loan, the costs will be allocated, first, as an expense of the holders of the related Subordinate Companion Loan, and second, as an expense of the holder(s) of the related Mortgage Loan and the related pari passu Companion Loans (if any), pro rata and pari passu, to the extent provided in the related Intercreditor Agreement. The Master Servicer or the Special Servicer, as applicable, shall prepare a written report of the inspection describing, among other things, the condition of and any damage to the Mortgaged Property securing a Mortgage Loan that it is servicing and specifying the existence of any material vacancies in such Mortgaged Property, any sale, transfer or abandonment of such Mortgaged Property of which it has actual knowledge, any material adverse change in the condition of the Mortgaged Property, or any visible material waste committed on applicable Mortgaged Property. The Master Servicer or Special Servicer, as applicable, shall send such reports to the 17g-5 Information Provider (who shall promptly post such reports to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), the related Other 17g-5 Information Provider (if any) and, upon request, to the Underwriters and the Initial Purchasers within 20 days of completion and receipt (by the Master Servicer or Special Servicer, as applicable, or, if earlier, any sub-servicer on their behalf) of the inspection report, each inspection report.

 

(b)          With respect to each Serviced Mortgage Loan and any related Companion Loan, the Master Servicer (or the Special Servicer, in the case of a Specially Serviced Loan) shall exercise the Trustee’s rights, in accordance with the Servicing Standard, with respect to the Manager under the related Loan Documents and Management Agreement, if any.

 

(c)           The Master Servicer shall deliver all Compensating Interest Payments (other than the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan) to the Certificate Administrator for deposit in the Lower-Tier Distribution Account on each Master Servicer Remittance Date, without any right of reimbursement therefor. The Master Servicer shall deliver the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan to the holder of the Serviced Companion Loan on each Master Servicer Remittance Date, without any right of reimbursement therefor.

 

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(d)          The Master Servicer shall, as to each Serviced Mortgage Loan and any related Serviced Companion Loan that is secured by the interest of the related Borrower under a ground lease (or, with respect to a leasehold interest that is a space lease or an air rights lease, such space lease or air rights lease), promptly (and in any event within 60 days) after the Closing Date notify the related ground lessor of the transfer of such Mortgage Loan or Serviced Whole Loan to the Trust pursuant to this Agreement and inform such ground lessor that any notices of default under the related ground lease (or, with respect to a leasehold interest that is a space lease or an air rights lease, the related space lease or air rights lease) should thereafter be forwarded to the Master Servicer.

 

(e)           The Master Servicer shall, to the extent consistent with the Servicing Standard and permitted by the related Loan Documents, not apply any funds with respect to a Mortgage Loan or Serviced Whole Loan (whether arising in the form of a holdback, earnout reserve, cash trap or other similar feature) to the prepayment of the related Mortgage Loan or Serviced Whole Loan prior to an event of default or reasonably foreseeable event of default with respect to such Mortgage Loan or Serviced Whole Loan. Prior to an event of default or reasonably foreseeable event of default any such amounts described in the immediately preceding sentence shall be held by the Master Servicer as additional collateral for the related Mortgage Loan or Serviced Whole Loan.

 

Section 3.18  Authenticating Agent. The Certificate Administrator may appoint an Authenticating Agent to execute and to authenticate Certificates. The Authenticating Agent must be acceptable to the Depositor and must be a corporation organized and doing business under the laws of the United States of America or any state, having a principal office and place of business in a state and city acceptable to the Depositor, having a combined capital and surplus of at least $15,000,000, authorized under such laws to do a trust business and subject to supervision or examination by federal or state authorities. The Certificate Administrator shall serve as the initial Authenticating Agent.

 

Any corporation into which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Authenticating Agent shall be party, or any corporation succeeding to the corporate agency business of the Authenticating Agent, shall be the Authenticating Agent without the execution or filing of any paper or any further act on the part of the Certificate Administrator or the Authenticating Agent.

 

The Authenticating Agent may at any time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator, the Trustee, the Depositor and the Master Servicer. The Certificate Administrator may at any time terminate the agency of the Authenticating Agent by giving written notice of termination to the Authenticating Agent, the Depositor and the Master Servicer. Upon receiving a notice of resignation or upon such a termination, or in case at any time the Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 3.18, the Certificate Administrator may appoint a successor Authenticating Agent, which shall be acceptable to the Depositor, and shall mail notice of such appointment to all Certificateholders. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein. 

 

 

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No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 3.18.

 

The Authenticating Agent shall have no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator. Any compensation paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator, as applicable.

 

Section 3.19  Appointment of Custodians. The Certificate Administrator shall be the initial Custodian hereunder. The Certificate Administrator may appoint one or more additional Custodians to hold all or a portion of the Mortgage Files on behalf of the Trustee and otherwise perform the duties set forth in Article II, by entering into a Custodial Agreement with any Custodian who is not the Depositor. The Certificate Administrator agrees to comply with the terms of each Custodial Agreement and to enforce the terms and provisions thereof against the Custodian for the benefit of the Certificateholders. The Certificate Administrator shall not be liable for any act or omission of the Custodian under the Custodial Agreement. Each Custodian shall be a depository institution subject to supervision by federal or state authority, shall have a combined capital and surplus of at least $10,000,000, shall have a long-term debt rating of at least “Baa2” from Moody’s, “BBB” from Fitch and an equivalent rating by KBRA if rated by KBRA. Each Custodial Agreement may be amended only as provided in Section 12.08 of this Agreement. Any compensation paid to the Custodian shall be an unreimbursable expense of the Certificate Administrator. If the Custodian is an entity other than the Certificate Administrator, the Custodian shall maintain a fidelity bond in the form and amount that are customary for securitizations similar to the securitization evidenced by this Agreement. The Custodian shall be deemed to have complied with this provision if one of its Affiliates has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the Custodian. In addition, the Custodian shall keep in force during the term of this Agreement a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its obligations hereunder in the form and amount that are customary for securitizations similar to the securitization evidenced by this Agreement. All fidelity bonds and policies of errors and omissions insurance obtained under this Section 3.19 shall be issued by a Qualified Insurer.

 

Section 3.20 Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts. The Master Servicer shall administer each Lock-Box Account, Cash Collateral Account, Escrow Account and Reserve Account in accordance with the related Mortgage or Loan Agreement, Cash Collateral Account Agreement or Lock-Box Agreement, if any relating to the Serviced Mortgage Loans and any related Serviced Companion Loans it is servicing.

 

Section 3.21 Servicing Advances. vi) The Master Servicer (or, to the extent provided in Section 3.21(c) of this Agreement, the Trustee) to the extent specifically provided for in this Agreement, shall make any Servicing Advances as and to the extent otherwise required pursuant to the terms hereof with respect to the Serviced Mortgage Loans and any related Serviced Companion Loans that it is servicing. For purposes of distributions to Certificateholders and compensation to the Master Servicer, the Special Servicer or the Trustee, Servicing Advances shall not be considered to increase the Stated Principal Balance of any such Mortgage Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loans so

 

 

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provide. Notwithstanding anything in this Agreement to the contrary, the Special Servicer shall have no obligation to make any Servicing Advances under this Agreement, but may make a Servicing Advance on an urgent or emergency basis in its discretion.

 

(b)          Notwithstanding anything in this Agreement to the contrary, the Special Servicer shall give the Master Servicer not less than five Business Days’ written notice with respect to any Servicing Advance to be made on any Specially Serviced Loan, before the date on which the Master Servicer is required to make such Servicing Advance with respect to such Specially Serviced Loan or Serviced REO Loan; provided that the Special Servicer shall be required to provide the Master Servicer with only two Business Days’ written notice in respect of Servicing Advances required to be made on an urgent or emergency basis (which may include, without limitation, Servicing Advances required to make tax or insurance payments). If the Master Servicer or the Trustee makes a Servicing Advance with respect to any Serviced Whole Loan then it shall provide written notice to the related Other Servicer, Other Special Servicer and Other Trustee of the amount of such Servicing Advance with respect to such Serviced Whole Loan as part of its monthly report following the making of such Servicing Advance.

 

(c)           The Master Servicer shall notify the Trustee and the Certificate Administrator in writing promptly upon, and in any event within one Business Day after, becoming aware that it will be unable to make any Servicing Advance required to be made pursuant to the terms hereof, and in connection therewith, shall set forth in such notice the amount of such Servicing Advance, the Person to whom it is to be paid, and the circumstances and purpose of such Servicing Advance, and shall set forth therein information and instructions for the payment of such Servicing Advance, and, on the date specified in such notice for the payment of such Servicing Advance, or, if the date for payment has passed or if no such date is specified, then within five Business Days following such notice, the Trustee, subject to the provisions of Section 3.21(d) of this Agreement, shall pay the amount of such Servicing Advance in accordance with such information and instructions.

 

(d)          The Special Servicer shall promptly furnish any party required to make Servicing Advances hereunder with any information in its possession regarding the Specially Serviced Loans and REO Properties as such party required to make Servicing Advances may reasonably request for purposes of making recoverability determinations. Notwithstanding anything to the contrary in this Agreement, the Special Servicer shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance, and in the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions shall remain with the Master Servicer or Trustee, as applicable.

 

Notwithstanding anything herein to the contrary, no Servicing Advance shall be required hereunder if the Person otherwise required to make such Servicing Advance determines that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In addition, neither the Master Servicer nor the Trustee shall make any Servicing Advance to the extent that it has received written notice that the Special Servicer has determined that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In making such recoverability determination, such Person will be entitled to (i) give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master Servicer or the Trustee, as applicable, in light of the fact that 

 

 

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proceeds on the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) are a source of recovery not only for the Servicing Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount which is being or may be deferred or delayed and (ii) consider (among other things) the obligations of the Borrower under the terms of the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) as it may have been modified, (iii) consider (among other things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse changes with respect to such Mortgaged Properties, (iv) estimate and consider (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) (among other things) future expenses, (v) estimate and consider (among other things) the timing of recoveries and (vi) consider any non-recoverability determination of the Other Servicer or Other Trustee under the Other Pooling and Servicing Agreement relating to a P&I Advance for a Non-Serviced Companion Loan.

 

The Master Servicer, the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior Servicing Advances for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed Servicing Advances. If an Appraisal of the related Mortgaged Property shall not have been obtained within the prior 9-month period (and the Master Servicer and the Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence) or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust Fund (and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement).

 

Any determination by the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as the case may be, has made a Servicing Advance that is a Nonrecoverable Servicing Advance or any determination by the Master Servicer, the Special Servicer or the Trustee that any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance shall be evidenced in the case of the Master Servicer or the Special Servicer by a certificate of a Servicing Officer delivered to the other, to the Trustee, the Directing Holder (but only if no Consultation Termination Event is continuing), the Operating Advisor, the Certificate Administrator, any related Companion Loan Noteholder(s) and the Depositor and, in the case of the Trustee, by a certificate of a Responsible Officer of the Trustee, delivered to the Depositor, the Directing Holder (but only if no Consultation Termination Event is continuing), the Operating Advisor, the Certificate Administrator, any related Companion Loan holder(s), the Master Servicer and the Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations of the Master Servicer, the Special Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate accompanied by, to the extent available, income and expense statements, rent rolls, occupancy

 

 

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status, property inspections and other information used by the Master Servicer, the Special Servicer or the Trustee, as applicable, to make such determination, together with any existing Appraisal or any Updated Appraisal); provided that the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard, that any Servicing Advance previously made or proposed to be made is nonrecoverable and shall deliver to the Master Servicer, the Certificate Administrator, the Directing Holder (but only with respect to a Specially Serviced Loan and if no Consultation Termination Event is continuing), the Operating Advisor, the Trustee, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), notice of such determination. Any such determination may be relied upon by and shall be binding on the Master Servicer and the Trustee. Notwithstanding the foregoing, the Special Servicer shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance, and in the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions shall remain with the Master Servicer or the Trustee, as applicable. If the Special Servicer makes a determination that only a portion, and not all, of any previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance, the Master Servicer and the Trustee shall each have the right to make its own subsequent determination that any remaining portion of any such previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance.

 

Any such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any such other authorized Person from making a determination, that a Servicing Advance is a Nonrecoverable Advance) and (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at the expense of the Trust (and, in the case of a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement), any analysis, Appraisals or market value estimates or other information for such purposes.  Absent bad faith, any such determination as to the recoverability of any Servicing Advance shall be conclusive and binding on the Certificateholders and the Serviced Companion Loan Noteholders.

 

The Trustee, in determining whether or not a Servicing Advance previously made is, or a proposed Servicing Advance, if made, would be, a Nonrecoverable Servicing Advance shall use its reasonable judgment.

 

With respect to the payment of insurance premiums and delinquent tax assessments, in the event that the Master Servicer determines that a Servicing Advance of such amounts would constitute a Nonrecoverable Advance, the Master Servicer shall deliver notice of such determination to the Trustee, the Certificate Administrator and the Special Servicer. Upon receipt of such notice, the Master Servicer (with respect to any Serviced Mortgage Loan and any related Serviced Companion Loan that is a Performing Loan) and the Special Servicer (with respect to any Specially Serviced Loan or REO Property) shall determine (with the reasonable assistance of the Master Servicer) whether the payment of such amount (i) is necessary to preserve the related Mortgaged Property and (ii) would be in the best interests of the Certificateholders and, in the case of any Serviced Companion Loans, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a 

 

 

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related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). If the Master Servicer or the Special Servicer determines that the payment of such amount (i) is necessary to preserve the related Mortgaged Property and (ii) would be in the best interests of the Certificateholders and, in the case of any Serviced Companion Loan, the related Serviced Companion Loan Noteholder (and in the case of a Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan), the Special Servicer (in the case of a determination by the Special Servicer) shall direct the Master Servicer in writing to make such payment and the Master Servicer shall make such payment, to the extent of available funds, from amounts in the Collection Account or, if a Serviced Whole Loan is involved, from amounts in the applicable Serviced Whole Loan Collection Account.

 

Notwithstanding anything to the contrary contained in this Section 3.21, the Master Servicer may elect (but shall not be required) to make a payment out of the Collection Account to pay for certain expenses specified in this sentence notwithstanding that the Master Servicer has determined that a Servicing Advance with respect to such expenditure would be a Nonrecoverable Servicing Advance (unless, with respect to Specially Serviced Loans or Serviced REO Loans, the Special Servicer has notified the Master Servicer to not make such expenditure), where making such expenditure would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan; provided that in each instance, the Master Servicer determines in accordance with the Servicing Standard (as evidenced by a certificate of a Servicing Officer delivered to the Trustee and the Certificate Administrator) that making such expenditure is in the best interests of the Certificateholders and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). The Master Servicer may elect to obtain reimbursement of Nonrecoverable Servicing Advances from the Trust Fund in accordance with Section 3.06 of this Agreement.

 

(e)           The Master Servicer, the Special Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Servicing Advances made by any of them to the extent permitted pursuant to Section 3.06 of this Agreement, if applicable, together with any related Advance Interest Amount in respect of such Servicing Advances, and the Master Servicer, the Special Servicer and the Trustee each hereby covenants and agrees to promptly seek and effect the reimbursement of such Servicing Advances from the related Borrowers to the extent permitted by applicable law and the related Loan Documents.

 

The parties acknowledge that, pursuant to the applicable Other Pooling and Servicing Agreement, the applicable Other Servicer is obligated to make Servicing Advances with respect to the related Non-Serviced Mortgage Loan. The Other Servicer, the Other Special Servicer (to the extent it has made an advance), the Other Trustee or fiscal agent or other Persons making advances under the applicable Other Pooling and Servicing Agreement shall be entitled to reimbursement in accordance with Section 3.06(b) of this Agreement for the pro rata portion (based on Stated Principal Balance) of the related Mortgage Loan (after amounts allocated to the related Subordinate Companion Loan, if any) with respect to any Servicing Advance that is

 

 

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nonrecoverable (with, in each case, any pro rata portion of accrued and unpaid interest thereon provided for under the Other Pooling and Servicing Agreement) in the manner set forth in the Other Pooling and Servicing Agreement and the related Intercreditor Agreement, as applicable.

 

With respect to any Serviced Whole Loan, if the Master Servicer, the Special Servicer or Trustee, as applicable, determines that a proposed Servicing Advance with respect to such Serviced Whole Loan, if made, or any outstanding Servicing Advance with respect to any such Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer or Trustee, as applicable, shall provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement with written notice of such determination, together with supporting evidence for such determination within two (2) Business Days after such determination or such longer time period permitted by the applicable Intercreditor Agreement.

 

Section 3.22  Appointment and Replacement of Special Servicer. (a) Rialto Capital Advisors, LLC is hereby appointed as the initial Special Servicer to service each Specially Serviced Loan and related REO Property.

 

(b)          For so long as no Control Termination Event is continuing, the Directing Holder shall be entitled to terminate the rights and obligations (subject to Section 3.05, Section 3.12 and Section 6.03(a) of this Agreement) of the Special Servicer under this Agreement, with or without cause, and appoint a successor Special Servicer pursuant to Section 7.02 of this Agreement, upon ten (10) Business Days’ notice to the Special Servicer, the Master Servicer, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee; provided that, with respect to any Serviced Whole Loan, the Directing Holder’s right to terminate the rights and obligations of the Special Servicer under this Agreement with respect to such Serviced Whole Loan shall be subject to the limitations set forth in the related Intercreditor Agreement; provided, further, that with respect to any Servicing Shift Whole Loan, the limitations on termination without cause set forth in clause (b) shall not apply to the related Loan-Specific Directing Holder’s right to terminate the Special Servicer’s rights and obligations under this Agreement without cause with respect to such Servicing Shift Whole Loan pursuant to the terms of the related Intercreditor Agreement. The recommendation of replacement of the Special Servicer by the Operating Advisor and the approval of the Certificateholders of a Qualified Replacement Special Servicer shall not be construed to preclude the Directing Holder from appointing a replacement special servicer, provided that such replacement may not be the removed Special Servicer or its Affiliate.

 

(c)           During the continuance of a Control Termination Event, if the Operating Advisor determines that (i) the Special Servicer is not performing its duties as required hereunder or is otherwise not acting in accordance with the Servicing Standard, and (ii) the replacement of the Special Servicer would be in the best interest of the Certificateholders as a collective whole, then the Operating Advisor shall deliver to the Trustee and to the Certificate Administrator, with a copy to the Special Servicer, a written report setting forth the reasons supporting its recommendation (along with any information the Operating Advisor considered relevant to its recommendation) and recommending a replacement special servicer (which must be a Qualified Replacement Special Servicer); provided that in no event shall the information or any other content included in such written recommendation contravene any provision of this Agreement. In such event, the Certificate Administrator shall promptly post notice to each Certificateholder of such

 

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

 

(d)          If a Control Termination Event is continuing that relates to any Mortgage Loan, upon (a) the written direction of Holders of Principal Balance Certificates and the VRR Interest evidencing not less than 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Principal Balance Certificates and the VRR Interest pursuant to Section 4.08 of this Agreement) of the Principal Balance Certificates and the VRR Interest requesting a vote to replace the Special Servicer (other than with respect to any Servicing Shift Whole Loan) with a new special servicer designated in such written direction, (b) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses (including any legal fees and expenses and any Rating Agency fees and expenses) to be incurred by the Certificate Administrator in connection with administering such vote and (c) delivery by such Holders to the Certificate Administrator and the Trustee of a Rating Agency Confirmation from each Rating Agency and a comparable confirmation from each NRSRO that has been engaged to rate any securities backed, in whole or in part, by a Pari Passu Companion Loan with respect to the Certificates and, if such successor Special Servicer shall also specially service a Serviced Whole Loan, any related Serviced Companion Loan Securities, the Certificate Administrator shall promptly provide written notice to all Certificateholders of such

 

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request by posting such notice on the Certificate Administrator’s Website, and by mail (or through the DTC system, as applicable), and conduct the solicitation of votes of all Certificates in such regard. Subsequently, if a Control Termination Event is continuing, upon the written direction of (i) Holders of Principal Balance Certificates and the VRR Interest evidencing at least 66-2/3% of a Certificateholder Quorum or (ii) Holders of Principal Balance Certificates and the VRR Interest evidencing more than 50% of the aggregate Voting Rights of each Class of Non-Reduced Certificates on an aggregate basis, the Trustee shall (x) terminate all of the rights and obligations of the Special Servicer under this Agreement and appoint the successor Special Servicer (which must be a Qualified Replacement Special Servicer) designated by such Certificateholders (other than with respect to any Servicing Shift Whole Loan), provided that such termination is subject to the terminated Special Servicer’s rights to indemnification, payment of outstanding fees and other compensation, reimbursement of advances and other rights set forth in this Agreement which survive termination and (y) promptly notify such outgoing Special Servicer of the effective date of such termination; provided that if such written direction is not provided within 180 days of the notice from the Certificate Administrator of the request for a vote to terminate and replace the Special Servicer, then such written direction shall have no force and effect. The reasonable fees and out-of-pocket costs associated with administering such vote shall be an Additional Trust Fund Expense. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Certificate Owner may access notices on the Certificate Administrator’s Website and each Certificateholder and Certificate Owner may register to receive email notifications when such notices are posted on the Certificate Administrator’s Website; provided that the Certificate Administrator shall be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting such notices. Notwithstanding the foregoing, the Certificateholders’ direction to replace the Special Servicer shall not apply to any Serviced AB Whole Loan unless a related Control Appraisal Period is continuing with respect to such Serviced AB Whole Loan under the related Intercreditor Agreement. The related Serviced Subordinate Companion Loan Noteholder shall have the right, other than during the continuance of such related Control Appraisal Period to replace the Special Servicer solely with respect to such Serviced AB Whole Loan.

 

(e)           The Trustee shall, promptly after receiving any removal notice pursuant to Section 3.22(b) of this Agreement or direction to terminate pursuant to Section 3.22(c) or Section 3.22(d) of this Agreement, so notify the Certificate Administrator, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). The termination of the Special Servicer and appointment of a successor Special Servicer pursuant to this Section 3.22 shall not be effective until (i) the Trustee receives from each Rating Agency a Rating Agency Confirmation and, if such successor Special Servicer shall also specially service a Serviced Whole Loan, a Serviced Companion Loan Rating Agency Confirmation, (ii) the successor special servicer has assumed all of its responsibilities, duties and liabilities hereunder pursuant to a writing reasonably satisfactory to the Trustee, (iii) receipt by the Trustee of an Opinion of Counsel to the effect that (x) the designation of such replacement to serve as Special Servicer is in compliance with this Agreement, (y) such replacement will be bound by the terms of this Agreement and (z) this Agreement will be enforceable against such replacement in accordance with its terms, (iv) the replacement Special Servicer certifies that such replacement special servicer satisfies all related qualifications set forth in the Intercreditor Agreement relating to such Serviced Companion Loan and (v) receipt by the Certificate Administrator (with a

 

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confirmation of
such receipt delivered to the Trustee) of notice and information required to be delivered by the successor Special Servicer
under Section 10.03 of this Agreement. Any successor Special Servicer shall make the representations and
warranties provided for in Section 2.04(b) of this Agreement mutatis mutandis. Further, such
successor Special Servicer shall be a Person that (i) satisfies all of the eligibility requirements applicable to the
special servicer contained in this Agreement, (ii) is not the Operating Advisor or former operating advisor, the Asset
Representations Reviewer or former asset representations reviewer, or an affiliate of any of the foregoing, (iii) is not
obligated or allowed to pay the Operating Advisor any fees or otherwise compensate the Operating Advisor (x) in respect
of its obligations under this Agreement or (y) for the appointment of the successor Special Servicer or the
recommendation by the Operating Advisor for the replacement Special Servicer to become the Special Servicer, (iv) is not
entitled to receive any compensation from the Operating Advisor other than compensation that is not material and is unrelated
to the Operating Advisor’s recommendation that such party be appointed as the replacement special servicer,
(v) is not entitled to receive any fee from the Operating Advisor for its appointment as successor Special Servicer, in
each case, unless expressly approved by 100% of the Certificateholders, (vi) (A) has been appointed as a special
servicer on a transaction-level basis on the closing date of a commercial mortgage-backed securities transaction and, as of
the date of such determination, is the special servicer of such securitization, with respect to which Moody’s rated
one or more classes of certificates and one or more classes of such certificates are still outstanding and rated by
Moody’s, and (B) is not a special servicer that has been cited by Moody’s as having servicing concerns as the
sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch
status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the
applicable servicer prior to the time of determination, (vii) currently has a special servicer rating of at least
“CSS3” from Fitch, and (viii) is not a special servicer that has been cited by KBRA as
having servicing concerns as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or
placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a
transaction serviced by the applicable servicer prior to the time of determination. In addition, any replacement Special
Servicer that will service any Serviced Whole Loan shall meet any requirements specified in the related Intercreditor
Agreement or, if applicable, the related Other Pooling and Servicing Agreement.

 

The existing Special Servicer shall be deemed to have been removed simultaneously with such designated Person’s becoming the Special Servicer hereunder; provided that the Special Servicer removed pursuant to this Section shall be entitled to receive, and shall have received, all amounts accrued or owing to it under this Agreement on or prior to the effective date of such resignation and it shall continue to be entitled to any rights that accrued prior to the date of such resignation (including the right to receive all fees, expenses and other amounts accrued or owing to it under this Agreement, plus the right to receive any Workout Fee specified in Section 3.12(c) of this Agreement if the Special Servicer is terminated and any indemnification rights that the Special Servicer is entitled to pursuant to Section 6.03(a) of this Agreement) notwithstanding any such removal. Such removed Special Servicer shall cooperate with the Trustee and the replacement Special Servicer in effecting the termination of the resigning Special Servicer’s responsibilities and rights hereunder, including without limitation the transfer within two Business Days to the successor Special Servicer for administration by it of all cash amounts that are thereafter received with respect to the Mortgage Loans and, if applicable, Whole Loans.

 

 

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(f)           The appointment of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective obligations to make Advances as set forth herein; provided that none of the Trustee, the Master Servicer or the previous special servicer shall be liable for any actions or any inaction of such successor Special Servicer. Any termination fee payable to the terminated Special Servicer (and it is acknowledged that there is no such fee payable in the event of a termination for breach of this Agreement) shall be paid by the Certificateholders or the Directing Holder, as applicable, so terminating the Special Servicer and shall not in any event be an expense of the Trust Fund or any Serviced Companion Loan Noteholder (unless such Serviced Companion Loan Noteholder is the Directing Holder).

 

(g)         If a replacement special servicer is appointed with respect to a Serviced Whole Loan or any related Serviced REO Property in accordance with this Section 3.22 such that there are multiple parties acting as Special Servicer hereunder, then, unless the context clearly requires otherwise: (i) when used in the context of imposing duties and obligations on the Special Servicer hereunder or the performance of such duties and obligations, the term “Special Servicer” shall mean the applicable Serviced Whole Loan Special Servicer, insofar as such duties and obligations relate to the subject Serviced Whole Loan or any related Serviced REO Property, and shall mean the General Special Servicer (as defined below in clause (h)), in all other cases (provided that in Section 3.14 and Article VII of this Agreement, the term “Special Servicer” shall mean each of the Serviced Whole Loan Special Servicers and the General Special Servicer); (ii) when used in the context of identifying the recipient of any information, funds, documents, instruments and/or other items, the term “Special Servicer” shall mean the applicable Serviced Whole Loan Special Servicer, insofar as such information, funds, documents, instruments and/or other items relate to the subject Serviced Whole Loan or any related Serviced REO Property, and shall mean the General Special Servicer, in all other cases; (iii) when used in the context of granting the Special Servicer the right to purchase Defaulted Loans pursuant to Section 3.16 of this Agreement, the term “Special Servicer” shall mean the General Special Servicer only; (iv) when used in the context of granting the Special Servicer the right to purchase all of the Mortgage Loans and all other property held by the Trust Fund pursuant to Section 9.01 of this Agreement, the term “Special Servicer” shall mean the General Special Servicer only; (v) when used in the context of the Special Servicer being replaced pursuant to this Section 3.22 by the applicable Directing Holder, the term “Special Servicer” shall mean the General Special Servicer or the Serviced Whole Loan Special Servicer, if applicable; (vi) when used in the context of granting the Special Servicer any protections, limitations on liability, immunities and/or indemnities hereunder, the term “Special Servicer” shall mean each of the Serviced Whole Loan Special Servicers and the General Special Servicer; and (vii) when used in the context of requiring indemnification from, imposing liability on, or exercising any remedies against, the Special Servicer for any breach of a representation, warranty or covenant hereunder or for any negligence, bad faith or willful misconduct in the performance of duties and obligations hereunder or any negligent disregard of such duties and obligations or otherwise holding the Special Servicer responsible for any of the foregoing, the term “Special Servicer” shall mean the applicable Serviced Whole Loan Special Servicer or the General Special Servicer, as applicable.

 

(h)          References in this Section 3.22 to “General Special Servicer” mean the Person performing the duties and obligations of special servicer with respect to the Mortgage Pool (exclusive of any Whole Loan or related REO Property as to which a different Serviced Whole Loan Special Servicer has been appointed with respect thereto).

 

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(i)           No penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section 3.22. All costs and expenses of any such termination made without cause shall be paid by the Controlling Class Certificateholders.

 

(j)           Notwithstanding anything to the contrary contained in this Section 3.22, with respect to any Excluded Special Servicer Loan, if any, the Special Servicer shall resign with respect to such Excluded Special Servicer Loan.

 

In the event the Special Servicer is required to resign as Special Servicer with respect to any Excluded Special Servicer Loan because it obtains knowledge that it is a Borrower Party other than during the continuance of a Consultation Termination Event, then (i) if the Excluded Special Servicer Loan is not also an Excluded Loan applicable to the Directing Holder, the Trust Directing Holder shall be entitled to appoint (and replace with or without cause) the Excluded Special Servicer, as successor to the resigning Special Servicer, in accordance with this Agreement for the Excluded Special Servicer Loan, (ii) if the Excluded Special Servicer Loan is also an Excluded Loan applicable to the Directing Holder, the largest Controlling Class Certificateholder (by Certificate Balance) that is not an Excluded Controlling Class Holder shall be entitled to appoint (and replace with or without cause) the Excluded Special Servicer for the Excluded Special Servicer Loan, and (iii) if there is no Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, the resigning Special Servicer shall use reasonable efforts to appoint the Excluded Special Servicer for the Excluded Special Servicer Loan.

 

In the event the Special Servicer is required to resign as Special Servicer with respect to any Excluded Special Servicer Loan because it obtains knowledge that it is a Borrower Party and either (i) a Consultation Termination Event is continuing or (ii) there is no Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, then the resigning Special Servicer shall use reasonable efforts to appoint the Excluded Special Servicer for the Excluded Special Servicer Loan. The Special Servicer shall not have any liability with respect to the actions or inactions of the applicable Excluded Special Servicer or with respect to the identity of the applicable Excluded Special Servicer.

 

If at any time the Special Servicer that had acted as the Special Servicer for an Excluded Special Servicer Loan prior to it becoming an Excluded Special Servicer Loan is no longer a Borrower Party (including, without limitation, as a result of the related Mortgaged Property becoming REO Property) with respect to an Excluded Special Servicer Loan, (1) the related Excluded Special Servicer shall resign, (2) the related Mortgage Loan shall no longer be an Excluded Special Servicer Loan, (3) such Special Servicer shall become the Special Servicer again for such related Mortgage Loan and (4) such original Special Servicer shall be entitled to all special servicing compensation with respect to such Mortgage Loan earned during such time on and after such Mortgage Loan is no longer an Excluded Special Servicer Loan.

 

The Excluded Special Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Loan and will be entitled to all special servicing compensation with respect to such Excluded Special Servicer Loan earned during such time as the related Mortgage Loan is an Excluded Special Servicer Loan (provided that the Special Servicer shall remain entitled to all other special servicing compensation with respect all Mortgage Loans and Serviced Whole Loans that are not Excluded Special Servicer Loans during such time).

 

 

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If a Servicing Officer or Special Servicing Officer, as applicable, of the Master Servicer, a related Excluded Special Servicer, or the Special Servicer, as applicable, has actual knowledge that a Mortgage Loan is no longer an Excluded Loan, an Excluded Controlling Class Loan or an Excluded Special Servicer Loan, as applicable, the Master Servicer, the related Excluded Special Servicer or Special Servicer, as applicable, shall provide prompt written notice thereof to each of the other parties to this Agreement.

 

(k)          No removal or replacement of the Special Servicer as contemplated by this Agreement shall become effective until (i) a successor Special Servicer shall have assumed the resigning or terminated Special Servicer’s responsibilities, duties, liabilities and obligations hereunder, (ii) the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 10.09, (iii) any other information required under Section 10.03 or Section 10.09 has been delivered to any applicable Other Depositor with respect to any related Companion Loan, and (iv) as to any resignation, removal, succession, merger or consolidation of the Special Servicer that would constitute a Reportable Event, upon at least 4 Business Days prior notice of the anticipated effective date of such event, the Certificate Administrator and the Depositor shall cooperate in a timely manner with the Special Servicer or any other Person pursuing such resignation, removal, succession, merger or consolidation, as applicable, in connection with the Depositor’s or the Certificate Administrator’s obligation to file any related required Form 8-K relating to this Trust on the anticipated effective date of such event.

 

Section 3.23 Transfer of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report. (a) Upon the occurrence of any event specified in the definition of Specially Serviced Loan with respect to any Serviced Mortgage Loan and any related Serviced Companion Loan of which the Master Servicer may have notice, the Master Servicer shall promptly give notice thereof to the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the related Mortgage Loan Seller, if no Consultation Termination Event is continuing, the Directing Holder and, if applicable, the related Serviced Companion Loan Noteholders and shall use efforts in accordance with the Servicing Standard to provide the Special Servicer with the Servicing File and all other information, documents (but excluding the original documents constituting the Mortgage File) and records (including records stored electronically) relating to such Mortgage Loan or Serviced Whole Loan, as applicable, and reasonably requested by the Special Servicer to enable it to assume its duties hereunder with respect thereto without acting through a sub-servicer. The Master Servicer shall use efforts in accordance with the Servicing Standard to comply with the preceding sentence within five Business Days of the date it has notice of the occurrence of any event specified in the definition of Specially Serviced Loan and in any event shall continue to act as Master Servicer and administrator of such Mortgage Loan or Serviced Whole Loan, until the Special Servicer has commenced the servicing of such Mortgage Loan or Serviced Whole Loan, which shall occur upon the receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence. With respect to each Mortgage Loan or Serviced Whole Loan that becomes a Specially Serviced Loan, the Master Servicer shall instruct the related Borrower to continue to remit all payments in respect of such Mortgage Loan or Serviced Whole Loan to the Master Servicer. The Master Servicer shall forward any notices it would otherwise send to the Borrower of a Specially Serviced Loan to the Special Servicer, who shall send such notice to the related Borrower.

 

 

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Upon determining that a Specially Serviced Loan has become a Corrected Mortgage Loan, the Special Servicer shall immediately give notice thereof to the Master Servicer, and upon giving such notice, such Mortgage Loan or Serviced Whole Loan shall cease to be a Specially Serviced Loan in accordance with the first proviso of the definition of Specially Serviced Loan, the Special Servicer’s obligation to service such Mortgage Loan or Serviced Whole Loan shall terminate and the obligations of the Master Servicer to service and administer such Mortgage Loan or Serviced Whole Loan as a Mortgage Loan or Serviced Whole Loan that is a Performing Loan shall resume.

 

(b)          In servicing any Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included within the definition of “Mortgage File” for inclusion in the related Mortgage File (to the extent such documents are in the possession of the Special Servicer) and copies of any additional related Mortgage Loan information, including correspondence with the related Borrower, and the Special Servicer shall promptly provide copies of all of the foregoing to the Master Servicer as well as copies of any analysis or internal review prepared by or for the benefit of the Special Servicer.

 

(c)           Not later than two Business Days preceding each date on which the Master Servicer is required to furnish a report under Section 3.13(a) of this Agreement to the Certificate Administrator, the Special Servicer shall deliver to the Certificate Administrator, with a copy to the Trustee, the Operating Advisor and the Master Servicer, a written statement describing, on a loan by loan basis, (i) the amount of all payments received on each Specially Serviced Loan, including Principal Prepayments, on each Specially Serviced Loan, the amount of Net Insurance Proceeds and Net Liquidation Proceeds received with respect to each Specially Serviced Loan, and with respect to REO Properties, the amount of net income or net loss, as determined from management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt of any rental income that does not constitute Rents from Real Property with respect to the Serviced REO Property relating to each applicable Specially Serviced Loan, in each case in accordance with Section 3.15 of this Agreement (it being understood and agreed that to the extent this information is provided in accordance with Section 3.13(g) of this Agreement, this Section 3.23(c) shall be deemed to be satisfied) and (ii) such additional information relating to the Specially Serviced Loans as the Master Servicer, the Certificate Administrator or the Trustee reasonably request, to enable it to perform its duties under this Agreement. Such statement and information shall be furnished to the Master Servicer in writing and/or in such electronic media as is acceptable to the Master Servicer.

 

(d)          Notwithstanding the provisions of the preceding Section 3.23(c), the Master Servicer shall maintain ongoing payment records with respect to each of the Specially Serviced Loans relating to a Mortgage Loan that it is servicing and shall provide the Special Servicer and the Operating Advisor with any information reasonably required by the Special Servicer or the Operating Advisor to perform its duties under this Agreement. The Special Servicer shall provide the Master Servicer with any information reasonably required by the Master Servicer to perform its duties under this Agreement.

 

(e)           No later than 45 days after a Serviced Mortgage Loan and, if applicable, any related Serviced Companion Loan becomes a Specially Serviced Loan (the “Initial Delivery Date”), the Special Servicer shall deliver a report (the “Asset Status Report”) with respect to such Mortgage Loan or Serviced Whole Loan and the related Mortgaged Property. Subsequent to the

 

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issuance of a Final Asset Status Report, the Special Servicer shall prepare one or more additional Asset Status Reports with respect to such Specially Serviced Loan (each such report a “Subsequent Asset Status Report”) to the extent that during the course of the resolution of such Specially Serviced Loan material changes in the strategy reflected in the initial Final Asset Status Report (or subsequent Final Asset Status Reports) are necessary to reflect the then current circumstances and recommendation as to how the Specially Serviced Loan might be returned to performing status or otherwise liquidated in accordance with the Servicing Standard. The Special Servicer shall deliver each Asset Status Report to the Master Servicer, the Directing Holder (but (i) only if no Consultation Termination Event is continuing and (ii) not with respect to any applicable Excluded Loan), the Risk Retention Consultation Party (but not with respect to any applicable Excluded Loan), with respect to any related Serviced Companion Loan, to the extent the related Serviced Companion Loan has been included in a securitization transaction, to the master servicer of such securitization into which the related Serviced Companion Loan has been sold or to the holder of the related Serviced Companion Loan, the Operating Advisor (but, other than with respect to an Excluded Loan applicable to the Directing Holder, only if a Control Termination Event is continuing), the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), each related Serviced Companion Loan Noteholder, and upon request, the Underwriters and the Initial Purchasers; provided that the Special Servicer shall not be required to deliver an Asset Status Report to the Directing Holder if the Special Servicer and the Directing Holder are the same entity. A summary of each Final Asset Status Report shall be provided to the Certificate Administrator and the Trustee. Such Asset Status Report shall set forth the following information to the extent reasonably determinable:

 

(i)      summary of the status of such Specially Serviced Loan and any negotiations with the related Borrower;

 

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

 

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

 

(iv)   (A) the Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing status (including the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for regular servicing or foreclosed or otherwise realized upon (including any proposed sale of a Defaulted Loan or Serviced REO Property), (B) a description of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered by the Special Servicer in connection with the proposed or taken actions;

 

(v)     the status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Loan, any proposed workouts and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under the related Mortgage Loan or Serviced Whole Loan;

 

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(vi)    a description of any amendment, modification or waiver of a material term of any ground lease (or, with respect to a leasehold interest that is a space lease or an air rights lease, any such space lease or air rights lease) or franchise agreement;

 

(vii)   the decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

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

 

(ix)    the appraised value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property) together with a description of any adjustments to the valuation of such Mortgaged Property made by the Special Servicer together with an explanation of those adjustments; and

 

(x)     such other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

As provided in Section 3.12(d), if any Servicing Shift Whole Loan becomes a Specially Serviced Loan prior to the related Servicing Shift Securitization Date, the Special Servicer shall service and administer such Servicing Shift Whole Loan and related REO Property in the same manner as any other Specially Serviced Loan or Serviced REO Property, shall be entitled to all Special Servicing Compensation earned with respect to such Serviced Whole Loan and shall have all the rights and obligations with respect to such Serviced Whole Loan as Special Servicer of such Serviced Whole Loan.

 

With respect to any Mortgage Loan other than an applicable Excluded Loan, if no Control Termination Event is continuing, if within 10 Business Days of receiving an Asset Status Report, the Directing Holder does not disapprove such Asset Status Report in writing, 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 such 10-Business Day period) is not in the best interest of all the Certificateholders (taken as a collective whole) (or, with respect to any Serviced Whole Loan, the best interests of the Certificateholders and the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)), then the Special Servicer shall implement the recommended action as outlined in such Asset Status Report; provided that such Special Servicer may not take any action that is contrary to applicable law, this Agreement, the Servicing Standard (taking into consideration the best interests of all the Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of

 

 

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such Subordinate Companion Loan)), the terms of the applicable Loan Documents or any related Intercreditor Agreement. For so long as no Control Termination Event is continuing, if the Directing Holder disapproves such Asset Status Report within such 10 Business Day period and the Special Servicer has not made the affirmative determination described above, the Special Servicer will revise such Asset Status Report and deliver to the Directing Holder, the Master Servicer, the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and each related Serviced Companion Loan Noteholder, a new Asset Status Report as soon as practicable, but in no event later than 30 days after such disapproval. The Special Servicer shall revise such Asset Status Report as described above in this Section 3.23(e) until the Directing Holder fails to disapprove such revised Asset Status Report in writing within 10 Business Days of receiving such revised Asset Status Report or until the Special Servicer makes a determination, in accordance with the Servicing Standard, that the disapproval by the Directing Holder (communicated to the Special Servicer within such 10-Business Day period) is not in the best interests of all the Certificateholders (taken as a collective whole) (or, with respect to any Serviced Whole Loan, the best interests of the Certificateholders and the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). In any event, for so long as no Control Termination Event is continuing, if the Directing Holder does not approve an Asset Status Report within 60 Business Days from the first submission of an Asset Status Report, the Special Servicer may act upon the most recently submitted form of Asset Status Report if consistent with the Servicing Standard. The procedures described in this paragraph are collectively referred to as the “Directing Holder Asset Status Report Review Process”. Prior to a Control Termination Event, the Special Servicer shall promptly deliver each Final Asset Status Report to the Operating Advisor following the completion of the Directing Holder Asset Status Report Review Process.

 

The Special Servicer shall notify the Operating Advisor as to 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 Special Servicer and the Operating Advisor.

 

The Special Servicer may, from time to time, modify any Asset Status Report it has previously delivered and implement such report, provided such report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section, and in particular, shall modify and resubmit such Asset Status Report to the Directing Holder (with a copy to the Trustee and the Certificate Administrator) if (i) the estimated sales proceeds, foreclosure proceeds, workout or restructure terms or anticipated debt forgiveness varies materially from the amount on which the original report was based or (ii) the related Borrower becomes the subject of bankruptcy proceedings. Notwithstanding the foregoing, the Special Servicer (i) may, following the occurrence of an extraordinary event with respect to the related Mortgaged Property, take any action set forth in such Asset Status Report before the expiration of a 10 Business Day period if the Special Servicer has reasonably determined that failure to take such action would materially and adversely affect the interests of the Certificateholders and, with respect to any Serviced Whole

 

 

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Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)), and it has made a reasonable effort to contact the Directing Holder and, if any Serviced Whole Loan is involved, the related Serviced Companion Loan Noteholders and (ii) in any case, shall determine whether such affirmative disapproval is not in the best interests of all the Certificateholders (taken as a collective whole) (or, with respect to a Serviced Whole Loan, the best interest of the Certificateholders and the holders of the related Companion Loan, as a collective whole (taking into account the pari passu or subordinate nature of such Companion Loan)) and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)) pursuant to the Servicing Standard, and, upon making such determination, shall implement the recommended action outlined in the Asset Status Report. The Asset Status Report is not intended to replace or satisfy any specific consent or approval right which the Directing Holder may have. Any Asset Status Report delivered with respect to an Excluded Controlling Class Loan shall be sent via email (or such other electronic means mutually acceptable to the parties) in one or more separate files labeled by the Special Servicer “Excluded Information” followed by the applicable loan number and loan name to cmbsexcludedinformation@wellsfargo.com.

 

The Special Servicer shall have the authority to meet with the Borrower for any Specially Serviced Loan and take such actions consistent with the Servicing Standard and the related Asset Status Report. The Special Servicer shall not take any action inconsistent with the related Asset Status Report, unless such action would be required in order to act in accordance with the Servicing Standard, this Agreement, applicable law or the related Loan Documents.

 

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

 

 

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

 

During the continuance of a Control Termination Event (and at any time with respect to any applicable Excluded Loan applicable to the Directing Holder), the Directing Holder shall have no right to consent to any Asset Status Report under this Section 3.23. During the continuance of a Control Termination Event but only for so long as no Consultation Termination Event is continuing, the Directing Holder (except with respect to any applicable Excluded Loan) and the Operating Advisor shall be entitled to consult with the Special Servicer (on a non-binding basis) (in person or remotely via electronic, telephonic or other mutually agreeable communication) and may propose alternative courses of action and provide such other feedback as the Operating Advisor determines in respect of any Asset Status Report. During the continuance of a Consultation Termination Event (and at any time with respect to any applicable Excluded Loan), the Directing Holder (other than in its capacity as a Certificateholder) shall have no right to receive any Asset Status Report or otherwise consult with the Special Servicer with respect to Asset Status Reports and the Special Servicer shall only be obligated to consult with the Operating Advisor with respect to any Asset Status Report as described above. The Special Servicer may choose to revise the Asset Status Report as it deems reasonably necessary in accordance with the Servicing Standard to take into account any input and/or recommendations of the Operating Advisor or the Directing Holder during the applicable periods described above, but is under no obligation to follow any particular recommendation of the Operating Advisor or the Directing Holder. The Special Servicer shall implement the Final Asset Status Report. 

 

Notwithstanding the foregoing, with respect to each Serviced AB Whole Loan, other than during the continuance of a related Control Appraisal Period, the related Loan-Specific Directing Holder, rather than the Trust Directing Holder, will have certain approval rights over any related Asset Status Report.

 

In addition, with respect to a Serviced Whole Loan, such Asset Status Reports are subject to any non-binding consultation rights, if any, that the holders of the related Pari Passu Companion Loans have pursuant to the related Intercreditor Agreement.

 

If neither the Operating Advisor nor the Directing Holder proposes alternative courses of action within ten (10) Business Days after receipt of such Asset Status Report, the Special Servicer shall implement the Asset Status Report as proposed by the Special Servicer.

 

 

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No direction, advice, consent, approval or disapproval of the Directing Holder, the Operating Advisor or the Risk Retention Consultation Party shall (a) require, permit or cause the Special Servicer to violate the terms of a Specially Serviced Loan, any related Intercreditor Agreement, applicable law or any provision of this Agreement, including, but not limited to, Section 3.09, Section 3.16, Section 3.18 and Section 3.25 and the Special Servicer’s obligation to act in accordance with the Servicing Standard and to maintain the REMIC status of the Lower-Tier REMIC and the Upper-Tier REMIC and the grantor trust status of the Grantor Trust, or (b) result in the imposition of a “prohibited transaction” or “contribution” tax under the REMIC Provisions, or (c) expose the Master Servicer, the Special Servicer, the Depositor, the Trust Fund, the Certificate Administrator, the Paying Agent, the Operating Advisor, the Trustee or their respective officers, directors, employees or agents to any claim, suit or liability or (d) materially expand the scope of the Special Servicer’s, Certificate Administrator’s, Trustee’s or the Master Servicer’s responsibilities under this Agreement. The Special Servicer shall not be required to follow any direction of the Directing Holder described in this paragraph.

 

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

 

Section 3.24 Special Instructions for the Master Servicer and/or Special Servicer. (a) Prior to taking any action with respect to a Mortgage Loan or a Serviced Whole Loan secured by Mortgaged Properties located in a “one-action” state, the Master Servicer or Special Servicer, as applicable, shall consult with legal counsel, the fees and expenses of which shall be an expense of the Trust Fund (and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement).

 

(b)          The Master Servicer shall send written notice to each Borrower (other than with respect to a Non-Serviced Mortgage Loan) and the related Manager and clearing bank relating to a Serviced Mortgage Loan that it is servicing that, if applicable, it and/or the Trustee has been appointed as the “Designee” of the “Lender” under any related Lock-Box Agreement.

 

(c)           Without limiting the obligations of the Master Servicer hereunder with respect to the enforcement of a Borrower’s obligations under the related Loan Documents, the Master Servicer agrees that it shall, in accordance with the Servicing Standard, enforce the provisions of the Loan Documents relating to the Serviced Mortgage Loan that it is servicing with respect to the collection of Prepayment Premiums and Yield Maintenance Charges.

 

(d)          If a Rating Agency shall charge a fee in connection with providing a Rating Agency Confirmation, the Master Servicer shall require the related Borrower (other than with respect to a Non-Serviced Mortgage Loan) to pay such fee to the extent not inconsistent with the applicable Loan Documents. If such fee remains unpaid, such fee shall be an expense of the Trust Fund (allocated as an Additional Trust Fund Expense in the same manner as Realized Losses as set forth in Section 4.01(f) of this Agreement) and, (1) in the case of a Serviced Pari Passu Whole Loan with a Serviced Pari Passu Companion Loan (but not a Subordinate Companion Loan), allocated in accordance with the allocation provisions of the related Intercreditor Agreement, the costs of which may be advanced as a Servicing Advance.

 

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(e)         The Master Servicer shall, in accordance with the Servicing Standard, use commercially reasonable efforts to exercise on behalf of the Trust any right of the Trust to recover any amounts owed by the Serviced Companion Loan Noteholders to the Trust Fund pursuant to the related Intercreditor Agreement (but in the case of any Serviced Subordinate Companion Loan, subject to Section 1.02). The cost of such enforcement on behalf of the Trust shall be paid and reimbursable as a Servicing Advance.

 

(f)           With respect to a Serviced Mortgage Loan and any related Serviced Companion Loan with a Stated Principal Balance equal to or greater than the lesser of 5% of the Stated Principal Balance of all Mortgage Loans held by the Trust Fund and $35,000,000, or with respect to any Mortgage Loan that is one of the ten largest Mortgage Loans based on Stated Principal Balance, to the extent not inconsistent with the related Mortgage Loan or Serviced Whole Loan, the Master Servicer shall not consent to a change of franchise affiliation with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced Mortgage Loan) serviced hereunder or the property manager with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced Mortgage Loan) serviced hereunder unless the Master Servicer obtains a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any.

 

Section 3.25 Certain Rights and Obligations of the Master Servicer and/or the Special Servicer. (a) In addition to its rights and obligations with respect to Specially Serviced Loans, the Special Servicer has the right, whether or not the applicable Serviced Mortgage Loan is a Specially Serviced Loan, to process or approve (i) certain modifications to the extent described under Section 3.26 of this Agreement and (ii) certain waivers of due-on-sale or due-on-encumbrance clauses as described above under Section 3.09 of this Agreement. With respect to Performing Loans (other than Non-Serviced Mortgage Loans), the Master Servicer shall notify the Special Servicer of any request for approval if it recommends approval of such request for approval (a “Request for Approval”) received relating to the Special Servicer’s above-referenced processing or approval rights and, unless the Special Servicer and the Master Servicer mutually agree that the Master Servicer shall process such request, the Master Servicer shall take no further action, and shall have no obligation to take any further action other than to cooperate with the Special Servicer to the extent required pursuant to the terms of this Agreement, with respect to such borrower request. If the Special Servicer and the Master Servicer mutually agree that the Master Servicer shall process such borrower request, the Master Servicer shall prepare and forward to the Special Servicer its written recommendation and analysis and any other information or documents reasonably requested by the Special Servicer (to the extent such information or documents are in the Master Servicer’s possession). Subject to Section 3.09(h) of this Agreement, the Special Servicer shall have 15 Business Days (from the date that the Special Servicer receives the information it requested from the Master Servicer) to analyze and make a recommendation with respect to a Request for Approval with respect to a Performing Loan and, prior to the end of such 15 Business Day period, for so long as no Control Termination Event has occurred and is continuing, is required to notify the Directing Holder and each Serviced Companion Loan Noteholder of such Request for Approval relating to a Major Decision and its recommendation with respect thereto. Following such notice, the Directing Holder shall have 10 Business Days from the date it receives the Special Servicer recommendation and any other information it may reasonably request to approve any recommendation of the Special Servicer relating to any Request for Approval. In any event, if the Directing Holder does not respond to a Request for Approval

 

 

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by 5 p.m. on the 10th Business Day after such request, the Special Servicer or the Master Servicer, as applicable, may deem such Request for Approval or recommendation, as the case may be, approved by the Directing Holder and if the Special Servicer does not respond to a Request for Approval within the required 15 Business Days (or such longer period as provided under a related Intercreditor Agreement but not less than five (5) Business Days after the time period set forth therein for Directing Holder approval), the Master Servicer may deem its recommendation approved by the Special Servicer. With respect to a Specially Serviced Loan, the Special Servicer must notify the Directing Holder of any Request for Approval received relating to the Directing Holder’s above-referenced approval rights and its recommendation with respect thereto. The Directing Holder shall have 10 Business Days (after receipt of all information reasonably requested) to approve any recommendation of the Special Servicer relating to any such Request for Approval. In any event, if the Directing Holder does not respond to any such Request for Approval by 5 p.m. on the 10th Business Day after such request, the Special Servicer may deem its recommendation approved by the Directing Holder. Notwithstanding the foregoing, (i) with respect to any Whole Loan, the procedure and timing for approval by the Directing Holder (to the extent it is the related Companion Loan Noteholder) of the related Request for Approval shall be governed by the terms of the related Intercreditor Agreement and (ii) if the Special Servicer determines that immediate action is necessary to protect the interests of the Certificateholders and, with respect to any Serviced Whole Loan, the Certificateholders and the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan) and the Special Servicer has made a reasonable effort to contact the Directing Holder, it need not wait for a response from the Directing Holder.

 

(b)          Notwithstanding any other provision of this Agreement, neither the Master Servicer nor the Special Servicer shall be required to take or refrain from taking any action pursuant to instructions from the Directing Holder or a Non-Controlling Note Holder, or due to any failure to approve an action by the Directing Holder, or due to any objection by the Directing Holder or a Non-Controlling Note Holder that would (i) cause any one of them to violate applicable law, the terms of any Loan Documents, any Intercreditor Agreement, this Agreement, including the Servicing Standard, or the REMIC Provisions of the Code, (ii) expose the Master Servicer, the Special Servicer, the Depositor, the Paying Agent, a Mortgage Loan Seller, the Trust Fund, the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator (in any of its capacities), or the Custodian or their respective Affiliates, officers, directors, employees or agents to any claim, suit or liability, (iii) materially expand the scope of the Master Servicer’s or the Special Servicer’s responsibilities, or (iv) cause the Master Servicer or the Special Servicer to act, or fail to act, in a manner that is not in the best interests of the Certificateholders.

 

(c)           Upon request, the Master Servicer and the Special Servicer, as applicable, shall discuss with the Directing Holder (for so long as no Consultation Termination Event is continuing and other than with respect to any applicable Excluded Loan) and the Operating Advisor, on a monthly basis, the performance of any Mortgage Loan or Serviced Whole Loan that is a Specially Serviced Loan, which is delinquent, has been placed on a “Watch List” or has been identified by the Master Servicer or the Special Servicer as exhibiting deteriorating performance.

 

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Section 3.26  Modification, Waiver, Amendment and Consents. (a) Subject to Section 3.25, Section 3.26(f) and Section 3.27, and, if applicable, each Intercreditor Agreement, (i) with respect to any Performing Loan and actions that do not involve Special Servicer Major Decisions or Special Servicer Non-Major Decisions (other than items listed in clauses (c)(i) and (c)(ii) of Special Servicer Non-Major Decisions, which the Master Servicer shall process, subject to the Special Servicer’s consent or deemed consent as set forth in Section 3.09 and Section 3.26(m)), the Master Servicer, or (ii) (A) with respect to any Specially Serviced Loan or (B) as to Special Servicer Major Decisions or Special Servicer Non-Major Decisions (other than items listed in clauses (c)(i) and (c)(ii) of Special Servicer Non-Major Decisions, which Master Servicer shall process, subject to the Special Servicer’s consent or deemed consent as set forth in Section 3.09 and Section 3.26(m)) irrespective of whether the related Mortgage Loan is a Performing Loan, the Special Servicer, in each case subject to (x) the rights of the Directing Holder and (y) with respect to a Serviced Whole Loan with a Subordinate Companion Loan, the rights of the holder of the related Subordinate Companion Loans, and, after consultation with the Operating Advisor (if a Control Termination Event is continuing and to the extent the Operating Advisor has consultation rights pursuant to Section 3.23(e), Section 3.31 and Section 6.07 of this Agreement) and the Risk Retention Consultation Party (to the extent the Risk Retention Consultation Party has consultation rights pursuant to Section 6.07 of this Agreement), may modify, waive, amend, consent or take such other action with respect to any term of any Serviced Mortgage Loan and any related Serviced Companion Loan if such modification, waiver, amendment, consent or other action (A) is consistent with the Servicing Standard and (B) would not constitute a “significant modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise cause an Adverse REMIC Event; provided, however, that notwithstanding the foregoing, the Master Servicer and Special Servicer may mutually agree as set forth in Section 3.25 that the Master Servicer will process any of the foregoing matters that are Special Servicer Major Decisions (other than a COVID Modification) or Special Servicer Non-Major Decisions with respect to any Mortgage Loan that is not a Specially Serviced Loan. Each of the Master Servicer and the Special Servicer may conclusively rely on an Opinion of Counsel in meeting this requirement. In order to meet the foregoing requirements, in the case of a release of real property collateral securing a Mortgage Loan, the Master Servicer or Special Servicer, as applicable, shall observe the REMIC requirements of the Code with respect to a required payment of principal if the loan-to-value ratio immediately after the release exceeds 125% with respect to the related real property collateral. In connection with (i) the release of a Mortgaged Property or any portion of a Mortgaged Property from the lien of the related Mortgage or (ii) the taking of a Mortgaged Property or any portion of a Mortgaged Property by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Master Servicer or the Special Servicer, as applicable, to calculate (or to approve the calculation of the related Borrower of) the loan-to-value ratio of the remaining Mortgaged Property or Mortgaged Properties or the fair market value of the real property constituting the remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC qualification of the related Mortgage Loan or Serviced Whole Loan, then such calculation shall exclude the value of any personal property and going concern value, if any. If, following any such release or taking, the loan-to-value ratio as so calculated is greater than 125%, the Master Servicer or Special Servicer, as applicable, shall require payment of principal by a “qualified amount” as determined under Revenue Procedure 2010-30 or successor provisions, unless the related Borrower provides an Opinion of Counsel that if such amount is not paid the related Mortgage Loan will not fail to be a Qualified Mortgage.

 

 

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Subject to Section 6.07, if a Borrower satisfies the requirements set forth in the definition of “COVID Modification”, the Special Servicer may enter into a COVID Modification with the related Borrower. In exchange for a fee as described below, the Special Servicer shall be responsible for processing any COVID Modification and any related COVID Modification Agreement for any COVID Modified Loan.

 

The Borrowers may request payment forbearance because of COVID-19 related financial hardship. The Special Servicer shall be allowed to grant a forbearance on a Mortgage Loan related to the global COVID-19 Emergency only if (i) prior to the 2021 calendar year, the period of forbearance granted, when added to any prior periods of forbearance granted before or after the Trust acquired such Mortgage Loan (whether or not such prior grants of forbearance were specifically covered by Revenue Procedure 2020-26), does not exceed six months (or such longer period of time as may be allowed by future guidance that is binding on federal income tax authorities) and such forbearance is specifically covered by Revenue Procedure 2020-26, (ii) such forbearance is permitted under another provision of this Agreement (including forbearances due to default or reasonably foreseeable default) and the requirements under such provision are satisfied, or (iii) an Opinion of Counsel is delivered to the effect that such forbearance will not result in an Adverse REMIC Event.

 

Any fees or other charges charged by the Special Servicer in connection with processing any COVID Modification or related COVID Modification Agreement with respect to any COVID Modified Loan (in the aggregate with any other COVID Modification or COVID Modification Agreement with respect to such COVID Modified Loan) shall not exceed an amount equal to $45,000 (plus reasonable and customary attorney’s fees and expenses, out of pocket third party fees and expenses and filing fees) and shall only be borne by the related Borrower, not the Trust. For the avoidance of doubt, in the event of a Borrower default under a COVID Modification Agreement, the fee cap shall only apply to the initial processing of such COVID Modification Agreement, and, in such event, the Special Servicer shall be entitled to all fees that would be payable to it pursuant to the terms of this Agreement with respect to further servicing actions with respect to the related Mortgage Loan or Whole Loan, as applicable.

 

(b)          Neither the Master Servicer nor the Special Servicer may extend the Maturity Date of any Mortgage Loan, Serviced Whole Loan or Specially Serviced Loan beyond the date that is the date occurring later than the earlier of (1) five years prior to the Rated Final Distribution Date, and (2) in the case of a Mortgage Loan, Serviced Whole Loan or Specially Serviced Loan secured solely or primarily by the related Borrower’s interest in a ground lease (or, with respect to a leasehold interest where the related Borrower is the lessee and that is a space lease or an air rights lease, such space lease or air rights lease), the date that is 20 years prior to the expiration date of such ground lease (or, with respect to a leasehold interest where the related Borrower is the lessee and that is a space lease or an air rights lease, such space lease or air rights lease) (or 10 years prior to the expiration date of such lease if the Master Servicer or the Special Servicer, as applicable gives due consideration to the remaining term of such ground lease (or, with respect to a leasehold interest where the Borrower is the lessee and that is a space lease or an air rights lease, such space lease or air rights lease) and such extension is in the best interest of the Certificateholders and, with respect to a Serviced Whole Loan, the related Serviced Companion Loan Noteholder (as a collective whole as if such Certificateholders and (with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholder constituted a single lender (and with respect

 

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to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)) and, (A) if no Control Termination Event is continuing, with the consent of the Directing Holder and (B) to the extent such extension constitutes a Major Decision, after consultation with the Risk Retention Consultation Party pursuant to Section 6.07).

 

(c)           Neither the Master Servicer nor the Special Servicer shall permit any Borrower to add or substitute any collateral for an outstanding Serviced Mortgage Loan and any related Serviced Companion Loan, which collateral constitutes real property, unless the Master Servicer or the Special Servicer, as applicable, shall have obtained a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any.

 

(d)          Any payment of interest, which is deferred pursuant to any modification, waiver or amendment permitted hereunder, shall not, for purposes hereof, including, without limitation, calculating monthly distributions to Certificateholders or, if applicable, Serviced Companion Loan Noteholders, be added to the unpaid principal balance of the related Mortgage Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loan or such modification, waiver or amendment so permit.

 

(e)           Except for waivers of Penalty Charges and waivers of notice periods, all material modifications, waivers and amendments of the Serviced Mortgage Loans and any related Serviced Companion Loans in accordance with this Section 3.26 or Section 3.27 of this Agreement (with respect to Serviced Whole Loans) shall be in writing.

 

(f)         The Master Servicer or the Special Servicer, as applicable, shall notify the Trustee, the Certificate Administrator, the Risk Retention Consultation Party, the Directing Holder (other than if a Consultation Termination Event is continuing), the Operating Advisor (only if a Control Termination Event is continuing), the Depositor, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), in writing, of any modification, waiver, material consent or amendment of any term of any Serviced Mortgage Loan and any related Serviced Companion Loan processed by such servicer and the date thereof, and shall deliver to the Custodian for deposit in the related Mortgage File, an original counterpart of the agreement relating to such modification, waiver, material consent or amendment, promptly (and in any event within 10 Business Days) following the execution thereof. With respect to the processing of any modification, waiver or consent related to any Borrower incurring Additional Secured Debt, the Special Servicer (if the Special Servicer processes such modification, waiver or consent pursuant to Section 3.26 or Section 3.09(b)) or the Master Servicer (if the Master Servicer processes such modification, waiver or consent pursuant to Section 3.26 or Section 3.09(b)) 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, deliver notice of the Borrower’s incurrence of such debt, substantially in the form of Exhibit OO, to cts.sec.notifications@wellsfargo.com and an Additional Disclosure Notification in the form attached hereto as Exhibit CC. 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

 

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Service Coverage Ratio calculated on the basis of such Mortgage Loan and Additional Secured Debt, and (3) the aggregate loan-to-value 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 OO shall no longer be required hereunder.

 

(g)         The Master Servicer or the Special Servicer may (subject to the Servicing Standard), as a condition to granting any request by a Borrower for consent, modification, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant to the terms of the instruments evidencing or securing the related Mortgage Loan or Serviced Whole Loan and is permitted by the terms of this Agreement and applicable law, require that such Borrower pay to it (i) as additional servicing compensation, a reasonable and customary fee for the additional services performed in connection with such request (provided that the charging of such fee would not constitute a “significant modification” of the related Mortgage Loan or Serviced Whole Loan within the meaning of Treasury Regulations Section 1.860G-2(b)), and (ii) any related costs and expenses incurred by it. In no event shall the Master Servicer or the Special Servicer be entitled to payment for such fees or expenses unless such payment is collected from the related Borrower.

 

(h)          Notwithstanding the foregoing, the Master Servicer shall not permit the substitution of any Mortgaged Property pursuant to the defeasance provisions of any Mortgage Loan or Serviced Whole Loan (or any portion thereof), if any, unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8) and satisfies the conditions set forth in Section 3.09(f) of this Agreement.

 

(i)           Notwithstanding anything herein or in the related Loan Documents to the contrary (but subject to the consent rights and process set forth in Section 6.07 with respect to Special Servicer Major Decisions or Special Servicer Non-Major Decisions), the Master Servicer may permit the substitution of direct, non-callable “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (including U.S. government agency securities if such securities are eligible defeasance collateral under then current guidelines of the Rating Agencies) for any Mortgaged Property pursuant to the defeasance provisions of any Serviced Mortgage Loan and any related Serviced Companion Loan (or any portion thereof) in lieu of the defeasance collateral specified in the related Loan Documents; provided that, the Master Servicer reasonably determines that allowing their use would not cause a default or event of default under the related Loan Documents to become reasonably foreseeable and the Master Servicer receives an Opinion of Counsel (at the expense of the Borrower to the extent permitted under the Loan Documents) to the effect that such use would not be and would not constitute a “significant modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise cause an Adverse REMIC Event and provided that the requirements set forth in Section 3.09(f) of this Agreement are satisfied.

 

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Notwithstanding the foregoing, with respect to the Mortgage Loans identified on Schedule X 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 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 12.05. 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 Loan Documents or if otherwise consistent with the Servicing Standard, the Master Servicer shall establish and maintain one or more accounts, which may be sub-accounts of the Collection Account (the “Defeasance Accounts”), into which all payments received by the Master Servicer from any defeasance collateral substituted for any Mortgaged Property shall be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Loan Documents. Each Defeasance Account shall at all times be an Eligible Account. Notwithstanding the foregoing, in no event shall the Master Servicer permit such amounts to be maintained in the Defeasance Account for a period in excess of 12 months, unless such amounts are reinvested by the Master Servicer in “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii). To the extent not required or permitted to be placed in a separate account, the Master Servicer shall deposit all payments received by it from defeasance collateral substituted for any Mortgaged Property into the Collection Account or, if a Serviced Whole Loan is involved, the Serviced Whole Loan Collection Account and treat any such payments as payments made on the Mortgage Loan or Serviced Whole Loan, as applicable, in advance of its Due Date in accordance with clause (a) of the definition of Principal Distribution Amount, and not as a prepayment of the related Mortgage Loan or Serviced Whole Loan. Notwithstanding anything herein to the contrary, in no event shall the Master Servicer permit such amounts to be maintained in the Collection Account or, if a Serviced Whole Loan is involved, the Serviced Whole Loan Collection Account for a period in excess of 365 days.

 

(k)          Any right to take any action, grant or withhold any consent or otherwise exercise any right, election or remedy afforded the Directing Holder under this Agreement may, unless otherwise expressly provided herein to the contrary, be affirmatively waived by the Directing Holder by written notice given to the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable. Upon delivery of any such notice of waiver given by the Directing Holder, any time period (exclusive or otherwise) afforded the Directing Holder to exercise any such right, make any such election or grant or withhold any such consent shall thereupon be deemed to have expired with the same force and effect as if the specific time period set forth in this Agreement applicable thereto had itself expired. If the Master Servicer or Special

 

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Servicer determines that a refusal to consent by the Directing Holder or any advice from the Directing Holder would cause the Master Servicer or Special Servicer, as applicable, to violate applicable law, the terms of the applicable Loan Documents, any related Intercreditor Agreements, the REMIC Provisions or the terms of this Agreement, including without limitation, the Servicing Standard, the Master Servicer or Special Servicer shall disregard such refusal to consent or advice and notify the Directing Holder, the Trustee, the Certificate Administrator, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) of its determination, including a reasonably detailed explanation of the basis therefor.

 

(l)           Any modification, extension, waiver or amendment of, or consents or approvals relating to, a Mortgage Loan or Serviced Whole Loan that is a Specially Serviced Loan or Serviced REO Loan (i) shall be performed by the Special Servicer and not the Master Servicer, (ii) to the extent provided in this Agreement and/or the applicable Intercreditor Agreement, shall be subject to the consent of the related Directing Holder and (iii) shall be structured so as to be consistent with the allocation and payment priorities in the related Loan Documents and Intercreditor Agreement, if any, such that neither the Trust as holder of the Mortgage Loan nor a holder of any related Serviced Companion Loan gains a priority over the other such holder that is not reflected in the related Loan Documents and Intercreditor Agreement. Neither the Master Servicer nor the Special Servicer shall enter into any modification, waiver, amendment, work-out, consent or approval with respect to any Mortgage Loan or Whole Loan, or restructure any Mortgage Loan or Whole Loan, or restructure any borrower equity (in each case, including, without limitation, by way of the application of credits, discounts, forgiveness or otherwise) in a manner that would be inconsistent with the allocation and payment priorities set forth in Section 1.02(f) hereof or in the related Intercreditor Agreement.

 

(m)         In addition, with respect to a Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer, prior to taking action with respect to any Special Servicer Major Decision or Special Servicer Non-Major Decision (or making a determination not to take action with respect to a Special Servicer Major Decision or Special Servicer Non-Major Decision), shall refer the request to the Special Servicer, which shall process the request directly or, if mutually agreed to by the Special Servicer and the Master Servicer, the Master Servicer shall (subject to the consent of the Special Servicer) process such request (other than the items listed in clauses (c)(i) and (c)(ii) of Special Servicer Non-Major Decisions, which the Master Servicer shall process, subject to the Special Servicer’s consent or deemed consent as set forth in Section 3.09 and Section 3.26(m)). If the Master Servicer processes such request, the Master Servicer shall prepare and submit its written recommendation and analysis to the Special Servicer with all information in the Master Servicer’s possession that the Special Servicer may reasonably request in order to withhold or grant its consent, and in all cases the Special Servicer shall be entitled (subject to the non-binding consultation rights of the Operating Advisor and the Risk Retention Consultation Party or the consent or consultation rights of the Directing Holder pursuant to Section 6.07) to approve or disapprove any modification, waiver or amendment that constitutes a Special Servicer Major Decision or Special Servicer Non-Major Decision. When the Special Servicer’s consent is required hereunder, such consent shall be deemed given 15 Business Days, or such longer time period pursuant to the terms of the related Intercreditor Agreement but not less than five (5) Business Days after the time period set forth therein for Directing Holder approval, (or in connection with an Acceptable Insurance Default, 90 days) after receipt (unless earlier

 

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objected to) by the Special Servicer from the Master Servicer of the Master Servicer’s written analysis and recommendation with respect to such proposed Special Servicer Major Decision or Special Servicer Non-Major Decision together with such other information reasonably requested by the Special Servicer and reasonably available to the Master Servicer. Other than during the continuance of a Control Termination Event, neither the Master Servicer (with respect to any Major Decision processed by the Master Servicer) nor the Special Servicer (with respect to any Major Decision processed by the Special Servicer) will be permitted to take any action constituting a Major Decision, as to which the Directing Holder has objected in writing within 10 Business Days (or, in connection with an Acceptable Insurance Default, 30 days) after receipt by the Directing Holder of the Master Servicer’s and/or Special Servicer’s, as applicable, written analysis and recommendation together with such other information reasonably requested by the Directing Holder; provided that if such written objection has not been received by the Master Servicer or the Special Servicer, as applicable, within such 10-Business Day (or 30-day) period, the Directing Holder will be deemed to have approved such action.

 

(n)          For the avoidance of doubt, and without limiting the generality of the foregoing, any request for the disbursement of earnouts or holdback amounts with respect to (i) any Specially Serviced Loan shall be processed by the Special Servicer and (ii) certain Mortgage Loans in accordance with this Agreement shall be processed by the Master Servicer (with regard to a Master Servicer Non-Major Decision or a Master Servicer Major Decisions) or by the Special Servicer (with regard to a Special Servicer Non-Major Decision or a Special Servicer Major Decision). For purposes of this Agreement, “disbursement of earnouts or holdback amounts” shall mean the disbursement or funding to a Borrower of previously unfunded, escrowed or otherwise reserved portions of the loan proceeds of the applicable Mortgage Loan until certain conditions precedent thereto relating to the satisfaction of performance-related criteria (i.e., project reserve thresholds, lease-up requirements, sales requirements, etc.), as set forth in the applicable Loan Documents, have been satisfied.

 

(o)          The Master Servicer shall provide the Special Servicer with any notice that it receives relating to a default by the borrower under a ground lease where the collateral for the Mortgage Loan includes the ground lease, and the Special Servicer will determine in accordance with the Servicing Standard whether to cure any borrower defaults relating to ground leases.

 

(p)          With respect to any Borrower request or other action on a non-Specially Serviced Loan that is not a Major Decision or a Special Servicer Non-Major Decision, the Master Servicer shall not be required to obtain the consent of or consult with the Special Servicer or the Directing Holder.

 

Section 3.27 Certain Intercreditor Matters Relating to the Whole Loans. (a) With respect to Serviced Whole Loans, except for those duties to be performed by, and notices to be furnished by, the Trustee under this Agreement, the Master Servicer or the Special Servicer, as applicable, shall perform such duties and furnish such notices, reports and information on behalf of the Trust Fund as may be the obligation of the Trust, or the obligation of the master servicer or the special servicer, as applicable, following securitization, under the related Intercreditor Agreement.

 

(b)          The Master Servicer shall maintain a register (the “Serviced Companion Loan Noteholder Register”) on which the Master Servicer shall record the names and addresses of

 

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the Serviced Companion Loan Noteholders and wire transfer instructions for such Serviced Companion Loan Noteholders from time to time, to the extent such information is provided in writing to the Master Servicer by a Serviced Companion Loan Noteholder. Each Serviced Companion Loan Noteholder has agreed to inform the Master Servicer of its name, address, taxpayer identification number and wiring instructions (to the extent the foregoing information is not already contained in the related Intercreditor Agreement) and of any transfer thereof (together with any instruments of transfer). The name and address of each initial Serviced Companion Loan Noteholder as of the Closing Date is set forth on Schedule VII hereto. The Master Servicer shall be entitled to conclusively rely upon the information delivered by any Serviced Companion Loan Noteholder until it receives notice of transfer or of any change in information.

 

In no event shall the Master Servicer be obligated to pay any party the amounts payable to a Serviced Companion Loan Noteholder hereunder other than the Person listed as the applicable Serviced Companion Loan Noteholder on the Serviced Companion Loan Noteholder Register. In the event that a Serviced Companion Loan Noteholder transfers the related Serviced Companion Loan without notice to the Master Servicer, the Master Servicer shall have no liability whatsoever for any misdirected payment on such Serviced Companion Loan and shall have no obligation to recover and redirect such payment.

 

The Master Servicer shall promptly provide the names and addresses of any Serviced Companion Loan Noteholder to any party hereto, any related Companion Loan Noteholder or any successor thereto upon written request, and any such party or successor may, without further investigation, conclusively rely upon such information. The Master Servicer shall have no liability to any Person for the provision of any such names and addresses.

 

(c)           The Directing Holder shall not owe any fiduciary duty to the Trustee, any Master Servicer, any Special Servicer, any Certificateholder (including the Directing Holder, if applicable) or any noteholder of a Serviced Whole Loan. The Directing Holder will not have any liability to the Certificateholders (including the Directing Holder, if applicable) or any other noteholder of a Serviced Whole Loan, as applicable, for any action taken, or for refraining from the taking of any action or the giving of any consent, pursuant to this Agreement, or for errors in judgment.

 

(d)          With respect to any Serviced Whole Loan, the Directing Holder shall be entitled to exercise the consent rights, cure rights and purchase rights, as applicable, to the extent set forth in the applicable Intercreditor Agreement, in accordance with the terms of the related Intercreditor Agreement and this Agreement.

 

(e)          The Special Servicer (if any Serviced Companion Loan is a Specially Serviced Loan or has become a Serviced REO Loan) or the Master Servicer (otherwise), as applicable, shall take all actions relating to the servicing and/or administration of, and (subject to Section 3.13 and Section 3.17 of this Agreement and the following paragraph) the preparation and delivery of reports and other information with respect to, the Serviced Whole Loan related to any Serviced Companion Loan or any related Serviced REO Property required to be performed by the holder of the related Mortgage Loan or contemplated to be performed by a servicer, in any case pursuant to and as required by each related Intercreditor Agreement and/or any related mezzanine intercreditor agreement existing on the Closing Date and any related Intercreditor Agreement or mezzanine intercreditor agreement not existing on the Closing Date that is provided to the Master

 

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Servicer or Special Servicer, as applicable. In addition notwithstanding anything herein to the contrary, the following considerations shall apply with respect to the servicing of a Serviced Companion Loan:

 

(i)      none of the Master Servicer, the Special Servicer or the Trustee shall make any P&I Advance with respect to the Serviced Companion Loan; and

 

(ii)     the Master Servicer and the Special Servicer shall each consult with and obtain the consent of the related Serviced Companion Loan Noteholder(s) to the extent required by the related Intercreditor Agreement.

 

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

 

If any Serviced Companion Loan or any portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust” (within the meaning of the Grantor Trust Provisions), then neither the Master Servicer nor the Special Servicer shall knowingly take any action that would result in the equivalent of an Adverse REMIC Event with respect to such REMIC or adversely affect the tax status of such grantor trust as a grantor trust.

 

The parties hereto acknowledge that a Serviced Companion Loan Noteholder shall not (1) owe any fiduciary duty to the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer or any Certificateholder or (2) have any liability to the Trustee or the Certificateholders for any action taken, or for refraining from the taking of any action pursuant to the related Intercreditor Agreement or the giving of any consent or for errors in judgment. Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have confirmed its understanding that a Serviced Companion Loan Noteholder (i) may take or refrain from taking actions that favor its interests or the interests of its affiliates over the Certificateholders, (ii) may have special relationships and interests that conflict with the interests of the Certificateholders and shall be deemed to have agreed to take no action against a Serviced Companion Loan Noteholder or any of its officers, directors, employees, principals or agents as a result of such special relationships or conflicts and (iii) shall not be liable by reason of its having acted or refrained from acting solely in its interest or in the interest of its affiliates.

 

The parties hereto recognize and acknowledge the respective rights of each Serviced Companion Loan Noteholder under the related Intercreditor Agreement. Each of the rights of a Serviced Companion Loan Noteholder under or contemplated by this Section 3.27(e) may be exercisable by a designee thereof on its behalf; provided that the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee are provided with written notice by the related Serviced Companion Loan Noteholder of such designation (upon which such party may conclusively rely) and the contact details of the designee.

 

Notwithstanding anything herein or in the Intercreditor Agreement to the contrary, no direction or objection by the Serviced Companion Loan Noteholder may require or cause the

 

 

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Master Servicer or the Special Servicer, as applicable, to violate any provision of any Mortgage Loan, applicable law, this Agreement, any Intercreditor Agreement or the REMIC Provisions, including without limitation the Master Servicer’s or Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special Servicer, the Depositor, a Mortgage Loan Seller, the Operating Advisor, the Asset Representations Reviewer, the Paying Agent, the Trust Fund, the Certificate Administrator (in any of its capacities) or the Trustee to liability, or materially expand the scope of the Master Servicer’s or Special Servicer’s responsibilities hereunder.

 

Any reference to servicing any of the Mortgage Loans in accordance with any of the related Loan Documents (including the related Mortgage Note and Mortgage) shall also mean, in the case of a Serviced Whole Loan, in accordance with the related Intercreditor Agreement.

 

To the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any Intercreditor Agreement for a Serviced Whole Loan or a Non-Serviced Whole Loan are deemed incorporated herein by reference, and the parties hereto shall comply with those provisions as if set forth herein in full.

 

For purposes of exercising any rights that the Directing Holder of the Mortgage Note for any Mortgage Loan in a Serviced Whole Loan may have under the related Intercreditor Agreement, the Directing Holder shall be the designee of the Trust, as such noteholder, and the Trustee shall, upon request, take such actions as may be necessary under the related Intercreditor Agreement to effect such designation. The Certificate Administrator shall provide notice of the identity of the Directing Holder (to the extent the Certificate Administrator has received notice of a change in the identity of the Directing Holder), upon request, to the other parties to the related Intercreditor Agreement, to the extent the identity and contact information of such parties to such Intercreditor Agreement are actually known to the Certificate Administrator.

 

(f)           With respect to a Non-Serviced Mortgage Loan, the Master Servicer shall deliver information comparable to the above described information in Section 3.13(c) and Section 3.13(d) hereof to the same Persons as described above in Section 3.13(c) and Section 3.13(d) and according to the same time frames as described above in Section 3.13(c) and Section 3.13(d), to the extent such Master Servicer has timely received such information from the Other Servicer under the Other Pooling and Servicing Agreement.

 

Promptly following the Closing Date or, as applicable, upon the receipt of notice by the Certificate Administrator of the related Servicing Shift Securitization Date, the Certificate Administrator shall send written notice (which notice may be by email) substantially in the form of Exhibit EE hereto, accompanied by a copy of an executed version of this Agreement, with respect to each Non-Serviced Mortgage Loan to each applicable Other Depositor, Other Servicer, Other Special Servicer, Other Trustee, Other Operating Advisor and Other Asset Representations Reviewer stating that, as of the Closing Date, or, as applicable, the related Servicing Shift Securitization Date, the Trustee is the holder of the applicable Non-Serviced Mortgage Loan and directing each such recipient to remit to the Master Servicer no later than one (1) Business Day after each Determination Date all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to the Master Servicer no later than one (1) Business Day after each Determination Date all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise made available to, the holder of the applicable Non-

 

 

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Serviced Mortgage Loan under the related Intercreditor Agreement and Other Pooling and Servicing Agreement. Such notice shall also provide contact information for the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Directing Holder, the 17g-5 Information Provider and the Rating Agencies.

 

With respect to a Non-Serviced Mortgage Loan, if the applicable Other Servicer, Other Special Servicer or Other Trustee shall be replaced in accordance with the terms of the related Other Pooling and Servicing Agreement, promptly upon notice thereof, the applicable party to this Agreement that receives such notice shall, upon request, acknowledge such successor as the successor to the Other Servicer, Other Special Servicer or Other Trustee, as the case may be.

 

With respect to a Non-Serviced Mortgage Loan, upon its receipt of written notice of the replacement of the Master Servicer, the Special Servicer or the Trustee, the Certificate Administrator shall give prompt written notice thereof to each related Other Servicer, Other Special Servicer, Other Trustee and Other Operating Advisor, together with relevant contact information of the successor Master Servicer, Special Servicer or Trustee, as applicable.

 

With respect to each Serviced Whole Loan, the Master Servicer or the Special Servicer, as applicable, shall provide each Companion Loan Noteholder and, if applicable, related Non-Directing Holder (or its designee or representative), within the same time frame and to the same extent it is required to provide such information and materials to the Certificateholders or the Directing Holder, as applicable (but without regard to whether or not the Directing Holder actually has lost any rights to receive such information as a result of a Consultation Termination Event), hereunder with (1) copies of each financial statement received by the Master Servicer pursuant to the terms of the related Loan Documents, (2) copies of any notice of default sent to the Borrower and (3) subject to the terms of the Loan Documents, copies of any other documents or information relating to the Serviced Whole Loan (including, without limitation, property inspection reports, loan servicing statements, Borrower requests and asset status reports) that the Master Servicer delivers to the related Directing Holder and copies of any other notice, information or report that it is required to provide to the Directing Holder pursuant to this Agreement with respect to any Major Decision or with respect to any “major decisions” or “major actions” as set forth in the related Intercreditor Agreement or the implementation of any recommended actions outlined in an Asset Status Report relating to such Serviced Whole Loan. Any copies to be furnished by the Master Servicer or the Special Servicer may be furnished by hard copy or electronic means.

 

(g)           With respect to each Whole Loan, if any Serviced Companion Loan becomes the subject of an “asset review” (or such analogous term defined in the related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement, the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the Other Asset Representations Reviewer or any other party to the Other Pooling and Servicing Agreement in connection with such asset review by providing the Other Asset Representations Reviewer or such other requesting party with any documents reasonably requested by the Other Asset Representations Reviewer or such other requesting party (not at its own expense or the expense of the Trust but at the expense of the related mortgage loan seller, such Other Asset Representations Reviewer or such other requesting party to the Other Pooling and Servicing Agreement), but only to the extent that (i) Other Asset Representations Reviewer or such other requesting party has not been able to obtain such documents from the related mortgage loan seller

 

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or any party to the related Other Pooling and Servicing Agreement, and (ii) such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be. For the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Trustee or the Custodian (i) shall have any further obligations with respect to any such asset review nor shall any such party be bound by the results of any such asset review, or (ii) shall be obligated to provide such documents if providing such documents, in its reasonable determination, would be a violation of this Agreement or any related Intercreditor Agreement.

 

(h)          To the extent that the Other Pooling and Servicing Agreement or Intercreditor Agreement relating to any Non-Serviced Whole Loan permits the holder of the related Non-Serviced Mortgage Loan to terminate the related Other Servicer or Other Special Servicer or appoint a sub-servicer or replacement therefor, the Trustee may, and at the written direction of the Holders of at least 25% of the aggregate Voting Rights of all Certificates (or the Depositor with respect to any such right arising from such Other Servicer’s or Other Special Servicer’s failure to comply with Exchange Act reporting obligations) upon five (5) Business Days’ notice, shall, exercise the right to terminate the related Other Servicer or Other Special Servicer or appoint a sub-servicer or replacement therefor, as applicable.

 

(i)           To the extent of any conflict between this Agreement and any Intercreditor Agreement, the terms of the Intercreditor Agreement shall control.

 

Section 3.28  Directing Holder Contact with the Master Servicer and the Special Servicer. Each of the Master Servicer and the Special Servicer shall, not more frequently than once per month, without charge, make a knowledgeable Servicing Officer via telephone available during normal business hours to verbally answer questions from the Directing Holder (for so long as no Consultation Termination Event is continuing) and the Operating Advisor, in each case, upon the reasonable request of the Directing Holder or the Operating Advisor, as the case may be, regarding the performance and servicing of the Mortgage Loans and/or REO Properties for which the Master Servicer or the Special Servicer, as the case may be, is responsible.

 

Section 3.29 Controlling Class Certificateholders, the Directing Holder and the Risk Retention Consultation Party; Certain Rights and Powers of the Directing Holder and the Risk Retention Consultation Party. (a) Each Certificateholder and Certificate Owner of a Control Eligible Certificate is hereby deemed to have agreed by virtue of its purchase of such Certificate (or beneficial ownership interest in such Certificate) to provide its name and address to the Certificate Registrar and to notify the Certificate Registrar of the transfer of any Control Eligible Certificate (or the beneficial ownership of any Control Eligible Certificate), the selection of a Trust Directing Holder or the resignation or removal thereof. Any such Certificateholder (or Certificate Owner) or its designee at any time appointed Trust Directing Holder is hereby deemed to have agreed by virtue of its purchase of a Control Eligible Certificate (or the beneficial ownership interest in a Control Eligible Certificate) to notify the Certificate Registrar when such Certificateholder (or Certificate Owner) or designee is appointed Trust Directing Holder and when it is removed or resigns. Upon receipt of such notice, the Certificate Registrar shall notify the Special Servicer, the Master Servicer, the Certificate Administrator, the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Trustee, each Serviced Companion Loan Noteholder of the identity of the Trust Directing Holder, any resignation or removal thereof and/or any new Holder or Certificate Owner of a Control Eligible Certificate.

 

 

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On the Closing Date, the initial Trust Directing Holder shall execute a certification substantially in the form of Exhibit L-1G to this Agreement.  Upon the resignation or removal of the existing Trust Directing Holder, any successor Trust Directing Holder shall also execute and deliver a certification substantially in the form of Exhibit L-1G to this Agreement to the parties to this Agreement prior to being recognized as the new Trust Directing Holder. 

 

In addition, upon the request of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or, for so long as no Consultation Termination Event is continuing, the Directing Holder, the Certificate Registrar shall promptly (but no later than five (5) Business Days after such request) provide to the requesting party the identity of the then-current Controlling Class and a list of the Holders of Certificates of the Controlling Class. However, if any Certificate of the Controlling Class is a Global Certificate, then the Certificate Administrator shall promptly (but in no event more than five (5) Business Days following such request) request from the Depository, with the assistance of the Trustee, the list of Depository Participants for the Controlling Class and make reasonable efforts to obtain a list of Certificate Owners from such Depository Participants, and the Certificate Administrator shall provide such list of Depository Participants and such list of Certificate Owners (to the extent the Certificate Administrator obtains such list of Certificate Owners), to the requesting party promptly upon receipt. The Certificate Administrator shall be entitled to conclusively rely on the list of Depository Participants for the Controlling Class provided by the Depository and the list of Certificate Owners provided by any Depository Participant and shall not have any liability for such reliance; provided that, if any Certificate of the Controlling Class is a Global Certificate and the Certificate Administrator has actual knowledge of the identity of the related Certificate Owner(s), then the Certificate Administrator shall include such Certificate Owner in the list provided to any requesting party pursuant to first sentence of this paragraph. The Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Directing Holder shall be entitled to conclusively rely on any such information so provided. Any expenses incurred in connection with obtaining such information shall be at the expense of the requesting party, except that if (i) such expenses arise in connection with an event as to which the Directing Holder has review, consent or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant to this Agreement or the related Other Pooling and Servicing Agreement or in connection with a request made by the Operating Advisor in connection with its obligation under this Agreement to deliver a copy of the Operating Advisor Annual Report to the Directing Holder and (ii) the requesting party has not been notified of the identity of the Directing Holder or reasonably believes that the identity of the Directing Holder has changed, then such expenses shall be at the expense of the Trust.

 

To the extent the Master Servicer has actual knowledge of any change in the identity of a Holder (or Certificate Owner(s)) of the Controlling Class, then the Master Servicer shall promptly notify the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Special Servicer thereof, who may rely conclusively on such notice from the Master Servicer.

 

(b)          The initial Trust Directing Holder on the Closing Date shall be RREF IV Debt AIV, LP. The Certificate Registrar shall be entitled to assume RREF IV Debt AIV, LP, or any subsequent Trust Directing Holder selected in accordance with this Agreement and notified to the Certificate Registrar thereof in writing, is the Trust Directing Holder appointed by the Holder

 

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(or Certificate Owner) of each Class of Control Eligible Certificates, until the Certificate Registrar receives (i) written notice of a replacement Trust Directing Holder from a majority of the Controlling Class Certificateholders by Certificate Balance, (ii) written notice from a majority of the Controlling Class Certificateholders, by Certificate Balance, that a Trust Directing Holder is no longer designated, (iii) written notice from a Trust Directing Holder of the resignation of such Trust Directing Holder, or (iv) written notice that the Holder (or Certificate Owner) of a majority of the applicable Class of Control Eligible Certificates is no longer the Holder (or Certificate Owner) of a majority of the applicable Class of Control Eligible Certificates due to a transfer of those Certificates (or a beneficial ownership interest in those Certificates). Upon the resignation of a Trust Directing Holder, the Certificate Administrator shall request the Controlling Class Certificateholders to select a new Trust Directing Holder.

 

In the event either (y) the Certificate Registrar receives notice identified in any of clause (ii) through (iv) of the immediately preceding paragraph and no successor Trust Directing Holder is then identified to the Certificate Registrar or (z) a party to this Agreement requests from the Certificate Administrator the identity of the Trust Directing Holder and such identity is not known to the Certificate Administrator, then the Certificate Administrator shall promptly deliver a notice of such event (the “Initial Notice”) to all the Certificateholders via the Depository (and a copy of such Initial Notice shall be simultaneously sent to each of the Master Servicer, the Special Servicer, the Trustee and the Operating Advisor), which notice shall include a request that the Controlling Class Certificateholder that believes it may own the largest aggregate Certificate Balance of the Controlling Class represent in writing to the Certificate Administrator that it owns the largest aggregate Certificate Balance of the Controlling Class (with evidence of its ownership) and provide its contact information. Upon receipt of such written representation (and any subsequent written representation), the Certificate Administrator shall deliver a notice (the “Subsequent Notice”) to all the Certificateholders via the Depository of such representation (and a copy of such Subsequent Notice shall be simultaneously sent to each of the Master Servicer, the Special Servicer, the Trustee and the Operating Advisor) and so long as another party holding an equal or larger aggregate Certificate Balance of the Controlling Class does not provide a written representation within thirty (30) days from the date of delivery of the latest Subsequent Notice, the party making the original assertion shall become the Controlling Class Certificateholder until replaced by another party pursuant to the terms of this Agreement. Notwithstanding the foregoing, Controlling Class Certificateholder(s) providing notice that it (or they) are the Holders of a majority of the Controlling Class Certificateholders, by Certificate Balance, shall have the right to select the Directing Holder at any time without regard to such 30-day period, and a Trust Directing Holder selected by the Holders of a majority of the Controlling Class Certificateholders, by Certificate Balance, shall be recognized as such immediately upon being selected in accordance with this Agreement whether or not such 30-day period has expired.

 

In the event that a Trust Directing Holder is selected pursuant to this Section 3.29(b) or there is deemed to be no Trust Directing Holder pursuant to this Section 3.29(b), the Certificate Registrar shall notify the Special Servicer, the Master Servicer, the Certificate Administrator, the Depositor, the Operating Advisor, the Asset Representations Reviewer and the Trustee of the identity of the new Trust Directing Holder or the absence of a Trust Directing Holder, as applicable.

 

 

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At any time more than 50% of the Percentage Interest of the Controlling Class Certificateholders direct the Certificate Administrator in writing to hold an election for a Trust Directing Holder, the Certificate Administrator shall hold such election as soon as practicable at the expense of such requesting Certificateholders.

 

(c)           The Master Servicer, Special Servicer, Trustee, Operating Advisor and Asset Representations Reviewer shall be entitled to request that the Certificate Administrator provide, and the Certificate Administrator shall promptly (but no later than five (5) Business Days after such request) provide (i) for so long as no Consultation Termination Event is continuing, the identity of the Directing Holder, including names and contact information and, to the extent reasonably available, a list of Controlling Class Certificateholders and (ii) confirmation as to whether a Control Termination Event or Consultation Termination Event has occurred in the 12 months preceding any such request or any other period specified in such request. In addition to the foregoing, (i) within two (2) Business Days of receiving notice of the selection of a new Directing Holder or the existence of a new Controlling Class Certificateholder or (ii) within ten (10) days of the commencement or cessation of any Consultation Termination Event or Control Termination Event, the Certificate Administrator shall notify the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer and post notice on the Certificate Administrator’s Website. Any expenses incurred in connection with obtaining such information shall be at the expense of the requesting party, except that if (i) such expenses arise in connection with an event as to which the Directing Holder has review, consent or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant to this Agreement or the related Other Pooling and Servicing Agreement or in connection with a request made by the Operating Advisor in connection with its obligation under this Agreement to deliver a copy of the Operating Advisor Annual Report to the Directing Holder and (ii) the requesting party has not been notified of the identity of the Directing Holder or reasonably believes that the identity of the Directing Holder has changed, then such expenses shall be at the expense of the Trust.

 

The Special Servicer, the Master Servicer, the Certificate Administrator, the Depositor, the Operating Advisor, the Asset Representations Reviewer and the Trustee shall be entitled to assume RREF IV Debt AIV, LP is the Trust Directing Holder appointed by the Holder (or Certificate Owner) of each Class of Control Eligible Certificates until such party receives notice to the contrary. At any time that a party to this Agreement receives notice of the selection of a Trust Directing Holder from the Certificate Registrar, the Certificate Administrator or a majority of the Controlling Class Certificateholders, by Certificate Balance, then such party to this Agreement shall be entitled to rely on the most recent notification with respect to the identity of the Controlling Class Certificateholder and the Trust Directing Holder. The Special Servicer shall have no obligation to obtain the consent of or consult with any entity appointed as a successor Directing Holder until the Special Servicer receives written notice of such successor Directing Holder’s identity and contact information.

 

Additionally, once a successor Risk Retention Consultation Party has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor and each other Certificateholder (or Certificate Owner, if applicable) shall be entitled to rely on such selection unless the Holders of the VRR Interest entitled to appoint the Risk Retention Consultation Party, by Certificate Balance, or the Risk Retention

 

 

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Consultation Party shall have notified the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and each other Holder of the VRR Interest, in writing, of the selection of a new Risk Retention Consultation Party.

 

(d)          If to the extent the Certificate Administrator determines that a Class of Book-Entry Certificates is the Controlling Class, the Certificate Administrator shall notify the related Certificateholders of such Class (through the Depository) of such event.

 

(e)         Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Directing Holder may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates or Companion Loan Noteholders; (ii) the Directing Holder may act solely in the interests of the Holders of the Controlling Class (or, in the case of a Whole Loan, in the interests of one or more Companion Loan Noteholders); (iii) the Directing Holder does not have any liability or duties to the Holders of any Class of Certificates other than the Controlling Class (in the case of the Trust Directing Holder); (iv) the Directing Holder may take actions that favor the interests of the Directing Holder or one or more Classes of the Certificates including the Holders of the Controlling Class (or, in the case of a Whole Loan, one or more Companion Loan Noteholders) over the interests of the Holders of one or more Classes of Certificates and other Companion Loan Noteholders; and (v) the Directing Holder shall have no liability whatsoever to any Certificateholder (other than to a Controlling Class Certificateholder (in the case of the Trust Directing Holder)), the Trust, any Companion Loan Noteholder any party hereto or any other Person (including any Borrower under a Mortgage Loan) for having so acted as set forth in clauses (i) through (iv) of this paragraph, and no Certificateholder (other than a Controlling Class Certificateholder in the case of the Trust Directing Holder) or Companion Loan Noteholder may take any action whatsoever against the Directing Holder or any director, officer, employee, agent or principal thereof for having so acted.

 

Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that the Risk Retention Consultation Party: (i) may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates other than the Holder of the VRR Interest related to the Risk Retention Consultation Party; (ii) may act solely in the interests of the Holder of the VRR Interest; (iii) does not have any liability or duties to the Holders of any Class of Certificates other than the Holder of the VRR Interest related to the Risk Retention Consultation Party; (iv) may take actions that favor interests of the Holders of the Certificates over the interests of the Holders of one or more other Classes of Certificates; and (v) shall have no liability whatsoever for having so acted as set forth in clauses (i) through (iv) above, and no Certificateholder (other than the Holder of the VRR Interest related to the Risk Retention Consultation Party) may take any action whatsoever against the Risk Retention Consultation Party or any director, officer, employee, agent or principal of the Risk Retention Consultation Party for having so acted.

 

(f)        The Certificate Registrar shall determine which Class of Certificates is the then-current Controlling Class within two (2) Business Days of a request from the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Certificate Administrator or any Certificateholder and provide such information to the requesting party.

 

(g)           At any time when the most senior Class of Control Eligible Certificates is the Controlling Class, the Holder of more than 50% of the Controlling Class Certificates (by

 

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Certificate Balance) may waive its right to act as, or appoint a representative to act as, the Directing Holder and to exercise any of the rights of the Directing Holder or cause the exercise of any of the rights of the Directing Holder by irrevocable written notice delivered to the Depositor, Certificate Administrator, Certificate Registrar, Trustee, Master Servicer, Special Servicer, Operating Advisor and Asset Representations Reviewer. Any such waiver shall remain effective with respect to such Holder and the most senior Class of Control Eligible Certificates until such time as that Certificateholder has (i) sold a majority of the most senior Class of Control Eligible Certificates (by Certificate Balance) to an unaffiliated third party and (ii) certified to the Depositor, Certificate Administrator, Certificate Registrar, Trustee, Master Servicer, Special Servicer, Operating Advisor and Asset Representations Reviewer, that (a) the transferor retains no direct or indirect voting rights with respect to the most senior Class of Control Eligible 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 controlling interest in the most senior Class of Control Eligible Certificates. During such waiver period a Consultation Termination Event shall be deemed to exist and the rights of the Controlling Class to appoint a Directing Holder and the rights of the Directing Holder shall not be operative (notwithstanding whether a Control Termination Event or a Consultation Termination Event is or would otherwise then be in effect). Following any transfer of more than 50% of the most senior Class of Control Eligible Certificates, the successor Holder of more than 50% of the most senior Class of Control Eligible Certificates, if the most senior Class of Control Eligible Certificates is the Controlling Class (by Certificate Balance) shall again have the right to act as, or appoint a representative to act as, the Directing Holder without regard to any prior waiver by the predecessor Certificateholder. The successor Certificateholder shall also have the right to irrevocably waive its right to act as or appoint a Directing Holder or to exercise any of the rights of the Directing Holder or cause the exercise of any of the rights of the Directing Holder. No successor Certificateholder described above shall have any consent rights with respect to any Mortgage Loan that became a Specially Serviced Loan prior to its acquisition of a majority of the most senior Class of Control Eligible Certificates that had not also become a Corrected Mortgage Loan prior to such acquisition until such Mortgage Loan becomes a Corrected Mortgage Loan.

 

(h)         The Directing Holder shall not have any consent or consultation rights with respect to any Mortgage Loan determined to be an Excluded Loan as to either the Directing Holder or, except in the case of any Servicing Shift Mortgage Loan, or, for so long as no related Control Appraisal Period is continuing, any related Serviced AB Mortgage Loan, the Holder of the majority of the Controlling Class. Likewise, the Risk Retention Consultation Party shall not have any consultation rights with respect to any Mortgage Loan determined to be an Excluded Loan as to the Risk Retention Consultation Party. In the case of an Excluded Loan relating to the Directing Holder, in respect of the servicing of any such Excluded Loan, a Control Termination Event and Consultation Termination Event shall be deemed to have occurred with respect to such Excluded Loan.

 

(i)           At any time that the Controlling Class Certificateholder is the Holder of a majority of the Class G Certificates and the Class G Certificates are the Controlling Class, it may waive its right (a) to appoint the Directing Holder and (b) to exercise any of the Directing Holder’s rights set forth in this Agreement by irrevocable written notice delivered to the Depositor, Certificate Administrator, Master Servicer, Special Servicer and Operating Advisor. During such time, the Special Servicer shall consult with only the Operating Advisor in connection with Asset

 

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Status Reports and material special servicing actions to the extent set forth in this Agreement, and no Controlling Class Certificateholder will be recognized or have any right to replace the Special Servicer or approve or be consulted with respect to Asset Status Reports or material special servicer actions. Any such waiver will remain effective until such time as the Controlling Class Certificateholder sells or transfers all or a portion of its interest in the Certificates to an unaffiliated third party if such unaffiliated third party then holds the majority of the Controlling Class after giving effect to such transfer. Following any such sale or transfer of the Class G Certificates, the successor Class G Certificateholder that is the Controlling Class Certificateholder shall be reinstated as, and will again have the rights of, the Controlling Class Certificateholder without regard to any prior waiver by the predecessor Certificateholder that was the Controlling Class Certificateholder. The successor Class G Certificateholder that is the Controlling Class Certificateholder shall also have the right to irrevocably waive its right to appoint the Directing Holder and to exercise any of the rights of the Controlling Class Certificateholder. In the event of any transfer of the Class G Certificates by a Controlling Class Certificateholder that had irrevocably waived its rights as described in this subsection (i), the successor Controlling Class Certificateholder that purchased such Class G Certificates, even if it does not waive its rights as described in the preceding sentence, shall not have any consent rights with respect to any Mortgage Loan that became a Specially Serviced Loan prior to such successor Controlling Class Certificateholder’s purchase of Class G Certificates and had not become a Corrected Mortgage Loan prior to such purchase until such Mortgage Loan becomes a Corrected Mortgage Loan.

 

Section 3.30 Rating Agency Confirmation. (a) Notwithstanding the terms of any related Loan Documents or other provisions of this Agreement, if any action under any Loan Documents or this Agreement requires Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting Party”) attempting and/or required to obtain such Rating Agency Confirmation from each Rating Agency has made a request to any Rating Agency for such Rating Agency Confirmation and, within 10 Business Days of the Rating Agency Confirmation request being posted to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation again (which may also be through direct communication). The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario.” Once the Requesting Party has sent a request for a Rating Agency Confirmation to the 17g-5 Information Provider, such Requesting Party, may, but shall not be obligated to send such request directly to the Rating Agencies in accordance with the procedures set forth in Section 3.14.

 

If there is no response to such Rating Agency Confirmation request within 5 Business Days of such second request in a RAC No Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) with respect to any condition in any 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

 

 

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deemed not to apply (as if such requirement did not exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, (y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply (as if such requirement did not exist) if (i)(a) it has been appointed and currently serves as a master servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by Moody’s that currently has securities outstanding and (b) it is not a master servicer or special servicer, as applicable, that has been publicly cited by Moody’s as having servicing concerns as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities rated by Moody’s in a CMBS transaction serviced by the applicable replacement master servicer or special servicer prior to the time of determination, if Moody’s is the non-responding Rating Agency, (ii) the applicable replacement master servicer or special servicer is rated at least “CMS3” (in the case of the master servicer) or “CSS3” (in the case of the special servicer), if Fitch is the non-responding Rating Agency, and (iii) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable replacement master servicer or special servicer prior to the time of determination, if KBRA is the non-responding Rating Agency.

 

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

 

Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.30(a) following any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist), the Master Servicer or Special Servicer, as the case may be, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

(b)          Notwithstanding anything to the contrary in this Section 3.30, for purposes of the provisions of any Loan Document relating to defeasance (including without limitation the type of collateral acceptable for use as defeasance collateral), release or substitution of any collateral, in the event of a RAC No-Response Scenario, any Rating Agency Confirmation requirement in the Loan Documents with respect to which the Master Servicer or Special Servicer would have been required to make the determination described in Section 3.30(a) (as a result of 

 

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such RAC No-Response Scenario) shall be deemed not to apply regardless of any such determination by the Requesting Party (or, if the Requesting Party is the related Borrower, the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans and Serviced REO Loans), as applicable); provided that the Requesting Party (or the Master Servicer or the Special Servicer, as applicable) shall in any event review the other conditions required under the related Loan Documents with respect to such defeasance, release or substitution and confirm to its satisfaction in accordance with the Servicing Standard that such conditions (other than the requirement for a Rating Agency Confirmation) have been satisfied.

 

(c)         For all other matters or actions not specifically discussed in Section 3.30(a) above, the applicable Requesting Party shall deliver a Rating Agency Confirmation from each Rating Agency.

 

(d)          Notwithstanding the terms of the related Loan Documents, the other provisions of this Agreement or the applicable Intercreditor Agreement, with respect to any Serviced Companion Loan as to which there exists Serviced Companion Loan Securities, if any action relating to the servicing and administration of the related Whole Loan or any related REO Property (the “Relevant Action”) requires delivery of a Rating Agency Confirmation as a condition precedent to such action pursuant to this Agreement, then, except as set forth below in this paragraph, such action shall also require delivery of a Serviced Companion Loan Rating Agency Confirmation as a condition precedent to such action from each related Serviced Companion Loan Rating Agency. Each Serviced Companion Loan Rating Agency Confirmation shall be sought by the Master Servicer or Special Servicer, as applicable, depending on whichever such party is seeking the corresponding Rating Agency Confirmation(s) in connection with the Relevant Action. The requirement to obtain a Serviced Companion Loan Rating Agency Confirmation with respect to any Serviced Companion Loan Securities will be subject to, will be permitted to be waived by the Master Servicer and the Special Servicer on, and will be deemed not to apply on, the same terms and conditions applicable to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided that the Master Servicer or Special Servicer, as applicable, depending on which is seeking the subject Serviced Companion Loan Rating Agency Confirmation, shall forward to one or more of its counterparts (i.e., the Other Servicer or Other Special Servicer, as applicable), the Other 17g-5 Information Provider, or such other party or parties as are agreed to by the Master Servicer or the Special Servicer, as applicable, and the applicable parties for the related Other Securitization, at the expense of the Other Securitization to the extent not borne by the related Borrower, and in such format as the sender and recipient may reasonably agree, (i) the request for such Serviced Companion Loan Rating Agency Confirmation, (ii) all materials forwarded to the 17g-5 Information Provider under this Agreement in connection with seeking the Rating Agency Confirmation(s) for the applicable Relevant Action at approximately the same time that such materials are forwarded to the 17g-5 Information Provider and (iii) any other materials that the applicable Serviced Companion Loan Rating Agency may reasonably request in connection with such Serviced Companion Loan Rating Agency Confirmation promptly following receipt of such request from the Other Trustee.

 

The Certificate Administrator shall, promptly following receipt of written request from the Master Servicer or the Special Servicer, as applicable, provide to the Master Servicer or the Special Servicer, as applicable, the contact information for the Other Servicer, the Other

 

 

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Special Servicer, the Other Trustee and the Other 17g-5 Information Provider for the Other Securitization, solely to the extent in its possession.

 

Section 3.31            Appointment and Duties of the Operating Advisor. 

 

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

 

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

 

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

 

(c)           During the continuance of a Control Termination Event, based on the Operating Advisor’s review of any assessment of compliance, any attestation report, Asset Status Report and other information (other than any communication between the Directing Holder and the Special Servicer that would be Privileged Information) delivered to the Operating Advisor by the Special Servicer or made available to Privileged Persons that are posted on the Certificate Administrator’s Website during the prior calendar year, including each Asset Status Report delivered during the prior calendar year, the Operating Advisor shall (if any Serviced Mortgage Loan was a Specially Serviced Loan) deliver to the Depositor, the Certificate Administrator (which shall promptly post such Operating Advisor Annual Report on the Certificate Administrator’s Website in accordance with Section 4.02(b)) and the 17g-5 Information Provider (which shall promptly post such Operating Advisor Annual Report on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d)) within one hundred twenty (120) days of the end of the prior calendar year for which a Control Termination Event was continuing as of December 31, an annual report (the “Operating Advisor Annual Report”), substantially in the form of Exhibit BB (which form may be modified or altered as to either its organization or content by the Operating Advisor, subject to compliance of such form with the terms and provisions of this Agreement including, without limitation, provisions herein relating to Privileged Information; provided, however, that in no event shall the information or any other content included in the Operating

 

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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 under this Agreement during the prior calendar year on a Trust Level Basis with respect to the resolution and/or liquidation of any Specially Serviced Loans that the Special Servicer is responsible for servicing under this Agreement; provided, however, that in the event the Special Servicer is replaced, the Operating Advisor Annual Report shall only relate to the entity that was acting as Special Servicer as of December 31 in the prior calendar year and is continuing in such capacity through the date of such Operating Advisor Annual Report; provided, further, that the Operating Advisor shall prepare a separate Operating Advisor Annual Report relating to the Excluded Special Servicer and any Excluded Special Servicer Loan(s) serviced by such Excluded Special Servicer. Subject to the restrictions in this Agreement, each such Operating Advisor Annual Report shall (A) identify any material deviations (i) from the Servicing Standard and (ii) from the Special Servicer’s obligations under this Agreement with respect to the resolution or liquidation of Specially Serviced Loans or REO Properties that the Special Servicer is responsible for servicing under this Agreement (other than with respect to any REO Property related to a Non-Serviced Mortgage Loan) based on the limited review required in this Agreement 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 (A) report on any instances of non-compliance with, or deviations from, the Servicing Standard or the Special Servicer’s obligations under this Agreement that the Operating Advisor determines, in accordance with the Operating Advisor Standard, to be immaterial and (B) provide or obtain a legal opinion, legal review or legal conclusion. Such Operating Advisor Annual Report shall be delivered to the Depositor, the Certificate Administrator (which shall promptly post such Operating Advisor Annual Report on the Certificate Administrator’s Website in accordance with Section 4.02(b)) and the 17g-5 Information Provider (which shall promptly post such Operating Advisor Annual Report on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d)); provided, however, that the Special Servicer shall be given an opportunity to review the Operating Advisor Annual Report at least five (5) Business Days prior to such Operating Advisor Annual Report’s delivery to the Depositor, the Certificate Administrator and the 17g-5 Information Provider. The Operating Advisor shall have no obligation to adopt any comments to the Operating Advisor Annual Report that are provided by the Special Servicer. Notwithstanding the foregoing, no Operating Advisor Annual Report shall be required from the Operating Advisor with respect to the Special Servicer, if during the prior calendar year, no Final Asset Status Report was prepared by the Special Servicer in connection with a Specially Serviced Loan or REO Property.

 

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

 

 

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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 Loan to the Operating Advisor after such calculations have been finalized. The Operating Advisor shall review such calculations but shall not opine on or take any affirmative action with respect to such Appraisal Reduction Amount calculations and/or net present value calculations (except that if the Operating Advisor discovers a mathematical error contained in such calculations, then the Operating Advisor shall notify the Special Servicer and the Directing Holder of such error).

 

(e)        During the continuance of a Control Termination Event, with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, after the calculation has been finalized but prior to the utilization by the Special Servicer of any of the calculations related to (i) Appraisal Reduction Amounts or (ii) net present value in accordance with Section 1.02(i)), the Special Servicer shall forward such calculations, together with any supporting material or additional information necessary in support thereof (including such additional information reasonably requested by the Operating Advisor and in the possession of the Master Servicer or the Special Servicer, as applicable, 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 review for accuracy and consistency with this Agreement of the mathematical calculations and the corresponding application of the non-discretionary portion of the applicable formulas required to be utilized in connection with any such calculation.

 

(i)         In connection with this Section 3.31(e), in the event the Operating Advisor does not agree with the mathematical calculations of the Appraisal Reduction Amount or net present value or the application of the applicable non-discretionary portions of the formula required to be utilized for such calculation, the Operating Advisor and the 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 Operating Advisor shall promptly notify the Certificate Administrator of such disagreement and the Certificate Administrator shall examine the calculations and supporting materials provided by the Operating Advisor, the Special Servicer, as applicable, and determine which calculation is to apply (and shall provide prompt written notice of such determination to the Operating Advisor and the Special Servicer). In making such determination, the Certificate Administrator may hire an independent third party to assist with any such calculation at the expense of the Trust and shall be entitled to conclusively rely on such third party’s determination (provided such third party has been selected with reasonable care by the Certificate Administrator).

 

(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 Special

 

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Servicer’s property and borrower performance assumptions or other similar discretionary portions of the net present value calculation or Appraisal Reduction calculation.

 

(g)          Prior to the occurrence and continuance of a Control Termination Event, the Operating Advisor’s review shall be limited to an after-the-action review of the reports and material described above (together with any additional information and material reviewed by the Operating Advisor), and, therefore, it shall have no involvement with respect to the determination and execution of Major Decisions and other similar actions that the Special Servicer may perform under this Agreement and shall have no obligations at any time with respect to any Non-Serviced Mortgage Loan. In addition, the Operating Advisor’s review of the net present value 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.

 

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

 

(i)          The Operating Advisor and its Affiliates shall keep all information appropriately labeled as “Privileged Information” confidential and shall not, without the prior written consent of the Special Servicer and either the Directing Holder (with respect to any Mortgage Loan other than a Non-Serviced Whole Loan and any applicable Excluded Loan and for so long as no Consultation Termination Event is continuing) or the Risk Retention Consultation Party (with respect to any Mortgage Loan other than a Non-Serviced Whole Loan and any applicable Excluded Loan), as applicable, disclose such labeled Privileged Information to any Person (including Certificateholders other than the Directing Holder), other than (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 concerning allegations of deviations from the Servicing Standard (i) in the Operating Advisor Annual Report or (ii) in connection with a recommendation by the Operating Advisor to replace the Special Servicer. Each party to this Agreement that receives Privileged Information from the Operating Advisor with a notice stating that such information is Privileged Information shall not disclose such Privileged Information to any Person without the prior written consent of the Special Servicer and, unless a Control 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) other than pursuant to a Privileged Information Exception. Notwithstanding the foregoing, the Operating Advisor shall be permitted to share Privileged Information with its Affiliates and any subcontractors of the Operating Advisor that agree in writing to be bound by the same confidentiality provisions applicable to the Operating Advisor. Subject to the terms and conditions in this Agreement related to Privileged Information, the Operating Advisor agrees that it shall use information received from the Special Servicer pursuant to the terms of this Agreement solely for purposes of complying with its duties and obligations hereunder. In addition and for the avoidance of doubt, while the Operating Advisor may serve in a similar capacity with respect to other securitizations that involve the same parties or borrower involved in this securitization, the

 

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knowledge of the employees performing operating advisor functions for such other securitizations shall not be imputed to employees of the Operating Advisor involved in this securitization.

 

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

 

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

 

(l)          In the event there are no Classes of Certificates outstanding other than the Control Eligible Certificates, the VRR Interest, the Class S Certificates and the Class R Certificates, then all of the rights and obligations of the Operating Advisor under this Agreement will terminate without payment of any penalty or termination fee (other than any rights or obligations that accrued prior to the date of such termination (including accrued and unpaid compensation) and other than indemnification rights arising out of events occurring prior to such termination). If the Operating Advisor is terminated pursuant to this Section 3.31(l), then no replacement operating advisor shall be appointed. Upon receipt of written notice of such acts by a Responsible Officer of the Trustee, the Trustee shall provide the Operating Advisor with prompt notice upon its termination pursuant to this Section 3.31(l). The Master Servicer and the Special Servicer shall be entitled to request that the Certificate Administrator provide, and the Certificate

 

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Administrator shall promptly (but no later than five (5) Business Days after such request) provide, confirmation of whether a termination pursuant to this Section 3.31(l) has occurred.

 

Section 3.32            Delivery of Excluded Information to the Certificate Administrator.

 

(a)           Any Excluded Information that the Master Servicer, the Special Servicer or the Operating Advisor identifies and delivers to the Certificate Administrator for posting to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator via e-mail (or such other electronic means as is mutually acceptable to the parties) in one or more separate files labeled “Excluded Information” followed by the applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com. For the avoidance of doubt, any information that is not appropriately labeled and delivered in accordance with this Section 3.32 shall not be separately posted as Excluded Information on the Certificate Administrator’s Website, and any information appropriately labeled and delivered to the Certificate Administrator pursuant to this Section shall be posted on the Certificate Administrator’s Website under the “Excluded Information” section, as provided under Section 4.02(b). When so posted, Excluded Controlling Class Holders shall be prohibited from the access of Excluded Information with respect to any Excluded Controlling Class Loans on the Certificate Administrator’s Website (unless loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)). None of the Master Servicer, the Special Servicer or the Operating Advisor shall have any obligations to separately label and deliver any Excluded Information in accordance with this Section 3.32 until such party has received notice with respect to the related Excluded Controlling Class Loan in the form of Exhibit L-1E to this Agreement. Nothing set forth in this Agreement shall prohibit the Directing Holder or any Controlling Class Certificateholder from receiving, requesting or reviewing any Excluded Information relating to any Excluded Controlling Class Loan with respect to which the Directing Holder or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available on the Certificate Administrator’s Website, such Directing Holder or Controlling Class Certificateholder that is not a Borrower Party with respect to the related Excluded Controlling Class Loan shall be permitted to obtain such information upon reasonable request in accordance with Section 3.14(c) and the Master Servicer and the Special Servicer, as applicable, may require and rely on such certifications prior to releasing any such information.

 

Section 3.33            Certain Matters with Respect to Joint Mortgage Loans.

 

(a)           If a Mortgage Loan Seller of a Joint Mortgage Loan (a “Repurchasing Seller”) repurchases, or substitutes for, the Note(s) (a “Repurchased Note”) related to such Joint Mortgage Loan that it sold to the Depositor, but the other Mortgage Loan Seller(s) of such Joint Mortgage Loan does not repurchase, or substitute for, the Note(s) related to such Joint Mortgage Loan that it sold to the Depositor, the provisions of this Section 3.33 shall apply prior to the adoption, pursuant to Section 12.08, of any amendment to this Agreement that provides otherwise. Each Mortgage Loan Seller of a Joint Mortgage Loan has agreed pursuant to the terms of the related Mortgage Loan Purchase Agreement that the terms set forth in this Section 3.33 with respect to the servicing and administration of such Joint Mortgage Loan shall apply if one or more of the Notes related to such Joint Mortgage Loan has been repurchased or, by way of substitution, otherwise removed from the Trust and at least one other Note related to such Joint Mortgage Loan is included in the Trust until such time as all of the Notes related to such Joint Mortgage Loan are no longer included in the Trust. For purposes of this Section 3.33 and Section 12.08 only, “Note”

 

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shall mean with respect to any Joint Mortgage Loan, each original promissory note and all allonges that collectively represents the Note with respect to such Joint Mortgage Loan and shall not be a collective reference to such promissory notes.

 

(b)          Custody of and record title under the Loan Documents with respect to the applicable Joint Mortgage Loan shall be held exclusively by the Trustee or the Custodian as provided under this Agreement, except that the Repurchasing Seller shall hold and retain title to its original Repurchased Note and any related endorsements thereof.

 

(i)            All of the Notes with respect to any Joint Mortgage Loan shall be of equal priority, and no portion of any Note shall have priority or preference over any other portion of the other Notes or security therefor. Payments from the related Borrower (including, without limitation, any late fees) or any other amounts received with respect to each Note shall be collected as provided in this Agreement by the Master Servicer and shall be applied upon receipt by the Master Servicer pro rata to each related Note based on its respective Repurchased Percentage Interest, subject to Section 3.33(b)(ii). Payments or any other amounts received with respect to the related Repurchased Note shall be held for the benefit of the applicable Repurchasing Seller and remitted (net of its pro rata share of any Master Servicing Fees, Special Servicing Fees, Operating Advisor Fees and any other amounts due to the Master Servicer or the Special Servicer) to the applicable Repurchasing Seller or its designee by the Master Servicer on each Distribution Date pursuant to instructions provided by the applicable Repurchasing Seller and deposited and applied in accordance with this Agreement, subject to (ii). If any Joint Mortgage Loan to which this Section 3.33 applies becomes REO Loans, payments or any other amounts received with respect to any such Joint Mortgage Loan shall be collected and shall be applied upon receipt by the Master Servicer pro rata to each related Note based on its respective Repurchased Percentage Interest, subject to Section 3.33(b)(ii). Any Appraisal Reduction Amounts calculated with respect to any Joint Mortgage Loan subject to this Section 3.33 shall be allocated to each related Note pro rata based upon the respective Stated Principal Balances thereof.

 

(ii)            If the Master Servicer or the Special Servicer, as applicable, receives an aggregate payment of less than the aggregate amount due under any such Joint Mortgage Loan at any particular time, the applicable Repurchasing Seller shall receive from the Master Servicer an amount equal to such Repurchasing Seller’s Repurchased Percentage Interest of such payment. All expenses, losses and shortfalls relating solely to such Joint Mortgage Loan including, without limitation, losses of principal or interest, Nonrecoverable Advances, interest on Advances, Operating Advisor expenses, Special Servicing Fees, Workout Fees and Liquidation Fees (including any such fees related to the applicable Notes), shall be allocated between the holders of the related Notes pro rata based upon the respective Stated Principal Balances thereof. In no event shall any costs, expenses, fees or any other amounts related to any Mortgage Loan or Joint Mortgage Loan other than the applicable Joint Mortgage Loan be deducted from payments or any other amounts received with respect to such Joint Mortgage Loan and payable to the applicable Repurchasing Seller. For purposes of (i), this (ii) and Section 3.33(g), “Repurchased Percentage Interest” shall mean the percentage interest of the applicable Mortgage Loan Seller in the applicable Joint Mortgage Loan.

 

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(iii)         A Joint Mortgage Loan to which this Section 3.33 applies shall be serviced for the benefit of the applicable Repurchasing Seller and the Certificateholders pursuant to the terms and conditions of this Agreement in accordance with the Servicing Standard and in accordance with the provisions herein as if (A) such Joint Mortgage Loan were a Serviced Whole Loan, (B) the related Note(s) not repurchased were (1) a Mortgage Loan serviced pursuant to this Agreement and (2) the only Mortgage Loan that is part of such Joint Mortgage Loan, and (C) the related Repurchased Note were a Serviced Companion Loan.  No Repurchasing Seller shall be permitted to terminate the Master Servicer, the Special Servicer or the Operating Advisor as servicer, special servicer or operating advisor, respectively, of the related Repurchased Note.  All rights of the mortgagee under each such Joint Mortgage Loan shall be exercised by the Master Servicer or the Special Servicer, on behalf of the Trust to the extent of its interest therein and the applicable Repurchasing Seller in accordance with this Agreement.

 

(iv)        The related Repurchasing Seller shall be treated hereunder as if it were a Serviced Companion Loan Noteholder on a pari passu basis.  Funds collected by the Master Servicer or the Special Servicer, as applicable, and applied to the applicable Notes shall be deposited and disbursed in accordance with the provisions hereof relating to Serviced Companion Loan Noteholders.  Compensation shall be paid to the Master Servicer, the Special Servicer and the Operating Advisor with respect to each Repurchased Note as provided in this Agreement as if each such Note were a Serviced Companion Loan.  None of the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer or the Operating Advisor shall have any obligation to make P&I Advances with respect to any Repurchased Note or, if no related Note is part of the Trust, an Advance with respect to any Repurchased Note.  Except as otherwise specified herein, the Master Servicer and the Special Servicer shall have no reporting requirement with respect to any Repurchased Note other than to deliver to the related Repurchasing Seller any document as is required to be delivered to a Serviced Companion Loan Noteholder hereunder.

 

(c)         If any non-repurchased Note relating to a Joint Mortgage Loan to which this Section 3.33 applies is considered a Specially Serviced Loan, then any related Repurchased Note shall also be a Specially Serviced Loan under this Agreement.  The Special Servicer shall cause such related Repurchased Note to be specially serviced for the benefit of the applicable Repurchasing Seller in accordance with the terms and provisions set forth in this Agreement and shall be entitled to any Special Servicing Fee, Workout Fee or Liquidation Fee payable to the Special Servicer under this Agreement as with respect to a Serviced Companion Loan.

 

(d)         If (A) the Master Servicer shall pay any amount to any Repurchasing Seller pursuant to the terms hereof in the belief or expectation that a related payment has been made or will be received or collected in connection with either or both of the applicable Notes and (B) such related payment is not received or collected by the Master Servicer, then the applicable Repurchasing Seller shall promptly on demand by the Master Servicer return such amount to the Master Servicer.  If the Master Servicer determines at any time that any amount received or collected by the Master Servicer in respect of any Joint Mortgage Loans to which this Section 3.33 applies must be returned to the related Borrower or paid to any other person or entity pursuant to any insolvency law or otherwise, notwithstanding any other provision of this Agreement, the Master Servicer shall not be required to distribute any portion thereof to the related Repurchasing

 

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Seller, and such Repurchasing Seller shall promptly on demand by the Master Servicer repay (which obligation shall survive the termination of this Agreement) any portion thereof that the Master Servicer shall have distributed to such Repurchasing Seller, together with interest thereon at such rate, if any, as the Master Servicer may pay to the related Borrower or such other person or entity with respect thereto.

 

(e)         Subject to this Agreement (including, without limitation, the consent and consultation rights of the Directing Holder and any consultation rights of the Operating Advisor), the Master Servicer or the Special Servicer, as applicable, on behalf of the holders of any of the Repurchased Notes, shall have the exclusive right and obligation to (i) administer, service and make all decisions and determinations regarding the related Joint Mortgage Loan and (ii) enforce the applicable Loan Documents as provided hereunder.  Without limiting the generality of the preceding sentence, the Master Servicer or the Special Servicer, as applicable, may agree to any modification, waiver or amendment of any term of, forgive interest on and principal of, capitalize interest on, permit the release, addition or substitution of collateral securing, and/or permit the release of the related Borrower on or any guarantor of any Joint Mortgage Loan it is required to service and administer as contemplated by this Section 3.33, without the consent of the related Repurchasing Seller, subject, however, to the terms of this Agreement as they pertain to a Serviced Companion Loan.

 

(f)           In taking or refraining from taking any action permitted hereunder, the Master Servicer and the Special Servicer shall each be subject to the same degree of care with respect to the administration and servicing of the Joint Mortgage Loan to which this Section 3.33 applies as is consistent with this Agreement; and shall be liable to any Repurchasing Seller only to the same extent as set forth herein with respect to any holder of a Serviced Companion Loan.

 

(g)         If the Trustee, the Master Servicer or the Special Servicer has made an Advance with respect to any Repurchased Note which would otherwise be reimbursable to such advancing party under this Agreement, and such Advance is determined to be a Nonrecoverable Advance, the applicable Repurchasing Seller shall reimburse the Trust in an amount equal to such Repurchasing Seller’s Repurchased Percentage Interest of such Nonrecoverable Advance with interest thereon; provided that, if the Repurchasing Seller does not reimburse the Trustee, the Master Servicer or the Special Servicer, as applicable, the Master Servicer shall reimburse the Trustee, itself and/or the Special Servicer, as applicable, for such amounts from the Collection Account.  Notwithstanding the foregoing, the applicable Repurchasing Seller shall not be obligated to reimburse the Trustee, the Master Servicer or the Special Servicer (and amounts due to the applicable Repurchasing Seller shall not be offset) for Advances or interest thereon or any amounts related to any Mortgage Loans or any other Joint Mortgage Loan other than such amounts relating to the applicable Repurchased Note.  To the extent that the applicable Repurchasing Seller reimburses any such Nonrecoverable Advances and such amounts are subsequently recovered, the applicable Repurchasing Seller shall receive a reimbursement from such recovery based on its Repurchased Percentage Interest of such recovery.  This reimbursement right shall not limit the Trustee’s, the Master Servicer’s or the Special Servicer’s rights to reimbursement under this Agreement.  Notwithstanding anything to the contrary contained herein, the total liability of each Repurchasing Seller shall not exceed an amount equal to its Repurchased Percentage Interest of the amount to be reimbursed.

 

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(h)          Each Repurchasing Seller shall have the right to assign the related Repurchased Note; provided that the assignee of the related Repurchased Note shall agree in writing to be bound by the terms of this Agreement.

 

(i)           The Master Servicer and the Special Servicer shall, in connection with their servicing and administrative duties under this Agreement, exercise efforts consistent with the Servicing Standard to execute and deliver, on behalf of each Repurchasing Seller as a holder of a pari passu interest in the applicable Joint Mortgage Loan, any and all financing statements, continuation statements and other documents and instruments necessary to maintain the lien created by any Mortgage or other security document related to the applicable Joint Mortgage Loan on the related Mortgaged Property and related collateral, any and all modifications, waivers, amendments or consents to or with respect to the related Joint Mortgage Loan documents, and any and all instruments of satisfaction or cancellation, or of full release or discharge, and all other comparable instruments with respect to the related Repurchased Note or related Repurchased Notes and the related Mortgaged Property all in accordance with, and subject to, the terms of this Agreement.  Each Repurchasing Seller agrees to furnish, or cause to be furnished, to the Master Servicer and the Special Servicer any powers of attorney or other documents necessary or appropriate to enable the Master Servicer or the Special Servicer, as the case may be, to carry out its servicing and administrative duties under this Agreement related to the applicable Joint Mortgage Loan; provided, however, that such Repurchasing Seller shall not be liable, and shall be indemnified by the Master Servicer or the Special Servicer, as applicable, for any negligence with respect to, or misuse of, any such power of attorney by the Master Servicer or the Special Servicer, as the case may be; and further provided that the Master Servicer or the Special Servicer, without the written consent of the applicable Repurchasing Seller, shall not initiate any action in the name of such Repurchasing Seller without indicating its representative capacity or take any action with the intent to cause and that actually causes, such Repurchasing Seller to be registered to do business in any state.

 

(j)            Pursuant to the related Mortgage Loan Purchase Agreement, the applicable Repurchasing Seller is required to deliver to the Master Servicer or the Special Servicer, as applicable, the Loan Documents related to the applicable Repurchased Note, any requests for release and any court pleadings, requests for trustee’s sale or other documents necessary to the foreclosure or trustee’s sale in respect of the related Mortgaged Property or to any legal action or to enforce any other remedies or rights provided by the Note(s) or the Mortgage(s) or otherwise available at law or equity with respect to the related Repurchased Note.

 

Section 3.34             [Reserved]

 

Article IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS 

 

Section 4.01   Distributions.  (a)  REMIC-Related Deemed Deposits and Distributions.  On each Distribution Date, amounts held in the Lower-Tier Distribution Account shall be withdrawn (to the extent of the Aggregate Available Funds, including or reduced by, to the extent required by Section 3.05(e) of this Agreement, the Withheld Amounts, plus any amount withdrawn from the Gain-on-Sale Reserve Account pursuant to Section 3.05(i) of this Agreement)

 

 

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in the case of all Classes of Lower-Tier Regular Interests (such amount, the “Lower-Tier Distribution Amount”).  On each Distribution Date, distributions in respect of principal shall be deemed to have been made on each Class of Lower-Tier Regular Interests in an amount equal to the amount of principal actually distributed on its respective Corresponding Certificates as provided in Section 4.01(b) of this Agreement.  As of any date, the principal balance of each Lower-Tier Regular Interest shall equal the Lower-Tier Principal Balance thereof.  On each Distribution Date, distributions of interest made in respect of any Class of Non-VRR Certificates (excluding the Class S Certificates) or the VRR Interest Upper-Tier Regular Interests pursuant to Section 4.01(b), Section 4.01(c) or Section 9.01 of this Agreement shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement to this Agreement; provided that each Lower-Tier Regular Interest shall be deemed to have received distributions in respect of interest in an amount equal to the Interest Distribution Amount in respect of the Class X-A Strip Rate, Class X-B Strip Rate, Class X-D Strip Rate, Class X-F Strip Rate, Class X-G Strip Rate or Class X-H Strip Rate of its Corresponding Class X Component, as applicable, in each case to the extent actually distributed to the related Class of Corresponding Certificates as provided in Section 4.01(b) of this Agreement. 

 

All distributions of reimbursements of Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses made in respect of any Class of Principal Balance Certificates or the VRR Interest Upper-Tier Regular Interests on each Distribution Date pursuant to Section 4.01 of this Agreement shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement to this Agreement; provided that distributions of reimbursements of Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses shall be made in sequential order of the priority set forth in Section 4.01(b) and Section 4.01(c) for principal distributions, up to the amount of Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses previously allocated to a particular Lower-Tier Regular Interest corresponding to such Class of Certificates.

 

On each Distribution Date, the Certificate Administrator shall apply amounts related to each Prepayment Premium and Yield Maintenance Charge then on deposit in the Lower-Tier Distribution Account and received during or prior to the related Collection Period to the Lower-Tier Regular Interests in proportion to the amount of principal deemed distributed to each Class of Lower-Tier Regular Interests on such Distribution Date pursuant to this Section 4.01(a).

 

The Certificate Administrator shall be deemed to deposit the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and any Yield Maintenance Charges distributed to the Upper-Tier REMIC pursuant to this Section 4.01(a) into the Upper-Tier Distribution Account.  Any amount in respect of the Mortgage Pool that remains in the Lower-Tier Distribution Account on each Distribution Date after the deemed distribution described in the preceding sentence shall be distributed to the Holders of the Class R Certificates (in respect of the Class LTR Interest) (but only to the extent of such amount for such Distribution Date remaining in the Lower-Tier Distribution Account, if any).

 

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

 

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Distribution Date pursuant to Section 4.01(a) of this Agreement, and distribute such amount to the Holders of the Non-VRR Certificates and the Class R Certificates in the amounts and in the order of priority set forth below:

 

(i)       First, to the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-H Certificates, in respect of interest, up to an amount equal to, and pro rata in accordance with, the respective Interest Distribution Amount for those Classes;

 

(ii)      Second, to the Class A-1, Class A-2, Class A-SB, Class A-4 and Class A-5 Certificates, in reduction of the Certificate Balances thereof, prior to the Crossover Date, in the following priority:

 

(A)           first, to the Class A-SB Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount for such Distribution Date, until the Certificate Balance of such Class is reduced to the Class A-SB Planned Principal Balance;

 

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

 

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

 

(D)          fourth, to the Class A-4 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A-SB, Class A-1 and Class A-2 Certificates pursuant to (A), (B) and (C) above in this clause (b)(ii)) for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

(E)          fifth, to the Class A-5 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A-SB, Class A-1, Class A-2 and Class A-4 Certificates pursuant to (A), (B), (C) and (D) above in this clause (b)(ii)) for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

(F)          sixth, to the Class A-SB Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A-1, Class A-2, Class A-SB, Class A-4 and Class A-5 Certificates pursuant to (A), (B), (C), (D) and (E) above

 

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in this clause (b)(ii)) for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

(iii)     Third, to the Class A-1, Class A-2, Class A-SB, Class A-4 and Class A-5 Certificates, up to an amount equal to, and pro rata based upon, the aggregate unreimbursed Realized Losses previously allocated to those Classes of Certificates;

 

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

 

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

 

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

 

(vii)    Seventh, to the Class B Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

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

 

(ix)     Ninth, to the Class B Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such Class;

 

(x)      Tenth, to the Class C Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

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

 

(xii)    Twelfth, to the Class C Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such Class;

 

(xiii)   Thirteenth, to the Class D Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

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

 

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(xv)      Fifteenth, to the Class D Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such Class;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(xxviii)    Twenty-eighth, to the Class R Certificates (in respect of the Class UTR Interest), any amounts of Available Funds remaining in the Upper-Tier Distribution Account.

 

Notwithstanding the foregoing, on each Distribution Date occurring on and after the Crossover Date, regardless of the allocation of principal payments described in priority Second above, the Principal Distribution Amount for such Distribution Date will be distributed pursuant to Section 4.01(b)(ii) to the Class A-1, Class A-2, Class A-SB, Class A-4 and Class A-5 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class of Certificates is reduced to zero, and without regard to the Class A-SB Planned Principal Balance.

 

(c)            Distributions of VRR Available Funds.  On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts on deposit therein, to the extent of the VRR Available Funds for such Distribution Date, and shall distribute such amounts to the Holders of the VRR Interest in accordance with this section (c). 

 

On each Distribution Date, the Certificate Administrator shall apply the then applicable VRR Available Funds for such Distribution Date to make distributions to the Holders of the VRR Interest for the following purposes and in the following order of priority:

 

(i)            first, to the VRR Interest, in respect of interest, up to an amount equal to the VRR Interest Distribution Amount for such Distribution Date;

 

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

 

(iii)        third, to reimburse (with interest) prior write-offs of the Certificate Balance of the VRR Interest up to an amount equal to the unreimbursed VRR Realized Losses previously allocated to the VRR Interest, plus interest in an amount equal to the VRR Realized Loss Interest Distribution Amount for such Distribution Date;

 

provided that, with respect to any Distribution Date, to the extent that VRR Available Funds for such Distribution Date exceeds the distributions to the Holders of the VRR Interest on such Distribution Date pursuant to the immediately preceding clauses (i) through (iii), the Certificate Administrator shall distribute such excess to the Holders of the Class R Certificates.

 

(d)           Distributions of Prepayment Premiums and Yield Maintenance Charges.  On each Distribution Date, following the distribution from the Lower-Tier Distribution Account in respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a) of this Agreement, the Certificate Administrator shall make distributions of any Prepayment Premiums and Yield Maintenance Charges collected on the Mortgage Loans during the related Collection Period from amounts deposited in the Upper-Tier Distribution Account pursuant to Section 3.05(f) of this Agreement, as follows:

 

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On any Distribution Date, any Non-VRR Percentage of the Prepayment Premiums and Yield Maintenance Charges collected on the Mortgage Loans during the related Collection Period (such portion of such Prepayment Premiums and Yield Maintenance Charges, the “Non-VRR Prepayment Premiums and Yield Maintenance Charges”) shall be distributed to the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates in an amount equal to, in the case of each such Class, the product of (a) a fraction, not greater than one, the numerator of which is the amount distributed as principal to such Class on such Distribution Date, and whose denominator is the total amount distributed as principal to the Principal Balance Certificates on such Distribution Date, (b) the Base Interest Fraction for the related Principal Prepayment and such Class of Certificates and (c) the amount of such Non-VRR Prepayment Premiums and Yield Maintenance Charges.

 

Any Yield Maintenance Charges or Prepayment Premiums collected on the Mortgage Loans collected during the related Collection Period and remaining after such distributions described in the preceding paragraph (the “IO Group YM Distribution Amount”) shall be allocated and distributed in the following manner:

 

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

 

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

 

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

 

On each Distribution Date, amounts on deposit in the Upper-Tier Distribution Account that represent the VRR Percentage of such Prepayment Premiums and Yield Maintenance Charges collected on the Mortgage Loans during the related Collection Period shall be distributed by the Certificate Administrator to the Holders of the VRR Interest.

 

(e)        Gain-on-Sale Accounts.  On each Master Servicer Remittance Date, the Certificate Administrator shall determine if the Available Funds for such Distribution Date (determined without regard to the inclusion of any Gain-on-Sale Proceeds therein) would be sufficient to pay all interest and principal due and owing to reimburse all previously allocated Realized Losses reimbursable to the Holders of the Non-VRR Certificates on such Distribution Date pursuant to Section 4.01(b).  If the Certificate Administrator determines that such Available Funds (as so determined) would not be sufficient to make such payments and reimbursements, then the Certificate Administrator shall withdraw from the Gain-on-Sale Reserve Account (or sub-account thereof) and shall deposit in the Lower-Tier Distribution Account on the applicable Master

 

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Servicer Remittance Date an amount (to be included in the Aggregate Available Funds for the related Distribution Date for allocation between the VRR Interest and the Non-VRR Certificates) equal to the lesser of (i) the amounts then on deposit in the Gain-on-Sale Reserve Account and (ii) the sum of (A) the amount of the applicable insufficiency and (B) the VRR Allocation Percentage of the amount described in the immediately preceding clause (A).

 

Any amounts remaining in the Gain-on-Sale Reserve Account after such distributions on any Distribution Date that (A) are allocable to the Mortgage Loans shall be held and maintained in such account and applied to offset future Realized Losses and VRR Realized Losses, as applicable, and Additional Trust Fund Expenses from time to time; and (B) are allocable to the Serviced Companion Loans, shall be remitted within one Business Day after each such Distribution Date by the Certificate Administrator to the Master Servicer (which shall remit to the Serviced Companion Loan Noteholders in accordance with Section 3.05(h)).

 

On each Distribution Date, immediately after giving effect to the operation of the two preceding paragraphs, amounts held in the Gain-on-Sale Reserve Account (other than amounts allocable to any related Serviced Companion Loan pursuant to the terms of any related Intercreditor Agreement) that exceed amounts reasonably required (as determined by the Certificate Administrator) to offset future Realized Losses and VRR Realized Losses, as applicable, and Additional Trust Fund Expenses, shall be distributed to the Holders of the Class R Certificates (in respect of the Class LTR Interest) and, upon termination of the Trust Fund, any amounts remaining in the Gain-on-Sale Reserve Account (other than amounts allocable to any related Serviced Companion Loan pursuant to the terms of any related Intercreditor Agreement) shall be distributed by the Certificate Administrator to the Class R Certificates (in respect of the Class LTR Interest).  Amounts paid with respect to the Mortgage Loans from the Gain-on-Sale Reserve Account pursuant to the preceding clauses (i) and (ii) shall first be deemed to have been distributed to the Lower-Tier Regular Interests in reimbursement of Realized Losses and VRR Realized Losses, as applicable, and Additional Trust Fund Expenses previously allocated thereto in the same manner as provided in Section 4.01(a) of this Agreement.  Amounts paid from the Gain-on-Sale Reserve Account will not reduce the Certificate Balances of any Class of Non-VRR Certificates, Class S Certificates or the VRR Interest receiving such distributions.

 

(f)            Realized Losses.  On each Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01(b), the Certificate Administrator shall calculate the amount, if any, of the Realized Loss and VRR Realized Loss for such Distribution Date.  Any allocation of Realized Losses to any Class of Principal Balance Certificates and VRR Realized Losses to the VRR Interest shall be made by reducing the Certificate Balance thereof by the amount so allocated.  The allocation of Realized Losses and VRR Realized Losses shall constitute allocations of losses and other shortfalls experienced by the Trust Fund.

 

The Certificate Balances of each Class of Principal Balance Certificates will be reduced without distribution on any Distribution Date as a write-off to the extent of any Realized Losses allocated to such Class of Certificates with respect to such date.  Any such write-offs will be applied to the Classes of Principal Balance Certificates in the following order, in each case until the Certificate Balance of such Class is reduced to zero:  first, to the Class H Certificates; second, to the Class G Certificates; third, to the Class F Certificates; fourth, to the Class E Certificates; fifth, to the Class D Certificates; sixth, to the Class C Certificates; seventh, to the Class B Certificates, eighth, to the Class A-M Certificates; and finally, to the Class A-1, Class A-2,

 

 

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Class A-SB, Class A-4 and Class A-5 Certificates, pro rata, based on their respective Certificate Balances. 

 

Any Realized Losses so allocated to any Class of Certificates shall be allocated among the respective Certificates of such Class in proportion to the Percentage Interests evidenced thereby.

 

On each Distribution Date, any VRR Realized Loss for such Distribution Date shall be allocated to the VRR Interest; and, in connection therewith, the Certificate Balance shall be reduced without distribution, as a write-off, to the extent of such VRR Realized Loss.

 

Distributions in reimbursement of Realized Losses or VRR Realized Losses, as applicable, previously allocated to the respective Classes of the Principal Balance Certificates and distributions in reimbursement of VRR Realized Losses previously allocated to the VRR Interest shall be made in the amounts and manner specified in Section 4.01(b) or Section 4.01(c), as applicable.  Additional Trust Fund Expenses and shortfalls in Aggregate Available Funds due to extraordinary expenses of the Trust Fund (including indemnification expenses), a reduction in the Mortgage Rate on a Mortgage Loan by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers, or otherwise, shall be treated as and allocated in the same manner as Realized Losses and VRR Realized Losses.  Reimbursement of previously allocated Realized Losses and VRR Realized Losses will not constitute distributions of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the Class of Certificates or VRR Interest Upper-Tier Regular Interests in respect of which any such reimbursement is made.

 

If and to the extent that any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Mortgage Loans (including REO Loans) and previously resulted in a reduction of the Aggregate Principal Distribution Amount are subsequently recovered on the related Mortgage Loan or REO Property, then (on the Distribution Date related to the Collection Period during which the recovery occurred): (i) the Non-VRR Percentage of the amount of such recovery will be added to the Certificate Balance of the Classes of Principal Balance Certificates that previously were allocated Realized Losses, in the same sequential order as distributions pursuant to Section 4.01(b), in each case up to the lesser of (A) the unallocated portion of the Non-VRR Percentage of the amount of such recovery and (B) the amount of the unreimbursed Realized Losses previously allocated to the subject Class of Certificates, and the Interest Shortfall with respect to each affected Class of Non-VRR Certificates for the next Distribution Date will be increased by the aggregate amount of interest that would have accrued through the then current Distribution Date if the restored write-down for the reimbursed Class of Principal Balance Certificates had never been written down; and (ii) the VRR Percentage of the amount of such recovery will be added to the Certificate Balance of the VRR Interest Upper-Tier Regular Interests up to the lesser of (A) the VRR Percentage of the amount of such recovery and (B) the amount of the unreimbursed VRR Realized Losses previously allocated to the VRR Interest Upper-Tier Regular Interests, and the interest payable on the VRR Interest Upper-Tier Regular Interests shall be deemed increased by the VRR Allocation Percentage of any contemporaneous increases in interest payable on the Non-VRR Certificates pursuant to clause (i) of this sentence.  To the extent that the Certificate Balance of, and/or any interest payable on, any Class of Non-VRR Certificates or the VRR Interest is so increased, an identical increase shall be deemed made to the Lower-Tier Principal Balance of, and any interest payable on, the 

 

 

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Corresponding Lower-Tier Regular Interest. If the Certificate Balance of any Class of Principal Balance Certificates or the VRR Interest Upper-Tier Regular Interests (or the Lower-Tier Principal Balance of any Lower-Tier Regular Interest) is so increased, the amount of unreimbursed Realized Losses or VRR Realized Losses, as applicable, of such Class of Principal Balance Certificates or the VRR Interest (or such Lower-Tier Regular Interest), as the case may be, shall be decreased by such amount, and any interest accrued on the amount of unreimbursed Realized Losses or VRR Realized Losses, as applicable, so decreased shall be deemed not to exist.

 

With respect to any Distribution Date, any Realized Losses or VRR Realized Losses, as applicable, allocated pursuant to this Agreement with respect to such Distribution Date shall reduce the Lower-Tier Principal Balances of the Lower-Tier Regular Interests as a write-off and shall be allocated among the Lower-Tier Regular Interests in the same priority as the Class of Corresponding Certificates.

 

(g)          All amounts distributable to a Class of Certificates pursuant to this Section 4.01 on each Distribution Date shall be allocated pro rata among the outstanding Certificates in each such Class based on their respective Percentage Interests.  Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

(h)          Except as otherwise provided in Section 9.01 with respect to an Anticipated Termination Date, the Certificate Administrator shall, as soon as reasonably practicable within the month preceding the month in which the final distribution with respect to any Class of Certificates is expected to be made, mail to each Holder of such Class of Certificates on such date a notice to the effect that:

 

(A)           the Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with respect to such Class of Certificates will be made on such Distribution Date, but only upon presentation and surrender of such Certificates at the office of the Certificate Administrator therein specified, and

 

(B)           if such final distribution is made on such Distribution Date, no interest shall accrue on such Certificates from and after such Distribution Date;

 

provided that the Class R Certificates shall remain outstanding until no other Class of Certificates or Lower-Tier Regular Interests are outstanding.

 

 

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Any funds not distributed to any Holder or Holders of such Classes of Certificates on such Distribution Date because of the failure of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has been given pursuant to this Section 4.01(h) shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Holders to surrender their Certificates for cancellation to receive the final distribution with respect thereto.  If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Holders concerning surrender of their Certificates.  The costs and expenses of holding such funds in trust and of contacting such Holders shall be paid out of such funds.  Subject to applicable state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator hereunder and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.  No interest shall accrue or be payable to any Holder on any amount held hereunder or by the Certificate Administrator as a result of such Holder’s failure to surrender its Certificate(s) for final payment thereof in accordance with this Section 4.01(h).  Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

(i)          The Non-VRR Percentage of the Excess Prepayment Interest Shortfalls allocated to the Mortgage Loans, if any, for each Distribution Date shall be allocated (and the Non-VRR Percentage of Compensating Interest Payments shall be deemed distributed) among the various Classes of Non-VRR Certificates, and the VRR Percentage of the Excess Prepayment Interest Shortfalls allocated to the Mortgage Loans, if any, for each Distribution Date shall be deemed allocated (and the VRR Percentage of Compensating Interest Payments shall be deemed distributed) to the VRR Interest Upper-Tier Regular Interests and, in each case, correspondingly to the respective Class or Classes of Corresponding Lower-Tier Regular Interests, pro rata, based upon the Interest Accrual Amount distributable to each such Class of Certificates prior to reduction by such Excess Prepayment Interest Shortfalls.  Compensating Interest Payments shall be deposited by the Master Servicer into the Collection Account on or prior to the Master Servicer Remittance Date.

 

(j)            On the final Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Certificate Administrator who shall distribute to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that it is servicing and that were transferred from the Loss of Value Reserve Fund to the Collection Account on the immediately preceding Master Servicer Remittance Date in accordance with Section 3.06(e)(v) of this Agreement.

 

(k)          On each Distribution Date, the Certificate Administrator shall withdraw from the Excess Interest Distribution Account any amounts on deposit therein that represent

 

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Excess Interest received with respect to each ARD Loan during the related Collection Period shall be distributed (i) to the Holders of the Class S Certificates in an amount equal to the Non-VRR Percentage of such Excess Interest; (ii) to the Holders of the VRR Interest, pro rata, in an aggregate amount equal to the product of (A) the VRR Percentage, multiplied by (B) the amount of such Excess Interest.

 

Section 4.02  Statements to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others.  (a)  On each Distribution Date, the Certificate Administrator shall prepare and make available on the Certificate Administrator’s Website to each Certificateholder a statement (substantially in the form set forth as Exhibit K to this Agreement and based on the information set forth in (i) the CREFC® Investor Reporting Package (CREFC® IRP) prepared by the Master Servicer (other than the CREFC® Special Servicer Loan File) and the other reports prepared by the Master Servicer, Certificate Administrator and Special Servicer relating to such Distribution Date, including the CREFC® Special Servicer Loan File, upon which information the Certificate Administrator may conclusively rely, in accordance with CREFC® guidelines and (ii) the CREFC® Reconciliation of Funds Template prepared by the Certificate Administrator) as to distributions made on such Distribution Date (each, a “Distribution Date Statement”) setting forth (with respect to each Class of Certificates) the following information:

 

(i)       the Record Date, Interest Accrual Period, and Determination Date for such Distribution Date;

 

(ii)      the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates with a Certificate Balance in reduction of the Certificate Balance of those Certificates;

 

(iii)     the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Non-VRR Certificates (other than the Class S Certificates) and the VRR Interest Upper-Tier Regular Interests allocable to (A) the Interest Accrual Amount, (B) Interest Shortfalls and/or (C) the VRR Interest Distribution Amount;

 

(iv)     the aggregate amount of Advances made in respect of the Distribution Date and the amount of interest paid on Advances since the prior Distribution Date (including, to the extent material, the general use of funds advanced and general source of funds for reimbursements);

 

(v)      the aggregate amount of compensation, if any, paid to the Trustee, the Certificate Administrator, CREFC®, the Operating Advisor and the Asset Representations Reviewer and servicing compensation, if any, paid to the Master Servicer and the Special Servicer for the related Determination Date and any other fees or expenses accrued and paid from the Trust Fund;

 

(vi)     (A) the Aggregate Available Funds for the Distribution Date, (B) the total amount of all principal and/or interest distributions, as well as any other distributions (other than Yield Maintenance Charges), properly made on or in respect of any Class of Non-VRR Certificates and the VRR Interest with respect to such Distribution Date and (C) any other

 

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cash flows received on the Mortgage Loans and applied to pay fees and expenses (including the components of the Aggregate Available Funds, or such other cash flows);

 

(vii)    the amount of the distribution on the Distribution Date to the holders of any Class of Non-VRR Certificates and the VRR Interest allocable to Prepayment Premiums and Yield Maintenance Charges;

 

(viii)   the accrued Interest Accrual Amount in respect of each Class of Non-VRR Certificates and the VRR Interest for such Distribution Date;

 

(ix)     the Pass-Through Rate for each Class of Non-VRR Certificates and the VRR Interest for the Distribution Date and the next succeeding Distribution Date;

 

(x)      the Principal Distribution Amount for the Distribution Date;

 

(xi)     the aggregate Certificate Balance or aggregate Notional Amount, as the case may be, of each Class of Certificates (other than the Class S and Class R Certificates) immediately before and immediately after such Distribution Date, separately identifying any reduction in the aggregate Certificate Balance (or, if applicable, the aggregate Notional Amount) of each such Class as a result of the allocation of any Realized Losses or VRR Realized Losses, as applicable, and/or Additional Trust Fund Expenses on such Distribution Date;

 

(xii)    the fraction, expressed as a decimal carried to at least eight places, the numerator of which is the then related Certificate Balance, and the denominator of which is the related initial aggregate Certificate Balance, for each Class of Non-VRR Certificates and the VRR Interest immediately following the Distribution Date;

 

(xiii)   the amount of any Appraisal Reduction Amounts, Collateral Deficiency Amounts and Cumulative Appraisal Reduction Amounts allocated during the related Collection Period on a loan-by-loan basis; and the total Appraisal Reduction Amounts, Collateral Deficiency Amounts and Cumulative Appraisal Reduction Amounts as of such Distribution Date on a loan-by-loan basis;

 

(xiv)   the number and related Stated Principal Balance of any Mortgage Loans modified, extended or waived on a loan-by-loan basis since the previous Determination Date (including a description of any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the Collection Period or that have cumulatively become material over time);

 

(xv)    the amount of any remaining unpaid Interest Shortfalls for each Class of Non-VRR Certificates and the VRR Interest as of the Distribution Date;

 

(xvi)   an loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment (other than Liquidation Proceeds and Insurance Proceeds) during the related Collection Period and the amount of Principal Prepayment occurring, together with the aggregate amount of Principal Prepayments made during the related Collection Period;

 

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(xvii)     an loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date;

 

(xviii)    the amount of the distribution to the holders of each Class of Certificates on the Distribution Date attributable to reimbursement of Realized Losses or VRR Realized Losses, as applicable;

 

(xix)      as to any Mortgage Loan repurchased by a Mortgage Loan Seller or otherwise liquidated or disposed of during the related Collection Period, (A) the Loan Number of the related Mortgage Loan and (B) the amount of proceeds of any repurchase of a Mortgage Loan, Liquidation Proceeds and/or other amounts, if any, received thereon during the related Collection Period and the portion thereof included in the Aggregate Available Funds for such Distribution Date;

 

(xx)        the amount on deposit in each of the Interest Reserve Account and the Gain-on-Sale Reserve Account before and after giving effect to the distribution made on such Distribution Date (and any material account activity since the prior Distribution Date);

 

(xxi)       the then-current credit support levels for each Class of Certificates (other than the Class X, Class S and Class R Certificates);

 

(xxii)      the original and then-current ratings of each Class of Certificates (other than the Class S and Class R Certificates);

 

(xxiii)     with respect to any REO Loan as to which the related Mortgaged Property became an REO Property during the preceding calendar month, the city, state, property type, latest Debt Service Coverage Ratio and the current Stated Principal Balance;

 

(xxiv)     with respect to any REO Property included in the Trust Fund at the close of business on the related Determination Date (A) the Loan Number of the related Mortgage Loan and (B) the value of such REO Property based on the most recent Appraisal or valuation;

 

(xxv)     with respect to any Serviced REO Property sold or otherwise disposed of during the related Collection Period and for which a Final Recovery Determination has been made, (A) the Loan Number of the related Mortgage Loan, (B) the Realized Loss and VRR Realized Loss attributable to the related Mortgage Loan, (C) the amount of sale proceeds and other amounts, if any, received in respect of such Serviced REO Property during the related Collection Period and the portion thereof included in the Aggregate Available Funds for such Distribution Date, (D) the date of the Final Recovery Determination and (E) the balance of the Gain-on-Sale Reserve Account for such Distribution Date;

 

(xxvi)     the amount of the distribution on the Distribution Date to the holders of the Class R Certificates and the Excess Interest Certificates;

 

(xxvii)    material breaches of Mortgage Loan representations and warranties or any covenants under this Agreement of which the Certificate Administrator has received or delivered written notice;

 

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(xxviii)     the identity of the Operating Advisor;

 

(xxix)      the amount of Realized Losses and VRR Realized Losses, Additional Trust Fund Expenses and Interest Shortfalls, if any, incurred with respect to the Mortgage Loans during the related Collection Period and in the aggregate for all prior Collection Periods (except to the extent reimbursed or paid);

 

(xxx)        an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period;

 

(xxxi)       the identity of the Controlling Class;

 

(xxxii)      the identity of the Directing Holder; and

 

(xxxiii)     such other information as contemplated by Exhibit K to this Agreement.

 

In the case of information furnished pursuant to sub-clauses (ii), (iii), (v), (vii), (viii), (xv) and (xviii) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per $1,000 of original Certificate Balance or Notional Amount, as the case may be.

 

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

 

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

 

On each Distribution Date, the Certificate Administrator shall make available to each Holder of a Class R Certificate a copy of the reports made available to the other Certificateholders on such Distribution Date and a statement setting forth the amounts, if any, actually distributed with respect to the Class R Certificates on such Distribution Date.  Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that it provided substantially comparable information pursuant to any requirements of the Code as from time to time in force.

 

 

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The Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and posting of such information to the Certificate Administrator’s Website or filing such information pursuant to this Agreement, including, but not limited to, filing via through the EDGAR system, unless the Certificate Administrator has an explicit obligation to review or prepare such information.

 

Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided to Certificateholders pursuant to clauses (ii) and (iii) above as to the applicable Class, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder, together with such other information that the Certificate Administrator deems necessary or desirable, or that a Certificateholder or Certificate Owner reasonably requests, to enable such Certificateholders to prepare their federal income tax returns.  Such information shall include the amount of original issue discount accrued on each Class of Certificates held by Persons other than Holders exempted from the reporting requirements and information regarding the expenses of the Trust Fund.  Such requirement shall be deemed to be satisfied to the extent such information is provided pursuant to applicable requirements of the Code from time to time in force.

 

On each Distribution Date, the Certificate Administrator shall deliver the related Distribution Date Statement to the Depositor in electronic format to dbinvestor@list.db.com (or to such other address as the Depositor shall specify by written notice to the Certificate Administrator).

 

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

 

(b)        The Certificate Administrator shall make available via the Certificate Administrator’s Website, to any Privileged Person (provided that the Prospectus, the Distribution Date Statements and the Commission filings will be made available to the general public, and provided, further, that any Privileged Person that is a Borrower Party shall only be entitled to access documents made available to the general public) the following items, in each case to the extent received by the Certificate Administrator:

 

(i)          the following “deal documents”:

 

(A)           the Prospectus;

 

(B)           this Agreement, each sub-servicing agreement delivered to the Certificate Administrator from and after the Closing Date (if any), the Mortgage Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)           the CREFC® Loan Setup File delivered to the Certificate Administrator by the Master Servicer;

 

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(ii)         the following “SEC EDGAR filings”:

 

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

 

(iii)       the following “periodic reports”:

 

(A)           the Distribution Date Statements;

 

(B)           the supplemental reports and the CREFC® data files identified as such in the definition of “CREFC® Investor Reporting Package (CREFC® IRP)” (other than the CREFC® Loan Setup File and the CREFC® Special Servicer Loan File), to the extent it has received or prepared such report or file; and

 

(C)           any Operating Advisor Annual Reports.

 

(iv)        the following “additional documents”:

 

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

 

(B)           any other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format; and

 

(C)           the CREFC® Appraisal Reduction Template;

 

(v)         the following “special notices”:

 

(A)          any notice with respect to a release pursuant to Section 3.10(g);

 

(B)           all Special Notices;

 

(C)           notice of any waiver, modification or amendment of any term of any Mortgage Loan;

 

(D)           notice of final payment on the Certificates;

 

(E)           all notices of the occurrence of any Servicer Termination Events (or any analogous servicer termination event under any Other Pooling and Servicing Agreement relating to any Non-Serviced Whole Loan) received by the Certificate Administrator;

 

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

 

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

 

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

 

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

 

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

 

(K)           any and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support its or the Master Servicer’s, the Trustee’s or the Special Servicer’s, as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(L)           any notice of the termination of the Trust;

 

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

 

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

 

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

 

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

 

(Q)           any Proposed Course of Action Notice;

 

(R)           all of the annual compliance statements and annual assessments as to compliance delivered to the Certificate Administrator since the Closing Date pursuant to Section 10.11 and Section 10.12 of this Agreement;

 

(S)           all of the annual independent public accountants’ servicing reports caused to be delivered to the Certificate Administrator since the Closing Date pursuant to Section 10.13 of this Agreement; and

 

(T)           any notice or documents provided by the Depositor or the Master Servicer directing the Certificate Administrator to post to the “special notices” tab;

 

(vi)        the Investor Q&A Forum;

 

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(vii)       solely to Certificateholders and Certificate Owners, the Investor Registry; and

 

(viii)      the “U.S. Risk Retention Special Notices” tab on the Certificate Administrator’s Website, to which the Certificate Administrator shall post the disclosure required pursuant to 12 C.F.R. 244.4(c)(1)(ii) of the Risk Retention Rule;

 

provided that with respect to a Control Termination Event or a Consultation Termination Event deemed to exist due solely to the existence of an Excluded Loan, the Certificate Administrator shall only be required to make available such notice of the occurrence of a Control Termination Event or the notice of the occurrence of a Consultation Termination Event to the extent the Certificate Administrator has been notified of such Excluded Loan.

 

The Certificate Administrator shall, in addition to posting the applicable notices on the “U.S. Risk Retention Special Notices” tab described in clause (viii) above, provide email notification to any Privileged Person (other than Financial Market Publishers) that has registered to receive access to the Certificate Administrator’s Website that a notice has been posted to the “U.S. Risk Retention Special Notices” tab.

 

Notwithstanding the foregoing, all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information” (and not under any of the tabs or headings described in items (i) through (vii) above) and made available to Privileged Persons other than Excluded Controlling Class Holders (unless loan-by-loan segregation is later performed by the Certificate Administrator in which case such access by an Excluded Controlling Class Holder shall only be prohibited with respect to the related Excluded Controlling Class Loans).  The “U.S. Risk Retention Special Notices” tab shall be available to Privileged Persons (other than any Financial Market Publisher).

 

Any Person that is a Borrower Party shall only be entitled to access (a) the Distribution Date Statements, and the following items made available to the general public: the Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the Commission filings on the Certificate Administrator’s Website, and (b) in the case of the Directing Holder or a Controlling Class Certificateholder, if any such Person becomes an Excluded Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in physical form of an investor certification substantially in the forms of Exhibit L-1D and Exhibit L-1E and upon delivery to the Certificate Administrator in physical form of an investor certification substantially in the form of Exhibit L-1F, which shall include each of the CTSLink User ID’s associated with such Excluded Controlling Class Holder, all information (other than Excluded Information) available on the Certificate Administrator’s Website (unless loan-by-loan segregation is later performed by the Certificate Administrator in which case such access by an Excluded Controlling Class Holder shall only be prohibited with respect to the related Excluded Controlling Class Loans).

 

In the case of the Directing Holder or a Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, upon delivery of an investor certification substantially in the form of Exhibit L-1B hereto, such Directing Holder or Controlling Class Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website.  The Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee

 

 

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may each rely on (i) an investor certification in the form of Exhibit L-1B hereto from the Directing Holder or a Controlling Class Certificateholder to the effect that such Person is not an Excluded Controlling Class Holder and (ii) an investor certification in the form of Exhibit L-1E hereto from the Directing Holder or a Controlling Class Certificateholder to the effect that such Person is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Loan(s).  In the event the Directing Holder or a Controlling Class Certificateholder becomes an Excluded Controlling Class Holder, such party shall promptly notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in writing substantially in the form of Exhibit L-1E that such party is an Excluded Controlling Class Holder and identify the Excluded Controlling Class Loan(s) and thereafter shall not be entitled to any Excluded Information related to such Excluded Controlling Class Loan(s) and made available on the Certificate Administrator’s Website.  With respect to any Excluded Information, each of the Master Servicer, the Special Servicer and the Operating Advisor shall mark or label such information as “Excluded Information” prior to delivery to the Certificate Administrator, and the Certificate Administrator shall segregate on the Certificate Administrator’s Website such Excluded Information (and may be segregated on loan-by-loan basis) from information relating to other Mortgage Loans.  Notwithstanding anything herein to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively assume that the Directing Holder and all beneficial owners of the Certificates of the Controlling Class are not Excluded Controlling Class Holders except to the extent that the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator, as applicable, has received such notice from the Directing Holder or a Controlling Class Certificateholder that it has become an Excluded Controlling Class Holder. None of the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator shall be liable for any communication to the Directing Holder or Controlling Class Certificateholder or disclosure of Excluded Information if the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator, as applicable, did not receive prior written notice that the related Mortgage Loan is an Excluded Controlling Class Loan (including, in the case of a summary of an Asset Status Report or Final Asset Status Report delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website and/or any failure to label any such information provided to the Certificate Administrator).

 

Each of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively rely on (i) any written notice from the Directing Holder or a Controlling Class Certificateholder that it is no longer an Excluded Controlling Class Holder and (ii) any certification delivered by the Directing Holder or a Controlling Class Certificateholder, as applicable, substantially in the form of Exhibit L1-B that such Person is no longer an Excluded Controlling Class Holder.  To the extent the Directing Holder or a Controlling Class Certificateholder receives access pursuant to this Agreement to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information, such Directing Holder or Controlling Class Certificateholder shall be deemed to have agreed that it (i) will not directly or indirectly provide any information related to the Excluded Controlling Class Loan to the related Borrower or to any Excluded Controlling Class Holder or (A) any employees or personnel of such Directing Holder or Controlling Class Certificateholder or any Affiliate involved in the management of any investment in the related Borrower or the related Mortgaged Property or (B) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower, and (ii) will maintain sufficient 

 

 

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internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

To the extent the Risk Retention Consultation Party or a Holder of the VRR Interest receives access pursuant to this Agreement to any information solely related to a Mortgage Loan with respect to which such party is a Borrower Party (which shall include any Asset Status Reports, Final Asset Status Reports (or summaries thereof), inspection reports related to Specially Serviced Loans conducted by the Special Servicer or any Excluded Special Servicer and which may include any Operating Advisor reports delivered to the Certificate Administrator regarding the Special Servicer’s net present value determination or any Appraisal Reduction Amount calculations, and any Officer’s Certificates delivered by the Trustee, the Master Servicer or the Special Servicer, supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, but in each case other than information with respect to such Mortgage Loan that is aggregated with information of other Mortgage Loans at a pool level), on the Certificate Administrator’s Website or otherwise receives access to such information, the Risk Retention Consultation Party or Holder of the VRR Interest 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 the Risk Retention Consultation Party or Holder of the VRR Interest or any of its Affiliates involved in the management of any investment in the related Borrower Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above. For the avoidance of doubt, for the purposes of this paragraph, any file or report contained in the CREFC® Investor Reporting Package (“CREFC® IRP”) (other than the CREFC® Special Servicer Loan File relating to any such Excluded Loan) shall be considered information that is aggregated with information of other Mortgage Loans at a pool level.

 

The Certificate Administrator makes no representations or warranties as to the accuracy or completeness of such information and assumes no responsibility therefor.  In addition, the Certificate Administrator may disclaim responsibility for any information distributed or filed by the Certificate Administrator for which it is not the original source.  The Certificate Administrator shall not be responsible for the accuracy or completeness of any information supplied to it by the Master Servicer or Special Servicer that is included in any reports, statements, materials or information prepared or provided by the Master Servicer or Special Servicer, as applicable, and the Certificate Administrator shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports without any duty or obligation to recompute, verify or re-evaluate any of the amounts or other information stated therein.  In connection with providing access to the Certificate Administrator’s Internet website, the Certificate Administrator may require registration and the acceptance of a disclaimer.  The Certificate Administrator shall not be liable for the dissemination of information in accordance herewith.  Notwithstanding anything herein to the contrary, the Certificate Administrator shall not be liable for any Excluded Information to the extent such information was included in any summary of an Asset Status Report or Final Asset Status Report delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website and not properly identified as Excluded Information.

 

 

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The Certificate Administrator shall have no liability for access by an Excluded Controlling Class Holder to the Certificate Administrator’s Website of any information with respect to which such Excluded Controlling Class Holder is prohibited from accessing pursuant to this Agreement if such Excluded Controlling Class Holder provided an Investor Certification but did not indicate it was a Borrower Party.

 

The provisions in this Section shall not limit the Master Servicer’s ability to make accessible certain information regarding the Mortgage Loans at a website maintained by the Master Servicer.

 

(c)        The Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum.  The “Investor Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders and Certificate Owners who are Privileged Persons may (A) submit questions to the Certificate Administrator relating to the Distribution Date Statement, (B) submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available pursuant to this Section 4.02(c), the Mortgage Loans or the Mortgaged Properties (other than a Non-Serviced Mortgage Loan) or related Mortgaged Properties and (C) submit questions to the Operating Advisor relating to the Operating Advisor Annual Reports or actions by the Master Servicer or the Special Servicer as to which the Operating Advisor has consultation rights, whether or not referenced in any Operating Advisor Annual Reports or other reports prepared by the Operating Advisor (collectively, “Inquiries”), and (ii) Privileged Persons may view Inquiries that have been previously submitted and answered, together with the answers thereto.  Upon receipt of an Inquiry for the Master Servicer, the Special Servicer or the Operating Advisor, the Certificate Administrator shall forward the Inquiry to the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, (and in the case of an inquiry relating to a Non-Serviced Mortgage Loan, to the applicable party under the Other Pooling and Servicing Agreement) in each case within a commercially reasonable period following receipt thereof.  Following receipt of an Inquiry, the Certificate Administrator, the Master Servicer, the Special Servicer (other than with respect to the Non-Serviced Mortgage Loans or related Mortgaged Properties) or the Operating Advisor, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Master Servicer, Special Servicer or the Operating Advisor shall be sent by email to the Certificate Administrator.  The Certificate Administrator shall post (within a commercially reasonable period following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer to the Investor Q&A Forum.  If the Certificate Administrator, the Master Servicer, the Special Servicer or the Operating Advisor determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders, (iii) answering any Inquiry would be in violation of applicable law, this Agreement or the applicable Loan Documents, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator, the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, (v) answering such inquiry would require the disclosure of Privileged Information (subject to the Privileged Information Exception), (vi) answering such inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product, or (vii) answering any Inquiry is otherwise not advisable for any reason, it shall not be required to answer such Inquiry and, in the case of the Master Servicer, the Special Servicer or the Operating Advisor, shall promptly notify the

 

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Certificate Administrator, and the Certificate Administrator shall not post such Inquiry on the Investor Q&A Forum.  In addition, no party shall post or otherwise disclose information known to such party to be Privileged Information as part of its response to any Inquiry.  The Certificate Administrator shall notify the Person who submitted such Inquiry if the Inquiry will not be answered.  The Certificate Administrator shall not be required to post to the Investor Q&A Forum any Inquiry or answer thereto that the Certificate Administrator determines, in its sole discretion, is administrative or ministerial in nature.  The Investor Q&A Forum will not reflect questions, answers and other communications between the Certificate Administrator or other Person which are not submitted via the Investor Q&A Forum.  In addition, no party is permitted to post or otherwise disclose direct communication with the Directing Holder or the Risk Retention Consultation Party (in its capacity as Risk Retention Consultation Party) as part of its response to any questions. In the case of an Inquiry relating to a Non-Serviced Mortgage Loan, the Certificate Administrator shall make reasonable efforts to obtain an answer from the related non-serviced master servicer or the related non-serviced special servicer, as applicable; provided that the Certificate Administrator shall not be responsible for the content of such answer or any delay or failure to obtain such answer.

 

(d)        The Certificate Administrator shall make available to any Certificateholder and Certificate Owner, the Investor Registry.  The “Investor Registry” shall be a voluntary service available on the Certificate Administrator’s Website, where Certificateholders and Certificate Owners can register and thereafter obtain contact information with respect to any other Certificateholder or Certificate Owner that has so registered.  Any person registering to use the Investor Registry will be required to certify that (a) it is a Certificateholder or a Certificate Owner and (b) it grants authorization to the Certificate Administrator to make its name and contact information available on the Investor Registry for at least 45 days from the date of such certification to other registered Certificateholders and registered Certificate Owners.  Such Person shall then be asked to enter certain mandatory fields such as the individual’s name, the company name and email address, as well as certain optional fields such as address, phone, and Class(es) of Certificates owned.  If any Certificateholder or Certificate Owner notifies the Certificate Administrator that it wishes to be removed from the Investor Registry (which notice may not be within 45 days of its registration), the Certificate Administrator shall promptly remove it from the Investor Registry.  The Certificate Administrator will not be responsible for verifying or validating any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon.  The Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry.

 

(e)         The Master Servicer may at its sole cost and expense, but is not required to, make any of the reports or files it delivers pursuant to this Agreement available on the Master Servicer’s website only with the use of a password, in which case the Master Servicer shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder who requests such password, provided that any such Certificateholder or prospective Certificateholder, as the case may be, has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer.  In connection with providing access to the Master Servicer’s website, the Master Servicer may require registration and the acceptance of a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the extent the Master

 

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Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the availability, use and disclosure of such information, and which may provide indemnification to the Master Servicer for any liability or damage that may arise therefrom.  The Master Servicer shall not be liable for dissemination of this information in accordance with this Agreement, provided that such information otherwise meets the requirements set forth herein with respect to the form and substance of such information or reports.  The Master Servicer shall be entitled to attach to any report provided pursuant to this subsection, any reasonable disclaimer with respect to information provided, or any assumptions required to be made by such report.  Notwithstanding anything herein to the contrary, the Master Servicer may, at its sole cost and expense, make available by electronic media, bulletin board service or Internet website any reports or other information the Master Servicer is required or permitted to provide to any Borrower with respect to such Borrower’s Mortgage Loan or Serviced Whole Loan to the extent such action does not conflict with the terms of this Agreement, the terms of the related Loan Documents or applicable law.  If the Master Servicer is required to deliver any statement, report or other information under any provision of this Agreement, then, the Master Servicer may satisfy such obligation by (x) physically delivering a paper copy of such statement, report or information, (y) delivering such statement, report or information in a commonly used electronic format, or (z) making such statement, report or information available on its website, unless this Agreement expressly specifies a particular method of delivery; provided that all reports required to be delivered to the Certificate Administrator shall be delivered in accordance with clause (x) or (y) or, upon request, clause (z).

 

(f)        Subject to Section 3.13, the Special Servicer shall from time to time (and, in any event, as may be reasonably requested by the Master Servicer) provide the Master Servicer with such information in its possession regarding the Specially Serviced Loans and REO Properties as may be reasonably necessary for the Master Servicer to prepare each report and any supplemental information to be provided by the Master Servicer to the Certificate Administrator.  Neither the Certificate Administrator nor the Depositor shall have any obligation to recompute, verify or recalculate the information provided thereto by the Master Servicer.  Unless the Certificate Administrator has actual knowledge that any report or file received from the Master Servicer contains erroneous information, the Certificate Administrator is authorized to rely thereon in calculating and making distributions to Certificateholders and allocating Realized Losses to the Certificates in accordance with Section 4.01 of this Agreement and preparing the statements to Certificateholders required by Section 4.02(a) of this Agreement.

 

(g)       As soon as reasonably practicable, upon the written request of and at the expense of any Certificateholder, the Certificate Administrator shall provide the requesting Certificateholder with such information that is in the Certificate Administrator’s possession or can reasonably be obtained by the Certificate Administrator as is requested by such Certificateholder, for purposes of satisfying applicable reporting requirements under Rule 144A under the Securities Act.  Neither the Certificate Registrar nor the Certificate Administrator shall have any responsibility for the sufficiency under Rule 144A or any other securities laws of any available information so furnished to any person including any prospective purchaser of a Certificate or any interest therein, nor for the content or accuracy of any information so furnished which was prepared or delivered to them by another.

 

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(h)        The Certificate Administrator shall make available at its offices, during normal business hours, upon not less than two Business Days prior notice, for review by any Privileged Person and any Serviced Companion Loan Noteholder that is a Privileged Person (solely with respect to items (ii) and (iii), to the extent such information relates to the related Serviced Companion Loan), originals or copies of documents relating to the Mortgage Loans and any related REO Properties to the extent in its possession, including, without limitation, the following items (except to the extent prohibited by applicable law or under any of the related Loan Documents):

 

(i)         any and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to which the environmental testing contemplated by Section 3.10(f) of this Agreement revealed that neither of the conditions set forth in clauses (i) and (ii) thereof was satisfied;

 

(ii)       the most recent annual (or more frequent, if available) operating statements, rent rolls (to the extent such rent rolls have been made available by the related Borrower) and/or lease summaries and retail sales information, if any, received from the Master Servicer or the Special Servicer in respect to each Mortgaged Property;

 

(iii)      the Mortgage File, including any and all modifications, waivers and amendments of the terms of a Mortgage Loan or Serviced Whole Loan entered into by the Master Servicer and/or the Special Servicer and delivered to the Certificate Administrator; and

 

(iv)       any other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A under the Securities Act.

 

The Certificate Administrator may require a Privileged Person to execute an Investor Certification prior to granting access to such information, which may be in the form of a “click-through” confirmation.  Copies of any and all of the foregoing items will be available from the Certificate Administrator upon request.  The Certificate Administrator will be permitted to require payment by the requesting party (other than a Rating Agency) of a sum sufficient to cover the reasonable costs and expenses of making such information available and providing any copies thereof.  The Certificate Administrator’s obligation under this Section 4.02(h) to make available any document is subject to the Certificate Administrator’s receipt of such document.

 

The Certificate Administrator shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.

 

(i)        The Depositor hereby authorizes the Certificate Administrator to make available to any Financial Market Publisher or such other vendor chosen by the Depositor that submits to the Certificate Administrator a certification substantially in the form of Exhibit L-2 to this Agreement, all the Distribution Date Statements, CREFC® reports and supplemental notices delivered or made available pursuant to this Section 4.02 to Privileged Persons.

 

Section 4.03  Compliance with Withholding Requirements.  Notwithstanding any other provision of this Agreement, the Paying Agent shall comply with all federal withholding requirements with respect to payments to Certificateholders and other payees of interest, original

 

 

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issue discount or other amounts that the Paying Agent reasonably believes are applicable under the Code.  The consent of Certificateholders or payees shall not be required for any such withholding.  If the Paying Agent or its agent withholds any amount from interest, original issue discount payments or other amounts or advances thereof to any Certificateholder or payee pursuant to federal withholding requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder or payee.  Any amount so withheld shall be treated as having been distributed to such Certificateholder for all purposes of this Agreement.

 

Section 4.04  REMIC Compliance.  (a)  The parties intend that the Lower-Tier REMIC and the Upper-Tier REMIC shall constitute, and that the affairs of the Lower-Tier REMIC and the Upper-Tier REMIC shall be conducted so as to qualify it as, a “real estate mortgage investment conduit” as defined in, and in accordance with, the REMIC Provisions at all times any Certificates are outstanding, and the provisions hereof shall be interpreted consistently with this intention.  In furtherance of such intention, the Certificate Administrator shall, to the extent permitted by applicable law, act as agent, and is hereby appointed to act as agent, of each such REMIC and shall on behalf of each such REMIC:

 

(i)       make or cause to be made an election, on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC, to be treated as a REMIC on Form 1066 for its first taxable year, in accordance with the REMIC Provisions;

 

(ii)      prepare and timely file, or cause to be prepared and timely filed, and cause the Trustee to sign (and the Trustee shall sign), all required Tax Returns for the Lower-Tier REMIC and the Upper-Tier REMIC, using a calendar year as the taxable year for each of such REMIC as required by the REMIC Provisions and other applicable federal, state or local income tax laws;

 

(iii)     prepare and forward, or cause to be prepared and forwarded, to the Certificateholders and the IRS and applicable state and local tax authorities all information reports as and when required to be provided to them in accordance with the REMIC Provisions;

 

(iv)     if the filing or distribution of any documents of an administrative nature not addressed in clauses (i) through (iii) of this Section 4.04(a) is then required by the REMIC Provisions in order to maintain the status of the Lower-Tier REMIC and the Upper-Tier REMIC as a REMIC or is otherwise required by the Code, prepare and file or distribute, or cause to be prepared and signed and filed or distributed, such documents with or to such Persons when and as required by the REMIC Provisions or the Code or comparable provisions of state and local law;

 

(v)      within 30 days of the Closing Date, obtain a taxpayer identification number for each of the Lower-Tier REMIC and the Upper-Tier REMIC on IRS Form SS-4 and (in the case of the Upper-Tier REMIC only), furnish or cause to be furnished to the IRS, on Form 8811 or as otherwise may be required by the Code, the name, title and address of the person that the Certificateholders may contact for tax information relating thereto (and the Certificate Administrator shall act as the representative of the Upper-Tier REMIC for this purpose), together with such additional information as may be required by such Form, and shall update such information at the time or times and in the manner required by the Code

 

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(and the Depositor agrees within 10 Business Days of the Closing Date to provide any information reasonably requested by the Master Servicer, the Special Servicer or the Certificate Administrator and necessary to make such filing); and

 

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

 

The Certificate Administrator shall be designated as the “partnership representative” within the meaning of Section 6223 of the Code of each Trust REMIC. Each Holder of a Percentage Interest in the Class R Certificates, by acceptance hereof, is deemed to have consented to such designation and agrees to execute any documents required to give effect thereto, and any fees and expenses incurred by the Certificate Administrator in connection with any audit or administrative or judicial proceeding shall be paid by the Trust Fund.

 

The Certificate Administrator shall not intentionally take any action or intentionally omit to take any action if, in taking or omitting to take such action, the Certificate Administrator has actual knowledge that such action or omission (as the case may be) would cause the termination of the REMIC status of the Lower-Tier REMIC or the Upper-Tier REMIC or the imposition of tax on the Lower-Tier REMIC or the Upper-Tier REMIC (other than a tax on income expressly permitted to be received by the terms of this Agreement).  Notwithstanding any provision of this paragraph to the contrary, the Certificate Administrator shall not be required to take any action that the Certificate Administrator in good faith believes to be inconsistent with any other provision of this Agreement, nor shall the Certificate Administrator be deemed in violation of this paragraph if it takes any action expressly required or authorized by any other provision of this Agreement, and the Certificate Administrator shall have no responsibility or liability with respect to any act or omission of the Depositor, the Trustee, the Master Servicer or the Special Servicer which does not enable the Certificate Administrator to comply with any of clauses (i) through (vi) of the first paragraph of this Section 4.04(a) or which results in any action contemplated by clauses (i) or (ii) of the next succeeding sentence.  In this regard the Certificate Administrator shall (i) exercise reasonable care not to allow the occurrence of any “prohibited transactions” within the meaning of Section 860F(a) of the Code, unless the party seeking such action shall have delivered to the Certificate Administrator an Opinion of Counsel (at such party’s expense) that such occurrence would not (A) result in a taxable gain, (B) otherwise subject the Lower-Tier REMIC or the Upper-Tier REMIC to tax (other than a tax at the highest marginal corporate tax rate on net income from foreclosure property), or (C) cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC; and (ii) exercise reasonable care not to allow the Trust Fund to receive any contributions, or any income from the performance of services or from assets not permitted under the REMIC Provisions to be held by a REMIC (provided that the receipt of any income expressly permitted or contemplated by the terms of this Agreement shall not be deemed to violate this clause).  None of the Master Servicer, the Special Servicer, the Trustee or the Depositor shall be (i) permitted to take any action that the Certificate Administrator would not be permitted to take pursuant to the preceding two sentences or (ii) responsible or liable (except in connection with taking any act or omission referred to in the two preceding sentences or the following sentence) for any failure by the Certificate Administrator to comply with the provisions of this Section 4.04.  The Depositor, the Trustee, the Master Servicer and the Special Servicer shall cooperate in a timely

 

 

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manner with the Certificate Administrator in supplying any information within the Depositor’s, the Trustee’s, the Master Servicer’s or the Special Servicer’s control (other than any confidential information) that is reasonably necessary to enable the Certificate Administrator to perform its duties under this Section 4.04.

 

The Certificate Administrator shall be responsible for the preparation of IRS Form W-9, if requested.  The Trustee shall be entitled to rely on any information contained therein and is hereby directed to execute such IRS Form W-9; provided that the Certificate Administrator shall be directed to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by applicable Treasury Regulations.

 

The Certificate Administrator’s authority under this Agreement includes the authority to make, and the Certificate Administrator is hereby directed to make, any elections allowed under the Code (i) to avoid the application of Section 6221 of the Code (or successor provisions) to any REMIC and (ii) to avoid payment by any Trust REMIC under Section 6226 of the Code (or successor provisions) of any tax, penalty, interest or other amount imposed under the Code that would otherwise be imposed on any Holder of any Class R Certificate, past or present.  A Holder of any Class R Certificate agrees, by acquiring such interest, to any such elections and to the Certificate Administrator’s designation as “partnership representative” of each REMIC under Section 6223 of the Code.

 

(b)           The following assumptions are to be used for purposes of determining the anticipated payments of principal and interest for calculating the original yield to maturity and original issue discount with respect to the Certificates:  (i) each Mortgage Loan will pay principal and interest in accordance with its terms and scheduled payments will be timely received on their Due Dates, provided that the Mortgage Loans will prepay in accordance with the Prepayment Assumption; (ii) none of the Sole Certificateholder, the Master Servicer, the Special Servicer and the Certificateholder owning a majority of the Percentage Interests in the Controlling Class will exercise the right described in Section 9.01 of this Agreement to cause early termination of the Trust Fund; and (iii) no Mortgage Loan is repurchased by a Mortgage Loan Seller pursuant to the terms of the related Mortgage Loan Purchase Agreement.

 

Section 4.05 Imposition of Tax on the Trust Fund.  If any tax, including interest, penalties or assessments, additional amounts or additions to tax, is imposed on the Lower-Tier REMIC or the Upper-Tier REMIC, such tax shall be charged against amounts otherwise distributable to the Holders of the Certificates; provided that any taxes imposed on any net income from foreclosure property pursuant to Section 860G(d) of the Code or any similar tax imposed by a state or local jurisdiction shall instead be treated as an expense of the related Serviced REO Property in determining Net REO Proceeds with respect to the Serviced REO Property (and until such taxes are paid, the Special Servicer from time to time shall withdraw from amounts in the REO Account (and, in the case of any Serviced Whole Loan, from amounts in the Serviced Whole Loan REO Account) allocable to the Mortgage Loans and transfer to the Certificate Administrator amounts reasonably determined by the Certificate Administrator to be necessary to pay such taxes, which the Certificate Administrator shall maintain in a separate, non-interest-bearing account, and the Certificate Administrator shall send to the Special Servicer for deposit in the REO Account (or, if applicable, the Serviced Whole Loan REO Account) the excess determined by the Certificate Administrator from time to time of the amount in such account over the amount necessary to pay such taxes) and shall be paid therefrom; provided that any such tax imposed on net income from

 

 

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foreclosure property that exceeds the amount in any such reserve shall be retained from Aggregate Available Funds as provided in Section 3.06(a)(xii) or, in the case of any Serviced Whole Loan, in Section 3.06(b)(xiii), and the next sentence.  Except as provided in the preceding sentence, the Certificate Administrator is hereby authorized to and shall retain or cause to be retained from Aggregate Available Funds sufficient funds to pay or provide for the payment of, and to actually pay, such tax as is legally owed by the applicable Trust REMIC (but such authorization shall not prevent the Trustee from contesting, at the expense of the Trust Fund or in the case of a Serviced Whole Loan with a Serviced Pari Passu Companion Loan, on a pro rata basis as between the related Mortgage Loan and any related Serviced Pari Passu Companion Loan (based on their respective outstanding principal balances)) any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings).  The Certificate Administrator is hereby authorized to and shall segregate or cause to be segregated, into a separate non-interest bearing account, (i) the net income allocable to the Mortgage Loans from any “prohibited transaction” under Section 860F(a) of the Code or (ii) the amount of any contribution to the Lower-Tier REMIC or the Upper-Tier REMIC after the Startup Day that is subject to tax under Section 860G(d) of the Code and use such income or amount, to the extent necessary, to pay such tax (and return the balance thereof, if any, to the Collection Account, the Lower-Tier Distribution Account or the Upper-Tier Distribution Account).  To the extent that any such tax is paid to the IRS, the Certificate Administrator shall retain an equal amount from future amounts otherwise distributable to the Holders of the Class R Certificates, as the case may be, and shall distribute such retained amounts to the Holders of Non-VRR Certificates and the VRR Interest, or the Trustee as Holder of the Lower-Tier Regular Interests, until they are fully reimbursed and then to the Holders of the Class R Certificates.  Neither the Master Servicer, the Special Servicer, the Certificate Administrator, nor the Trustee shall be responsible for any taxes imposed on the Lower-Tier REMIC or the Upper-Tier REMIC except to the extent such tax is attributable to a breach of a representation or warranty or the negligence or willful misconduct of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee or an act or omission of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee in contravention of this Agreement, provided, further, that such breach, act or omission could result in liability under Section 6.03 of this Agreement, in the case of the Master Servicer, Section 4.04 of this Agreement, in the case of the Trustee or Section 4.04 of this Agreement, in the case of the Certificate Administrator in accordance with the standard of liability set forth in those sections.  Notwithstanding anything in this Agreement to the contrary, in each such case, the Master Servicer or the Special Servicer shall not be responsible for the Trustee’s or the Certificate Administrator’s breaches, acts or omissions, the Trustee shall not be responsible for the breaches, acts or omissions of the Certificate Administrator, the Master Servicer or the Special Servicer and the Certificate Administrator shall not be responsible for the breaches, acts or omissions of the Trustee, the Master Servicer or the Special Servicer.

 

Section 4.06  Remittances.  On the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer with respect to the Mortgage Loans that it is servicing shall:

 

(i)       remit to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to Prepayment Premiums and Yield Maintenance Charges, and, for deposit in accordance with Section 3.05(i) of this Agreement, Gain-on-

 

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Sale Proceeds, in each case received by the Master Servicer in its Collection Period preceding such Distribution Date;

 

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

 

(iii)    remit to the Certificate Administrator for deposit in the Excess Interest Distribution Account an amount equal to the Excess Interest for the benefit of the Holders of the Excess Interest Certificates received by the Master Servicer in the Collection Period preceding such Distribution Date; and

 

(iv) 
    remit to CREFC® the CREFC® Intellectual
Property Royalty License Fee.

 

Section 4.07  P&I Advances.  (a)  On or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master Servicer shall in the case of all Mortgage Loans either (i) remit to the Certificate Administrator for deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any to be made in respect of the related Distribution Date, (ii) apply amounts held in the Collection Account or the applicable Serviced Whole Loan Collection Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances; provided that such amounts in the applicable Serviced Whole Loan Collection Account shall only be applied up to the related Mortgage Loan’s pro rata share of the amounts held therein on such date, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made by the Master Servicer, except that the portion of such P&I Advance equal to the CREFC® Intellectual Property Royalty License Fee for each such Mortgage Loan shall not be remitted to the Certificate Administrator but shall instead be remitted to CREFC®.  Any amounts held in the Collection Account or any Serviced Whole Loan Collection Account, as applicable, for future distribution and so used to make P&I Advances shall be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by deposit in the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through either (x) the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made or (y) the deposit of Periodic Payments collected prior to the expiration of any applicable grace period that ends after the P&I Advance Determination Date in respect of which such P&I Advances were made).  The Master Servicer shall notify the Trustee and the Certificate Administrator of (i) the aggregate amount of P&I Advances for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for such Distribution Date, on or before the P&I Advance Determination Date.  If the Master Servicer fails to make a required P&I Advance by 3:00 p.m. (New York City time) on any Master Servicer Remittance Date, then the Trustee shall make such P&I Advance pursuant to Section 7.06 of this Agreement by 12:00 noon (New York City time) on the related Distribution Date, in each case unless the Master Servicer shall have cured such failure (and shall have provided written notice of such cure to the Trustee) by 11:00 a.m. (New York City time) on such Distribution Date or the Trustee determines that such P&I Advance, if made, would be a Nonrecoverable Advance.  Neither the Master Servicer nor the Trustee shall be required to make principal or interest advances with respect to any delinquent payment amounts due on any Companion Loan.  If the Master Servicer or the Trustee makes a P&I Advance with respect to any Mortgage Loan that is part of a

 

 

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Whole Loan with a related Serviced Companion Loan or Non-Serviced Companion Loan, then it shall provide written notice to the related Other Servicer, Other Special Servicer and Other Trustee of the amount of such P&I Advance with respect to such Mortgage Loan within two (2) Business Days of making such P&I Advance.

 

(b)           Subject to Section 4.07(c) and 4.07(d) below, the aggregate amount of P&I Advances to be made by the Master Servicer with respect to any Distribution Date shall equal the aggregate of:  (i) the Periodic Payments (other than any Balloon Payment) (net of related Servicing Fees (other than, in the case of any Non-Serviced Mortgage Loan, the servicing fee rate pursuant to the applicable Other Pooling and Servicing Agreement)) that were due on the Mortgage Loans and any REO Loan (other than any portion of an REO Loan related to any other Companion Loan) during the related Collection Period and delinquent as of the P&I Advance Determination Date (or not advanced by any Sub Servicer on behalf of the Master Servicer) and (ii) with respect to each Mortgage Loan delinquent in respect of its Balloon Payment as of the Master Servicer Remittance Date (including any REO Loan (other than any portion of an REO Loan related to any other Companion Loan) as to which the related Balloon Payment would have been past due), an amount equal to the Assumed Scheduled Payment therefor.  Subject to subsection (c) below, the obligation of the Master Servicer to make such P&I Advances, with respect to the Mortgage Loans that it is servicing, is mandatory, and with respect to any applicable Mortgage Loan or REO Loan, shall continue until (but not including) the Distribution Date on which Liquidation Proceeds or REO Proceeds, if any, are to be distributed.  The Periodic Payment or Assumed Scheduled Payment shall be reduced, for purposes of P&I Advances, by any modifications pursuant to Section 3.26 of this Agreement or otherwise and by any reductions by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers.

 

(c)            Notwithstanding anything herein to the contrary, no P&I Advance shall be required hereunder if the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance.  In addition, neither the Master Servicer nor the Trustee shall make any P&I Advance to the extent that it has received written notice that the Special Servicer has determined (if no Consultation Termination Event is continuing, in consultation with the Directing Holder) that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance.  In making such recoverability determination, the Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to (i) give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master Servicer or the Trustee, as applicable, in light of the fact that proceeds on the related Mortgage Loan are a source of recovery not only for the P&I Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount which is being or may be deferred or delayed, (ii) consider (among other things) the obligations of the Borrower under the terms of the related Mortgage Loan (or the Whole Loan, as applicable) as it may have been modified, (iii) consider (among other things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, (iv) estimate and consider (consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer) (among other things) future expenses, (v) estimate and

 

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consider (among other things) the timing of recoveries, and (vi) with respect to a Non-Serviced Whole Loan, any nonrecoverability determination of the Other Servicer or Other Trustee relating to a principal and interest advance for a Non-Serviced Companion Loan.

 

The Master Servicer, the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed P&I Advances.  None of the Master Servicer or Trustee shall make any P&I Advances with respect to delinquent amounts due on any Companion Loan.  If an Appraisal of the related Mortgaged Property shall not have been obtained within the prior 9-month period (and the Master Servicer and the Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence) or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions of the related Intercreditor Agreement).

 

Any such determination by the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as applicable, has made a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance shall be evidenced by a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Operating Advisor, the Special Servicer, any related Serviced Pari Passu Companion Loan Noteholder(s), the Directing Holder (but only if no Consultation Termination Event is continuing) and the Depositor and, in the case of the Trustee, by a certificate of a Responsible Officer of the Trustee, delivered to the Depositor, the Directing Holder (but only if no Consultation Termination Event is continuing), the Operating Advisor, the Certificate Administrator, the Master Servicer and the Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations of the Master Servicer, Special Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate accompanied by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and other information used by the Master Servicer, Special Servicer or the Trustee, as applicable, to make such determination, together with any existing Appraisal or any Updated Appraisal); provided that the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard, that any P&I Advance previously made or proposed to be made is nonrecoverable and shall deliver to the Master Servicer, the Directing Holder (but only if no Consultation Termination Event is continuing) (and, with respect to a Serviced Mortgage Loan, to any Other Servicer or Other Special Servicer under the pooling and servicing agreement into which the related Companion Loan is deposited), the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), notice of such determination, together with a certificate of a Servicing Officer and the supporting information described above.  Any such determination shall be conclusive and binding on the Master Servicer, the Special Servicer and the Trustee.

 

 

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Any such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any such other authorized Person from making a determination, that a P&I Advance constitutes, or would constitute a Nonrecoverable Advance) and (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions of the related Intercreditor Agreement), any analysis, Appraisals or market value estimates or other information for such purposes.  Absent bad faith, any such determination as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders.

 

Notwithstanding the above, (i) the Trustee shall be entitled to rely conclusively on and be bound by any determination by the Master Servicer or the Special Servicer, as applicable, that a P&I Advance, if made, would be a Nonrecoverable P&I Advance and (ii) the Master Servicer shall be entitled to rely conclusively on and be bound by any determination of the Special Servicer that a P&I Advance, if made, would be a Nonrecoverable P&I Advance (but this statement shall not be construed to entitle the Special Servicer to reverse any other authorized Person’s determination, or to prohibit any such other authorized Person from making a determination that an advance constitutes, or would constitute a Nonrecoverable Advance).  The Trustee, in determining whether or not a P&I Advance previously made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable P&I Advance shall use its good faith business judgment.  The Special Servicer shall promptly furnish the Master Servicer and the Trustee with any information in its possession regarding the Specially Serviced Loans and REO Properties as each such party may reasonably request for purposes of making recoverability determinations.

 

(d)           In connection with the recovery of any P&I Advance out of the Collection Account pursuant to Section 3.06(a) of this Agreement or any Serviced Whole Loan Collection Account pursuant to Section 3.06(b) of this Agreement, the Master Servicer shall be entitled to pay itself or the Trustee, as the case may be (in reverse of such order with respect to any Mortgage Loan or REO Property) out of any amounts then on deposit in the Collection Account or the applicable Serviced Whole Loan Collection Account (subject to the provisions of Section 3.06) (to the extent amounts therein relate to the Mortgage Loans, taking into account the related Intercreditor Agreement), interest at the Reimbursement Rate in effect from time to time, accrued on the amount of such P&I Advance from the date made to but not including the date of reimbursement with respect to the Mortgage Loan that the Master Servicer is servicing; provided, however, that no interest will accrue on any P&I Advance (i) made with respect to a Mortgage Loan until after the related Due Date has passed and any applicable grace period has expired or (ii) if the related Periodic Payment is received after the Determination Date but on or prior to the Business Day immediately prior to the related Distribution Date.  The Master Servicer shall reimburse itself or the Trustee, as the case may be, for any outstanding P&I Advance as soon as practicably possible after funds available for such purpose are deposited in the Collection Account or the applicable Serviced Whole Loan Collection Account with respect to the Mortgage Loan that the Master Servicer is servicing.

 

Notwithstanding anything to the contrary contained in Section 4.06 of this Agreement, (i) neither the Master Servicer nor the Trustee shall make an advance for Yield Maintenance Charges, Excess Interest or Penalty Charges and (ii) if the Master Servicer receives notice of an Appraisal Reduction Event and the related Appraisal Reduction Amount, the interest

 

 

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portion of any P&I Advance with respect to a Serviced Mortgage Loan as to which there has been an Appraisal Reduction Amount will be an amount equal to the product of (x) the amount required to be advanced without giving effect to the Appraisal Reduction Amount and (y) a fraction, the numerator of which is the Stated Principal Balance of such Mortgage Loan as of the immediately preceding Determination Date less any Appraisal Reduction Amount applicable to such Mortgage Loan and the denominator of which is the Stated Principal Balance of such Mortgage Loan as of such Determination Date.  All P&I Advances for any Mortgage Loans that have been modified shall be calculated on the basis of their terms as modified.  With respect to any Non-Serviced Mortgage Loan, if the Master Servicer or the Trustee, as applicable, does not receive notice of an Appraisal Reduction Event and the related Appraisal Reduction Amount from the related Other Servicer, then the Master Servicer or the Trustee, as applicable, shall have no obligation to proportionately reduce the interest portion of any P&I Advance required to be made by the Master Servicer or the Trustee, as applicable.  With respect to any Non-Serviced Companion Loan that has already been securitized prior to the Closing Date, the Certificate Administrator, on behalf of the Trust, shall notify each Other Servicer and each Other Trustee of a Non-Serviced Mortgage Loan that (a) such Non-Serviced Mortgage Loan has been included in this Trust and (b) upon (i) the existence of an Appraisal Reduction Event and/or (ii) the related calculation of any Appraisal Reduction Amount (or receipt of notice of any such calculation), such Other Servicer shall provide the Master Servicer (who shall promptly provide to the Special Servicer (who shall promptly forward, so long as no Consultation Termination Event is continuing, to the Directing Holder) and the Trustee with prompt notice of the existence of any such Appraisal Reduction Event and/or any such Appraisal Reduction Amount once calculated.  With respect to any Serviced Companion Loan, the Master Servicer shall notify the related Other Servicer and Other Trustee of the existence of an Appraisal Reduction Event and any related Appraisal Reduction Amount.  The Master Servicer shall be deemed to have delivered notice of any such Appraisal Reduction Event and any related Appraisal Reduction Amount if the Master Servicer includes such event and/or amount in its monthly servicer statements provided to the other servicer.

 

The portion of any Insurance Proceeds and Net Liquidation Proceeds in respect of a Mortgage Loan or any REO Loan allocable to principal shall equal the total amount of such proceeds minus (i) any portion thereof payable to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee pursuant to this Agreement and (ii) a portion thereof equal to the interest component of the Periodic Payment(s), as accrued at the related Net Mortgage Rate from the date as to which interest was last paid by the Borrower up to but not including the Due Date in the Collection Period in which such proceeds are received; provided that, if the interest portion(s) of one or more P&I Advances with respect of such Mortgage Loan or REO Loan, as applicable, were reduced as a result of an Appraisal Reduction Event, the amount of the Net Liquidation Proceeds to be applied to interest shall be reduced by the aggregate amount of such reductions and the portion of such Net Liquidation Proceeds to be applied to principal shall be increased by such amount, and if the amount of the Net Liquidation Proceeds to be applied to principal has been applied to pay the principal of such Mortgage Loan or REO Loan in full, any remaining Net Liquidation Proceeds shall then be applied to pay any remaining accrued and unpaid interest of such Mortgage Loan or REO Loan.

 

(e)            With respect to any Non-Serviced Mortgage Loan, the Master Servicer, the Special Servicer and the Trustee will each be permitted to make its determination that the Master

 

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Servicer or the Trustee has made a P&I Advance on such Mortgage Loan that is a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance with respect to such Mortgage Loan in accordance with Section 4.07(a) independently of any determination made by the Other Servicer (or any master servicer with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage Loan, if any) under the Other Pooling and Servicing Agreement (or any pooling and servicing agreement with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage Loan, if any).  If the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed P&I Advance with respect to any Non-Serviced Mortgage Loan, if made, or any outstanding P&I Advance with respect to any Non-Serviced Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer, the Special Servicer or the Trustee, as applicable, shall provide the Other Servicer (and any master servicer with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage Loan, if any), the Other Special Servicer and Other Trustee with written notice of such determination, promptly and in any event within two (2) Business Days after such determination or such longer time period permitted by the applicable Intercreditor Agreement.  If the Master Servicer receives written notice from an Other Servicer (relating to the Other Pooling and Servicing Agreement that governs the servicing and administration of the related Non-Serviced Whole Loan) that it has determined, with respect to the related Non-Serviced Companion Loan, that any proposed advance of principal and/or interest with respect to the related Non-Serviced Companion Loan would be, or any outstanding advance of principal and interest is, a nonrecoverable advance of principal and/or interest, such determination shall not be binding on the Certificateholders, the Master Servicer or the Trustee; provided that, with respect to each Non-Serviced Whole Loan, each of the Master Servicer and the Trustee shall be entitled to conclusively rely on any such nonrecoverability determination.

 

If the Master Servicer receives notice from a Rating Agency that it is no longer approved as a master servicer for commercial mortgage securitizations, it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or master servicer with respect to each commercial mortgage securitization that holds a Non-Serviced Companion Loan related to a Non-Serviced Mortgage Loan, if any.

 

(f)            With respect to any Serviced Whole Loan that has a Serviced Companion Loan, the Master Servicer, the Special Servicer and the Trustee will be permitted to make its determination that the Master Servicer or the Trustee has made a P&I Advance on the related Mortgage Loan that is a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance with respect to such Mortgage Loan in accordance with Section 4.07(a) independently of any determination made in respect of the related Serviced Companion Loan, by the master servicer under the related Other Pooling and Servicing Agreement.  In addition, neither the Master Servicer nor the Trustee shall make any P&I Advance or Servicing Advance with respect to a Serviced Whole Loan to the extent that it has received written notice that the Special Servicer has determined that such Advance would, if made, constitute a Nonrecoverable Advance.  If the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed P&I Advance with respect to such Serviced Whole Loan, if made, or any outstanding P&I Advance with respect to any such Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance or if the Master Servicer, the

 

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Special Servicer or the Trustee, as applicable, subsequently determines that a proposed Servicing Advance would be a Nonrecoverable Advance or an outstanding Servicing Advance is or would be a Nonrecoverable Advance, the Master Servicer or Trustee, as applicable, shall provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement with written notice of such determination, promptly and in any event within two (2) Business Days after such determination or such longer time period permitted by the applicable Intercreditor Agreement.  If the Master Servicer receives written notice from any master servicer under any such Other Pooling and Servicing Agreement that such master servicer has determined, with respect to the related Serviced Companion Loan, that any proposed advance of principal and/or interest with respect to such Serviced Companion Loan would be, or any outstanding advance of principal and interest is, a nonrecoverable advance of principal and/or interest, such determination shall not be binding on the Certificateholders, the Master Servicer or the Trustee; provided that, with respect to each Non-Serviced Whole Loan, each of the Master Servicer and the Trustee shall be entitled to conclusively rely on any such nonrecoverability determination.

 

(g)          If the Master Servicer receives notice from a Rating Agency that it is no longer approved as a master servicer for commercial mortgage securitizations, it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or master servicer with respect to each commercial mortgage securitization that holds a Serviced Pari Passu Companion Loan related to any Serviced Whole Loan, if any.

 

(h)          The Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes to the extent permitted pursuant to Section 3.06 of this Agreement together with any related Advance Interest Amount in respect of such P&I Advances to the extent permitted pursuant to Section 3.06 of this Agreement and the Master Servicer and the Special Servicer each hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the related Borrowers to the extent permitted by applicable law and the related Mortgage Loan and this Agreement.

 

Section 4.08   Appraisal Reductions; Collateral Deficiency Amounts.  (a)  For purposes of (x) determining the Non-Reduced Certificates, the Controlling Class and whether a Control Termination Event has occurred and is continuing, and (y) determining the Voting Rights of the related Classes for purposes of removal of the Special Servicer, the VRR Percentage of the Appraisal Reduction Amounts allocated to the Mortgage Loans will be allocated to the VRR Interest to notionally reduce (to not less than zero) the Certificate Balance of the VRR Interest.  The Non-VRR Percentage of the Appraisal Reduction Amounts allocated to the Mortgage Loans will be allocated to each Class of Principal Balance Certificates in reverse sequential order to notionally reduce the related Certificate Balances until the Certificate Balance of each such Class of Certificates is reduced to zero (i.e., first, to the Class H Certificates; second, to the Class G Certificates, third, to the Class F Certificates, fourth, to the Class E Certificates, fifth, to the Class D Certificates, sixth, to the Class C Certificates, seventh, to the Class B Certificates, eighth, to the Class A-M Certificates, and ninth, to the Class A-1, Class A-2, Class A-SB, Class A-4 and Class A-5 Certificates, pro rata, based on their Certificate Balances).

 

As of the first Determination Date following a Serviced Mortgage Loan becoming an AB Modified Loan, the Master Servicer shall calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal

 

 

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obtained by the Special Servicer with respect to such Mortgage Loan and all other information relevant to a Collateral Deficiency Amount determination.  Upon obtaining knowledge or receipt of notice by the Master Servicer that a Non-Serviced Mortgage Loan has become an AB Modified Loan, the Master Servicer shall (i) promptly request from the related Other Servicer, Other Special Servicer and Other Trustee the most recent appraisal with respect to such AB Modified Loan, in addition to all other information reasonably required by the Master Servicer to calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, and (ii) as of the first Determination Date following receipt by the Master Servicer of the appraisal and any other information set forth in the immediately preceding clause (i) that the Master Servicer reasonably expects to receive, calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent appraisal obtained by the Other Special Servicer with respect to such Non-Serviced Mortgage Loan, and all other information relevant to a Collateral Deficiency Amount determination.  Upon obtaining knowledge or receipt of notice by any other party to this Agreement that a Non-Serviced Mortgage Loan has become an AB Modified Loan, such party shall promptly notify the Master Servicer thereof.  The Special Servicer, upon reasonable prior written request, shall provide the Master Servicer with information in its possession that is reasonably required to calculate or recalculate any Collateral Deficiency Amount.  Upon reasonable prior written request, the Special Servicer shall use reasonable efforts to assist the Master Servicer in obtaining information reasonably required to calculate or recalculate any Collateral Deficiency Amount with respect to a Non-Serviced Mortgage Loan in the event that the Master Servicer is unsuccessful in obtaining such information from the related Other Servicer, Other Special Servicer or Other Trustee. None of the Special Servicer, the Trustee or the Certificate Administrator shall calculate or verify any Collateral Deficiency Amount.

 

For purposes of determining the Non-Reduced Certificates, the Controlling Class and whether a Control Termination Event is continuing, the VRR Percentage of any Appraisal Reduction Amounts shall be allocated to the VRR Interest to notionally reduce (to not less than zero) the Certificate Balance thereof, and the Non-VRR Percentage of any Appraisal Reduction Amounts will be allocated to each class of Principal Balance Certificates in reverse sequential order to notionally reduce the Certificate Balance thereof until the related Certificate Balance of each such class is reduced to zero.

 

For purposes of determining the Controlling Class and whether a Control Termination Event is continuing, Collateral Deficiency Amounts allocated to an AB Modified Loan will be allocated by applying the Non-VRR Percentage of the Collateral Deficiency Amounts to each Class of Control Eligible Certificates in reverse sequential order to notionally reduce the related Certificate Balances until the Certificate Balance of each such Class of Control Eligible Certificates is reduced to zero.  For the avoidance of doubt, for purposes of determining the Controlling Class or whether a Control Termination Event is continuing, any Class of Control Eligible Certificates shall be allocated the Non-VRR Percentage of both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency Amounts (the sum of which shall constitute the applicable Cumulative Appraisal Reduction Amount), in accordance with this Section 4.08(a).

 

With respect to (i) any Appraisal Reduction Amount calculated for the purposes of determining the Non-Reduced Certificates or determining the Voting Rights of the related Classes for purposes of removal of the Special Servicer and (ii) any Appraisal Reduction Amount or

 

 

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Collateral Deficiency Amount calculated for purposes of determining the Controlling Class or whether a Control Termination Event is continuing, the appraised value of the related Mortgaged Property shall be determined on an “as is” basis.

 

The Master Servicer shall promptly notify the Certificate Administrator and the Special Servicer of the amount of any Appraisal Reduction Amount (which notification shall be made by delivery of the CREFC® Loan Periodic Update File in accordance with Section 3.13(a)), any Collateral Deficiency Amount and any resulting Cumulative Appraisal Amount allocated to each Mortgage Loan, AB Modified Loan or Serviced Whole Loan if any (which notification shall be satisfied through the delivery of such information included in the CREFC® Appraisal Reduction Amount Template included in the CREFC® Investor Reporting Package (or such other form as agreed to by the Certificate Administrator and the Master Servicer), which shall be delivered simultaneously with the CREFC® Loan Periodic Update File in accordance with Section 3.13(a)).  Based on information in its possession, the Certificate Administrator shall determine from time to time which Class of Certificates is the Controlling Class.  Promptly upon its determination of a change in the Controlling Class, the Certificate Administrator shall notify the Master Servicer, the Special Servicer and the Operating Advisor of such event, including the identity and contact information of the new Controlling Class Certificateholder (the cost of obtaining such information from the Depository being an expense of the Trust).

 

(b)           The Holders of the majority (by Certificate Balance) of any Class of Control Eligible Certificates whose aggregate Certificate Balance, as notionally reduced by Appraisal Reduction Amounts or Collateral Deficiency Amounts allocated thereto, is less than 25% of the initial Certificate Principal Balance of such Class (such Class, an “Appraised-Out Class”) as a result of an allocation of an Appraisal Reduction Amount or Collateral Deficiency Amount in respect of such Class shall have the right, at their sole expense, to require the Special Servicer to order a supplemental Appraisal of any Mortgage Loan (or Serviced Whole Loan) for which an Appraisal Reduction Event has occurred or as to which there exists a Collateral Deficiency Amount (such Holders, the “Requesting Holders”), and use its reasonable efforts to obtain an Appraisal prepared on an “as-is” basis by an MAI appraiser reasonably acceptable to the Special Servicer within 60 days from receipt of the Requesting Holders’ written request.  Any Appraised-Out Class for which the Requesting Holders are challenging the Appraisal Reduction Amount or Collateral Deficiency Amount determination shall not exercise any rights of the Controlling Class, until such time, if any, as such Class is reinstated as the Controlling Class and the rights of the Controlling Class will be exercised by the next most senior Control Eligible Certificates, if any, during such period. 

 

In addition, the Requesting Holders of any Appraised-Out Class shall have the right, at their sole expense, to require the Special Servicer to order an additional appraisal of any Serviced Mortgage Loan for which an Appraisal Reduction Event has occurred or as to which there exists a Collateral Deficiency Amount if an event has occurred at or with regard to the related Mortgaged Property or Mortgaged Properties that would have a material effect on its appraised value, and the Special Servicer shall use reasonable efforts to obtain an Appraisal prepared on an “as-is” basis by an MAI appraiser reasonably acceptable to the Special Servicer within 60 days from receipt of the Requesting Holders’ written request; provided that the Special Servicer shall not be required to obtain such appraisal if it determines in accordance with the Servicing Standard that no events at or with regard to the related Mortgaged Property or Mortgaged Properties have

 

 

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occurred that would have a material effect on the appraised value of the related Mortgaged Property or Mortgaged Properties.  The right of the holders of an Appraised-Out Class to require the Special Servicer to order an additional appraisal as described in this paragraph shall be limited to no more frequently than once in any 9-month period with respect to any Mortgage Loan.

 

Upon receipt of any such supplemental Appraisal, the Special Servicer 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 Collateral Deficiency Amount is warranted and, if so warranted, shall direct the Master Servicer to, and the Master Servicer shall, recalculate such Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, based upon such supplemental Appraisal and receipt of information reasonably requested by the Master Servicer from the Special Servicer, to the extent such information is in the possession of the Special Servicer, and is reasonably necessary to make such recalculation.  If required by any such recalculation, the Appraised-Out Class shall be reinstated as the Controlling Class.

 

Appraisals that are permitted to be obtained by the Special Servicer at the request of holders of an Appraised-Out Class shall be in addition to any appraisals that the Special Servicer may otherwise be required to obtain in accordance with the Servicing Standard or this Agreement without regard to any appraisal requests made by any holder of an Appraised-Out Class.

 

(c)            An appraisal for any Mortgage Loan that has not been brought current for at least three consecutive Periodic Payments (or paid in full, liquidated, repurchased or otherwise disposed of) will be updated every 9 months for so long as an Appraisal Reduction Event or Collateral Deficiency Amount exists.

 

(d)           Notwithstanding the foregoing, within 60 days after an Appraisal Reduction Event (or in the case of an Appraisal Reduction Event occurring by reason of clause (ii) of the definition thereof, within 30 days of such Appraisal Reduction Event) (i) with respect to Serviced Mortgage Loans and any related Serviced Companion Loans having a Stated Principal Balance of $2,000,000 or higher, the Special Servicer shall order and use efforts consistent with the Servicing Standard to obtain an Updated Appraisal or (ii) with respect to Serviced Mortgage Loans and any related Serviced Companion Loans having a Stated Principal Balance of less than $2,000,000, the Special Servicer, at its option, shall (A) provide a Small Loan Appraisal Estimate within the same time period as an Appraisal would otherwise be required and such Small Loan Appraisal Estimate shall be used in lieu of an Updated Appraisal to calculate the Appraisal Reduction Amount for such Mortgage Loans or applicable Serviced Whole Loans; or (B) order and use efforts consistent with the Servicing Standard to obtain an Updated Appraisal.

 

(e)            The Special Servicer, upon reasonable request, shall deliver to the Master Servicer any information in the Special Servicer’s possession reasonably required to determine, calculate, redetermine or recalculate any Appraisal Reduction Amount.

 

On the first Determination Date occurring at least 10 Business Days after the later of (i) date the Master Servicer receives from the Special Servicer the related Updated Appraisal or the Special Servicer’s Small Loan Appraisal Estimate, as applicable, and (ii) the occurrence of an Appraisal Reduction Event, the Master Servicer shall adjust the Appraisal Reduction Amount to take into account such Updated Appraisal or Small Loan Appraisal Estimate, as applicable and 

 

 

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any information reasonably requested by the Master Servicer from the Special Servicer, to the extent such information is in the possession of the Special Servicer, necessary to calculate the Appraisal Reduction Amount.  Each Appraisal Reduction Amount shall also be adjusted to take into account any subsequent Small Loan Appraisal Estimate or Updated Appraisal, as applicable, and any letter updates, as of the date of each such subsequent Small Loan Appraisal Estimate, Updated Appraisal or letter update, as applicable, and receipt of information reasonably requested by the Master Servicer from the Special Servicer, to the extent such information is in the possession of the Special Servicer and is reasonably necessary to calculate the Appraisal Reduction Amount.  Such report shall also be forwarded by the Master Servicer, to the extent the related Serviced Companion Loan has been included in a securitization transaction, to the master servicer of such securitization into which the related Serviced Companion Loan has been sold, or to the holder of any related Serviced Companion Loan by the Master Servicer.

 

Section 4.09   Grantor Trust Reporting.  The Certificate Administrator shall maintain adequate books and records to account for the separate entitlements of the Grantor Trust.

 

(a)        The parties intend that the Grantor Trust shall be treated as a “grantor trust” under the Code, and the provisions thereof shall be interpreted consistently with this intention.  In furtherance of such intention, none of the Depositor, the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator shall vary the assets of the Grantor Trust so as to take advantage of market fluctuations or so as to improve the rate of return of the Excess Interest Certificates, and shall otherwise comply with Treasury Regulations Section 301.7701-4(c).  Within 30 days of the Closing Date, the Certificate Administrator shall obtain a taxpayer identification number for the Grantor Trust on IRS Form SS-4.  The Certificate Administrator shall file or cause to be filed with the IRS Form 1041 (or, if the Grantor Trust is a WHFIT, information will be provided on Form 1099) or such other form as may be applicable and shall furnish or cause to be furnished to the Holders of the Excess Interest Certificates their allocable share of income and expense with respect to the Class S Grantor Trust Assets with the corresponding alphabetic or alphanumeric designation and proceeds thereof, as such amounts are received or accrue, as applicable.

 

(b)        The Grantor Trust will not be treated as a WHFIT that is a WHMT so long as the Excess Interest Certificates are not treated as held through a “middleman” for federal income tax purposes. If the Grantor Trust is treated as a WHFIT that is a WHMT, the Certificate Administrator shall report as required under the WHFIT Regulations to the extent such information as is reasonably necessary to enable the Certificate Administrator to do so is provided to the Certificate Administrator on a timely basis.  The Certificate Administrator is hereby directed to assume that DTC, “Embassy & Co.” and “Hare & Co.” are the only “middleman” as defined by the WHFIT Regulations unless the Depositor provides the Certificate Administrator with the identities of other “middlemen” that are Certificateholders.  The Certificate Administrator shall be entitled to rely on the first sentence of this Section 4.09(b), and shall be entitled to indemnification in accordance with the terms of this Agreement in the event that the IRS makes a determination that any such notice is incorrect.

 

(i)       The Certificate Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual method, except to the extent the WHFIT Regulations specifically require a different method.  The Certificate Administrator shall be under no obligation to determine whether any Certificateholder uses the cash or accrual

 

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method.  The Certificate Administrator shall make available (via the Certificate Administrator’s Website) WHFIT information to Certificateholders annually.  In addition, the Certificate Administrator shall not be responsible or liable for providing subsequently amended, revised or updated information to any Certificateholder, unless requested by the Certificateholder.

 

(ii)      The Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for any penalties thereunder if such failure is due to:  (i) the lack of reasonably necessary information being provided to the Certificate Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator.  Each owner of a class of securities representing, in whole or in part, beneficial ownership of an interest in a WHFIT, by acceptance of its interest in such class of securities, will be deemed to have agreed to provide the Certificate Administrator with information regarding any sale of such securities, including the price, amount of proceeds and date of sale.  Absent receipt of information regarding any sale of Certificates, including the price, amount of proceeds and date of sale from the beneficial owner thereof or the Depositor, the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.

 

(iii)     To the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on the Certificate Administrator’s Website the CUSIPs for the Certificates that represent ownership of a WHFIT.  The CUSIPs so published will represent the Rule 144A CUSIPs.  The Certificate Administrator shall make reasonable good faith efforts to keep the website accurate and updated to the extent CUSIPs have been received.  Absent the receipt of a CUSIP, the Certificate Administrator will use a reasonable identifier number in lieu of a CUSIP.  The Certificate Administrator shall not be liable for investor reporting delays that result from the receipt of inaccurate or untimely CUSIP information.

 

Section 4.10  Secure Data Room.  (a)  The Certificate Administrator shall create the Secure Data Room and the Depositor shall, upon receipt of each Mortgage Loan Seller’s Diligence File Certification, deliver to the Certificate Administrator within 120 days following the Closing Date an electronic copy of the Diligence Files for the Mortgage Loans that have been uploaded by the Mortgage Loan Sellers to the Intralinks Site.  Upon receipt thereof, the Certificate Administrator shall promptly upload the contents of each Diligence File to the Secure Data Room.  Access to the Secure Data Room shall be granted by the Certificate Administrator to (i) the Asset Representations Reviewer and (ii) any other Person at the direction of the Depositor, in each case, upon the occurrence of an Affirmative Asset Review Vote and receipt by the Certificate Administrator of a certification substantially in the form of Exhibit KK hereto (which shall be sent via email to trustadministrationgroup@wellsfargo.com or submitted electronically via the Certificate Administrator’s website). In no case whatsoever shall Certificateholders be permitted to access the Secure Data Room.  For the avoidance of doubt, the Certificate Administrator shall be under no obligation to post any documents or information to the Secure Data Room other than the contents of the Diligence Files initially delivered to it by the Depositor.

 

(b)           The Certificate Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether the type, number or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates to the

 

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

 

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

 

Article V

THE CERTIFICATES

 

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

 

The Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5, Class A-M, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest will be substantially in the forms for such Class of Certificates as set forth next to such Classes in the Table of Exhibits to this Agreement.  The Certificates of each Class (other than the Class S and

 

 

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Class R Certificates) will be issuable in registered form only, in minimum denominations of authorized Certificate Balance or Notional Amount, as applicable, as described in the succeeding table, and multiples of $l in excess thereof (or such lesser amount if the Certificate Balance or Notional Amount, as applicable, is not a multiple of $1). The VRR Interest will be issuable in one or more Individual Certificates, in minimum denominations of authorized Certificate Balance as described in the succeeding table, and multiples of $l in excess thereof (or such lesser amount if the Certificate Balance is not a multiple of $1).  With respect to any Certificate or any beneficial interest in a Certificate, the “Denomination” thereof shall be (i) the amount (A) set forth on the face thereof or (B) in the case of any Global Certificate, set forth on a schedule attached thereto or, in the case of any beneficial interest in a Global Certificate, the amount set forth on the books and records of the related Depository Participant or indirect participating brokerage firm, as applicable, (ii) expressed in terms of Certificate Balance or Notional Amount, as applicable, and (iii) be in an authorized denomination, as set forth below: 

	
Class 

	
 

	
Minimum
Denomination 

	
 

	
Aggregate Denomination of
all Certificates of Class 

	
A-1 

	
 

	
$            10,000

	
 

	
             $        9,763,000

	
A-2 

	
 

	
$             10,000

	
 

	
             $        3,086,000

	
A-SB 

	
 

	
$             10,000

	
 

	
             $      15,906,000

	
A-4 

	
 

	
$             10,000

	
 

	
             $    132,500,000

	
A-5 

	
 

	
$             10,000

	
 

	
             $    380,199,000

	
X-A 

	
 

	
$           100,000

	
 

	
             $    611,069,000

	
A-M 

	
 

	
$             10,000

	
 

	
             $      69,615,000

	
B 

	
 

	
$             10,000

	
 

	
             $      30,941,000

	
C 

	
 

	
$             10,000

	
 

	
             $      31,907,000

	
X-B 

	
 

	
$        1,000,000

	
 

	
             $      62,848,000

	
X-D 

	
 

	
$        1,000,000

	
 

	
             $      41,576,000

	
X-F 

	
 

	
$         1,000,000

	
 

	
             $      22,238,000

	
X-G 

	
 

	
$         1,000,000

	
 

	
             $        7,735,000

	
X-H 

	
 

	
$         1,000,000

	
 

	
             $      28,040,150

	
D 

	
 

	
$            100,000(1)   

	
 

	
             $      22,238,000

	
E 

	
 

	
$            100,000(1)   

	
 

	
             $      19,338,000

	
F 

	
 

	
$            100,000(1)   

	
 

	
             $      22,238,000

	
G 

	
 

	
$            100,000(1)   

	
 

	
             $        7,735,000

	
H 

	
 

	
$            100,000(1)   

	
 

	
             $      28,040,150

	
VRR Interest 

	
 

	
$              10,000       

	
 

	
             $      40,710,850

 

	
(1)

	
Or $10,000 in the case of Rule 144A Global Certificates.

 

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

 

The Class S and Class R Certificates will each be issuable in one or more Individual Certificates in minimum denominations of 5% Percentage Interests and integral multiples of a 1% Percentage Interest in excess thereof and together aggregating the entire 100% Percentage Interest in each such Class.

 

The Global Certificates shall be issued as one or more certificates registered in the name of a nominee designated by the Depository, and Certificate Owners shall hold interests in the Global Certificates through the book-entry facilities of the Depository in the minimum Denominations and aggregate Denominations and Classes as set forth above.

 

 

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The Global Certificates shall in all respects be entitled to the same benefits under this Agreement as Individual Certificates authenticated and delivered hereunder.

 

The Retained Certificates shall each be issuable in one or more Individual Certificates at all times during the Transfer Restriction Period.

 

(b)           Except insofar as pertains to any Individual Certificate, the Trust Fund, the Certificate Administrator, the Paying Agent and the Trustee may for all purposes (including the making of payments due on the Global Certificates and the giving of notice to Holders thereof) deal with the Depository as the authorized representative of the Certificate Owners with respect to the Global Certificates for the purposes of exercising the rights of Certificateholders hereunder; provided that, for purposes of transmitting communications pursuant to Section 5.05(a) of this Agreement, to the extent that the Depositor has provided the Certificate Administrator with the names of Certificate Owners (even if such Certificateholders hold their Certificates through the Depository) the Certificate Administrator shall provide such information to such Certificate Owners directly.  The rights of Certificate Owners with respect to Global Certificates shall be limited to those established by law and agreements between such Certificateholders and the Depository and Depository Participants.  Except as set forth in Section 5.01(e) below, Certificate Owners of Global Certificates shall not be entitled to physical certificates for the Global Certificates as to which they are the Certificate Owners.  Requests and directions from, and votes of, the Depository as Holder of the Global Certificates shall not be deemed inconsistent if they are made with respect to different Certificate Owners.  Subject to the restrictions on transfer set forth in this Section 5.01 of this Agreement and Applicable Procedures, the holder of a beneficial interest in a Private Global Certificate may request that the Certificate Administrator cause the Depository (or any Agent Member) to notify the Certificate Registrar and the Certificate Custodian in writing of a request for transfer or exchange of such beneficial interest for an Individual Certificate or Certificates.  Upon receipt of such a request and payment by the related Certificate Owner of any attendant expenses, the Certificate Administrator shall cause the issuance and delivery of such Individual Certificates.  The Certificate Registrar may establish a reasonable record date in connection with solicitations of consents from or voting by Certificateholders and give notice to the Depository of such record date.  Without the written consent of the Certificate Registrar, no Global Certificate may be transferred by the Depository except to a successor Depository that agrees to hold the Global Certificates for the account of the Certificate Owners.

 

(c)            Any of the Certificates may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Agreement, as may be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Certificates are admitted to trading, or to conform to general usage.

 

(d)           The Global Certificates (i) shall be delivered by the Certificate Registrar to the Depository or, pursuant to the Depository’s instructions on behalf of the Depository to, and deposited with, the Certificate Custodian, and in either case shall be registered in the name of Cede & Co. and (ii) shall bear a legend substantially to the following effect:

 

“Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Certificate Registrar for registration of transfer,

 

 

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exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.”

 

The Global Certificates may be deposited with such other Depository as the Certificate Registrar may from time to time designate, and shall bear such legend as may be appropriate.

 

(e)            If (i) the Depository advises the Certificate Administrator in writing that the Depository is no longer willing or able properly to discharge its responsibilities as Depository, and the Certificate Administrator and the Depositor are unable to locate a qualified successor within 90 days of such notice or (ii) the Trustee has instituted or has been directed to institute any judicial proceeding to enforce the rights of the Holders of such Class and the Trustee has been advised by counsel that in connection with such proceeding it is necessary or appropriate for the Certificate Registrar to obtain possession of the Certificates of such Class, the Certificate Administrator shall notify the affected Certificate Owner or Owners through the Depository of the occurrence of such event and the availability of Individual Certificates to such Certificate Owners requesting them.  Upon surrender to the Certificate Administrator of Global Certificates by the Depository, accompanied by registration instructions from the Depository for registration of transfer, the Certificate Administrator shall issue the Individual Certificates.  Neither the Trustee, the Certificate Administrator, the Certificate Registrar, the Master Servicer, the Special Servicer nor the Depositor shall be liable for any actions taken by the Depository or its nominee, including, without limitation, any delay in delivery of such instructions.  Upon the issuance of Individual Certificates, the Trustee, the Certificate Administrator, the Certificate Registrar and the Master Servicer shall recognize the Holders of Individual Certificates as Certificateholders hereunder.

 

(f)            If the Trustee, its agents, the Certificate Administrator, its agents or the Master Servicer or Special Servicer have instituted or have been directed to institute any judicial proceeding in a court to enforce the rights of the Certificateholders under the Certificates, and the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer have been advised by counsel that in connection with such proceeding it is necessary or appropriate for the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer to obtain possession of the Certificates, the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer may in their sole discretion determine that the Certificates represented by the Global Certificates shall no longer be represented by such Global Certificates.  In such event, the Certificate Administrator or the Authenticating Agent will execute and authenticate and the Certificate Registrar will deliver, in exchange for such Global Certificates, Individual Certificates (and if the Certificate Administrator or the Certificate Custodian has in its possession Individual Certificates previously executed, the Authenticating Agent will authenticate and the Certificate Registrar will deliver such Certificates) in a Denomination equal to the aggregate Denomination of such Global Certificates.

 

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

 

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

 

(h)           Each Certificate may be printed or in typewritten or similar form, and each Certificate shall, upon original issue, be executed and authenticated by the Certificate Administrator or the Authenticating Agent and delivered to, or at the order of, the Depositor.  All Certificates shall be executed by manual or facsimile signature on behalf of the Certificate Administrator or Authenticating Agent by an authorized officer or signatory.  Certificates bearing the signature of an individual who was at any time the proper officer or signatory of the Certificate Administrator or Authenticating Agent shall bind the Certificate Administrator or Authenticating Agent, notwithstanding that such individual has ceased to hold such office or position prior to the delivery of such Certificates or did not hold such office or position at the date of such Certificates.  No Certificate shall be entitled to any benefit under this Agreement, or be valid for any purpose, unless there appears on such Certificate a certificate of authentication in the form set forth in Exhibit A-1 through Exhibit A-22 executed by the Authenticating Agent by manual signature, and such certificate of authentication upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly authenticated and delivered hereunder.  All Certificates shall be dated the date of their authentication.

 

(i)            If, in connection with any Distribution Date, the Certificate Administrator shall have reported the amount of an anticipated distribution to the Depository based on the expected receipt of any monthly payment based on information set forth in any report of the Master Servicer or the Special Servicer, or any other monthly payment, Balloon Payment or prepayment expected to be or which is paid on the last two Business Days preceding such Distribution Date, and the related Borrower fails to make such payments at such time, the Certificate Administrator shall use commercially reasonable efforts to cause the Depository to make the revised distribution on a timely basis on such Distribution Date.  The Trustee, the Certificate Administrator (in any of its capacities), the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer shall not be liable or held responsible for any resulting delay (or claims by the Depository resulting therefrom) in the making of such distribution to Certificateholders.  Any out-of-pocket costs incurred by the Certificate Administrator as a consequence of a Borrower failing to make such payments shall be reimbursable to the Certificate Administrator as an expense of the Trust Fund.

 

(j)           During the Transfer Restriction Period, each Retained Certificate shall only be held as Individual Certificates in the Retained Interest Safekeeping Account by the Certificate Administrator (and each Retaining Party’s respective interest shall be tracked in the form of an entry in the Certificate Administrator’s trust accounting system under the Retained Interest Safekeeping Account), for the benefit of the Holder of the related Certificate.  The Certificate

 

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Administrator shall hold such Retained Certificates in safekeeping and shall release the same only upon receipt of (i) written instructions from the holder of the Retained Certificates and the Retaining Sponsor, and in accordance with any authentication procedures as may be utilized by the Certificate Administrator and in accordance with this Agreement, and (ii) any certifications or other requirements governing transfers of the Retained Certificate required under Section 5.02(m).  There shall be, and hereby is, established by the Certificate Administrator an account which will be designated the “Retained Interest Safekeeping Account” and into which the Retained Certificates shall be held and which shall be governed by and subject to this Agreement.  In addition, on and after the date hereof, the Certificate Administrator may establish any number of subaccounts to the Retained Interest Safekeeping Account for each Retaining Party.  The Retained Certificates to be delivered in physical form to the Certificate Administrator shall be delivered as set forth herein. No amounts distributable to the Retained Certificates shall be remitted to the Retained Interest Safekeeping Account, but shall be remitted directly to each Retaining Party in accordance with written instructions provided separately by each Retaining Party to the Certificate Administrator.  Under no circumstances by virtue of safekeeping the Retained Certificates shall the Certificate Administrator be obligated to bring legal action or institute proceedings against any person on behalf of the Retaining Parties. During the Transfer Restriction Period and for such longer time as the applicable Retaining Party may request, the Certificate Administrator shall hold the Retained Certificates in definitive, fully registered form without interest coupons at the below location, or any other location; provided that the Certificate Administrator has given notice to each of the Retaining Parties of such new location:

 

Wells Fargo Bank NA 

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

425 E. Hennepin Avenue 

Minneapolis, MN 55414

 

The Certificate Administrator shall make available to each VRR Retaining Party its respective account information as mutually agreed upon by the Certificate Administrator and such VRR Retaining Party, and in accordance with the Certificate Administrator’s policies and procedures.  Any transfer of a Certificate evidencing the VRR Interest shall be subject to this Article V.  During the Transfer Restriction Period, unless the Retaining Sponsor and the Depositor otherwise consent in writing, the Certificate Administrator shall not permit any Person to copy (other than for internal purposes), and shall not itself provide to any Person copies of, the executed Certificates held by it in the Retained Interest Safekeeping Account.

 

Section 5.02  Registration, Transfer and Exchange of Certificates.  (a)  The Certificate Administrator shall keep or cause to be kept at its offices books (the “Certificate Register”) for the registration, transfer and exchange of Certificates (the Certificate Administrator, in such capacity, being the “Certificate Registrar”).  The Depositor, the Trustee, the Master Servicer and the Special Servicer shall have the right to inspect the Certificate Register or to obtain a copy thereof at all reasonable times, and to rely conclusively upon a certificate of the Certificate Registrar as to the information set forth in the Certificate Register.  The names and addresses of all Certificateholders and the names and addresses of the transferees of any Certificates shall be registered in the Certificate Register; provided that, in no event shall the Certificate Registrar be required to maintain in the Certificate Register the names of the individual Participants holding beneficial interests in the Trust Fund through the Depository.  The Person in whose name any

 

 

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Certificate is so registered shall be deemed and treated as the sole owner and Holder thereof for all purposes of this Agreement and the Depositor, Certificate Registrar, the Master Servicer, Special Servicer, the Trustee, the Certificate Administrator, any Paying Agent and any agent of any of them shall not be affected by any notice or knowledge to the contrary.  An Individual Certificate is transferable or exchangeable only upon the surrender of such Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements of Section 5.01(h) and Sections 5.02(c), (d), (e), (f), (g), (h) and (i) of this Agreement.  Upon request of the Certificate Administrator, the Certificate Registrar shall provide the Certificate Administrator with the names, addresses and Percentage Interests of the Holders. In its capacity as Certificate Registrar, the Certificate Administrator shall be responsible for, among other things, holding each Certificate evidencing the VRR Interest as Individual Certificates on behalf of each Holder of such Certificates in accordance with Section 5.01(j).

 

(b)          Upon surrender for registration of transfer of any Individual Certificate, subject to the requirements of Sections 5.02(c), (d), (e), (f), (g), (h) and (i) of this Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in Denominations of a like aggregate Denomination as the Individual Certificate being surrendered.  Such Certificates shall be delivered by the Certificate Registrar in accordance with Section 5.02(e) of this Agreement.  Each Certificate surrendered for registration of transfer shall be canceled and subsequently destroyed by the Certificate Registrar.  Each new Certificate issued pursuant to this Section 5.02 shall be registered in the name of any Person as the transferring Holder may request, subject to the provisions of Sections 5.01(h) and 5.02(c), (d), (e), (f), (g), (h) and (i) of this Agreement.

 

(c)         In addition to the provisions of Sections 5.01(h) and (j) and 5.02(d), (e), (f), (g), (h) and (i) of this Agreement and the rules of the Depository, the exchange, transfer and registration of transfer of Private Certificates that are Individual Certificates or beneficial interests in the Private Global Certificates shall be subject to the following restrictions:

 

(i)            Transfers between Holders of Individual Certificates.  With respect to the transfer and registration of transfer of an Individual Certificate representing an interest in a Class of Private Certificates to a transferee that takes delivery in the form of an Individual Certificate (other than transfers of the Class S or Class R Certificates, which may be made only in accordance with Section 5.02(i) of this Agreement, and transfers of any Retained Certificate, which may only be made in accordance with Section 5.02(c)(iv) or Section 5.02(m) of this Agreement and during the Transfer Restriction Period in accordance with Section 5.01(j)):

 

(A)           Other than the initial transfer from the Initial Purchasers to an initial investor, the Certificate Registrar shall register the transfer of such Individual Certificate if the requested transfer is being made by a transferee who has provided the Certificate Registrar with an Investment Representation Letter substantially in the form of Exhibit D-1 to this Agreement (an “Investment Representation Letter”), to the effect that the transfer is being made to a Qualified Institutional Buyer in accordance with Rule 144A;

 

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(B)           Other than the initial transfer from the Initial Purchasers to an initial investor, the Certificate Registrar shall register the transfer of such Individual Certificate pursuant to Regulation S after the expiration of the Restricted Period if (1) the transferor has provided the Certificate Registrar with a Regulation S Transfer Certificate substantially in the form of Exhibit G to this Agreement (a “Regulation S Transfer Certificate”), and (2) the transferee furnishes to the Certificate Registrar an Investment Representation Letter; or

 

(C)           Other than the initial transfer from the Initial Purchasers to an initial investor, the Certificate Registrar shall register the transfer of such Individual Certificate if prior to the transfer such transferee furnishes to the Certificate Registrar (1) an Investment Representation Letter to the effect that the transfer is being made to an Institutional Accredited Investor or to an Affiliated Person in accordance with an applicable exemption under the Act, and (2) in the case of a transfer to an Affiliated Person, an opinion of counsel acceptable to the Certificate Registrar that such transfer is in compliance with the Act;

 

and, in each case, the Certificate Registrar shall register the transfer of such Individual Certificate only if prior to the transfer the transferee furnishes to the Certificate Registrar a written undertaking by the transferor to reimburse the Trust Fund for any costs incurred by it in connection with the proposed transfer.  In addition, the Certificate Registrar may, as a condition of the registration of any such transfer, require the transferor to furnish such other certificates, legal opinions or other information (at the transferor’s expense) as the Certificate Registrar may reasonably require to confirm that the proposed transfer is being made pursuant to an exemption from, or in a commercial mortgage-backed securitization transaction not subject to, the registration requirements of the Act and other applicable laws.

 

(ii)          Transfers within the Private Global Certificates.  Notwithstanding any provision to the contrary herein, so long as a Private Global Certificate remains outstanding and is held by or on behalf of the Depository, transfers within such Global Certificate shall only be made in accordance with this Section 5.02(c)(ii).

 

(A)           Rule 144A Global Certificate to Regulation S Global Certificate During the Restricted Period.  If, during the Restricted Period, a Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in such Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related Regulation S Global Certificate, such Certificate Owner may, in addition to complying with all applicable rules and procedures of the Depository and Clearstream or Euroclear applicable to transfers by their respective participants (the “Applicable Procedures”), transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in such Regulation S Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(A).  Upon receipt by the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent Member’s account a beneficial interest in the Regulation S Global Certificate in an

 

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amount equal to the Denomination of the beneficial interest in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member and the Euroclear or Clearstream account, as the case may be, to be credited with, and the account of the Agent Member to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit H to this Agreement given by the Certificate Owner of such interest, the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A Global Certificate by the Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred and, concurrently with such reduction, to increase the Denomination of the Regulation S Global Certificate by the Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (who shall be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the ease may be) a beneficial interest in the Regulation S Global Certificate having a Denomination equal to the amount by which the Denomination of the Rule 144A Global Certificate was reduced upon such transfer.

 

(B)           Rule 144A Global Certificate to Regulation S Global Certificate After the Restricted Period.  If, after the Restricted Period, a Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in such Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related Regulation S Global Certificate, such holder may, in addition to complying with all Applicable Procedures, transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in such Regulation S Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(B).  Upon receipt by the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent Member’s account a beneficial interest in the Regulation S Global Certificate in an amount equal to the Denomination of the beneficial interest in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member and, in the case of a transfer pursuant to and in accordance with Regulation S, the Euroclear or Clearstream account, as the case may be, to be credited with, and the account of the Agent Member to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit I to this Agreement given by the Certificate Owner of such interest, the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A Global Certificate by the aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred and, concurrently with such reduction, to increase the Denomination of the Regulation S Global Certificate by the aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions a

 

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beneficial interest in the Regulation S Global Certificate having a Denomination equal to the amount by which the Denomination of the Rule 144A Global Certificate was reduced upon such transfer.

 

(C)           Regulation S Global Certificate to Rule 144A Global Certificate.  If the Certificate Owner of an interest in a Regulation S Global Certificate wishes at any time to transfer its beneficial interest in such Regulation S Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related Rule 144A Global Certificate, such Certificate Owner may, in addition to complying with all Applicable Procedures, transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in such Rule 144A Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(C).  Upon receipt by the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent Member’s account a beneficial interest in the Rule 144A Global Certificate in an amount equal to the Denomination of the beneficial interest in the Regulation S Global Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member to be credited with, and the account of the Agent Member or, if such account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the case may be, to be debited for, such beneficial interest, and (3) with respect to a transfer of a beneficial interest in a Regulation S Global Certificate for a beneficial interest in the related Rule 144A Global Certificate (i) during the Restricted Period, a certificate in the form of Exhibit J to this Agreement given by the holder of such beneficial interest or (ii) after the Restricted Period, an Investment Representation Letter from the transferee to the effect that such transferee is a Qualified Institutional Buyer, the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination of the Regulation S Global Certificate by the aggregate Denomination of the beneficial interest in the Regulation S Global Certificate to be transferred, and, concurrently with such reduction, to increase the Denomination of the Rule 144A Global Certificate by the aggregate Denomination of the beneficial interest in the Regulation S Global Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in such Rule 144A Global Certificate having a Denomination equal to the amount by which the Denomination of the Regulation S Global Certificate was reduced upon such transfer.

 

(iii)     Transfers from the Private Global Certificates to Individual Certificates.  Any and all transfers from a Private Global Certificate to a transferee wishing to take delivery in the form of an Individual Certificate will require the transferee to take delivery subject to the restrictions on the transfer of such Individual Certificate described in a legend set forth on the face of such Certificate substantially in the form of Exhibit F to this Agreement (the “Securities Legend”), and such transferee agrees that it will transfer such Individual Certificate only as provided therein and herein.  No such transfer shall be made

 

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and the Certificate Registrar shall not register any such transfer unless such transfer is made in accordance with this Section 5.02(c)(iii).

 

(A)           Transfers of a beneficial interest in a Private Global Certificate to an Institutional Accredited Investor will require delivery in the form of an Individual Certificate and the Certificate Registrar shall register such transfer only upon compliance with the provisions of Section 5.02(c)(i)(C) of this Agreement.

 

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

 

(C)          Notwithstanding the foregoing, no transfer of a beneficial interest in a Regulation S Global Certificate to an Individual Certificate pursuant to Subparagraph (B) above shall be made prior to the expiration of the Restricted Period.

 

Upon acceptance for exchange or transfer of a beneficial interest in a Private Global Certificate for an Individual Certificate, as provided herein, the Certificate Registrar shall endorse on the schedule affixed to the related Private Global Certificate (or on a continuation of such schedule affixed to such Private Global Certificate and made a part thereof) an appropriate notation evidencing the date of such exchange or transfer and a decrease in the Denomination of such Private Global Certificate equal to the Denomination of such Individual Certificate issued in exchange therefor or upon transfer thereof.  Unless determined otherwise by the Certificate Registrar and the Depositor in accordance with applicable law, an Individual Certificate issued upon transfer of or exchange for a beneficial interest in the Private Global Certificate shall bear the Securities Legend.

 

(iv)     Transfers of Individual Certificates to the Private Global Certificates.  If a Holder of an Individual Certificate wishes at any time to transfer such Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related Regulation S Global Certificate or the related Rule 144A Global Certificate, such transfer may be effected only in accordance with the Applicable Procedures and this Section 5.02(c)(iv) (other than with respect to any Retained Certificate during the Transfer Restriction Period, which shall be held as an Individual Certificate pursuant to Section 5.01(j)).  Upon receipt by the Certificate Registrar at the Corporate Trust Office of (1) the Individual Certificate to be transferred with an assignment and transfer pursuant to Section 5.05(a) of this Agreement, (2) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to a specified Agent Member’s account a beneficial interest in such Regulation S Global Certificate or such Rule 144A Global Certificate, as the case may be, in an amount equal to the Denomination of the Individual Certificate to be so transferred, (3) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member and, in the case of any transfer pursuant to Regulation S, the Euroclear or Clearstream account, as the case may be, to be credited with such beneficial interest, and (4) (x) an Investment Representation Letter from

 

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

 

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

 

 (v)          All Transfers.  An exchange of a beneficial interest in a Global Certificate for an Individual Certificate or Certificates, an exchange of an Individual Certificate or Certificates for a beneficial interest in a Global Certificate and an exchange of an Individual Certificate or Certificates for another Individual Certificate or Certificates (in each case, whether or not such exchange is made in anticipation of subsequent transfer, and, in the case of the Global Certificates, so long as the Global Certificates remain outstanding and are held by or on behalf of the Depository), may be made only in accordance with this Section 5.02 and in accordance with the rules of the Depository and Applicable Procedures (other than with respect to any Retained Certificate during the Transfer Restriction Period, which shall be held as an Individual Certificate pursuant to Section 5.01(j)).

 

(d)           If Certificates are issued upon the transfer, exchange or replacement of Certificates not bearing the Securities Legend, the Certificates so issued shall not bear the Securities Legend.  If Certificates are issued upon the transfer, exchange or replacement of Certificates bearing the Securities Legend, or if a request is made to remove the Securities Legend on a Certificate, the Certificates so issued shall bear the Securities Legend, or the Securities Legend shall not be removed, as the case may be, unless there is delivered to the Certificate Registrar such satisfactory evidence, which may include an opinion of counsel (at the expense of the party requesting the removal of such legend) familiar with United States securities laws, as may be reasonably required by the Certificate Registrar, that neither the Securities Legend nor the restrictions on transfers set forth therein are required to ensure that transfers of any Certificate comply with the provisions of Rule 144A, Rule 144 or Regulation S under the Act, the Risk Retention Rule or that such Certificate is not a “restricted security” within the meaning of Rule 144 under the Act.  Upon provision of such satisfactory evidence, the Certificate Registrar shall execute and deliver a Certificate that does not bear the Securities Legend.

 

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(e)         
Subject to the restrictions on transfer and exchange set forth in Section 5.01(i) and in this Section 5.02,
the Holder of any Individual Certificate may transfer or exchange the same in whole or in part (with a denomination equal to any
authorized denomination) by surrendering such Certificate at the office of the Certificate Administrator or at the office of any
transfer agent appointed as provided under this Agreement, together with an instrument of assignment or transfer (executed by
the Holder or its duly authorized attorney), in the case of transfer, and a written request for exchange, in the case of exchange.
Following a proper request for transfer or exchange, the Certificate Registrar shall, within five Business Days of such request
if made at such office of the Certificate Administrator or within ten Business Days if made at the office of a transfer agent
(other than the Certificate Registrar), execute and deliver at the office of the Certificate Administrator or at the office of
such transfer agent, as the case may be, to the transferee (in the case of transfer) or Holder (in the case of exchange) or send
by first-class mail (at the risk of the transferee in the case of transfer or Holder in the case of exchange) to such address
as the transferee or Holder, as applicable, may request, an Individual Certificate or Certificates, as the case may require, for
a like aggregate Denomination and in such Denomination or Denominations as may be requested. The presentation for transfer or
exchange of any Individual Certificate shall not be valid unless made at the office of the Certificate Administrator or at the
office of a transfer agent by the registered Holder in person, or by a duly authorized attorney-in-fact. The Certificate Registrar
may decline to accept any request for an exchange or registration of transfer of any Certificate during the period of 15 days
preceding any Distribution Date.

 

(f)          
An Individual Certificate (other than an Individual Certificate issued in exchange for a beneficial interest in a Global Certificate
pursuant to Section 5.01 of this Agreement) or a beneficial interest in a Private Global Certificate may only be transferred
to Eligible Investors, as described herein. In the event that a Responsible Officer of the Certificate Registrar has actual knowledge
that such an Individual Certificate or beneficial interest in a Private Global Certificate is being held by or for the benefit
of a Person who is not an Eligible Investor, or that such holding is unlawful under the laws of a relevant jurisdiction, then
the Certificate Registrar shall have the right to void such transfer, if permitted under applicable law, or to require the investor
to sell such Individual Certificate or beneficial interest in a Private Global Certificate to an Eligible Investor within fourteen
days after notice of such determination and each Certificateholder by its acceptance of a Certificate authorizes the Certificate
Registrar to take such action.

 

(g)         
Subject to the provisions of this Section 5.02 regarding transfer and exchange, transfers of the Global Certificates
shall be limited to transfers of such Global Certificates in whole, but not in part, to nominees of the Depository or to a successor
of the Depository or such successor’s nominee.

 

(h)         
No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in this Section 5.02 other than for transfers to Institutional Accredited Investors, as provided
herein. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund
for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions,
submitted by the transferor or transferee to the Certificate Registrar as provided herein) incurred by the Certificate Registrar
in connection with such transfer.

 

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 The Certificate Registrar may require payment by each transferor of a sum sufficient to cover
any tax, expense or other governmental charge payable in connection with any such transfer.

 

(i)          
Subject to Section 5.02(e) of this Agreement, transfers of the Class S or Class R Certificates may be made only
in accordance with this Section 5.02(i). The Certificate Registrar shall register the transfer of a Class R Certificate
only if (x) the transferor has advised the Certificate Registrar in writing that such Certificate is being transferred to
a Qualified Institutional Buyer and (y) prior to such transfer the transferee furnishes to the Certificate Registrar an Investment
Representation Letter. The Certificate Registrar shall register the transfer of a Class S Certificate only if (x) the transferor
has advised the Certificate Registrar in writing that such Certificate is being transferred to a Qualified Institutional Buyer
or an Affiliated Person or an Institutional Accredited Investor and (y) prior to such transfer, the transferee has furnished to
the Certificate Registrar an Investment Representation Letter substantially in the form of Exhibit D-1. In addition, the
Certificate Registrar may as a condition of the registration of any such transfer require the transferor to furnish such other
certifications, legal opinions or other information (at the transferor’s expense) as it may reasonably require to confirm
that the proposed transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements
of the Act and other applicable laws.

 

(j)          
No transfer, sale, pledge or other disposition of any Class of Private Certificates or interest therein shall be made unless that
transfer, sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the Act and any
applicable state securities laws, or is otherwise made in accordance with the Act and such state securities laws. Neither the
Depositor, the Master Servicer, the Certificate Administrator, the Trustee nor the Certificate Registrar are obligated to register
or qualify the Private Certificates under the Act or any other securities law or to take any action not otherwise required under
this Agreement to permit the transfer of such Private Certificates without registration or qualification. Any Certificateholder
desiring to effect such a transfer shall, and does hereby agree to, indemnify the Depositor, the Master Servicer, the Certificate
Administrator, the Trustee and the Certificate Registrar, against any loss, liability or expense that may result if the transfer
is not so exempt or is not made in accordance with such federal and state laws.

 

(k)           No transfer of any Class X-F, Class X-G, Class X-H, Class F, Class G, Class H, Class S or Class R Certificate
or the VRR Interest (each, a “Restricted Certificate”) shall be made to (i) an employee benefit plan or
other retirement arrangement, including an individual retirement account or Keogh plan, which is subject to the fiduciary responsibility
provisions of ERISA or to Section 4975 of the Code, or a governmental plan, as defined in Section 3(32) of ERISA, or
other plan subject to any federal, state or local law (“Similar Law”) which is to a material extent similar
to the foregoing provisions of ERISA or the Code (each, a “Plan”) or (ii) any person acting on behalf of any
such Plan or using the assets of any such Plan (including any entity whose underlying assets include plan assets by reason of
a Plan’s investment in the entity (within the meaning of Labor Regulations Section 2510.3-101, as modified by Section 3(42)
of ERISA), other than (except with respect to the VRR Interest, the Class S Certificates or the Class R Certificates),
an insurance company using the assets of its general account under circumstances whereby such purchase and the subsequent holding
of such Certificate by such insurance company would be exempt from the “prohibited transaction” provisions of Sections 406
and 407 of ERISA and Code Section 4975 under Sections I and III of PTCE 95-60, or, in the case of a plan subject to

 

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Similar Law, where the acquisition, holding and disposition of such Restricted Certificate will not constitute or result in a
non-exempt violation under Similar Law. Except in connection with the transfer thereof by the Depositor or a Retaining Party (provided
that, in the case of a Retaining Party, such exception shall apply only with respect to the transfer thereof on the Closing
Date), each prospective transferee of a Restricted Certificate shall either (A) deliver to the Depositor, the Certificate
Registrar and the Certificate Administrator, a transfer or representation letter, substantially in the form of Exhibit D-2
to this Agreement, stating that the prospective transferee is not and will not become a Person referred to in (i) or
(ii) above or (B) if the transferee is such an entity specified in (i) or (ii) above (except in the case of a the VRR
Interest, a Class S Certificate or a Class R Certificate, which may not be transferred unless the transferee represents it
is not such an entity), such entity, at its own expense, shall provide any opinion of counsel, officers’ certificates or
agreements as may be required by, and in form and substance satisfactory to, the Depositor, the Certificate Administrator and
the Certificate Registrar, to the effect that the purchase and holding of the Certificates by or on behalf of a Plan will not
constitute or result in a non-exempt prohibited transaction within the meaning of Sections 406 and 407 of ERISA and Section 4975
of the Code or a non-exempt violation of any Similar Law, and will not subject the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Depositor, the Certificate Administrator, the Trustee, the Underwriters,
the Initial Purchasers or the Certificate Registrar to any obligation or liability. Neither the Certificate Administrator nor
the Certificate Registrar shall register a Class S or Class R Certificate in any Person’s name unless such Person has
provided the letter referred to in clause (A) of the preceding sentence. The transferee of a beneficial interest in a Global
Certificate that is a Restricted Certificate shall be deemed to represent that it is not and will not become a Plan or a Person
acting on behalf of any Plan or using the assets of any Plan to acquire such interest other than (with respect to transfers of
beneficial interests in Global Certificates which are Restricted Certificates other than the VRR Interest, Class S Certificates
or the Class R Certificates) an insurance company using the assets of its general account under circumstances whereby the purchase
and holding by such insurance company would be exempt from the “prohibited transaction” provisions of Sections 406
and 407 of ERISA and Section 4975 of the Code under Sections I and III of PTCE 95-60, or, in the case of a plan subject
to Similar Law, where the acquisition, holding and disposition of such Restricted Certificate will not constitute a non-exempt
violation under Similar Law. Any transfer of a Restricted Certificate that would violate or result in a non-exempt prohibited
transaction under ERISA or Section 4975 of the Code or Similar Law shall be deemed absolutely null and void ab initio.

 

Each
purchaser of Certificates that is a Plan subject to ERISA and/or Section 4975 of the Code (an “ERISA Plan”)
or is acting on behalf of or using the assets of an ERISA Plan will be deemed to have represented and warranted that (i) none
of the Depositor, the Trust, the Trustee, any Initial Purchaser, any Underwriter, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any of their respective affiliated entities,
has provided any investment advice within the meaning of Section 3(21) of ERISA (and regulations thereunder) to the ERISA Plan,
or to any fiduciary or other person making the decision to invest the assets of the ERISA Plan (“Fiduciary”),
in connection with its acquisition of Certificates, and (ii) the Fiduciary is exercising its own independent judgment in evaluating
the transaction.

 

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(l) 
           Each Person who has or acquires any Ownership Interest shall be
deemed by the acceptance or acquisition of such Ownership Interest to have agreed to be bound by the following provisions and
the rights of each Person acquiring any Ownership Interest are expressly subject to the following provisions:

 

(i)            
Each Person acquiring or holding any Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such Ownership
Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted Transferee.
Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or the status
of the beneficial owner of such Ownership Interest) as a Permitted Transferee. Any acquisition described in the first sentence
of this Section 5.02(l) by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of
a Person who is not a Permitted Transferee shall be void and of no effect, and the immediately preceding owner who was a Permitted
Transferee shall be restored to registered and beneficial ownership of the Ownership Interest as fully as possible.

 

(ii)         
  No Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without the express
written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer, and such proposed
Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer of any Ownership
Interest, the Certificate Registrar shall, as a condition to such consent, (x) require delivery to it in form and substance
satisfactory to it, and the proposed transferee shall deliver to the Certificate Registrar and to the proposed transferor an affidavit
in substantially the form attached as Exhibit C-1 (a “Transferee Affidavit”) of the proposed transferee
(A) that such proposed transferee is a Permitted Transferee and (B) stating that (i) the proposed transferee historically
has paid its debts as they have come due and intends to do so in the future, (ii) the proposed transferee understands that,
as the holder of an Ownership Interest, it may incur liabilities in excess of cash flows generated by the residual interest, (iii) the
proposed transferee intends to pay taxes associated with holding the Ownership Interest as they become due, (iv) the proposed
transferee will not transfer the Ownership Interest to any Person that does not provide a Transferee Affidavit or as to which
the proposed transferee has actual knowledge that such Person is not a Permitted Transferee or is acting as an agent (including
a broker, nominee or other middleman) for a Person that is not a Permitted Transferee, (v) the proposed transferee will not
cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed base, within the
meaning of an applicable income tax treaty, of the proposed transferee or any other U.S. Person and (vi) the proposed transferee
expressly agrees to be bound by and to abide by the provisions of this Section 5.02(l) and (y) other than in
connection with the initial issuance of the Class R Certificates, require a statement from the proposed transferor substantially
in the form attached as Exhibit C-2 (the “Transferor Letter”), that the proposed transferor has
no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual knowledge or reason to know that
the proposed transferee’s statements in the Transferee Affidavit are false.

 

(iii)          
Notwithstanding the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible
Officer of the Certificate Registrar has

 

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 actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer
to such proposed transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register;
provided that the Certificate Registrar shall not be required to conduct any independent investigation to determine whether
a proposed transferee is a Permitted Transferee.

 

Neither
the Certificate Administrator nor the Certificate Registrar shall have any obligation or duty to monitor, determine or inquire
as to compliance with any restriction or transfer imposed under Article V of this Agreement or under applicable law
with respect to any transfer of any Certificate (including, without limitation, the Securities Legend), or any interest therein,
other than to require delivery of the certification(s) and/or opinions of counsel described in Article V applicable
with respect to changes in registration of record ownership of Certificates in the Certificate Register. The Certificate Administrator
and the Certificate Registrar shall have no liability for transfers, including transfers made through the book-entry facilities
of the Depository or between or among Depository Participants or Certificate Owners made in violation of applicable restrictions.

 

Upon
written notice to the Certificate Registrar, or upon the Certificate Registrar having actual knowledge, that there has occurred
a Transfer to any Person that is a Disqualified Organization or an agent thereof (including a broker, nominee, or middleman) in
contravention of the foregoing restrictions, and in any event not later than 60 days after a request for information from
the transferor of such Ownership Interest, or such agent, the Certificate Registrar and the Certificate Administrator agree to
furnish to the IRS and the transferor of such Ownership Interest or such agent such information necessary to the application of
Section 860E(e) of the Code as may be required by the Code, including, but not limited to, the present value of the
total anticipated excess inclusions with respect to such Class R Certificate (or portion thereof) for periods after such
Transfer. At the election of the Certificate Registrar and the Certificate Administrator, the Certificate Registrar and the Certificate
Administrator may charge a reasonable fee for computing and furnishing such information to the transferor or to such agent referred
to above; provided that such Persons shall in no event be excused from furnishing such information.

 

(m)          At all times during the Transfer Restriction Period, if a Transfer of any Retained Certificate after the Closing Date is to be
made, then, upon receipt of: (i) a certification from such Certificateholder’s prospective Transferee substantially in the
form attached hereto as Exhibit C-5, which such certification must be countersigned by the Retaining Sponsor with a medallion
stamp guarantee of the Retaining Sponsor, (ii) a certification from the Certificateholder desiring to effect such transfer substantially
in the form attached hereto as Exhibit C-4 or Exhibit C-6, as applicable, which such certification must be
countersigned by the Retaining Sponsor with a medallion stamp guarantee of the Retaining Sponsor, (iii) a W-9 completed by the
Transferee and (iv) wire instructions and contact information of the Transferee, the Certificate Administrator (which may conclusively
rely upon such certifications) shall instruct the Certificate Registrar to register such Transfer.  Upon receipt of the Certificate
Administrator’s instruction, the Certificate Registrar shall, subject to Section 5.02(e), register the Transfer
of the Retained Certificate and reflect such Retained Certificate in the name of the prospective Transferee and shall deliver
written confirmation substantially in the form of Exhibit MM to this Agreement. The Certificate Registrar shall not register
a Transfer of any Retained Certificate after the Closing Date during the Transfer Restriction Period unless it is so instructed
by the Certificate Administrator. After the termination

 

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 of the Transfer Restriction Period, if a transfer of a Retained Certificate
is to be made and such Retained Certificate is in Retained Interest Safekeeping Account, then upon receipt of: (i) a certification
from such Certificateholder’s prospective Transferee substantially in the form attached hereto as Exhibit C-5, which
such certification must be countersigned by the Retaining Sponsor with a medallion stamp guarantee of the Retaining Sponsor and
(ii) a certification from the Certificateholder desiring to effect such transfer substantially in the form attached hereto as
Exhibit C-6, which such certification must be countersigned by the Retaining Sponsor with a medallion stamp guarantee of
the Retaining Sponsor, the Certificate Administrator (which may conclusively rely upon such certifications) shall instruct the
Certificate Registrar to register such Transfer, and upon receipt of the Certificate Administrator’s instruction, the Certificate
Registrar shall register the Transfer of the Retained Certificate and reflect such Retained Certificate in the name of the prospective
Transferee. After the termination of the Transfer Restriction Period, if a transfer of a Retained Certificate is to be made and
such Retained Certificate is in the Retained Interest Safekeeping Account, the Certificate Registrar shall not register a Transfer
of such Retained Certificate unless it is so instructed by the Certificate Administrator. For the avoidance of doubt, in no event
shall a Retained Certificate be held as a Book-Entry Certificate during the Transfer Restriction Period. After the Transfer Restriction
Period, a Retained Certificate may be transferred subject to the restrictions on transfer set forth in this Article V.
Any transfer of an interest in a Retained Certificate that is not in compliance with this Section 5.02 shall be null
and void ab initio to the extent permitted under applicable law.

 

Section 5.03         
Mutilated, Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate,
and (ii) there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it and
the Certificate Administrator harmless, then, in the absence of actual knowledge by a Responsible Officer of the Certificate Registrar
that such Certificate has been acquired by a bona fide purchaser, the Certificate Administrator or the Authenticating Agent shall
execute and authenticate and the Certificate Registrar shall deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Certificate, a new Certificate of the same Class and of like tenor and Percentage Interest. Upon the issuance of
any new Certificate under this Section 5.03, the Certificate Registrar may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section 5.03
shall constitute complete and indefeasible evidence of ownership of the corresponding interest in the Trust Fund, as if originally
issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 5.04         
Appointment of Paying Agent. The Certificate Administrator may appoint a paying agent (a “Paying Agent”)
for the purpose of making distributions to Certificateholders pursuant to Section 4.01 of this Agreement. The Certificate
Administrator shall cause such Paying Agent, if other than the Certificate Administrator, the Trustee or the Master Servicer,
to execute and deliver to the Master Servicer and the Trustee an instrument in which such Paying Agent shall agree with the Master
Servicer and the Trustee that such Paying Agent will hold all sums held by it for the payment to Certificateholders in trust for
the benefit of the Certificateholders entitled thereto until such sums have been paid to the Certificateholders or disposed of
as otherwise provided herein. The initial Paying Agent shall be the Certificate

 

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 Administrator. Except for the Certificate Administrator,
as the initial Paying Agent, the Paying Agent shall at all times be an entity having a long-term unsecured debt rating of at least
“Baa2” by Moody’s, “A” from Fitch and an equivalent rating from KBRA (if rated by KBRA), or shall
be otherwise acceptable to each Rating Agency, as confirmed by a receipt of a Rating Agency Confirmation.

 

Section 5.05         
Access to Certificateholders’ Names and Addresses; Special Notices. (a) If any Certifying Certificateholder (for
purposes of this Section 5.05, an “Applicant”) applies in writing to the Certificate Registrar,
and such application states that the Applicant desires to communicate with other Certificateholders with respect to its rights
under this Agreement, the Certificate Registrar shall, within ten (10) Business Days after the receipt of such request, afford
such Certificateholder (at such Certificateholder’s sole cost and expense) access during normal business hours to a current
list of the Certificateholders related to the Class of Certificates held by such Certificateholder.

 

Any
Certificateholder or Certificate Owner wishing to communicate with other Certificateholders and Certificate Owners regarding the
exercise of its rights under the terms of this Agreement (such party, a “Requesting Investor”) may deliver
a written request (a “Communication Request”) signed by an authorized representative of the Requesting Investor
to the Certificate Administrator. Any Communication Request shall contain the method other Certificateholders and Certificate
Owners should use to contact the Requesting Investor, and, if the Requesting Investors is not the registered holder of a Class
of Certificates, then the Communication Request must contain (i) a written certification from the Requesting Investor that it
is a beneficial owner of a class of certificates, (ii) the name of the transaction, Benchmark 2020-B22 and (iii) one of the following
forms of documentation evidencing its beneficial ownership in such class of certificates: (A) a trade confirmation, (B) an account
statement, (C) a medallion stamp guaranteed letter from a broker or dealer stating the Requesting Investor is the beneficial owner,
or (D) a document reasonably acceptable to the Certificate Administrator that is similar to any of the documents identified in
clauses (A) through (C). The Certificate Administrator shall not be permitted to require any information other than the foregoing
in verifying a Certificateholder’s or Certificate Owner’s identity in connection with a Communication Request. Requesting
Investors will be responsible for their own expenses in making any Communication Request, but will not be required to bear any
expenses of the Certificate Administrator. Upon receipt of such request, the Certificate Administrator shall furnish or cause
to be furnished to such Applicant a list of the names and addresses of the Certificateholders as of the most recent Record Date.

 

(b)          Every Certificateholder, by receiving and holding its Certificate, agrees with the Certificate Administrator and the Certificate
Registrar that the Certificate Administrator and the Certificate Registrar shall not be held accountable in any way by reason
of the disclosure of any information as to the names and addresses of the Certificateholders hereunder, regardless of the source
from which such information was derived.

 

(c)        
 Upon the written request of any Certifying Certificateholder that (a) states that such Certificateholder desires the Certificate
Administrator to transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted by other
Certificateholders, setting forth the relevant contact information and briefly stating the reason for the requested contact and
(b) provides a copy of the Special Notice which such Certificateholder proposes to transmit, the Certificate Administrator
shall deliver such Special Notice to all

 

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 Certificateholders at their respective addresses appearing on the Certificate Register.
The costs and expenses of the Certificate Administrator associated with delivering with any such Special Notice shall be borne
by the party requesting such Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees that neither
the Certificate Administrator nor the Certificate Registrar shall be held accountable by reason of the disclosure of any such
Special Notice to Certificateholders, regardless of the information set forth in such Special Notice.

 

Section 5.06         
Actions of Certificateholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Certificateholders in person or by agent duly appointed in writing; and except as
herein otherwise expressly provided that, such action shall become effective when such instrument or instruments are delivered
to the Certificate Administrator and the Trustee and, when required, to the Master Servicer. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the
Certificate Administrator, the Trustee and the Master Servicer, if made in the manner provided in this Section.

 

(b)           The fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable
manner which the Certificate Administrator or the Trustee deems sufficient.

 

(c)         
 Any request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every Holder
of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of
anything done, or omitted to be done, by the Certificate Administrator or the Trustee or the Master Servicer in reliance thereon,
whether or not notation of such action is made upon such Certificate.

 

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

 

Section 5.07         
Rule 144A Information. The Certificate Administrator shall, upon request of any Certifying Certificateholder that is a
Holder of a Private Certificate or any beneficial owner of such a Certificate, furnish to such Holder or beneficial owner or a
prospective purchaser designated by such Holder or beneficial owner who is a Qualified Institutional Buyer the information required
to be delivered under Rule 144A(d)(4) under the Act, to the extent such information has been provided to the Certificate Administrator
and has been identified as Rule 144A information (which shall include all information on the Certificate Administrator’s
Website and all information currently required to be made available to Certificateholders, as well as any other specifically identified
information herein), if at the time of such request periodic reports are not being filed with respect to the Trust under Section
13 or Section 15(d) of the Exchange Act.

 

Section 5.08        
Voting Procedures. With respect to any matters submitted to Certificateholders for a vote, the Certificate Administrator
shall administer such vote through the Depository with respect to Book-Entry Certificates and directly with registered Holders
by mail with respect to Individual Certificates. In each case, such vote shall be administered in accordance

 

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 with the following
procedures, unless different procedures are otherwise described herein with respect to a specific vote:

 

(a)         
Any matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator.
Such notice shall include the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline
which shall be no less than thirty (30) days and no later than sixty (60) days after the date such notice is distributed. The
notice and related ballot shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered
Holders of Individual Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s
Website. Notices delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually
receives the notice and ballot.

 

(b)           In connection with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings
in the manner set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance
with their Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate
Administrator in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding
Certificate Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a Holder has cast its
vote, the vote may be changed or retracted on or before the vote deadline. Any changes or retractions shall be communicated by
the Certificateholder to the Certificate Administrator in writing on a ballot. After the vote deadline has passed, votes may not
be changed or retracted by any Holder unless the Holder wishing to change or retract its vote holds a sufficient portion of the
Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition subject to a vote without taking
into consideration the votes cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject to and
shall be bound by all votes of Holders initiated or conducted prior to its acquisition of such Certificate.

 

(c)         
The Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate Administrator
shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline. Illegible
or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall not be
counted. Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results of
the vote. Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the proposition
and the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance with the methods described in Section 5.08(a) above. The Certificate
Administrator shall also include such notice on the Form 10-D prepared in connection with the distribution period that corresponds
with the date such notice is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent
manifest error, retabulate the votes or conduct a new vote for the same proposition.

 

(d)          Unless otherwise paid for by any Holder pursuant to Section 8.01 or Section 8.02, or clause (e)
below, any and all reasonable expenses incurred by the Certificate Administrator in connection with administering any vote shall
be borne by the Trust. The Certificate Administrator is under no obligation to advise Holders about the matter being voted on
or answer questions other than process-related questions regarding the administration of the vote.

 

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(e)         
If any party to this Agreement believes a vote of Certificateholders is needed for some matter related to the administration of
the Trust that is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote
and the Certificate Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided
herein, all such votes require a majority of Certificateholders to carry a proposition.

 

Article VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE OPERATING
ADVISOR AND THE ASSET REPRESENTATIONS REVIEWER

 

Section 6.01         
Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations
Reviewer. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer
each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement.

 

Section 6.02         
Merger or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the Asset Representations Reviewer or
the Operating Advisor. Subject to the following paragraph, each of the Master Servicer and the Special Servicer shall keep
in full effect its existence, rights and good standing as a national banking association under the laws of the United States of
America or a limited liability company under the laws of the State of Delaware, respectively, and shall not jeopardize its ability
to do business in each jurisdiction in which the Mortgaged Properties securing the Mortgage Loans that it is servicing are located
or to protect the validity and enforceability of this Agreement, the Certificates or any of such Mortgage Loans that it is servicing
and to perform its respective duties under this Agreement. In addition, subject to the following paragraph, the Operating Advisor
and the Asset Representations Reviewer shall keep in full effect its existence, rights and good standing as a limited liability
company under the laws of the State of New York and shall not jeopardize its ability to do business in each jurisdiction in which
the Mortgaged Properties are located or to protect the validity and enforceability of this Agreement, the Certificates or any
of such Mortgage Loans and to perform its respective duties under this Agreement.

 

Each
of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer may be
merged or consolidated with or into any Person, or transfer all or substantially all of its assets to any Person, in which case
any Person into which the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations
Reviewer may be merged or consolidated, or any Person resulting from any merger or consolidation to which the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer is a party, or any Person succeeding
to the business of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations
Reviewer, shall be the successor of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset
Representations Reviewer, as applicable, hereunder, and shall be deemed to have assumed all of the liabilities of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer, as applicable, hereunder, if
each of the Rating Agencies has provided a Rating Agency

 

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 Confirmation relating to the Certificates and Serviced Companion Loan
Securities, if any; provided that none of the Master Servicer, the Special Servicer or the Operating Advisor shall be required
to obtain a Rating Agency Confirmation from any Rating Agency if the Master Servicer, Special Servicer or Operating Advisor, as
applicable, is merged into or consolidated with a Qualified Affiliate or transfers all or substantially all of its assets to a
Qualified Affiliate; provided, further, if the Master Servicer, the Special Servicer or the Operating Advisor enters
into a merger and the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, is the surviving entity under
applicable law, the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, shall not, as a result of the
merger, be required to provide a Rating Agency Confirmation or obtain the consent of the Depositor. Notwithstanding the foregoing,
no Master Servicer, Special Servicer, the Operating Advisor or the Asset Representations Reviewer may remain the Master Servicer,
Special Servicer, the Operating Advisor or the Asset Representations Reviewer, as applicable, under this Agreement after (x) being
merged or consolidated with or into any Person that is a Prohibited Party, or (y) transferring all or substantially all of
its assets to any Person if such Person is a Prohibited Party, except to the extent (i) the Master Servicer, the Special Servicer,
the Operating Advisor or the Asset Representations Reviewer, as applicable, is the surviving entity of such merger, consolidation
or transfer and has been and continues to be in compliance with its Regulation AB reporting obligations hereunder or (ii) the
Depositor consents to such merger, consolidation or transfer, which consent shall not be unreasonably withheld. The Asset Representations
Reviewer shall keep in full effect its existence and rights as an entity under the laws of the jurisdiction of its organization,
and shall be in compliance with the laws of all jurisdictions to the extent necessary to perform its duties under this Agreement.
Any Person into which the Asset Representations Reviewer may be merged or consolidated, or any Person resulting from any merger
or consolidation to which the Asset Representations Reviewer shall be a party, or any Person succeeding to the business of the
Asset Representations Reviewer, shall be the successor of the Asset Representations Reviewer hereunder, and shall be deemed to
have assumed all of the liabilities and obligations of such Asset Representations Reviewer hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding;
provided, however, that the Trustee has received a Rating Agency Confirmation with respect to such successor or
surviving Person.

 

Section 6.03         
Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer and Others. (a) None of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer nor any Affiliates, partners, shareholders, directors, officers, employees, members, managers, representatives
or agents (including sub-servicers) of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the
Asset Representations Reviewer shall be under any liability to the Trust Fund, the Certificateholders or any Serviced Companion
Loan Noteholders, any party hereto or any third party beneficiary for any action taken, or for refraining from the taking of any
action, in good faith pursuant to this Agreement (including actions taken or not taken at the direction of the Directing Holder),
or for errors in judgment; provided that this provision shall not protect the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor or the Asset Representations Reviewer, or any Affiliate, representative, member, manager, director,
officer, employee or agent (including sub-servicers) of the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor or the Asset Representations Reviewer, against any breach of warranties or representations made herein, or against any
liability which would otherwise be imposed by reason of willful misconduct,

 

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 bad faith, fraud or negligence (or in the case of
(x) the Master Servicer or Special Servicer, by reason of any specific liability imposed hereunder for a breach of the Servicing
Standard, (y) the Operating Advisor, by reason of any specific liability imposed hereunder for a breach of the Operating
Advisor Standard or (z) the Asset Representations Reviewer, by reason of any specific liability imposed hereunder for a breach
of the Asset Review Standard) in the performance of duties or by reason of negligent disregard of obligations or duties hereunder.
The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any Affiliate,
representative, member, manager, director, officer, employee or agent (including sub-servicers) of the Depositor, the Master Servicer,
the Special Servicer or the Operating Advisor may rely in good faith on any document of any kind which, prima facie, is
properly executed and submitted by any appropriate Person respecting any matters arising hereunder. In addition, in no event shall
the Depositor be obligated to cause any party to perform or comply with the obligations to remit the CREFC® Intellectual
Property Royalty License Fee to CREFC®, to report any such CREFC® Intellectual Property Royalty
License Fee so paid or to make available any Distribution Date Statement to the general public (or in particular, CREFC®).

 

The
Trust Fund and each Serviced Companion Loan Noteholder shall be indemnified and held harmless by each of the Master Servicer,
the Special Servicer and the Operating Advisor (severally and not jointly) for any loss, liability or expense (including legal
fees and expenses) incurred in connection with any claim, loss, penalty, fine, foreclosure, judgment or liability relating to
this Agreement or the Certificates, incurred by the Trust Fund or such Serviced Companion Loan Noteholder, as applicable, by reason
of willful misconduct, bad faith, fraud or negligence in the performance of duties hereunder, or by reason of negligent disregard
of obligations and duties thereunder, on the part of such indemnifying party.

 

The
Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any Affiliates,
directors, officers, employees, members, managers, representatives and agents (including sub-servicers) of the Depositor, the
Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer shall be indemnified and held
harmless by the Trust Fund for any loss, liability or expense (including legal fees and expenses (including any such expenses
incurred in enforcing this indemnity)) incurred in connection with any claim, loss, penalty, fine, foreclosure, judgment, liability
or legal action relating to this Agreement or the Certificates, other than any loss, liability or expense (including legal fees
and expenses (including any such expenses incurred in enforcing this indemnity)) (i) incurred by such party by reason of
willful misconduct, bad faith, fraud or negligence in the performance of duties hereunder or by reason of negligent disregard
of obligations and duties thereunder or (ii) in the case of the Depositor and any of its Affiliates, directors, officers,
representatives, members, managers, employees and agents, incurred in connection with any violation by any of them of any state
or federal securities law; provided that such indemnified parties shall be paid out of the Collection Account in accordance
with Section 3.06(a) of this Agreement; provided, further, that if such matter relates directly to any
Serviced Whole Loan, such indemnified parties shall be paid first out of the applicable Serviced Whole Loan Collection
Account (allocated in accordance with the expense allocation provision of the related Intercreditor Agreement), and then,
if funds therein are insufficient, out of the Collection Account; provided that the Master Servicer shall, after receiving
payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder
and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any

 

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 rights under the related Intercreditor
Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans
from the related Companion Loan Noteholders.

 

The
Depositor shall indemnify the Asset Representations Reviewer and the Operating Advisor and each of their respective Affiliates
and each of their respective directors, officers, employees, representatives and agents, and hold each of them harmless against
any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any
other costs, fees and expenses that such indemnified party may sustain in connection with this Agreement (including, without limitation,
reasonable fees and disbursements of counsel incurred by such indemnified party in any action or proceeding between the Depositor
and such indemnified party or between such indemnified party and any third party or otherwise) resulting from the Depositor’s
willful misconduct, bad faith, fraud or negligence in the performance of each of its duties hereunder or by reason of negligent
disregard of its respective obligations and duties hereunder.

 

The
Operating Advisor shall indemnify the Asset Representations Reviewer and the Depositor and each of their respective Affiliates
and each of their respective directors, officers, employees, representatives and agents, and hold each of them harmless against
any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any
other costs, fees and expenses that such indemnified party may sustain in connection with this Agreement (including, without limitation,
reasonable fees and disbursements of counsel incurred by such indemnified party in any action or proceeding between the Operating
Advisor and such indemnified party or between such indemnified party and any third party or otherwise) resulting from the Operating
Advisor’s willful misconduct, bad faith, fraud or negligence in the performance of each of its duties hereunder or by reason
of negligent disregard of its respective obligations and duties hereunder.

 

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

 

(b)          None of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer
shall be under any obligation to appear in, prosecute or defend any legal action that (i) is not incidental to its respective
duties under this Agreement or (ii) in its opinion, may expose it to any expense or liability not recoverable from the Trust Fund;
provided that each of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor may in its discretion
undertake any such action that it may deem necessary or desirable in respect to this Agreement and the rights and duties of the
parties hereto and the interests of the Certificateholders and holders of Serviced Companion Loan Securities, if applicable, hereunder.
In such event, the legal expenses and costs of such action and any liability

 

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resulting therefrom shall be expenses, costs and
liabilities of the Trust Fund and the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor shall be
entitled to be reimbursed therefor from the Collection Account in accordance with Section 3.06(a) of this Agreement)
no later than 60 days after submitting such expenses or costs for reimbursement, provided that a failure to reimburse such
parties within such 60 days will not affect or limit such parties’ rights to receive reimbursement hereunder; provided,
further, that in the case of any Serviced Whole Loan, such amounts shall be allocated in accordance with the expense allocation
provision of the related Intercreditor Agreement, and such parties shall be entitled to be reimbursed first, from the applicable
Serviced Whole Loan Collection Account and then, from the Collection Account, all in accordance with Section 3.06(a)
of this Agreement and the related Intercreditor Agreement.

 

(c)          
The terms of this Section 6.03 shall survive the termination of any party hereto or of this Agreement.

 

(d)          For the avoidance of doubt, with respect to any indemnification provisions in this Agreement providing that the Trust Fund or
a party to this Agreement is required to indemnify another party to this Agreement for costs, fees and expenses, such costs, fees
and expenses shall include costs (including, but not limited to reasonable attorney’s fees and expenses) of the enforcement
of such indemnity.

 

Section 6.04         
Limitation on Resignation of the Master Servicer, the Special Servicer and the Operating Advisor; Termination of the Master
Servicer, the Special Servicer and the Operating Advisor. (a) Each of the Master Servicer, the Special Servicer and the Operating
Advisor may assign their respective rights and delegate their respective duties and obligations under this Agreement in connection
with the sale or transfer of a substantial portion of their commercial mortgage servicing, asset management or (solely with respect
to the Operating Advisor) commercial mortgage surveillance, portfolio, provided that: (i) the purchaser or transferee
accepting such assignment and delegation (A) shall be an established mortgage finance institution, bank or mortgage servicing
institution (or, in the case of the Operating Advisor, an Eligible Operating Advisor), organized and doing business under the
laws of the United States of America, any state of the United States of America or the District of Columbia, authorized under
such laws to perform the duties of the Master Servicer, Special Servicer or Operating Advisor or a Person resulting from a merger,
consolidation or succession that is permitted under Section 6.02 of this Agreement, (B) shall be acceptable to
each Rating Agency as confirmed in a Rating Agency Confirmation delivered to the Trustee and the Certificate Administrator relating
to the Certificates and Serviced Companion Loan Securities, if any, (C) shall execute and deliver to the Trustee and the
Certificate Administrator an agreement that contains an assumption by such Person of the due and punctual performance and observance
of each covenant and condition to be performed or observed by the Master Servicer, Special Servicer or Operating Advisor, as applicable
under this Agreement from and after the date of such agreement and (D) shall not be a Prohibited Party; (ii) the Master
Servicer, the Special Servicer or the Operating Advisor shall not be released from its obligations under this Agreement that arose
prior to the effective date of such assignment and delegation under this Section 6.04; (iii) the rate at which
the Servicing Compensation, Special Servicing Compensation or Operating Advisor Fee, as applicable (or any component thereof)
is calculated shall not exceed the rate then in effect and (iv) the resigning Master Servicer, Special Servicer or Operating
Advisor, as applicable, shall be responsible for the reasonable costs and expenses of each other party hereto and the Rating Agencies
in connection with such transfer.

 

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Upon acceptance of such assignment and delegation, the purchaser or transferee shall be the
successor Master Servicer, Special Servicer or Operating Advisor, as applicable, hereunder.

 

(b)           Except as provided in Section 6.02 of this Agreement and this Section 6.04, the Master Servicer, the Special
Servicer and the Operating Advisor shall not resign from its respective obligations and duties hereby imposed on it except (i) upon
determination that such duties hereunder are no longer permissible under applicable law, (ii) in connection with the assignment
of rights and delegation of duties as set forth in Section 6.04(a), or (iii) solely with respect to the Operating
Advisor, pursuant to Section 6.04(e). Any such determination described in clause (i) above permitting the resignation
of the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, shall be evidenced by an Opinion of Counsel
(obtained at the resigning Master Servicer’s, Special Servicer’s or Operating Advisor’s expense) to such effect
delivered to the Trustee and the Certificate Administrator.

 

(c)         
 The Trustee shall be permitted to remove the Master Servicer or the Special Servicer upon a Master Servicer Termination Event
or Special Servicer Termination Event, as applicable. Without limiting the generality of the succeeding paragraph, no such removal
shall be effective unless and until (i) the Master Servicer or the Special Servicer has been paid any unpaid Servicing Compensation
or Special Servicing Compensation, as applicable, unreimbursed Advances (including Advance Interest Amounts thereon to which it
is entitled) and all other amounts to which the Master Servicer or the Special Servicer is entitled hereunder to the extent such
amounts accrue prior to such effective date and (ii) with respect to a resignation by the Master Servicer, the successor
Master Servicer has deposited into the Investment Accounts from which amounts were withdrawn to reimburse the terminated Master
Servicer, an amount equal to the amounts so withdrawn, to the extent such amounts would not have been permitted to be withdrawn
except pursuant to this paragraph, in which case the successor Master Servicer shall, immediately upon deposit, have the same
right of reimbursement or payment as the terminated Master Servicer had immediately prior to its termination without regard to
the operation of this paragraph.

 

(d)           No resignation or removal of the Master Servicer, the Special Servicer or the Operating Advisor as contemplated by the preceding
paragraphs of this Section 6.04 shall become effective until (i) the Trustee or a successor Master Servicer,
Special Servicer or Operating Advisor shall have assumed the resigning or terminated Master Servicer’s, Special Servicer’s
or Operating Advisor’s responsibilities, duties, liabilities and obligations hereunder, (ii) the Certificate Administrator
shall have filed any required Form 8-K pursuant to Section 10.09, (iii) any other information required under
Section 10.03 or Section 10.09 has been delivered to any applicable Other Depositor with respect to any
related Companion Loan, and (iv) as to any resignation, removal, succession, merger or consolidation of the Master Servicer
or the Special Servicer that would constitute a Reportable Event, upon at least 4 Business Days prior notice of the anticipated
effective date of such event, the Certificate Administrator and the Depositor shall cooperate in a timely manner with the Master
Servicer, the Special Servicer or any other Person pursuing such resignation, removal, succession, merger or consolidation, as
applicable, in connection with the Depositor’s or the Certificate Administrator’s obligation to file any related required
Form 8-K relating to this Trust on the anticipated effective date of such event. If no successor Master Servicer, Special Servicer
or Operating Advisor can be obtained to perform such obligations for the same compensation to which the terminated Master Servicer,
Special Servicer

 

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or Operating Advisor would have been entitled, additional amounts payable to such successor Master Servicer,
Special Servicer or Operating Advisor shall be treated as Realized Losses.

 

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

 

Section 6.05         
Rights of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer. Solely with respect
to their performance of their respective duties under this Agreement, the Master Servicer and the Special Servicer shall afford
the Depositor, the Underwriters, the Initial Purchasers, the Certificate Administrator, the Trustee and the Rating Agencies, upon
reasonable notice, during normal business hours access to all records maintained by it in respect of its rights and obligations
hereunder and access to its officers responsible for such obligations. Upon written request, the Master Servicer and/or the Special
Servicer, as applicable, shall furnish to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator
and the Trustee its most recent publicly available financial statements (or, with respect to the Master Servicer, those of its
ultimate parent) and such other non-proprietary information as the Master Servicer or the Special Servicer, as the case may be,
shall determine in its sole and absolute discretion as it possesses, which is relevant to the performance of its duties hereunder
and which it is not prohibited by applicable law or contract from disclosing. The Depositor may, but is not obligated to, enforce
the obligations of the Master Servicer or the Special Servicer hereunder which are in default and may, but is not obligated to,
perform, or cause a designee to perform, any defaulted obligation of such Person hereunder or exercise any rights of such Person
hereunder, provided that the Master Servicer and the Special Servicer shall not be relieved of any of its obligations hereunder
by virtue of such performance by the Depositor or its designee. If the Depositor or its designee undertakes any such action, it
will be reimbursed by the Trust Fund from the Collection Accounts (or with respect to a Serviced Whole Loan, to the extent such
reimbursement is allocable to such Serviced Whole Loan Collection Account), as provided in Section 3.06 and Section 6.03(a)
hereof to the extent not recoverable from the Master Servicer or Special Servicer, as applicable. None of the Depositor, the
Certificate Administrator, the Trustee, the Master Servicer (solely with respect to any action or failure to act by the Special
Servicer) or the Special Servicer (solely with respect to any action or failure to act by the Master Servicer) shall have any
responsibility or liability for any action or failure to act by the Master Servicer or the Special Servicer and no such party
is obligated to monitor or supervise the performance of the Master Servicer or the Special Servicer under this Agreement or otherwise.
Neither the Master Servicer nor the Special Servicer shall be under any obligation to disclose confidential or proprietary information
pursuant to this Section.

 

Section 6.06         
The Master Servicer or Special Servicer as Owners of a Certificate. The Master Servicer or an Affiliate of the Master Servicer,
or the Special Servicer or an Affiliate

 

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of the Special Servicer, may become the Holder (or with respect to a Global Certificate,
Certificate Owner) of any Certificate with the same rights it would have if it were not the Master Servicer or the Special Servicer
or an Affiliate thereof. If, at any time during which the Master Servicer or the Special Servicer or an Affiliate of the Master
Servicer or the Special Servicer is the Holder or Certificate Owner of any Certificate, the Master Servicer or the Special Servicer
proposes to take action (including for this purpose, omitting to take action) that (i) is not expressly prohibited by the
terms hereof and would not, in the Master Servicer’s or the Special Servicer’s good faith judgment, violate the Servicing
Standard, and (ii) if taken, might nonetheless, in the Master Servicer’s or the Special Servicer’s good faith
judgment, be considered by other Persons to violate the Servicing Standard, the Master Servicer or the Special Servicer may, but
will not be required to, seek the approval of the Certificateholders to such action (or inaction) by delivering to the Certificate
Administrator a written notice that (i) states that it is delivered pursuant to this Section 6.06, (ii) identifies
the Percentage Interest in each Class of Certificates beneficially owned by the Master Servicer or the Special Servicer or an
Affiliate of the Master Servicer or the Special Servicer and (iii) describes in reasonable detail the action (or inaction)
that the Master Servicer or the Special Servicer proposes to take (or refrain from taking). The Certificate Administrator, upon
receipt of such notice, shall forward it to the Certificateholders (other than the Master Servicer and its Affiliates or the Special
Servicer and its Affiliates, as appropriate) together with such instructions for response as the Certificate Administrator shall
reasonably determine. If at any time Certificateholders holding a majority of the Voting Rights of all Certificateholders and,
if no Control Termination Event is continuing, the Directing Holder (calculated without regard to the Certificates beneficially
owned by the Master Servicer or its Affiliates or the Special Servicer or its Affiliates, as applicable) shall have consented
in writing to the proposal described in the written notice, and if the Master Servicer or the Special Servicer shall act as proposed
in the written notice, such action shall be deemed to comply with the Servicing Standard. The Certificate Administrator shall
be entitled to reimbursement from the Master Servicer or the Special Servicer, as applicable, of the reasonable expenses of the
Certificate Administrator incurred pursuant to this paragraph. It is not the intent of the foregoing provision that the Master
Servicer or the Special Servicer be permitted to invoke the procedure set forth herein with respect to routine servicing matters
arising hereunder, except in the case of unusual circumstances.

 

Section 6.07         
The Directing Holder, the Operating Advisor and the Risk Retention Consultation Party. (a) For so long as no Control Termination
Event is continuing, the Directing Holder shall be entitled to advise (1) the Special Servicer with respect to all Specially
Serviced Loans (other than any applicable Excluded Loan), (2) the Special Servicer with respect to Performing Loans (other
than any applicable Excluded Loan or any Non-Serviced Mortgage Loan) with respect to Special Servicer Major Decisions, and (3) the
Master Servicer with respect to Performing Loans (other than any Excluded Loan applicable to the Directing Holder or any Non-Serviced
Mortgage Loan) with respect to Master Servicer Major Decisions.

 

Notwithstanding
anything herein to the contrary, except as set forth in this Section 6.07, both (1) the Master Servicer, solely to
the extent it is permitted to take any action constituting a Special Servicer Major Decision or Special Servicer Non-Major Decision
as set forth in Section 3.26 hereof, shall not be permitted to take any action constituting a Special Servicer Major Decision
or Special Servicer Non-Major Decision unless it has obtained the prior written consent of the Special Servicer and (2) for so
long as no Control Termination Event has occurred and is continuing, the Special Servicer shall not be permitted to consent to
the Master Servicer’s

 

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taking any actions that constitute Special Servicer Major Decisions nor shall the Master Servicer
or the Special Servicer itself be permitted to take any action constituting a Major Decision, as to which the Directing Holder
has objected in writing within ten (10) Business Days (or 30 days with respect to clause (l) of the definition of “Major
Decision”) after receipt of the written recommendation and analysis together with such other information reasonably
requested by the Directing Holder and reasonably available to the Master Servicer or the Special Servicer, as applicable, in order
to grant or withhold such consent (the “Major Decision Reporting Package”) (provided that if such written
objection has not been received by the Master Servicer or the Special Servicer, as applicable, within such ten (10) Business Day
period (or 30 days with respect to clause (k) of the definition of “Major Decision” or such longer period provided
for in any related Intercreditor Agreement but not less than five (5) Business Days after the time period set forth therein for
Directing Holder approval), then the Directing Holder shall be deemed to have approved such action). Notwithstanding anything
to the contrary in this Agreement, if the Special Servicer or Master Servicer (if the Master Servicer is otherwise authorized
by this Agreement to take such action), as applicable, determines that immediate action, with respect to the matters described
in Section 6.07(a) (b) or (c) that requires the consent or consultation of the Directing Holder, the Operating
Advisor or the Risk Retention Consultation Party, or any other matter requiring consent or consultation of the Directing Holder
(other than during the continuance of a Control Termination Event) in this Agreement, is necessary to protect the interests of
the Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective
whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender and with
respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such
Subordinate Companion Loan) and the Master Servicer or the Special Servicer, as applicable, has made a reasonable effort to contact
the Directing Holder, the Operating Advisor or the Risk Retention Consultation Party, as applicable, the Master Servicer or the
Special Servicer, as applicable, may take any such action without waiting for the Directing Holder’s response.

 

If
a Control Termination Event is continuing, but for so long as no Consultation Termination Event is continuing, neither the Master
Servicer nor the Special Servicer, as applicable, shall be required to obtain the consent of the Directing Holder with respect
to any of the Major Decisions or Asset Status Reports, but shall consult with the Directing Holder in connection with any Major
Decision that it is processing or, in the case of the Special Servicer, any Asset Status Report (or any other matter for which
the consent of the Directing Holder would have been required or for which the Directing Holder would have the right to direct
the Master Servicer or the Special Servicer if no Control Termination Event 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 10 days following the Master Servicer’s or the Special
Servicer’s written request for input (which request shall include the related Major Decision Reporting Package) on any required
consultation, the Master Servicer or the Special Servicer, as applicable, shall not be obligated to consult with the Directing
Holder on the specific matter.

 

(b)          In addition, (i) for so long as no Consultation Termination Event is continuing, with respect to any Specially Serviced Loan (other
than any applicable Excluded Loan

 

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with respect to the Risk Retention Consultation Party), and (ii) during the continuance of a
Consultation Termination Event, with respect to any Serviced Mortgage Loan (other than any applicable Excluded Loan with respect
to the Risk Retention Consultation Party), upon request of the Risk Retention Consultation Party, the Master Servicer and the
Special Servicer shall consult with the Risk Retention Consultation Party on a non-binding basis in connection with any Major
Decision that it is processing (and such other matters that are subject to the non-binding consultation rights of the Risk Retention
Consultation Party pursuant to this Agreement) and to consider alternative actions recommended by the Risk Retention Consultation
Party in respect of such Major Decision (or any other matter requiring consultation with the Risk Retention Consultation Party);
provided that in the event the Master Servicer or Special Servicer, as applicable, receives no response from the Risk Retention
Consultation Party within 10 days following the later of (i) the Master Servicer’s or the Special Servicer’s, as applicable,
written request for input on any requested consultation and (ii) delivery of all such additional information in the possession
of the Master Servicer or the Special Servicer, as applicable, reasonably requested by the Risk Retention Consultation Party related
to the subject matter of such consultation, the Master Servicer or the Special Servicer, as applicable, shall not be obligated
to consult with the Risk Retention Consultation Party on the specific matter; provided, however, that the failure
of the Risk Retention Consultation Party to respond will not relieve the Master Servicer or the Special Servicer, as applicable,
from using reasonable efforts to consult with the Risk Retention Consultation Party on any future matters with respect to the
applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan. For the avoidance of doubt, (x) the Risk Retention
Consultation Party shall not have any consultation rights with respect to any related Excluded Loan and (y) any consultation with
the Risk Retention Consultation Party under this Agreement shall occur only upon request of the Risk Retention Consultation Party,
and any such consultation shall be on a strictly non-binding basis and shall be subject to all limitations with respect to the
procedures and timing for such consultation set forth in this Section 6.07.

 

The
Risk Retention Consultation Party acting in its capacity as Risk Retention Consultation Party shall not have liability to the
Trust Fund, any party to this Agreement, any Certificateholders or any other Person for any action taken, or for refraining from
the taking of any action, or for errors in judgment.

 

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

 

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If
a Control Termination Event is continuing, the Master Servicer or the Special Servicer, as applicable, shall consult with the
Operating Advisor in connection with any proposed Major Decision that it is processing as to which it has delivered to the Operating
Advisor a Major Decision Reporting Package (and any other actions which otherwise require consultation with the Operating Advisor)
and consider alternative actions recommended by the Operating Advisor, in respect thereof, provided that such consultation
is on a non-binding basis. In the event that the Master Servicer or the Special Servicer, as applicable, receives no response
from the Operating Advisor within ten (10) days following the later of (i) its written request for input on any required consultation
(which request is required to include the related Major Decision Reporting Package) and (ii) delivery of all such additional information
reasonably requested by the Operating Advisor that is in the 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 use reasonable efforts to consult with the Operating Advisor on any future matter with respect to the applicable
Mortgage Loan or any other Mortgage Loan. Notwithstanding anything herein to the contrary, with respect to any applicable Excluded
Loan related to the Directing Holder, the Master Servicer, the Special Servicer or the related Excluded Special Servicer, as applicable,
shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions involving proposed
Major Decisions that it is processing or for which it must give its consent or for which it must give its consent and consider
alternative actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in this
Section 6.08 for consulting with the Operating Advisor.

 

(d)          The failure of any of the Directing Holder, the Operating Advisor or the Risk Retention Consultation Party to respond to any request
for consent or consultation shall not relieve the Master Servicer or the Special Servicer from using reasonable efforts to seek
the consent of or consult with, as applicable, the Directing Holder, the Operating Advisor or the Risk Retention Consultation
Party on any future matters with respect to the applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan.

 

In
addition, for so long as no Control Termination Event is continuing, the Directing Holder may direct the Special Servicer to take,
or to refrain from taking, such other actions with respect to a Mortgage Loan as the Directing Holder may deem advisable or as
to which provision is otherwise made herein; provided that, notwithstanding anything herein to the contrary, no such direction
from the Directing Holder and no advice from the Risk Retention Consultation Party or the Operating Advisor, and no objection
contemplated by the preceding paragraph or this paragraph, may require or cause the Master Servicer or the Special Servicer, as
applicable, to violate any provision of any Mortgage Loan, applicable law, this Agreement, any Intercreditor Agreement or the
REMIC Provisions, including without limitation the Special Servicer’s obligation to act in accordance with the Servicing
Standard, or expose the Master Servicer, the Special Servicer, the Paying Agent, the Trust Fund, the Certificate Administrator
or the Trustee to liability, or materially expand the scope of the Special Servicer’s responsibilities hereunder.

 

If
the Special Servicer or Master Servicer, as applicable, determines that a refusal to consent by the Directing Holder, or any advice
from the Directing Holder, the Risk Retention

 

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Consultation Party or the Operating Advisor, would otherwise cause the Special Servicer
or Master Servicer, as applicable, to violate the terms of any Mortgage Loan, any Intercreditor Agreement, applicable law, the
REMIC Provisions or this Agreement, including without limitation, the Servicing Standard, the Special Servicer or Master Servicer,
as applicable, shall disregard such refusal to consent or advice and notify the Directing Holder, the Risk Retention Consultation
Party or the Operating Advisor, the Trustee, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement) of its determination, including a reasonably detailed explanation of the basis therefor. The taking of,
or refraining from taking, any action by the Master Servicer or Special Servicer in accordance with the direction of or approval
of the Directing Holder, the Risk Retention Consultation Party or the Operating Advisor that does not violate any law or the Servicing
Standard or any other provisions of this Agreement or any Intercreditor Agreements will not result in any liability on the part
of the Master Servicer or the Special Servicer.

 

Notwithstanding
anything to the contrary contained in this Agreement, with respect to the Non-Serviced Mortgage Loans, (i) at all times when
no Consultation Termination Event is continuing, the Directing Holder shall be entitled to the rights of the “Non-Directing
Holder” (or similar term) under the related Intercreditor Agreement and (ii) at no time shall the Operating Advisor
be entitled to the rights of the “Non-Directing Holder” (or similar term) under the related Intercreditor Agreement.

 

The
Directing Holder shall have no liability to the Trust Fund, any party to this Agreement, any Certificateholders or any other Person
for any action taken, or for refraining from the taking of any action, or for errors in judgment; provided that the Directing
Holder shall not be protected against any liability to a Controlling Class Certificateholder that would otherwise be imposed
by reason of willful misconduct, bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations
or duties.

 

(e)         
Subject to the terms and conditions of this Section 6.07, (a) the Special Servicer shall process all requests for
any matter that constitutes a Major Decision with respect to any Specially Serviced Loan, (b) the Special Servicer shall process
all requests for any matter that constitutes a Special Servicer Major Decision with respect to any Performing Loan (other than
a Non-Serviced Mortgage Loan) unless the Master Servicer and the Special Servicer have mutually agreed to have the Master Servicer
process such request in accordance with the terms and conditions reasonably agreed to by the Master Servicer and Special Servicer,
including the Special Servicer’s consent, (c) the Master Servicer shall process all requests for any matter that constitutes
a Master Servicer Major Decision with respect to any Performing Loan (other than a Non-Serviced Mortgage Loan) and (d) the Master
Servicer shall process all requests for any matter that constitutes a Special Servicer Major Decision with respect to any Performing
Loan (other than a Non-Serviced Mortgage Loan) if the Master Servicer and the Special Servicer have mutually agreed to have the
Master Servicer process such request in accordance with the terms and conditions reasonably agreed to by the Master Servicer and
Special Servicer, including the Special Servicer’s consent. Upon receiving a request for any matter that constitutes a Special
Servicer Major Decision, 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

 

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Master Servicer shall forward such request to the Special Servicer and 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.

 

With
respect to any Borrower request or other action on Performing Loans that is not a Major Decision or a Special Servicer Non-Major
Decision, the Master Servicer shall not be required to obtain the consent of or consult with the Special Servicer, the Directing
Holder or the Operating Advisor or the Risk Retention Consultation Party.

 

(f)          
Notwithstanding anything to the contrary contained herein (i) if a Control Termination Event is continuing, the Directing
Holder shall have no right to consent to any action taken or not taken by any party to this Agreement; (ii) if a Control
Termination Event is continuing but no Consultation Termination Event is continuing, the Directing Holder shall remain entitled
to receive any notices, reports or information to which it is entitled pursuant to this Agreement, and the Master Servicer, Special
Servicer and any other applicable party shall consult with the Directing Holder in connection with any action to be taken or refrained
from taking to the extent set forth herein; and (iii) if a Consultation Termination Event is continuing, the Directing Holder
shall have no consultation or consent rights hereunder and no right to receive any notices, reports or information (other than
notices, Voting Rights given to all Certificateholders and rights to receive reports or information required to be delivered to
all Certificateholders) or any other rights as Directing Holder.

 

(g)         
The Master Servicer, the Special Servicer, the Trustee or the Operating Advisor, may from time to time request that the Certificate
Administrator provide the name of the then-current Trust Directing Holder for any applicable Mortgage Loan or Serviced Whole Loan.
Upon such request, the Certificate Administrator shall promptly (but in no event more than five (5) Business Days following
such request) provide the name of the then-current Trust Directing Holder to the Master Servicer, the Special Servicer, the Trustee
or the Operating Advisor, but only to the extent the Certificate Administrator has actual knowledge of the identity of the then-current
Trust Directing Holder; provided that if the Certificate Administrator does not have actual knowledge of the identity of
the then-current Trust Directing Holder then the Certificate Administrator shall promptly (but in no event more than five (5)
Business Days following such request) (i) determine which Class is the Controlling Class and (ii) request from the Controlling
Class Certificateholders the identity of the Trust Directing Holder. Any expenses incurred in connection with obtaining such information
shall be at the expense of the requesting party, except that if (i) such expenses arise in connection with an event as to
which the Trust Directing Holder, has review, consent or consultation rights with respect to an action taken by, or report prepared
by, the requesting party pursuant to this Agreement or in connection with a request made by the Operating Advisor in connection
with its obligation under this Agreement to deliver a copy of the Operating Advisor Annual Report to the Trust Directing Holder
and (ii) the requesting party has not been notified of the identity of the Trust Directing Holder or reasonably believes
that the identity of the Trust Directing Holder has changed, then such expenses shall be at the expense of the Trust. The Master
Servicer, the Special Servicer, the Trustee and the Operating Advisor, shall be entitled to conclusively rely on any such information
so provided.

 

To
the extent the Master Servicer or the Special Servicer has written notice of any change in the identity of a Trust Directing Holder
or the list of Holders (or Certificate Owners, if applicable) of the Controlling Class, then the Master Servicer or the Special
Servicer, as applicable,

 

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

 

(h)         
DBNY shall be the initial Risk Retention Consultation Party and shall remain so until a successor is appointed pursuant to the
terms of this Agreement. Upon the resignation or removal of the existing Risk Retention Consultation Party, any successor Risk
Retention Consultation Party shall deliver to the parties to this Agreement a certification substantially in the form of Exhibit
L-1H to this Agreement prior to being recognized as the new Risk Retention Consultation Party. The parties hereto shall be
entitled to assume that the Risk Retention Consultation Party has not changed absent such notice.

 

(i)          
Once the Risk Retention Consultation Party has been selected, each of the Master Servicer, the Special Servicer, the Depositor,
the Trustee, the Certificate Administrator, the Operating Advisor and each other Certificateholder (or Certificate Owner, if applicable)
shall be entitled to rely on such selection unless DBNY shall have notified the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator, the Operating Advisor and each other Holder of the VRR Interest, in writing, of the selection of
such new Risk Retention Consultation Party (including the new contact information).

 

(j)          
Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that the Risk Retention Consultation Party:
(i) may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates other
than the Holder of the VRR Interest related to the Risk Retention Consultation Party; (ii) may act solely in the interests of
the applicable Holder of the VRR Interest; (iii) does not have any liability or duties to the Holders of any Classes of Certificates
other than the Holder of the VRR Interest related to the Risk Retention Consultation Party; (iv) may take actions that favor interests
of the Holders of one or more Classes of Certificates (including the VRR Interest) over the interests of the Holders of one or
more other Classes of Certificates; and (v) shall have no liability whatsoever for having so acted as set forth in clauses
(i) through (iv) above, and no Certificateholder may take any action whatsoever against the Risk Retention Consultation
Party or any director, officer, employee, agent or principal of the Risk Retention Consultation Party for having so acted.

 

Section 6.08         
Rights of Non-Directing Holders. With respect to each Serviced Whole Loan, the Master Servicer or the Special Servicer,
as applicable, shall:

 

(a)          consult
with the related Non-Directing Holder (or its designee or representative) on a strictly non-binding basis, to the extent that
such Non-Directing Holder (or its designee or representative) requests consultation with respect to any “major decision”
or “major action” set forth in the related Intercreditor Agreement or the implementation of any recommended actions
outlined in an Asset Status Report relating to the Serviced Whole Loan, and to consider alternative actions recommended by such
Non-Directing Holder (or its designee or representative); provided that after the expiration of a period of ten (10) Business
Days from the delivery to the related Non-Directing Holder (or its designee or representative) of written notice of a proposed
action, together with copies of the related notice, information or report, the Master Servicer or Special Servicer, as applicable,
shall no longer be obligated to consult with the applicable Non-Directing Holder (or its designee or representative) (unless the
Master Servicer or Special Servicer, as applicable, proposes a new course of action that is materially different from the action

 

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previously proposed, in which case such ten (10) Business Day period shall begin anew from the date of such proposal and delivery
of all information relating thereto). Notwithstanding the foregoing non-binding consultation rights of the Non-Directing Holder,
the Master Servicer or the Special Servicer, as applicable, may take any “major decision” or “major action”
set forth in the related Intercreditor Agreement or any action set forth in the Asset Status Report before the expiration of the
aforementioned ten (10) Business Day period if the Master Servicer or the Special Servicer, as applicable, determines that immediate
action with respect thereto is necessary to protect the interests of the Certificateholder and the related Companion Loan Noteholder.
Unless specified otherwise in the related Intercreditor Agreement, neither the Master Servicer or the Special Servicer shall be
obligated at any time to follow or take any alternative actions recommended by the Non-Directing Holder; and

 

(b)       in
addition to the foregoing non-binding consultation rights, if provided for in the related Intercreditor Agreement, the Non-Directing
Holder shall have the right to annual conference calls with the Master Servicer or the Special Servicer at the offices of the
Master Servicer or the Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the Master
Servicer or the Special Servicer, as applicable, in which servicing issues related to the related Whole Loan are discussed.

 

Article VII

SERVICER AND OPERATING ADVISOR TERMINATION

 

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

 

(i)         
any failure by the Master Servicer (A) to make a required deposit to the Collection Account or the related Serviced Whole
Loan Collection Account for any Serviced Whole Loan on the day and by the time such deposit was first required to be made under
the terms of this Agreement, which failure is not remedied within two Business Days, (B) to deposit into, or remit to the
Certificate Administrator for deposit into, any Distribution Account any amount required to be so deposited or remitted (including,
without limitation, any required P&I Advance, unless the Master Servicer determines such P&I Advance is a Nonrecoverable
Advance), which failure is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date (provided,
however, that to the extent the Master Servicer does not timely make such remittance to the Certificate Administrator,
the Master Servicer shall pay the Certificate Administrator for the account of the Certificate Administrator interest on any amount
not timely remitted at the Reimbursement Rate from and including the applicable required remittance date to, but not including,
the date such remittance is actually made), or (C) to remit to any holder of a Serviced Companion Loan, as and when required
by this Agreement or the related Intercreditor Agreement, any amount required to be so remitted (which failure continues for two
Business Days);

 

(ii)         
any failure on the part of the Master Servicer duly to observe or perform in any material respect any of its other covenants or
obligations contained in this Agreement, which failure continues unremedied for a period of 30 days (or (A) with respect
to any year that a report on Form 10-K is required to be filed, five (5) Business Days in the case of the

 

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Master Servicer’s
obligations contemplated by Article X (except as otherwise provided under clause (x) of this definition of
“Master Servicer Termination Event”), or (B) 15 days in the case of the Master Servicer’s failure to make a
Servicing Advance or 45 days in the case of failure to pay the premium for any insurance policy required to be force placed by
the Master Servicer pursuant to this Agreement or in any event such reasonable shorter period of time as is necessary to avoid
the commencement of foreclosure proceedings for any lien relating to unpaid real estate taxes or assessments or a lapse in any
required insurance coverage) after the date on which written notice of such failure, requiring the same to be remedied, shall
have been given to the Master Servicer, by (a) any other party hereto, with a copy to each other party to this Agreement,
(b) the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less than 25% of such Class
or (c) an affected Serviced Companion Loan Noteholder; provided that, if such failure is capable of being cured and
the Master Servicer is diligently pursuing such cure, such 15-, 30- or 45-day period, as applicable, will be extended an additional
30 days; provided, further, however, that such extended period will not apply to the obligations regarding
Exchange Act reporting contemplated by Article X;

 

(iii)         
any breach on the part of the Master Servicer of any representation or warranty contained in Section 2.04(a) of this
Agreement, which materially and adversely affects the interests of any Certificateholders or Serviced Companion Loan Noteholders
and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same
to be remedied, shall have been given (a) to the Master Servicer by any party hereto or (b) to the Master Servicer,
the Special Servicer, the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing Percentage
Interests aggregating not less than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder; provided that,
if such breach is capable of being cured and the Master Servicer is diligently pursuing such cure, such 30-day period will be
extended an additional 30 days;

 

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

 

(v)        
  the Master Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar
official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of
or relating to the Master Servicer or of or relating to all or substantially all of its property;

 

(vi)         
the Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take
advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its creditors,
voluntarily suspend payment of its obligations or take any corporate action in furtherance of the foregoing;

 

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(vii)        either of Moody’s or KBRA (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency) has
(A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or one or more classes of
Serviced Companion Loan Securities, or (B) placed one or more Classes of Certificates or one or more classes of Serviced Companion
Loan Securities on “watch status” in contemplation of a rating downgrade or withdrawal (and such qualification, downgrade,
withdrawal or “watch status” placement shall not have been withdrawn by Moody’s or KBRA (or, in the case of
Serviced Companion Loan Securities, any Companion Loan Rating Agency) within sixty (60) days of such event) and, in the case of
either of clauses (A) or (B), publicly citing servicing concerns with the Master Servicer as the sole or a material
factor in such rating action;

 

(viii)        
the Master Servicer is no longer rated at least “CMS3” or “CSS3”, respectively, by Fitch and such Master
Servicer is not reinstated to at least that rating within sixty (60) days of the delisting; or

 

(ix)          
subject to Section 10.16(c), any failure by the Master Servicer to deliver (a) any Exchange Act reporting items
required to be delivered by the Master Servicer to the Trustee or the Certificate Administrator under Article X by
the time required under Article X or (b) any Exchange Act reporting items that a primary servicer, sub-servicer
or Servicing Function Participant (such entity, the “Sub-Servicing Entity”) retained by the Master Servicer
(but excluding any Mortgage Loan Seller Sub-Servicer) is required to deliver (any Sub-Servicing Entity shall be terminated if
it defaults in accordance with the provision of this clause (ix)), which failure, with respect to clauses (a)
and (b), (other than in the case of Form 8-K reporting requirements) is not remedied within three (3) Business Days;

 

then,
and in each and every such case, so long as a Master Servicer Termination Event shall not have been remedied, the Trustee may,
and at the written direction of (x) the Holders of at least 25% of the aggregate Voting Rights of all Certificates or (y) the
Depositor with respect to clause (ii) above (to the extent such Master Servicer Termination Event relates to the obligations
regarding Exchange Act reporting contemplated by Article X) or clause (viii) above upon five (5) Business Days’
notice, shall, terminate all of the rights and obligations of the Master Servicer (other than as set forth in Section 7.01(d)).
In the case of clause (vii), the Certificate Administrator shall be required to notify Certificateholders and Serviced Companion
Loan Noteholders of such Master Servicer Termination Event and request whether such Certificateholders and, if applicable, Serviced
Companion Loan Noteholders favor such termination.

 

If
the Master Servicer is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01(a),
then the Master Servicer shall also be terminated as Special Servicer.

 

If
the Master Servicer receives notice of termination under this Section 7.01(a) solely due to a Master Servicer Termination
Event under Section 7.01(a)(vii) or (viii) and if the Master Servicer provides the Trustee with the appropriate
“request for proposal” materials within five (5) Business Days following such termination notice, then the Master
Servicer shall continue to serve as Master Servicer hereunder until a successor Master Servicer is selected in accordance with
this Section 7.01(a). Upon receipt of the “request for proposal” materials, the Trustee shall

 

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promptly
thereafter (using such “request for proposal” materials provided by the Master Servicer) solicit good faith bids for
the rights to service the Mortgage Loans and Serviced Companion Loans under this Agreement from at least three (3) Persons qualified
to act as Master Servicer hereunder in accordance with Section 6.02 and 7.02 of this Agreement (any such Person
so qualified, a “Qualified Bidder”) or, if three (3) Qualified Bidders cannot be located, then from as many
persons as the Trustee can determine are Qualified Bidders; provided that, at the Trustee’s request, the Master Servicer
shall supply the Trustee with the names of Persons from whom to solicit such bids; and provided, further, that the
Trustee shall not be responsible if less than three (3) or no Qualified Bidders submit bids for the right to service the Mortgage
Loans and Serviced Companion Loans under this Agreement. The bid proposal shall require any Successful Bidder (as defined below),
as a condition of such bid, to enter into this Agreement as successor Master Servicer, and to agree to be bound by the terms hereof,
within 45 days after the notice of termination of the Master Servicer. The materials provided to the Trustee shall provide for
soliciting bids: (i) on the basis of such successor Master Servicer retaining all Sub-Servicers to continue the primary servicing
of the Mortgage Loans and Serviced Companion Loans pursuant to the terms of the respective Sub-Servicing Agreements and entering
into a Sub-Servicing Agreement with the terminated Master Servicer to service each of the Mortgage Loans and Serviced Companion
Loans for which it was the Master Servicer and not subject to a Sub-Servicing Agreement with a cashiering Sub-Servicer at a sub-servicing
fee rate per annum equal to, for each Mortgage Loan and Serviced Companion Loan serviced, the Primary Servicing Fee Rate
(each, a “Servicing Retained Bid”); and (ii) on the basis of terminating each Sub-Servicing Agreement
and Sub-Servicer that it is permitted to terminate in accordance with Section 3.01(c) of this Agreement (each, a “Servicing
Released Bid”). The Trustee shall select the Qualified Bidder with the highest cash Servicing Retained Bid (or, if none,
the highest cash Servicing Released Bid from any Person qualified to act as a Master Servicer) (the “Successful Bidder”)
to act as successor Master Servicer hereunder; provided that if the Trustee does not receive a Rating Agency Confirmation
in accordance with the procedures set forth in Section 3.30 of this Agreement with respect to such Successful Bidder,
then the Trustee shall repeat the bid process described above (but subject to the above described 45 day time period) until such
Rating Agency Confirmation is obtained. The Trustee shall direct the Successful Bidder to enter into this Agreement as successor
Master Servicer pursuant to the terms hereof no later than 45 days after notice of the termination of the Master Servicer; provided
that the initial Master Servicer may request and obtain, with the prior written consent of the Directing Holder, an additional
20 days for such sale and assumption to be completed so long as the initial Master Servicer delivers to the Trustee an Officer's
Certificate stating that the sale and assumption of the right to service the Mortgage Loans and Serviced Companion Loans cannot
be completed in the initial 45-day period and specifying the reasons therefor.

 

Upon
the assignment and acceptance of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement)
to and by the Successful Bidder, the Trustee shall remit or cause to be remitted (i) if the successful bid was a Servicing
Retained Bid, to the Master Servicer to be terminated pursuant to this Section 7.01(a), the amount of such cash bid
received from the Successful Bidder (net of “out of pocket” expenses incurred in connection with obtaining such bid
and transferring servicing) and (ii) if the successful bid was a Servicing Released Bid, to the Master Servicer and each
terminated Sub-Servicer its respective Bid Allocation.

 

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The
Master Servicer to be terminated pursuant to this Section 7.01(a) shall be responsible for all out of pocket expenses
incurred in connection with the attempt to sell its rights to service the Mortgage Loans and Serviced Companion Loans, which expenses
are not reimbursed to the party that incurred such expenses pursuant to the preceding paragraph.

 

If
the Successful Bidder has not entered into this Agreement as successor Master Servicer within the above described time period
or no Successful Bidder was identified within the above described time period, the Master Servicer to be terminated pursuant to
Section 7.01(a) of this Agreement shall reimburse the Trustee for all reasonable “out of pocket” expenses
incurred by the Trustee in connection with such bid process and the Trustee shall have no further obligations under this Section 7.01(a).
The Trustee thereafter may act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02
of this Agreement.

 

Notwithstanding
anything to the contrary in this Article VII, if the Master Servicer shall timely deliver the notice and request for
proposal materials referred to in the fourth preceding paragraph, no resignation or termination of the Master Servicer shall be
effective in connection with a Master Servicer Termination Event under Section 7.01(a)(vii) or (viii) of this
Agreement, and the Master Servicer shall continue to perform as such and to collect the servicing fee until the conclusion of
the process described in this clause (a).

 

(b)          “Special Servicer Termination Event,” wherever used herein, means any one of the following events:

 

  (i)          
any failure by the Special Servicer to deposit into the REO Account at or within the time specified by this Agreement and such
failure continues unremedied for one Business Day, or any failure by the Special Servicer to remit to Master Servicer for deposit
into, the Collection Account (or, in the case of a Serviced Whole Loan, the related Serviced Whole Loan Collection Account) any
amount required to be so remitted by the Special Servicer pursuant to, and at the time specified by, the terms of this Agreement;
provided that the failure of the Special Servicer to remit such amount to the Master Servicer shall not be a Special Servicer
Termination Event if such failure is remedied within two Business Days and if the Special Servicer has compensated the Master
Servicer for any loss of income (at the Reimbursement Rate) on such amount suffered by the Master Servicer due to and caused by
the late remittance of the Special Servicer and reimburse the Trust for any resulting Advance Interest Amount due to the Master
Servicer;

 

 (ii)         
 any failure on the part of the Special Servicer duly to observe or perform in any material respect any of its other covenants
or obligations contained in this Agreement, which failure continues unremedied for a period of 30 days (or (A) with respect
to any year that a report on Form 10-K is required to be filed, five (5) Business Days in the case of the Special Servicer’s
obligations contemplated by Article X (except as otherwise provided under clause (ix) of this definition of
“Special Servicer Termination Event”), or (B) 45 days in the case of failure to pay the premium for any insurance
policy required to be force placed by the Special Servicer pursuant to this Agreement or in any event such reasonable shorter
period of time as is necessary to avoid the commencement of foreclosure proceedings for any lien relating to unpaid real estate
taxes or assessments or a lapse in any required insurance coverage) after the date on which written notice of such failure, requiring
the same to be remedied, shall have been given to the Special Servicer, by (a) any other party

 

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hereto, with a copy to each
other party to this Agreement, (b) the Holders of Certificates of any Class evidencing Percentage Interests aggregating not
less than 25% of such Class or (c) an affected Serviced Companion Loan Noteholder; provided that, if such failure
is capable of being cured and the Special Servicer is diligently pursuing such cure, such 30- or 45-day period, as applicable,
will be extended an additional 30 days; provided, further, however, that such extended period will not
apply to the obligations regarding Exchange Act reporting contemplated by Article X;

 

 (iii)         
any breach on the part of the Special Servicer of any representation or warranty contained in Section 2.04(b) of this
Agreement, which materially and adversely affects the interests of any Certificateholders or Serviced Companion Loan Noteholders
and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same
to be remedied, shall have been given (a) to the Special Servicer by any party hereto, or (b) to the Master Servicer,
the Special Servicer, the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing Percentage
Interests aggregating not less than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder; provided
that, if such breach is capable of being cured and the Special Servicer is diligently pursuing such cure, such 30-day period
will be extended an additional 30 days;

 

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

 

 (v)          
the Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official in any
bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the
Special Servicer or of or relating to all or substantially all of its property;

 

 (vi)         
the Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take
advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its creditors,
voluntarily suspend payment of its obligations or take any corporate action in furtherance of the foregoing;

 

 (vii)        
the Special Servicer is no longer rated at least “CSS3” by Fitch and such Special Servicer is not reinstated to at
least that rating within 60 days of the delisting;

 

(viii)       either of Moody’s or KBRA (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency) has
(A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or one or more classes of
Serviced Companion Loan Securities, or (B) placed one or more Classes of Certificates or one or more classes of Serviced Companion
Loan Securities on “watch status” in contemplation of a rating downgrade or withdrawal (and such qualification, downgrade,

 

    -400-

    

    

 

withdrawal or “watch status” placement shall not have been withdrawn by Moody’s or KBRA (or, in the case of
Serviced Companion Loan Securities, any Companion Loan Rating Agency) within sixty (60) days of such event) and, in the case of
either of clauses (A) or (B), publicly citing servicing concerns with the Special Servicer as the sole or a material
factor in such rating action; or

 

(ix)         
subject to Section 10.16(c), any failure by the Special Servicer to deliver (a) any Exchange Act reporting items
required to be delivered by the Special Servicer to the Trustee or the Certificate Administrator under Article X by
the time required under Article X or (b) any Exchange Act reporting items that a Sub-Servicing Entity retained
by the Special Servicer (but excluding any Mortgage Loan Seller Sub-Servicer) is required to deliver (any Sub-Servicing Entity
shall be terminated if it defaults in accordance with the provision of this clause (ix), which failure, with respect
to clauses (a) and (b), (other than in the case of Form 8-K reporting requirements) is not remedied within three (3) Business
Days;

 

then,
and in each and every such case, so long as a Special Servicer Termination Event shall not have been remedied, the Trustee may,
and at the written direction of (x) the Holders of at least 25% of the aggregate Voting Rights of all Certificates, (y) for so
long as no Control Termination Event is continuing, the Directing Holder, or (z) the Depositor with respect to clause (ii)
above (to the extent such Special Servicer Termination Event relates to the obligations regarding Exchange Act reporting contemplated
by Article X) or clause (ix) above upon five (5) Business Days’ notice, shall, terminate all of
the rights and obligations of the Special Servicer (other than the rights to indemnification provided in Section 6.03(a)
of this Agreement and compensation provided in Section 3.12(c) of this Agreement). In the case of clause (vii)
and clause (viii) above, the Trustee shall, upon actual knowledge by a Responsible Officer of such Special Servicer Termination
Event, notify the Special Servicer and the Certificate Administrator, and the Certificate Administrator, upon receipt of such
notice or upon actual knowledge by a Responsible Officer of such Special Servicer Termination Event, shall notify the Certificateholders
and Serviced Companion Loan Noteholders of such Special Servicer Termination Event and request whether such Certificateholders
and, if applicable, the Serviced Companion Loan Noteholders, favor such termination.

 

(c)         
Notwithstanding Section 7.01(a), (i) if any Master Servicer Termination Event occurs that affects a Serviced
Companion Loan and the Master Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion
Loan Security qualifies, downgrades or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing
concerns with the Master Servicer as the sole or a material factor in such rating action and that rating action is not withdrawn
within 60 days, then the Trustee, at the direction of the Companion Loan Noteholder, shall direct the Master Servicer to appoint
a sub-servicer (or if a sub-servicer is then sub-servicing such Serviced Whole Loan, to appoint a new sub-servicer to service
such Serviced Whole Loan, but only if such existing sub-servicer is in default after any applicable cure periods under the related
sub-servicing agreement, and the Master Servicer shall be permitted to terminate the sub-servicing agreement due to such default)
with respect all of the rights and obligations of the Master Servicer under this Agreement related to such Serviced Whole Loan.
The Master Servicer shall appoint a replacement sub-servicer with respect to such Serviced Whole Loan; provided that such
sub-servicer meets the eligibility requirements of a successor

 

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master servicer under Section 7.02 (including receipt
of a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any) and the eligibility
requirements of each Other Pooling and Servicing Agreement.

 

(d)          Notwithstanding Section 7.01(b), (i) if any Special Servicer Termination Event occurs that affects a Serviced
Companion Loan and the Special Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion
Loan Security qualifies, downgrades or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing
concerns with the Special Servicer as the sole or a material factor in such rating action and that rating action is not withdrawn
within 60 days, then the Trustee, at the direction of the Companion Loan Noteholder, shall terminate the Special Servicer with
respect to the related Serviced Whole Loan only, but no other Mortgage Loan.

 

(e)         
If the Master Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee (the “Terminating
Party”) shall, by notice in writing to the Master Servicer or the Special Servicer, as the case may be (the “Terminated
Party”), terminate all of its rights and obligations under this Agreement and in and to the Mortgage Loans and the proceeds
thereof, other than any rights the Terminated Party has to Excess Servicing Fees, any rights it has hereunder as a Certificateholder
and any rights or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued
or owing to it under this Agreement, plus interest at the Reimbursement Rate on such amounts until received to the extent such
amounts bear interest as provided in this Agreement, with respect to periods prior to the date of such termination and the right
to the benefits of Section 6.03 of this Agreement notwithstanding any such termination), and with respect to the Special
Servicer, the right to receive any Workout Fee subsequent to its termination as Special Servicer, pursuant to Section 3.12(c)
of this Agreement. No successor Special Servicer shall be entitled to such Workout Fee received by the terminated Special
Servicer. On or after the receipt by the Terminated Party of such written notice, all of its authority and power under this Agreement,
whether with respect to the Certificates (except that the Terminated Party shall retain its rights as a Certificateholder if and
to the extent that it is a Certificateholder), the Mortgage Loans, the Serviced Companion Loans or otherwise, shall pass to and
be vested in the Terminating Party pursuant to and under this Section and, without limitation, the Terminating Party is hereby
authorized and empowered to execute and deliver, on behalf of and at the expense of the Terminated Party, as attorney-in-fact
or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate
to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage
Loans and related documents, or otherwise. The Master Servicer and the Special Servicer each agree in the event it is terminated
pursuant to this Section 7.01 to promptly (and in any event no later than ten Business Days subsequent to such notice)
provide, at its own expense, the Terminating Party with all documents and records requested by the Terminating Party to enable
the Terminating Party to assume its functions hereunder, and to cooperate with the Terminating Party and the successor to its
responsibilities hereunder in effecting the termination of its responsibilities and rights hereunder, including, without limitation,
the transfer to the successor Master Servicer or Special Servicer or the Terminating Party, as applicable, for administration
by it of all cash amounts which shall at the time be or should have been credited by the Master Servicer or the Special Servicer
to the Collection Account, the applicable Serviced Whole Loan Collection Account, any REO Account, the Loss of Value Reserve Fund,
any Gain-on-Sale Reserve Account, Lock-Box Account or Cash Collateral Account

 

    -402-

    

    

 

 or which shall thereafter be received with respect
to the Mortgage Loans, and shall promptly provide the Terminating Party or such successor Master Servicer or successor Special
Servicer (which may include the Trustee) all documents and records reasonably requested by it, such documents and records to be
provided in such form as the Terminating Party or such successor Master Servicer or Special Servicer shall reasonably request
(including electronic form), to enable it to assume the Master Servicer’s or Special Servicer’s function hereunder.
All reasonable costs and expenses of the Terminating Party (including the cost of obtaining a Rating Agency Confirmation and any
applicable indemnity) or the successor Master Servicer or successor Special Servicer incurred in connection with transferring
the Mortgage Files to the successor Master Servicer or Special Servicer and amending this Agreement to reflect such succession
as successor Master Servicer or successor Special Servicer pursuant to this Section 7.01 shall be paid by the predecessor
Master Servicer or the Special Servicer, as applicable, upon presentation of reasonable documentation of such costs and expenses.
If the predecessor Master Servicer or Special Servicer (as the case may be) has not reimbursed the Terminating Party or the successor
Master Servicer or Special Servicer for such expenses within 90 days after the presentation of reasonable documentation,
such expense shall be reimbursed by the Trust Fund; provided that the Terminated Party shall not thereby be relieved of
its liability for such expenses. If and to the extent that the Terminated Party has not reimbursed such costs and expenses, the
Terminating Party shall have an affirmative obligation to take all reasonable actions to collect such expenses on behalf of the
Trust Fund.

 

In
no event shall the Trustee or the Certificate Administrator be deemed to have knowledge of, or be aware of, any Master Servicer
Termination Event or Special Servicer Termination Event until a Responsible Officer of the Trustee or the Certificate Administrator,
as the case may be, has received written notice thereof or has actual knowledge thereof.

 

No
removal or replacement of the Master Servicer or the Special Servicer as contemplated by this Agreement shall become effective
until (i) the Trustee or a successor Master Servicer or Special Servicer shall have assumed the resigning or terminated Master
Servicer’s or Special Servicer’s responsibilities, duties, liabilities and obligations hereunder, (ii) the Certificate
Administrator shall have filed any required Form 8-K pursuant to Section 10.09, (iii) any other information required
under Section 10.03 or Section 10.09 has been delivered to any applicable Other Depositor with respect
to any related Companion Loan, and (iv) as to any resignation, removal, succession, merger or consolidation of the Master
Servicer or the Special Servicer that would constitute a Reportable Event, upon at least 4 Business Days prior notice of the anticipated
effective date of such event, the Certificate Administrator and the Depositor shall cooperate in a timely manner with the Master
Servicer, the Special Servicer or any other Person pursuing such resignation, removal, succession, merger or consolidation, as
applicable, in connection with the Depositor’s or the Certificate Administrator’s obligation to file any related required
Form 8-K relating to this Trust on the anticipated effective date of such event.

 

Section 7.02         
Trustee to Act; Appointment of Successor. Upon the receipt of a notice of termination by the Master Servicer or the Special
Servicer pursuant to Section 7.01 of this Agreement, the Terminating Party (subject to Section 7.01(a)
and Section 7.01(c)) shall be its successor, until a successor is appointed by the Directing Holder as provided in
this Section 7.02 or Section 3.22(b), as applicable, in all respects in its capacity as the Master Servicer
or the Special Servicer under this Agreement and the transactions set forth or provided for herein and, except as

 

    -403-

    

    

 

provided herein,
shall be subject to all the responsibilities, duties, limitations on liability and liabilities relating thereto and arising thereafter
placed on the Master Servicer or Special Servicer by the terms and provisions hereof, provided that (i) the Terminating
Party shall have no responsibilities, duties, liabilities or obligations with respect to any act or omission of the Master Servicer
or Special Servicer and (ii) any failure to perform, or delay in performing, such duties or responsibilities caused by the
Terminated Party’s failure to provide, or delay in providing, records, tapes, disks, information or monies shall not be
considered a termination event for such successor hereunder. The Trustee, as successor Master Servicer or successor Special Servicer,
shall be indemnified to the full extent provided to the Master Servicer or Special Servicer, as applicable, under this Agreement
prior to the Master Servicer’s or the Special Servicer’s termination. The appointment of a successor Master Servicer
or successor Special Servicer shall not affect any liability of the predecessor Master Servicer or Special Servicer which may
have arisen prior to its termination as the Master Servicer or the Special Servicer. The Terminating Party shall not be liable
for any of the representations and warranties of the Master Servicer or Special Servicer herein or in any related document or
agreement, for any acts or omissions of the predecessor Master Servicer or predecessor Special Servicer or for any losses incurred
in respect of any Permitted Investment by the Master Servicer pursuant to Section 3.07 hereunder nor shall the Trustee
be required to purchase any Mortgage Loan or any Serviced Companion Loan hereunder. As compensation therefor, the Terminating
Party as successor Master Servicer or successor Special Servicer shall be entitled to the Servicing Compensation or Special Servicing
Compensation, as applicable, and all funds relating to the Mortgage Loans or the Serviced Companion Loans that accrue after the
date of the Terminating Party’s succession to which such predecessor Master Servicer or Special Servicer would have been
entitled if such predecessor Master Servicer or Special Servicer, as applicable, had continued to act hereunder. If any Advances
made by the Master Servicer or the Trustee shall at any time be outstanding, or any amounts of interest thereon shall be accrued
and unpaid, all amounts available to repay Advances and interest hereunder shall be applied entirely to the Advances made by the
Trustee (and the accrued and unpaid interest thereon), until such Advances and interest shall have been repaid in full. Notwithstanding
the above, the Trustee may, if it shall be unwilling to so act, or shall if it is unable to so act or if the Holders of Certificates
entitled to (i) in the case of the Master Servicer, at least 25% of the aggregate Voting Rights (or, for so long as no Control
Termination Event is continuing, the Directing Holder), or (ii) in the case of the Special Servicer, at least 25% of the aggregate
Voting Rights (or, for so long as no Control Termination Event is continuing, the Directing Holder), so request in writing to
the Trustee, or, with respect to a Serviced Whole Loan, if an affected Serviced Companion Loan Noteholder so requests in writing
to the Trustee, or if the Trustee is not an “approved” servicer by any of the Rating Agencies for mortgage pools similar
to the Trust Fund, promptly appoint, or petition a court of competent jurisdiction to appoint, any established mortgage loan servicing
institution that, for so long as no Control Termination Event is continuing, has been approved by the Directing Holder (which
approval shall not be unreasonably withheld in the case of the appointment of a successor Master Servicer) to act as the successor
to the Master Servicer or Special Servicer, as applicable, hereunder in the assumption of all or any part of the responsibilities,
duties or liabilities of the Master Servicer or Special Servicer hereunder; provided that the Trustee shall obtain a Rating
Agency Confirmation with respect to the Certificates and any Serviced Companion Loan Securities. No appointment of a successor
to the Master Servicer or Special Servicer hereunder shall be effective until the assumption by such successor of all the Master
Servicer’s or Special Servicer’s responsibilities, duties and liabilities hereunder, which appointment has been approved,
if no Control Termination Event is continuing, by the Directing

 

    -404-

    

    

 

Holder, such approval not to be unreasonably withheld. Pending
appointment of a successor to the Master Servicer (or the Special Servicer if the Special Servicer is also the Master Servicer)
hereunder, unless the Trustee shall be prohibited by law from so acting, the Trustee shall act in such capacity as hereinabove
provided. Pending the appointment of a successor to the Special Servicer, the Trustee shall act in such capacity. In connection
with such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor
out of payments on Mortgage Loans, Serviced Companion Loans or otherwise as it and such successor shall agree; provided
that no such compensation shall be in excess of that permitted to the Terminated Party hereunder, unless no successor to the Terminated
Party can be obtained to perform the obligations of such Terminated Party hereunder, in which case additional amounts shall be
paid to such successor and such amounts in excess of that permitted the Terminated Party shall be treated as Realized Losses and
VRR Realized Losses. Any successor Special Servicer shall be subject to the rights of the Directing Holder under Section 3.22(b)
of this Agreement. The Depositor, the Trustee, the Master Servicer or Special Servicer and such successor shall take such
action, consistent with this Agreement, as shall be necessary to effectuate any such succession.

 

If
the Trustee or an Affiliate acts pursuant to this Section 7.02 as successor to the resigning or terminated Master
Servicer, it may reduce the Master Servicer’s Excess Servicing Fee Rate to the extent that it’s or such Affiliate’s
compensation as successor Master Servicer would otherwise be below the market rate servicing compensation. If the Trustee elects
to appoint a successor to the resigning or terminated Master Servicer other than itself or an Affiliate pursuant to this Section 7.02,
it may reduce the Master Servicer’s Excess Servicing Fee Rate to the extent reasonably necessary (in the sole discretion
of the Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of this Section 7.02.

 

Section 7.03         
Notification to Certificateholders and Other Persons. (a) Upon its receipt of written notice of any termination pursuant
to Section 7.01 above or appointment of a successor to the Master Servicer or the Special Servicer, the Certificate
Administrator shall give prompt written notice thereof to Certificateholders at their respective addresses appearing in the Certificate
Register, the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website
pursuant to Section 3.14(d) of this Agreement), the Operating Advisor, the Asset Representations Reviewer and to each
Serviced Companion Loan Noteholder at its address appearing in the Serviced Companion Loan Noteholder Register.

 

(b)          Within 30 days after the occurrence of any Servicer Termination Event (or any analogous servicer termination event under
any Other Pooling and Servicing Agreement relating to any Non-Serviced Whole Loan), Operating Advisor Termination Event or Asset
Representations Reviewer Termination Event of which a Responsible Officer of the Trustee has actual knowledge, the Trustee shall
transmit by mail to the Depositor, the Certificate Administrator (who shall then notify all Holders of Certificates), the 17g-5
Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement), and each Serviced Companion Loan Noteholder, notice of such Servicer Termination Event, Operating Advisor
Termination Event or Asset Representations Reviewer Termination Event, unless such Servicer Termination Event, Operating Advisor
Termination Event or Asset Representations Reviewer Termination Event shall have been cured or waived.

 

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Section 7.04         
Other Remedies of Trustee. During the continuance of any Servicer Termination Event, so long as the Servicer Termination
Event shall not have been remedied, the Trustee, in addition to the rights specified in Section 7.01 of this Agreement,
shall have the right, in its own name as Trustee of an express trust, to take all actions now or hereafter existing at law, in
equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of
the Certificateholders and, in the case of any Serviced Companion Loan, of the related Serviced Companion Loan Noteholders (including
the institution and prosecution of all judicial, administrative and other proceedings and the filing of proofs of claim and debt
in connection therewith). In such event, the legal fees, expenses and costs of such action and any liability resulting therefrom
shall be expenses, costs and liabilities of the Trust Fund (and, in the case of any Serviced Whole Loan, such amounts shall be
allocated in accordance with the expense allocation provision of the related Intercreditor Agreement). Except as otherwise expressly
provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every
remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall
impair any such right or remedy or shall be deemed to be a waiver of any Servicer Termination Event.

 

Section 7.05         
Waiver of Past Servicer Termination Events and Operating Advisor Termination Events; Termination. The Holders of Certificates
evidencing not less than 66-2/3% of the aggregate Voting Rights of the Certificates may, together with each affected Serviced
Companion Loan Noteholder (to the extent they are adversely affected by such Servicer Termination Event or Operating Advisor Termination
Event, as applicable), on behalf of all Holders of Certificates waive any termination event with respect to the Master Servicer,
the Special Servicer or the Operating Advisor in the performance of its obligations hereunder and its consequences, except a termination
event with respect to making any required deposits (including, with respect to the Master Servicer, P&I Advances) to or payments
from the Collection Account, any Serviced Whole Loan Collection Account or the Lower-Tier Distribution Account, or in remitting
payments as received, in each case in accordance with this Agreement. Upon any such waiver of a past termination event, such termination
event shall cease to exist, and any Servicer Termination Event or Operating Advisor Termination Event arising therefrom shall
be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other termination
event or impair any right consequent thereon. Notwithstanding the foregoing, a Master Servicer Termination Event under Section 7.01(a)(ii)
(to the extent such Master Servicer Termination Event relates to the obligations regarding Exchange Act reporting contemplated
by Article X) or Section 7.01(a)(ix) or a Special Servicer Termination Event under Section 7.01(b)(ii)
(to the extent such Special Servicer Termination Event relates to the obligations regarding Exchange Act reporting contemplated
by Article X) or Section 7.01(b)(ix) of this Agreement may be waived only with the consent of the Depositor
and each affected Other Depositor.

 

Section 7.06         
Trustee as Maker of Advances. If the Master Servicer fails to fulfill its obligations hereunder to make any Advances and
such failure remains uncured, the Trustee shall perform such obligations (x) within five Business Days of the Master Servicer
Termination Event resulting from such failure by the Master Servicer with respect to Servicing Advances to the extent a Responsible
Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by 12:00 noon
(New York City time) on the related Distribution Date with respect to P&I Advances pursuant to the Trustee’s receipt
of notice of failure pursuant

 

    -406-

    

    

 

to Section 4.07(a) of this Agreement unless the Trustee has received notice that such
failure has been cured by 11:00 a.m. on such Distribution Date. With respect to any such Advance made by the Trustee, the
Trustee shall succeed to all of the Master Servicer’s rights with respect to Advances hereunder, including, without limitation,
the Master Servicer’s rights of reimbursement and interest on each Advance at the Reimbursement Rate, and rights to determine
that a proposed Advance is a Nonrecoverable Advance (without regard to any impairment of any such rights of reimbursement caused
by the Master Servicer’s failure to perform its obligations hereunder); provided that if Advances made by the Trustee
and the Master Servicer shall at any time be outstanding, or any interest on any Advance shall be accrued and unpaid, all amounts
available to repay such Advances and the interest thereon hereunder shall be applied entirely to the Advances outstanding to the
Trustee, until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement
of the Master Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any notice given with respect
to a Nonrecoverable Advance or any determination of nonrecoverability in connection therewith by the Master Servicer hereunder.

 

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

 

 (i)    
      any failure by the Operating Advisor to observe or perform in any material respect any of its
covenants or agreements or the material breach of any 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 any party hereto or to the Operating
Advisor, the Certificate Administrator and the Trustee by the Holders of Certificates having greater than 25% of the
aggregate Voting Rights; provided that with respect to any such failure which is not curable within such 30-day
period, the Operating Advisor shall have an additional cure period of thirty (30) days to effect such cure so long as it has
commenced to cure such failure within the initial 30-day period and has provided the Trustee and the Certificate
Administrator with an Officer’s Certificate certifying that it has diligently pursued, and is continuing to pursue,
such cure;

 

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

 

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

 

 (iv)        
a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or

 

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similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Operating Advisor, and such decree or order shall
have remained in force undischarged or unstayed for a period of 60 days;

 

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

 

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

 

Upon
receipt by the Certificate Administrator of notice of the occurrence of any Operating Advisor Termination Event, the Certificate
Administrator shall promptly provide written notice to all Certificateholders electronically by posting such notice on the Certificate
Administrator’s Website and by mail, unless the Certificate Administrator has received notice that it has been remedied.
If an Operating Advisor Termination Event has occurred then, and in each and every such case, so long as such Operating Advisor
Termination Event shall not have been remedied, either (i) the Trustee may or (ii) upon the written direction of holders
of Certificates evidencing not less than 25% of the Voting Rights, 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; provided that no such
termination shall be effective until a successor Operating Advisor has been appointed and has assumed all of the obligations of
the Operating Advisor under this Agreement. Notwithstanding anything herein to the contrary, the Depositor shall have the right,
but not the obligation, to notify the Certificate Administrator and the Trustee of any Operating Advisor Termination Event of
which the Depositor has actual knowledge.

 

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

 

(b)        With respect to any Serviced Mortgage Loan, upon (i) the written direction of holders of Certificates evidencing not less
than 15% of the aggregate Voting Rights requesting a vote to terminate and replace the Operating Advisor with a proposed successor
Operating Advisor that is an Eligible Operating Advisor and (ii) payment by such Holders to the Certificate

 

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

 

The
provisions set forth in the foregoing sentences of this Section 7.07(b) shall be binding upon and inure to the benefit
of solely the Certificateholders and the Trustee as between each other. The Operating Advisor shall not have any cause of action
based upon or arising from any breach or alleged breach of such provisions other than may arise, as a result of the failure to
comply with the above described voting procedures. As between the Operating Advisor, on the one hand, and the Certificateholders,
on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the
termination of the Operating Advisor.

 

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

 

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a Mortgage Loan Seller, an Other Depositor, an Other Servicer, an Other Special Servicer or an Affiliate of any of them.
If any of such entities becomes the Operating Advisor, including by means of an Affiliation arising after the date hereof, the
Operating Advisor shall immediately resign or cause an assignment under Section 6.04 of this Agreement and the Trustee
shall upon the written direction of Holders of Certificates evidencing not less than 25% of the Voting Rights of each Class of
Certificates appoint a successor Operating Advisor subject to and in accordance with this Section 7.07(c), which successor
Operating Advisor may be an Affiliate of the Trustee.

 

(d)        Upon any termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall,
as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator, the
Depositor, the Certificateholders, any Serviced Companion Loan Noteholder, the Risk Retention Consultation Party, the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement) and, if no Consultation Termination Event is continuing, the Directing Holder. If the Operating Advisor is terminated,
all of its rights and obligations under this Agreement shall terminate, other than any rights or obligations that accrued prior
to the date of such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other
than indemnification rights (arising out of events occurring prior to such termination).

 

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

 

Article VIII

CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR

 

Section 8.01         
Duties of Trustee and Certificate Administrator. (a)  Each of the Trustee and the Certificate Administrator
undertakes to perform such duties and only such duties as are specifically set forth in this Agreement and no permissive right
of the Trustee shall be construed as a duty. During the continuance of a Servicer Termination Event of which a Responsible Officer
of the Trustee has actual knowledge, the Trustee, subject to the provisions of Section 7.02 and 7.05 of this
Agreement shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill
in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own
affairs.

 

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

 

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of this Agreement
(other than the Mortgage Files, the review of which is specifically governed in Article II, any CREFC®
reports, and any information delivered for posting to the Certificate Administrator’s Website), shall examine them to determine
whether they conform on their face to the requirements of this Agreement; provided that, the Trustee or the Certificate
Administrator, as applicable, shall not be responsible for the accuracy or content of any such resolution, certificate, statement,
opinion, report, document, order or other instrument provided to it hereunder. If any such instrument is found not to conform on
its face to the requirements of this Agreement in a material manner, the Trustee or the Certificate Administrator, as applicable,
shall request the provider of such instrument to have the instrument corrected, and if the instrument is not corrected to such
Trustee’s or such Certificate Administrator’s reasonable satisfaction, such Trustee or such Certificate Administrator
will provide notice thereof to the Certificateholders.

 

(c)         None
of the Trustee, the Certificate Administrator or any of their officers, directors, employees, agents or “control”
persons within the meaning of the Act shall have any liability arising out of or in connection with this Agreement, provided
that, subject to Section 8.02 of this Agreement, no provision of this Agreement shall be construed to relieve
the Trustee, the Certificate Administrator or any such person, from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct or its own bad faith; and provided, further, that:

 

(i) 
       The Trustee’s and the Certificate Administrator’s duties and obligations
shall be determined solely by the express provisions of this Agreement, neither the Trustee nor the Certificate Administrator
shall be liable except for the performance of such duties and obligations as are specifically set forth in regard to such
party in this Agreement, no implied covenants or obligations shall be read into this Agreement against the Trustee or the
Certificate Administrator and, in the absence of bad faith on the part of the Trustee or the Certificate Administrator, as
the case may be, the Trustee and the Certificate Administrator may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon any resolutions, certificates, statements, reports, opinions,
documents, orders or other instruments furnished to the Trustee or the Certificate Administrator, as the case may be, that
conform on their face to the requirements of this Agreement to the extent set forth herein without responsibility for
investigating the contents thereof;

 

(ii)        Reserved;

 

(iii)       Neither the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered
or omitted to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than
25% of the Percentage Interests (or such other higher or lower percentage as is specified herein) of each affected Class, or of
the aggregate Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee or the Certificate Administrator, as the case may be, or exercising any trust or power conferred upon
the Trustee or the Certificate Administrator, as the case may be, under this Agreement;

 

(iv)       Neither the Trustee nor the Certificate Administrator nor any of their directors, officers, employees, Affiliates, agents
or control persons shall be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is
not an

 

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Affiliate of the Trustee or Certificate Administrator, respectively, and that is selected other than by the Trustee or Certificate
Administrator, respectively, performed or omitted in compliance with any custodial or other agreement, or any act or omission of
the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer or any other
Person, including, without limitation, in connection with actions taken pursuant to this Agreement;

 

(v)        Neither
the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any legal action
which is not incidental to its respective duties as Trustee or Certificate Administrator in accordance with this Agreement (and,
if it does, all legal expenses and costs of such action shall be expenses and costs of the Trust Fund (and, in the case of any
Whole Loan, any such costs and expenses shall be allocated in accordance with the allocation provisions of the related Intercreditor
Agreement), and the Trustee or the Certificate Administrator, as applicable, shall be entitled, as provided in Section 3.06
hereof, to be reimbursed therefor from amounts on deposit in the Collection Account (and with respect to any Serviced Whole
Loan, the related Serviced Whole Loan Collection Account) or the Distribution Account and identified on the Trust Ledger, unless
such legal action arises out of the negligence or bad faith of the Trustee or Certificate Administrator, as applicable, or any
breach of a representation or warranty of the Trustee or Certificate Administrator, as applicable, contained herein; and

 

(vi)      Neither the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach
of any Person upon the occurrence of which the Trustee or Certificate Administrator, as applicable, may be required to act, unless
a Responsible Officer of the Trustee or Certificate Administrator, as applicable, obtains actual knowledge of such act, failure
or breach. Neither the Trustee nor the Certificate Administrator shall be deemed to have actual knowledge of the Master Servicer’s
or the Special Servicer’s failure to provide scheduled reports, certificates and statements when and as required to be delivered
to the Trustee or Certificate Administrator, as applicable, pursuant to this Agreement.

 

None of the provisions
contained in this Agreement shall require either the Trustee, in its capacity as Trustee or the Certificate Administrator, in its
capacity as Certificate Administrator, to expend or risk its own funds, or otherwise incur financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the Trustee or the Certificate
Administrator, as the case may be, the repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it, and none of the provisions contained in this Agreement shall in any event require the Trustee or the Certificate
Administrator, as the case may be, to perform, or be responsible for the manner of performance of, any of the obligations of the
Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer under this Agreement, except,
in the case of the Trustee, during such time, if any, as the Trustee shall be the successor to, and be vested with the rights,
duties, powers and privileges of, the Master Servicer or the Special Servicer in accordance with the terms of this Agreement. Neither
the Trustee nor the Certificate Administrator shall be required to post any surety or bond of any kind in connection with its performance
of its obligations under this Agreement and neither the Trustee nor the Certificate Administrator shall be liable for any loss
on any investment of funds pursuant to this Agreement. Notwithstanding any other

 

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provision hereof, when acting as the Master Servicer
or the Special Servicer hereunder, the Trustee shall comply with the Servicing Standard.

 

Section 8.02         
Certain Matters Affecting the Trustee and the Certificate Administrator. (a) Except as otherwise provided in Section 8.01
of this Agreement:

 

(i)     
   The Trustee and the Certificate Administrator may request and/or conclusively rely upon and shall be protected in acting
or refraining from acting upon any resolution, Officer’s Certificate, direction of the Depositor, certificate of auditors
or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper
or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties and neither
the Trustee nor the Certificate Administrator shall have any responsibility to ascertain or confirm the genuineness of any such
party or parties;

 

(ii)        Each of the Trustee and the Certificate Administrator may consult with counsel and the written advice of such counsel or
any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted
by it hereunder in good faith and in accordance with the written advice of such counsel or such Opinion of Counsel;

 

(iii)       (A) Neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts
or powers vested in it by this Agreement or to make any investigation of matters arising hereunder or institute, conduct or defend
any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to
the provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator,
as the case may be, security or indemnity reasonably satisfactory to the Trustee or the Certificate Administrator, as the case
may be, against the costs, expenses and liabilities which may be incurred therein or thereby, provided that nothing contained
herein shall relieve the Trustee of the obligations, upon the occurrence of a Servicer Termination Event (which has not been cured
or waived) of which a Responsible Officer of the Trustee has actual knowledge, to exercise such of the rights and powers vested
in it by this Agreement, and to use the same degree of care and skill in their exercise, as a prudent person would exercise or
use under the circumstances in the conduct of such person’s own affairs; and (B) the right of the Trustee and the Certificate
Administrator to perform any discretionary act enumerated in this Agreement shall not be construed as a duty, and the Trustee or
the Certificate Administrator, as the case may be, shall not be answerable for other than its own negligence or willful misconduct
or bad faith in the performance of any such act;

 

(iv)      None of the Trustee, the Certificate Administrator or any of their directors, officers, employees, Affiliates, agents or
“control” persons within the meaning of the Act shall be personally liable (A) for an error of judgment made in
good faith by a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, unless it shall be proved
that the Trustee or the Certificate Administrator, as the case may be, was negligent in ascertaining the pertinent facts or (B) for
any action taken, suffered or omitted by it in good faith and reasonably believed by the Trustee or the Certificate Administrator,
as the

 

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case may be, to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

 

(v)       Neither
the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper
or document, unless requested in writing to do so by Holders of Certificates entitled to greater than 25% (or such other percentage
as is specified herein) of the Percentage Interests of each affected Class; provided that if the payment within a reasonable
time to the Trustee or the Certificate Administrator, as the case may be, of the costs, expenses or liabilities likely to be incurred
by it in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator, as the case may
be, not reasonably assured to the Trustee or the Certificate Administrator, as the case may be, by the security afforded to it
by the terms of this Agreement, the Trustee or the Certificate Administrator, as the case may be, may require indemnity reasonably
satisfactory to it from such requesting Holders against such cost, expense or liability as a condition to taking any such action.
The reasonable expense of every such investigation shall be paid by the Master Servicer, the Special Servicer or the Operating
Advisor, as applicable, if a Servicer Termination Event or Operating Advisor Termination Event shall be continuing relating to
the Master Servicer, the Special Servicer or the Operating Advisor, respectively, and otherwise by the Certificateholders requesting
the investigation;

 

(vi)      The Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder and the Trustee and the
Certificate Administrator may perform any duties hereunder either directly or by or through agents, Affiliates, nominees, custodians
or attorneys but shall not be relieved of the obligations hereunder; provided that the Trustee or the Certificate Administrator,
as the case may be, may not perform any duties hereunder through any Person that is a Prohibited Party;

 

(vii)     Other than in the case of actual fraud (as determined by a non-appealable final court order), in no event shall the Trustee
or the Certificate Administrator, as applicable, be liable for special, punitive, indirect or consequential loss or damage of any
kind whatsoever (including, but not limited to lost profits), even if the Trustee or the Certificate Administrator, as applicable,
has been advised of the likelihood of such loss or damage and regardless of the form of action;

 

(viii)     In no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of
its obligations hereunder due to force majeure or acts of God; provided that such failure or delay is not also a
result of its own negligence, bad faith or willful misconduct;

 

(ix)       Except as otherwise expressly set forth in this Agreement, Wells Fargo Bank, National Association acting in any particular
capacity hereunder will not be deemed to be imputed with knowledge of (a) Wells Fargo Bank, National Association, acting in a capacity
that is unrelated to the transactions contemplated by this Agreement, or (b) Wells Fargo Bank, National Association, acting in
any other capacity hereunder, except, in the case of either clause (a) or clause (b), where some or all of the obligations
performed in such capacities are performed by one or more employees within the same group or division

 

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of Wells Fargo Bank, National
Association, or where the groups or divisions responsible for performing the obligations in such capacities have one or more of
the same Responsible Officers, provided in any event, however, the knowledge of employees performing special servicing functions
shall not be imputed to employees performing master servicing functions, and the knowledge of employees performing master servicing
functions shall not be imputed to employees performing special servicing functions;

 

(x)        Nothing herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable
law; and

 

(xi)       Nothing herein shall be construed as an obligation of the parties to this Agreement to advise the Certificateholders with
respect to their rights and protections relative to the Trust.

 

(b)        Following the Startup Day, the Trustee and the Certificate Administrator shall not, except as expressly required by any
provision of this Agreement, accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator
shall have received an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting such contribution)
to the effect that the inclusion of such assets in the Trust Fund will not cause an Adverse REMIC Event.

 

(c)        All rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee and the Certificate
Administrator, may be enforced by it without the possession of any of the Certificates, or the production thereof at the trial
or other proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee and the Certificate Administrator
shall be brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.

 

(d)         Neither the Trustee nor the Certificate Administrator shall have a duty to conduct any affirmative investigation as to the
occurrence of any condition requiring the repurchase of any Mortgage Loan by any Mortgage Loan Seller pursuant to this Agreement
or the eligibility of any Mortgage Loan for purposes of this Agreement.

 

(e)         Each of the Trustee and the Certificate Administrator shall be entitled to all of the same rights, protections, immunities
and indemnities afforded to it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves
hereunder (including, without limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating
Agent).

 

(f)          In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking
institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law”),
the Certificate Administrator and the Trustee, as the case may be, are required to obtain, verify and record certain information
relating to individuals and entities that maintain a business relationship with the Certificate Administrator or the Trustee. Accordingly,
each of the parties hereto agrees to provide to the Certificate Administrator and the Trustee, upon its respective request from
time to time, such identifying information and documentation as may be available for such party in order to enable the Certificate
Administrator and the Trustee to comply with Applicable Law.

 

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Section 8.03         
Trustee and Certificate Administrator Not Liable for Certificates or Mortgage Loans. The recitals contained herein
and in the Certificates shall not be taken as the statements of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer, or the Special Servicer and the Trustee, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer assume no responsibility
for their correctness. The Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the
Master Servicer and the Special Servicer make no representations or warranties as to the validity or sufficiency of this Agreement,
of the Certificates or any offering document used to offer the Certificates for sale or the validity, enforceability or sufficiency
of any Mortgage Loan, or related document. Neither the Trustee nor the Certificate Administrator shall at any time have any responsibility
or liability for or with respect to the legality, validity and enforceability of any Mortgage, any Mortgage Loan, or the perfection
and priority of any Mortgage or the maintenance of any such perfection and priority, or for or with respect to the sufficiency
of the Trust Fund or its ability to generate the payments to be distributed to Certificateholders under this Agreement. Without
limiting the foregoing, neither the Trustee nor the Certificate Administrator shall be liable or responsible for: (i) the existence,
condition and ownership of any Mortgaged Property; (ii) the existence of any hazard or other insurance thereon (other than if the
Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement)
or the enforceability thereof; (iii) the existence of any Mortgage Loan or the contents of the related Mortgage File on any computer
or other record thereof (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant
to Section 7.02 of this Agreement); (iv) the validity of the assignment of any Mortgage Loan to the Trust Fund or of
any intervening assignment; (v) the completeness of any Mortgage File; the performance or enforcement of any Mortgage Loan (other
than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02
of this Agreement); (vi) the compliance by the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the
Asset Representations Reviewer with any warranty or representation made under this Agreement or in any related document or the
accuracy of any such warranty or representation prior to the Trustee’s receipt of written notice or other discovery of any
non-compliance therewith or any breach thereof; (vii) any investment of monies by or at the direction of the Master Servicer or
any loss resulting therefrom, the acts or omissions of any of the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer (other than if the Trustee shall assume the duties
of the Certificate Administrator, the Master Servicer or Special Servicer pursuant to Section 7.02 of this Agreement)
or any sub-servicer or any Borrower; any action of the Master Servicer or Special Servicer (other than if the Trustee shall assume
the duties of the Master Servicer or Special Servicer pursuant to Section 7.02 of this Agreement) or any sub-servicer
taken in the name of the Trustee, except to the extent such action is taken at the express written direction of the Trustee; (viii)
the failure of the Master Servicer or the Special Servicer or any sub-servicer to act or perform any duties required of them on
behalf of the Trust Fund or the Trustee hereunder; or (ix) any action by or omission of the Trustee or the Certificate Administrator
taken at the instruction of the Master Servicer or the Special Servicer (other than if the Trustee shall assume the duties of the
Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement) unless the taking of such action
is not permitted by the express terms of this Agreement; provided that the foregoing shall not relieve the Trustee or the
Certificate Administrator of their respective obligations to perform their duties as specifically set forth in this Agreement.
The Trustee or the Certificate Administrator shall not be accountable for the use or

 

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application by the Depositor, the Certificate
Administrator (in the case of the Trustee only), the Trustee (in the case of the Certificate Administrator only), the Master Servicer
or the Special Servicer of any of the Certificates or of the proceeds of such Certificates, or for the use or application of any
funds paid to the Depositor, the Certificate Administrator (in the case of the Trustee only), the Trustee (in the case of the Certificate
Administrator only), the Master Servicer or the Special Servicer in respect of the assignment of the Mortgage Loans or deposited
in or withdrawn from the Collection Accounts, any Serviced Whole Loan Collection Account, the Lower-Tier Distribution Account,
the Upper-Tier Distribution Account, the Lock-Box Account, the Cash Collateral Account, the Reserve Accounts, the Interest Reserve
Account, any REO Account or any Gain-on-Sale Reserve Account or any other account maintained by or on behalf of the Certificate
Administrator, the Master Servicer or the Special Servicer, other than any funds held by the Trustee or the Certificate Administrator.
Neither the Trustee nor the Certificate Administrator shall have any responsibility for filing any financing or continuation statement
in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to
it hereunder (unless the Trustee shall have become the successor Master Servicer) or to record this Agreement. In making any calculation
hereunder which includes as a component thereof the payment or distribution of interest for a stated period at a stated rate “to
the extent permitted by applicable law,” the Trustee or the Certificate Administrator, as the case may be, shall assume that
such payment is so permitted unless a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be,
has actual knowledge, or receives an Opinion of Counsel (at the expense of the Person asserting the impermissibility) to the effect,
that such payment is not permitted by applicable law. The Depositor is not obligated to monitor or supervise the performance of
the Trustee or the Certificate Administrator under this Agreement or otherwise.

 

Section 8.04         
Trustee and Certificate Administrator May Own Certificates. The Trustee, the Certificate Administrator and any
agent of the Trustee or the Certificate Administrator in its individual capacity or any other capacity may become the owner or
pledgee of Certificates, and may deal with the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the
Special Servicer, the Initial Purchasers and the Underwriters in banking transactions, with the same rights it would have if it
were not Trustee, Certificate Administrator or such agent, as the case may be.

 

Section 8.05         
Payment of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification. (a) On each
Distribution Date, prior to the distribution of amounts to the Certificateholders, the Certificate Administrator shall be entitled
to withdraw and pay the Trustee and itself its respective portion of the Certificate Administrator/Trustee Fee, as reasonable compensation
from amounts remitted to the Lower-Tier Distribution Account (which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust), for all services rendered in the execution of the trusts hereby created and in
the exercise and performance of any of the powers and duties of the Trustee and the Certificate Administrator at the Certificate
Administrator/Trustee Fee Rate. The Trustee’s fee shall be paid as a portion of the Certificate Administrator/Trustee Fee.

 

(b)         If the Trustee assumes the servicing responsibilities of the Master Servicer or the Special Servicer hereunder pursuant
to or otherwise arising from the resignation or removal of the Master Servicer or the Special Servicer, the Trustee shall be entitled
to the compensation to which the Master Servicer or the Special Servicer, as the case may be, would have been entitled

 

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(other than
the rights of the Special Servicer to receive any Workout Fee specified in Section 3.12(c) of this Agreement if the
Special Servicer is terminated).

 

(c)         The Trustee, the Custodian and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request
for all reasonable expenses, disbursements and advances incurred or made by the Trustee, the Custodian or the Certificate Administrator
pursuant to and in accordance with any of the provisions of this Agreement (including the reasonable compensation and the expenses
and disbursements of its counsel and of all persons not regularly in its employ), which the Certificate Administrator will be entitled
to withdraw from the Distribution Accounts prior to the distribution to Certificateholders to the extent set forth herein and to
the extent such payments are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations
Section 1.860G-1(b)(iii) except any such expense, disbursement or advance as may arise from its negligence, willful misconduct
or bad faith; provided that, subject to the last paragraph of Section 8.01 and Section 8.02(a)(iii)
of this Agreement, the Trustee, the Custodian or the Certificate Administrator shall not refuse to perform any of their respective
duties hereunder solely as a result of the failure to be paid their respective portion of the Certificate Administrator/Trustee
Fee, or the Trustee’s, Custodian’s or Certificate Administrator’s previously-incurred expenses, as applicable.
The term “unanticipated expenses incurred by the REMIC” shall include any fees, expenses and disbursement of any separate
Trustee or co-Trustee appointed hereunder, only to the extent such fees, expenses and disbursements were not reasonably anticipated
as of the Closing Date and are attributable to the Lower-Tier REMIC or the Upper-Tier REMIC and the losses, liabilities, damages,
claims or expenses (including reasonable attorneys’ fees) incurred or advanced by an Indemnified Party in connection with
any litigation arising out of this Agreement attributable to the Lower-Tier REMIC, the Upper-Tier REMIC or the Grantor Trust, including,
without limitation, under Section 2.03, Section 3.10, the third paragraph of Section 3.11,
Section 4.05 and Section 7.01 of this Agreement.

 

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

 

(d)         Each of the Certificate Administrator, the Custodian, the Paying Agent, the Trustee, the Depositor, the Master Servicer
and the Special Servicer (each, for purposes of this Section 8.05(d), an “Indemnifying Party”) shall
(severally and not jointly) indemnify the Trustee (both in its capacity as Trustee and individually), the Asset Representations
Reviewer and the Certificate Administrator (in its capacity as Certificate Administrator, Custodian, Paying Agent and individually)
and each of their Affiliates and each of the partners, shareholders, members, managers, directors, officers, employees, representatives
and agents of the Trustee and the Certificate Administrator and each of their Affiliates (each, for purposes of this Section 8.05(d),
an “Indemnified Party”), and hold each of them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any

 

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other costs, fees and expenses that the Indemnified
Party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel
incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between
the Indemnified Party and any third party or otherwise) resulting from each such Indemnifying Party’s respective willful
misconduct, bad faith, fraud or negligence in the performance of each of its respective duties hereunder or by reason of negligent
disregard of its respective obligations and duties hereunder (including in the case of the Master Servicer, any agent of the Master
Servicer or sub-servicer).

 

The Trust Fund shall
indemnify each Indemnified Party and the Custodian from, and hold it harmless against, any and all losses, liabilities, damages,
penalties, fines, forfeitures, judgments, claims or unanticipated expenses (including, without limitation, reasonable fees and
disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified
Party or between the Indemnified Party and any third party or otherwise) arising in respect of this Agreement, the Mortgage Loans
or the Certificates other than (i) resulting from the willful misconduct, bad faith, fraud or negligence of the Indemnified Party
or the Custodian, as applicable, in the performance of its obligations and duties under this Agreement, (ii) by reason of
its negligent disregard of those obligations or duties, or as may arise from a breach of any representation or warranty of the
Indemnified Party or the Custodian, as applicable, made in this Agreement and (iii) as to which such Indemnified Party or
the Custodian, as applicable, is entitled to indemnification pursuant to this Section 8.05(d). The right of reimbursement
of the Indemnified Parties under this Section 8.05(d) shall be senior to the rights of all Certificateholders.

 

For the avoidance of
doubt, with respect to any indemnification provisions in this Agreement providing that the 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.

 

(e)         Notwithstanding
anything herein to the contrary, this Section 8.05 shall survive the termination or maturity of this Agreement or
the resignation, removal or termination of the Trustee or the Certificate Administrator, as the case may be, regarding rights
accrued prior to such resignation, removal or termination and (with respect to any acts or omissions during its respective tenures)
the resignation, removal or termination of the Master Servicer, the Special Servicer, the Paying Agent, the Certificate Administrator,
the Certificate Registrar or the Custodian.

 

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

 

(g)         Each of the Certificate Administrator, the Custodian, the Paying Agent and the Trustee (in each case with respect to itself
only, for purposes of this Section 8.05(g), an “Indemnifying Party”) shall (severally and not jointly) indemnify
the Trust Fund, the Depositor, the Master Servicer, the Special Servicer and each other, and each of their respective Affiliates
and each of the partners, shareholders, members, managers, directors, officers, employees, representatives and agents of the Master
Servicer and the Special Servicer and their respective

 

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Affiliates (each, for purposes of this Section 8.05(g), an “Indemnified
Party”), and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable
legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party may sustain in connection
with this Agreement (including, without limitation reasonable fees and disbursements of counsel incurred by the Indemnified Party
in any action or proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third
party or otherwise) resulting from the applicable Indemnifying Party’s willful misconduct, bad faith, fraud or negligence
in the performance of its duties hereunder or by reason of negligent disregard of its obligations and duties hereunder.

 

(h)         The
Certificate Administrator (for purposes of this Section 8.05(h), the “Indemnifying Party”) shall,
solely in its capacity as the 17g-5 Information Provider, indemnify each Mortgage Loan Seller and Deutsche Bank Securities Inc.
(each, for purposes of this Section 8.05(h), an “Indemnified Party”), and hold each of them harmless
against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments,
and any other costs, fees and expenses that the Indemnified Party may sustain in connection with this Agreement (including, without
limitation reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding between
the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise) related to
(i) the applicable Indemnifying Party’s willful misconduct, bad faith, fraud or negligence in the performance of its
duties hereunder or by reason of negligent disregard of its obligations and duties hereunder or (ii) a determination by any
Rating Agency that it cannot reasonably rely on representations made by the Depositor or any Affiliate thereof pursuant to Exchange
Act Rule 17g-5(a)(3), to the extent caused by any such willful misconduct, bad faith, fraud or negligence in the performance
of its duties hereunder or by reason of negligent disregard referred to in clause (i) above by the Indemnifying Party.

 

(i)          Each of the Certificate Administrator, the Custodian, the Paying Agent, the Authenticating Agent, the Certificate Registrar
and the Trustee (in each case with respect to itself only, for purposes of this Section 8.05(i), an “Indemnifying
Party”) shall (severally and not jointly) indemnify the Trust Fund, the Depositor and the Retaining Sponsor and
each other, and each of their respective Affiliates and each of the partners, shareholders, members, managers, directors, officers,
employees, representatives and agents of the Depositor and the Retaining Sponsor and their respective Affiliates (each, for purposes
of this Section 8.05(i), an “Indemnified Party”), and hold each of them harmless against any and
all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs,
fees and expenses (including, without limitation reasonable fees and disbursements of counsel incurred by the Indemnified Party
in any action or proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third
party or otherwise) that the Indemnified Party may sustain as a result of or relating to a violation of the Exchange Act or Risk
Retention Rule if such violation, in whole or in part, arises out of or results from the applicable Indemnifying Party’s
willful misconduct, bad faith, fraud or negligence in the performance of its duties or by reason of negligent disregard of its
obligations and duties, in each case, as set forth under Section 5.01(j) and Section 5.02(m) of this Agreement.

 

Section 8.06         
Eligibility Requirements for Trustee and Certificate Administrator. The Trustee and Certificate Administrator hereunder
shall at all times:

 

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(i)           be a corporation, national bank, national banking association or a trust company organized and doing business under the
laws of any state or the United States of America,

 

(ii)          be authorized under such laws to exercise corporate trust powers and to accept the trust conferred under this Agreement,

 

(iii)         have a combined capital and surplus of at least $100,000,000,

 

(iv)         be subject to supervision or examination by federal or state authority and, solely in the case of the Trustee, shall not
be an Affiliate of the Master Servicer or the Special Servicer (except, in the case of the Trustee, during any period when the
Trustee has assumed the duties of the Master Servicer or Special Servicer, as the case may be, pursuant to Section 7.02
of this Agreement),

 

(v)          not be a Prohibited Party,

 

(vi)         be an institution insured by the Federal Deposit Insurance Corporation, and

 

(vii)        an institution whose long-term senior unsecured debt is rated at least “A2” by Moody’s and “A”
by Fitch; provided that the Trustee will not become ineligible to serve based on a failure to satisfy such rating requirements
as long as (a) it maintains a long-term unsecured debt rating of no less than “A-” by Fitch, (b) its short-term debt
obligations have a short-term rating of not less than “P-2” from Moody’s and “F1” by Fitch and (c)
the Master Servicer maintains a rating on its long-term senior unsecured debt of at least “A2” by Moody’s and
“A” by Fitch, or such other rating with respect to which the Rating Agencies have provided a Rating Agency Confirmation.

 

Notwithstanding the foregoing,
if the Trustee or the Certificate Administrator meets the provisions of clauses (i) through (iii), (v) and (vi) above, but
does not meet the provisions of clause (iv) above, the Trustee or the Certificate Administrator, as the case may be, shall
be deemed to meet the provisions of such clause (iv) if it appoints a fiscal agent as a back-up liquidity provider, provided
that such fiscal agent meets the provisions of clauses (i) through (vi) above and shall have assumed in writing all obligations
of the Trustee or the Certificate Administrator, as the case may be, to make Advances under this Agreement as and when required
of the Trustee or the Certificate Administrator, as the case may be. If a corporation or association publishes reports of condition
at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for purposes
of this Section the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If the place of business from which the Trustee administers the
Trust Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the net income of any Trust REMIC (other than
a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee shall elect either to (i) resign immediately
in the manner and with the effect specified in Section 8.07 of this Agreement, (ii) pay such tax and continue
as Trustee or (iii) administer the Trust Fund from a state and local jurisdiction that does not impose such a tax. If at any
time the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions of this Section,
the Trustee or the Certificate Administrator, as the case may be, shall resign immediately in the manner and with the effect specified
in Section 8.07 of this Agreement.

 

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Section 8.07         
Resignation and Removal of Trustee and Certificate Administrator. The Trustee and the Certificate Administrator may
at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Trustee, the Depositor,
the Certificate Administrator, as applicable, all Certificateholders, the Operating Advisor, the Asset Representations Reviewer,
the Mortgage Loan Sellers, the Master Servicer, the Special Servicer, the Directing Holder and the 17g-5 Information Provider (who
shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this
Agreement). Upon notice of resignation from the Trustee, the Depositor shall use its reasonable best efforts to promptly appoint
a successor trustee, the appointment of which is subject to the requirements contained in Section 8.06 of this Agreement
and shall be, if no Control Termination Event is continuing, reasonably acceptable to the Directing Holder. Upon notice of resignation
from the Certificate Administrator, the Trustee shall promptly appoint a successor certificate administrator, the appointment of
which is subject to the requirements contained in Section 8.06 of this Agreement. If no successor trustee or certificate
administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Trustee or Certificate Administrator, as the case may be, may petition any court of competent jurisdiction
for the appointment of a successor. The Trustee or the Certificate Administrator, as applicable, shall bear all reasonable out
of pocket costs and expenses of each other party hereto and each Rating Agency in connection with its resignation.

 

If at any time the Trustee
or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section 8.06 of this
Agreement and shall fail to resign after written request therefor by the Depositor or the Master Servicer, or if at any time the
Trustee or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver
of the Trustee or the Certificate Administrator, as the case may be (or of its property), shall be appointed, or any public officer
shall take charge or control of the Trustee or the Certificate Administrator, as the case may be (or of its property or affairs),
for the purpose of rehabilitation, conservation or liquidation, or if the Trustee or Certificate Administrator (if different than
the Trustee) shall fail (other than by reason of the failure of either the Master Servicer or the Special Servicer to timely perform
its obligations hereunder or as a result of other circumstances beyond the Trustee’s or Certificate Administrator’s,
as applicable, reasonable control), to timely publish any report to be delivered, published or otherwise made available by the
Certificate Administrator pursuant to Section 4.02 and such failure shall continue unremedied for a period of five
(5) days, or if the Certificate Administrator fails to make distributions required pursuant to Section 4.01 or Section 9.01,
then the Depositor may remove the Trustee or the Certificate Administrator, as the case may be, and the Depositor shall promptly
appoint a successor acceptable to the Master Servicer by written instrument, which shall be delivered to the Trustee or the Certificate
Administrator, as the case may be, so removed and to the successor.

 

The Holders of Certificates
entitled to at least 50% of the Voting Rights may, with cause (at any time) or without cause (at any time with 30 days’ prior
written notice), remove the Trustee or the Certificate Administrator and appoint a successor by written instrument or instruments,
in eight originals, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall
be delivered to each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Trustee, the Certificate Administrator and the successor trustee or certificate administrator, as applicable.

 

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In addition, if the Trustee
or the Certificate Administrator is terminated without cause, the terminating party shall pay all of the expenses of the Trustee
or the Certificate Administrator, as the case may be, necessary to affect the transfer of its responsibilities to the successor.

 

If the Trustee is terminated
or removed pursuant to this Section 8.07, all of its rights and obligations under this Agreement and in and to the
Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such termination or
removal (including the right to receive all fees, expenses, indemnities, and other amounts accrued or owing to it under this Agreement,
plus interest at the Reimbursement Rate on all such amounts until received to the extent such amounts bear interest as provided
in this Agreement, with respect to periods prior to the date of such termination or removal).

 

If the Certificate Administrator
is terminated or removed pursuant to this Section 8.07, (i) all of its rights and obligations under this Agreement
and in and to the Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such
termination or removal (including the right to receive all fees, indemnities, expenses and other amounts accrued or owing to it
under this Agreement with respect to periods prior to the date of such termination or removal) and (ii) such resignation,
termination, or removal shall be effective with respect to each of its other capacities hereunder except its capacity as Custodian
(but including, without limitation, its capacities as Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating
Agent).

 

Upon the resignation,
assignment, or transfer of the Trustee or its business to a successor, or upon the termination of the Trustee, (a) the outgoing
Trustee, at its own expense without right to reimbursement therefor, shall (A) endorse the original executed Mortgage Note
for each Mortgage Loan (to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed to the outgoing
Trustee), without recourse, representation or warranty, express or implied, to the order of the successor, as trustee for the registered
Holders of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22 or in blank, and (B) in
the case of the other assignable Loan Documents (to the extent such other Loan Documents were assigned to the outgoing Trustee),
assign and record such Loan Documents to such successor, and such successor shall review the documents delivered to it or to the
Custodian with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage Loan then subject to this Agreement,
such endorsement and assignment has been made; (b) if any original executed Mortgage Note for a Mortgage Loan was not endorsed
to the outgoing Trustee, the Custodian shall deliver such Mortgage Note to the successor trustee and the Custodian shall cooperate
with any successor trustee to ensure that such Mortgage Note is endorsed (without recourse, representation or warranty, express
or implied) to the order of the successor trustee, as trustee for the registered Holders of Benchmark 2020-B22 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2020-B22 or in blank. If any assignable Loan Document (other than the Mortgage Note)
was not assigned to the outgoing Trustee or if the Trustee is removed pursuant to Section 8.07 without cause, with
respect to the Loan Documents identified in clause (B) of the preceding sentence, the Custodian shall deliver such Loan
Document to the successor trustee and, if appropriate, such Loan Documents shall be recorded at the expense of the Trust (i) other
than during the continuance of a Control Termination Event, with the consent of the Directing Holder, (ii) during the continuance
of a Control Termination Event but other than during

 

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

 

Section 8.08         
Successor Trustee and Certificate Administrator. (a) Any successor trustee or certificate administrator shall execute,
acknowledge and deliver to the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer, the Certificate
Administrator (or in the case of a successor certificate administrator, to the predecessor Certificate Administrator) and the Trustee,
as the case may be, instruments accepting their appointment hereunder, and thereupon the resignation or removal of the predecessor
Trustee or Certificate Administrator, as applicable, shall become effective and such successor, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the
like effect as if originally named as Trustee or Certificate Administrator, as applicable, herein; provided that such successor
shall satisfy the requirements contained in Section 8.06 of this Agreement and the Certificate Administrator shall
have filed any required Form 8-K pursuant to Section 10.09. The predecessor Trustee or Certificate Administrator, as
applicable, shall deliver to its successor all Mortgage Files and related documents and statements held by it hereunder, and the
Depositor and the predecessor Trustee or Certificate Administrator, as applicable, shall execute and deliver such instruments and
do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor all such
rights, powers, duties and obligations. No successor trustee or certificate administrator, as the case may be, shall accept appointment
as provided in this Section 8.08 unless at the time of such acceptance such successor shall be eligible under the provisions
of Section 8.06 of this Agreement.

 

Upon acceptance of appointment
by a successor trustee as provided in this Section 8.08, the Depositor shall mail notice of the succession of such
Trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register. If the Depositor fails
to mail such notice within 10 days after acceptance of appointment by the successor trustee, the successor trustee shall cause
such notice to be so mailed at the expense of the Depositor.

 

(b)         Any
successor trustee appointed pursuant to this Agreement shall satisfy the eligibility requirements set forth in Section 8.06
hereof.

 

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

 

Section 8.09         
Merger or Consolidation of Trustee or Certificate Administrator. Any Person into which the Trustee or the Certificate
Administrator may be merged or converted or with which it may be consolidated or any Person resulting from any merger, conversion
or consolidation to which the Trustee or the Certificate Administrator shall be a party, or any Person succeeding to all or substantially
all of the corporate trust business of the Trustee or the Certificate Administrator, shall be the successor of the Trustee or the
Certificate Administrator, as the case may be, hereunder; provided that such Person shall be eligible under the provisions
of Section 8.06 of this Agreement without the execution or filing of any paper or any further act on the part of any
of the parties hereto, anything herein to the contrary notwithstanding. The Trustee or the Certificate Administrator, as applicable,
shall notify the other parties hereto of any such event, and

 

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the Certificate Administrator shall post notice of such merger or
consolidation to the Certificate Administrator’s Website in accordance with Section 3.14(d) of this Agreement
and provide notice of such event to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

Section 8.10         
Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund or property securing the same
may at the time be located, or for enforcement actions, or where a conflict of interest exists, the Depositor and the Trustee acting
jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Trustee
to act (at the expense of the Trust) as co-Trustee or co-Trustees, jointly with the Trustee, or separate Trustee or separate Trustees,
of all or any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such title to the Trust Fund, or
any part thereof, and, subject to the other provisions of this Section 8.10, such powers, duties, obligations, rights
and trusts as the Depositor and the Trustee may consider necessary or desirable. If the Depositor shall not have joined in such
appointment within 15 days after the receipt by it of a request so to do, or in case a Servicer Termination Event shall be continuing,
the Trustee alone shall have the power to make such appointment. Except as required by applicable law, the appointment of a co-Trustee
or separate Trustee shall not relieve the Trustee of its responsibilities, obligations and liabilities hereunder. No co-Trustee
or separate Trustee hereunder shall be required to meet the terms of eligibility as a successor Trustee under Section 8.06
hereunder and no notice to Holders of Certificates of the appointment of co-Trustee(s) or separate Trustee(s) shall be required
under Section 8.08 hereof.

 

In the case of any appointment
of a co-Trustee or separate Trustee pursuant to this Section 8.10, all rights, powers, duties and obligations conferred
or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate Trustee
or co-Trustee jointly (it being understood that such separate Trustee or co-Trustee is not authorized to act separately without
the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts
are to be performed (whether as Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of
title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by such separate Trustee
or co-Trustee solely at the direction of the Trustee.

 

No Trustee under this
Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement. The Depositor
and the Trustee acting jointly may at any time accept the resignation of or remove any separate Trustee or co-Trustee, or if the
separate Trustee or co-Trustee is an employee of the Trustee, the Trustee acting alone may accept the resignation of or remove
any separate Trustee or co-Trustee.

 

Any notice, request or
other writing given to the Trustee shall be deemed to have been given to each of the then separate Trustees and co-Trustees, as
effectively as if given to each of them. Every instrument appointing any separate Trustee or co-Trustee shall refer to this Agreement
and the conditions of this Article VIII. Every such instrument shall be filed with the Trustee. Each separate Trustee
and co-Trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument
of appointment, either jointly with

 

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the Trustee or separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or
affording protection to, the Trustee. In no event shall any such separate Trustee or co-Trustee be entitled to any provision relating
to the conduct of, affecting the liability of or affording protection to such separate Trustee or co-Trustee that imposes a standard
of conduct less stringent than that imposed by the Trustee hereunder, affording greater protection than that afforded to the Trustee
hereunder or providing a greater limit on liability than that provided to the Trustee hereunder.

 

Any separate Trustee
or co-Trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
Trustee or co-Trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor
Trustee.

 

Article IX

TERMINATION

 

Section 9.01         
Termination. (a) The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the
Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee created hereby
with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as hereinafter set forth) shall terminate upon payment (or provision for payment) to the
Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required hereunder to be so paid on the Distribution Date following
the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with
Section 9.01(c) of this Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage
Loans in accordance with Section 9.01(g) of this Agreement; and (iii) the later of (a) the receipt or collection of
the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to this Agreement
of the last asset held by the Trust Fund; provided that in no event shall the trust created hereby continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United
States to the United Kingdom, living on the date hereof.

 

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

 

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(b)        The Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall be terminated and the assets of the Trust Fund shall
be sold or otherwise disposed of in connection therewith, only pursuant to a “plan of complete liquidation” within
the meaning of Section 860F(a)(4)(A) of the Code providing for the actions contemplated by the provisions hereof and pursuant to
which the applicable Notice of Termination is given, and requiring that the Trust Fund, the Lower-Tier REMIC and the Upper-Tier
REMIC shall terminate on a Distribution Date occurring not more than 90 days following the date of adoption of the plan of complete
liquidation. For purposes of this Section 9.01(b), the Notice of Termination given pursuant to Section 9.01(c)
of this Agreement shall constitute the adoption of the plan of complete liquidation as of the date such notice is given, which
date shall be specified by the Certificate Administrator in the final federal income tax returns of the Upper-Tier REMIC and the
Lower-Tier REMIC. Notwithstanding the termination of the Lower-Tier REMIC, the Upper-Tier REMIC or the Trust Fund, the Certificate
Administrator shall be responsible for filing the final Tax Returns for each such Trust REMIC and the Grantor Trust for the period
ending with such termination, and shall retain books and records with respect to such Trust REMICs and the Grantor Trust for the
same period of retention for which it maintains its own tax returns or such other reasonable period. The Trustee shall sign all
Tax Returns and other reports required by this Section.

 

(c)         The Certificateholder owning a majority of the Percentage Interest of the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the
Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or
after the Early Termination Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to the sum of, without duplication:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(d)        If
the Trust Fund has not been previously terminated pursuant to subsection (c) of this Section 9.01, the Certificate
Administrator shall determine as soon as practicable the Distribution Date on which the Certificate Administrator reasonably anticipates,
based on information with respect to the Mortgage Loans previously provided to it, that the final distribution will be made to
the Holders of outstanding Certificates and the VRR Interest Upper-Tier Regular Interests, notwithstanding that such distribution
may be insufficient to distribute in full the

 

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Certificate Balance of each Class of Certificates, together with amounts required
to be distributed on such Distribution Date pursuant to Section 4.01(b) of this Agreement; provided that, if
no such Classes of Certificates are then outstanding, the final distribution shall be made (i) to the Holders of the Class R Certificates
(in respect of the Class LTR Interest) of any amount remaining in the Collection Accounts, the Lower-Tier Distribution Account,
and (ii) to the Holders of the Class R Certificates (in respect of the Class UTR Interest) of any amount remaining in the Upper-Tier
Distribution Account.

 

(e)         Notice of any termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate
Administrator to Certificateholders (with a copy to the Trustee, the Master Servicer, the Special Servicer, the Mortgage Loan Sellers,
the Operating Advisor, the Asset Representations Reviewer, the related Serviced Companion Loan Noteholder (if any) and the 17g-5
Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement)), at their addresses shown in the Certificate Registrar not more than 30 days, and not less than ten days,
prior to the Anticipated Termination Date. The notice mailed by the Certificate Administrator to Certificateholders shall:

 

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

 

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

 

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

 

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

 

(f)          Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates
shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund
shall terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to this Section 9.01
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination
as Certificate Administrator hereunder and the transfer of such amounts to a successor certificate administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue
or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure

 

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to surrender its
Certificate(s) for final payment thereof in accordance with this Section 9.01. Any amounts remaining in the Excess
Interest Distribution Account representing Excess Interest shall be distributed to the Holders of the Excess Interest Certificates.

 

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

 

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Balance of its Certificates (other than the Class S and Class R Certificates), plus
accrued, unpaid interest with respect thereto, and the Certificate Administrator shall credit such amounts against amounts distributable
in respect of the Lower-Tier Regular Interests and such Certificates.

 

(h)        [Reserved.]

 

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

 

Article X

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section 10.01     
Intent of the Parties; Reasonableness. Except with respect to Section 10.08, Section 10.11,
Section 10.13, Section 10.14, Section 10.15, Section 10.16 and Section 10.17,
the parties hereto acknowledge and agree that the purpose of this Article X is to facilitate compliance by the Depositor
(and any Other Depositor of any Other Securitization that includes a Serviced Companion Loan) with the provisions of Regulation
AB and related rules and regulations of the Commission. None of the Depositor, the Certificate Administrator or the Trustee shall
exercise its rights to request delivery of information or other performance under these provisions other than in reasonable good
faith, or for purposes other than compliance with the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and, in each case,
the rules and regulations of the Commission thereunder. The parties to this Agreement acknowledge that interpretations of the requirements
of Regulation AB may change over time due to interpretive guidance provided by the Commission or its staff, and agree to comply,
subject to Section 10.02, with reasonable requests made by the Depositor (or any Other Depositor or Other Trustee of
any Other Securitization that includes a Serviced Companion Loan), the Certificate Administrator or the Trustee in reasonable good
faith for delivery of information under these provisions on the basis of such evolving interpretations of Regulation AB (to the
extent such interpretations require compliance and are not “grandfathered” and do not mandate compliance). In connection
with the Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22 and any Other Securitization
subject to Regulation AB that includes a Serviced Companion Loan, subject to the preceding sentence, each of the parties to this
Agreement shall cooperate fully with the Depositor, the Certificate Administrator, the Trustee and any Other Depositor or Other
Trustee of any Other Securitization that includes a Serviced Companion Loan, as applicable, to deliver or make available to the
Depositor, the Certificate Administrator, the Trustee and any such Other Depositor or Other Trustee, as applicable (including any
of their assignees or designees), any and all information in its possession and necessary in the reasonable good faith determination
of the Depositor, the Certificate Administrator, the Trustee or such Other Depositor or Other Trustee, as applicable, to permit
the Depositor or such Other Depositor, as applicable, to comply with the provisions of Regulation AB, together with such disclosure
relating to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate
Administrator and the Trustee, as applicable, and any Servicing Function Participant, or the Servicing of the Serviced Mortgage
Loans and any related Serviced Companion Loans, reasonably believed by the Depositor, the Certificate Administrator, the Trustee
or the related Other Depositor or the related Other Trustee, as applicable, in good faith to be necessary in order to effect such
compliance. Each party to this Agreement shall have a reasonable period

 

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of time to comply with any written request made under this
Section 10.01, but in any event, shall, upon reasonable advance written request, provide information in sufficient
time to allow the Depositor, the Certificate Administrator or the Trustee, as applicable, to satisfy any related filing requirements.

 

For purposes of this
Article X, to the extent any party has an obligation to exercise commercially reasonable efforts to cause a third party
to perform, such party hereunder shall not be required to bring any legal action against such third party in connection with such
obligation.

 

Section 10.02     
Notification Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan. (a)  Any
other provision of this Article X to the contrary notwithstanding, including, without limitation, any deadlines for
delivery set forth in this Article X, in connection with the requirements contained in this Article X that
provide for the delivery of information and other items to, and the cooperation with, the Other Depositor and Other Trustee of
any Other Securitization that includes a Serviced Companion Loan and is subject to Regulation AB, no party hereunder shall be obligated
to provide any such items to or cooperate with such Other Depositor or Other Trustee until the Other Depositor or Other Trustee
of such Other Securitization has provided each party hereto with not less than 10 Business Days’ (or such shorter period
as required for such Other Depositor or Other Trustee to comply with related filing obligations, provided that (i) such
Other Depositor or Other Trustee, as applicable, has provided written notice as soon as reasonably practicable and, concurrently
with such written notice, obtained verbal confirmation of receipt of such written notice, in each case, in accordance with Section 11.05
of this Agreement, (ii) such period shall not be less than 3 Business Days’) written notice (which shall only be required
to be delivered once) stating that such Other Securitization is subject to Regulation AB and that the Other Securitization is subject
to Exchange Act reporting, and (iii) specifying in reasonable detail the information and other items requested to be delivered
(insofar as such information or other items are not expressly identified herein); provided that if Exchange Act reporting
is being requested, such Other Depositor or Other Trustee is only required to provide a single written notice to such effect. Any
reasonable cost and expense of the Master Servicer, Special Servicer, Operating Advisor, the Asset Representations Reviewer, Trustee
and Certificate Administrator in cooperating with such Other Depositor or Other Trustee of such Other Securitization (above and
beyond their expressed duties hereunder) shall be the responsibility of such Other Depositor or Other Securitization. The parties
hereto shall have the right to request written confirmation from the Other Depositor or Other Trustee of such Other Securitization
as to whether Regulation AB or the Exchange Act requires the delivery of the items identified in this Article X to
such Other Depositor and Other Trustee of such Other Securitization prior to providing any of the reports or other information
required to be delivered under this Article X in connection therewith and if any such party makes such a request, then
(i) upon such requesting party’s receipt of such written confirmation, such requesting party shall comply with the deadlines
for delivery set forth in this Article X with respect to such Other Securitization and (ii) until such requesting
party’s receipt of such written confirmation, such party shall not be required to deliver such items. The parties hereunder
shall also have the right to require that such Other Depositor provide them with the contact details of such Other Depositor, Other
Trustee and any other parties to the Other Pooling and Servicing Agreement relating to such Other Securitization.

 

(b)        
Each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable
prior written request given in accordance

 

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with the terms of (a) above, and subject to a right of the Master Servicer, the
Special Servicer, the Certificate Administrator or the Trustee, as the case may be, to review and approve such disclosure materials,
permit a holder of a related Serviced Companion Loan to use such party’s description contained in the Prospectus (updated
as appropriate by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable) for inclusion
in the disclosure materials relating to any securitization of a Serviced Companion Loan.

 

(c)        The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written
request given in accordance with the terms of Section 10.02(a) above, shall each timely provide (to the extent the
reasonable out-of-pocket cost thereof is paid or caused to be paid by the requesting party) to the Other Depositor and any underwriters
with respect to any Other Securitization that includes a Serviced Companion Loan such opinion(s) of counsel, certifications and/or
indemnification agreement(s) with respect to the updated description referred in (b) with respect to such party, substantially
identical to those, if any, delivered by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee,
as the case may be, or their respective counsel, in connection with the information concerning such party in the Prospectus and/or
any other disclosure materials relating to this Trust (updated as deemed appropriate by the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee, or their respective legal counsel, as the case may be). Neither the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee shall be obligated to deliver any such item with respect to
the securitization of a Serviced Companion Loan if it did not deliver a corresponding item with respect to this Trust.

 

(d)        Each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior
written request given in accordance with the terms of Section 10.02(a) above, shall provide (to the extent the reasonable
out-of-pocket cost thereof is paid or caused to be paid by the applicable party set forth below in this (d)) to the Other
Depositor and the Other Trustee under the Other Pooling and Servicing Agreement related to any Other Securitization the following:
(i) any information (including, but not limited to, disclosure information) required for such Other Securitization to comply
in a timely manner with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s) of counsel,
certifications and/or indemnification agreement(s) with respect to such information that are substantially similar to those delivered
by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, or their respective
counsel, in connection with the information concerning such party in the Prospectus and/or any other disclosure materials relating
to this Trust.

 

In the case of a Form
8-K that is filed by or on behalf of an Other Securitization in connection with the closing of this Benchmark 2020-B22 Mortgage
Trust securitization transaction, the reasonable out-of-pocket cost of the information, opinion(s) of counsel, certifications and
indemnification agreement(s) provided by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee, as the case may be, pursuant to this (d) shall be paid or caused to be paid (pursuant to a payment arrangement
reasonably acceptable to the delivering party and the receiving party and agreed to as a condition precedent to delivery of such
items) by the applicable mortgage loan seller that transferred the related Serviced Companion Loan to the related Other Depositor
for inclusion in such Other Securitization.

 

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In the case of a Form
8-K that is filed by or on behalf of an Other Securitization as a result of the termination, removal, resignation or any other
replacement of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this Agreement, the
out-of-pocket cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on
behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, pursuant
to this Section 10.02(d) shall be paid or caused to be paid by the same party or parties required to pay the costs
and expenses relating to such termination, removal, resignation or other replacement pursuant to this Agreement.

 

Section 10.03     
Information to be Provided by the Master Servicer and the Special Servicer. (a) For so long as the Trust is subject
to the reporting requirements of the Exchange Act and for so long as any Other Securitization that includes a Serviced Companion
Loan is subject to the reporting requirements of the Exchange Act (in addition to any requirements contained in Section 10.09)
in connection with the succession to the Master Servicer, Special Servicer or any Servicing Function Participant (if such Servicing
Function Participant is a servicer as contemplated by Item 1108(a)(2) of Regulation AB) as servicer or Sub-Servicer under or as
contemplated by this Agreement or any related Other Pooling and Servicing Agreement by any Person (i) into which the Master
Servicer, Special Servicer or such Servicing Function Participant may be merged or consolidated, (ii) which may be appointed
as a sub-servicer (other than the appointment of a Mortgage Loan Seller Sub-Servicer) by a Master Servicer or Special Servicer,
or (iii) that is appointed as a successor Master Servicer or successor Special Servicer pursuant to Section 3.22
or Section 7.02, the Master Servicer, the Special Servicer or any Servicing Function Participant (with respect to the
foregoing clauses (i) and (ii)) or the successor Master Servicer or the successor Special Servicer (with respect to the foregoing
clause (iii)) shall, as a condition to such succession and at the reasonable expense of the same party or parties required
to pay the costs and expenses relating to such succession pursuant to this Agreement, provide to the Depositor and to any Other
Depositor related to any Other Securitization that includes a Serviced Companion Loan, at least 5 Business Days (other than a succession
or appointment pursuant to Section 7.01(b) for which notice shall be delivered as soon as reasonably practicable) prior
to the effective date of such succession or appointment as long as such disclosure prior to such effective date would not be violative
of any applicable law or confidentiality agreement, otherwise no later than the Business Day following such effective date, but
in no event later than the time required pursuant to Section 10.09, (x) written notice to the Trustee, the Certificate
Administrator and the Depositor (and any Other Trustee and Other Depositor related to any Other Securitization that includes a
Serviced Companion Loan) of such succession or appointment, (y) in writing and in form and substance reasonably satisfactory
to the Trustee, the Certificate Administrator and the Depositor (and any Other Trustee and Other Depositor of any Other Securitization
that includes a Serviced Companion Loan), all information relating to such successor reasonably requested by the Depositor (or
such Other Depositor) so that it may comply with its reporting obligation under Items 1.01 and 6.02 of Form 8-K with respect to
any Class of Certificates or Serviced Companion Loan Securities and (z) such opinion(s) of counsel, certifications and/or
indemnification agreement(s) with respect to such information that are substantially similar to those delivered by the Master Servicer
or the Special Servicer, as the case may be, or their respective counsel, in connection with the information concerning such party
in the Prospectus and/or any other disclosure materials relating to this Trust.

 

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Section 10.04     
Information to be Provided by the Trustee. (a) For so long as the Trust is subject to the reporting requirements
of the Exchange Act, (in addition to any requirements contained in Section 10.09) in connection with the succession
to the Trustee as Trustee or appointment of a co-Trustee under this Agreement by any Person (i) into which the Trustee may
be merged or consolidated, (ii) which may be appointed as a co-Trustee or separate Trustee pursuant to Section 8.10,
or (iii) that is appointed as a successor Trustee pursuant Section 8.08, the Trustee (with respect to the foregoing
clauses (i) and (ii)) or the successor Trustee (with respect to the foregoing clause (iii)) shall, as a condition to such
succession and at the reasonable expense of the same party or parties required to pay the costs and expenses relating to such succession
pursuant to this Agreement, provide to the Depositor and to the Other Depositor related to any Other Securitization that includes
a Serviced Companion Loan, at least 5 calendar days prior to the effective date of such succession or appointment as long as such
disclosure prior to such effective date would not be violative of any applicable law or confidentiality agreement, otherwise immediately
following such effective date, but in no event later than the time required pursuant to Section 10.09, (x) written
notice to the Depositor, and to the Other Depositor related to any Other Securitization that includes a Serviced Companion Loan,
of such succession or appointment, (y) in writing and in form and substance reasonably satisfactory to the Depositor, and
to the Other Depositor related to any Other Securitization that includes a Serviced Companion Loan, all information reasonably
requested by the Depositor, or such Other Depositor, so that it may comply with its reporting obligation under Items 1.01 and 6.02
of Form 8-K with respect to any Class of Certificates or Serviced Companion Loan Securities and (z) such opinion(s) of counsel,
certifications and/or indemnification agreement(s) with respect to such information that are substantially similar to those delivered
by the Trustee or their respective counsel, in connection with the information concerning such party in the Prospectus and/or any
other disclosure materials relating to this Trust.

 

Section 10.05     
Filing Obligations. (a) Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee shall, and each of the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee, as applicable, shall use commercially
reasonable efforts to cause each Servicing Function Participant (other than any party to this Agreement) with which it has entered
into a servicing relationship with respect to the Serviced Mortgage Loan to, reasonably cooperate with the Certificate Administrator
and the Depositor (and any Other Trustee or Other Depositor related to any Other Securitization that includes a Serviced Companion
Loan) in connection with the Certificate Administrator’s and Depositor’s (or such Other Trustee’s or Other Depositor’s)
good faith efforts to satisfy the Trust’s (or such Other Securitization’s) reporting requirements under the Exchange
Act.

 

(b)        With
respect to any Mortgaged Property that secures a Serviced Companion Loan that the applicable Other Depositor has notified the
Master Servicer and Special Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k) of
Regulation AB) (together with notification of the Relevant Distribution Date) with respect to an Other Securitization that includes
such Serviced Companion Loan, to the extent that the Master Servicer (in the case of non-Specially Serviced Loans) or the Special
Servicer (in the case of Specially Serviced Loans and REO Properties) 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

 

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Borrower, 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 Borrower 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 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 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 (or shall cause each applicable Sub-Servicing Agreement to require any related Sub-Servicer to notify such Other Depositor)
that it has not received such financial information.  The Master Servicer (in the case of non-Specially Serviced Loans) or
the Special Servicer (in the case of Specially Serviced Loans and REO Properties, and upon notice from the Master Servicer of any
such request from the Other Depositor) shall use efforts consistent with the Servicing Standard (taking into account, in addition,
the ongoing reporting obligations of such Other Depositor under the Exchange Act) to obtain the periodic financial statements required
to be delivered by the related Borrower under the related Loan Documents.

 

The Master Servicer or
the Special Servicer, as applicable, shall (or shall cause any related Sub-Servicing Agreement entered into after receipt of written
notice from the Other Depositor that such Serviced Pari Passu Companion Loan is a significant obligor to require the related Sub-Servicer
to) retain written evidence of each instance in which it (or a Sub-Servicer) attempts to contact the related Borrower related to
any such “significant obligor” (identified to it as such by the Other Depositor in accordance with the second preceding
paragraph) to obtain the required financial information and is unsuccessful and, no less than five (5) Business Days prior to the
date in which a Form 10-D or Form 10-K, as applicable, is required to be filed by the Other Securitization, shall forward an Officer’s
Certificate evidencing its attempts to obtain this information to the certificate administrator and Other Depositor related to
such Other Securitization. This Officer’s Certificate should be addressed to the certificate administrator at its corporate
trust office, as specified in the related Other Pooling and Servicing Agreement.

 

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Section 10.06     
Form 10-D and Form ABS-EE Filings. Within 15 days after each Distribution Date (subject to permitted extensions under
the Exchange Act), the Certificate Administrator shall prepare and file on behalf of the Trust any Form 10-D and Form ABS-EE required
by the Exchange Act and the rules and regulations of the Commission thereunder, in form and substance as required by the Exchange
Act and such rules and regulations; provided that, in connection with the filing of the Prospectus and the Preliminary Prospectus
with respect to the Public Certificates, the Depositor shall file any related Form ABS-EE required to be filed with the Commission
and incorporated by reference into each such document. A duly authorized representative of the Depositor shall sign each Form 10-D
filed on behalf of the Trust. The Certificate Administrator shall file each Form 10-D with a copy of the related Distribution Date
Statement attached thereto; provided that the Certificate Administrator shall redact from such Distribution Date Statement
any information relating to the ratings of the Certificates and the identity of the Rating Agencies. Any disclosure in addition
to the Distribution Date Statement that is required to be included on Form 10-D and/or Form ABS-EE (“Additional Form 10-D
Disclosure”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule
IV and directed to the Certificate Administrator and the Depositor for approval by the Depositor. The Certificate Administrator
will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure (other than
such Additional Form 10-D Disclosure which is to be reported by it as set forth on Schedule IV) absent such reporting, direction
and approval after the date hereof. The Certificate Administrator shall include in any Form 10-D filed by it, without limitation,
to the extent such information is provided to the Certificate Administrator by the Depositor for inclusion therein, (i) the
information required by Rule 15Ga-1(a) under the Exchange Act concerning all assets of the Trust that were subject of
a demand to repurchase or replace for breach of the representations and warranties, (ii) a reference to the most recent Form
ABS-15G filed by the Depositor and each Mortgage Loan Seller, if applicable, and the Commission assigned “Central Index Key”
number for each such filer and (iii) incorporate by reference the Form ABS-EE filing for the related reporting period (which
Form ABS-EE disclosures shall be filed at the time of each filing of the applicable report on Form 10-D with respect to each Mortgage
Loan that was part of the Mortgage Pool during any portion of the related reporting period). The Certificate Administrator and
the Depositor shall be entitled together to determine the manner of the presentation of such information (including the dates as
of which such information is presented) in accordance with applicable laws and regulations.

 

For so long as the Trust
is subject to the reporting requirements of the Exchange Act and for so long as any Other Securitization that includes a Serviced
Companion Loan is subject to the reporting requirements of the Exchange Act, within five calendar days after the related Distribution
Date, (i) the parties listed on Schedule IV hereto shall be required to provide to the Certificate Administrator and
the Depositor (and in the case of any Servicing Function Participant with a copy to the Master Servicer) (and to any Other Trustee
or Other Depositor related to any Other Securitization that includes a Serviced Companion Loan), to the extent a Servicing Officer
or Responsible Officer, as the case may be, thereof has actual knowledge (other than Item 1117 of Regulation AB as to such party
which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may be or any lawyer in
the in house legal department of such party), in EDGAR Compatible Format, or in such other format as otherwise agreed upon by the
Certificate Administrator and the Depositor (or such Other Trustee and Other Depositor) and such party, the form and substance
of the Additional Form 10-D Disclosure described on Schedule IV applicable to such party, (ii) the parties listed on
Schedule IV hereto shall include with such

 

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Additional Form 10-D Disclosure, an Additional Disclosure Notification in the
form attached hereto as Exhibit CC and (iii) the Certificate Administrator shall, at any time prior to filing
the related Form 10-D, provide prompt notice to the Depositor to the extent that the Certificate Administrator is notified of an
event reportable on Form 10-D for which it has not received the necessary Additional Form 10-D Disclosure from the applicable party.
No later than the 7th calendar day after the Distribution Date, the Depositor will approve, as to form and substance, or disapprove,
as the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D or (in the case of asset-level information
required by Item 1A on Form 10-D) Form ABS-EE with respect to the Trust; provided that if the Certificate Administrator
does not receive a response from the Depositor by such time the Depositor will be deemed to have consented to the inclusion of
such Additional Form 10-D Disclosure. Other than to the extent provided for in clause (iii) above, the Certificate Administrator
has no duty under this Agreement to monitor or enforce the performance by the parties listed on Schedule IV of their duties
under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information. The Depositor
will be responsible for any reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection with
including any Additional Form 10-D Disclosure on Form 10-D or (in the case of asset-level information required by Item 1A on Form
10-D) Form ABS-EE with respect to the Trust pursuant to this paragraph.

 

After preparing the Form
10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D to the Depositor for review and approval;
provided that the Certificate Administrator shall use its reasonable best efforts to provide such copy to the Depositor
by the 8th day after the Distribution Date. No later than the end of business on the 4th Business Day prior to the filing date,
the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or
approval of such Form 10-D, and no later than the 2nd Business Day prior to the filing, a duly authorized representative of the
Depositor shall sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed hard
copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 10-D, upon
signature thereof as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the
15th calendar day after the related Distribution Date or (ii) if agreed to prior to the time set forth in clause (i)
above, such other time as the Depositor and the Certificate Administrator mutually agree is permitted by the Commission for the
filing such Form 10-D. If a Form 10-D cannot be filed on time or if a previously filed Form 10-D needs to be amended, the Certificate
Administrator shall follow the procedures set forth in Section 10.10(b). After filing with the Commission, the Certificate
Administrator shall, pursuant to Section 4.02(b), make available on the Certificate Administrator’s website a
final executed copy of each Form 10-D prepared and filed by the Certificate Administrator. The parties to this Agreement acknowledge
that the performance by the Certificate Administrator of its duties under this Section 10.06 related to the timely
preparation and filing of Form 10-D is contingent upon such parties (and any Additional Servicer or Servicing Function Participant)
observing all applicable deadlines in the performance of their duties under this Section 10.06. The Certificate Administrator
shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare
or file such Form 10-D where such failure results from the Certificate Administrator’s inability or failure to receive on
a timely basis any information from any other party hereto needed to prepare, arrange for execution or file such Form 10-D, not
resulting from its own negligence, bad faith or willful misconduct.

 

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Form 10-D requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor shall notify the Certificate Administrator in writing via email to cts.sec.notifications@wellsfargo.com, no
later than the 5th calendar day after the related Distribution Date during any year in which the Trust is required to file a Form
10-D if the answer to the questions should be “no”; provided that if the failure of the Depositor to have filed
such required reports arises in connection with the securitization contemplated by this Agreement, then the Certificate Administrator
shall be deemed to have notice of such failure (only with respect to Exchange Act reports prepared or required to be prepared and
filed by the Certificate Administrator) without being notified by the Depositor; provided, further, that in connection
with the delivery of any notice contemplated by this sentence, the Depositor may instruct the Certificate Administrator that such
notice shall be effective for a period (not to exceed 12 months) from the date of such notice, in which case no further notice
from the Depositor shall be required during such specified period. The Certificate Administrator shall be entitled to rely on such
notifications in preparing, executing and/or filing any Form 10-D.

 

With respect to any Mortgage
Loan that permits Additional Secured 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 OO (A) the amount of any such Additional Secured
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 and (C) the aggregate loan-to-value ratio calculated on the
basis of the Mortgage Loan and such Additional Secured Debt.

 

The Depositor hereby
directs the Certificate Administrator to include the following individual’s name and phone number on the cover of Forms 10-D
and ABS-EE for each reporting period: Name: Lainie Kaye, Telephone: (212) 504-6678. The Certificate Administrator may rely without
further investigation that this information remains correct unless and until the Depositor provides the Certificate Administrator
with a new individual’s name and phone number in writing.

 

Upon receipt of an Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 11.01(b),
the Certificate Administrator shall include such Asset Review Report Summary under Item 1B on the Form 10-D for such reporting
period in which the Asset Review Report Summary was received by the Certificate Administrator.

 

To the extent the Certificate
Administrator receives a Communication Request from any Certificateholder or Certificate Owner to communicate with other Certificateholders
or Certificate Owners pursuant to Section 5.05, the Certificate Administrator shall include under Item 1B on the Form
10-D relating to the reporting period in which such request was received a Special Notice regarding the request to communicate,
and such Special Notice is required to include the following and no more than the following: (a) the name of the Certificateholder
or Certificate Owner making the request, (b) the date the request was received, (c) a statement to the effect that the Certificate
Administrator has received such request, stating that such Certificateholder or Certificate Owner is interested in communicating
with other Certificateholders or Certificate Owners with regard to the possible exercise of rights under this Agreement, and (d)
a description of the method other Certificateholders or Certificate Owners may use to contact the requesting

 

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Certificateholder
or Certificate Owner. It is hereby understood that a disclosure in substantially the following form shall be deemed to satisfy
the requirements in the preceding sentence:

 

On [date], the Certificate Administrator
received from [name], a Certificateholder or Certificate Owner, a request to communicate with other Certificateholders and Certificate
Owners in the securitization transaction to which this report on Form 10-D relates (the “Securitization”). The
requesting Certificateholder or Certificate Owner is interested in communicating with other Certificateholders and Certificate
Owners with regard to the possible exercise of rights under the pooling and servicing agreement governing the Securitization. Other
Certificateholders and Certificate Owners may contact the requesting Certificateholder or Certificate Owner at [telephone number],
[email address] and/or [mailing address].

 

At the time required
under Section 10.06, the Certificate Administrator shall file each Form ABS-EE with a copy of the related CREFC®
Schedule AL File received by the Certificate Administrator pursuant to Section 3.13(a) as Exhibit 102 thereto. To the
extent the Certificate Administrator receives any Schedule AL Additional File with respect to such Form ABS-EE pursuant to Section 3.13(a),
the Certificate Administrator shall file such Schedule AL Additional File as Exhibit 103 to such Form ABS-EE. The Certificate Administrator
shall not be required to combine multiple CREFC® Schedule AL Files or Schedule AL Additional Files. The Certificate
Administrator shall not be required to review, redact, reconcile, edit or verify the content, completeness or accuracy of the information
contained in any CREFC® Schedule AL File or Schedule AL Additional File. The Certificate Administrator shall not
be deemed to have actual knowledge of the contents of any CREFC® Schedule AL File or Schedule AL Additional File
solely by its receipt thereof.

 

After preparing the Forms
10-D and ABS-EE with respect to the Trust, the Certificate Administrator shall forward electronically copies of such Forms 10-D
and ABS-EE (together with the related CREFC® Schedule AL File and any Schedule AL Additional File received by the
Certificate Administrator) to the Depositor for review no later than seven (7) calendar days after the related Distribution Date
or, if the 7th calendar day after the related Distribution Date is not a Business Day, the immediately preceding Business Day.
The Master Servicer shall reasonably cooperate with the Depositor to answer any questions that the Depositor may pose to the Master
Servicer regarding the data or information contained in, or omitted from, any CREFC® Schedule AL File or Schedule
AL Additional File (other than questions regarding (1) the accuracy as of the Closing Date of data that had been included in the
Initial Schedule AL File, the Initial Schedule AL Additional File or the Annex A-1 to the Prospectus or (2) changes made to such
CREFC® Schedule AL File or Schedule AL Additional File by the Certificate Administrator following receipt from the
Master Servicer). Any such questions for the Master Servicer related to the filing shall be directed to Midland Loan Services,
a Division of PNC Bank, National Association at the email address provided with the submission of the CREFC® Schedule AL File
and Schedule AL Additional File (or such other email address or phone number provided to the Certificate Administrator and Depositor
by written notice from the Master Servicer). The Certificate Administrator, the Master Servicer and the Depositor shall each, to
the extent related

 

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to such party’s obligations hereunder, reasonably cooperate to remedy any filing errors regarding any
CREFC® Schedule AL File or any Schedule AL Additional File as soon as possible. Within four (4) Business Days after
receipt of copies of such Forms 10-D and ABS-EE from the Certificate Administrator, but no later than two (2) Business Days prior
to the 15th calendar day after the related Distribution Date, the Depositor shall notify the Certificate Administrator in writing
(which may be furnished electronically) of any changes to or approval of such Form 10-D and Form ABS-EE, respectively, and an officer
of the Depositor shall sign the Form 10-D and Form ABS-EE with respect to the Trust and return an electronic or fax copy of each
of the signed Form 10-D and Form ABS-EE (with an original executed hard copy to follow by overnight mail) to the Certificate Administrator.
Upon receipt of such signed Form 10-D and Form ABS-EE (in electronic form or by fax copy), the Certificate Administrator shall
deem such reports to be approved by the Depositor and shall proceed with filing such reports with the Commission. If a Form 10-D
or Form ABS-EE with respect to the Trust cannot be filed on time or if a previously filed Form 10-D or Form ABS-EE with respect
to the Trust needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.10(b)
of this Agreement. Promptly after filing with the Commission, the Certificate Administrator will make available on its internet
website a final executed copy of each Form 10-D and Form ABS-EE with respect to the Trust prepared and filed by the Certificate
Administrator. The signing party at the Depositor can be contacted at Deutsche Mortgage & Asset Receiving Corporation at 60
Wall Street, New York, New York 10005, Attention: Lainie Kaye, with copies via email to cmbs.requests@db.com, or such other
address as the Depositor may direct. The parties to this Agreement acknowledge that the performance by the Certificate Administrator
of its duties under this Section 10.06 related to the timely preparation and filing of Form 10-D and Form ABS-EE with
respect to the Trust is contingent upon such parties observing all applicable deadlines in the performance of their duties under
this Section 10.06. The Certificate Administrator shall have no liability for any loss, expense, damage, or claim arising
out of or with respect to any failure to properly prepare, arrange for execution and/or timely file any Form 10-D or Form ABS-EE
with respect to the Trust, where such failure results because required disclosure information was either not delivered to the Certificate
Administrator or delivered to the Certificate Administrator after the delivery deadlines set forth in this Agreement, not resulting
from its own negligence, bad faith or willful misconduct.

 

Section 10.07     
Form 10-K Filings. Within 90 days after the end of each fiscal year of the Trust or such earlier date as may
be required by the Exchange Act (the “10-K Filing Deadline”) (it being understood that the fiscal year for the
Trust ends on December 31st of each year), commencing with fiscal year 2020, the Certificate Administrator shall prepare and
file on behalf of the Trust a Form 10-K, in form and substance as required by the Exchange Act. Each such Form 10-K shall include
the following items, in each case to the extent they have been delivered to the Certificate Administrator within the applicable
time frames set forth in this Agreement:

 

(i)         an
annual compliance statement for each applicable Certifying Servicer, as described under Section 10.11;

 

(ii)         (A) the annual reports on assessment of compliance with servicing criteria for each applicable Reporting Servicer,
as described under Section 10.12, and (B) if any Reporting Servicer’s report on assessment of compliance
with servicing criteria described under Section 10.12 identifies any material instance of noncompliance, disclosure

 

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identifying such instance of noncompliance (including whether such instance of noncompliance involved the servicing of the assets
backing the Certificates issued pursuant to this Agreement and any steps taken to remedy such instance of noncompliance), or if
any Reporting Servicer’s report on assessment of compliance with servicing criteria described under Section 10.12
is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation as to why such
report is not included;

 

(iii)       (A) the registered public accounting firm attestation report for each Reporting Servicer, as described under Section 10.13,
and (B) if any registered public accounting firm attestation report described under Section 10.13 identifies any
material instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting
firm attestation report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation
as to why such report is not included; and

 

(iv)      a Sarbanes-Oxley Certification as described in Section 10.08.

 

Any disclosure or information
in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional Form 10-K Disclosure”)
shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule V hereto to the Depositor
and the Certificate Administrator (and to any Other Depositor or Other Trustee related to any Other Securitization that includes
a Serviced Companion Loan) and approved by the Depositor (and such Other Depositor), and the Certificate Administrator (or such
Other Trustee) will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-K Disclosure
(other than such Additional Form 10-K Disclosure which is to be reported by it as set forth on Schedule V) absent such reporting
and approval.

 

Not later than 10 Business
Days after the end of each fiscal year for which the Trust (or any Other Securitization that includes a Serviced Companion Loan)
is required to file a Form 10-K, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Certificate Administrator and the Trustee shall provide the other parties to this Agreement and the Mortgage Loan Sellers (and
the parties to any Other Pooling and Servicing Agreement with respect to any Other Securitization that includes such Serviced Companion
Loan) with written notice of the name and address of each Servicing Function Participant retained by such party. Not later than
the end of each year for which the Trust is required to file a Form 10-K, (i) the Certificate Administrator shall upon request
provide to each Mortgage Loan Seller, Other Depositor and Other Trustee written notice of any change in the identity of any party
to this Agreement, including the name and address of any new party to this Agreement and (ii) the Master Servicer or the Special
Servicer, as applicable, shall provide to each related Mortgage Loan Seller, Other Depositor and Other Trustee written notice of
any change in the identity of any Sub-Servicer that is a Servicing Function Participant or an Additional Servicer engaged by the
Master Servicer or the Special Servicer, as applicable, including the name and address of any new Sub-Servicer that is a Servicing
Function Participant or an Additional Servicer.

 

With respect to any Other
Securitization that includes a Serviced Companion Loan, not later than the end of each year for which the Other Securitization
trust is required to file a Form 10-K, (i) the Certificate Administrator shall upon request provide to each mortgage loan
seller with respect to such Other Securitization written notice of any change in the identity of any party to this

 

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Agreement, including
the name and address of any new party to this Agreement and (ii) the Master Servicer or the Special Servicer, as applicable,
shall provide to each such mortgage loan seller written notice of any change in the identity of any Sub-Servicer that is a Servicing
Function Participant or an Additional Servicer engaged by the Master Servicer or the Special Servicer for the servicing of such
Serviced Whole Loan, as applicable, including the name and address of any new Sub-Servicer that is a Servicing Function Participant
or an Additional Servicer.

 

For so long as the Trust
(or any Other Securitization that includes a Serviced Companion Loan) is subject to the reporting requirements of the Exchange
Act, by March 1st, commencing in March 2021 (i) the parties listed on Schedule V hereto shall be required
to provide to the Certificate Administrator and the Depositor (and in the case of any Servicing Function Participant with a copy
to the Master Servicer) (and to any Other Depositor or Other Trustee related to any Other Securitization that includes a Serviced
Companion Loan), to the extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge (other
than with respect to Items 1117 and 1119 of Regulation AB as to such party which shall be reported if actually known by any Servicing
Officer or any lawyer in the in house legal department of such party), in EDGAR Compatible Format (to the extent available to such
party in such format), or in such other form as otherwise agreed upon by the Certificate Administrator and the Depositor (or such
Other Trustee and Other Depositor) and such party, the form and substance of the Additional Form 10-K Disclosure described on Schedule
V applicable to such party, (ii) the parties listed on Schedule V hereto shall include with such Additional Form
10-K Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit CC and (iii) the
Certificate Administrator shall, at any time prior to filing the related Form 10-K, provide prompt notice to the Depositor to the
extent that the Certificate Administrator is notified of an event reportable on Form 10-K for which it has not received the necessary
Additional Form 10-K Disclosure from the applicable party. No later than March 10th, the Depositor will approve, as to form
and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K; provided
that if the Certificate Administrator does not receive a response from the Depositor by such time the Depositor will be deemed
to have consented to the inclusion of such Additional Form 10-K Disclosure. Other than to the extent provided for in clause (iii)
above, the Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed
on Schedule V of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form
10-K Disclosure information. The Depositor will be responsible for any reasonable fees assessed and any expenses incurred by the
Certificate Administrator in connection with including any Additional Form 10-K Disclosure on Form 10-K pursuant to this paragraph.

 

After preparing the Form
10-K, on or prior to the 6th Business Day prior to the 10-K Filing Deadline, the Certificate Administrator shall forward electronically
a copy of the Form 10-K to the Depositor for review and approval. Within three Business Days after receipt of such copy, but no
later than March 24th, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically)
of any changes to or approved of such Form 10-K. No later than 5:00 p.m., New York City time, on the 4th Business Day prior
to the 10-K Filing Deadline, a senior officer in charge of securitization of the Depositor shall sign the Form 10-K and return
an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight mail) to the Certificate
Administrator. The Certificate Administrator shall file such Form 10-K, upon signature thereof as provided in Section 10.16,
not later than (i) 5:30 p.m.

 

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(New York City time) on the 10-K Filing Deadline or (ii) such other time as the Depositor
and the Certificate Administrator mutually agree is permitted by the Commission for the filing such Form 10-K, of each year in
which a report on Form 10-K is required to be filed by the Trust. If a Form 10-K cannot be filed on time or if a previously filed
Form 10-K needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.10(b).
After filing with the Commission, the Certificate Administrator shall, pursuant to Section 4.02(b), make available
on its internet website a final executed copy of each Form 10-K prepared and filed by the Certificate Administrator. The parties
to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.07
related to the timely preparation and filing of Form 10-K is contingent upon such parties (and any Additional Servicer or Servicing
Function Participant) observing all applicable deadlines in the performance of their duties under this Article X. The
Certificate Administrator shall have no liability with respect to any failure to properly prepare or file such Form 10-K resulting
from the Certificate Administrator’s inability or failure to receive from any other party any information needed to prepare,
arrange for execution or file such Form 10-K on a timely basis, not resulting from its own negligence, bad faith or willful misconduct.

 

Form 10-K requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor shall notify the Certificate Administrator in writing via email to cts.sec.notifications@wellsfargo.com, no
later than the 15th calendar day of March during any year in which the Trust is required to file a Form 10-K if the answer
to the questions should be “no”; provided that if the failure of the Depositor to have filed such required reports
arises in connection with the securitization contemplated by this Agreement, then the Certificate Administrator shall be deemed
to have notice of such failure (only with respect to Exchange Act reports prepared or required to be prepared and filed by the
Certificate Administrator) without being notified by the Depositor; provided, further, that in connection with the
delivery of any notice contemplated by this sentence, the Depositor may instruct the Certificate Administrator that such notice
shall be effective for a period (not to exceed 12 months) from the date of such notice, in which case no further notice from the
Depositor shall be required during such specified period. The Certificate Administrator shall be entitled to rely on such notifications
in preparing, executing and/or filing any Form 10-K.

 

Section 10.08     
Sarbanes-Oxley Certification. Each Form 10-K shall include a certification (the “Sarbanes-Oxley Certification”),
as set forth in Exhibit W attached hereto, required to be included therewith pursuant to the Sarbanes-Oxley Act. Each
Reporting Servicer shall, and each Reporting Servicer shall use commercially reasonable efforts to cause each Servicing Function
Participant (other than any party to this Agreement) with which it has entered into a servicing relationship with respect to the
Serviced Mortgage Loans, to provide to the Person who signs the Sarbanes-Oxley Certification for the Trust or any Other Securitization
that includes a Serviced Companion Loan (each such Person, a “Certifying Person”), by March 1st of each
year (commencing in 2021) in which the Trust is subject to the reporting requirements of the Exchange Act and of each year in which
any Other Securitization that includes a Serviced Companion Loan is subject to the reporting requirements of the Exchange Act,
a certification (each, a “Performance Certification”), in the form attached hereto as Exhibit O,
Exhibit P, Exhibit Q, Exhibit R, Exhibit T, Exhibit U or Exhibit V,
as applicable, upon which each Certifying Person, the entity for

 

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which such Certifying Person acts as an officer, and such entity’s
officers, directors and Affiliates (collectively with the Certifying Persons, “Certification Parties”) can reasonably
rely. The senior officer in charge of securitization of the Depositor shall serve as the Certifying Person on behalf of the Trust.
The Certifying Person at the Depositor can be contacted at Deutsche Mortgage & Asset Receiving Corporation at 60 Wall
Street, New York, New York 10005, Attention: Lainie Kaye, with a copy to Salvatore Palazzolo, Esq. If any Reporting Servicer is
terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement, such Reporting Servicer
shall provide a Performance Certification to each Certifying Person pursuant to this Section 10.08 with respect to
the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement. Notwithstanding the foregoing, the
Trustee shall not be required to deliver a Performance Certification with respect to any period during which there was no Relevant
Servicing Criteria applicable to it.

 

Notwithstanding the foregoing,
nothing in this Section 10.08 shall require any Reporting Servicer (i) to certify or verify the accurateness or
completeness of any information provided to such Reporting Servicer by third parties (other than a Sub-Servicer, Additional Servicer
or any other third party retained by it that is not a Sub-Servicer listed on Exhibit X or a Sub-Servicer appointed
pursuant to Section 3.01(c)), (ii) to certify information other than to such Reporting Servicer’s knowledge
and in accordance with such Reporting Servicer’s responsibilities hereunder or (iii) with respect to completeness of
information and reports, to certify anything other than that all fields of information called for in written reports prepared by
such Reporting Servicer have been completed except as they have been left blank on their face.

 

Each Performance Certification
shall include a reasonable reliance provision enabling the Certification Parties to rely upon each (i) annual compliance statement
provided pursuant to Section 10.11, (ii) annual report on assessment of compliance with servicing criteria provided
pursuant to Section 10.12 and (iii) registered public accounting firm attestation report provided pursuant to
Section 10.13.

 

For so long as the Trust
is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an Other
Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts to procure a Sarbanes-Oxley
back-up certification from the Non-Serviced Mortgage Loan Service Providers, in form and substance similar to a Performance Certification
or to the form, if any, provided in the Other Pooling and Servicing Agreement. The Master Servicer shall promptly forward to the
Certificate Administrator and the Depositor any such Sarbanes-Oxley back-up certification received by the Master Servicer.

 

Section 10.09     
Form 8-K Filings. Within four (4) Business Days after the occurrence of an event requiring disclosure (the “8-K
Filing Deadline”) under Form 8-K (each a “Reportable Event”), to the extent it receives the Form 8-K
Disclosure Information described below, the Certificate Administrator shall, at the direction of the Depositor, prepare and file
on behalf of the Trust any Form 8-K, as required by the Exchange Act and shall provide notice thereof to Form10K.Compliance@cwt.com,
provided that the Depositor shall file the initial Form 8-K in connection with the issuance of the Certificates. Any disclosure
or information related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K
Disclosure Information”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on
Schedule VI to which such Reportable Event relates and such Form 8-K Disclosure

 

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Information shall be delivered to the Depositor
and the Certificate Administrator (and to any Other Depositor and Other Trustee related to any Other Securitization that includes
a Serviced Companion Loan) in EDGAR Compatible Format and approved by the Depositor. The Certificate Administrator will have no
duty or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information (other than such Form 8-K
Disclosure Information which is to be reported by it as set forth on Schedule VI) absent such reporting and approval.

 

For so long as the Trust
(or any Other Securitization that includes a Serviced Companion Loan) is subject to the reporting requirements of the Exchange
Act, the parties listed on Schedule VI hereto shall, to the extent a Servicing Officer or a Responsible Officer, as
the case may be, thereof has actual knowledge, use their commercially reasonable efforts to provide to the Depositor and the Certificate
Administrator (and to any Other Depositor and Other Trustee related to any Other Securitization that includes a Serviced Companion
Loan) within 1 Business Day after the occurrence of the Reportable Event, but shall provide in no event later than the end of business
(New York City time) on the 2nd Business Day after the occurrence of the Reportable Event, the form and substance of the Form 8-K
Disclosure Information described on Schedule VI as applicable to such party, in EDGAR Compatible Format, or in such other
format as otherwise agreed to in advance by the Certificate Administrator and the Depositor (and such Other Trustee and Other Depositor)
and such party and accompanied by an Additional Disclosure Notification in the form attached hereto as Exhibit CC.
The Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
Information on Form 8-K by the end of business on the 2nd Business Day after the Reportable Event; provided that if the
Certificate Administrator does not receive a response from the Depositor by such time as required under this Agreement the Depositor
will be deemed to have consented to such Form 8-K Disclosure Information. The Certificate Administrator has no duty under this
Agreement to monitor or enforce the performance by the parties listed on Schedule VI of their duties under this paragraph
or proactively solicit or procure from such parties any Form 8-K Disclosure Information; provided that to the extent that
the Certificate Administrator is notified of such Reportable Event and it does not receive the necessary Form 8-K Disclosure
Information, it shall notify the Depositor that it has not received such information and, provided, further, that
the limitation on liability provided by this sentence shall not be applicable if the Reportable Event relates to the Certificate
Administrator or any party that the Certificate Administrator has engaged to perform its obligations under this Agreement. The
Depositor will be responsible for any reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection
with including any Form 8-K Disclosure Information on Form 8-K pursuant to this paragraph.

 

After preparing the Form
8-K, the Certificate Administrator shall, no later than the end of the Business Day (New York City time) on the 3rd Business Day
after the Reportable Event, forward electronically a copy of the Form 8-K to the Depositor for review and approval and the Depositor
shall promptly notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to the Form
8-K. No later than noon on the 4th Business Day (New York City time) after the Reportable Event, a duly authorized representative
of the Depositor shall sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original executed
hard copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 8-K,
upon signature thereof as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on
the 4th Business Day following the reportable event or (ii) such other time as the Depositor and the Certificate Administrator
mutually agree is

 

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permitted by the Commission for the filing such Form 8-K. If a Form 8-K cannot be filed on time or if a previously
filed Form 8-K needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.10(b).
After filing with the Commission, the Certificate Administrator will, pursuant to Section 4.02(b), make available on
its internet website a final executed copy of each Form 8-K prepared and filed by the Certificate Administrator. The parties to
this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.09
related to the timely preparation and filing of Form 8-K is contingent upon such parties observing all applicable deadlines in
the performance of their duties under this Section 10.09. The Certificate Administrator shall have no liability for
any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or
timely file such Form 8-K, where such failure results from the Certificate Administrator’s inability or failure to receive
approved Form 8-K Disclosure Information within the applicable timeframes set forth in this Section 10.09 and not resulting
from the Certificate Administrator’s own negligence, bad faith or willful misconduct (provided that to the extent
that the Certificate Administrator is notified of such Reportable Event and it does not receive the necessary Form 8–K Disclosure
Information, it will notify the Depositor that it has not received such information and further provided that the limitation
on liability provided by this sentence shall not be applicable if the Reportable Event relates to the Certificate Administrator
or any party that the Certificate Administrator has engaged to perform its obligations under this Agreement).

 

In addition to the foregoing,
as to any resignation, removal, succession, merger or consolidation of the Master Servicer or the Special Servicer that would constitute
a Reportable Event, upon at least 4 Business Days prior notice of the anticipated effective date of such event, the Certificate
Administrator and the Depositor shall cooperate in a timely manner with the Master Servicer, the Special Servicer or any other
Person pursuing such resignation, removal, succession, merger or consolidation, as applicable, in connection with the Depositor’s
or the Certificate Administrator’s obligation to file any related required Form 8-K relating to this Trust on the anticipated
effective date of such event.

 

For so long as the Trust
is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an Other
Pooling and Servicing Agreement, no resignation, removal or replacement of any party to such Other Pooling and Servicing Agreement
that would be required to be reported on a Form 8-K relating to this Trust shall become effective until the Certificate Administrator
shall have filed any required Form 8-K pursuant to this Section 10.09.

 

Section 10.10     
Suspension of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports. (a) If at
any time the Trust is permitted to suspend its reporting obligations under the Exchange Act, on or before January 30 of the
first year in which the Certificate Administrator is able to do so under applicable law, the Depositor shall direct the Certificate
Administrator to prepare and file any form necessary to be filed with the Commission to suspend such reporting obligations. With
respect to any reporting period occurring after the filing of such form, except with respect to the Other Securitizations, the
obligations of the parties to this Agreement under Section 10.01, Section 10.03, Section 10.06,
Section 10.07, Section 10.08 and Section 10.09 with respect to the Trust shall be suspended.
The Certificate Administrator shall provide prompt notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the

 

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Operating Advisor, the Asset Representations Reviewer and the Mortgage Loan Sellers that such form has been filed.

 

(b)         If the Certificate Administrator is unable to timely file with the Commission all or any required portion of any Form 8-K,
Form 10-D, Form ABS-EE or Form 10-K required to be filed by this Agreement because required disclosure information either was not
delivered to it or was delivered to it after the delivery deadlines set forth in this Agreement or for any other reason, the Certificate
Administrator shall promptly notify (which notice (which may be sent by fax or by email notwithstanding the provisions of Section 12.04)
shall include the identity of those Reporting Servicers who either did not deliver such information or delivered such information
to it after the delivery deadlines set forth in this Agreement) the Depositor and each Reporting Servicer that failed to make such
delivery. In the case of Form 10-D, Form ABS-EE and Form 10-K, each such Reporting Servicer shall cooperate with the Depositor
and the Certificate Administrator to prepare and file a Form 12b-25 and a Form 10-D/A, Form ABS-EE/A and Form 10-K/A as applicable,
pursuant to Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the Certificate Administrator shall, upon receipt of
all required Form 8-K Disclosure Information and upon the approval and direction of the Depositor, include such disclosure information
on the next Form 10-D, Form ABS-EE that is required to be filed on behalf of the Trust. In the event that any previously filed
Form 8-K, Form 10-D, Form ABS-EE or Form 10-K needs to be amended, the Certificate Administrator shall notify the Depositor and
such other parties as needed and such parties shall cooperate to prepare any necessary Form 8-K/A, Form 10-D/A, Form ABS-EE/A or
Form 10-K/A. In the event that any Reporting Servicer receives notice from the applicable parties to any Other Securitization that
any previously filed Form 8-K, Form 10-D, Form ABS-EE or Form 10-K needs to be amended, such party shall cooperate in preparation
of any necessary Form 8-K/A, Form 10-D/A, Form ABS-EE/A or Form 10-K/A. Any Form 12b-25 or any amendment to Form 8-K, Form 10-D,
Form ABS-EE or Form 10-K shall be signed by the Depositor. The parties to this agreement acknowledge that the performance by the
Certificate Administrator of its duties under this Section 10.10 related to the timely preparation and filing of a
Form 12b-25 or any amendment to Form 8-K, Form 10-D, Form ABS-EE or Form 10-K is contingent upon the Master Servicer, the Special
Servicer and the Depositor performing their duties under this Section. The Certificate Administrator shall have no liability for
any loss, expense, damage or claim arising out of or with respect to any failure to properly prepare and/or timely file any such
Form 12b-25 or any amendments to Forms 8-K, Form 10-D, Form ABS-EE or Form 10-K, where such failure results from the Certificate
Administrator’s inability or failure to receive, on a timely basis, any information from any other party hereto needed to
prepare, arrange for execution or file such Form 12b-25 or any amendments to Form 8-K, Form 10-D, Form ABS-EE or Form 10-K, not
resulting from its own negligence, bad faith or willful misconduct.

 

Section 10.11     
Annual Compliance Statements. (a) The Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator,
any Additional Servicer and each Servicing Function Participant (if such Servicing Function Participant is a servicer contemplated
by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (each, a “Certifying Servicer”) shall deliver
(and the Master Servicer, the Special Servicer, the Custodian and the Certificate Administrator shall use commercially reasonable
efforts to cause each Additional Servicer and each Servicing Function Participant (if such Servicing Function Participant is a
servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (other than any party to this Agreement)
with which it has entered into a servicing relationship with respect to the Serviced Mortgage Loans, to deliver)

 

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to the Trustee,
the Depositor, the Certificate Administrator, the Operating Advisor (in the case of the Special Servicer only), each Other Trustee,
each Other Depositor and the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement) on or before March 1st of each year, commencing in 2021,
an Officer’s Certificate stating, as to the signer thereof, that (A) a review of such Certifying Servicer’s activities
during a reporting period consisting of the preceding calendar year or portion thereof and of such Certifying Servicer’s
performance under this Agreement, or the applicable sub-servicing agreement or primary servicing agreement in the case of an Additional
Servicer, has been made under such officer’s supervision and (B) that, to the best of such officer’s knowledge,
based on such review, such Certifying Servicer has fulfilled all its obligations under this Agreement, or the applicable sub-servicing
agreement or primary servicing agreement in the case of an Additional Servicer, in all material respects throughout such reporting
period, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known
to such officer and the nature and status thereof.

 

(b)        With
respect to any Non-Serviced Mortgage Loan serviced under an Other Pooling and Servicing Agreement, the Certificate Administrator
shall use commercially reasonable efforts to procure an Officer’s Certificate as described in this Section from the
Non-Serviced Mortgage Loan Service Providers in form and substance similar to the Officer’s Certificate described in this
Section.

 

(c)        Promptly after receipt of each such Officer’s Certificate, the Depositor (and each Other Depositor for any Other Securitization
that includes a Serviced Companion Loan) shall have the right to review such Officer’s Certificate and, if applicable, consult
with each Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer, in the fulfillment
of any of the Certifying Servicer’s obligations hereunder or under the applicable sub-servicing agreement. None of the Certifying
Servicers or any Additional Servicer or any Servicing Function Participant shall be required to deliver, or to endeavor to cause
the delivery of, any such Officer’s Certificate until April 15, in any given year so long as it has received written
confirmation from the Depositor (and the Other Depositor for any Other Securitization that includes a Serviced Companion Loan)
that a Form 10-K is not required to be filed in respect of the Trust (or, in the case of a Serviced Companion Loan, the related
Other Securitization that includes such Serviced Companion Loan) for the preceding calendar year. If any Certifying Servicer is
terminated or resigns pursuant to the terms of this Agreement or any applicable Sub-Servicing Agreement, as the case may be, such
Certifying Servicer shall provide the Officer’s Certificate pursuant to this Section 10.11 with respect to the
period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement, as the case may be.

 

(d)         Each of the Operating Advisor, the Master Servicer and the Special Servicer may at any time request from the Certificate
Administrator confirmation of whether a Control Termination Event or Consultation Termination Event occurred during the previous
calendar year, and upon such request the Certificate Administrator shall deliver such confirmation to the Operating Advisor, the
Master Servicer or Special Servicer, as applicable, within fifteen (15) days of such request.

 

Section 10.12     
Annual Reports on Assessment of Compliance with Servicing Criteria. By March 1st of each year, commencing in March
2021, the Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of
any

 

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Mortgage Loan), the Certificate Administrator, the Custodian, the Trustee (only with respect to any period during which any
Relevant Servicing Criteria was applicable to it), the Operating Advisor and each Servicing Function Participant (each, a “Reporting
Servicer”), each at its own expense, shall furnish (and each Reporting Servicer, as applicable, shall use commercially
reasonable efforts to cause, by March 1st each Servicing Function Participant (other than a party to this Agreement), with which
it has entered into a servicing relationship with respect to the Serviced Mortgage Loans to furnish, each at its own expense, to
the Trustee, the Certificate Administrator, the Depositor (and to the Other Depositor and Other Trustee for any Other Securitization
that includes a Serviced Companion Loan) and the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information
Provider’s Website pursuant to Section 3.16(d) of this Agreement) in an EDGAR Compatible Format, or in such other
format as otherwise agreed upon by the Certificate Administrator and the Depositor (or such Other Trustee and Other Depositor,
as applicable) a report on an assessment of compliance with the Relevant Servicing Criteria with respect to commercial mortgage
backed securities transactions taken as a whole involving such party that contains (A) a statement by such Reporting Servicer of
its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such Reporting Servicer
used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such Reporting Servicer’s assessment
of compliance with the Relevant Servicing Criteria as of and for the period ending the end of the fiscal year covered by the Form
10-K required to be filed pursuant to Section 10.07, including, if there has been any material instance of noncompliance
with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement
that a registered public accounting firm has issued an attestation report on such Reporting Servicer’s assessment of compliance
with the Relevant Servicing Criteria as of and for such period. Copies of all compliance reports delivered pursuant to this Section 10.12
shall be made available to any Privileged Person by the Certificate Administrator pursuant to Section 4.02(c) of this
Agreement and to any Rating Agency and NRSRO by the 17g-5 Information Provider pursuant to Section 3.16(d) of this
Agreement.

 

No later than 10 Business
Days after the end of each fiscal year for the Trust (and for any Other Securitization that includes a Serviced Companion Loan)
for which a Form 10-K is required to be filed, the Master Servicer, the Special Servicer and the Operating Advisor shall each forward
to the Certificate Administrator and the Depositor (and to the Other Depositor and Other Trustee for any Other Securitization that
includes a Serviced Companion Loan) the name and contact information of each Servicing Function Participant engaged by it during
such year or portion thereof (except with respect to any Mortgage Loan Seller Sub-Servicer) and what Relevant Servicing Criteria
will be addressed in the report on assessment of compliance prepared by such Servicing Function Participant. When the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor and each Servicing Function
Participant submit their respective assessments by March 1st, as applicable, to the Certificate Administrator (and each Other
Trustee), each such party shall also at such time, if it has received the assessment (and attestation pursuant to Section 10.13)
of each Servicing Function Participant engaged by it, include such assessment (and attestation) in its submission to the Certificate
Administrator (and such Other Trustee).

 

Promptly after receipt
of each such report on assessment of compliance, (i) the Depositor (and any Other Depositor for any Other Securitization that
includes a Serviced Companion Loan) shall have the right to review each such report and, if applicable, consult with

 

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the Master
Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor and any Servicing
Function Participant as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria by the Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, the Trustee or any Servicing
Function Participant, and (ii) the Certificate Administrator shall confirm that the assessments, taken individually, address
the Relevant Servicing Criteria for each party as set forth on Schedule II and notify the Depositor (and each Other Depositor
for an Other Securitization that includes a Serviced Companion Loan) of any exceptions; provided that the Certificate Administrator
shall not be responsible for confirming whether any such party has certified to all the Relevant Servicing Criteria applicable
to it. None of the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating
Advisor or any Servicing Function Participant shall be required to deliver, or to endeavor to cause the delivery of, any such reports
until April 15 in any given year so long as it has received written confirmation from the Depositor (and the Other Depositor
for any Other Securitization that includes a Serviced Companion Loan) that a Form 10-K is not required to be filed in respect of
the Trust (or, in the case of a Serviced Companion Loan, the related Other Securitization that includes such Serviced Companion
Loan) for the preceding calendar year. If any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement,
or any applicable Sub-Servicing Agreement, as the case may be, such Reporting Servicer shall provide the reports and statements
pursuant to this Section 10.12 with respect to the period of time it was subject to this Agreement or the applicable
Sub-Servicing Agreement, as the case may be.

 

The parties hereto acknowledge
that a material instance of noncompliance with the Relevant Servicing Criteria reported on an assessment of compliance pursuant
to this Section 10.12 by the Master Servicer or the Special Servicer, the Certificate Administrator, the Trustee, the
Operating Advisor or the Custodian shall not, as a result of being so reported, in and of itself, constitute a breach of such parties’
obligations or a Servicer Termination Event or Operating Advisor Termination Event, as applicable, under this Agreement unless
otherwise provided for in this Agreement.

 

For so long as the Trust
is subject to the reporting requirements of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an
Other Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts to procure an annual
report on assessment of compliance as described in this Section and an attestation as described in Section 10.13
from the Non-Serviced Mortgage Loan Service Providers in form and substance similar to the annual report on assessment of compliance
described in this Section (or in such Other Pooling and Servicing Agreement, as the case may be) and the attestation described
in Section 10.13. The Master Servicer shall promptly forward to the Certificate Administrator and the Depositor any
such assessment of compliance received by the Master Servicer. Until such time as the Certificate Administrator receives notice
that the Non-Serviced Mortgage Loan Service Providers no longer have a continuing obligation under the Other Pooling and Servicing
Agreement related to an Other Securitization that includes the related Non-Serviced Companion Loan to provide to the Trust an annual
report on assessment of compliance as described in this Section and an attestation as described in Section 10.13
for any year that the Trust formed under this Agreement is not subject to the reporting requirements of the Exchange Act, the Certificate
Administrator shall notify the Non-Serviced Mortgage Loan Service Providers if such

 

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parties fail to deliver to the Certificate
Administrator such assessment of compliance and attestation within the time frame required by such Other Pooling and Servicing
Agreement.

 

Section 10.13     
Annual Independent Public Accountants’ Servicing Report. By March 1st, of each year, commencing in March 2021,
each Reporting Servicer, each at its own expense, shall cause, and each Reporting Servicer, as applicable, shall use commercially
reasonable efforts to cause each Servicing Function Participant (other than a party to this Agreement) with which it has entered
into a servicing relationship with respect to the Serviced Mortgage Loans, each at such Servicing Function Participant’s
own expense, a registered public accounting firm (which may also render other services to the Master Servicer, the Special Servicer,
the Operating Advisor and such Servicing Function Participant, as the case may be) and that is a member of the American Institute
of Certified Public Accountants to furnish a report to the Trustee, the Certificate Administrator, the Depositor (and to any Other
Depositor and Other Trustee for any Other Securitization that includes a Serviced Companion Loan), the Operating Advisor (in the
case of the Special Servicer only) and the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information
Provider’s Website pursuant to Section 3.16(d) of this Agreement) to the effect that (i) it has obtained
a representation regarding certain matters from the management of such Reporting Servicer, which includes an assessment from such
Reporting Servicer of its compliance with the Relevant Servicing Criteria in all material respects, and (ii) on the basis
of an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted by the PCAOB,
it is expressing an opinion as to whether such Reporting Servicer’s compliance with the Relevant Servicing Criteria was fairly
stated in all material respects, or it cannot express an overall opinion regarding such Reporting Servicer’s assessment of
compliance with the Relevant Servicing Criteria. If an overall opinion cannot be expressed, such registered public accounting firm
shall state in such report why it was unable to express such an opinion. Such report must be available for general use and not
contain restricted use language. Notwithstanding the foregoing, the Trustee shall not be required to deliver an annual independent
public accountants’ servicing report with respect to any period during which there was no Relevant Servicing Criteria applicable
to it.

 

Promptly after receipt
of such report from each Reporting Servicer, (i) the Depositor (and any Other Depositor related to an Other Securitization
that includes a Serviced Companion Loan) shall have the right to review the report and, if applicable, consult with the related
Reporting Servicer as to the nature of any material instance of noncompliance by such Reporting Servicer with the Servicing Criteria
applicable to such person, as the case may be, in the fulfillment of any of such Reporting Servicer’s obligations hereunder
or under any applicable sub-servicing agreement or primary servicing agreement, and (ii) the Certificate Administrator shall
confirm that each assessment submitted pursuant to Section 10.12 is coupled with an attestation meeting the requirements
of this Section and notify the Depositor (and any Other Depositor related to an Other Securitization that includes a Serviced
Companion Loan) of any exceptions; provided that the Certificate Administrator shall not be responsible for confirming whether
any particular Reporting Servicer has certified to all of the Relevant Servicing Criteria applicable to it. No Reporting Servicer
shall be required to deliver, or to endeavor to cause the delivery of, such reports until April 15 in any given year so long
as it has received written confirmation from the Depositor that a Form 10-K is not required to be filed in respect of the Trust
(or, in the case of a Serviced Companion Loan, the related Other Securitization that includes such Serviced Companion Loan) for
the preceding calendar year. If any Reporting Servicer is

 

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terminated or resigns pursuant to the terms of this Agreement, or any
applicable Sub-Servicing Agreement or primary servicing agreement, as the case may be, such Reporting Servicer shall provide the
report pursuant to this Section 10.13 with respect to the period of time it was subject to this Agreement or the applicable
Sub-Servicing Agreement or primary servicing agreement, as the case may be.

 

Section 10.14     
Exchange Act Reporting Indemnification. Each of the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Custodian (if not the Certificate Administrator), the Certificate Administrator and the
Trustee shall indemnify and hold harmless each Certification Party, the Depositor (and any Other Depositor related to an Other
Securitization that includes a Serviced Companion Loan), their respective directors and officers, and each other person who controls
any such entity within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, against
any and all expenses, losses, claims, damages and other liabilities, including without limitation the costs of investigation, legal
defense and any amounts paid in settlement of any claim or litigation arising out of (i) the failure to perform its obligations
to the Depositor (or any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan) or Certificate
Administrator (or any Other Trustee related to an Other Securitization that includes a Serviced Companion Loan) under this Article X
by the time required, (ii) any untrue statement or alleged untrue statement of a material fact contained in any information (x)
regarding such party or any Servicing Function Participant, Additional Servicer or subcontractor engaged by it (other than any
Mortgage Loan Seller Sub-Servicer), (y) prepared by any such party described in clause (x) or any registered public accounting
firm, attorney or other agent retained by such party to prepare such information and (z) delivered by or on behalf of such party
in connection with the performance of such party’s obligations described in this Article X, or the omission or
alleged omission to state in any such information a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that the applicable party shall be entitled to participate
in any action arising out of the foregoing and the Depositor shall consult with such party with respect to any litigation or audit
strategy, as applicable, in connection with the foregoing and any potential settlement terms related thereto, (iii) the failure
of any Servicing Function Participant or Additional Servicer retained by it (other than a Mortgage Loan Seller Sub-Servicer) to
perform its obligations to the Depositor (or any Other Depositor related to an Other Securitization that includes a Serviced Companion
Loan) or Certificate Administrator (or any Other Trustee related to an Other Securitization that includes a Serviced Companion
Loan) under this Article X by the time required or (iv) any Deficient Exchange Act Deliverable.

 

In addition, each of
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate
Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and Additional Servicer retained
by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor (and each Other Depositor) as necessary for
the Depositor (and such Other Depositor) to conduct any reasonable due diligence necessary to evaluate and assess any material
instances of non-compliance disclosed in any of the deliverables required by the applicable reporting requirements under the Securities
Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder (“Reporting Requirements”).

 

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In connection with comments
provided to the Depositor or any Other Depositor from the Commission regarding information (x) delivered by the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator,
the Trustee, a Servicing Function Participant or an Additional Servicer, as applicable (“Affected Reporting Party”),
(y) regarding such Affected Reporting Party, and (z) prepared by such Affected Reporting Party or any registered public accounting
firm, attorney or other agent retained by such party to prepare such information, which information is contained in a report filed
by the Depositor or such Other Depositor, as applicable, under the Reporting Requirements and which comments are received subsequent
to the Depositor's or such Other Depositor’s, as applicable, filing of such report, the Depositor shall (or such Other Depositor
may) promptly provide to such Affected Reporting Party any such comments which relate to such Affected Reporting Party. Upon receipt
of such comments, such Affected Reporting Party shall be responsible for timely preparing a written response to the Commission
for inclusion in the Depositor’s or such Other Depositor’s, as applicable, response to the Commission, unless such
Affected Reporting Party elects, with the consent of the Depositor or such Other Depositor, as applicable (which consent shall
not be unreasonably denied, withheld or delayed), to directly communicate with the Commission and negotiate a response and/or resolution
with the Commission; provided, however, if an Affected Reporting Party is a Servicing Function Participant or Additional
Servicer retained by the Master Servicer, the Master Servicer shall receive copies of all material communications pursuant to this
Section 10.14. If such election is made, the applicable Affected Reporting Party shall be responsible for directly
negotiating such response and/or resolution with the Commission in a timely manner; provided that (i) such Affected Reporting
Party shall use reasonable efforts to keep the Depositor or such Other Depositor, as applicable, informed of its progress with
the Commission and copy the Depositor or such Other Depositor, as applicable, on all correspondence with the Commission and provide
the Depositor or such Other Depositor, as applicable, with the opportunity to participate (at the Depositor’s or such Other
Depositor’s expense, as applicable) in any telephone conferences and meetings with the Commission and (ii) the Depositor
or such Other Depositor, as applicable, shall cooperate with any Affected Reporting Party in order to authorize such Affected Reporting
Party and its representatives to respond to and negotiate directly with the Commission with respect to any comments from the Commission
relating to such Affected Reporting Party and to notify the Commission of such authorization. The Depositor (or such Other Depositor,
as applicable) and the Affected Reporting Party shall cooperate and coordinate with one another with respect to any requests made
to the Commission for extension of time for submitting a response or compliance. All respective reasonable out-of-pocket costs
and expenses incurred by the Depositor or such Other Depositor, as applicable (including reasonable legal fees and expenses of
outside counsel to the Depositor or such Other Depositor, as applicable), in connection with the foregoing (other than those costs
and expenses required to be at the Depositor’s or such Other Depositor’s expense, as applicable and as set forth above)
and any amendments to any reports filed with the Commission related thereto shall be promptly paid by the applicable Affected Reporting
Party upon receipt of an itemized invoice from the Depositor or such Other Depositor, as applicable. Each of the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator and
the Trustee shall use commercially reasonable efforts to cause any Servicing Function Participant or Additional Servicer retained
by it to comply with the foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement.

 

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The Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee
shall use commercially reasonable efforts to cause each Servicing Function Participant (other than any party to this Agreement)
with which it has entered into a servicing relationship with respect to the Serviced Mortgage Loans to indemnify and hold harmless
each Certification Party from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related
costs, judgments and other costs and expenses incurred by such Certification Party arising out of (i) a breach of its obligations
to provide any of the annual compliance statements or annual assessment of servicing criteria or attestation reports pursuant to
this Agreement, or the applicable Sub-Servicing Agreement, as applicable or (ii) any Deficient Exchange Act Deliverable.

 

If the indemnification
provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, each Additional
Servicer or other Servicing Function Participant (the “Performing Party”) shall, and the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee shall
use commercially reasonable efforts to cause each Servicing Function Participant with which it has entered into a servicing relationship
(other than a party to this Agreement) with respect to the Serviced Mortgage Loans to contribute to the amount paid or payable
to the Certification Party as a result of the losses, claims, damages or liabilities of the Certification Party in such proportion
as is appropriate to reflect the relative fault of the Certification Party on the one hand and the Performing Party on the other
in connection with a breach of the Performing Party’s obligations pursuant to this Article X. The Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee
shall use commercially reasonable efforts to cause each Servicing Function Participant (other than any party to this Agreement)
with which it has entered into a servicing relationship with respect to the Serviced Mortgage Loans to agree to the foregoing indemnification
and contribution obligations.

 

Promptly after receipt
by an indemnified party of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof
is to be made against the indemnifying party hereunder, notify in writing the indemnifying party of the commencement thereof; but
the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party
under this Agreement except to the extent that such omission to notify materially prejudices the indemnifying party. In case any
such action is brought against any indemnified party, after the indemnifying party has been notified of the commencement of such
action, such indemnifying party shall be entitled to participate therein (at its own expense) and, to the extent that it may wish,
shall be entitled to assume the defense thereof (jointly with any other indemnifying party similarly notified) with counsel reasonably
satisfactory to such indemnified party (which approval shall not be unreasonably withheld or delayed), and after notice from the
indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying party shall not
be liable to such indemnified party for any expenses subsequently incurred in connection with the defense thereof other than reasonable
costs of investigation. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded
parties

 

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

 

Section 10.15     
Amendments. This Article X may be amended by the written consent of all the parties hereto pursuant to
Section 12.07 for purposes of complying with Regulation AB without, in each case, any Opinions of Counsel, Officer’s
Certificates, Rating Agency Confirmations or the consent of any Certificateholder, notwithstanding anything to the contrary contained
in this Agreement.

 

Section 10.16     
Exchange Act Report Signatures; Delivery of Notices. (a) Each Form 8-K report, Form 10-D report, Form 10-K report
and Form ABS-EE shall be signed by the Depositor in accordance with procedures to be agreed upon by the Depositor and the Certificate
Administrator. The signing party at the Depositor can be contacted at Deutsche Mortgage & Asset Receiving Corporation
at 60 Wall Street, New York, New York 10005, Attention: Lainie Kaye, with a copy to Salvatore Palazzolo.

 

(b)        Notwithstanding
anything in Section 12.04 to the contrary, any notice required to be delivered to (i) the Depositor under this
Article X shall be properly given if sent by email to cmbs.request@db.com with a copy to anna.glick@cwt.com
(or such other email address as the Depositor may instruct) and (ii) to the Certificate Administrator under this Article X
shall be properly given if sent by facsimile to (410) 884-2380, Attention: Core Services, or such other number as the Certificate
Administrator may instruct and with a copy by email to cts.sec.notifications@wellsfargo.com (or such other email address
as the Certificate Administrator may instruct).

 

(c)        For the avoidance of doubt:

 

(i)         Neither Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant
to the second clause of the definition

 

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of “Master Servicer Termination Event” or “Special Servicer Termination
Event,” as applicable, nor shall any such party be deemed to not be in compliance under this Agreement, during any grace
period provided for in such second clause; provided that if any such party fails to comply with the requirements of this
Article X by the expiration of any applicable grace period such failure shall constitute a Servicer Termination Event
with respect to such party;

 

(ii)        Neither Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant
to the last clause of the definition of “Master Servicer Termination Event” or “Special Servicer Termination
Event,” as applicable, nor shall any such party be deemed to not be in compliance under this Agreement, for failing to deliver
any item required under this Article X by the time required hereunder with respect to any reporting period for which
the Trust and each Other Securitization is not required to file Exchange Act reports.

 

(d)       If
the Certificate Administrator or the Depositor does not receive the report on assessment of compliance and/or attestation report
pursuant to Section 10.12 and 10.13, respectively, with respect to any Servicing Function Participant, or with
respect to any Servicing Function Participant retained or engaged by a party hereto that is actually known by a Responsible Officer
of the Certificate Administrator or the Depositor, as the case may be, by March 1st of any year during which an Annual Report
on Form 10-K is required to be filed with the Commission with respect to the Trust, then the Certificate Administrator shall, and
the Depositor may, forward a Servicer Notice to such Servicing Function Participant or the party hereto that retained or engaged
such Sub-Servicing Function Participant, as the case may be, with a copy of such Servicer Notice to the Depositor (if the Certificate
Administrator is sending the Servicer Notice) or the Certificate Administrator (if the Depositor is sending the Servicer Notice),
as applicable, within two (2) Business Days of such failure. For the purposes of this Article X and Section 7.01
of this Agreement, a “Servicer Notice” shall constitute either any writing forwarded to such party or, in the case
of the Master Servicer and the Special Servicer, notwithstanding the provisions of Section 12.05, e-mail notice or
fax notice which, in the case of an email transmission, shall be forwarded to all of the following e-mail addresses for the applicable
party: in the case of the Master Servicer and the Special Servicer, to the applicable email address as provided in writing by the
Master Servicer or the Special Servicer, as applicable, upon request, or such other e-mail addresses as are provided in writing
by the Master Servicer or the Special Servicer, as applicable, to the Certificate Administrator and the Depositor (but any party
to this Agreement (or someone acting on their behalf) shall only be required to forward any such notice to be delivered to the
Master Servicer to no more than three e-mail addresses in the aggregate in order to fulfill its notification requirements as set
forth in the preceding sentence and/or under the provisions of Section 7.01. Notwithstanding anything herein to the
contrary, the forwarding of a Servicer Notice shall not relieve the Master Servicer or the Special Servicer, as applicable, of
any liability under Section 7.01(a)(ix) or Section 7.01(b)(ix), respectively, for the failure of any Servicing
Function Participant or Sub-Servicing Entity to deliver any Exchange Act reporting items pursuant to this Article X.

 

Section 10.17     
Termination of the Certificate Administrator. Notwithstanding anything to the contrary contained in this Agreement,
the Depositor may direct the Trustee to, and the Trustee shall upon such direction, terminate the Certificate Administrator upon
five Business

 

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Days’ notice if the Certificate Administrator fails to comply with any of its obligations under this Article X;
provided that (a) such termination shall not be effective until a successor certificate administrator shall have accepted
the appointment, (b) the Certificate Administrator may not be terminated if it cannot perform its obligations due to its failure
to properly prepare or file on a timely basis any Form 8-K, Form 10-K, Form 10-D or Form ABS-EE or any amendments to such forms
or any Form 12b-25 where such failure results from the Certificate Administrator’s inability or failure to receive, within
the exact time frames set forth in this Agreement any information, approval, direction or signature from any other party hereto
needed to prepare, arrange for execution or file any such Form 8-K, Form 10-K, Form 10-D or Form ABS-EE or any amendments to such
forms or any Form 12b-25 not resulting from its own negligence, bad faith or willful misconduct, (c) the Certificate Administrator
may not be terminated if, following the Certificate Administrator’s failure to comply with any of such obligations under
Section 10.06, Section 10.07, Section 10.09, Section 10.11, Section 10.12
or Section 10.13 on or prior to the dates by which such obligations are to be performed pursuant to, and as set forth
in, such Sections the Certificate Administrator subsequently complies with such obligations before the Depositor gives written
notice to it that it is terminated in accordance with this Section 10.17 and (d) the Certificate Administrator
may not be terminated if the Certificate Administrator’s failure to comply does not cause it to fail in its obligations to
timely file the related Form 8-K, Form 10-D, Form ABS-EE or Form 10-K, as the case may be, by the related deadline for filing such
Form 8-K, Form 10-D, Form ABS-EE or Form 10-K, then the Depositor shall cease to have the right to terminate the Certificate Administrator
under this Section 10.17 on the date on which such Form 8-K, Form 10-D, Form ABS-EE or Form 10-K is so filed.

 

Article XI

THE ASSET REPRESENTATIONS REVIEWER

 

Section 11.01     
Asset Review.

 

(a)         On
or prior to each Distribution Date, based either on the CREFC® Delinquent Loan Status Report or the CREFC®
Loan Periodic Update File, the Certificate Administrator shall determine if an Asset Review Trigger has occurred. If
an Asset Review Trigger is determined to have occurred, the Certificate Administrator shall promptly provide notice to the Asset
Representations Reviewer, the Master Servicer, the Special Servicer, the Trust Directing Holder, all Certificateholders and each
other party to this Agreement. Any notice required to be delivered to the Certificateholders pursuant to this Article XI
shall be delivered by the Certificate Administrator by posting such notice on the Certificate Administrator’s Website,
by mailing such notice to their addresses appearing in the Certificate Register in the case of Individual Certificates and by
delivering such notice via the Depository in the case of Book-Entry Certificates. The Certificate Administrator shall include
in the Form 10-D relating to the reporting period in which the Asset Review Trigger occurred the following date a statement describing
the events that caused the Asset Review Trigger to occur: “As of the [Date of Distribution], the following mortgage loans
identified below are 60 or more days delinquent and an Asset Review Trigger as defined in the Pooling and Servicing Agreement
has occurred.” On each Distribution Date after providing such notice to Certificateholders, the Certificate Administrator,
based on information provided to it by the Master Servicer or the Special Servicer, shall determine whether (1) any additional
Mortgage Loan has become a Delinquent Loan, (2) any Mortgage Loan has

 

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ceased to be a Delinquent Loan and (3) an Asset Review Trigger has ceased
to exist, and, if there is an occurrence of any of the events or circumstances identified in clauses (1), (2) or
(3), deliver such information in a written notice (which may be via email) substantially in the form attached hereto as
Exhibit LL within 2 Business Days to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer and the Trust Directing Holder.

 

If Certificateholders
evidencing not less than 5% of the Voting Rights deliver to the Certificate Administrator, within 90 days after the filing of the
Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting a vote to commence an Asset Review
(such written direction, the “Asset Review Vote Election”), then upon receipt of the Asset Review Vote Election,
the Certificate Administrator shall promptly provide written notice thereof to the Asset Representations Reviewer and to all Certificateholders
and to conduct a solicitation of votes of the Certificateholders to authorize an Asset Review. Upon the affirmative vote to authorize
an Asset Review by Holders of Certificates evidencing at least a majority of an Asset Review Quorum within 150 days of receipt
of the Asset Review Vote Election (an “Affirmative Asset Review Vote”), the Certificate Administrator shall
promptly provide written notice thereof to all parties to this Agreement, the Underwriters, the Mortgage Loan Sellers, the Risk
Retention Consultation Party, the Trust Directing Holder and the Certificateholders. In the event an Affirmative Asset Review Vote
has not occurred within such 150-day period following the receipt of the Asset Review Vote Election, no Certificateholder may request
a vote or cast a vote for an Asset Review and the Asset Representations Reviewer will not be required to review any Delinquent
Loan unless and until (A) an additional Mortgage Loan has become a Delinquent Loan after the expiration of such 150-day period,
(B) an additional Asset Review Trigger has occurred as a result or otherwise is in effect, (C) the Certificate Administrator
has timely received any Asset Review Vote Election after the occurrence of the events described in clauses (A) and (B) in this
sentence and (D) an Affirmative Asset Review Vote has occurred within 150 days after the Asset Review Vote Election described
in clause (C) in this sentence. After the occurrence of any Asset Review Vote Election or an Affirmative Asset Review Vote, no
Certificateholder may make any additional Asset Review Vote Election except as described in the immediately preceding sentence.
Any reasonable out-of-pocket expenses incurred by the Certificate Administrator in connection with administering such vote will
be paid as an expense of the Trust from the Collection Account. The Certificate Administrator shall be entitled to administer any
vote in connection with the foregoing through an agent.

 

(b)         (i) Upon receipt of such notice of an Affirmative Asset Review Vote (the “Asset Review Notice”), the
Custodian (with respect to clauses (1) – (5) for all Mortgage Loans), the Master Servicer (with respect to
clauses (6) and (7) for Performing Loans) and the Special Servicer (with respect to clauses (6) and (7)
for Specially Serviced Loans), in each case to the extent in such party’s possession, will be required to promptly, but in
no event later than 10 Business Days (except with respect to clause (7)) after receipt of such notice from the Certificate
Administrator, provide the following materials to the asset representations reviewer (collectively, with the Diligence Files, a
copy of the Prospectus, a copy of each related Mortgage Loan Purchase Agreement and a copy of this Agreement, the “Review
Materials”):

 

(1)  
    a copy of an assignment of the Mortgage in favor of the Trustee (or the related Other Trustee, in
the case of a Non-Serviced Mortgage Loan), with evidence of recording thereon, for each Delinquent Loan that is subject to an
Asset Review;

 

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(2)        a copy of an assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor
of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan), with evidence of recording thereon,
related to each Delinquent Loan that is subject to an Asset Review;

 

(3)        a copy of the assignment of all unrecorded documents relating to each Delinquent Loan that is subject to an Asset Review,
if not already covered pursuant to items (1) or (2) above;

 

(4)        a copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to
each Delinquent Loan that is subject to an Asset Review;

 

(5)        a copy of an assignment in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan)
of any financing statement executed and filed in the relevant jurisdiction related to each Delinquent 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 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 frames and as otherwise described below.

 

(ii)           If, as part of an Asset Review of any Mortgage Loan, the Asset Representations Reviewer determines that it is missing any
documents that are required to be a part of the Review Materials for such Mortgage Loan or which were entered into or delivered
in connection with the origination of such Mortgage Loan, in each case that are necessary to review and assess one or more documents
comprising the Diligence File in connection with its completion of any Test, then the Asset Representations Reviewer shall promptly,
but in no event later than 10 Business Days after receipt of the Review Materials identified in clauses (1) through (6)
above, notify (in writing) that the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect to
Specially Serviced Loans), as applicable, of such missing documents, and provide a written request (in accordance with this Agreement)
that the Master Servicer or the Special Servicer, as applicable, promptly, but in no event later than 10 Business Days after
receipt of such notification from the Asset Representations Reviewer, to deliver to the Asset Representations Reviewer such missing
documents to the extent in its possession; provided that any such notification and/or request shall be in writing, specifically
identify the documents being requested and sent to the notice address for the related party set forth in Section 12.05
of this Agreement. In the event any such missing documents are not provided by the Master Servicer or Special Servicer, as applicable,
within such 10 Business Day period, the Asset Representations Reviewer shall request such documents from the related Mortgage Loan
Seller. The Mortgage Loan Seller will be required under the related

 

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Mortgage Loan Purchase Agreement to deliver such additional
documents only to the extent in the possession of such Mortgage Loan Seller; provided that the Mortgage Loan Seller shall
not be required to deliver information that is proprietary to the related originator or Mortgage Loan Seller or any draft documents
or privileged or internal communications.

 

(iii)        The
Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it by a Person
that is not a party to this Agreement or the related Mortgage Loan Seller, and shall do so only if such information can be independently
verified (without unreasonable effort or expense to the Asset Representations Reviewer) and is determined by the Asset Representations
Reviewer in each case in accordance with its good faith and sole discretion to be relevant to the Asset Review conducted pursuant
to this Section 11.01 hereof (such information, “Unsolicited Information”).

 

(iv)       Upon receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence File posted to
the Secure Data Room with respect to a Delinquent Loan, the Asset Representations Reviewer, as an independent contractor, shall
commence a review of the compliance of each Delinquent Loan with the representations and warranties related to that Delinquent
Loan in accordance with the Asset Review Standard and the procedures set forth on Exhibit JJ-1, Exhibit JJ-2
and Exhibit JJ-3 hereto (such review, the “Asset Review”). The Asset Representations Reviewer shall
perform an Asset Review with respect to each representation and warranty made by the related Mortgage Loan Seller with respect
to such Delinquent Loan in accordance with the procedures set forth on Exhibit JJ (each such procedure, a “Test”);
provided, however, the Asset Representations Reviewer may, but is under no obligation to, modify any Test and/or
associated Review Materials described in Exhibit JJ-1, Exhibit JJ-2 and Exhibit JJ-3, 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 Loan or again become a Delinquent
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 will not be permitted to review any information other than (x) the Review Materials,
and (y) if applicable, Unsolicited Information.

 

(vi)       The Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without
independent investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii)
conclusively rely on such Review Materials.

 

(vii)      If the Asset Representations Reviewer determines that the Review Materials are insufficient to complete a Test and such
missing documentation is not delivered to the Asset Representations Reviewer by the applicable Mortgage Loan Seller, the Master
Servicer (with respect to Performing Loans) or the Special Servicer (with respect to

 

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Specially Serviced Loans) within 10 days of
the written request by the Asset Representations Reviewer, then the Asset Representations Reviewer shall list such missing documents
in a preliminary report setting forth the preliminary results of the application of the Tests and the reasons why such missing
documents are necessary to complete a Test and (if the Asset Representations Reviewer has so concluded) that the absence of such
documents shall be deemed to be a failure of such Test. The Asset Representations Reviewer shall provide such preliminary report
to the Master Servicer or the Special Servicer, as applicable, and to the related Mortgage Loan Seller no later than 60 days after
the date on which access to the Diligence Files in the Secure Data Room is made available to the Asset Representations Reviewer
by the Certificate Administrator. If the preliminary report indicates that any of the representations and warranties fails or is
deemed to fail any Test, the related Mortgage Loan Seller shall have 90 days (the “Cure/Contest Period”) to
remedy or otherwise refute the failure. Any documents provided or explanations given to support a conclusion that the representation
and warranty has not failed a Test or that any missing documents in the Review Materials are not required to complete a Test shall
be promptly delivered by the related Mortgage Loan Seller to the Asset Representations Reviewer. The Asset Representations Reviewer
will not be required to prepare a preliminary report in the event the Asset Representations Reviewer determines that there is no
Test failure with respect to the related Delinquent Loan.

 

(viii)     The Asset Representations Reviewer shall, within the later of (x) 60 days after the date on which access to the Diligence
Files in the Secure Data Room is made available to the Asset Representations Reviewer by the Certificate Administrator or (y) 10
days after the expiration of the Cure/Contest Period, complete an Asset Review with respect to each Delinquent Loan and deliver
(i) a report setting forth the Asset Representations Reviewer’s findings and conclusions as to whether or not it has determined
there is any evidence of a failure of any Test based on the Asset Review and a statement that the Asset Representations Reviewer’s
findings and conclusions set forth in such report were not influenced by any third party (an “Asset Review Report”)
to each party to this Agreement and the applicable Mortgage Loan Seller for each Delinquent Loan and the Trust Directing Holder
and (ii) a summary of the Asset Representations Reviewer’s conclusions included in such Asset Review Report (an “Asset
Review Report Summary”) to the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer.
The period of time by which the Asset Review Report must be completed and delivered may be extended by up to an additional 30 days,
upon written notice to the parties to this Agreement and the applicable Mortgage Loan Seller, if the Asset Representations Reviewer
determines pursuant to the Asset Review Standard that such additional time is required due to the characteristics of the Mortgage
Loan and/or the Mortgaged Property or Mortgaged Properties. In no event may the Asset Representations Reviewer determine whether
any Test failure constitutes a Material Breach or Material Defect, or whether the Trust should enforce any rights it may have against
the applicable Mortgage Loan Seller, which, in each case, shall be a responsibility of the Enforcing Servicer pursuant to Section 2.03(g)
of this Agreement.

 

(ix)        In addition, in the event that the Asset Representations Reviewer does not receive any documentation that it requested from
the Master Servicer or the Special Servicer, as applicable, or the related Mortgage Loan Seller in sufficient time to allow the

 

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Asset Representations Reviewer to complete its Asset Review and deliver an Asset Review Report (as such date may have been extended
pursuant to this Agreement), the Asset Representations Reviewer shall prepare the Asset Review Report solely based on the documentation
received by the Asset Representations Reviewer with respect to the related Delinquent Loan, and the Asset Representations Reviewer
shall have no responsibility to independently obtain any such documentation from any party to this Agreement.

 

(x)        Within 45 days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Master Servicer (with respect
to any Performing Loan) or the Special Servicer (with respect to Specially Serviced Loans) shall determine whether at that time,
based on the Servicing Standard, whether there exists a Material Breach or Material Defect with respect to such Mortgage Loan.
If the Master Servicer (with respect to any Performing Loan) or the Special Servicer (with respect to any Specially Serviced Loan)
determines that a Material Breach or Material Defect exists, the Enforcing Servicer shall enforce the obligations of the related
Mortgage Loan Seller with respect to such Material Breach or Material Defect in accordance with Section 2.03(d).

 

(c)         The Asset Representations Reviewer and its Affiliates shall keep all information appropriately labeled as “Privileged
Information” confidential and shall not disclose such Privileged Information to any Person (including Certificateholders),
other than (1) to the extent expressly required by this Agreement in an Asset Review Report or otherwise, to the other parties
to this Agreement with a notice indicating that such information is Privileged Information or (2) pursuant to a Privileged Information
Exception. Each party to this Agreement that receives Privileged Information from the Asset Representations Reviewer with a notice
stating that such information is Privileged Information shall not disclose such Privileged Information to any Person without the
prior written consent of the Special Servicer other than pursuant to a Privileged Information Exception. The Asset Representations
Reviewer shall keep all documents and information received by the Asset Representations Reviewer in connection with an Asset Review
that are provided by the applicable Mortgage Loan Seller, the Master Servicer and the Special Servicer confidential and shall not
disclose such documents or information except (i) for purposes of complying with its duties and obligations under this Agreement,
(ii) if such documents or information become generally available and known to the public other than as a result of a disclosure
directly or indirectly by the Asset Representations Reviewer, (iii) if it is reasonable and necessary for the Asset Representations
Reviewer to disclose such documents or information in working with legal counsel, auditors, taxing authorities or other governmental
agencies, (iv) if such documents or information was already known to the Asset Representations Reviewer and not otherwise subject
to a confidentiality obligation and/or (v) if the Asset Representations Reviewer is required by law, rule, regulation, order, judgment
or decree to disclose such document or information.

 

(d)         The Asset Representations Reviewer may delegate its duties to agents or subcontractors so long as the related agreements
or arrangements with such agents or subcontractors are consistent with the provisions of this Section 11.01; provided
that no agent or subcontractor may (1) be affiliated with any Mortgage Loan Seller, Master Servicer, Special Servicer, the Depositor,
the Certificate Administrator, the Trustee, the Directing Holder or any of their respective Affiliates or (2) have been paid any
fees, compensation or other remuneration by an Underwriter, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator,

 

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the Trustee, the Directing Holder or any of their respective Affiliates in connection with due diligence or other services with
respect to any Mortgage Loan prior to the Closing Date. Notwithstanding the foregoing sentence, the Asset Representations Reviewer
shall remain obligated and primarily liable for any Asset Review required hereunder in accordance with the provisions of this Agreement
without diminution of such obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification
from any Person acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the Asset
Representations Reviewer alone were performing its obligations under this Agreement. The Asset Representations Reviewer shall be
entitled to enter into an agreement with any agent or subcontractor providing for indemnification of the Asset Representations
Reviewer by such agent or subcontractor, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

 

Section 11.02     
Payment of Asset Representations Reviewer Asset Review Fees and Expenses; Limitation of Liability.

 

(a)         As compensation for the performance of its duties hereunder, upon the completion of any Asset Review with respect to each
Delinquent Loan that is subject to an Asset Review, the Asset Representations Reviewer shall be entitled to a fee that is a reasonable
and customary hourly fee charged by the Asset Representations Reviewer for similar consulting assignments at the time of such review
and any related costs and expenses; provided that the total payment to the Asset Representations Reviewer shall not be greater
than the Asset Representations Reviewer Fee Cap (the “Asset Representations Reviewer Asset Review Fee”). With
respect to an individual Asset Review Trigger and the Mortgage Loans that are Delinquent Loans and are subject to an Asset Review
(the “Subject Loans”), the “Asset Representations Reviewer Fee Cap” shall equal the sum of:
(i) $9,500 multiplied by the number of Subject Loans, plus (ii) $1,500 per Mortgaged Property relating to the Subject Loans in
excess of one Mortgaged Property per Subject Loan, plus (iii) $1,000 per Mortgaged Property relating to a Subject Loan subject
to a ground lease, plus (iv) $1,000 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, or other similar index if the Consumer Price Index for
All Urban Consumers is no longer calculated, for the year of the Closing Date and for the year of the occurrence of the Asset Review.

 

(b)         [Reserved.]

 

(c)        The related Mortgage Loan Seller with respect to each Delinquent Loan that is subject to an Asset Review shall pay the portion
of the Asset Representations Reviewer Asset Review Fee attributable to the Delinquent Loan(s) contributed by it, as allocated on
the basis of the hourly charges and costs and expenses incurred with respect to its related Delinquent Loans; provided that
if the total charge for the Asset Representations Reviewer on an hourly fee plus costs and expenses basis would exceed the Asset
Representations Reviewer Fee Cap, each Mortgage Loan Seller’s required payment shall be reduced pro rata according
to its proportion of the total charges until the aggregate amount owed by all Mortgage Loan Sellers is equal to the Asset Representations
Reviewer Fee Cap; provided, however, that if the related Mortgage Loan Seller (i) is insolvent or (ii) at any time
after the outstanding Certificate Balances of the Control Eligible Certificates have been reduced to zero as a result of the allocation
of Realized Losses to such

 

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Certificates, fails to pay such amount within 90 days of written request by the Asset Representations
Reviewer following its completion of the applicable Asset Review, such fee shall be paid by the Trust following delivery by the
Asset Representations Reviewer of evidence reasonably satisfactory to the Master Servicer or the Special Servicer, as applicable,
of such insolvency or failure to pay such amount; provided, further, that notwithstanding any payment of such fee
by the Trust to the Asset Representations Reviewer, such fee shall remain an obligation of the related Mortgage Loan Seller and
the Master Servicer or the Special Servicer, as applicable, shall, to the extent consistent with the Servicing Standard, pursue
remedies against such Mortgage Loan Seller in order to seek recovery of such amounts from such Mortgage Loan Seller or its insolvency
estate. The Asset Representations Reviewer Asset Review Fee with respect to a Delinquent Loan shall be included in the Purchase
Price for any Mortgage Loan that was the subject of a completed Asset Review and that is repurchased by the related Mortgage Loan
Seller.

 

(d)        The
Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically imposed
by this Agreement.

 

(e)         The Asset Representations Reviewer may assign its rights and obligations under this Agreement in connection with the sale
or transfer of all or substantially all of its Asset Representations Reviewer portfolio, provided that: (i) the purchaser
or transferee accepting such assignment and delegation (A) is an Eligible Asset Representations Reviewer, organized and doing business
under the laws of the United States of America, any state of the United States of America or the District of Columbia, authorized
under such laws to perform the duties of the asset representations reviewer resulting from a merger, consolidation or succession
that is permitted under this Agreement, (B) executes and delivers to the Trustee and the Certificate Administrator an agreement
that contains an assumption by such person of the due and punctual performance and observance of each covenant and condition to
be performed or observed by the asset representations reviewer under this Agreement from and after the date of such agreement and
(C) is not be a prohibited party under this Agreement; (ii) the Asset Representations Reviewer shall not be released from its obligations
under this Agreement that arose prior to the effective date of such assignment and delegation; (iii) the rate at which the Asset
Representations Reviewer Asset Review Fee (or any component thereof) is calculated shall not exceed the rate then in effect and
(iv) the resigning Asset Representations Reviewer shall be responsible for the reasonable costs and expenses of each other party
to this Agreement and the Rating Agencies in connection with such transfer. Upon acceptance of such assignment and delegation,
the purchaser or transferee shall provide notice to each party to this Agreement and then will be the successor asset representations
reviewer hereunder.

 

Section 11.03     
Resignation of the Asset Representations Reviewer. The Asset Representations Reviewer may resign and be discharged
from its obligations hereunder by giving written notice thereof to the other parties to this Agreement and the 17g-5 Information
Provider. Upon such notice of resignation, the Depositor shall promptly appoint a successor Asset Representations Reviewer that
is an Eligible Asset Representations Reviewer and give written notice thereof to the other parties to this Agreement. If no successor
Asset Representations Reviewer shall have been so appointed and have accepted appointment within 30 days after the giving
of such notice of resignation, the resigning Asset Representations Reviewer may petition any court of competent jurisdiction for
the appointment of a successor Asset Representations Reviewer that is an Eligible Asset Representations Reviewer. The Asset Representations

 

    -465-

    

    

 

Reviewer will bear all reasonable costs and expenses of
each other party hereto and each Rating Agency in connection with its resignation.

 

Section 11.04     
Restrictions of the Asset Representations Reviewer. Neither the Asset Representations Reviewer nor any of its Affiliates
shall make any investment in any Class of Certificates; provided, however, that such prohibition shall not apply
to (i) riskless principal transactions effected by a broker-dealer Affiliate of the Asset Representations Reviewer or (ii) investments
by an Affiliate of the Asset Representations Reviewer if the Asset Representations Reviewer and such Affiliate maintain policies
and procedures that (A) segregate personnel involved in the activities of the Asset Representations Reviewer under this Agreement
from personnel involved in such Affiliate’s investment activities and (B) prevent such Affiliate and its personnel from
gaining access to information regarding the Trust and the Asset Representations Reviewer and its personnel from gaining access
to such Affiliate’s information regarding its investment activities.

 

Section 11.05     
Termination of the Asset Representations Reviewer.

 

(a)     
    An “Asset Representations Reviewer Termination Event” means any one of the
following events whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body:

 

(i)          any failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or
agreements or the material breach of any of its representations or warranties under this Agreement, which failure shall continue
unremedied for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Asset Representations Reviewer by the Trustee or to the Asset Representations Reviewer and the Trustee
by the Holders of Certificates evidencing at least 25% of the Voting Rights; provided that if such failure is capable of
being cured and the Asset Representations Reviewer is diligently pursuing such cure, such 30 day period shall be extended by an
additional 30 days;

 

(ii)         any failure by the Asset Representations Reviewer to perform its obligations set forth in this Agreement in accordance with
the Asset Review Standard in any material respect, which failure shall continue unremedied for a period of 30 days after the
date written notice of such failure, requiring the same to be remedied, is given to the Asset Representations Reviewer by any party
to this Agreement;

 

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

 

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

 

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entered against the Asset Representations Reviewer, and such decree or
order shall have remained in force undischarged or unstayed for a period of 60 days;

 

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

 

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

 

Upon receipt by the Certificate
Administrator of written notice (which shall be simultaneously delivered to the Asset Representations Reviewer) of the occurrence
of any Asset Representations Reviewer Termination Event, the Certificate Administrator shall promptly provide written notice to
all Certificateholders in accordance with the notice distribution procedures described in Section 11.01(a), unless
the Certificate Administrator has received written notice that such Asset Representations Reviewer Termination Event has been remedied.
If an Asset Representations Reviewer Termination Event shall occur then, and in each and every such case, so long as such Asset
Representations Reviewer Termination Event shall not have been remedied, either the Trustee (i) may or (ii) upon the
written direction of holders of Certificates evidencing not less than 25% of the Voting Rights shall, terminate all of the rights
and obligations of the Asset Representations Reviewer under this Agreement, other than rights and obligations accrued prior to
such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification
rights (arising out of events occurring prior to such termination), by notice in writing to the Asset Representations Reviewer.
The Asset Representations Reviewer shall bear all reasonable costs and expenses of itself and of each other party to this Agreement
in connection with its termination due to an Asset Representations Reviewer Termination Event. Notwithstanding anything herein
to the contrary, the Depositor and each Sponsor shall have the right, but not the obligation, to notify the Certificate Administrator
and the Trustee of any Asset Representations Reviewer Termination Event of which it becomes aware.

 

(b)        Upon (i) the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights requesting a
vote to terminate and replace the Asset Representations Reviewer with a proposed successor Asset Representations Reviewer that
is an Eligible Asset Representations Reviewer and (ii) payment by such Holders to the Certificate Administrator of the reasonable
fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate Administrator
shall promptly provide written notice thereof to the Asset Representations Reviewer and to all Certificateholders by (i) posting
such notice on its internet website, and (ii) mailing such notice to all Certificateholders at their addresses appearing in the
Certificate Register and to the Asset Representations Reviewer. Upon the written direction of Holders of Certificates evidencing
at least 75% of a Certificateholder Quorum, the Trustee shall terminate all of the rights and obligations of the Asset Representations
Reviewer under this Agreement (other than any rights or obligations that accrued prior to the date of such termination and other
than indemnification rights arising out of events occurring prior to such

 

    -467-

    

    

 

termination) by notice in writing to the Asset Representations
Reviewer and appoint the proposed successor. As between the Asset Representations Reviewer, on the one hand, and the Certificateholders,
on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the
termination of the Asset Representations Reviewer. In the event that Holders of the certificates evidencing at least 75% of a Certificateholder
Quorum elect to remove the Asset Representations Reviewer without cause and appoint a successor, the successor Asset Representations
Reviewer shall be responsible for all expenses necessary to effect the transfer of responsibilities from its predecessor.

 

(c)         On
or after the receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section 11.05,
all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations
Reviewer shall execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary
or appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 30 days
after (1) the Asset Representations Reviewer resigns pursuant to Section 11.03 of this Agreement or (2) the Trustee
delivers such written notice of termination to the Asset Representations Reviewer, the Trustee shall appoint a successor Asset
Representations Reviewer that is an Eligible Asset Representations Reviewer. The Trustee shall provide written notice of the appointment
of an Asset Representations Reviewer to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Directing Holder and each Certificateholder within one Business Day of such appointment.

 

The Asset Representations
Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations Reviewer ceases to be
an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately resign under Section 11.03
of this Agreement and the Trustee shall use commercially reasonable efforts to appoint a successor Asset Representations Reviewer
subject to and in accordance with this Section 11.05. Notwithstanding the foregoing, if the Trustee is unable to find
a successor Asset Representations Reviewer within 30 days of the termination of the Asset Representations Reviewer, the Depositor
shall be permitted to find a replacement. The Trustee shall not be liable for any failure to identify and appoint a successor asset
representations reviewer so long as the Trustee uses commercially reasonable efforts to conduct a search for a successor asset
representations reviewer and such failure is not a result of the Trustee’s negligence, bad faith or willful misconduct in
the performance of its obligations hereunder.

 

(d)         Upon any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer,
the Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate
Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor, the
Sponsors, the Depositor and, other than during 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).

 

    -468-

    

    

 

Article XII

MISCELLANEOUS PROVISIONS

 

Section 12.01     
Counterparts. This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same instrument, and the words “executed,” “signed,”
“signature,” and words of like import as used above and elsewhere in this Agreement or in any other certificate, agreement
or document related to this transaction shall include, in addition to manually executed signatures, images of manually executed
signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”) and other electronic
signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically associated with
a contract or other record and executed or adopted by a person with the intent to sign the record). The use of electronic signatures
and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received,
or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature
or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable
law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

 

Section 12.02     
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate
this Agreement or the Trust Fund, or entitle such Certificateholder’s legal representatives or heirs to claim an accounting
or to take any action or proceeding in any court for a partition or winding up of the Trust Fund, or otherwise affect the rights,
obligations and liabilities of the parties hereto or any of them.

 

No
Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the
operation and management of the Trust Fund, or the obligations of the parties hereto, and nothing herein set forth, or contained
in the terms of the Certificates, shall be construed so as to constitute the Certificateholders from time to time as partners
or members of an association; and no Certificateholder shall be under any liability to any third person by reason of any action
taken by the parties to this Agreement pursuant to any provision hereof.

 

Other
than with respect to any rights to deliver a Certificateholder Repurchase Request and exercise the rights described under Section 2.03(k)(i),
no Certificateholder shall have any right by virtue of any provision of this Agreement to institute any suit, action or proceeding
in equity or at law upon or under or with respect to this Agreement, any Intercreditor Agreement, any Mortgage Loan, or with respect
to the Certificates, unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, such
Holder previously shall have given to the Trustee and the Certificate Administrator a written notice of default, and of the continuance
thereof, as herein before provided, or of the need to institute such suit, action or proceeding on behalf of the Trust and unless
also (except in the case of a default by the Trustee) the Holders of Certificates of any Class evidencing not less than 25% of
the related Percentage Interests in such Class shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such

 

    -469-

    

    

 

indemnity
reasonably satisfactory to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby,
and the Trustee, for 60 days after its receipt of such notice, request and offer of such indemnity, shall have neglected or refused
to institute any such action, suit or proceeding. The Trustee shall be under no obligation to exercise any of the trusts or powers
vested in it hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order
or direction of any of the Holders of Certificates unless such Holders have offered to the Trustee indemnity reasonably satisfactory
to it against the costs, expenses and liabilities which may be incurred therein or hereby. It is understood and intended, and
expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders
of Certificates shall have any right in any manner whatsoever by virtue of any provision of this Agreement or the Certificates
to affect, disturb or prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority
over or preference to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce
any right under this Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable
and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 12.02,
each and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

No
Certificateholder shall be a “Party in Interest” as described under 11 U.S.C. Section 1109(b) solely by
virtue of its ownership of a Certificate.

 

Section 12.03     
Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE
RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES
TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

Section 12.04     
Waiver of Jury Trial; Consent to Jurisdiction. TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO
WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS
AGREEMENT, ANY ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT
BY ANY PARTY AGAINST THE OTHER PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH PARTY HERETO
AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING,
THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION,
COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT,
ANY ASSIGNMENT OR ANY PROVISION HEREOF OR THEREOF.

 

    -470-

    

    

 

THIS
WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR ANY ASSIGNMENT.

 

TO
THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF
ANY NEW YORK STATE AND FEDERAL COURTS SITTING IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT;
(II) AGREES THAT ALL CLAIMS WITH RESPECT TO SUCH MATTERS MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURTS;
(III) WAIVES THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING INVOLVING SUCH CLAIMS IN ANY SUCH COURT; AND
(IV) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED
IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

Section 12.05     
Notices. Unless otherwise specified in this Agreement, all demands, notices and communications hereunder shall be in writing,
shall be deemed to have been given upon receipt (except that notices to Holders of Class R Certificates or Holders of any
Class of Certificates no longer held through a Depository and instead held in registered, definitive form shall be deemed to have
been given upon being sent by first-class mail, postage prepaid or by overnight courier) as follows:

 

If
to the Trustee and the Certificate Administrator, to:

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – Benchmark 2020-B22

 

with
copies to:

 

cts.cmbs.bond.admin@wellsfargo.com;
and 

trustadministrationgroup@wellfargo.com.

 

If
to the Certificate Administrator in connection with a release or transfer of a Retained Certificate:

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Risk Retention Custody – Benchmark 2020-B22

 

with
a copy to:

 

riskretentioncustody@wellsfargo.com.

 

    -471-

    

    

 

If
to the Certificate Registrar in connection with a transfer, exchange or surrender of any Certificate other than a Retained Certificate:

 

Wells
Fargo Bank, National Association

600 South 4th Street

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfers Services (CMBS) – Benchmark 2020-B22.

 

If
to the Custodian, to:

Wells Fargo Bank, N.A. Document Custody Group

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: Benchmark 2020-B22 – Document Custody Group

Email: CMBSCustody@wellsfargo.com.

 

If
to the Depositor, to:

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

with a copy via email to:

cmbs.requests@db.com

with a copy to:

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Anna H. Glick

Email: Anna.Glick@cwt.com

 

If
to the Operating Advisor, to:

Pentalpha Surveillance LLC

375 N. French Road, Suite 100

Amherst, New York 14228

Attention: BMARK 2020-B22 Transaction Manager

 

with
a copy sent via email to: notices@pentalphasurveillance.com with BMARK 2020-B22 in the subject line

 

with
a copy to:

 

    -472-

    

    

 

Bass,
Berry & Sims PLC

150 Third Avenue South

Suite 2800

Nashville, Tennessee 37201

Attention: Jay H. Knight

Email: jknight@bassberry.com

 

If
to the Asset Representations Reviewer, to:

 

Pentalpha
Surveillance LLC

375 N. French Road, Suite 100

Amherst, New York 14228

Attention: BMARK 2020-B22 Transaction Manager

 

with
a copy sent via email to: notices@pentalphasurveillance.com with BMARK 2020-B22 in the subject line

 

with
a copy to:

 

Bass,
Berry & Sims PLC

150 Third Avenue South

Suite 2800

Nashville, Tennessee 37201

Attention: Jay H. Knight

Email: jknight@bassberry.com

 

If
to the Master Servicer, to:

 

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

10851
Mastin Street, Suite 700 

Overland
Park, Kansas 66210 

Attention:
Executive Vice President – Division Head 

Facsimile:
(888) 706-3565 

Email:
NoticeAdmin@midlandls.com

 

with
a copy to:

Eversheds Sutherland (US) LLP

700 Sixth Street, NW, Suite 700

Washington, DC 20001

Attention: Lisa A. Rosen

Facsimile: (202) 637-3593

Email: lisarosen@eversheds-sutherland.com

 

    -473-

    

    

 

If
to the Special Servicer, to:

Rialto Capital Advisors, LLC

Southeast Financial Center

200 S. Biscayne Blvd, Suite 3550

Miami, Florida 33131

Attention: Liat Heller

Facsimile number: (305) 229-6425

Email: liat.heller@rialtocapital.com

 

with
copies to:

Jeff Krasnoff

Facsimile number: (305) 229-6425

Email: jeff.krasnoff@rialtocapital.com

 

Niral
Shah

Facsimile number: (305) 229-6426

Email: niral.shah@rialtocapital.com

 

Adam
Singer

Facsimile number: (305) 229-6425

Email: adam.singer@rialtocapital.com

 

If
to German American Capital Corporation, as Mortgage Loan Seller, to:

German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with
copies via email to:

 

cmbs.requests@db.com

 

If
to Goldman Sachs Mortgage Company, as Mortgage Loan Seller, to:

Goldman Sachs Mortgage Company

200 West Street

New York, New York 10282

Attention: Leah Nivison

Email: leah.nivison@gs.com and gs-refgsecuritization@gs.com

with a copies by electronic mail to:

 

joe.osborne@gs.com
and gs-refgsecuritization@gs.com

 

    -474-

    

    

 

If
to Citi Real Estate Funding Inc., as Mortgage Loan Seller, to:

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 

Ryan
M. O’Connor at ryan.m.oconnor@citi.com

 

and,
in the case of each Rule 15Ga 1 Notice, cmbs.notice@citi.com

 

If
to JPMorgan Chase Bank, National Association, as Mortgage Loan Seller, to:

JPMorgan Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com

 

with
a copy to:

JPMorgan Chase Bank, National Association

4 New York Plaza, Floor 21

New York, New York 10004-2413

Attention: SPG Legal

Email: US_CMBS_Notice@jpmorgan.com

 

    -475-

    

    

 

If
to Deutsche Bank Securities Inc., as Initial Purchaser or Underwriter, to:

Deutsche Bank Securities Inc.

Commercial Mortgage-Backed Securities

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with
copies via email to:

 

cmbs.requests@db.com

 

If
to Goldman Sachs & Co. LLC, as Initial Purchaser or Underwriter, to:

Goldman Sachs & Co. LLC

200 West Street

New York, New York 10282

Attention: Leah Nivison

Email: leah.nivison@gs.com and gs-refgsecuritization@gs.com

with a copies by electronic mail to:

 

joe.osborne@gs.com
and gs-refgsecuritization@gs.com

 

If
to Citigroup Global Markets Inc., as Initial Purchaser or Underwriter, to:

Citigroup Global Markets Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Raul Orozco

Facsimile: (347) 394-0898

 

with
a copy to:

Citigroup Global Markets Inc.

388 Greenwich Street, 6th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile:
(646) 328-2943

 

with
a copy to:

Citigroup Global Markets Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan O’Connor

 

    -476-

    

    

 

with
copies by electronic mail to:

richard.simpson@citi.com, and ryan.m.oconnor@citi.com

 

If
to J.P. Morgan Securities LLC, as Initial Purchaser or Underwriter, to:

J.P. Morgan Securities LLC

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: SPG Syndicate

Email: ABS_Synd@jpmorgan.com

 

with
a copy to:

J.P. Morgan Securities LLC

4 New York Plaza, 21st Floor

New York, New York 10004

Attention: SPG Legal

Email: US_CMBS_Notice@jpmorgan.com

 

If
to Academy Securities, Inc., as Underwriter, to:

Academy Securities, Inc.

140 East 45th Street

New York, New York 10017

Attention: Michael Boyd, Chief Compliance Officer

Facsimile: (646) 736-3995

 

If
to Drexel Hamilton, LLC, as Underwriter, to:

Drexel Hamilton, LLC

77 Water Street

New York, New York 10005

Attention: Alex Kim

E-mail: akim@drexelhamilton.com

 

    -477-

    

    

 

If
to the initial Trust Directing Holder with respect to any Serviced Mortgage Loan (other than any Servicing Shift Mortgage Loan),
to:

RREF IV Debt AIV, LP, c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Facsimile number: (212) 751-4646

with a copy to:

RREF IV Debt AIV, LP, c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Facsimile number: (212) 751-4646

 

If
to Deutsche Bank AG, acting through its New York Branch, as the initial Risk Retention Consultation Party, to:

Deutsche Bank AG, acting through its New York Branch

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with
copies via email to:

 

cmbs.requests@db.com

 

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

17g5informationprovider@wellsfargo.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5
Information Provider’s system, specifically with a subject reference of “Benchmark 2020-B22 Mortgage Trust”
and an identification of the type of information being provided in the body of such electronic mail)

 

or,
in the case of the parties to this Agreement, to such other address as such party shall specify by written notice to the other
parties hereto.

 

Solely
to the extent the provisions herein contemplate electronic delivery of information, such information shall be transmitted via
electronic mail with a subject reference to include “Benchmark 2020-B22 Mortgage Trust” (or substantially similar
language) (i) in the case of the Depositor, to cmbs.requests@db.com, (ii) in the case of the Trustee, to trustadministrationgroup@wellsfargo.com,
(iii) in the case of the Certificate Administrator, to the email address specified on the Certificate Administrator’s Website
(and, if no such email address is specified therein, to cts.cmbs.bond.admin@wellsfargo.com), (iv) in the case of the
Operating

 

    -478-

    

    

 

Advisor,
to cmbs.notices@parkbridgefinancial.com, (v) in the case of the Asset Representations Reviewer, to cmbs.notices@parkbridgefinancial.com,
(vi) in the case of the Master Servicer to NoticeAdmin@midlandls.com (and solely with respect to notices under Section 3.14,
with a copy to AskMidland@midlandls.com), (vii) in the case of the Special Servicer, to liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com,
niral.shah@rialtocapital.com and adam.singer@rialtocapital.com), (viii) in the case of German American Capital Corporation,
to cmbs.requests@db.com, (ix) in the case of Goldman Sachs Mortgage Company, to leah.nivison@gs.com and gs-refgsecuritization@gs.com,
and with copies to Joe Osborne at joe.osborne@gs.com and gs-refgsecuritization@gs.com, (x) in the case of Citi Real
Estate Funding Inc., to richard.simpson@citi.com and ryan.m.oconnor@citi.com, (xi) in the case of JPMorgan Chase
Bank, National Association, to US_CMBS_Notice@jpmorgan.com; and, in the case of each Rule 15Ga-1 Notice, cmbs.notice@citi.com,
(xii) in the case of Deutsche Bank Securities Inc., to cmbs.requests@db.com, (xiii) in the case of Citigroup Global Markets
Inc., to richard.simpson@citi.com and ryan.m.oconnor@citi.com, (xiv) in the case of J.P. Morgan Securities LLC,
to ABS_Synd@jpmorgan.com and US_CMBS_Notice@jpmorgan.com, (xv) in the case of Academy Securities, Inc., to
mboyd@academysecurities.com, (xvi) in the case of Drexel Hamilton, LLC, to akim@drexelhamilton.com, (xvii) in
the case of Deutsche Bank AG, acting through its New York Branch, as the Risk Retention Consultation Party, to CMBS.requests@db.com,
and (xviii) in the case of the 17g-5 Information Provider, to 17g5informationprovider@wellsfargo.com; or, in the case
of the parties to this Agreement, to such other electronic mail address as such party shall specify by written notice (which may
be electronic) to the other parties hereto.

 

The
obligation of any party to this Agreement to deliver any notices, reports or other information to any Other Depositor, Other Servicer,
Other Special Servicer, Other Trustee or Other 17g-5 Information Provider shall be effective in each case only to the extent such
party to this Agreement has received notice of the identity and contact information of such Other Depositor, Other Servicer, Other
Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable. Any such party may conclusively rely on the
name and contact information provided by the related Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or
Other 17g-5 Information Provider, as applicable, and shall be entitled to assume that the identity and contact information for
such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable
has not changed, absent receipt of written notice from such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee
or Other 17g-5 Information Provider, or a replacement thereof under the applicable Other Pooling and Servicing Agreement, of a
change with respect to the identity and contact information for such Other Depositor, Other Servicer, Other Special Servicer,
Other Trustee or Other 17g-5 Information Provider, or a replacement thereof under the applicable Other Pooling and Servicing Agreement,
as applicable.

 

Section 12.06     
Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall
be for any reason whatsoever held invalid, then, to the extent permitted by applicable law, such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in
no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of
the Holders thereof.

 

    -479-

    

    

 

Section 12.07     
Notice to the Depositor and Each Rating Agency. (a) The Certificate Administrator shall promptly provide notice, promptly
furnish (or make available) to the Depositor, the Underwriters, the Initial Purchasers, the Directing Holder (if no Consultation
Termination Event is continuing), the Trustee the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website) with respect to each of the following
of which a Responsible Officer of the Certificate Administrator has actual knowledge:

 

(i)               
any material change or amendment to this Agreement, any Mortgage Loan Purchase Agreement or any Intercreditor Agreement;

 

(ii)              
the occurrence of any Servicer Termination Event that has not been cured;

 

(iii)             
the merger, consolidation, resignation or termination of the Certificate Administrator, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer or the Trustee; and

 

(iv)             the repurchase of Mortgage Loans pursuant to Section 2.03(e) of this Agreement.

 

(b)            
The Certificate Administrator shall promptly furnish to the Depositor, the Underwriters, the Initial Purchasers, the Directing
Holder and the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website):

 

(i)               
notice of the final payment to any Class of Certificateholders;

 

(ii)              
notice of any change in the location of the Distribution Accounts, the Interest Reserve Account or the Gain-on-Sale Reserve Account;
and

 

(iii)             
each report to Certificateholders described in Section 4.02 and Section 3.13 of this Agreement.

 

(c)            
The Master Servicer (or, in the case of items collected pursuant to Section 3.04 and referenced in clause (i)
below, the Special Servicer) shall promptly furnish to the 17g-5 Information Provider (who shall promptly post such materials
to the 17g-5 Information Provider’s Website) and the related Other 17g-5 Information Provider (if any):

 

(i)               
upon request, a copy of each rent roll and each operating and other financial statement and occupancy reports, to the extent such
information is required to be delivered under a Mortgage Loan, in each case to the extent collected pursuant to Section 3.03
of this Agreement or pursuant to Section 3.04 of this Agreement;

 

(ii)              
notice of any change in the location of the Collection Account or any Serviced Whole Loan Collection Account,

 

(iii)             
a copy of any notice with respect to a breach of a representation or warranty with respect to any Mortgage Loan;

 

    -480-

    

    

 

(iv)            
any event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer;

 

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

 

(vi)            
any new lease of an anchor or a termination of an anchor lease at a retail Mortgaged Property;

 

(vii)           
any material damage to a Mortgaged Property; and

 

(viii)          
any amendment, modification, consent or waiver to or of any provision of a Mortgage Loan or Serviced Whole Loan.

 

(d)            
Any party required to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver
such written notice of the events or information specified in Section 3.14(d) to the Rating Agencies at the address
listed below, promptly following the occurrence thereof. The Master Servicer or Special Servicer, as applicable, and the Certificate
Administrator and Trustee also shall furnish such other information regarding the Trust Fund as may be reasonably requested by
the Rating Agencies to the extent such party has or can obtain such information without unreasonable effort or expense; provided
that such other information is first provided to the 17g-5 Information Provider in accordance with the procedures set forth
in Section 3.14(d). Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute
a Servicer Termination Event, as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies
required hereunder shall be in writing.

 

Notices
to each Rating Agency shall be addressed as follows:

 

Kroll
Bond Rating Agency, LLC 

805
Third Avenue, 29th Floor

New York, New York 10022 

Email:
cmbssurveillance@kbra.com

 

Fitch
Ratings, Inc.

300 West 57th Street

New York, New York 10019

Attention: Commercial Mortgage Surveillance Group

 

Moody’s
Investors Service, Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

E-mail: CMBSSurveillance@moodys.com

 

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

 

    -481-

    

    

 

Section 12.08     
Amendment. This Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee
without the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders:

 

(i)               
to cure any ambiguity or to correct any manifest error;

 

(ii)              
to cause the provisions herein or therein to conform or be consistent with or in furtherance of the statements made in the Prospectus
or the Private Placement Memorandum with respect to the Certificates, the Trust or this Agreement or to correct or supplement
any provisions herein or therein which may be defective or inconsistent with any other provisions herein or therein;

 

(iii)             
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)            
to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or
the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the
Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk
of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of
any Certificateholder or Companion Loan Noteholder;

 

(v)           
to modify, eliminate or add to the provisions any provision hereof restricting transfer of the Class R Certificates; provided
the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any
Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to
a Person that is a Disqualified Organization or a Non-U.S. Tax Person;

 

(vi)           
to revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect
to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current

 

    -482-

    

    

 

ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);

 

(vii)            
to amend or supplement any provision hereof to the extent necessary to maintain the then-current ratings assigned to each Class
of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates);

 

(viii)            
to modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long
as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does
not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the
relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating
Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered
a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates);

 

(ix)           
to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that
such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website;

 

(x)              
to modify, eliminate or add to any provisions of this Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and

 

(xi)              
to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements
of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other
regulation

 

    -483-

    

    

 

applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by
an Opinion of Counsel;

 

provided
that any amendment under this Section 12.08 (a) shall not materially increase the obligations of the Depositor,
the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5
Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely
affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto,
as evidenced in the case of clauses (iii) through (x) above by (1) an Opinion of Counsel or (2) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor
Trust to fail to qualify as a grantor trust.

 

This
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior
written consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class
of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates
and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

(1)       reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Serviced Whole Loans which are
required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage
Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without
the consent of such Companion Loan Noteholders;

 

(2)       reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then outstanding or such Companion Loan Noteholder, as applicable;

 

(3)       adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;

 

(4)       change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or

 

    -484-

    

    

 

(5)       amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend this Agreement to modify, eliminate or add to any of its provisions (i) to
such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or
the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local
taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel
(obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

If
neither the Depositor nor any successor thereto, if any, is in existence, any amendment under this Section 12.08 shall
be effective with the consent of the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the Master Servicer and the Special Servicer, in writing, and to the extent required by this Section 12.08,
the Certificateholders and Serviced Companion Loan Noteholders.

 

It
shall not be necessary for the consent of Certificateholders under this Section 12.08 to approve the particular form
of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The method of obtaining
such consents and of evidencing the authorization of the execution thereof by Certificateholders and, if applicable, Serviced
Companion Loan Noteholders, shall be subject to such reasonable regulations as the Trustee may prescribe; provided that
such method shall always be by affirmation and in writing.

 

Notwithstanding
any contrary provision of this Agreement, no amendment shall be made to this Agreement or any Custodial Agreement unless the Trustee
and the Certificate Administrator have received an Opinion of Counsel, at the expense of the Trust Fund (and, in the case of any
Whole Loan, any such expense shall be allocated in accordance with the expense allocation provision of the related Intercreditor
Agreement) confirming that such amendment is authorized or permitted by this Agreement and that all conditions precedent with
respect thereto have been satisfied, respectively, hereunder and such amendment will not cause the Lower-Tier REMIC or the Upper-Tier
REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding, or cause the Grantor Trust to fail to qualify
as a grantor trust, or cause a tax to be imposed on the Trust Fund or any such Trust REMIC or the Grantor Trust.

 

    -485-

    

    

 

Prior
to the execution of any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the
Operating Advisor, the Asset Representations Reviewer, the Special Servicer and the Master Servicer may request and shall be entitled
to rely conclusively upon an Opinion of Counsel and an Officer’s Certificate, at the expense of the party requesting such
amendment (or, if such amendment is required to maintain the rating issued by any Rating Agency or requested by the Trustee for
any purpose described in clauses (i), (ii) or (iii) of the first sentence of this Section 12.08 (which do
not modify or otherwise relate solely to the obligations, duties or rights of the Trustee), then at the expense of the Trust Fund
(and, in the case of any Whole Loan, any such expense shall be allocated in accordance with the expense allocation provision of
the related Intercreditor Agreement)) confirming that the execution of such amendment is authorized or permitted by this Agreement
and that all conditions precedent with respect thereto have been satisfied. The Trustee, the Certificate Administrator, the Operating
Advisor or the Asset Representations Reviewer may, but shall not be obligated to, enter into any such amendment which affects
the Trustee’s, the Certificate Administrator’s, the Operating Advisor’s or the Asset Representations Reviewer’s
own rights, duties or immunities under this Agreement.

 

Notwithstanding
any contrary provision contained in this Agreement, no amendment shall be made to this Agreement (i) which adversely affects the
rights, including (without limitation) as a third-party beneficiary hereunder, and/or obligations (including, without limitation,
in the case of a Mortgage Loan Seller, under the related Mortgage Loan Purchase Agreement) of any Mortgage Loan Seller, Initial
Purchaser or Underwriter without the written consent of such Mortgage Loan Seller, Initial Purchaser or Underwriter, as applicable,
or (ii) which adversely affects (as determined by the applicable Companion Loan Noteholder in good faith) the rights and/or
obligations of any Companion Loan Noteholder without the written consent of such Companion Loan Noteholder.

 

Promptly
after the execution of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate
Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same
on the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement, and, thereafter,
the Certificate Administrator shall furnish a written notification of the substance of such amendment to each Certificateholder,
the Depositor, the Master Servicer (who shall promptly forward such notification to each Serviced Companion Loan Noteholder, Other
Depositor, Other Servicer, Other Special Servicer and Other Trustee), the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Trustee, each Mortgage Loan Seller, the Underwriters and the Initial Purchasers.

 

In
addition, within one (1) Business Day following the execution of any amendment to this Agreement, the party requesting such amendment
shall deliver (or cause to be delivered) such amendment (in EDGAR Compatible Format) to each Serviced Companion Loan Noteholder,
Other Depositor, Other Servicer, Other Special Servicer and Other Trustee.

 

Notwithstanding
any contrary provision contained in this Agreement, if one but not all of the Notes evidencing a Joint Mortgage Loan is repurchased
by the applicable Mortgage Loan Seller, this Agreement may be amended by the parties hereto (at the expense of the party requesting
such amendment), without the consent of any Certificateholder, to add or modify provisions relating to the applicable Repurchased
Note for purposes of the servicing and administration of

 

    -486-

    

    

 

such
Repurchased Note, provided that the amendment shall not adversely affect in any material respect the interests of the Certificateholders,
as evidenced by a No Downgrade Confirmation from each Rating Agency (obtained at the expense of the repurchasing Mortgage Loan
Seller) with respect to such amendment (or, if no such No Downgrade Confirmation is actually received, by an opinion of counsel
to such effect). Prior to the effectiveness of such amendment, if one but not all of the Notes with respect to a Joint Mortgage
Loan is repurchased, the terms of Article III shall govern the servicing and administration of such Joint Mortgage
Loan.

 

Section 12.09     
Confirmation of Intent. It is the express intent of the parties hereto that the conveyance of the Trust Fund (including
the Mortgage Loans) by the Depositor to the Trustee on behalf of Certificateholders as contemplated by this Agreement be treated
for all purposes as a sale by the Depositor of the Trust Fund to the Trustee. It is, further, not the intention of the parties
that such conveyance be deemed a pledge of the Trust Fund by the Depositor to the Trustee to secure a debt or other obligation
of the Depositor. However, if, notwithstanding the intent of the parties, the Trust Fund is held to continue to be property of
the Depositor then (a) this Agreement shall also be deemed to be a security agreement under applicable law; (b) the
transfer of the Trust Fund provided for herein shall be deemed to be a grant by the Depositor to the Trustee on behalf of Certificateholders
of a first priority security interest in, and the Depositor hereby grants to the Trustee a security interest in, all of the Depositor’s
right, title and interest in and to, whether now owned or existing or hereafter acquired or arising, the property identified in
clauses (i) through (xiv) of the definition of “Trust Fund” and all proceeds thereof; (c) the possession
by the Trustee (or the Custodian on its behalf) of Mortgage Notes and such other items of property as constitute instruments,
money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party” for purposes
of perfecting the security interest pursuant to Section 9-313 of the New York Uniform Commercial Code; and (d) notifications
to Persons holding such property, and acknowledgments, receipts or confirmations from Persons holding such property, shall be
deemed notifications to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable)
of the Trustee for the purpose of perfecting such security interest under applicable law. The Depositor shall, and upon the request
and direction of the Master Servicer, the Trustee shall, to the extent consistent with this Agreement (and at the expense of the
Trust Fund (and, in the case of any Whole Loan, such expense shall be allocated in accordance with the expense allocation provision
of the related Intercreditor Agreement)), take such actions as may be necessary to ensure that such security interest is a perfected
security interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement.
It is the intent of the parties that such a security interest would be effective whether any of the Certificates are sold, pledged
or assigned.

 

Section 12.10     
No Intended Third-Party Beneficiaries. Except as specified in Section 12.12 of this Agreement, no Person other
than a party to this Agreement, any Mortgage Loan Seller, any Initial Purchaser, any Underwriter or any Certificateholder shall
have any rights with respect to the enforcement of any of the rights or obligations hereunder. Without limiting the foregoing
and for the avoidance of doubt, subject to Section 12.12 of this Agreement, the parties to this Agreement specifically
state that no Borrower, Manager or other party to a Mortgage Loan is an intended third-party beneficiary of this Agreement.

 

Section 12.11     
Entire Agreement. This Agreement (and, with respect to each Whole Loan, together with the related Intercreditor Agreement)
contains the entire agreement and

 

    -487-

    

    

 

understanding
between the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements,
understanding, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject
matter hereof. The express terms hereof control and supersedes any course of performance or usage of the trade inconsistent with
any of the terms hereof.

 

Section 12.12     
Third Party Beneficiaries. Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer
acknowledge that (i) each Mortgage Loan Seller and Deutsche Bank Securities Inc. are third party beneficiaries with respect
to Section 8.05(h) of this Agreement, the obligations of any party to this Agreement to deliver information to the
17g-5 Information Provider hereunder and the obligations of the 17g-5 Information Provider to post information to the 17g-5 Information
Provider’s Website (or make available to the NRSROs the items referenced in Section 3.13(b) and (d)) and the
express obligations of any party hereto to deliver documents, notices, information or funds to a Mortgage Loan Seller, (ii) each
Mortgage Loan Seller is a third party beneficiary with respect to Section 2.01, Section 2.02, Section 2.03,
Section 3.33, Section 8.05, Section 11.01 and Section 12.08 of this Agreement
and its rights as a Privileged Person, (iii) each Initial Purchaser and each Underwriter is a third party beneficiary with
respect to its rights to receive any notices, documents, certifications and/or information hereunder and its rights under Section 12.08
of this Agreement, (iv) each holder of a Companion Loan and any related Other Depositor is an intended third party beneficiary
in respect of the rights afforded it under this Agreement and may directly (or, in the case of a holder of a Companion Loan, the
related Other Servicer may) enforce such rights, (v) each of the Serviced Companion Loan Service Providers under the applicable
Other Pooling and Servicing Agreement is an intended third party beneficiary under this Agreement with respect to any provision
herein expressly relating to compensation, reimbursement or indemnification of such Serviced Companion Loan Service Provider and
the provisions regarding the coordination of Advances, (vi) each of the Non-Serviced Mortgage Loan Service Providers under
the applicable Other Pooling and Servicing Agreement is an intended third party beneficiary under this Agreement with respect
to any provisions herein relating to (1) the reimbursement of any nonrecoverable advances made with respect to the applicable
Non-Serviced Mortgage Loan by such Persons, (2) the indemnification of each applicable Other Servicer, Other Special Servicer
and Other Trustee and certain other parties pursuant to Section 1.04 or any other section of this Agreement against
any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees
and expenses incurred in connection with the related Other Pooling and Servicing Agreement and this Agreement that relate solely
to its servicing of the related Whole Loan and any related reimbursement provisions, (3) the provisions set forth in Section 4.07 of
this Agreement regarding advancing coordination and (4) the provisions set forth in Sections 3.29 and 6.07, as applicable,
of this Agreement; and (vii) if one, but not all, of the Notes with respect to any Joint Mortgage Loan is repurchased, the applicable
Repurchasing Seller shall be a third party beneficiary of this Agreement to the same extent as if it was a Companion Loan Noteholder,
as contemplated by Section 3.33 hereof.

 

PNC
Bank, National Association, by execution hereof by its division, Midland Loan Services, a Division of PNC Bank, National Association,
acknowledges and agrees that this Agreement is binding upon and enforceable against PNC Bank, National Association to the full
extent of the obligations set forth herein with respect to Midland Loan Services, a Division of PNC Bank, National Association.

 

    -488-

    

    

 

[NO
FURTHER TEXT ON THIS PAGE]

 

    -489-

    

    

 

IN
WITNESS WHEREOF, the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor and the Asset Representations Reviewer have caused their names to be signed hereto by their respective officers thereunto
duly authorized all as of the day and year first above written.

 

	 	DEUTSCHE
    MORTGAGE & ASSET 

    RECEIVING CORPORATION,
 as Depositor
	 	 	 
	 	By:	/s/ Natalie Grainger
	 	 	Name: Natalie Grainger
	 	 	Title: Director
	 	 	 
	 	By:	/s/ Matt Smith
	 	 	Name: Matt Smith
	 	 	Title: Director

 

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

    as Master Servicer
	 	 	 
	 	By:	/s/ David A. Eckels
	 	 	Name: David A. Eckels
	 	 	Title: Senior Vice President
	 	 	 
	 	RIALTO
    CAPITAL ADVISORS, LLC,

    as Special Servicer
	 	 
	 	By:	/s/ Sorana Georgescu
	 	 	Name: Sorana Georgescu
	 	 	Title: Secretary

 

BMARK
2020-B22: POOLING AND SERVICING AGREEMENT

 

    

    

    

  

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION,

    as Trustee
	 	 	 
	 	By:	/s/ Amy Mofenson
	 	 	Name: Amy Mofenson
	 	 	Title: Vice President
	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION,

    as Certificate Administrator, Paying Agent and Custodian
	 	 
	 	By:	/s/ Amy Mofenson
	 	 	Name: Amy Mofenson
	 	 	Title: Vice President

   

	 	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
	 	 	 
	 	Pentalpha
    Surveillance LLC,

    as Asset Representations Reviewer
	 	 
	 	By:	/s/ James Callahan
	 	 	Name: James Callahan
	 	 	Title:   Executive
    Director and Solely as an 

    Authorized Signatory for 

    Pentalpha Surveillance LLC

 

BMARK
2020-B22: POOLING AND SERVICING AGREEMENT 

 

    

    

    

 

EXHIBIT
A-1

 

FORM
OF CLASS A-1 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS
REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE, THE DIRECTING HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR
INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

    A-1-1

     

    

 

BENCHMARK
2020-B22 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-1

 

	Class A-1 Pass-Through
    Rate:  0.509%	 	CUSIP: 08163BBC4

         

        ISIN:    US08163BBC46

         

	Original Aggregate Certificate Balance of the
    Class A-1 Certificates: $ 9,763,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date:  January
    15, 2021	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due
    Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan
    if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2026	 	No.: A-1-[_]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-1
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the

 

    A-1-2

     

    

 

Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class A-1 Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in January
2021. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-1 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.

 

    A-1-3

     

    

 

Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage

 

    A-1-4

     

    

 

Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and
any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged
Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties;
(xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect
to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans;
(xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest Upper-Tier Regular Interest; (xv) the proceeds of the foregoing
(other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve
Accounts, to the extent such interest belongs to the related Borrower); and (xvi) the Closing Date Deposit Amount. As provided
in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions
to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate

 

    A-1-5

     

    

 

Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no
event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in
any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of
the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such
amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification
of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that
any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC
or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the
Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer

 

    A-1-6

     

    

 

to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the

 

    A-1-7

     

    

 

requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment
may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loans which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that 

 

    A-1-8

     

    

 

	 	 	such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or
for purposes of this calculation, if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective
Anticipated Repayment Date, then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate
Cut-off Date Balance)) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust
Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in
cash, equal to the sum of, without duplication:

 

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

 

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

 

    A-1-9

     

    

 

	 	 	days prior
                                         to the last day of the month preceding such Distribution Date;

 

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

 

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

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class
A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section
9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement
no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to
send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or
provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and
all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing

 

    A-1-10

     

    

 

Agreement; (ii) the
exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling
and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage
Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of
the last asset held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement
continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the
late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-1-11

     

    

 

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-1 Certificate to be duly executed.

 

Dated:
December 31, 2020

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

 

Certificate
of Authentication

 

This
is one of the Class A-1 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 31, 2020

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

 

    A-1-12

     

    

 

EXHIBIT
A-2

 

FORM
OF CLASS A-2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS
REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE, THE DIRECTING HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR
INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-2-1

     

    

BENCHMARK
2020-B22 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-2

 

	Class A-2 Pass-Through
    Rate:  1.155%	 	CUSIP: 08163BAZ4

         

        ISIN:    US08163BAZ40

         

	Original Aggregate Certificate Balance of the
    Class A-2 Certificates: $ 3,086,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date:  January
    15, 2021	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due
    Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan
    if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2026	 	No.: A-2-[_]

 

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-2
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

    A-2-2

     

    

 

This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-2 Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021.
Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and
Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-2 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately

 

    A-2-3

     

    

 

available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of

 

    A-2-4

     

    

 

Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and
any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged
Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties;
(xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect
to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans;
(xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest Upper-Tier Regular Interest; (xv) the proceeds of the foregoing
(other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve
Accounts, to the extent such interest belongs to the related Borrower); and (xvi) the Closing Date Deposit Amount. As provided
in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions
to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-2-5

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no
event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in
any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of
the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such
amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification
of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that
any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC
or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the
Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Pari Passu

 

    A-2-6

     

    

 

Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other

 

    A-2-7

     

    

 

regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment
may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loans which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered 

 

    A-2-8

     

    

 

	 	 	satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or
for purposes of this calculation, if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective
Anticipated Repayment Date, then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate
Cut-off Date Balance)) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust
Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in
cash, equal to the sum of, without duplication:

 

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

 

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

 

    A-2-9

     

    

 

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

 

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

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class
A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section
9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement
no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to
send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or
provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and
all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the
exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling
and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage
Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing

    A-2-10

     

    

 

Agreement of
the last asset held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement
continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the
late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-2-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-2 Certificate to be duly executed.

 

Dated:
December 31, 2020

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

 

Certificate
of Authentication

 

This
is one of the Class A-2 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 31, 2020

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

 

    A-2-12

     

    

EXHIBIT
A-3

 

FORM
OF CLASS A-SB CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS
REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE, THE DIRECTING HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR
INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-3-1

     

    

BENCHMARK
2020-B22 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-SB

 

	Class A-SB Pass-Through Rate:
    1.731%	 	CUSIP: 08163BBD2

         

        ISIN:    US08163BBD29

         

	Original Aggregate Certificate Balance of the
    Class A-SB Certificates: $ 15,906,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date: January 15, 2021	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due
    Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan
    if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: March 2030	 	No.: A-SB-[_]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-SB
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

    A-3-2

     

    

 

This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-SB Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021.
Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and
Servicing Agreement.

 

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

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately

 

    A-3-3

     

    

 

available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of

 

    A-3-4

     

    

 

Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and
any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged
Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties;
(xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect
to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans;
(xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest Upper-Tier Regular Interest; (xv) the proceeds of the foregoing
(other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve
Accounts, to the extent such interest belongs to the related Borrower); and (xvi) the Closing Date Deposit Amount. As provided
in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions
to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-3-5

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no
event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in
any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of
the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such
amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification
of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that
any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC
or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the
Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Pari Passu

 

    A-3-6

     

    

 

Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other

 

    A-3-7

     

    

 

regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment
may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loans which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered 

 

    A-3-8

     

    

 

	 	 	satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or
for purposes of this calculation, if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective
Anticipated Repayment Date, then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate
Cut-off Date Balance)) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust
Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in
cash, equal to the sum of, without duplication:

 

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

 

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

 

    A-3-9

     

    

 

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

 

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

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class
A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section
9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement
no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to
send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or
provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and
all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the
exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling
and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage
Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing

 

    A-3-10

     

    

 

Agreement of
the last asset held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement
continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the
late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-3-11

     

    

 

 

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

 

Dated:
December 31, 2020

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

 

Certificate
of Authentication

 

This
is one of the Class A-SB Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 31, 2020

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

 

    A-3-12

     

    

EXHIBIT
A-4

 

FORM
OF CLASS A-4 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS
REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE, THE DIRECTING HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR
INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-4-1

     

    

BENCHMARK
2020-B22 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-4

 

	Class A-4 Pass-Through
    Rate:  1.685%	 	CUSIP: 08163BBE0

         

        ISIN:    US08163BBE02

         

	Original Aggregate Certificate Balance of the
    Class A-4 Certificates: $132,500,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date: January 15, 2021	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due
    Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan
    if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  March
    2030	 	No.: A-4-[_]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-4
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

    A-4-2

     

    

 

This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-4 Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in December
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-4 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately

 

    A-4-3

     

    

 

available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of

 

    A-4-4

     

    

 

Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and
any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged
Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties;
(xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect
to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans;
(xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest Upper-Tier Regular Interest; (xv) the proceeds of the foregoing
(other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve
Accounts, to the extent such interest belongs to the related Borrower); and (xvi) the Closing Date Deposit Amount. As provided
in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions
to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-4-5

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no
event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in
any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of
the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such
amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification
of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that
any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC
or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the
Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Pari Passu

 

    A-4-6

     

    

 

Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other

 

    A-4-7

     

    

 

regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment
may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loans which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered 

 

    A-4-8

     

    

 

	 	 	satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or
for purposes of this calculation, if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective
Anticipated Repayment Date, then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate
Cut-off Date Balance)) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust
Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in
cash, equal to the sum of, without duplication:

 

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

 

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

 

    A-4-9

     

    

 

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

 

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

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class
A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section
9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement
no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to
send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or
provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and
all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the
exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling
and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage
Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing

 

    A-4-10

     

    

 

Agreement of
the last asset held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement
continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the
late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-4-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-4 Certificate to be duly executed.

 

Dated:
December 31, 2020

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

 

Certificate
of Authentication

 

This
is one of the Class A-4 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 31, 2020

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

 

    A-4-12

     

    

EXHIBIT
A-5

 

FORM
OF CLASS A-5 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS
REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE, THE DIRECTING HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR
INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-5-1

     

    

BENCHMARK
2020-B22 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-5

 

	Class A-5 Pass-Through
    Rate:  1.973%	 	CUSIP: 08163BBA8

         

        ISIN:    US08163BBA89

         

	Original Aggregate Certificate Balance of the
    Class A-5 Certificates: $380,199,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date:  January
    15, 2021	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due
    Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan
    if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  December
    2030	 	No.: A-5-[_]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-5
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the

 

    A-5-2

     

    

 

Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class A-5 Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in January
2021. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-5 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.

 

    A-5-3

     

    

 

Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of

 

    A-5-4

     

    

 

the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and
any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged
Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties;
(xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect
to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans;
(xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest Upper-Tier Regular Interest; (xv) the proceeds of the foregoing
(other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve
Accounts, to the extent such interest belongs to the related Borrower); and (xvi) the Closing Date Deposit Amount. As provided
in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions
to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-5-5

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no
event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in
any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of
the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such
amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification
of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that
any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC
or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the
Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Pari Passu

 

    A-5-6

     

    

 

Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other

 

    A-5-7

     

    

 

regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment
may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loans which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered 

 

    A-5-8

     

    

 

	 	 	satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or
for purposes of this calculation, if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective
Anticipated Repayment Date, then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate
Cut-off Date Balance)) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust
Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in
cash, equal to the sum of, without duplication:

 

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

 

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

 

    A-5-9

     

    

 

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

 

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

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class
A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section
9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement
no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to
send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or
provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and
all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the
exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling
and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage
Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing

    A-5-10

     

    

 

Agreement of
the last asset held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement
continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the
late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-5-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-5 Certificate to be duly executed.

 

Dated:
December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class A-5 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-5-12

     

    

 

EXHIBIT A-6

 

FORM OF CLASS A-M CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER SERVICER, THE SPECIAL SERVICER,
THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION
CONSULTATION PARTY, THE TRUSTEE, THE DIRECTING HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-6-1

     

    

 

BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-M

 

	Class A-M Pass-Through Rate:  2.163%	 	
        CUSIP: 08163BBG5

         

        ISIN:    US08163BBG59

         

	Original Aggregate Certificate Balance of the Class A-M Certificates: $ 69,615,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: January 15, 2021	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January 2031	 	No.: A-M-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-M Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and

 

    A-6-2

     

    

 

Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A-M Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021. Holders of this
Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class A-M Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United

 

    A-6-3

     

    

 

States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any

 

    A-6-4

     

    

 

indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest
Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower);
and (xvi) the Closing Date Deposit Amount. As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain
of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the

 

    A-6-5

     

    

 

Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency

 

    A-6-6

     

    

 

Confirmation from each of
the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of
the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates
by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision
or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation
of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii)
to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to
reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor
Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating
Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable
rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of
the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the
Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered
offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion
of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for
this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify
or

 

    A-6-7

     

    

 

eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

    A-6-8

     

    

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation,
if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated Repayment Date,
then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-6-9

     

    

 

	 	 	(less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5,
Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

    A-6-10

     

    

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-6-11

     

    

 

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class A-M Certificate to be duly executed.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate of Authentication

 

This is one of the Class A-M
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-6-12

     

    

 

EXHIBIT A-7

 

FORM OF CLASS B CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER SERVICER, THE SPECIAL SERVICER,
THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION
CONSULTATION PARTY, THE TRUSTEE, THE DIRECTING HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-7-1

     

    

 

BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS B

 

	Class B Pass-Through Rate:  The WAC Rate minus (ii) 1.27000%	 	
        CUSIP: 08163BBB6

         

        ISIN:     US08163BBB62

         

	Original Aggregate Certificate Balance of the Class B Certificates: $ 30,941,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date:  January 15, 2021	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January 2031	 	No.: B-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and

 

    A-7-2

     

    

 

Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class B Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United

 

    A-7-3

     

    

 

States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any

 

    A-7-4

     

    

 

indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest
Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower);
and (xvi) the Closing Date Deposit Amount. As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain
of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the

 

    A-7-5

     

    

 

Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency

 

    A-7-6

     

    

 

Confirmation from each of
the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of
the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates
by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision
or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation
of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii)
to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to
reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor
Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating
Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable
rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of
the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the
Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered
offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion
of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for
this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify
or

    A-7-7

     

    

 

eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

    A-7-8

     

    

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation,
if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated Repayment Date,
then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-7-9

     

    

 

	 	 	(less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5,
Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

    A-7-10

     

    

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-7-11

     

    

 

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class B Certificate to be duly executed.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate of Authentication

 

This is one of the Class B
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-7-12

     

    

 

EXHIBIT A-8

 

FORM OF CLASS C CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER SERVICER, THE SPECIAL SERVICER,
THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION
CONSULTATION PARTY, THE TRUSTEE, THE DIRECTING HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-8-1

     

    

BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS C

 

	Class C Pass-Through Rate:  The WAC Rate minus (ii) 0.72375%	 	
        CUSIP: 08163BBH3

         

        ISIN:     US08163BBH33

         

	Original Aggregate Certificate Balance of the Class C Certificates: $ 31,907,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: January 15, 2021	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: January 2031	 	No.: C-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class C Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and

 

    A-8-2

     

    

 

Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class C Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class C Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United

 

    A-8-3

     

    

 

States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any

 

    A-8-4

     

    

 

indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest
Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower);
and (xvi) the Closing Date Deposit Amount. As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain
of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the

 

    A-8-5

     

    

 

Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency

 

    A-8-6

     

    

 

Confirmation from each of
the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of
the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates
by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision
or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation
of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii)
to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to
reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor
Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating
Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable
rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of
the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the
Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered
offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion
of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for
this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify
or

    A-8-7

     

    

 

eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

    A-8-8

     

    

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation,
if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated Repayment Date,
then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-8-9

     

    

 

	 	 	(less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5,
Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

    A-8-10

     

    

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-8-11

     

    

 

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class C Certificate to be duly executed.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate of Authentication

 

This is one of the Class C
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-8-12

     

    

EXHIBIT A-9

 

FORM OF CLASS D [RULE 144A] 1
[TEMPORARY REG S]2 [REG
S]3 [IAI]4 

CERTIFICATE

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) (EXCEPT WITH RESPECT TO THE CLASS R

 

 

1
For Rule 144A Global Certificates only.

2
For Temp Reg S Global Certificates only.

3
For Reg S Global Certificates only.

4
For IAI Global Certificates only.

5
For Temp Reg S Global Certificates only.

6
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-9-1

     

    

 

CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF DEUTSCHE BANK AG, THE DEPOSITOR, THE MORTGAGE LOAN SELLERS, THE INITIAL PURCHASERS, THE BORROWERS,
THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING
ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY
OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING

    A-9-2

     

    

 

CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    A-9-3

     

    

BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS D

 

	Class D Pass-Through Rate: 2.000%	 	
        CUSIP:     [08163BAL5]7

        [U0742WAF6]8

        [08163BAM3]9

         

        ISIN:        [US08163BAL53]10

        [USU0742WAF69]11

        [US08163BAM37]12

         

	Original Aggregate Certificate Balance of the Class D Certificates: $ 22,238,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: January 15, 2021	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January 2031	 	No.: D-[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital

 

 

7
For Rule 144A Certificates

8
For Regulation S Certificates

9
For IAI Certificates

10
For Rule 144A Certificates

11
For Regulation S Certificates

12
For IAI Certificates

 

    A-9-4

     

    

 

Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class D Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class D Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The

    A-9-5

     

    

 

“Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

    A-9-6

     

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest
Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower);
and (xvi) the Closing Date Deposit Amount. As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain
of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-9-7

     

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect

 

    A-9-8

     

    

 

the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of
the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates
by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision
or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation
of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii)
to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to
reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor
Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating
Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable
rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of
the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating 

    A-9-9

     

    

 

Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the
Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered
offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion
of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for
this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify
or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any 

 

    A-9-10

     

    

 

	 	 	rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation,
if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated Repayment Date,
then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-9-11

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5,
Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be,

 

    A-9-12

     

    

 

required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-9-13

     

    

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class D Certificate to be duly executed.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate of Authentication

 

This is one of the Class D
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-9-14

     

    

EXHIBIT A-10

 

FORM OF CLASS E [RULE 144A] 1
[TEMPORARY REG S]2 [REG S]3
[IAI]4 

CERTIFICATE

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) (EXCEPT WITH RESPECT TO THE CLASS R

 

 

1
For Rule 144A Global Certificates only.

2
For Temp Reg S Global Certificates only.

3
For Reg S Global Certificates only.

4
For IAI Global Certificates only.

5
For Temp Reg S Global Certificates only.

6
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-10-1

     

    

 

CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF DEUTSCHE BANK AG, THE DEPOSITOR, THE MORTGAGE LOAN SELLERS, THE INITIAL PURCHASERS, THE BORROWERS,
THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING
ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY
OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING

 

    A-10-2

     

    

 

CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    A-10-3

     

    

 

BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS E

 

	Class E Pass-Through Rate:  2.000%	 	
        CUSIP:    [08163BAN1]7

        [U0742WAG4]8

        [08163BAP6]9

         

        ISIN:        [US08163BAN10]10

        [USU0742WAG43]11

        [US08163BAP67]12

         

	Original Aggregate Certificate Balance of the Class E Certificates: $ 19,338,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: January 15, 2021	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January 2031	 	No.: E-[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class E Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital

 

 

7 For Rule 144A Certificates

8 For Regulation S
Certificates

9 For IAI Certificates

10 For Rule 144A Certificates

11 For Regulation S
Certificates

12 For IAI Certificates

 

    A-10-4

     

    

 

Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class E Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class E Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The

 

    A-10-5

     

    

 

“Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

    A-10-6

     

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest
Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower);
and (xvi) the Closing Date Deposit Amount. As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain
of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-10-7

     

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect

 

    A-10-8

     

    

 

the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of
the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates
by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision
or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation
of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii)
to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to
reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor
Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating
Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable
rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of
the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating

    A-10-9

     

    

 

 Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the
Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered
offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion
of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for
this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify
or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any 

 

    A-10-10

     

    

 

	 	 	rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation,
if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated Repayment Date,
then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-10-11

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5,
Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be,

 

    A-10-12

     

    

 

required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-10-13

     

    

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class E Certificate to be duly executed.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate of Authentication

 

This is one of the Class E
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-10-14

     

    

 

EXHIBIT A-11

 

FORM OF CLASS F [RULE 144A] 1
[TEMPORARY REG S]2 [REG S]3
[IAI]4 

CERTIFICATE

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) (EXCEPT WITH RESPECT TO THE CLASS R

 

 

1
For Rule 144A Global Certificates only.

2
For Temp Reg S Global Certificates only.

3
For Reg S Global Certificates only.

4
For IAI Global Certificates only.

5
For Temp Reg S Global Certificates only.

6
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-11-1

     

    

 

CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF DEUTSCHE BANK AG, THE DEPOSITOR, THE MORTGAGE LOAN SELLERS, THE INITIAL PURCHASERS, THE BORROWERS,
THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING
ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY
OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING

 

    A-11-2

     

    

 

CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL
RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS
DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”),
OR (B) ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION
SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT
UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WILL BE EXEMPT
FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND SECTION 4975 OF THE CODE UNDER SECTIONS I AND
III OF PTCE 95-60 OR, IN THE CASE OF A PLAN SUBJECT TO SIMILAR LAW, WHERE THE ACQUISITION, HOLDING AND DISPOSITION OF SUCH CERTIFICATE
WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    A-11-3

     

    

 

BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS F

 

	Class F Pass-Through Rate:  2.000%	 	
        CUSIP:    [08163BAQ4]7

        [U0742WAH2]8

        [08163BAR2]9

         

        ISIN:        [US08163BAQ41]10

        [USU0742WAH26]11

        [US08163BAR24]12

         

	Original Aggregate Certificate Balance of the Class F Certificates: $ 22,238,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: January 15, 2021	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January 2031	 	No.: F-[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class F Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital

 

 

7
For Rule 144A Certificates

8
For Regulation S Certificates

9
For IAI Certificates

10
For Rule 144A Certificates

11
For Regulation S Certificates

12
For IAI Certificates

 

    A-11-4

     

    

 

Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class F Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021.

 

During each Interest
Accrual Period (as defined below), interest on the Class F Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month

    A-11-5

     

    

 

immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

    A-11-6

     

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest
Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower);
and (xvi) the Closing Date Deposit Amount. As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain
of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-11-7

     

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect

    A-11-8

     

    

 

the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of
the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates
by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision
or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation
of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii)
to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to
reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor
Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating
Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable
rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of
the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating

 

    A-11-9

     

    

 

Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the
Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered
offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion
of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for
this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify
or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any 

 

    A-11-10

     

    

 

	 	 	rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation,
if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated Repayment Date,
then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-11-11

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5,
Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be,

    A-11-12

     

    

 

required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-11-13

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class F Certificate to be duly executed.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate of Authentication

 

This is one of the Class F
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    A-11-14

     

    

EXHIBIT A-12

 

FORM OF CLASS G [RULE 144A]1
[TEMPORARY REG S]2 [REG S]3
[IAI]4 

CERTIFICATE

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) (EXCEPT WITH RESPECT TO THE CLASS R

 

 

1
For Rule 144A Global Certificates only.

2
For Temp Reg S Global Certificates only.

3
For Reg S Global Certificates only.

4
For IAI Global Certificates only.

5
For Temp Reg S Global Certificates only.

6
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-12-1 

     

    

 

CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF DEUTSCHE BANK AG, THE DEPOSITOR, THE MORTGAGE LOAN SELLERS, THE INITIAL PURCHASERS, THE BORROWERS,
THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING
ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY
OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING

    A-12-2 

     

    

 

CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL
RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS
DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”)
WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH,
A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING
AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT
OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), OTHER THAN AN INSURANCE COMPANY USING THE ASSETS
OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE
COMPANY WILL BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND SECTION 4975 OF THE CODE
UNDER SECTIONS I AND III OF PTCE 95-60 OR, IN THE CASE OF A PLAN SUBJECT TO SIMILAR LAW, WHERE THE ACQUISITION, HOLDING AND DISPOSITION
OF SUCH CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    A-12-3 

     

    

BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS G

 

	Class G Pass-Through Rate:  2.000%	 	
        CUSIP:    [08163BAS0]7

        [U0742WAJ8]8

        [08163BAT8]9

         

        ISIN:       [US08163BAS07]10

        [USU0742WAJ81]11

        [US08163BAT89]12

         

	Original Aggregate Certificate Balance of the Class G Certificates: $ 7,735,000	 	Initial Certificate Balance of this Certificate: $[_____]
	 	 	 
	First Distribution Date: January 15, 2021	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: January 2031	 	No.: G -[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class G Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital

 

 

7
For Rule 144A Certificates

8
For Regulation S Certificates

9
For IAI Certificates

10
For Rule 144A Certificates

11
For Regulation S Certificates

12
For IAI Certificates

 

    A-12-4 

     

    

 

Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class G Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021.

 

During each Interest
Accrual Period (as defined below), interest on the Class G Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month

 

    A-12-5 

     

    

 

immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

    A-12-6 

     

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest
Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower);
and (xvi) the Closing Date Deposit Amount. As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain
of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-12-7 

     

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect

 

    A-12-8 

     

    

 

the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of
the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates
by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision
or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation
of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii)
to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to
reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor
Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating
Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable
rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of
the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating

 

    A-12-9 

     

    

 

Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the
Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered
offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion
of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for
this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify
or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any 

 

    A-12-10 

     

    

 

	 	 	rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation,
if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated Repayment Date,
then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-12-11 

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5,
Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be,

 

    A-12-12 

     

    

 

required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-12-13 

     

    

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class G Certificate to be duly executed.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate of Authentication

 

This is one of the Class G
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-12-14 

     

    

 

 

EXHIBIT A-13

 

FORM OF CLASS H [RULE 144A]1
[TEMPORARY REG S]2 [REG S]3
[IAI]4 CERTIFICATE

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) (EXCEPT WITH RESPECT TO THE CLASS R

 

 

1
For Rule 144A Global Certificates only.

2
For Temp Reg S Global Certificates only.

3
For Reg S Global Certificates only.

4
For IAI Global Certificates only.

5
For Temp Reg S Global Certificates only.

6
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-13-1

     

    

 

CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF DEUTSCHE BANK AG, THE DEPOSITOR, THE MORTGAGE LOAN SELLERS, THE INITIAL PURCHASERS, THE BORROWERS,
THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING
ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY
OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING

 

    A-13-2

     

    

 

CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL
RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS
DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”)
WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH,
A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING
AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT
OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), OTHER THAN AN INSURANCE COMPANY USING THE ASSETS
OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE
COMPANY WILL BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND SECTION 4975 OF THE CODE
UNDER SECTIONS I AND III OF PTCE 95-60 OR, IN THE CASE OF A PLAN SUBJECT TO SIMILAR LAW, WHERE THE ACQUISITION, HOLDING AND DISPOSITION
OF SUCH CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    A-13-3

     

    

BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS H

 

	Class H Pass-Through Rate:  2.000%	 	
        CUSIP:    [08163BAU5]7

        [U0742WAK5]8

        [08163BAV3]9

         

        ISIN:        [US08163BAU52]10

        [USU0742WAK54]11

        [US08163BAV36]12

         

	Original Aggregate Certificate Balance of the Class H Certificates: $ 28,040,150	 	Initial Certificate Balance of this Certificate: $[_____]
	 	 	 
	First Distribution Date: January 15, 2021	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: January 2031	 	No.: H-[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class H Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital

 

 

7
For Rule 144A Certificates

8
For Regulation S Certificates

9
For IAI Certificates

10
For Rule 144A Certificates

11
For Regulation S Certificates

12
For IAI Certificates

 

    A-13-4

     

    

 

Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class H Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021.

 

During each Interest
Accrual Period (as defined below), interest on the Class H Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month

 

    A-13-5

     

    

 

immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

    A-13-6

     

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest
Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower);
and (xvi) the Closing Date Deposit Amount. As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain
of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-13-7

     

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect

 

    A-13-8

     

    

 

the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of
the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates
by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision
or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation
of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii)
to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to
reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor
Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating
Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable
rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of
the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating

 

    A-13-9

     

    

 

Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the
Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered
offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion
of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for
this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify
or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any 

 

    A-13-10

     

    

 

	 	 	rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation,
if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated Repayment Date,
then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-13-11

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed
                                         Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
                                         Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee
                                         Fees, the CREFC® Intellectual Property Royalty License Fees and Trust
                                         Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5,
Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be,

    A-13-12

     

    

 

required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-13-13

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class H Certificate to be duly executed.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate of Authentication

 

This is one of the Class H
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-13-14

     

    

EXHIBIT A-14

 

FORM OF CLASS X-A CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF DEUTSCHE BANK AG, THE DEPOSITOR, THE MORTGAGE LOAN SELLERS, THE INITIAL PURCHASERS, THE BORROWERS,
THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING
ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY
OR PRIVATE INSURER.

 

THE HOLDERS OF THIS CLASS X-A CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-A CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-A CERTIFICATES IS EQUAL TO AN AMOUNT AS SET
FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-14-1

     

    

BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-A

 

	Class X-A Pass-Through Rate:  Variable	 	
        CUSIP: 08163BBF7

         

        ISIN: US08163BBF76

         

	Original Aggregate Notional Balance of the Class X-A Certificates: $ 611,069,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: January 15, 2021	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January 2031	 	No.: X-A-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-A Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

    A-14-2

     

    

 

This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-A Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class X-A Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately

 

    A-14-3

     

    

 

available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of

 

    A-14-4

     

    

 

Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest
Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower);
and (xvi) the Closing Date Deposit Amount. As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain
of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-14-5

     

    

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Pari Passu

    A-14-6

     

    

 

Companion Loan not consenting thereto as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of
the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates
by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision
or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation
of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii)
to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to
reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor
Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating
Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable
rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of
the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the
Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered
offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion
of Counsel, or (b) in the event the Risk Retention Rule or any other

    A-14-7

     

    

 

regulation applicable to the risk retention requirements for
this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify
or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered 

 

    A-14-8

     

    

 

	 	 	satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation,
if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated Repayment Date,
then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

    A-14-9

     

    

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed
                                         Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
                                         Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee
                                         Fees, the CREFC® Intellectual Property Royalty License Fees and Trust
                                         Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5,
Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing

    A-14-10

     

    

 

Agreement of the last asset held by the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-14-11

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class  X-A Certificate to be duly executed.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate of Authentication

 

This is one of the Class X-A
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    A-14-12

     

    

EXHIBIT A-15

 

FORM OF CLASS X-B [RULE 144A]1
[TEMPORARY REG S]2 [REG S]3
[IAI]4 CERTIFICATE

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) (EXCEPT WITH RESPECT TO THE CLASS R

 

 

1
For Rule 144A Global Certificates only.

2
For Temp Reg S Global Certificates only.

3
For Reg S Global Certificates only.

4
For IAI Global Certificates only.

5
For Temp Reg S Global Certificates only.

6
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-15-1

     

    

 

CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF DEUTSCHE BANK AG, THE DEPOSITOR, THE MORTGAGE LOAN SELLERS, THE INITIAL PURCHASERS, THE BORROWERS,
THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING
ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY
OR PRIVATE INSURER.

 

THE HOLDERS OF THIS CLASS X-B CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-B CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-B CERTIFICATES IS EQUAL TO AN AMOUNT AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

    A-15-2

     

    

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    A-15-3

     

    

 

BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-B

 

	
        Class X-B Pass-Through Rate: Variable

         

         

         
	 	
        CUSIP:    [08163BAA9]7

        [U0742WAA7]8

        [08163BAB7]9

         

        ISIN:        [US08163BAA98]10

        [USU0742WAA72]11

        [US08163BAB71]12

         

	Original Aggregate Notional Balance of the Class X-B Certificates:  $ 62,848,000	 	Initial Notional Balance of this Certificate:  $[_____]
	 	 	 
	First Distribution Date:  January 15, 2021	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January 2031	 	No.:  X-B-[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division

 

 

7
For Rule 144A Certificates

8
For Regulation S Certificates

9
For IAI Certificates

10
For Rule 144A Certificates

11
For Regulation S Certificates

12
For IAI Certificates

    A-15-4

     

    

 

of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class X-B Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the

    A-15-5

     

    

 

related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

    A-15-6

     

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest
Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower);
and (xvi) the Closing Date Deposit Amount. As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain
of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-15-7

     

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect

    A-15-8

     

    

 

the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of
the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates
by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision
or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation
of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii)
to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to
reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor
Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating
Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable
rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of
the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating

    A-15-9

     

    

 

Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the
Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered
offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion
of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for
this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify
or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any 

 

    A-15-10

     

    

 

	 	 	rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation,
if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated Repayment Date,
then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-15-11

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed
                                         Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
                                         Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee
                                         Fees, the CREFC® Intellectual Property Royalty License Fees and Trust
                                         Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5,
Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be,

 

    A-15-12

     

    

 

required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-15-13

     

    

 

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class X-B Certificate to be duly executed.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate of Authentication

 

This is one of the Class X-B
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-15-14

     

    

EXHIBIT A-16

 

FORM OF CLASS X-D [RULE 144A]1
[TEMPORARY REG S]2 [REG S]3
[IAI]4 CERTIFICATE

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) (EXCEPT WITH RESPECT TO THE CLASS R 

 

 

 

1
For Rule 144A Global Certificates only.

2
For Temp Reg S Global Certificates only.

3
For Reg S Global Certificates only.

4
For IAI Global Certificates only.

5
For Temp Reg S Global Certificates only.

6
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-16-1 

     

    

 

CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF DEUTSCHE BANK AG, THE DEPOSITOR, THE MORTGAGE LOAN SELLERS, THE INITIAL PURCHASERS, THE BORROWERS,
THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING
ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY
OR PRIVATE INSURER.

 

THE HOLDERS OF THIS CLASS X-D CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE

 

    A-16-2 

     

    

 

CLASS X-D CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-D CERTIFICATES IS EQUAL TO AN AMOUNT AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    A-16-3 

     

    

 

 

BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-D

 

	Class X-D Pass-Through Rate:  Variable	 	
        CUSIP: [08163BAC5]7

                      [U0742WAB5]8

                      [08163BAD3]9

        

         

        ISIN:    [US08163BAC54]10

                     [USU0742WAB55]11

                     [US08163BAD38]12

         

	Original Aggregate Notional Balance of the Class X-D
    Certificates:  $ 41,576,000	 	Initial Notional Balance of this Certificate:  $[_____]
	 	 	 
	First Distribution Date: January 15, 2021	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January 2031	 	No.:  X-D-[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division

 

 

 

7
For Rule 144A Certificates

8
For Regulation S Certificates

9
For IAI Certificates

10
For Rule 144A Certificates

11
For Regulation S Certificates

12
For IAI Certificates

 

    A-16-4 

     

    

 

of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-D Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class X-D Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the

 

    A-16-5 

     

    

 

related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

    A-16-6 

     

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest
Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower);
and (xvi) the Closing Date Deposit Amount. As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain
of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-16-7 

     

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect

 

    A-16-8 

     

    

 

the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of
the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates
by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision
or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation
of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii)
to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to
reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor
Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating
Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable
rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of
the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating

 

    A-16-9 

     

    

 

Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the
Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered
offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion
of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for
this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify
or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any

 

    A-16-10 

     

    

 

	 	 	 rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation,
if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated Repayment Date,
then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-16-11 

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5,
Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be,

 

    A-16-12 

     

    

 

required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-16-13 

     

    

 

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class X-D Certificate to be duly executed.

 

Dated: December 31, 2020

 

	 	WELLS
               FARGO BANK, NATIONAL ASSOCIATION, not
               in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	    
			Name:

                                         Title:

 

Certificate of Authentication

 

This is one of the Class X-D
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: December 31, 2020

 

	 	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, not
                                         in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:	    
			Name:

                                         Title:

  

    A-16-14 

     

    

 

EXHIBIT A-17

 

FORM OF CLASS X-F [RULE 144A]1
[TEMPORARY REG S]2 [REG S]3
[IAI]4 CERTIFICATE

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) (EXCEPT WITH RESPECT TO THE CLASS R

 

 

 

1
For Rule 144A Global Certificates only.

2
For Temp Reg S Global Certificates only.

3
For Reg S Global Certificates only.

4
For IAI Global Certificates only.

5
For Temp Reg S Global Certificates only.

6
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-17-1 

     

    

 

CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF DEUTSCHE BANK AG, THE DEPOSITOR, THE MORTGAGE LOAN SELLERS, THE INITIAL PURCHASERS, THE BORROWERS,
THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING
ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY
OR PRIVATE INSURER.

 

THE HOLDERS OF THIS CLASS X-F CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-

 

    A-17-2 

     

    

 

F CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-F CERTIFICATES IS EQUAL TO AN AMOUNT AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL
RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS
DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”)
WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH,
A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING
AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT
OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), OTHER THAN AN INSURANCE COMPANY USING THE ASSETS
OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE
COMPANY WILL BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND SECTION 4975 OF THE CODE
UNDER SECTIONS I AND III OF PTCE 95-60 OR, IN THE CASE OF A PLAN SUBJECT TO SIMILAR LAW, WHERE THE ACQUISITION, HOLDING AND DISPOSITION
OF SUCH CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

    A-17-3 

     

    

 

BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-F

 

	Class X-F Pass-Through Rate:  Variable	 	
        CUSIP: [08163BAE1]7

                      [U0742WAC3]8

                      [08163BAF8]9
        

         

        ISIN:   [US08163BAE11]10

                    [USU0742WAC39]11

                    [US08163BAF85]12

         

	Original Aggregate Notional Balance of the Class X-F
    Certificates:  $ 22,238,000	 	Initial Notional Balance of this Certificate:  $[_____]
	 	 	 
	First Distribution Date: January 15, 2021	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January 2031	 	No.:  X-F-[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-F Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division

 

 

 

7
For Rule 144A Certificates

8
For Regulation S Certificates

9
For IAI Certificates

10
For Rule 144A Certificates

11
For Regulation S Certificates

12
For IAI Certificates

 

    A-17-4 

     

    

 

of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-F Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021.

 

During each Interest
Accrual Period (as defined below), interest on the Class X-F Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The

 

    A-17-5 

     

    

 

“Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

    A-17-6 

     

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest
Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower);
and (xvi) the Closing Date Deposit Amount. As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain
of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-17-7 

     

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect

 

    A-17-8 

     

    

 

the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of
the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates
by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision
or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation
of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii)
to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to
reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor
Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating
Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable
rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of
the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating

 

    A-17-9 

     

    

 

Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the
Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered
offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion
of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for
this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify
or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any 

 

    A-17-10 

     

    

 

	 	 	rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation,
if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated Repayment Date,
then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-17-11 

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5,
Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be,

 

    A-17-12 

     

    

 

required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-17-13 

     

    

 

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class X-F Certificate to be duly executed.

 

Dated: December 31, 2020

 

	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	    
			Name:

                                         Title:

 

Certificate of Authentication

 

This is one of the Class X-F
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: December 31, 2020

 

	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:	    
			Name:

                                         Title:

 

    A-17-14 

     

    

EXHIBIT A-18

 

FORM OF CLASS X-G [RULE 144A]1
[TEMPORARY REG S]2 [REG S]3
[IAI]4 CERTIFICATE

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) (EXCEPT WITH RESPECT TO THE CLASS R

 

 

 

1
For Rule 144A Global Certificates only.

2
For Temp Reg S Global Certificates only.

3
For Reg S Global Certificates only.

4
For IAI Global Certificates only.

5
For Temp Reg S Global Certificates only.

6
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-18-1 

     

    

 

CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF DEUTSCHE BANK AG, THE DEPOSITOR, THE MORTGAGE LOAN SELLERS, THE INITIAL PURCHASERS, THE BORROWERS,
THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING
ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY
OR PRIVATE INSURER.

 

THE HOLDERS OF THIS CLASS X-G CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE

 

    A-18-2 

     

    

 

CLASS X-G CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-G CERTIFICATES IS EQUAL TO AN AMOUNT AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL
RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS
DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”)
WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH,
A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING
AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT
OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), OTHER THAN AN INSURANCE COMPANY USING THE ASSETS
OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE
COMPANY WILL BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND SECTION 4975 OF THE CODE
UNDER SECTIONS I AND III OF PTCE 95-60 OR, IN THE CASE OF A PLAN SUBJECT TO SIMILAR LAW, WHERE THE ACQUISITION, HOLDING AND DISPOSITION
OF SUCH CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    A-18-3 

     

    

 

BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-G

 

	Class X-G Pass-Through Rate:  Variable	 	
        CUSIP: [08163BAG6]7

                      [U0742WAD1]8

                      [08163BAH4]9
        

         

        ISIN:    [US08163BAG68]10

                     [USU0742WAD12]11

                     [US08163BAH42]12

         

	Original Aggregate Notional Balance of the Class X-G Certificates:  $ 7,735,000	 	Initial Notional Balance of this Certificate:  $[_____]
	 	 	 
	First Distribution Date: January 15, 2021	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January 2031	 	No.:  X-G-[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-G Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division

 

 

 

7
For Rule 144A Certificates

8
For Regulation S Certificates

9
For IAI Certificates

10
For Rule 144A Certificates

11
For Regulation S Certificates

12
For IAI Certificates

 

    A-18-4 

     

    

 

of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-G Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021.

 

During each Interest
Accrual Period (as defined below), interest on the Class X-G Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The

 

    A-18-5 

     

    

 

“Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

    A-18-6 

     

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest
Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower);
and (xvi) the Closing Date Deposit Amount. As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain
of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-18-7 

     

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect

 

    A-18-8 

     

    

 

the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of
the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates
by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision
or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation
of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii)
to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to
reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor
Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating
Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable
rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of
the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating

 

    A-18-9 

     

    

 

Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the
Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered
offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion
of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for
this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify
or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any 

 

    A-18-10 

     

    

 

	 	 	rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation,
if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated Repayment Date,
then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-18-11 

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5,
Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be,

 

    A-18-12 

     

    

 

required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-18-13 

     

    

 

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class X-G Certificate to be duly executed.

 

Dated: December 31, 2020

 

	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	    
			Name:

                                         Title:

 

Certificate of Authentication

 

This is one of the Class X-G
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: December 31, 2020

 

	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:	    
			Name:

                                         Title:

 

    A-18-14 

     

    

EXHIBIT A-19

 

FORM OF CLASS X-H [RULE 144A]1 [TEMPORARY REG S]2 [REG S]3 [IAI]4 CERTIFICATE

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]6

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW.  THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R

 

 

1 For Rule 144A Global Certificates only. 

2 For Temp Reg S Global Certificates only. 

3 For Reg S Global Certificates only. 

4 For IAI Global Certificates only. 

5 For Temp Reg S Global Certificates only. 

6 Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

 

    A-19-1

     

    

 

CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF DEUTSCHE BANK AG, THE DEPOSITOR, THE MORTGAGE LOAN SELLERS, THE INITIAL PURCHASERS, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE HOLDERS OF THIS CLASS X-H CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE 

 

 

    A-19-2

     

    

 

CLASS X-H CERTIFICATES AND WILL NOT BE ENTITLED TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL.  THE NOTIONAL BALANCE OF THE CLASS X-H CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.  ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WILL BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND SECTION 4975 OF THE CODE UNDER SECTIONS I AND III OF PTCE 95-60 OR, IN THE CASE OF A PLAN SUBJECT TO SIMILAR LAW, WHERE THE ACQUISITION, HOLDING AND DISPOSITION OF SUCH CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

    A-19-3

     

    

 

BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS X-H

 

	
Class X-H Pass-Through Rate:  Variable

	
 

	
CUSIP:    [08163BAJ0]7
[U0742WAE9]8
[08163BAK7]9

ISIN:       [US08163BAJ08]10
[USU0742WAE94]11
[US08163BAK70]12

	 	 	 
	
Original Aggregate Notional Balance of the
Class X-H Certificates:  $ 28,040,150

	
 

	
Initial Notional Balance of this Certificate:  $[_____]

	 	 	 
	
First Distribution Date: January 15, 2021

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan

	 	 	 
	
Assumed Final Distribution Date:  January 2031

	
 

	
No.:  X-H-[__]

 

This certifies that [              ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class X-H Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division

 

 

7 For Rule 144A Certificates 

8 For Regulation S Certificates 

9 For IAI Certificates 

10 For Rule 144A Certificates 

11 For Regulation S Certificates 

12 For IAI Certificates

 

 

 

    A-19-4

     

    

 

of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).  This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.  In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if any, allocable to the Class X-H Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021.

 

During each Interest Accrual Period (as defined below), interest on the Class X-H Certificates will be calculated based on a 360-day year consisting of twelve 30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The

 

 

    A-19-5

     

    

 

“Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.  Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.  Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders.  If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect thereto.  If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates.  The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds.  Subject to applicable state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.  No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement.  Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

 

    A-19-6

     

    

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower); and (xvi) the Closing Date Deposit Amount.  As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.  Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered.  Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

 

    A-19-7

     

    

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum  with respect to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect

 

 

    A-19-8

     

    

 

the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating

 

 

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Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any

 

 

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rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation, if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated Repayment Date, then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

 

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(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be,

 

 

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required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

 

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IN WITNESS WHEREOF, the Certificate Administrator has caused this Class X-H Certificate to be duly executed.

 

Dated:  December 31, 2020 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Certificate of Authentication

 

This is one of the Class X-H Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  December 31, 2020 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

 

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EXHIBIT A-20

 

FORM OF CLASS S CERTIFICATE

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF DEUTSCHE BANK AG, THE DEPOSITOR, THE MORTGAGE LOAN SELLERS, THE INITIAL PURCHASERS, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE AGREED TO CONSENT TO THE DESIGNATION OF THE CERTIFICATE ADMINISTRATOR AS “PARTNERSHIP REPRESENTATIVE” OF THE UPPER-TIER REMIC AND THE LOWER-TIER REMIC PURSUANT TO SECTION 6223 OF THE CODE.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW.  THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF 

 

 

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REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)).

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

 

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BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS S

 

	
No.: S-1

	
 

	
Percentage Interest: [100]%

CUSIP:       [08163BAW1]1

ISIN:          [US08163BAW19]2

 

This certifies that [              ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class S Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).  This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a beneficial ownership interest in a portion of the Excess Interest collected on the ARD Loan and amounts held from time to time in the Excess Interest Distribution Account. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

 

1 For Rule 144A Certificates 

2 For Rule 144A Certificates

 

 

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The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.  In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if any, allocable to the Class S Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in January 2021. 

 

All distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.  Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders.  If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect thereto.  If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates.  The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds.  Subject to applicable state escheatment laws, if within two years after the second notice any such Certificates shall not

 

 

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have been surrendered for cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class S Certificateholders.  No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement.  Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower); and (xvi) the Closing Date Deposit Amount.  As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,

 

 

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rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.  Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered.  Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum  with respect to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to change the timing

 

 

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and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the

 

 

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Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

 

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(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the

 

 

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Trust is less than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation, if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated Repayment Date, then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage

 

 

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Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

 

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IN WITNESS WHEREOF, the Certificate Administrator has caused this Class S Certificate to be duly executed.

 

Dated:  December 31, 2020 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Certificate of Authentication

 

This is one of the Class S Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  December 31, 2020 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

 

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EXHIBIT A-21

 

FORM OF CLASS R CERTIFICATE

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF DEUTSCHE BANK AG, THE DEPOSITOR, THE MORTGAGE LOAN SELLERS, THE INITIAL PURCHASERS, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).  A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02(l) OF THE POOLING AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON, (C) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, AND (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE.  BECAUSE THIS CERTIFICATE REPRESENTS MULTIPLE “NON-ECONOMIC RESIDUAL INTERESTS,” AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E 1(c), TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES.  IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE 

 

 

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PROPOSED TRANSFEREE AND EITHER TO PAY A SPECIFIED AMOUNT TO THE PROPOSED TRANSFEREE OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN REGULATIONS.

 

THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE AGREED TO CONSENT TO THE DESIGNATION OF THE CERTIFICATE ADMINISTRATOR AS “PARTNERSHIP REPRESENTATIVE” OF THE UPPER-TIER REMIC AND THE LOWER-TIER REMIC PURSUANT TO SECTION 6223 OF THE CODE.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW.  THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE 

 

 

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RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)).

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

 

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BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS R

 

	
No.: R-1

	
Percentage Interest: [100]%

	
 

	
CUSIP:      08163BAY71

ISIN:         US08163BAY742

 

This certifies that [              ] is the registered owner of the Percentage Interest evidenced by this Certificate in the Class R Certificates issued by the Trust Fund. The Class R Certificateholder is not entitled to interest or principal distributions.  The Class R Certificateholder will be entitled to receive the proceeds of the remaining assets of the Upper-Tier REMIC, if any, on the Final Scheduled Distribution Date for the Certificates, after distributions in respect of any accrued but unpaid interest on the Certificates and after distributions in reduction of principal balance have reduced the principal balances of the Certificates to zero.  It is not anticipated that there will be any assets remaining in the Upper-Tier REMIC or Trust Fund on the Final Scheduled Distribution Date following the distributions on the Regular Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).  This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

 

1 For Rule 144A Certificates 

2 For Rule 144A Certificates

 

 

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This Class R Certificate represents the sole “residual interests” in two “real estate mortgage investment conduits”, as those terms are defined, respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.  The Certificate Administrator shall be designated as the “partnership representative” (within the meaning of Section 6223 of the Code) for each Trust REMIC.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.  In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

All distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.  Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders.  If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect thereto.  If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates.  The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds.  Subject to applicable state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator

 

 

    A-21-5

     

    

 

shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.  No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement.  Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein):  (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower); and (xvi) the Closing Date Deposit Amount.  As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

 

    A-21-6

     

    

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.  Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered.  Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer  and the Trustee without the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum  with respect to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely

 

 

    A-21-7

     

    

 

affect in any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such

 

 

    A-21-8

     

    

 

modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the

 

 

    A-21-9

     

    

 

requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation, if an ARD Loan is still an asset of the Trust and

 

 

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such right is being exercised after its respective Anticipated Repayment Date, then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

	
 

	
(A)

	
100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

	
 

	
(B)

	
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

	
 

	
(C)

	
all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

	
 

	
(D)

	
the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The

 

 

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Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

 

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IN WITNESS WHEREOF, the Certificate Administrator has caused this Class R Certificate to be duly executed.

 

Dated:  December 31, 2020 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Certificate of Authentication

 

This is one of the Class R Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  December 31, 2020 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title

 

 

    A-21-13

     

    

 

EXHIBIT A-22

 

FORM OF VRR INTEREST

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF DEUTSCHE BANK AG, THE DEPOSITOR, THE MORTGAGE LOAN SELLERS, THE INITIAL PURCHASERS, THE BORROWERS,
THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING
ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY
OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT
ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH
RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH

 

    A-23-1

     

    

 

ANY OTHER APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL
RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS
DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”)
WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH,
A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING
AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (PURSUANT TO U.S. DEPARTMENT
OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)).

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS (I) A “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, AND (II)
A BENEFICIAL INTEREST IN THE EXCESS INTEREST AND PROCEEDS THEREOF IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.

 

THIS CERTIFICATE IS INTENDED TO CONSTITUTE
PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES
EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING, TRANSFER AND FINANCING SET FORTH
IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. THE INITIAL INVESTOR IN THIS
CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED
TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

    A-23-2

     

    

 

BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, VRR INTEREST

 

	VRR Interest Pass-Through Rate:  N/A  	 	
        CUSIP: [08163BAX9]1

        

        

        

        ISIN:    [US08163BAX91]2

        

        

         

	Original Aggregate Certificate Balance of the VRR Interest:  $ 40,710,850	 	Initial Certificate Balance of this Certificate:  $[_____]
	 	 	 
	First Distribution Date: January 15, 2021	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in December 2020 (or, in the case of any Mortgage Loan that has its first Due Date after December 2020, the date that would have been its Due Date in December 2020 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January 2031	 	No.:  VRR-[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the VRR Interest. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first
liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust
Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).
The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), as custodian and as paying agent, and Pentalpha Surveillance
LLC, as operating advisor (in such

 

 

1 For IAI Certificates

2 For IAI Certificates

 

    A-23-3

     

    

 

capacity, the
“Operating Advisor”) and as asset representations reviewer (in such capacity, the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5,
Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E,
Class F, Class G, Class H, Class S and Class R Certificates and the VRR Interest (the “Certificates”; the
Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as
“Certificateholders”). This Certificate is issued pursuant to, and in accordance with, the terms of the
Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
(i) a “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, and (ii) a beneficial interest in the Excess
Interest and proceeds thereof in the Excess Interest Distribution Account. Each Holder of this Certificate, by acceptance hereof,
agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence
for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the VRR Interest for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.
“Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such
eleventh day is not a Business Day, then the next Business Day, commencing in January 2021. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the VRR Interest will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month

 

    A-23-4

     

    

 

immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

    A-23-5

     

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the VRR Interest
Upper-Tier Regular Interest; (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower);
and (xvi) the Closing Date Deposit Amount. As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain
of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-23-6

     

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect

 

    A-23-7

     

    

 

the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of
the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates
by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision
or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation
of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii)
to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to
reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor
Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating
Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable
rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of
the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating

 

    A-23-8

     

    

 

Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate or add to any provisions of the
Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered
offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion
of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for
this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify
or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loans which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any 

 

    A-23-9

     

    

 

	 	 	rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans as of the Cut-off Date (or for purposes of this calculation,
if an ARD Loan is still an asset of the Trust and such right is being exercised after its respective Anticipated Repayment Date,
then such Mortgage Loan will be excluded from the aggregate Stated Principal Balance and the aggregate Cut-off Date Balance)) by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-23-10

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-4, Class A-5,
Class A-M, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall
be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be,

 

    A-23-11

     

    

 

required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-23-12

     

    

 

IN WITNESS WHEREOF,
the Certificate Administrator has caused this VRR Interest to be duly executed.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate of Authentication

 

This is the VRR Interest
referred to in the Pooling and Servicing Agreement.

 

Dated: December 31, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-23-13

     

    

 

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

    B-1

     

    

 

	BMARK 2020-B22 - Mortgage Loan Schedule	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Mortgage Loan	 	 	 	 
	ID	Loan Number	 Seller	Mortgage Loan Name	Street Address	City	State
	1	1	JPMCB/GACC	The Grace Building	1114 Avenue of the Americas	New York	NY
	2	2	CREFI/GACC	MGM Grand & Mandalay Bay	Various	Las Vegas	NV
	2.001	2.001	CREFI/GACC	MGM Grand	3799 South Las Vegas Boulevard	Las Vegas	NV
	2.002	2.002	CREFI/GACC	Mandalay Bay	3950 South Las Vegas Boulevard	Las Vegas	NV
	3	3	CREFI	Elo Midtown Office Portfolio	Various	New York	NY
	3.001	3.001	CREFI	15 West 47th Street	15 West 47th Street	New York	NY
	3.002	3.002	CREFI	48 West 48th Street	48 West 48th Street	New York	NY
	3.003	3.003	CREFI	151 West 46th Street	151 West 46th Street	New York	NY
	4	4	JPMCB	Station Park & Station Park West	150 North Central Avenue and 1037 & 1070 West Park Lane 	Farmington	UT
	5	5	JPMCB	Rugby Pittsburgh Portfolio	Various	Various	PA
	5.001	5.001	JPMCB	Foster Plaza	415, 425, 601, 501 & 651 Holiday Drive and 681, 661 & 680 Andersen Drive	Pittsburgh	PA
	5.002	5.002	JPMCB	Cherrington Corporate Center	200, 300 & 600 Corporate Center Drive, 400 Fairway Drive and 500, 625 & 700 Cherrington Parkway	Coraopolis	PA
	6	6	JPMCB	Mountain View Village	4630 West 13400 South	Riverton	UT
	7	7	JPMCB	4 West 58th Street	4 West 58th Street	New York	NY
	8	8	GSMC	McClellan Business Park	3140 Peacekeeper Way	McClellan	CA
	9	9	GACC	1088 Sansome	1088 Sansome Street	San Francisco	CA
	10	10	GSMC	711 Fifth Avenue	711 5th Avenue	New York	NY
	11	11	JPMCB	Amazon Port of Savannah	1500 Crossgate Road	Port Wentworth	GA
	12	12	CREFI	111 Kent Avenue	111 Kent Avenue	Brooklyn	NY
	13	13	CREFI	32-42 Broadway	32-42 Broadway	New York	NY
	14	14	CREFI	27750 Entertainment Drive	27750 Entertainment Drive	Valencia	CA
	15	15	GSMC	JW Marriott Nashville	201 8th Avenue South	Nashville	TN
	16	16	CREFI	Hotel ZaZa Houston Museum District	5701 Main Street	Houston	TX
	17	17	GSMC	Medici Office Park	14200, 14280 & 14400 East Jewell Avenue	Aurora	CO
	18	18	CREFI	5 East 22nd Street	5 East 22nd Street	New York	NY
	19	19	GSMC	Cabinetworks Portfolio	Various	Various	OH
	19.001	19.001	GSMC	15535 South State Avenue	15535 South State Avenue	Middlefield	OH
	19.002	19.002	GSMC	150 Grand Valley Avenue	150 Grand Valley Avenue	Orwell	OH
	19.003	19.003	GSMC	16052 Industrial Parkway	16052 Industrial Parkway	Middlefield	OH
	20	20	JPMCB	350 West Broadway	350 West Broadway	New York	NY
	21	21	JPMCB	Maplewood Commons	1803-1821, 2001-2021 & 2300 Maplewood Commons Drive	Maplewood	MO
	22	22	JPMCB	Mercury Plaza	117 Marketplace Drive	Hampton	VA
	23	23	GACC	Pet Food Experts Industrial	561 South Muddy Creek Road	Denver	PA
	24	24	GACC	Frontier Self Storage	425 North Main Street	Salinas	CA
	25	25	JPMCB	Arotech-FAAC Portfolio	Various	Various	Various
	25.001	25.001	JPMCB	781 Avis Drive	781 Avis Drive	Ann Arbor	MI
	25.002	25.002	JPMCB	5750 East McKellips Road	5750 East McKellips Road	Mesa	AZ
	25.003	25.003	JPMCB	1229 Oak Valley Drive	1229 Oak Valley Drive	Ann Arbor	MI
	26	26	CREFI	Storage Solutions Portfolio	Various	Various	IL
	26.001	26.001	CREFI	Storage Solutions Bourbonnais	1806 Kinzie Avenue	Bourbonnais	IL
	26.002	26.002	CREFI	Storage Solutions Limestone	2019 West Route 17	Kankakee	IL
	26.003	26.003	CREFI	Storage Solutions Manteno	300 South Spruce Street	Manteno	IL
	26.004	26.004	CREFI	Storage Solutions Kankakee	600 North Entrance Avenue	Kankakee	IL
	27	27	GACC	Reladyne Industrial	290 East Joe Orr Road	Chicago Heights	IL
	28	28	CREFI	801 Bedford Avenue	801 Bedford Avenue	Brooklyn	NY
	29	29	GACC	SDC Annex	5811 6th Avenue South	Seattle	WA
	30	30	CREFI	CityLine All American Storage	1146 Elma G. Miles Parkway	Hinesville	GA
	31	31	CREFI	200 Centennial Avenue	200 Centennial Avenue	Piscataway	NJ
	32	32	GACC	Alief Westwood Self Storage	9219 Boone Road	Houston	TX
	33	33	CREFI	Prime Storage Palm Desert	75050 Merle Drive	Palm Desert	CA

 

    

     

    

	BMARK 2020-B22 - Mortgage Loan Schedule	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	Mortgage Loan	 	 	Mortage	Original Principal	Cut-off Date 	Maturity Date	Due	Monthly
	ID	Loan Number	 Seller	Mortgage Loan Name	Zip Code	Rate	Balance	Stated Principal Balance	or ARD	Date 	Debt Service
	1	1	JPMCB/GACC	The Grace Building	10036	2.69210%	$80,000,000	$80,000,000.00	12/6/2030	6	             181,966.02
	2	2	CREFI/GACC	MGM Grand & Mandalay Bay	Various	3.55800%	$75,000,000	$75,000,000.00	3/5/2030	5	225,463.54
	2.001	2.001	CREFI/GACC	MGM Grand	89109	3.55800%	$40,875,000	$40,875,000.00	 	 	 
	2.002	2.002	CREFI/GACC	Mandalay Bay	89119	3.55800%	$34,125,000	$34,125,000.00	 	 	 
	3	3	CREFI	Elo Midtown Office Portfolio	10036	3.51000%	$71,000,000	$71,000,000.00	1/6/2031	6	210,559.38
	3.001	3.001	CREFI	15 West 47th Street	10036	3.51000%	$36,003,546	$36,003,546.10	 	 	 
	3.002	3.002	CREFI	48 West 48th Street	10036	3.51000%	$22,911,348	$22,911,347.52	 	 	 
	3.003	3.003	CREFI	151 West 46th Street	10036	3.51000%	$12,085,106	$12,085,106.38	 	 	 
	4	4	JPMCB	Station Park & Station Park West	84025	3.37700%	$60,000,000	$60,000,000.00	12/5/2030	5	             171,195.14
	5	5	JPMCB	Rugby Pittsburgh Portfolio	Various	3.39200%	$50,000,000	$50,000,000.00	1/1/2031	1	             221,518.88
	5.001	5.001	JPMCB	Foster Plaza	15220	3.39200%	$30,488,644	$30,488,644.18	 	 	  
	5.002	5.002	JPMCB	Cherrington Corporate Center	15108	3.39200%	$19,511,356	$19,511,355.82	 	 	  
	6	6	JPMCB	Mountain View Village	84103	3.37700%	$38,650,500	$38,650,500.00	12/5/2030	5	             110,279.63
	7	7	JPMCB	4 West 58th Street	10019	3.68000%	$32,500,000	$32,500,000.00	3/1/2030	1	             101,050.93
	8	8	GSMC	McClellan Business Park	95652	3.30900%	$32,400,000	$32,400,000.00	12/11/2030	11	90,583.88
	9	9	GACC	1088 Sansome	94111	3.27600%	$32,250,000	$32,250,000.00	1/6/2031	6	              89,265.31
	10	10	GSMC	711 Fifth Avenue	10022	3.16000%	$30,000,000	$30,000,000.00	3/6/2030	6	80,097.22
	11	11	JPMCB	Amazon Port of Savannah	31407	3.55700%	$28,700,000	$28,700,000.00	1/1/2031	1	              86,253.13
	12	12	CREFI	111 Kent Avenue	11249	3.77000%	$26,000,000	$26,000,000.00	12/6/2030	6	82,817.82
	13	13	CREFI	32-42 Broadway	10004	3.25000%	$25,000,000	$25,000,000.00	11/6/2030	6	68,648.73
	14	14	CREFI	27750 Entertainment Drive	91355	4.60000%	$23,500,000	$23,500,000.00	12/6/2030	6	120,471.43
	15	15	GSMC	JW Marriott Nashville	37203	3.13900%	$20,000,000	$20,000,000.00	3/6/2030	6	53,043.29
	16	16	CREFI	Hotel ZaZa Houston Museum District	77005	3.80000%	$20,000,000	$20,000,000.00	3/6/2030	6	93,191.47
	17	17	GSMC	Medici Office Park	80012	3.59800%	$18,500,000	$18,500,000.00	1/6/2031	6	84,088.60
	18	18	CREFI	5 East 22nd Street	10010	3.45000%	$16,000,000	$16,000,000.00	12/6/2030	6	46,638.89
	19	19	GSMC	Cabinetworks Portfolio	Various	3.32200%	$15,000,000	$15,000,000.00	11/6/2030	6	65,875.16
	19.001	19.001	GSMC	15535 South State Avenue	44062	3.32200%	$9,201,803	$9,201,802.97	 	 	 
	19.002	19.002	GSMC	150 Grand Valley Avenue	44076	3.32200%	$3,468,100	$3,468,099.95	 	 	 
	19.003	19.003	GSMC	16052 Industrial Parkway	44062	3.32200%	$2,330,097	$2,330,097.08	 	 	 
	20	20	JPMCB	350 West Broadway	10013	3.72100%	$15,000,000	$15,000,000.00	12/1/2030	1	              69,220.73
	21	21	JPMCB	Maplewood Commons	63143	4.27800%	$13,877,500	$13,877,500.00	1/1/2031	1	              68,496.63
	22	22	JPMCB	Mercury Plaza	23666	3.06000%	$12,500,000	$12,500,000.00	12/1/2030	1	              32,317.71
	23	23	GACC	Pet Food Experts Industrial	17517	3.41100%	$11,635,000	$11,635,000.00	1/6/2031	6	              33,531.83
	24	24	GACC	Frontier Self Storage	93901	2.97000%	$11,000,000	$11,000,000.00	1/6/2031	6	              27,603.13
	25	25	JPMCB	Arotech-FAAC Portfolio	Various	3.57600%	$10,400,000	$10,400,000.00	12/6/2030	6	              31,422.44
	25.001	25.001	JPMCB	781 Avis Drive	48108	3.57600%	$4,500,000	$4,500,000.00	 	 	  
	25.002	25.002	JPMCB	5750 East McKellips Road	85215	3.57600%	$3,890,000	$3,890,000.00	 	 	  
	25.003	25.003	JPMCB	1229 Oak Valley Drive	48108	3.57600%	$2,010,000	$2,010,000.00	 	 	  
	26	26	CREFI	Storage Solutions Portfolio	Various	3.74000%	$8,960,000	$8,960,000.00	12/6/2030	6	41,444.33
	26.001	26.001	CREFI	Storage Solutions Bourbonnais	60915	3.74000%	$3,620,000	$3,620,000.00	 	 	 
	26.002	26.002	CREFI	Storage Solutions Limestone	60901	3.74000%	$2,640,000	$2,640,000.00	 	 	 
	26.003	26.003	CREFI	Storage Solutions Manteno	60950	3.74000%	$1,880,000	$1,880,000.00	 	 	 
	26.004	26.004	CREFI	Storage Solutions Kankakee	60901	3.74000%	$820,000	$820,000.00	 	 	 
	27	27	GACC	Reladyne Industrial	60411	3.47500%	$7,150,000	$7,150,000.00	1/6/2031	6	              32,007.00
	28	28	CREFI	801 Bedford Avenue	11205	3.93000%	$7,125,000	$7,125,000.00	12/6/2030	6	23,658.46
	29	29	GACC	SDC Annex	98108	4.46400%	$5,665,000	$5,665,000.00	12/6/2030	6	              28,582.67
	30	30	CREFI	CityLine All American Storage	31313	3.61000%	$4,890,000	$4,890,000.00	12/6/2030	6	22,259.64
	31	31	CREFI	200 Centennial Avenue	08854	3.74000%	$4,500,000	$4,500,000.00	12/6/2030	6	23,111.42
	32	32	GACC	Alief Westwood Self Storage	77099	4.44800%	$3,764,000	$3,764,000.00	1/6/2031	6	              18,955.51
	33	33	CREFI	Prime Storage Palm Desert	92211	3.99000%	$3,250,000	$3,250,000.00	1/6/2026	6	10,956.34

 

    

     

    

	BMARK 2020-B22 - Mortgage Loan Schedule	 	 	 	 	 	 	 	 
	 	 	 	 	Servicing Fee Rate	 	Companion Loan	Interest	 	 
	 	 	Mortgage Loan	 	Master Servicing	Primary Servicing	Subservicing	Primary Servicing	Accrual 	Letter of 	 
	ID	Loan Number	 Seller	Mortgage Loan Name	Fee Rate	Fee Rate	Fee Rate	Fee Rate	Method	Credit	Post-ARD Revised Rate
	1	1	JPMCB/GACC	The Grace Building	0.00125%	0.00000%	0.00000%	0.00250%	Actual/360	None	None
	2	2	CREFI/GACC	MGM Grand & Mandalay Bay	0.00125%	0.00000%	0.00000%	0.00063%	Actual/360	None	5.55800%
	2.001	2.001	CREFI/GACC	MGM Grand	 	 	 	 	 	 	 
	2.002	2.002	CREFI/GACC	Mandalay Bay	 	 	 	 	 	 	 
	3	3	CREFI	Elo Midtown Office Portfolio	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	3.001	3.001	CREFI	15 West 47th Street	 	 	 	 	 	 	 
	3.002	3.002	CREFI	48 West 48th Street	 	 	 	 	 	 	 
	3.003	3.003	CREFI	151 West 46th Street	 	 	 	 	 	 	 
	4	4	JPMCB	Station Park & Station Park West	0.00125%	0.00125%	0.01000%	0.00000%	Actual/360	None	None
	5	5	JPMCB	Rugby Pittsburgh Portfolio	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	5.001	5.001	JPMCB	Foster Plaza	 	 	 	 	 	 	 
	5.002	5.002	JPMCB	Cherrington Corporate Center	 	 	 	 	 	 	 
	6	6	JPMCB	Mountain View Village	0.00125%	0.00125%	0.01000%	0.00000%	Actual/360	None	None
	7	7	JPMCB	4 West 58th Street	0.00125%	0.00000%	0.00000%	0.00125%	Actual/360	None	None
	8	8	GSMC	McClellan Business Park	0.00125%	0.00000%	0.00000%	0.00125%	Actual/360	None	None
	9	9	GACC	1088 Sansome	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	10	10	GSMC	711 Fifth Avenue	0.00125%	0.00000%	0.00000%	0.00250%	Actual/360	None	None
	11	11	JPMCB	Amazon Port of Savannah	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	12	12	CREFI	111 Kent Avenue	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	13	13	CREFI	32-42 Broadway	0.00125%	0.00000%	0.00000%	0.00125%	Actual/360	None	None
	14	14	CREFI	27750 Entertainment Drive	0.00125%	0.00000%	0.03000%	0.00000%	Actual/360	None	None
	15	15	GSMC	JW Marriott Nashville	0.00125%	0.00000%	0.00000%	0.00125%	Actual/360	None	None
	16	16	CREFI	Hotel ZaZa Houston Museum District	0.00125%	0.00000%	0.00000%	0.00125%	Actual/360	None	None
	17	17	GSMC	Medici Office Park	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	18	18	CREFI	5 East 22nd Street	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	19	19	GSMC	Cabinetworks Portfolio	0.00125%	0.00000%	0.00000%	0.00125%	Actual/360	None	None
	19.001	19.001	GSMC	15535 South State Avenue	 	 	 	 	 	 	 
	19.002	19.002	GSMC	150 Grand Valley Avenue	 	 	 	 	 	 	 
	19.003	19.003	GSMC	16052 Industrial Parkway	 	 	 	 	 	 	 
	20	20	JPMCB	350 West Broadway	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	21	21	JPMCB	Maplewood Commons	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	22	22	JPMCB	Mercury Plaza	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	23	23	GACC	Pet Food Experts Industrial	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	24	24	GACC	Frontier Self Storage	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	25	25	JPMCB	Arotech-FAAC Portfolio	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	25.001	25.001	JPMCB	781 Avis Drive	 	 	 	 	 	 	 
	25.002	25.002	JPMCB	5750 East McKellips Road	 	 	 	 	 	 	 
	25.003	25.003	JPMCB	1229 Oak Valley Drive	 	 	 	 	 	 	 
	26	26	CREFI	Storage Solutions Portfolio	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	26.001	26.001	CREFI	Storage Solutions Bourbonnais	 	 	 	 	 	 	 
	26.002	26.002	CREFI	Storage Solutions Limestone	 	 	 	 	 	 	 
	26.003	26.003	CREFI	Storage Solutions Manteno	 	 	 	 	 	 	 
	26.004	26.004	CREFI	Storage Solutions Kankakee	 	 	 	 	 	 	 
	27	27	GACC	Reladyne Industrial	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	28	28	CREFI	801 Bedford Avenue	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	29	29	GACC	SDC Annex	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	30	30	CREFI	CityLine All American Storage	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	31	31	CREFI	200 Centennial Avenue	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	32	32	GACC	Alief Westwood Self Storage	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None
	33	33	CREFI	Prime Storage Palm Desert	0.00125%	0.00125%	0.00000%	0.00000%	Actual/360	None	None

 

    

     

    

	BMARK 2020-B22 - Mortgage Loan Schedule	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Mortgage Loan	 	Part of	Leasehold	Current Mezzanine
	ID	Loan Number	 Seller	Mortgage Loan Name	Whole Loan	Interest	or Subordinate Debt
	1	1	JPMCB/GACC	The Grace Building	Yes	Fee Simple	$367,000,000 B-Note
	2	2	CREFI/GACC	MGM Grand & Mandalay Bay	Yes	Fee Simple	$804,400,000 B-Notes; $561,400,000 C-Notes
	2.001	2.001	CREFI/GACC	MGM Grand	 	Fee Simple	 
	2.002	2.002	CREFI/GACC	Mandalay Bay	 	Fee Simple	 
	3	3	CREFI	Elo Midtown Office Portfolio	Yes	Fee Simple	None
	3.001	3.001	CREFI	15 West 47th Street	 	Fee Simple	 
	3.002	3.002	CREFI	48 West 48th Street	 	Fee Simple	 
	3.003	3.003	CREFI	151 West 46th Street	 	Fee Simple	 
	4	4	JPMCB	Station Park & Station Park West	Yes	Fee Simple	None
	5	5	JPMCB	Rugby Pittsburgh Portfolio	Yes	Fee Simple	None
	5.001	5.001	JPMCB	Foster Plaza	 	Fee Simple	 
	5.002	5.002	JPMCB	Cherrington Corporate Center	 	Fee Simple	 
	6	6	JPMCB	Mountain View Village	No	Fee Simple	None
	7	7	JPMCB	4 West 58th Street	Yes	Fee Simple/Leasehold	None
	8	8	GSMC	McClellan Business Park	Yes	Fee Simple	None
	9	9	GACC	1088 Sansome	No	Fee Simple	 None
	10	10	GSMC	711 Fifth Avenue	Yes	Fee Simple	None
	11	11	JPMCB	Amazon Port of Savannah	No	Fee Simple	None
	12	12	CREFI	111 Kent Avenue	No	Fee Simple	None
	13	13	CREFI	32-42 Broadway	Yes	Fee Simple	None
	14	14	CREFI	27750 Entertainment Drive	No	Fee Simple	None
	15	15	GSMC	JW Marriott Nashville	Yes	Fee Simple/Leasehold	None
	16	16	CREFI	Hotel ZaZa Houston Museum District	Yes	Fee Simple	None
	17	17	GSMC	Medici Office Park	No	Fee Simple	None
	18	18	CREFI	5 East 22nd Street	No	Fee Simple	None
	19	19	GSMC	Cabinetworks Portfolio	Yes	Fee Simple	None
	19.001	19.001	GSMC	15535 South State Avenue	 	Fee Simple	 
	19.002	19.002	GSMC	150 Grand Valley Avenue	 	Fee Simple	 
	19.003	19.003	GSMC	16052 Industrial Parkway	 	Fee Simple	 
	20	20	JPMCB	350 West Broadway	No	Fee Simple	None
	21	21	JPMCB	Maplewood Commons	No	Fee Simple	None
	22	22	JPMCB	Mercury Plaza	No	Fee Simple	None
	23	23	GACC	Pet Food Experts Industrial	No	Fee Simple	 None
	24	24	GACC	Frontier Self Storage	No	Fee Simple	 None
	25	25	JPMCB	Arotech-FAAC Portfolio	No	Fee Simple	None
	25.001	25.001	JPMCB	781 Avis Drive	 	Fee Simple	 
	25.002	25.002	JPMCB	5750 East McKellips Road	 	Fee Simple	 
	25.003	25.003	JPMCB	1229 Oak Valley Drive	 	Fee Simple	 
	26	26	CREFI	Storage Solutions Portfolio	No	Fee Simple	None
	26.001	26.001	CREFI	Storage Solutions Bourbonnais	 	Fee Simple	 
	26.002	26.002	CREFI	Storage Solutions Limestone	 	Fee Simple	 
	26.003	26.003	CREFI	Storage Solutions Manteno	 	Fee Simple	 
	26.004	26.004	CREFI	Storage Solutions Kankakee	 	Fee Simple	 
	27	27	GACC	Reladyne Industrial	No	Fee Simple	 None
	28	28	CREFI	801 Bedford Avenue	No	Fee Simple	None
	29	29	GACC	SDC Annex	No	Fee Simple	 None
	30	30	CREFI	CityLine All American Storage	No	Fee Simple	None
	31	31	CREFI	200 Centennial Avenue	No	Fee Simple	None
	32	32	GACC	Alief Westwood Self Storage	No	Fee Simple	 None
	33	33	CREFI	Prime Storage Palm Desert	No	Fee Simple	None

 

    

     

    

 

 

EXHIBIT C-1

 

FORM OF TRANSFEREE AFFIDAVIT

 

AFFIDAVIT PURSUANT TO

SECTION 860E(e)(4) OF THE

INTERNAL REVENUE CODE OF

1986, AS AMENDED

	STATE OF NEW YORK	)
	 	)           ss:
	COUNTY OF NEW YORK	)

 

_____________,
being first duly sworn, deposes and says:

 

1.           That
he/she is a _____________
of _____________
 (the “Purchaser”), a _____________
duly organized and existing under the laws of the State of _____________
on behalf of which he/she makes this affidavit.

 

2.           That
the Purchaser’s Taxpayer Identification Number is ____________.

 

3.           That
the Purchaser of the Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22, Class R
(the “Class R Certificate”) is a Permitted Transferee (as defined in Article I of the Pooling and Servicing
Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between Deutsche Mortgage &
Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer,
Rialto Capital Advisors, LLC, as special servicer, Pentalpha Surveillance LLC, as operating advisor and asset representations reviewer,
and Wells Fargo Bank, National Association, as trustee, as certificate administrator, as paying agent and as custodian, or is acquiring
the Class R Certificate for the account of, or as agent (including as a broker, nominee, or other middleman) for, a Permitted Transferee
and has received from such person or entity an affidavit substantially in the form of this affidavit.

 

4.           That
the Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in the future
and the Purchaser intends to pay taxes associated with holding the Class R Certificate as they become due.

 

5.           That
the Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flow
generated by the Class R Certificate.

 

6.           That
the Purchaser will not transfer the Class R Certificate to any person or entity from which the Purchaser has not received an affidavit
substantially in the form of this affidavit or as to which the Purchaser has actual knowledge that the requirements set forth in
paragraph 3, paragraph 4 or paragraph 7 hereof are not satisfied or that the Purchaser has reason to know does not satisfy the
requirements set forth in paragraph 4 hereof.

 

7.           That
the Purchaser is not a Disqualified Non-U.S. Tax Person and is not purchasing the Class R Certificate for the account of, or as
an agent (including as a broker,

    C-1-1

     

    

 

nominee or other middleman) for, a Disqualified Non-U.S. Tax Person and is otherwise a Permitted
Transferee.

 

8.           That
the Purchaser agrees to such amendments of the Pooling and Servicing Agreement as may be required to further effectuate the restrictions
on transfer of the Class R Certificate to a “disqualified organization,” an agent thereof, or a person that does not
satisfy the requirements of paragraph 4, paragraph 7 and paragraph 11 hereof.

 

9.           That
the Purchaser, pursuant to Section 4.04 of the Pooling and Servicing Agreement, agrees to the designation of the Certificate Administrator
as the “partnership representative” (within the meaning of Code Section 6223) of each Trust REMIC.

 

10.         The
Purchaser agrees to be bound by and to abide by the provisions of Section 5.02 of the Pooling and Servicing Agreement concerning
registration of the transfer and exchange of the Class R Certificate.

 

11.         The
Purchaser will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed base,
within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Tax Person.

 

12.         Check
the applicable paragraph:

 

☐          The
present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed
the sum of:

 

(i)         the
present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

(ii)        the
present value of the expected future distributions on such Certificate; and

 

(iii)       the
present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.

 

For purposes of this calculation,
(i) the Purchaser is assumed to pay tax at the highest rate currently specified in Code Section 11(b) (but the tax rate in Code
Section 55(b)(1)(B) may be used in lieu of the highest rate specified in Code Section 11(b) if the Purchaser has been subject to
the alternative minimum tax under Code Section 55 in the preceding two years and will compute its taxable income in the current
taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount rate equal to the short
term Federal rate prescribed by Code Section 1274(d) for the month of the transfer and the compounding period used by the Purchaser.

 

☐         The
transfer of the Class R Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,

 

    C-1-2

     

    

 

(i)         the
Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which
income from the Class R Certificate will only be taxed in the United States;

 

(ii)        at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

(iii)       the
Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in U.S. Treasury
Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Section 1.860E-1(c)(4)(i), (ii) and
(iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations; and

 

(iv)       the
Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including,
but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax
rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐          None
of the above.

 

Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be executed on its behalf by its ____________________
this ___ day of _________,
20__.

	 	 	 
	 	[The Purchaser]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

    C-1-3

     

    

 

Personally appeared before
me the above named                                 ,
known or proved to me to be the same person who executed the foregoing instrument and to be the of the Purchaser, and acknowledged
to me that he/she executed the same as his/her free act and deed and the free act and deed of the Purchaser.

 

Subscribed and sworn
before me this ___ day of __________,
20__.

 

______________________________

 

NOTARY PUBLIC

 

COUNTY OF _________________

 

STATE OF ___________________

 

My commission expires the         
day of                        ,
20     .

 

    C-1-4

     

    

EXHIBIT C-2

 

FORM OF TRANSFEROR LETTER

 

[Date]

Wells Fargo Bank, National Association

600 South 4th Street,
7th Floor

MAC N9300-070

Minneapolis, Minnesota
55479

Attention: CTS – Certificate Transfers Benchmark 2020-B22
Mortgage Trust

 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22, Class R	

 

Ladies and Gentlemen:

 

[Transferor] has reviewed
the attached affidavit of [Transferee], and has no actual knowledge that such affidavit is not true or that [Transferee] is not
a Permitted Transferee (as defined in the Pooling and Servicing Agreement defined in the attached affidavit) and has no actual
knowledge or reason to know that the information contained in the attached affidavit is not true. No purpose of [Transferor] relating
to the transfer of the Class R Certificate by [Transferor] to [Transferee] is or will be to impede the assessment of any tax.

	 	 	 
	 	Very truly
yours,
	 	 
	 	[Transferor]

	 	 
	By: 	 	 
	Name:
	Title:

 

    C-2-1

     

    

 

EXHIBIT C-3

 

[RESERVED]

 

    C-3-1

     

    

 

EXHIBIT C-4

 

[RESERVED]

 

    C-4-1

     

    

 

EXHIBIT C-5

 

FORM
OF TRANSFEREE Certificate for TRANSFERS OF THE VRR INTEREST

 

[Date] 

 

	
        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        

        Attention: Risk Retention Custody –
        Benchmark 2020-B22

        

         

        with a copy to:

        

         

        riskretentioncustody@wellsfargo.com

         

        

	
        German American Capital Corporation

        60 Wall Street

        New York, New York 10005

        Attention: Lainie Kaye

        

         

	
        Deutsche
        Mortgage & Asset Receiving Corporation

        

        60 Wall
        Street

        

        New York,
        New York 10005

        

        Attention: Lainie Kaye

        

         

        with a copy via email to:

        

        

         

        cmbs.requests@db.com

        

 

		Re:	Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2020-B22 (the “Certificates”) issued pursuant to the Pooling and Servicing Agreement, dated as of December
1, 2020 (the “Pooling and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation,
as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors,
LLC, as Special Servicer, Pentalpha Surveillance LLC , as Operating Advisor and as Asset Representations Reviewer, and Wells Fargo
Bank, National Association, as Trustee, as Certificate Administrator, as Paying Agent and as Custodian.	

 

Ladies and Gentlemen:

 

[_____] (the “Purchaser”)
hereby certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor and
Depositor, that:

 

    C-5-1

     

    

 

	1.	The Purchaser is acquiring from [__________] (the “Transferor”) $[_____] principal
balance of the VRR Interest (the “Transferred Interest”).

 

	2.	The Purchaser is aware that, following its acquisition of the Transferred Interest, the Certificate
Registrar will not register any transfer of the Transferred Interest by the Purchaser unless the transferee, or such transferee’s
agent, delivers to the Certificate Registrar, among other things, a certificate in substantially the same form as this certificate.
The Purchaser expressly agrees that it will not consummate any such transfer if it knows or believes that any representation contained
in such certificate is false.

 

	3.	The Purchaser is not and will not become (a) an employee benefit plan or other plan or other retirement
arrangement, including an individual retirement account or a Keogh plan, which is subject to the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”) or to Code Section 4975, or a governmental plan, as defined in Section 3(32)
of ERISA, or other plan subject to any federal, state or local law (“Similar Law”) which is to a material extent
similar to the fiduciary responsibility provisions of ERISA or to Section 4975 of the Code (each, a “Plan”),
or (b) any person acting on behalf of any such Plan or using the assets of any such Plan (including an entity whose underlying
assets include plan assets by reason of a Plan’s investment in the entity ((within the meaning of U.S. Department of Labor
Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA)).

 

	4.	Check one of the following:

 

☐            The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur during the Transfer Restriction Period and that:

 

		A.	The Purchaser is a “majority-owned affiliate”, as such term is defined in the Risk
Retention Rule, of the Transferor (a “Majority-Owned Affiliate”).

 

		B.	The Purchaser is not acquiring the Transferred Interest as a nominee, trustee or agent for any
person that is not a Majority-Owned Affiliate, and that for so long as it retains its interest in the Transferred Interest (or
until the end of the Transfer Restriction Period, if earlier), it will remain a Majority-Owned Affiliate.

 

		C.	The Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary
upon advice of counsel to constitute a reasonable arrangement to ensure that its ownership of the Transferred Interest will satisfy
the risk retention requirements of the Transferor, in its capacity as [the retaining sponsor][an originator] under the Risk Retention
Rule.

 

☐           The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur after the termination of the Transfer Restriction Period.

 

    C-5-2

     

    

 

Capitalized terms used
but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________,
20__.

	 	 	 
	 	[PURCHASER]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    C-5-3

     

    

 

The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:

 

	[APPLICABLE RETAINING PARTY]
	 	 	 
	By:	  	 
	 	Name:	 
	 	Title:	 

 

[Medallion
Stamp Guarantee]

 

	GERMAN AMERICAN CAPITAL CORPORATION
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

  

[Medallion
Stamp Guarantee]

 

	DEUTSCHE MORTGAGE & ASSET RECEIVING
CORPORATION
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

    C-5-4

     

    

 

	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Medallion
Stamp Guarantee]

 

    C-5-5

     

    

 

EXHIBIT C-6

 

FORM
OF TRANSFEROR Certificate for TransferS of

THE VRR INTEREST

 

[Date]

 

	
        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        

        Attention: Risk Retention Custody
– Benchmark 2020-B22

         

        with a copy to:

         

        

        riskretentioncustody@wellsfargo.com

        

         

	
        German American Capital Corporation

        60 Wall Street

        New York, New York 10005

        Attention: Lainie Kaye

        

         

	
        Deutsche
        Mortgage & Asset Receiving Corporation

        

        60 Wall
        Street

        

        New York,
        New York 10005

        

        Attention: Lainie Kaye

        

         

        with a copy via email to:

         

        cmbs.requests@db.com

        

 

		Re:	Benchmark 2020-B22 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2020-B22 (the “Certificates”)

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”) to [______] (the “Transferee”)
of $[_____] principal balance of the VRR Interest (the “Transferred Interest”).

 

The Certificates were
issued pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Pentalpha Surveillance LLC, as operating advisor
and as asset representations reviewer,

    C-6-1

     

    

 

and Wells Fargo Bank, National Association, as trustee, as certificate administrator, as
paying agent and as custodian. All capitalized terms used but not otherwise defined herein shall have the respective meanings set
forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents and warrants to you, in your respective
capacities as Certificate Registrar, Retaining Sponsor and Depositor, that:

 

	1.	The transfer is in compliance with Sections 5.01 and 5.02 of the Pooling and Servicing Agreement.

 

	2.	Check one of the following:

 

		☐	The Transferor certifies, represents and warrants to you that the transfer will occur during the
Transfer Restriction Period and that:

 

		A.	The Transferee is a “majority-owned affiliate”, as such term is defined in the Risk
Retention Rule, of the Transferor.

 

		B.	To the Transferor’s knowledge, the Transferee is not acquiring the Transferred Interest as
a nominee, trustee or agent for any person that is not a “majority-owned affiliate”, as such term is defined in the
Risk Retention Rule, of the Transferor, and that for so long as it retains its interest in the Transferred Interest, it will remain
a “majority-owned affiliate”, as such term is defined in the Risk Retention Rule, of the Transferor.

 

		☐	The Transferor certifies, represents and warrants to you that the transfer will occur after the
termination of the Transfer Restriction Period.

 

	3.	The Transferor understands that the Transferee has delivered to you a Transferee Certificate in
the form attached to the Pooling and Servicing Agreement as Exhibit C-5. The Transferor does not know or believe that any
representation contained therein is false.

 

IN WITNESS WHEREOF, the
Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________,
20__.

	 	 
	 	 	[TRANSFEROR]
	 	 
	 	By:	 	 
	 

	

	Name:

	 

	 

	Title:

    C-6-2

     

    

 

The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:

 

	[APPLICABLE RETAINING PARTY]
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Medallion
Stamp Guarantee]

 

	GERMAN AMERICAN CAPITAL CORPORATION
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Medallion
Stamp Guarantee]

 

	DEUTSCHE MORTGAGE & ASSET RECEIVING CORPORATION
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

    C-6-3

     

    

 

[Medallion Stamp Guarantee]

 

    C-6-4

     

    

EXHIBIT D-1

 

FORM OF INVESTMENT REPRESENTATION LETTER 

 

Wells Fargo Bank, National Association

600 South
4th Street, 7th Floor

MAC N9300-070

Minneapolis,
Minnesota 55479

Attention: CTS –
Certificate Transfers Benchmark 2020-B22 Mortgage Trust

 

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with a copy via email to:

 

cmbs.requests@db.com

 

		Re:	Transfer of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2020-B22: Class [   ]

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement dated as of December 1, 2020 (the “Pooling and Servicing
Agreement”), entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Pentalpha
Surveillance LLC, as operating advisor and as asset representations reviewer, and Wells Fargo Bank, National Association, as trustee,
as certificate administrator, as paying agent and as custodian, on behalf of the holders of Benchmark 2020-B22 Mortgage Trust Commercial
Mortgage Pass-Through Certificates (the “Certificates”) with respect to the transfer by [__________] (the “Seller”)
to the undersigned (the “Purchaser”) of [$_____ aggregate Certificate Balance][_____% Percentage Interest] of
Class [_____] Certificates, in certificated fully registered form (such registered interest, the “Certificate”).
Terms used but not defined herein shall have the meanings ascribed thereto in the Pooling and Servicing Agreement.

 

In connection with
such transfer, the undersigned hereby represents and warrants to you as follows:

 

[For Institutional
Accredited Investors only] 1. The Purchaser is an institutional “accredited investor” within the meaning of Rule 501
(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”),
or an entity in which all of the equity owners are such accredited investors (an “Institutional Accredited Investor”),
and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
the investment in the Certificate, and the Purchaser and any

    D-1-1

     

    

 

accounts for which the Purchaser is acting are each able to bear the
economic risk of the investment. The Purchaser is acquiring the Certificate for its own account or for one or more accounts (each
of which is an Institutional Accredited Investor) as to each of which the Purchaser exercises sole investment discretion. The Purchaser
hereby undertakes to reimburse the Trust for any costs incurred by it in connection with this transfer.

 

[For Qualified
Institutional Buyers only] 1. The Purchaser is a “qualified institutional buyer” within the meaning of Rule 144A (“Rule
144A”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The Purchaser
is aware that the transfer is being made in reliance on Rule 144A, and the Purchaser has had the opportunity to obtain the information
required to be provided pursuant to paragraph (d)(4)(i) of Rule 144A.

 

	2.	The Purchaser’s intention is to acquire the Certificate (a) for investment for the Purchaser’s
own account or (b) for reoffer, resale, pledge or other transfer to (i) “qualified institutional buyers” within the
meaning of, and in transactions complying with, Rule 144A promulgated under the Securities Act, (ii) entities qualifying as “accredited
investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act, or
any entity in which all of the equity owners are such accredited investors, or (iii) pursuant to any other exemption from the registration
requirements of the Securities Act, subject in the case of this clause (iii) to (a) the receipt by the Certificate Registrar of
a letter substantially in the form hereof, (b) the receipt by the Certificate Registrar of an opinion of counsel acceptable to
the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act, (c) the receipt
by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such reoffer, resale, pledge or
transfer is in compliance with the Securities Act and other applicable laws (including applicable state and foreign securities
laws), and (d) a written undertaking to reimburse the Trust for any costs incurred by it in connection with the proposed transfer.
It understands that the Certificate (and any subsequent Certificate) has not been registered under the Securities Act, by reason
of a specified exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona
fide nature of the Purchaser’s investment intent (or intent to resell to only certain investors in certain exempted transactions)
as expressed herein.

 

	3.	The Purchaser acknowledges that the Certificate (and any Certificate issued on transfer or exchange
thereof) has not been registered or qualified under the Securities Act or the securities laws of any State or any other jurisdiction,
and that the Certificate cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder
or unless an exemption from such registration or qualification is available.

 

	4.	The Purchaser has reviewed the Private Placement Memorandum, dated December 18, 2020, relating
to the Certificates (the “Private Placement Memorandum”) and the agreements and other materials referred to
therein and has had the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions
contemplated by the Private Placement Memorandum.

 

	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

 

    D-1-2

     

    

 

	 	 	may be (each, a “Certificateholder”),
in all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Trustee, the Certificate
Administrator, the Certificate Registrar and all Certificateholders present and future.

 

	6.	The Purchaser will not sell or otherwise transfer any portion of the Certificate, except in compliance
with Section 5.02 of the Pooling and Servicing Agreement.

 

	7.	Check one of the following:

 

		☐	The Purchaser is a “U.S.
Tax Person” (as defined below) and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9
(or successor form).

 

		☐	The Purchaser is not
a “U.S. Tax Person” (as defined below) and under applicable law in effect on the date hereof, no taxes will be required
to be withheld by the Certificate Registrar (or its agent) with respect to distributions to be made on the Certificate(s). The
Purchaser has attached hereto [(i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form), which identifies such
Purchaser as the beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S. Tax Person, (ii) two
duly executed copies of IRS Form W-8IMY (and all appropriate attachments) or (iii)]* two duly executed copies of IRS Form W-8ECI
(or successor form), which identify such Purchaser as the beneficial owner of the Certificate(s) and state that interest and original
issue discount on the Certificate(s) is, or is expected to be, effectively connected with a U.S. trade or business. The Purchaser
agrees to provide to the Certificate Registrar updated [IRS Forms W-8BEN, IRS Forms W-8BEN-E, IRS Forms W-8IMY or]* IRS Forms W-8ECI[,
as the case may be]*, any applicable successor IRS forms, or such other certifications as the Certificate Registrar may reasonably
request, on or before the date that any such IRS form or certification expires or becomes obsolete, or promptly after the occurrence
of any event requiring a change in the most recent IRS form of certification furnished by it to the Certificate Registrar.

 

For purposes of this
paragraph 7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation, partnership
(except to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of
the United States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source,
or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and
one or more such U.S. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent provided
in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax
Persons).

 

Please
make all payments due on the Certificates: **

 

 

*    Delete for Class R.

**  Only to be filled out by Purchasers
of Individual Certificates. Please select (a) or (b).

 

 

 

    D-1-3

     

    

 

(a)  by
wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:

 

	 	Account number:	 	 
	 	 	 	 
	 	Institution:	 	 

 

(b) by
mailing a check or draft to the following address:

 

	 

	 

	 

	 

	 

	 

	 

	 

	 

 

	 

	Very
                                         truly yours,

	 	 
	 	[Purchaser]
	 	 
	 	By:	 	 
	 

	

	Name:

	 

	 

	Title:

Dated: ________________, 20___

 

    D-1-4

     

    

EXHIBIT D-2

 

FORM OF ERISA REPRESENTATION LETTER

 

[Date]

 

Wells Fargo Bank, National Association

600 South
4th Street, 7th Floor

MAC N9300-070

Minneapolis,
Minnesota 55479

Attention: CTS –
Certificate Transfers Benchmark 2020-B22 Mortgage Trust

 

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with a copy via email to:

 

cmbs.requests@db.com

 

	Re:	Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22,
Class [    ]

 

Ladies and Gentlemen:

 

_______________ (the
“Purchaser”) intends to purchase from _______________ (the “Seller”) [$_____ initial Certificate
Balance][$_____ initial Notional Amount][ or _____% Percentage Interest] of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Class [_____], CUSIP No. _____ (the “Certificates”), issued pursuant to the
Pooling and Servicing Agreement dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between
Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer, Rialto Capital Advisors, LLC, as special servicer, Pentalpha Surveillance LLC, as operating advisor and as
asset representations reviewer, and Wells Fargo Bank, National Association, as trustee, as certificate administrator, as paying
agent and as custodian. All capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Pooling
and Servicing Agreement. The Purchaser hereby certifies, represents and warrants to, and covenants with, the Depositor, the Certificate
Administrator, the Certificate Registrar and the Trustee that:

 

The Purchaser is not
and will not become (a) an employee benefit plan or other plan or retirement arrangement, including an individual retirement account
or a Keogh plan, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)
or to Section 4975 of the Code, or a governmental plan, as defined in Section 3(32) of ERISA, or other plan subject to any federal,
state or local law (“Similar Law”) which is to a material extent similar to the fiduciary responsibility provisions
of ERISA or to Section 4975 of the Code (each, a “Plan”), or (b) any person acting on behalf of any such Plan
or using the assets of any such

    D-2-1

     

    

 

Plan (including any entity whose underlying assets include plan assets by reason of a Plan’s
investment in the entity (within the meaning of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA)), other
than (except in the case of the Class S and Class R Certificates) an insurance company using the assets of its general account
under circumstances whereby such purchase and the subsequent holding of such Certificate by such insurance company will be exempt
from the prohibited transaction provisions of Section 406 and 407 of ERISA and Section 4975 of the Code under Sections I and III
of PTCE 95-60, or, in the case of a Plan subject to Similar Law, where the acquisition, holding and disposition of such Certificate
will not constitute a non-exempt violation under Similar Law.

 

The Purchaser understands
that if the Purchaser is a person referred to in clause (a) or (b) above, except in the case of the Class S and Class R Certificates,
which may not be transferred unless the transferee represents it is not such a person, such Purchaser is required to provide to
the Certificate Registrar any Opinions of Counsel, officers’ certificates or agreements as may be required by such persons,
and which establishes to the satisfaction of the Depositor, the Certificate Administrator and the Certificate Registrar that the
purchase and holding of the Certificates by or on behalf of a Plan will not constitute or result in a non-exempt prohibited transaction
within the meaning of Section 406 and Section 407 of ERISA or Section 4975 of the Code or a non-exempt violation of any Similar
Law, and will not subject the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Initial Purchasers, the Underwriters or the Certificate Registrar
to any obligation or liability (including obligations or liabilities under ERISA, Section 4975 of the Code or Similar Law), which
Opinions of Counsel, officers’ certificates or agreements shall not be at the expense of the Master Servicer, the Special
Servicer, the Operating Advisor, the Depositor, the Certificate Administrator, the Trustee, the Asset Representations Reviewer,
the Initial Purchasers, the Underwriters, the Trust or the Certificate Registrar.

 

IN WITNESS WHEREOF,
the Purchaser hereby executes this ERISA Representation Letter on this ____ day of ___, 20 __.

 

	 

	Very
                                         truly yours,

	 	 
	 	[Purchaser]
	 	 
	 	By:	 	 
	 

	

	Name:

	 

	 

	Title:

 

    D-2-2

     

    

EXHIBIT E

 

FORM OF REQUEST FOR RELEASE

 

[Date]

 

Wells Fargo Bank, National Association

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: Document Custody
Group – Benchmark 2020-B22 Mortgage Trust

 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22	

 

Dear __________________:

 

In connection with the
administration of the Mortgage Files held by, or on behalf of, you as Custodian under the Pooling and Servicing Agreement, the
undersigned hereby requests a release of the Mortgage File (or the portion thereof specified below) held by you as Custodian with
respect to the following described Mortgage Loan for the reason indicated below:

 

Mortgagor’s Name:
__________________

 

Address:   _________________________

 

Asset No.: ________________________

 

If only particular documents
in the Mortgage File are requested, please specify which:

 

Reason for requesting
file (or portion thereof):

 

	 	_____	1.	Mortgage Loan paid in full. Such [Master Servicer] [Special Servicer][Other Servicer][Other Special
Servicer] hereby certifies that all amounts received in connection with the Mortgage Loan have been or will be, following such
[Master Servicer’s] [Special Servicer’s] [Other Servicer’s][Other Special Servicer’s] release of the Mortgage
File, credited to the Collection Account pursuant to the Pooling and Servicing Agreement.

 

	 	_____	2.	The Mortgage Loan is being foreclosed.

 

	 	_____	3.	Other. (Describe)

 

The undersigned acknowledges
that the above Mortgage File (or requested portion thereof) will be held by the undersigned in accordance with the provisions of
the

    E-1

     

    

 

[Pooling and Servicing Agreement][Other Pooling and Servicing Agreement] and will be returned to you or your designee within
ten (10) days of our receipt thereof, unless [the [Other Servicer][Other Special Servicer] requires such Mortgage File pursuant
to the applicable Intercreditor Agreement or Other Pooling and Servicing Agreement.][the Mortgage Loan has been paid in full or
otherwise liquidated, in which case the Mortgage File (or such portion thereof) will be retained by us permanently, or unless the
Mortgage Loan is being foreclosed,] in which case the Mortgage File (or such portion thereof) will be returned when no longer required
by us for such purpose.

 

Capitalized terms used
but not defined herein shall have the meaning ascribed to them in the Pooling and Servicing Agreement.

 

	 

	[MASTER SERVICER][SPECIAL
SERVICER][OTHER SERVICER][OTHER SPECIAL SERVICER]

	 	 
	 	By:	 	 
	 

	

	Name:

	 

	 

	Title:

 

    E-2

     

    

EXHIBIT F

 

SECURITIES LEGEND

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE
HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3)
(EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT
ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH
RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO
DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF
SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

    F-1

     

    

EXHIBIT G

 

FORM OF REGULATION S TRANSFER CERTIFICATE

 

Wells Fargo Bank, National
Association

600 South
4th Street, 7th Floor

MAC N9300-070

Minneapolis,
Minnesota 55479

Attention: CTS –
Certificate Transfers Benchmark 2020-B22 Mortgage Trust

 

		Re:	Transfer of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2020-B22, Class [    ]	

 

Ladies and Gentlemen:

 

This certificate is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing
Agreement”), and executed in connection with the above referenced transaction, on behalf of the Holders of the Benchmark
2020-B22 Mortgage Trust Commercial Mortgage Pass Through Certificates, Series 2020-B22, Class [_] (the “Certificates”)
in connection with the transfer by the undersigned (the “Transferor”) to                                      
(the “Transferee”) of $                    
Certificate Balance of Certificates, in fully registered form (each, an “Individual Certificate”), or a beneficial
interest of such aggregate Certificate Balance in the Regulation S Global Certificate (the “Global Certificate”)
maintained by The Depository Trust Company or its successor as Depositary under the Pooling and Servicing Agreement (such transferred
interest, in either form, being the “Transferred Interest”).

 

In connection with such
transfer, the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions
set forth in the Pooling and Servicing Agreement and the Certificates and (i) with respect to transfers made in accordance with
Regulation S (“Regulation S”) promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), the Transferor does hereby certify that:

 

(1)         the
offer of the Transferred Interest was not made to a person in the United States;

 

[(2)       at the time the
buy order was originated, the Transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the Transferee was an institution that was outside the United States;]*

 

[(2)       the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither there undersigned
nor

 

 

 

* Insert one of these two provisions, which come from the definition
of “offshore transaction” in Regulation S.

 

    G-1

     

    

 

any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]*

 

(3)         no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable;
and

 

(4)         the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

 

	 

	[Insert
                                         Name of Transferor]

	 	 
	 	By:	 	 
	 

	

	Name:

	 

	 

	Title:

Dated: ________________, 20     

 

    G-2

     

    

EXHIBIT H

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE DURING THE RESTRICTED PERIOD

 

(Exchanges or transfers pursuant to Section
5.02(c)(ii)(A) of 

the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association

600 South
4th Street, 7th Floor

MAC N9300-070

Minneapolis,
Minnesota 55479

Attention: CTS – Certificate Transfers
Benchmark 2020-B22 Mortgage Trust

 

		Re:	Transfer of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2020-B22, Class [    ]	

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”),
and executed in connection with the above-referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to
US $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of Rule 144A Global
Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest for an interest in the Regulation S Global Certificate (CUSIP No.                     )
to be held with [Euroclear] [Clearstream]* (Common Code) through the Depositary.

 

In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the Transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with Regulation
S under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the Transferor does hereby
certify that:

 

(1)         the
offer of the Certificates was not made to a person in the United States,

 

[(2)       at the time the
buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any persons
acting on its behalf reasonably believed that the Transferee was outside the United States,]**

 

 

 

* Select appropriate depository.

** Insert one of these two provisions,
which come from the definition of “offshore transaction” in Regulation S.

 

    H-1

     

    

 

[(2)       the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor nor
any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)         no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
and

 

(4)         the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

 

	 

	[Insert
                                         Name of Transferor]

	 	 
	 	By:	 	 
	 

	

	Name:

	 

	 

	Title:

Dated: ________________, 20__

 

    H-2

     

    

EXHIBIT I

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE AFTER THE RESTRICTED PERIOD

 

(Exchange or transfers pursuant to

Section 5.02(c)(ii)(B) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association

600 South 4th
Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota
55479

Attention: CTS –
Certificate Transfer Services (CMBS) Benchmark 2020-B22 Mortgage Trust

 

		Re:	Transfer of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2020-B22, Class [    ]	

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”),
and executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

The letter relates to
U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Rule 144A
Global Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation S Global Certificate (Common Code
No.                     ).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the transfer restrictions set forth in the Pooling and Servicing Agreement and, (i) with respect to transfers made in reliance
on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), the Transferor does hereby
certify that:

 

(1)         the
offer of the Certificates was not made to a person in the United States,

 

[(2)       at the time the
buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the transferee was outside the United States,]*

 

 

 

* Insert one of these two provisions,
which come from the definition of “offshore transaction” in Regulation S.

 

    I-1

     

    

 

[(2)       the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor nor
any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)         no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
and

 

(4)         the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act;

 

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

 

	 

	[Insert
                                         Name of Transferor]

	 	 
	 	By:	 	 
	 

	

	Name:

	 

	 

	Title:

Dated: _______________, 20___

 

    I-2

     

    

 

EXHIBIT J

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM REGULATION S GLOBAL

CERTIFICATE TO RULE 144A GLOBAL CERTIFICATE DURING THE RESTRICTED PERIOD

 

(Exchange or transfers pursuant to Section
5.02(c)(ii)(C)

of the Pooling and Servicing Agreement) 

Wells Fargo Bank, National Association

600 South
4th Street, 7th Floor

MAC N9300-070

Minneapolis,
Minnesota 55479

Attention: CTS –
Certificate Transfers Benchmark 2020-B22 Mortgage Trust

 

		Re:	Transfer of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2020-B22, Class [    ]	

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”),
and executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to
U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Regulation
S Global Certificate (CUSIP No.                     )
with [Euroclear] [Clearstream]* (Common Code                     )
through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation 144A Global Certificate (CUSIP No.
                    ).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being transferred in
accordance with (i) the transfer restrictions set forth in the Pooling and Servicing Agreement and (ii) Rule 144A under the Securities
Act to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account with respect to
which the transferee exercises sole investment discretion and the transferee and any such account is “qualified institutional
buyer” within the meaning of Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance
with any applicable securities laws of any state of the United States or an jurisdiction.

 

 

 

* Select appropriate depositary.

 

    J-1

     

    

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

 

	 

	[Insert
                                         Name of Transferor]

	 	 
	 	By:	 	 
	 

	

	Name:

	 

	 

	Title:

Dated: ______________, 20__

 

    J-2

     

    

 

EXHIBIT K

 

FORM OF DISTRIBUTION DATE STATEMENT

 

    K-1

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION
    DATE STATEMENT	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Table
    of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT
    SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Reconciliation Detail	4	 	 	 
	 	 	 	 	Other Required Information	5	 	 	 
	 	 	 	 	Cash Reconciliation Detail	6	 	 	 
	 	 	 	 	Current Mortgage Loan and Property Stratification
    Tables	7 - 9	 	 	 
	 	 	 	 	Mortgage Loan Detail	10	 	 	 
	 	 	 	 	NOI Detail	11	 	 	 
	 	 	 	 	Principal Prepayment Detail	12	 	 	 
	 	 	 	 	Historical Detail	13	 	 	 
	 	 	 	 	Delinquency Loan Detail	14	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	15 - 16	 	 	 
	 	 	 	 	Advance Summary	17	 	 	 
	 	 	 	 	Modified Loan Detail	18	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	19	 	 	 
	 	 	 	 	Historical Bond / Collateral Realized Loss Reconciliation	20	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	21 - 22	 	 	 
	 	 	 	 	Supplemental Reporting	23	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Depositor	 	 	 	Master Servicer	 	 	 	Special Servicer	 	 	 	Asset
    Representations 

Reviewer/Operating Advisor	 	 
	 	 	

Deutsche Bank Securities Inc.

 
60 Wall Street

New York, NY 10005

 

 

 
  

Contact:  Laine Kaye

Phone Number:      (212) 250-5270
	 	 	 	Midland
Loan Services, a Division

of PNC Bank, National Association
10851
Mastin Street
Building 82, Suite 300
Overland
Park, KS 66210

                                                                                                                                        

                                                                                                                                       

                                                                                                                                       Contact:    askmidlandls.com
Phone Number:    (913) 253-9000

	 	 	 	Rialto Capital Advisors, LLC

200 S. Biscayne Blvd.

Suite 3550

Miami, FL 33131

                                                                                                                                               

                                                                                                                                              

                                                                                                                                              Contact:

                                                                                                                                               

                                                                                                                                              General

	 	 	 	Pentalpha Surveillance LLC
375 North French Road
Suite 100

                                                                                                                     Amherst, NY 14228
 

                                                                                                                      

                                         Contact:
                                          Don Simon

                                         Phone Number:    (203) 660-6100
	 	 
	 	This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties. Wells Fargo
Bank, N.A. has not independently confirmed the accuracy of the information.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Please visit www.ctslink.com for additional information and if applicable, any special notices
and any credit risk retention notices. In addition, certificateholders may register online for email notification when special
notices are posted. For information or assistance please call 866-846-4526.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	B-1	Page 1 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate
    Distribution Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	 	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized
    Loss/
 Additional Trust

    Fund Expenses	Total

    Distribution	Ending

    Balance	Current

     Subordination

    Level (1)	 	 
	 	 	A-1	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-2	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-SB	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-4	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-5	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-M	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	H	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	S	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	VRR Interest	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	Original

    Notional
 Amount	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-H	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1)
                                         Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of
(i) the ending balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate
to the designated class and dividing the result by (A).

 

 

 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	B-2	Page 2 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate
    Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

                                         Balance
	Principal

                                         Distribution
	Interest

                                         Distribution
	Prepayment

                                         Premium
	Realized
                                         Loss/

                                         Additional Trust

                                         Fund Expenses
	Ending

                                         Balance
	 
	 	 
	 	 
	 	A-1	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-2	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-SB	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-4	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-5	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-M	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	G	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	H	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	S	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	VRR Interest	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-B	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-D	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-F	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-G	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-H	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	

                    
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

	 	B-3	Page 3 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation
    Detail	 	 
	 	 	Principal
    Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled
    Principal	 	Principal
    Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Certificate
    Interest Reconciliation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual

    Days	 	Accrued

    Certificate

    Interest	 	Net
    Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC
    CAP

    Shortfall	 	Interest
    

    Shortfall/(Excess)	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

    Certificate Interest	 	 
	 	 	A-1	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-2	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-SB	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-4	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-5	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-M	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-G	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-H	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	G	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	H	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	VRR Interest	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	B-4	Page 4 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other
    Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount  (1)	 	    0.00	 		 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Appraisal Reduction Amount	 	 	 	 
	 	 		 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 		 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App.
                                         Reduction

	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling
    Class Information	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Controlling Class:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Effective
                                         as of: mm/dd/yyyy

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Directing Holder:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Effective
                                     as of: mm/dd/yyyy

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	(1) The Available Distribution Amount includes any Prepayment Premiums and Yield Maintenance Charges.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	B-5	Page 5 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash
    Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Scheduled Interest	0.00	 	 	Master Servicing Fee - TBD	0.00	 	 
	 	Interest reductions
    due to Nonrecoverability Determinations	0.00	 	 	Certificate Administrator/Trustee Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Interest Adjustments	0.00	 	 	CREFC® Intellectual Property Royalty License Fee	0.00	 	 
	 	Deferred Interest	0.00	 	 	Operating Advisor Fee - Pentalpha Surveillance LLC	0.00	 	 
	 	ARD Interest	0.00	 	 	Asset Representations Reviewer Fee - Pentalpha	0.00	 	 
	 	Default Interest
    and Late Payment Charges	0.00	 	 	Surveillance LLC	 	 	 
	 	Net Prepayment Interest
Shortfall	0.00	 	 			 	 
	 	Net Prepayment Interest
    Excess	0.00	 	 		 	 	 
	 	Extension Interest	0.00	 	 	Total Fees	 	0.00	 
	 	Interest Reserve
    Withdrawal	0.00	 	 	Additional Trust
    Fund Expenses:	 		 
	 	Total Interest
    Collected	 	0.00	 	Reimbursement for
    Interest on Advances	0.00	 	 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 	Principal:	 	 	 	Special Servicing
    Fee	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Attorney Fees &
    Expenses	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Taxes Imposed on
    Trust Fund	0.00	 	 
	 	Collection of Principal
    after Maturity Date	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Recoveries from
    Liquidation and Insurance Proceeds	0.00	 	 	Workout-Delayed Reimbursement
    Amounts	0.00	 	 
	 	Excess of Prior
    Principal Amounts paid	0.00	 	 	Other Expenses	0.00	 	 
	 	Curtailments	0.00	 	 	Total Additional
    Trust Fund Expenses		0.00	 
	 	Negative Amortization	0.00	 	 				 
	 	Principal Adjustments	0.00	 	 	Interest Reserve
    Deposit	 	0.00	 
	 	Total Principal
    Collected		0.00 	 		 		 
	 	 	 	 	 	 	 	 	 
	 	Other:	 	 	 	Payments to Certificateholders
    & Others:	 	 	 
	 	Prepayment Penalties/Yield
    Maintenance Charges	0.00	 	 	Interest Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Principal Distribution	0.00	 	 
	 	Borrower Option Extension
    Fees	0.00	 	 	Prepayment Penalties/Yield
    Maintenance Charges 	0.00	 	 
	 	Excess Liquidation
    Proceeds	0.00	 	 	Borrower Option Extension
    Fees	0.00	 	 
	 	Net Swap Counterparty
    Payments Received	0.00	 	 	Net Swap Counterparty
    Payments Received	0.00	 	 
	 	Total Other Collected		0.00	 	Total Payments
    to Certificateholders & Others		0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds
    Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 

 

	 	B-6	Page 6 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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	 	 	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 		 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	B-7	Page 7 of 23

     

     

    
 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	B-8	Page 8 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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.	 
	 	 	 	 	 

 

	 	B-9	Page 9 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	B-10	Page 10 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 	 	 
	 	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.

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	B-11	Page 11 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 
	 	Principal
    Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Loan
    Group	Offering
    Document
Cross-Reference	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Payoff
    Amount	Curtailment
    Amount	Prepayment
    

    Premium	Yield
    Maintenance
Charge	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

	 	B-12	Page 12 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	WAM 	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Amount 	#	Amount	Coupon	Remit	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals
    are excluded from the delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	B-13	Page 13 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer
    Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	- Current	4	-	Performing Matured Balloon

	1	-	Modification	7	-	REO	11	-	Full Payoff

	 	 
	 	 	 	 	But Still in Grace Period	1	- 30-59 Days Delinquent	5 	-	Non Performing Matured
    Balloon	2 	-	Foreclosure	8	-	Resolved	12	-	Reps
    and Warranties	 	 
	 	 	 	 	Or Not Yet Due	2	- 60-89 Days Delinquent	6	-	121+ Days Delinquent	3 	-	Bankruptcy	9	-	Pending Return	13	-	TBD	 	 
	 	 	B	-	Late Payment But Less	3	- 90-120 Days Delinquent	 	 	 	4 	-	Extension			to Master Servicer	98	-	Other

	 	 
	 	 	 	 	Than 30 Days Delinquent	 	 	 	 	 	5 	-	Note Sale	10	 -	Deed
                                      In Lieu Of

				 	 
	 	 	** Outstanding P & I Advances
    include the current period advance.	6	-	DPO	 	 	Foreclosure	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	B-14	Page 14 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	B-15	Page 15 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 	 
	 	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

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	B-16	Page 16 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 
	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	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

	 	B-17	Page 17 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 
	 	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	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

	 	B-18	Page 18 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	B-19	Page 19 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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     	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	B-20	Page 20 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	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	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	B-21	Page 21 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 	 	 	 	 	 	 
	 	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	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

	 	B-22	Page 22 of 23

     

     

    

 

	 	 	 	 
	

         

         
	BENCHMARK 2020-B22 Mortgage Trust

    

    Benchmark 2020-B22 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available 
	Distribution Date:	1/15/21
	Record Date:	12/31/20
	Determination Date:	1/11/21

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	 	 
	 	Disclosable
                                         Special Servicer Fees, Loan Event of Default, Servicer Termination Event or Special Servicer
                                         Termination Event information would be disclosed here.

	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	 	B-23	Page 23 of 23

     

     

    
 

EXHIBIT
L-1A

 

Form
of Investor Certification for Non-Borrower PartY AND/OR Risk Retention Consultation Party

(for Persons other than the Directing holder AND/OR a Controlling
Class Certificateholder)

 

[Date]

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045 

Attention:
Corporate Trust Services – Benchmark 2020-B22 Mortgage Trust 

Email:
trustadministrationgroup@wellsfargo.com 

cts.cmbs.bond.admin@wellsfargo.com

 

	 	Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B22

 

In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is either a certificateholder, beneficial owner or prospective purchaser of the above-referenced Class ___ Certificates
or is the Risk Retention Consultation Party, and is neither the Directing Holder nor a Controlling Class Certificateholder.

 

2.       In
the case of a Publicly Offered Certificate, the undersigned has received a copy of the Prospectus.

 

3.       The
undersigned is not a Borrower Party or the Risk Retention Consultation Party.

 

4.       The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related
Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which
the undersigned is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the
“Representatives”) in any manner whatsoever, in whole or in part.

 

    L-1A-1

     

    

 

The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

7.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused, its name to be signed hereto by its duly authorized signatory, as of the date certified. 

	 	 	 
	 	By:	 
	 	 	Title:

    Company:

    Phone:

 

 

    L-1A-2

     

    

 

EXHIBIT
L-1B

 

Form
of Investor Certification for Non-Borrower PartY (for the directing holder and/or a Controlling Class Certificateholder)

 

[Date]

 

	Midland
                                         Loan Services, a Division of PNC Bank, National Association 

        10851
        Mastin Street, Suite 700 

        Overland
        Park, Kansas 66210 

        Attention:
        Executive Vice President – Division Head 

        Email:
        NoticeAdmin@midlandls.com 

        Facsimile:
        (888) 706-3565

         
	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045

    Attention:  Corporate Trust Services – Benchmark 2020-B22

    Email: trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	Rialto
                                         Capital Advisors, LLC 

        200
        S. Biscayne Blvd 

        Miami,
        Florida 33131 

        Attention:
        Liat Heller, Jeff Krasnoff, Niral 

        Shah,
        Adam Singer 

        Facsimile
        Number: (305) 229-6425

         

        Email:
        liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com, niral.shah@rialtocapital.com, adam.singer@rialtocapital.com

         
	Pentalpha
    Surveillance LLC

    375 N. French Road, Suite 100

    Amherst, New York  14228

    Attention:  Benchmark 2020-B22 Transaction Manager

    (with a copy sent via email to: notices@pentalphasurveillance.com with the deal name in the
    subject line)

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B22

 

In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is either the Directing Holder or a Controlling Class Certificateholder.

 

2.       The
undersigned is not a Borrower Party.

 

3.       The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information
confidential (except from such outside

 

    L-1B-1

     

    

 

persons
as are assisting it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys,
and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information
shall not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors,
partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever,
in whole or in part, unless required to do so by law, regulation or legal, judicial or administrative process; provided,
however, that the confidentiality requirement detailed above shall not apply to information which (i) is already in the
undersigned’s possession, (ii) is or becomes publicly available other than as a result of a disclosure by the undersigned
in breach of this agreement or (iii) is or becomes available to the undersigned from a source other than the Certificate Administrator’s
Website.

 

The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

5.       At
any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned shall deliver the certification
attached as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.

 

6.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

7.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b)
mailed by registered mail, postage prepaid.

 

8.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused, its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    L-1B-2

     

    

 

	 	 	 
	 	By:	 
	 	 	Title:

    Company:

    Phone:

 

    L-1B-3

     

    

 

EXHIBIT
L-1C

 

Form
of Investor Certification for Borrower PartY

(for Persons other than the Directing Holder, a Controlling Class
Certificateholder AND/OR THE RISK RETENTION CONSULTATION PARTY)

 

[Date]

 

	Midland
                                         Loan Services, a Division of PNC Bank, National Association 

        10851
        Mastin Street, Suite 700 

        Overland
        Park, Kansas 66210 

        Attention:
        Executive Vice President – Division Head 

        Facsimile:
        (888) 706-3565 

        Email:
        NoticeAdmin@midlandls.com

         
	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045

    Attention:  Corporate Trust Services – Benchmark 2020-B22

    Email: trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	Rialto
                                         Capital Advisors, LLC 

        200
        S. Biscayne Blvd 

        Miami,
        Florida 33131 

        Attention:
        Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer 

        Facsimile
        Number: (305) 229-6425

         

        Email:
        liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com, niral.shah@rialtocapital.com, adam.singer@rialtocapital.com

        
	 

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B22

 

In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is either a certificateholder, beneficial owner or prospective purchaser of the above-referenced Class ___ Certificates,
and is neither the Directing Holder nor a Controlling Class Certificateholder.

 

2       The
undersigned is a Borrower Party.

 

    L-1C-1

     

    

 

3.       The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to the Distribution Date Statements on the Certificate
Administrator’s Website.

 

In
consideration of the disclosure to the undersigned of the Distribution Date Statements, or the access thereto, the undersigned
shall keep the Distribution Date Statements confidential (except from such outside persons as are assisting it in making an evaluation
in connection with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such governmental
or banking authorities or agencies to which the undersigned is subject), and such Distribution Date Statements shall not, without
the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors, partners,
employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole
or in part.

 

The
undersigned shall not use or disclose the Distribution Date Statements in any manner which could result in a violation of any
provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act
of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities
Act.

 

4.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

5.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

6.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory,
as of the date certified.

	 	 	 
	By:	 	 
	Title:
 Company:
 Phone:	 

  

    L-1C-2

     

    

 

EXHIBIT
L-1D

 

Form
of Investor Certification for Borrower PartY

(for the Directing Holder and/or a Controlling Class Certificateholder)

 

[Date]

 

	Midland
                                         Loan Services, a Division of PNC Bank, National Association 

        10851
        Mastin Street, Suite 700 

        Overland
        Park, Kansas 66210 

        Attention:
        Executive Vice President – Division Head 

        Facsimile:
        (888) 706-3565 

        Email:
        NoticeAdmin@midlandls.com

         
	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045

    Attention:  Corporate Trust Services – Benchmark 2020-B22

    Email: trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	Rialto
                                         Capital Advisors, LLC 

        200
        S. Biscayne Blvd 

        Miami,
        Florida 33131 

        Attention:
        Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer 

        Facsimile
        Number: (305) 229-6425

         

        Email:
        liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com, niral.shah@rialtocapital.com, adam.singer@rialtocapital.com

         
	Pentalpha
    Surveillance LLC

    375 N. French Road, Suite 100

    Amherst, New York  14228

    Attention:  Benchmark 2020-B22 Transaction Manager

    (with a copy sent via email to: notices@pentalphasurveillance.com with the deal name in the
    subject line)

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B22

 

In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is [the Directing Holder][a Controlling Class Certificateholder].

 

2       The
undersigned is a Borrower Party with respect to the following Excluded Controlling Class Loans:

 

[IDENTIFY
EXCLUDED CONTROLLING CLASS LOANS] (the “Excluded Controlling Class Loans”)

 

    L-1D-1

     

    

 

3.       Except
with respect to the Excluded Controlling Class Loans, the undersigned is requesting access pursuant to the Pooling and Servicing
Agreement to certain information (the “Information”) on the Certificate Administrator’s Website.

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related
Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which
the undersigned is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the
“Representatives”) in any manner whatsoever, in whole or in part.

 

The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.       The
undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as
defined in the Pooling and Servicing Agreement) relating to the Excluded Controlling Class Loans to the extent the undersigned
receives access to such Excluded Information on the Certificate Administrator’s website or otherwise receives access to
such Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

5.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representative and shall indemnify
each party to the Pooling and Servicing Agreement, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.       To
the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or
indirectly provide such Excluded Information to the related Borrower or (A) any employees or personnel of the undersigned or any
Affiliate involved in the management of any investment in the related Borrower or the related Mortgaged Property or (B) to its
actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower, and (ii) will
maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations
described in clause (i) above.

 

7.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

    L-1D-2

     

    

 

8.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

9.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY
ITS CERTIFICATION HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory,
as of the date certified.]

 

	 	[The Directing Holder][a Controlling
    Class Certificateholder]
	 	 	

	By:	 	 
	Title:
 Company:
 Phone:	 

    L-1D-3

     

    

 

EXHIBIT
L-1E

 

FORM
OF NOTICE OF EXCLUDED CONTROLLING CLASS HOLDER

 

[Date]

 

	Midland
                                         Loan Services, a Division of PNC Bank, National Association 

        10851
        Mastin Street, Suite 700 

        Overland
        Park, Kansas 66210 

        Attention:
        Executive Vice President – Division Head 

        Facsimile:
        (888) 706-3565 

        Email:
        NoticeAdmin@midlandls.com

         
	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045

    Attention:  Corporate Trust Services – Benchmark 2020-B22

    Email: trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	Rialto
                                         Capital Advisors, LLC 

        200
        S. Biscayne Blvd 

        Miami,
        Florida 33131 

        Attention:
        Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer 

        Facsimile
        Number: (305) 229-6425

         

        Email:
        liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com, niral.shah@rialtocapital.com, adam.singer@rialtocapital.com 
	Pentalpha
    Surveillance LLC

    375 N. French Road, Suite 100

    Amherst, New York  14228

    Attention:  Benchmark 2020-B22 Transaction Manager

    (with a copy sent via email to: notices@pentalphasurveillance.com with the deal name in the
    subject line)

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B22

 

THIS
NOTICE IDENTIFIES AN “EXCLUDED CONTROLLING CLASS LOAN” RELATING TO THE BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-B22, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 3.32 OF THE
POOLING AND SERVICING AGREEMENT.

 

In
accordance with Section 4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the
“Certificates”), the undersigned (the “Excluded Controlling Class Holder”) hereby certifies
and agrees as follows:

 

1.       The
undersigned is [the Directing Holder] [a Controlling Class Certificateholder] as of the date hereof.

 

    L-1E-1

     

    

 

2.       The
undersigned has become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded
Controlling Class Loans”):

 

	Mortgage
    Loan Number	ODCR	Loan
    Name	Borrower
    Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

3.       As
of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below information
to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, the Certificate
Administrator’s determination as to whether a Consultation Termination Event or Control Termination Event is in effect with
respect to the Excluded Controlling Class Loans listed in paragraph 2 if any such mortgage loan is an Excluded Mortgage Loan:

 

	CUSIP	Class	Outstanding
    Certificate Balance	Initial
    Certificate Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

4.       The
undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit L-1F to the Pooling and
Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it is not
permitted to access and shall not access any Excluded Information relating to the Excluded Controlling Class Loans on the Certificate
Administrator’s website unless and until it has (i) delivered notice of the termination of the related Excluded Controlling
Class Holder status and (ii) submitted a new investor certification in accordance with Section 4.02(b) of the Pooling and Servicing
Agreement.

 

5.       The
undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters, the Initial
Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost of enforcing
this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee, representative
or person acting on its behalf of any Excluded Information relating to the Excluded Controlling Class Loans listed in Paragraph
2 above.

 

    L-1E-2

     

    

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN
WITNESS WHEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto
by its duly authorized officer, as of the day and year written above. 

	 	 	 
	 	[Directing Holder][a Controlling Class Certificateholder]
	 	 
	 	By:	 
	 	 	Name:

    Title:

    Phone:

    Email:

    Address:

  

    L-1E-3

     

    

 

EXHIBIT
L-1F

 

FORM
OF NOTICE OF EXCLUDED CONTROLLING CLASS HOLDER TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

	Via:
                                         Email

                                         Wells Fargo Bank, National Association

                                         9062 Old Annapolis Road

                                         Columbia, Maryland 21045

                                         Attention: Corporate Trust Services – Benchmark 2020-B22

                                         trustadministrationgroup@wellsfargo.com

                                         cts.cmbs.bond.admin@wellsfargo.com

         

        with
        a copy to:

         

        Wells
        Fargo Bank, National Association

        8480 Stagecoach Circle

        Frederick, Maryland 21701-4747

        Attention: Benchmark 2020-B22

         

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22

 

In
accordance with Section 4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the
“Certificates”), the undersigned (the “Excluded Controlling Class Holder”) hereby directs
you as follows:

 

1.       The
undersigned is the [Directing Holder][a Controlling Class Certificateholder] as of the date hereof.

 

2.       The
undersigned has become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded
Controlling Class Loans”):

 

	Mortgage
    Loan Number	ODCR	Loan
    Name	Borrower
    Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

    L-1F-1

     

    

 

3.       The
following USER IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate Administrator’s
Website with respect to the Benchmark 2020-B22 Mortgage Trust securitization should be revoked as to such users:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

4.       The
undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information with respect to such
Excluded Controlling Class Loans on the Certificate Administrator’s website unless and until it (i) is no longer an Excluded
Controlling Class Holder with respect to such Excluded Controlling Class Loans, (ii) has delivered notice of the related Excluded
Controlling Class Holder status and (iii) has submitted an investor certification in the form of Exhibit L-1E to the Pooling and
Servicing Agreement.

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN
WITNESS WHEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto
by its duly authorized officer, as of the day and year written above. 

	 	 
	 	[Directing Holder][a Controlling
    Class Certificateholder]
	 	 
	 	 
	 	Name:

    Title:

    Phone:

    Email:

    Address:

 

The
undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 3.

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator

 

 

Name:

Title:

 

    L-1F-2

     

    

 

EXHIBIT
L-1G

 

Form
of Certification of the DIRECTING HOLDER

 

[Date]

 

	Midland
                                         Loan Services, a Division of PNC Bank, National Association 

        10851
        Mastin Street, Suite 700 

        Overland
        Park, Kansas 66210 

        Attention:
        Executive Vice President – Division Head 

        Facsimile:
        (888) 706-3565 

        Email:
        NoticeAdmin@midlandls.com

         
	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045

    Attention:  Corporate Trust Services – Benchmark 2020-B22

    Email: trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	Rialto
                                         Capital Advisors, LLC 

        200
        S. Biscayne Blvd 

        Miami,
        Florida 33131 

        Attention:
        Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer 

        Facsimile
        Number: (305) 229-6425

         

        Email:
        liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com, niral.shah@rialtocapital.com, adam.singer@rialtocapital.com

         
	Pentalpha
    Surveillance LLC

    375 N. French Road, Suite 100

    Amherst, New York  14228

    Attention:  Benchmark 2020-B22 Transaction Manager

    (with a copy sent via email to: notices@pentalphasurveillance.com with the deal name in the
    subject line)
	Deutsche
                                         Mortgage & Asset Receiving Corporation 

        60
        Wall Street 

        New
        York, New York 10005 

        Attention:
        Lainie Kaye 

        with
        a copy via email to:

         

        cmbs.requests@db.com

         
	 

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B22

 

In
accordance with Section 3.29(a) of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned has been appointed to act as the Directing Holder.

 

2.       The
undersigned is not a Borrower Party.

 

    L-1G-1

     

    

 

3.       If
the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned agrees to and shall deliver the certification
attached as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.

 

4.       [Other
than for Initial Directing Holder: The undersigned hereby certifies that an executed copy of this certification in paper form
has been delivered in accordance with the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed
above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.]

 

5.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY
ITS CERTIFICATION HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory,
as of the date certified.] 

	 	 	 
	 	[The Directing Holder][a Controlling
    Class Certificateholder]
	 	 
	 	By:	 
	 	 	Title:

    Company:

    Phone:

  

    L-1G-2

     

    

 

EXHIBIT
L-1H

 

Form
of Certification of THE RISK RETENTION CONSULTATION PARTY

 

[Date]

 

	Midland
                                         Loan Services, a Division of PNC Bank, National Association 

        10851
        Mastin Street, Suite 700 

        Overland
        Park, Kansas 66210 

        Attention:
        Executive Vice President – Division Head 

        Facsimile:
        (888) 706-3565 

        Email:
        NoticeAdmin@midlandls.com

         
	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045

    Attention:  Corporate Trust Services – Benchmark 2020-B22

    Email: trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	Pentalpha
    Surveillance LLC

    375 N. French Road, Suite 100

    Amherst, New York  14228

    Attention:  Benchmark 2020-B22 Transaction Manager

    (with a copy sent via email to: notices@pentalphasurveillance.com with the deal name in the
    subject line)	Deutsche
                                         Mortgage & Asset Receiving Corporation 

        60
        Wall Street 

        New
        York, New York 10005 

        Attention:
        Lainie Kaye 

        with
        a copy via email to: 

        cmbs.requests@db.com

         

	Wells
                                         Fargo Bank, National Association 

        600
        South 4th Street, 7th Floor 

        MAC
        N9300-070

        Minneapolis, Minnesota 55479

        Attention: CTS – Certificate Transfers Benchmark 2020-B22

         
	Rialto
                                         Capital Advisors, LLC 

        200
        S. Biscayne Blvd 

        Miami,
        Florida 33131 

        Attention:
        Liat Heller, Jeff Krasnoff, Niral 

        Shah,
        Adam Singer 

        Facsimile
        Number: (305) 229-6425

         

        Email:
        liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com, niral.shah@rialtocapital.com, adam.singer@rialtocapital.com

         

		Re:	Benchmark
                                         2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22,
                                         VRR Interest 

 

In
accordance with Section 3.29 of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned has been appointed to act as the Risk Retention Consultation Party.

 

2.       The
undersigned is not a Borrower Party.

 

3.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and

 

    L-1H-1

     

    

 

Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed
by registered mail, postage prepaid.

 

4.       The
contact information for the undersigned for all notices and other communications is as follows:

 

[_____]

 

5.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by
its duly authorized signatory, as of the date certified. 

	 	 	 
	 	[RISK RETENTION CONSULTATION PARTY]
	 	 	 
	 	By:	 
	 	 	Name:

    Title:

  

Dated:
_______

 

    L-1H-2

     

    

 

EXHIBIT
L-2

 

FORM
OF FINANCIAL MARKET PUBLISHER CERTIFICATION

 

This
Certification has been prepared for provision of information to the market data providers listed in Paragraph 1 below pursuant
to the direction of the Depositor.

 

In
connection with the Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”),
entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC
Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Pentalpha Surveillance LLC,
as operating advisor and as asset representations reviewer, and Wells Fargo Bank, National Association, as trustee, as certificate
administrator, as paying agent and as custodian, the undersigned hereby certifies and agrees as follows:

 

	1.	The
                                         undersigned is an employee or agent of BlackRock Financial Management, Inc., Moody’s
                                         Analytics, KBRA Analytics, Inc., Bloomberg Financial Markets, L.P., RealInsight, CMBS.com,
                                         Inc., Intex Solutions, Inc., Trepp, LLC, Interactive Data Corporation, Markit LLC or
                                         Thomson Reuters Corporation, a market data provider that has been given access to the
                                         Distribution Date Statements, CREFC® reports and supplemental notices
                                         delivered or made available pursuant to Section 4.02 of the Pooling and Servicing Agreement
                                         to Privileged Persons on www.ctslink.com (the “Website”) by request
                                         of the Depositor.

 

	2.	The
                                         undersigned agrees that each time it accesses the Website, the undersigned is deemed
                                         to have recertified that the representation above remains true and correct.

 

	3.	Capitalized
                                         terms used but not defined herein shall have the respective meanings assigned thereto
                                         in the agreement pursuant to which the Certificates were issued.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be
signed hereto by its duly authorized signatory, as of the date certified.

 

    L-2-1

     

    

 

EXHIBIT
M

 

FORM
OF NOTIFICATION FROM CUSTODIAN

 

[DATE]

 

To
the Persons Listed on the attached Schedule A

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-B22 

 

Ladies
and Gentlemen:

 

In
accordance with Section 2.02 of the Pooling and Servicing Agreement, the undersigned, as Custodian, hereby notifies you that,
based upon the review required under the Pooling and Servicing Agreement, the Mortgage File for each Mortgage Loan set forth on
the attached defect schedule contains a document or documents which (i) has not been executed or received, (ii) has not been recorded
or filed (if required), (iii) is unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, (iv) appears not to
be what they purport to be or has been torn in any materially adverse manner or (v) is mutilated or otherwise defaced, in each
case as more fully described on the attached defect schedule.

 

The
Custodian has no responsibility to determine, and expresses no opinion with respect thereto, whether any document or opinion is
legal, valid, binding or enforceable, whether the text of any assignment or endorsement is in proper or recordable form (except,
if applicable, to determine if the Trustee is the assignee or endorsee), whether any document has been recorded in accordance
with the requirements of any applicable jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction,
or whether any Person executing any document or rendering any opinion is authorized to do so or whether any signature thereon
is genuine.

 

Capitalized
words and phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing
Agreement. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    as Custodian
	 	 	 
	 	By:	 
	 	 	Name:

    Title:

 

    M-1

     

    

 

SCHEDULE
A

TO

FORM OF NOTIFICATION FROM CUSTODIAN

 

Deutsche
Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with
a copy via email to:

 

cmbs.requests@db.com

 

Pentalpha
Surveillance LLC

375 N. French Road, Suite 100

Amherst, New York 14228

Attention: BMARK 2020-B22 Transaction Manager

(with a copy sent via email to: notices@pentalphasurveillance.com with the deal name in the subject
line)

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – Benchmark 2020-B22

 

with
copies to:

 

cts.cmbs.bond.admin@wellsfargo.com;
and

trustadministrationgroup@wellsfargo.com

 

Midland
Loan Services, a Division of PNC Bank, National Association 

10851
Mastin Street, Suite 700 

Overland
Park, Kansas 66210 

Attention:
Executive Vice President – Division Head 

Facsimile:
(888) 706-3565 

Email:
NoticeAdmin@midlandls.com

 

with
a copy to:

 

Eversheds
Sutherland (US) LLP

700 Sixth Street, NW, Suite 700

Washington, DC 20001

Attention: Lisa A. Rosen

Facsimile: (202) 637-3593

Email: lisarosen@eversheds-sutherland.com

 

    M-2

     

    

 

Rialto
Capital Advisors, LLC 

200
S. Biscayne Blvd 

Miami,
Florida 33131 

Attention:
Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer 

Facsimile
Number: (305) 229-6425

 

Email:
liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com, 

niral.shah@rialtocapital.com, adam.singer@rialtocapital.com

 

For
so long as no Consultation Termination Event is continuing:

 

RREF
IV Debt AIV, LP, c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Facsimile number: (212) 751-4646

with a copy to:

RREF IV Debt AIV, LP, c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Facsimile number: (212) 751-4646

To the applicable Mortgage Loan Seller:

 

[German
American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with
a copy via email to:

 

cmbs.requests@db.com]

 

[Citi
Real Estate Funding Inc.

388 Greenwich Street, 6th Floor

New York, New York 10013

Attention: Richard Simpson

Fax number: (646) 328-2943

 

    M-3

     

    

 

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) 349-0898

 

with
a copy to:

 

Citi
Real Estate Funding Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan O’Connor

 

with
copies by electronic mail to:

 

richard.simpson@citi.com,
and ryan.m.oconnor@citi.com and, in the case of each Rule 15Ga-1 Notice, cmbs.notice@citi.com]

 

[Goldman
Sachs Mortgage Company

200 West Street

New York, New York 10282

Attention: Leah Nivison

Email: leah.nivison@gs.com

 

With
a copy to:

 

Joe
Osborne

Email: joe.osborne@gs.com

 

and

 

gs-refgsecuritization@gs.com]

 

[JPMorgan
Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal Singh

Email: US_CMBS_Notice@jpmorgan.com

 

with
a copy to:

JPMorgan Chase Bank, National Association

4 New York Plaza, 21st Floor

New York, New York 10004

Attention: SPG Legal

 

 

    M-4

     

    

 

Email:
US_CMBS_Notice@jpmorgan.com]

 

    M-5

     

    

 

DEFECT
SCHEDULE

TO FORM OF NOTIFICATION FROM CUSTODIAN

 

    M-6

     

    

 

EXHIBIT
N-1

 

FORM
OF CLOSING DATE CUSTODIAN CERTIFICATION

[Date]

 

[                 ]

[                 ]

[                 ]

Attention: [                 ]

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
                                         Series 2020-B22 	

 

In
accordance with Section 2.02 of the Pooling and Servicing Agreement, the Custodian hereby certifies that, with respect to
each Mortgage Loan listed on the Mortgage Loan Schedule attached hereto as Schedule A, (a) the Custodian has in its possession
the documents specified in clause (i) of the definition of “Mortgage File”, (b) the foregoing documents delivered
or caused to be delivered by the Mortgage Loan Sellers as described in clause (a) above have been reviewed by it or by a
Custodian on its behalf and appear regular on their face, appear to be executed and purports to relate to such Mortgage Loan,
except as identified on the schedule attached hereto, and (c) each of the documents specified in Section 2.01(a)(ii), 2.01(a)(vii),
2.01(a)(xi) and 2.01(a)(xix) of the Pooling and Servicing Agreement have been received, have been executed, appear to be what
they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially adverse manner or
mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule.

 

Capitalized
terms used but not defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    as Custodian
	 	 
	 	By:	 
	 	 	Name:

    Title:

 

 

    N-1-1

     

    

 

SCHEDULE
A 

TO CLOSING DATE CUSTODIAN CERTIFICATION

 

MORTGAGE
LOAN SCHEDULE

 

    N-1-2

     

    

 

EXHIBIT
N-2

 

FORM
OF POST-CLOSING CUSTODIAN CERTIFICATION

 

[Date]

 

[                 ]

[                 ]

[                 ]

Attention: [                 ]

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
                                         Series 2020-B22 	

 

In
accordance with Section 2.02 of the Pooling and Servicing Agreement, the Custodian hereby certifies, subject to the terms
of the Pooling and Servicing Agreement, that, with respect to each Mortgage Loan listed on the Mortgage Loan Schedule attached
hereto as Schedule A, all documents (other than documents referred to in clauses (xix) and (xx) of Section 2.01(a) of the Pooling
and Servicing Agreement and the documents referred to in clauses (iii), (iv)(B), (v)(B) and (viii)(B) of Section 2.01(a) of the
Pooling and Servicing Agreement and the assignments of financing statements referred to in clause (xiii) of Section 2.01(a) of
the Pooling and Servicing Agreement) referred to in Section 2.01(a) of the Pooling and Servicing Agreement (in the case of the
documents referred to in Section 2.01(a)(iv), (vi), (viii), (ix), (x), (xi), (xii) through (xvi) and (xviii) through (xx) of the
Pooling and Servicing Agreement, as identified to it in writing as a document required to be delivered by the related Mortgage
Loan Seller) and any original recorded documents included in the delivery of a Mortgage File have been received, have been executed,
appear to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially
adverse manner or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans identified in the Mortgage
Loan Schedule, in each case, except as set forth on the attached schedule hereto.

 

Capitalized
terms used but not defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    as Custodian
	 	 
	 	By:	 
	 	 	Name:

    Title:

 

    N-2-1

     

    

 

SCHEDULE
A 

TO POST-CLOSING CUSTODIAN CERTIFICATION

 

MORTGAGE
LOAN SCHEDULE

 

    N-2-2

     

    

 

EXHIBIT
O

 

FORM
OF TRUSTEE BACKUP CERTIFICATION

 

Benchmark
2020-B22 Mortgage Trust (The “Trust”)

 

The
undersigned, __________, a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), under that certain Pooling and Servicing Agreement, dated as
of December 1, 2020 (the “Pooling and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving
Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Rialto Capital
Advisors, LLC, as special servicer, Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer, and
Wells Fargo Bank, National Association, as trustee, as certificate administrator (in such capacity, the “Certificate
Administrator”), as paying agent and as custodian, certifies to [       ],
Deutsche Mortgage & Asset Receiving Corporation and its officers, directors and affiliates, to the extent that the following
information is within the Trustee’s normal area of responsibilities and duties under the Pooling and Servicing Agreement,
and with the knowledge and intent that they will rely upon this certification, that:

 

	1.	I
                                         am responsible for reviewing the activities performed by the Trustee and based on my
                                         knowledge and the compliance reviews conducted in preparing the Trustee compliance statements
                                         required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except
                                         as disclosed to the Certificate Administrator and to the Depositor, the Trustee has fulfilled
                                         its obligations in all material respects under the Pooling and Servicing Agreement; and

 

	2.	The
                                         report on assessment of compliance with servicing criteria applicable to the Trustee
                                         for asset-backed securities with respect to the Trustee or any Servicing Function Participant
                                         retained by the Trustee and related attestation report on assessment of compliance with
                                         servicing criteria applicable to it required to be included in the annual report on Form
                                         10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange
                                         Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate
                                         Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of
                                         noncompliance described in such reports have been provided to the Certificate Administrator
                                         and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized
terms used but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

    O-1

     

    

 

Date:
___________________

 

	 	Wells
    Fargo Bank, NATIONAL ASSOCIATION
	 	 
	 	By:	 
	 	 	Name:

    Title:

  

    O-2

     

    

 

EXHIBIT
P

 

FORM
OF CUSTODIAN BACKUP CERTIFICATION

 

Benchmark
2020-B22 Mortgage Trust (The “Trust”)

 

The
undersigned, __________, a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association,
as custodian (in such capacity, the “Custodian”), under that certain Pooling and Servicing Agreement, dated
as of December 1, 2020 (the “Pooling and Servicing Agreement”), entered into between Deutsche Mortgage &
Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer,
Rialto Capital Advisors, LLC, as special servicer, Pentalpha Surveillance LLC, as operating advisor and as asset representations
reviewer, and Wells Fargo Bank, National Association, as trustee, as certificate administrator, as paying agent and as custodian,
certifies to [       ], Deutsche Mortgage & Asset Receiving Corporation and its
officers, directors and affiliates, to the extent that the following information is within the Custodian’s normal area of
responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge and intent that they will rely upon
this certification, that:

 

	1.	I
                                         am responsible for reviewing the activities performed by the Custodian and based on my
                                         knowledge and the compliance reviews conducted in preparing the Custodian compliance
                                         statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB,
                                         and except as disclosed to the Certificate Administrator and to the Depositor, the Custodian
                                         has fulfilled its obligations in all material respects under the Pooling and Servicing
                                         Agreement; and

 

	2.	The
                                         report on assessment of compliance with servicing criteria applicable to the Custodian
                                         for asset-backed securities with respect to the Custodian or any Servicing Function Participant
                                         retained by the Custodian and related attestation report on assessment of compliance
                                         with servicing criteria applicable to it required to be included in the annual report
                                         on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and
                                         Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate
                                         Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of
                                         noncompliance described in such reports have been provided to the Certificate Administrator
                                         and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized
terms used but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

    P-1

     

    

 

Date:
_____________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	By:	 
	 	 	Name:

    Title:

  

    P-2

     

    

 

EXHIBIT
Q

 

FORM
OF CERTIFICATE ADMINISTRATOR BACKUP CERTIFICATION

 

Benchmark
2020-B22 Mortgage Trust (The “Trust”)

 

The
undersigned, __________, a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association,
as certificate administrator, (in such capacity, the “Certificate Administrator”), paying agent and custodian,
under that certain Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”),
between Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), as certificate administrator, as custodian and as paying agent,
and Pentalpha Surveillance LLC, as operating advisor (in such capacity, the “Operating Advisor”) and as asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”), certifies to [       ],
Deutsche Mortgage & Asset Receiving Corporation and its officers, directors and affiliates, to the extent that the following
information is within the Certificate Administrator’s normal area of responsibilities and duties under the Pooling and Servicing
Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

	1.	I
                                         have reviewed the annual report on Form 10-K for the fiscal year [20___] (the “Annual
                                         Report”), and all reports on Form 10-D and Form 8-K to be filed in respect
                                         of periods included in the year covered by the Annual Report (collectively with the Annual
                                         Report, the “Reports”), of the Trust;

 

	2.	To
                                         my knowledge, the Reports taken as a whole, do not contain any untrue statement of a
                                         material fact or omit to state a material fact necessary to make the statements made,
                                         in light of the circumstances under which such statements were made, not misleading with
                                         respect to the period covered by the Annual Report;

 

	3.	To
                                         my knowledge, the distribution information required to be provided by the Certificate
                                         Administrator under the Pooling and Servicing Agreement for inclusion in the Reports
                                         is included in the Reports;

 

	4.	I
                                         am responsible for reviewing the activities performed by the Certificate Administrator
                                         under the Pooling and Servicing Agreement and based on my knowledge and the compliance
                                         reviews conducted in preparing the Certificate Administrator compliance statements required
                                         for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except as disclosed
                                         on any Reports, the Certificate Administrator has fulfilled its obligations in all material
                                         respects under the Pooling and Servicing Agreement; and

 

	5.	The
                                         report on assessment of compliance with servicing criteria applicable to the Certificate
                                         Administrator for asset-backed securities with respect to the Certificate Administrator
                                         or any Servicing Function Participant retained by the Certificate Administrator and related
                                         attestation report on assessment of compliance with servicing criteria applicable to
                                         it required to be included in the annual report on Form 10-K for the 

 

    Q-1

     

    

 

Relevant
Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided
to the Depositor for disclosure in such annual report on Form 10-K.

 

In
giving the certifications above, the Certificate Administrator has reasonably relied on information provided to it by the following
unaffiliated persons: the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and
the Depositor.

 

Capitalized
terms used but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:
______________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	By:	 
	 	 	Name:

    Title:

  

    Q-2

     

    

 

EXHIBIT
R

 

FORM
OF OPERATING ADVISOR BACKUP CERTIFICATION

 

Benchmark
2020-B22 Mortgage Trust (the “Trust”)

 

	1.	Based
                                         on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
                                         Period”), all information required to be submitted by the Operating Advisor
                                         to the Master Servicer, the Depositor, Trustee or Certificate Administrator, as applicable,
                                         pursuant to the Pooling and Servicing Agreement for inclusion in the annual report on
                                         Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K
                                         (the “Operating Advisor Reports”) have been submitted by the Operating
                                         Advisor to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator,
                                         as applicable, for inclusion in these reports;

 

	2.	Based
                                         on my knowledge, the operating advisor information contained in the Operating Advisor
                                         Reports, taken as a whole, does not contain any untrue statement of a material fact or
                                         omit to state a material fact necessary to make the statements made, in light of the
                                         circumstances under which such statements were made, not misleading with respect to the
                                         period covered by these reports;

 

	3.	The
                                         accountants that are to deliver the annual attestation report on assessment of compliance
                                         with the Relevant Servicing Criteria in respect of the Operating Advisor with respect
                                         to the Trust’s fiscal year ________ have been provided all information relating
                                         to the Operating Advisor’s assessment of compliance with the Relevant Servicing
                                         Criteria, in order to enable them to conduct a review in compliance with the standards
                                         for attestation engagements issued or adopted by the PCAOB; and

 

	4.	The
                                         report on assessment of compliance with servicing criteria applicable to the Operating
                                         Advisor for asset-backed securities with respect to the Operating Advisor or any Servicing
                                         Function Participant retained by the Operating Advisor and related attestation report
                                         on assessment of compliance with servicing criteria applicable to it required to be included
                                         in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122
                                         of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor
                                         and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any
                                         material instances of noncompliance described in such reports have been provided to the
                                         Certificate Administrator and the Depositor for disclosure in such annual report on Form
                                         10-K.

 

    R-1

     

    

 

Capitalized
terms used but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date: ______________

 

	 	PENTALPHA SURVEILLANCE LLC
	 	 
	 	By:	 
	 	Name:
 Title:

 

    R-2

     

    

 

EXHIBIT
S

 

[RESERVED]

 

    S-1

     

    

 

EXHIBIT
T

 

FORM
OF MASTER SERVICER BACKUP CERTIFICATION

 

Benchmark
2020-B22 Mortgage Trust (the “Trust”)

 

I,
[identify the certifying individual], a [_______________] of Midland Loan Services, a Division of PNC Bank, National Association
(the “Master Servicer”) under that certain Pooling and Servicing Agreement, dated as of December 1, 2020 (the
“Pooling and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor,
the Master Servicer, Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), Pentalpha
Surveillance LLC, as operating advisor and as asset representations reviewer, Wells Fargo Bank, National Association, as trustee,
as certificate administrator (in such capacity, the “Certificate Administrator”), as paying agent and as custodian,
on behalf of the Master Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, each
Other Depositor and their respective officers, directors and affiliates, and with the knowledge and intent that they will rely
upon this certification, that:

 

	1.	Based
                                         on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
                                         Period”), and assuming the accuracy of the statements required to be made by
                                         the Special Servicer, [each applicable Other Servicer and each applicable Other Special
                                         Servicer] in the backup certificate[s] delivered by the Special Servicer, [each applicable
                                         Other Servicer and each applicable Other Special Servicer] relating to the Relevant Period,
                                         all servicing information and all reports required to be submitted by the Master Servicer
                                         to the Certificate Administrator pursuant to Sections 3.13(a) and 3.13(c) of the Pooling
                                         and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant
                                         Period and inclusion in all reports on Form 10-D or Form 8-K (the “Servicer
                                         Reports”) have been submitted by the Master Servicer to the Certificate Administrator
                                         for inclusion in these reports;

 

	2.	Based
                                         on my knowledge, and assuming the accuracy of the statements required to be made by the
                                         Special Servicer, [each applicable Other Servicer and each applicable Other Special Servicer]
                                         in the backup certificate[s] delivered by the Special Servicer, [each applicable Other
                                         Servicer and each applicable Other Special Servicer] relating to the Relevant Period,
                                         the master servicing information contained in the Servicer Reports, taken as a whole,
                                         does not contain any untrue statement of a material fact or omit to state a material
                                         fact necessary to make the statements made, in light of the circumstances under which
                                         such statements were made, not misleading with respect to the period covered by these
                                         reports;

 

	3.	I
                                         am, or a servicing officer under my supervision is, responsible for reviewing the activities
                                         performed by the Master Servicer under the Pooling and Servicing Agreement and based
                                         upon my knowledge and the annual compliance reviews conducted in preparing the servicer
                                         compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation
                                         AB with respect to the Master Servicer, and except as disclosed in the compliance certificate
                                         delivered by the Master Servicer under Section 

 

    T-1

     

    

 

10.11
of the Pooling and Servicing Agreement, the Master Servicer has fulfilled its obligations under the Pooling and Servicing Agreement
in all material respects in the year to which such report applies;

 

	4.	The
                                         accountants that are to deliver the annual attestation report on assessment of compliance
                                         with the Relevant Servicing Criteria in respect of the Master Servicer with respect to
                                         the Trust’s fiscal year _____ have been provided all information relating to the
                                         Master Servicer’s assessment of compliance with the Relevant Servicing Criteria
                                         in order to enable them to conduct a review in compliance with the standards for attestation
                                         engagements issued or adopted by the PCAOB; and

 

	5.	The
                                         report on assessment of compliance with servicing criteria applicable to the Master Servicer
                                         for asset-backed securities with respect to the Master Servicer or any Servicing Function
                                         Participant retained by the Master Servicer and related attestation report on assessment
                                         of compliance with servicing criteria applicable to it required to be included in the
                                         annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation
                                         AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to
                                         the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material
                                         instances of noncompliance described in such reports have been provided to the Certificate
                                         Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

In
giving the certification above, I have reasonably relied on and make no certification as to information provided to me by the
following unaffiliated parties: [name(s) of servicer, sub-servicer, co-servicer, Other Servicer, Other Special Servicer or Other
Trustee not retained by the master servicer giving certification] and, notwithstanding the foregoing certifications, neither I
nor Master Servicer makes any certification under the foregoing clauses (2) and (3) with respect to the information in the Servicing
Reports that is in turn dependent upon information provided by the Special Servicer under the Pooling and Servicing Agreement
or by any Other Servicer, Other Special Servicer or Other Trustee.

 

Capitalized
terms used but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

Date:
______________ 

 

	 	MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL
    ASSOCIATION
	 	 
	 	By:	 
	 	 	Name:

    Title:

    T-2

     

    

 

EXHIBIT
U

 

FORM
OF SPECIAL SERVICER BACKUP CERTIFICATION

 

Benchmark
2020-B22 Mortgage Trust (the “Trust”)

 

I,
[identify the certifying individual], a [_______________ ] of Rialto Capital Advisors, LLC, as special servicer (the “Special
Servicer”) under that certain Pooling and Servicing Agreement dated as of December 1, 2020 (the “Pooling and
Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Pentalpha Surveillance
LLC, as operating advisor and as asset representations reviewer, Wells Fargo Bank, National Association, as trustee, as certificate
administrator (in such capacity, the “Certificate Administrator”), as paying agent and as custodian, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”) and
Rialto Capital Advisors, LLC, as the Special Servicer, on behalf of the Special Servicer, certify to [Name of Certifying Person(s)
for Sarbanes-Oxley Certification], the Depositor, each Other Depositor and their respective officers, directors and affiliates,
and with the knowledge and intent that they will rely upon this certification, that:

 

	1.	Based
                                         on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
                                         Period”), all servicing information and all required reports required to be
                                         submitted by the Special Servicer to the Master Servicer, the Depositor, Trustee or Certificate
                                         Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion
                                         in the annual report on Form 10-K for the Relevant Period and inclusion in all reports
                                         on Form 10-D or Form 8-K (the “Special Servicer Reports”) have been
                                         submitted by the Special Servicer to the Master Servicer, the Depositor, the Trustee
                                         or the Certificate Administrator, as applicable, for inclusion in these reports;

 

	2.	Based
                                         on my knowledge, the special servicing information contained in the Special Servicer
                                         Reports, taken as a whole, does not contain any untrue statement of a material fact or
                                         omit to state a material fact necessary to make the statements made therein, in light
                                         of the circumstances under which such statements were made, not misleading with respect
                                         to the period covered by these reports;

 

	3.	I
                                         am, or an officer under my supervision is, responsible for reviewing the activities performed
                                         by the Special Servicer under the Pooling and Servicing Agreement and based upon my knowledge
                                         and the annual compliance reviews conducted in preparing the servicer compliance statements
                                         required in this report under Item 1123 of Regulation AB with respect to the Special
                                         Servicer, and except as disclosed in the compliance certificate delivered by the Special
                                         Servicer under Section 10.11 of the Pooling and Servicing Agreement, the Special Servicer
                                         has fulfilled its obligations under the Pooling and Servicing Agreement in all material
                                         respects in the year to which such report applies;

 

	4.	The
                                         accountants that are to deliver the annual attestation report on assessment of compliance
                                         with the Relevant Servicing Criteria in respect of the Special Servicer with respect
                                         to the Trust’s fiscal year _____ have been provided all information relating to
                                         the Special Servicer assessment of compliance with the Relevant Servicing Criteria, in
                                         order

 

    U-1

     

    

to
                                         enable them to conduct a review in compliance with the standards for attestation engagements
                                         issued or adopted by the PCAOB; and

 

	5.	The
                                         report on assessment of compliance with servicing criteria applicable to the Special
                                         Servicer for asset-backed securities with respect to the Special Servicer or any Servicing
                                         Function Participant retained by the Special Servicer and related attestation report
                                         on assessment of compliance with servicing criteria applicable to it required to be included
                                         in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122
                                         of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor
                                         and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any
                                         material instances of noncompliance described in such reports have been provided to the
                                         Certificate Administrator and the Depositor for disclosure in such annual report on Form
                                         10-K.

 

Capitalized
terms used but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:
______________

 

	 	Rialto
    Capital Advisors, LLC
	 	 
	 	By:	 
	 	 	Name:

    Title:

    U-2

     

    

 

EXHIBIT
V

 

FORM
OF SUB-SERVICER BACKUP CERTIFICATION

 

Benchmark
2020-B22 Mortgage Trust (the “Trust”)

 

As
contemplated by Section 10.08 of that certain Pooling and Servicing Agreement dated as of December 1, 2020 (the “Pooling
and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), Pentalpha Surveillance LLC, as operating advisor and asset
representations reviewer, Wells Fargo Bank, National Association, as trustee, certificate administrator (in such capacity, the
“Certificate Administrator”), paying agent and custodian, [identify the certifying individual], a                     
of                     ,
a                     
[corporation] (the “Sub-Servicer”) as Sub-Servicer in connection with the sub-servicing of one or more
Mortgage Loans and/or Serviced Companion Loan under the Pooling and Servicing Agreement, on behalf of the Sub-Servicer, certify
to [Name of Each Certifying Person for Sarbanes-Oxley Certification], the Depositor, each Other Depositor, the Master Servicer
and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

	1.	I
                                         have reviewed the Servicer Reports and Sub-Servicer Reports (each as defined below) relating
                                         to the Mortgage Loans and/or Serviced Companion Loan delivered by the Sub-Servicer to
                                         the Master Servicer, pursuant to the Sub-Servicing Agreement dated [___________], 20[__]
                                         by and between the Sub-Servicer and the Master Servicer (the “Sub-Servicing
                                         Agreement”);

 

	2.	Based
                                         on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
                                         Period”), all servicing information and all reports required to be submitted
                                         by the Sub-Servicer to the Certificate Administrator pursuant to the Pooling and Servicing
                                         Agreement (the “Servicer Reports”) for inclusion in the annual report
                                         on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form
                                         8-K have been submitted by the Sub-Servicer to the Certificate Administrator for inclusion
                                         in these reports;

 

	3.	Based
                                         on my knowledge, with respect to the Relevant Period, all servicing information and all
                                         reports required to be submitted by the Sub-Servicer to the Master Servicer pursuant
                                         to the Sub-Servicing Agreement (the “Sub-Servicer Reports”) have been
                                         submitted by the Sub-Servicer to the Master Servicer;

 

	4.	Based
                                         on my knowledge, the sub-servicer information contained in the Servicer Reports and Sub-Servicer
                                         Reports, taken as a whole, does not contain any untrue statement of a material fact or
                                         omit to state a material fact necessary to make the statements made, in light of the
                                         circumstances under which such statements were made, not misleading with respect to the
                                         period covered by these reports;

 

    V-1

     

    

 

	5.	Based
                                         upon my knowledge and the annual compliance review performed as required under Section
                                         [__] of the Sub-Servicing Agreement, and except as disclosed in the compliance certificate
                                         delivered pursuant to Section [__] of the Sub-Servicing Agreement, the Sub-Servicer has
                                         fulfilled its obligations under the Sub-Servicing Agreement in all material respects;

 

	6.	[I
                                         am, or a servicing officer under my supervision is, responsible for reviewing the activities
                                         performed by the Sub-Servicer under the Sub-Servicing Servicing Agreement and based upon
                                         my knowledge and the annual compliance reviews conducted in preparing the servicer compliance
                                         statements for inclusion on Form 10-K pursuant Item 1123 of Regulation AB with respect
                                         to the Sub-Servicer, and except as disclosed in the compliance certificate delivered
                                         by the Sub-Servicer under Section [__] of the Sub-Servicing Agreement, the Sub-Servicer
                                         has fulfilled its obligations under the Sub-Servicing Agreement in all material respects
                                         in the year which such report applies];

 

	7.	The
                                         accountants that are to deliver the annual attestation report on assessment of compliance
                                         with the Relevant Servicing Criteria in respect of the Sub-Servicer with respect to the
                                         Trust’s fiscal year _____ have been provided all information relating to the Sub-Servicer’s
                                         assessment of compliance with the Relevant Servicing Criteria, in order to enable them
                                         to conduct a review in compliance with the standards for attestation engagements issued
                                         or adopted by the PCAOB; and

 

	8.	The
                                         report on assessment of compliance with servicing criteria applicable to the Sub-Servicer
                                         for asset-backed securities with respect to the Sub-Servicer or any Servicing Function
                                         Participant retained by the Sub-Servicer and related attestation report on assessment
                                         of compliance with servicing criteria applicable to it required to be included in the
                                         annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation
                                         AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to
                                         the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material
                                         instances of noncompliance described in such reports have been provided to the Certificate
                                         Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized
terms used but not defined herein have the meanings set forth in the Sub-Servicing Agreement, or if not defined in the Sub-Servicing
Agreement, then the meanings set forth in the Pooling and Servicing Agreement.

 

Date:
___________________

 

	 	[Insert
    NAME OF SUB-SERVICER]
	 	 
	 	By:	 
	 	 	Name:

    Title:

    V-2

     

    

 

EXHIBIT
W

 

FORM
OF SARBANES-OXLEY CERTIFICATION

 

I,
[identify the certifying individual], certify that:

 

1.       I
have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this
report on Form 10-K of the Benchmark 2020-B22 Mortgage Trust (the “Exchange Act periodic reports”);

 

2.       Based
on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

 

3.       Based
on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period
covered by this report is included in the Exchange Act periodic reports;

 

4.       Based
on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as
disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements
in all material respects; and

 

5.       All
of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports
on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance
with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except
as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in
this report on Form 10-K.

 

    W-1

     

    

 

In
giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties:
Midland Loan Services, a Division of PNC Bank, National Association, Rialto Capital Advisors, LLC, Wells Fargo Bank, National
Association, Pentalpha Surveillance LLC and [list any sub-servicers].

 

Dated:_____________

 

	 	[_____]

    (Senior officer in charge of securitization of the depositor)
	 		 

 

    W-2

     

    

 

EXHIBIT
X

 

MORTGAGE
LOAN SELLER SUB-SERVICERS

 

	Mortgage
    Loan	Sub-Servicer
    Name(s)	Sub-Servicer’s
    Duties
	Station
    Park & Station Park West	Jones
    Lang LaSalle Multifamily, LLC	Non-Cashiering
	Mountain
    View Village	Jones
    Lang LaSalle Multifamily, LLC	Non-Cashiering
	27750
    Entertainment Drive	Berkadia
    Commercial Mortgage LLC	Cashiering

 

    X-1

     

    

 

EXHIBIT
Y

 

SERVICING
FUNCTION PARTICIPANTS

 

	 
	Wells
    Fargo Bank, National Association
	KeyBank
    National Association
	Situs
    Holdings, LLC

 

    Y-1

     

    

 

EXHIBIT
Z

 

FORM
OF NRSRO CERTIFICATION

 

[Date]

 

Wells
Fargo Bank, National Association 

9062
Old Annapolis Road 

Columbia,
Maryland 21045 

Attention:
Corporate Trust Services – Benchmark 2020-B22 Mortgage Trust

 

with
copies to:

 

ct.cmbs.bond.admin@wellsfargo.com,
and 

trustadministrationgroup@wellsfargo.com

 

		Re:	Benchmark
                                         2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22
                                         

 

In
accordance with the Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Agreement”), and executed
in connection with the above-referenced transaction, with respect to the certificates issued thereunder (the “Certificates”),
the undersigned hereby certifies as follows:

 

1.
           (a) The undersigned is a Rating Agency; or

 

(b)       The
undersigned is a nationally recognized statistical rating organization and either (x) has provided the Depositor with the appropriate
certifications under Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date,
is requesting access pursuant to the Agreement to certain information (the “Information”) on such 17g-5 website
pursuant to the provisions of the Agreement, and agrees that any confidentiality agreement applicable to the undersigned with
respect to the information obtained from the Depositor’s 17g-5 website prior to the Closing Date shall also be applicable
to information obtained from the 17g-5 Information Provider’s Website (including without limitation, to any information
received by the Depositor for posting on the 17g-5 Information Provider’s Website), or (y), if the undersigned did not have
access to the Depositor’s 17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound by the provisions
of the confidentiality agreement attached hereto as Annex A which shall be applicable to it with respect to any information
obtained from the 17g-5 Information Provider’s Website, including any information that is obtained from the section of the
17g-5 Information Provider’s Website that hosts the Depositor’s 17g-5 website after the Closing Date.

 

2.       The
undersigned either (a) has not accessed information pursuant to Rule 17g–5(a)(3) ten (10) or more times during the most
recently ended calendar year, or (b) has 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

 

    Z-1

     

    

 

calendar
year prior to the year covered by the SEC Certification, if it accessed such information for 10 or more issued securities or money
market instruments.

 

3.       The
undersigned agrees that each time it accesses the 17g-5 Information Provider’s Website, it is deemed to have recertified
that the representations herein contained remain true and correct.

 

Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be
signed hereto by its duly authorized signatory, as of the date certified.

 

    Z-2

     

    

 

ANNEX
A

 

CONFIDENTIALITY
AGREEMENT

 

This
Confidentiality Agreement (the “Confidentiality Agreement”) is made in connection with [________] (together
with its affiliates, “[_______]”, the “Furnishing Entities” and each a “Furnishing Entity”)
furnishing certain financial, operational, structural and other information relating to the issuance of the Benchmark 2020-B22
Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”) pursuant to the Pooling and
Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer, Rialto Capital Advisors, LLC, as special servicer, Pentalpha Surveillance LLC, as operating advisor and as
asset representations reviewer, and Wells Fargo Bank, National Association, as trustee, as certificate administrator, as paying
agent and as custodian, and the assets underlying or referenced by the Certificates, including the identity of, and financial
information with respect to borrowers, sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”)
to you (the “NRSRO”) through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider
under the Pooling and Servicing Agreement, including the [section of the 17g-5 Information Provider’s website that hosts
the Depositor’s 17g-5 website after the Closing Date (as defined in the Pooling and Servicing Agreement]. Information provided
by each Furnishing Entity is labeled as provided by the specific Furnishing Entity.

 

		1.	Definition
                                         of Confidential Information. For purposes of this Confidentiality Agreement, the
                                         term “Confidential Information” shall include the following information
                                         (irrespective of its source or form of communication, including information obtained
                                         by you through access to this site) that may be furnished to you by or on behalf of a
                                         Furnishing Entity in connection with the issuance or monitoring of a rating with respect
                                         to the Certificates: (x) all data, reports, interpretations, forecasts, records,
                                         agreements, legal documents and other information (such information, the “Evaluation
                                         Material”) and (y)  any of the terms, conditions or other facts with respect
                                         to the transactions contemplated by the Pooling and Servicing Agreement, including the
                                         status thereof; provided, however, that the term Confidential Information
                                         shall not include information which:

 

		-	was
                                         or becomes generally available to the public (including through filing with the Securities
                                         and Exchange Commission or disclosure in an offering document) other than as a result
                                         of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i)
                                         below) in violation of this Confidentiality Agreement;

 

		-	was
                                         or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives
                                         that (i) is reasonably believed by you to be under no obligation to maintain the
                                         information as confidential and (ii) provides it to you without any obligation to
                                         maintain the information as confidential; or

 

		-	is
                                         independently developed by the NRSRO without reference to any Confidential Information.

 

    Z-3

     

    

 

		2.	Information
                                         to Be Held in Confidence.

 

		(a)	You
                                         will use the Confidential Information solely for the purpose of determining or monitoring
                                         a credit rating on the Certificates and, to the extent that any information used is derived
                                         from but does not reveal any Confidential Information, for benchmarking, modeling or
                                         research purposes (the “Intended Purpose”).

 

		(b)	You
                                         acknowledge that you are aware that the United States and state securities laws impose
                                         restrictions on trading in securities when in possession of material, non-public information
                                         and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO Representative
                                         who is informed of the matters that are the subject of this Confidentiality Agreement
                                         to that effect.

 

		(c)	You
                                         will treat the Confidential Information as private and confidential. Subject to Section
                                         4, without the prior written consent of the applicable Furnishing Entity, you will not
                                         disclose to any person any Confidential Information, whether such Confidential Information
                                         was furnished to you before, on or after the date of this Confidentiality Agreement.
                                         Notwithstanding the foregoing, you may:

 

		(i)	disclose
                                         the Confidential Information to any of the NRSRO’s affiliates, directors, officers,
                                         employees, legal representatives, agents and advisors (each, a “NRSRO Representative”)
                                         who, in the reasonable judgment of the NRSRO, need to know such Confidential Information
                                         in connection with the Intended Purpose; provided, that, prior to disclosure of
                                         the Confidential Information to a NRSRO Representative, the NRSRO shall have taken reasonable
                                         precautions to ensure, and shall be satisfied, that such NRSRO Representative will act
                                         in accordance with this Confidentiality Agreement;

 

		(ii)	solely
                                         to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5),
                                         post the Confidential Information to the NRSRO’s password protected website; and

 

		(iii)	use
                                         information derived from the Confidential Information in connection with an Intended
                                         Purpose, if such derived information does not reveal any Confidential Information.

 

		3.	Disclosures
                                         Required by Law. If you or any NRSRO Representative is requested or required (orally
                                         or in writing, by interrogatory, subpoena, civil investigatory demand, request for information
                                         or documents, deposition or similar process relating to any legal proceeding, investigation,
                                         hearing or otherwise) to disclose any Confidential Information, you agree to provide
                                         the relevant Furnishing Entity with notice as soon as practicable (except in the case
                                         of regulatory or other governmental inquiry, examination or investigation, and otherwise
                                         to the extent practical and permitted by law, regulation or regulatory or other governmental
                                         authority) that a request to disclose the Confidential Information has been made so that
                                         the relevant Furnishing Entity may seek an appropriate protective order or other reasonable
                                         assurance that confidential treatment will be accorded the Confidential Information if
                                         it so chooses. Unless otherwise required by a court or other governmental or regulatory
                                         authority to do so, and provided that you been 

 

    Z-4

     

    

 

informed
by written notice that the related Furnishing Entity is seeking a protective order or other reasonable assurance for confidential
treatment with respect to the requested Confidential Information, you agree not to disclose the Confidential Information while
the Furnishing Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment
is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other
reasonable assurance that confidential treatment will be accorded to the portion of the Confidential Information that is being
disclosed, at the sole expense of such Furnishing Entity; provided, however, that in no event shall the NRSRO be
required to take a position that such information should be entitled to receive such a protective order or reasonable assurance
as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree to comply
with its terms with respect to the disclosure of the Confidential Information, at the sole expense of such Furnishing Entity.
If a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance with the provisions
of this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally required to disclose,
at the sole expense of the relevant Furnishing Entity.

 

		4.	Obligation
                                         to Return Evaluation Material. Promptly upon written request by or on behalf of the
                                         relevant Furnishing Entity, all material or documents, including copies thereof, that
                                         contain Evaluation Material will be destroyed or, in your sole discretion, returned to
                                         the relevant Furnishing Entity. Notwithstanding the foregoing, (a) the NRSRO may
                                         retain one or more copies of any document or other material containing Evaluation Material
                                         to the extent necessary for legal or regulatory compliance (or compliance with the NRSRO’s
                                         internal policies and procedures designed to ensure legal or regulatory compliance) and
                                         (b) the NRSRO may retain any portion of the Evaluation Material that may be found
                                         in backup tapes or other archive or electronic media or other documents prepared by the
                                         NRSRO and any Evaluation Material obtained in an oral communication; provided,
                                         that any Evaluation Material so retained by the NRSRO will remain subject to this Confidentiality
                                         Agreement and the NRSRO will remain bound by the terms of this Confidentiality Agreement.

 

		5.	Violations
                                         of this Confidentiality Agreement.

 

		(a)	The
                                         NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the
                                         NRSRO or any NRSRO Representative.

 

		(b)	You
                                         agree promptly to advise each relevant Furnishing Entity in writing of any misappropriation
                                         or unauthorized disclosure or use by any person of the Confidential Information which
                                         may come to your attention and to take all steps reasonably requested by such Furnishing
                                         Entity to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure
                                         or use.

 

		(c)	You
                                         acknowledge and agree that the Furnishing Entities would not have an adequate remedy
                                         at law and would be irreparably harmed in the event that any of the provisions of this
                                         Confidentiality Agreement were not performed in accordance with their specific terms
                                         or were otherwise breached. It is accordingly agreed that each Furnishing Entity shall
                                         be entitled to specific performance and injunctive relief to 

 

    Z-5

     

    

 

prevent
breaches of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in addition to any other
remedy to which a Furnishing Entity may be entitled at law or in equity. It is further understood and agreed that no failure to
or delay in exercising any right, power or privilege hereunder shall preclude any other or further exercise of any right, power
or privilege.

 

		6.	Term.
                                         Notwithstanding the termination or cancellation of this Confidentiality Agreement and
                                         regardless of whether the NRSRO has provided a credit rating on a Security, your obligations
                                         under this Confidentiality Agreement will survive indefinitely.

 

		7.	Governing
                                         Law. This Confidentiality Agreement and any claim, controversy or dispute arising
                                         under the Confidentiality Agreement, the relationships of the parties and/or the interpretation
                                         and enforcement of the rights and duties of the parties shall be governed by and construed
                                         in accordance with the laws of the State of New York applicable to agreements made and
                                         to be performed within such State.

 

		8.	Amendments.
                                         This Confidentiality Agreement may be modified or waived only by a separate writing by
                                         the NRSRO and each Furnishing Entity.

 

		9.	Entire
                                         Agreement. This Confidentiality Agreement represents the entire agreement between
                                         you and the Furnishing Entities relating to the treatment of Confidential Information
                                         heretofore or hereafter reviewed or inspected by you. This agreement supersedes all other
                                         understandings and agreements between us relating to such matters; provided, however,
                                         that, if the terms of this Confidentiality Agreement conflict with another agreement
                                         relating to the Confidential Information that specifically states that the terms of such
                                         agreement shall supersede, modify or amend the terms of this Confidentiality Agreement,
                                         then to the extent the terms of this Confidentiality Agreement conflict with such agreement,
                                         the terms of such agreement shall control notwithstanding acceptance by you of the terms
                                         hereof by entry into this website.

 

		10.	Contact
                                         Information. Notices for each Furnishing Entity under this Confidentiality Agreement,
                                         shall be directed as set forth below:

 

[__________________]

 

    Z-6

     

    

 

EXHIBIT
AA-1

 

FORM
OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Deutsche
Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with
a copy via email to:

 

cmbs.requests@db.com

 

		Re:	Deutsche
                                         Mortgage & Asset Receiving Corporation, Benchmark 2020-B22 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Series 2020-B22

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement,
dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), and executed with respect to the above-referenced
transaction. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling
and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as Depositor, that:

 

1.       The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees with respect to the Mortgage Loans for which
_________________ is the Master Servicer (the “Excess Servicing Fee Right”), with the full right to transfer
the Excess Servicing Fee Right free from any and all claims and encumbrances whatsoever.

 

2.       Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution
of the 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

 

    AA-1-1

     

    

 

Securities
Act or any state securities laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to
the Securities Act or any state securities laws.

 

	 	Very truly yours,
	 	 
	 	By:	 
	 	 	Name:

    Title:

 

    AA-1-2

     

    

 

EXHIBIT
AA-2

 

FORM
OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Deutsche
Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with
a copy via email to:

 

cmbs.requests@db.com

 

Midland
Loan Services, a Division of PNC Bank, National Association 

10851
Mastin Street, Suite 700 

Overland
Park, Kansas 66210 

Attention:
Executive Vice President – Division Head 

Facsimile:
(888) 706-3565 

Email:
NoticeAdmin@midlandls.com

 

	Re:	Deutsche
                                         Mortgage & Asset Receiving Corporation, Benchmark 2020-B22 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Series 2020-B22

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement,
dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), entered into and executed with respect
to the above-referenced transaction. All capitalized terms used but not otherwise defined herein shall have the respective meanings
set forth in the Pooling and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as the Depositor
and the Master Servicer, that:

 

1.       The
Transferee is acquiring the right to receive Excess Servicing Fees with respect to the Mortgage Loans as to which __________________
is the applicable Master Servicer (the “Excess Servicing Fee Right”) for its own account for investment and
not with a view to or for sale or transfer in connection with any distribution thereof, in whole or in part, in any manner which
would violate the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities
laws.

 

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

 

    AA-2-1

     

    

 

state
securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator or the Certificate Registrar is obligated so
to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing Fee Right may not be resold or transferred
unless it is (i) registered pursuant to the Securities Act and registered or qualified pursuant to any applicable state securities
laws or (ii) sold or transferred in transactions which are exempt from such registration and qualification and (A) the Depositor
has received a certificate from the prospective transferor substantially in the form attached as Exhibit AA-1 to the Pooling and
Servicing Agreement, and (B) each of the Master Servicer and the Depositor have received a certificate from the prospective transferee
substantially in the form attached as Exhibit AA-2 to the Pooling and Servicing Agreement.

 

3.       The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.12 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

 

4.       Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any
manner set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security.

 

5.       The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and
servicing of the Mortgage Loans, and (e) all related matters that it has requested.

 

6.       The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity 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

 

    AA-2-2

     

    

 

Transferee
is able to bear the economic risks of such investment and can afford a complete loss of such investment.

 

7.       The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate
pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person
other than such holder’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law,
court order or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such
holder or has become generally available to the public other than as a result of disclosure by such holder; provided, however,
that such holder may provide all or any part of such information to any other Person who is contemplating an acquisition of the
Excess Servicing Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in
writing to keep such information confidential, not to use or disclose such information in any manner which could result in a violation
of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant
to the Securities Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents
or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other
than such Persons’ auditors, legal counsel and regulators.

 

8.       The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing
Agreement except as set forth in Section 3.12(a) of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate
may be reduced to the extent provided in the Pooling and Servicing Agreement.

 

	 	Very truly yours,
	 	 
	 	By:	 
	 	 	Name:

    Title:

 

    AA-2-3

     

    

 

EXHIBIT BB

 

FORM OF OPERATING ADVISOR ANNUAL REPORT1

 

Report Date: If during the prior calendar
year, any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan was a Specially Serviced Loan at any time,
this report will be delivered no later than [INSERT DATE], pursuant to the terms and conditions of the Pooling and Servicing Agreement,
dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), among Deutsche Mortgage & Asset Receiving
Corporation, as the depositor, Midland Loan Services, a Division of PNC Bank, National Association, as the master servicer, Rialto
Capital Advisors, LLC, as the special servicer, Wells Fargo Bank, National Association, as the certificate administrator and as
the trustee and Pentalpha Surveillance LLC, as the operating advisor and as the asset representations reviewer.

Transaction: Benchmark 2020-B22 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2020-B22

Operating Advisor: Pentalpha Surveillance LLC

Special Servicer for period: Rialto Capital Advisors, LLC

Directing Holder: RREF IV Debt AIV, LP (or its affiliate)

 

		I.	Population of Mortgage Loans that Were Considered in Compiling this Report

 

		I.	The Special Servicer has notified the Operating Advisor that [●] Specially Serviced Loans
were transferred to special servicing in the prior calendar year [INSERT YEAR].

 

		a.	[●] of those Specially Serviced Loans are still being analyzed by the Special Servicer as
part of the development of an Asset Status Report.

 

		b.	[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.	The Special Servicer has notified the Operating Advisor that it has completed a Major Decision
with respect to [●] Specially Serviced Loans, and provided the Major Decision Reporting Package or Asset Status Report with
respect to [●] Specially Serviced Loans to the operating advisor.

 

		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

 

 

 

1
This report is an indicative report and does not reflect the final form of annual report to be used in any particular year.
The Operating Advisor will have the ability to modify or alter the organization and content of any particular report, subject
to the compliance with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to
Privileged Information.

 

    BB-1 

     

    

 

Agreement) has undertaken
a limited review of the Special Servicer’s reported actions on the loans identified in this report. Based solely on such
limited review and subject to the assumptions, limitations and qualifications set forth herein, the Operating Advisor believes,
in its sole discretion exercised in good faith, that the Special Servicer [is/is not] 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 a “trust-level basis”. [The Operating Advisor believes, in its sole discretion exercised in good faith, that the
Special Servicer has materially failed to comply with the Servicing Standard as a result of the following material deviations.]

 

		●	[LIST OF MATERIAL DEVIATION ITEMS]

 

In addition, the Operating
Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

		●	[ADD RECOMMENDATION OF REPLACEMENT OF SPECIAL SERVICER, IF APPLICABLE]

 

		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
and certain information it has reasonably requested from the Special Servicer 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 non-discretionary portions of net present value calculations
and Appraisal Reduction Amount calculations delivered or made available to the Operating Advisor pursuant to the terms of the Pooling
and Servicing Agreement.

 

		4.	[LIST OTHER REVIEWED INFORMATION]

 

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 opinion. For instance, we did not review each page of the Special Servicer’s policy and procedure manuals (including
amendments and appendices), review underlying lease agreements or similar underlying documents, re-engineer the quantitative aspects
of their net present value calculation, visit any related property, visit the Special Servicer, visit the Directing Holder or interact
with any Borrower. In addition, our review of the net present value calculations and Appraisal Reduction

 

    BB-2 

     

    

 

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.	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 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.

 

		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 or Borrower directly.
As such, the Operating Advisor relied upon the information delivered to it by the Special Servicer as well as its interaction with
the Special Servicer, if any, in gathering the relevant information to generate this report. The services that we perform are not
designed and cannot be relied upon to detect fraud or illegal acts should any exist.

 

		4.	The Special Servicer has the legal authority and responsibility to service any Specially Serviced
Loans pursuant to the Pooling and Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards
set forth 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 Loans and
certain information it reviewed in connection with its duties under the Pooling and Servicing Agreement. As a result, this report
may not reflect all the relevant information that the Operating Advisor is given access to by the Special Servicer.

 

		6.	There are many tasks that the Special Servicer undertakes on an ongoing basis related to Specially
Serviced Loans. These include, but are not limited to, assumptions, ownership changes, collateral substitutions, capital reserve
changes, etc. The Operating Advisor does not participate in any discussions regarding such actions. As such, Operating Advisor
has not assessed the Special Servicer’s operational compliance with respect to those types of actions.

 

    BB-3 

     

    

 

		7.	The Operating Advisor is not empowered to speak with any investors directly. If the investors have
questions regarding this report, they should address such questions to the Certificate Administrator through the Certificate Administrator’s
Website.

 

		8.	This report does not constitute recommendations to buy, sell or hold any security, nor does the Operating
Advisor take into account market prices of securities or financial markets generally when performing its limited review of the
Special Servicer as described above. The Operating Advisor does not have a fiduciary relationship with any Certificateholder or
any other party or individual. Nothing is intended to or should be construed as creating a fiduciary relationship between the Operating
Advisor and any Certificateholder, party or individual.

 

Terms used but not defined herein have the
meaning set forth in the Pooling and Servicing Agreement.

 

	 	Pentalpha Surveillance LLC,

 as Operating Advisor
	 	 	
	 	 	By:	           
	 	 	 	Name:

Title:

 

    BB-4 

     

    

 

EXHIBIT CC

 

ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO (410)715-2380 AND VIA
EMAIL TO cts.sec.notifications@wellsfargo.com AND [_____] AND VIA OVERNIGHT MAIL TO THE ADDRESSES IMMEDIATELY BELOW**

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2020-B22
Mortgage Trust

 

with copies to:

 

ct.cmbs.bond.admin@wellsfargo.com,
and

trustadministrationgroup@wellsfargo.com

 

Deutsche Mortgage & Asset Receiving Corporation,

as Depositor

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with a copy via email to:

cmbs.requests@db.com

 

		Re:	**Additional Form [10-D][10-K][8-K] Disclosure Required **

 

Ladies and Gentlemen:

 

In accordance with Section [10.06][10.07][10.09]
of the Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the
“Special Servicer”), Pentalpha Surveillance LLC, as operating advisor, Pentalpha Surveillance LLC, as asset
representations reviewer and Wells Fargo Bank, National Association, as trustee and as certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian, the undersigned, as                          ,
hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

    CC-1 

     

    

 

List of any Attachments hereto to be included
in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related to this notification
should be directed to                          ,
phone number:                          ;
email address:                          .

 

	 	[NAME OF PARTY], as [role]
	 	 	 
	 	By:	     
			Name:

Title:

 

    CC-2 

     

    

 

EXHIBIT DD-1

 

FORM OF POWER OF ATTORNEY BY TRUSTEE
FOR MASTER SERVICER

 

After recording, return to:

Legal Department

Midland Loan Services

P.O. Box 25965

Shawnee Mission, KS 66225-5965

 

LIMITED POWER OF ATTORNEY

TO MIDLAND LOAN SERVICES,

A DIVISION OF PNC BANK, NATIONAL ASSOCIATION,

FROM WELLS FARGO BANK, NATIONAL ASSOCIATION,

AS TRUSTEE, FOR THE BENEFIT OF THE HOLDERS

OF BENCHMARK 2020-B22 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2020-B22

 

KNOW ALL BY THESE PRESENTS:

 

WHEREAS, Deutsche Mortgage
& Asset Receiving Corporation, as Depositor, Midland Loan Services, a division of PNC Bank, National Association, as Master
Servicer (the “Servicer”), Rialto Capital Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association,
as Trustee (the “Trustee”) and Certificate Administrator, and Pentalpha Surveillance LLC, as Operating Advisor
and as Asset Representations Reviewer, entered into a Pooling and Servicing Agreement dated as of December 1, 2020 (the “PSA”),
pertaining to a securitization trust formed for the benefit of the registered holders of Benchmark 2020-B22 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2020-B22 (the “Trust”), and which provides in part that the Servicer
shall administer and service certain “Mortgage Loans” and provide services to the “Borrowers” as those
terms are defined in the PSA, for the benefit of the Trustee in accordance with the terms of the PSA and the Mortgage Loans; and

 

WHEREAS, pursuant to
the terms of the PSA, the Servicer is granted certain powers, responsibilities and authority in connection with its servicing and
administration of the Mortgage Loans subject to the terms of the PSA; and

 

WHEREAS, the Trustee
has been requested by the Servicer pursuant to Section 3.01(a) of the PSA to grant this Limited Power of Attorney to the
Servicer to enable the Servicer to execute and deliver, on behalf of the Trustee, certain documents and instruments related to
the Mortgage Loans thereby empowering the Servicer to take such actions as it deems necessary to comply with its servicing, administrative
and management duties under and in accordance with the PSA.

 

    DD-1-1 

     

    

NOW, THEREFORE, KNOW ALL BY THESE PRESENTS:

 

Wells Fargo Bank, National
Association, a nationally chartered banking association, not in its individual or banking capacity, but solely in its capacity
as trustee for the registered holders of the above referenced Trust (the “Trustee”) under the PSA, does make,
constitute and appoint Midland Loan Services, a division of PNC Bank, National Association, with principal corporate offices at
10851 Mastin Street, Suite 700, Overland Park, Kansas 66210, as Servicer, by and through its designated officers, as the Trustee’s
true and lawful attorney-in-fact with respect to the Mortgage Loans and each mortgaged property and related collateral (the “Mortgaged
Property”) held by the Trustee to secure the obligations of the Mortgage Loans in its capacity as Trustee, and in Trustee’s
name, place and stead, to prepare, complete, execute, deliver, record and file on behalf of the registered holders and the Trustee,
and in any event in accordance with the terms of the PSA; (i) customary consents or waivers and other instruments and documents
including, without limitation, estoppel certificates, financing statements, continuation statements, title endorsements and reports
and other documents and instruments necessary to preserve and maintain the validity, enforceability, perfection and priority of
the lien on the Mortgaged Property; (ii) to consent to assignments and assumptions or substitutions, and transfers of interest
of the Borrowers, in each case subject to and in accordance with the terms of the Mortgage Loan and subject to the provisions of
the PSA; (iii) to collect any insurance proceeds, condemnation proceeds and liquidation proceeds in accordance with the terms of
the Mortgage Loan; (iv) to consent to any subordinate financing to be secured by any Mortgaged Property to the extent that such
consent is required pursuant to the terms of the Mortgage Loan or which otherwise is required under the PSA; (v) to consent to
the application of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property
or to repayment of the Mortgage Loans or otherwise, in each case in accordance with the terms of the Mortgage Loans; (vi) to execute
any and all instruments necessary or appropriate for judicial or nonjudicial foreclosure of, the taking of a deed in lieu of foreclosure
with respect to, or the conversion of title to any Mortgaged Property securing a Mortgage Loan owned by the Trustee and serviced
by the Servicer for the Trustee, and, consistent with the authority granted by the PSA, to take any and all actions on behalf of
the Trustee in connection with maintaining and defending the enforceability of such Mortgage Loan obligation and the collection
thereof including, without limitation, the execution of any and all instruments necessary or appropriate in defense of and for
the collection and enforcement of said Mortgage Loan obligation in accordance with the terms of the PSA; (vii) to execute and deliver
documents relating to the management, operation, maintenance, repair, leasing and marketing of the Mortgaged Properties, including
agreements and requests by the Borrowers with respect to modifications of the management of the Mortgaged Properties or the replacement
of managers; (viii) to exercise all rights, powers and privileges granted or provided to the holder of the Mortgage Loan under
their respective terms including all rights of approval and consent thereunder; (ix) to enter into lease subordination agreements,
non-disturbance and attornment agreements or other leasing or rental arrangements which may be requested by the Borrowers or their
tenants in accordance with the terms of the Mortgage Loan; (x) to join the Borrower in granting, modifying or releasing any easements,
covenants, conditions, restrictions, equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties
to the extent such does not adversely affect the value of the Mortgaged Property; (xi) to execute and deliver, on behalf of the
Trustee, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge

 

    DD-1-2 

     

    

 

and all other comparable
instruments, with respect to the Mortgage Loans and the Mortgaged Property; (xii) to draw upon, replace, substitute, release or
amend any letters of credit standing as collateral under the Mortgage Loans; and (xiii) to apply amounts in the various escrow
accounts set up under the Mortgage Loans pursuant to the terms provided for therein.

  

ARTICLE I

 

The enumeration of particular
powers hereinabove is not intended in any way to limit the grant to the Servicer as the Trustee’s attorney-in-fact of full
power and authority with respect to the Mortgage Loans consistent with the PSA to execute and deliver any such documents, instrument
or other writing, as fully, to all intents and purposes, as the Trustee might or could do if personally present, hereby ratifying
and confirming whatsoever such attorney-in-fact shall and may do by virtue hereof; and the Trustee agrees and represents to those
dealing with such attorney-in-fact that they may rely upon this limited power of attorney until termination of the limited power
of attorney under the provisions of Article III below. As between and among the Trustee, the registered holders, the Trust, and
the Servicer, the Servicer may not exercise any right, authority or power granted by this instrument in a manner which would violate
the terms of the PSA or the servicing standard imposed on the Servicer by the PSA, but any and all third parties dealing with the
Servicer as the Trustee's attorney-in-fact may rely completely, unconditionally and conclusively on the Servicer's authority and
need not make inquiry about whether the Servicer is acting pursuant to the PSA or such standard. Any purchaser, title company,
recorder's office or other third party may rely upon a written statement by the Servicer that any particular loan or property in
question and the release thereof is subject to and included under this power of attorney and the PSA.

 

ARTICLE II

 

Any act or thing lawfully
done by the Servicer, and otherwise authorized under this Limited Power of Attorney, shall be binding on the Trustee and the Trustee’s
successors and assigns.

 

ARTICLE III

 

This Limited Power of
Attorney shall continue in full force and effect until the earliest occurrence of any of the following events, unless sooner revoked
in writing by the Trustee:

 

		(i)	the suspension or termination of this Limited Power of Attorney by the Trustee;

 

		(ii)	the transfer of servicing under the PSA from the Servicer to another servicer;

 

		(iii)	the termination, resignation or removal of the Trustee as trustee of such Trust;

 

		(iv)	the appointment of a receiver or conservator with respect to the business of the Servicer;

 

		(v)	the filing of a voluntary or involuntary petition in bankruptcy by or against the Servicer;

 

		(vi)	the termination of the PSA; or

 

    DD-1-3 

     

    

 

		(vii)	the termination of the Servicer.

 

Nothing herein shall
be deemed to amend or modify the PSA or the respective rights, duties or obligations of the Trustee, or the Servicer thereunder,
and nothing herein shall constitute a waiver of any rights or remedies thereunder.

 

IN WITNESS WHEREOF, the
Trustee has caused this instrument to be executed and its corporate seal to be affixed hereto by its officer duly authorized as
of the __ day of December 2020.

 

	 	Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22 (and not in its individual capacity)
	 	 
	(SEAL)	 	 	 

 

	 	By:	   

 

	 	Name:	   
	 	 	 
	 	Title:	   

  

ATTEST:

_______________________________

 

_______________________________

Witness

_______________________________

Witness

 

	 	STATE OF MARYLAND	)
	 	 	)ss.
	 	COUNTY OF HOWARD	)

 

On this _______ day of
December, 2020, before me personally appeared , to me personally known, who, being by me duly sworn, did acknowledge and say
that she is the _________ of Wells Fargo Bank, National Association, a nationally chattered banking association, and
acknowledged to me that she executed the foregoing instrument on behalf of Wells Fargo Bank, National Association, as
Trustee, for the benefit of the Holders of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2020-B22 (and not in its individual capacity).

 

    DD-1-4 

     

    

 

	 	Notary Public:
	 	My Commission expires:

  

    DD-1-5 

     

    

 

EXHIBIT DD-2

 

FORM OF POWER OF ATTORNEY BY TRUSTEE
FOR SPECIAL SERVICER

 

After recording, return to:

Rialto Capital Advisors, LLC

200 S. Biscayne Blvd

Miami, Florida 33131

Attention:
Liat Heller, Jeff Krasnoff, Niral

Shah,
Adam Singer

Facsimile Number: (305) 229-6425

 

LIMITED POWER OF ATTORNEY TO RIALTO CAPITAL
ADVISORS, LLC,

FROM WELLS FARGO BANK, NATIONAL ASSOCIATION,

AS TRUSTEE, FOR THE BENEFIT OF THE HOLDERS
OF

BENCHMARK 2020-B22 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2020-B22

 

KNOW ALL BY THESE PRESENTS:

 

WHEREAS, Deutsche Mortgage
& Asset Receiving Corporation, as Depositor, Midland Loan Services, a division of PNC Bank, National Association, as Master
Servicer, Rialto Capital Advisors, LLC, as Special Servicer (the “Special Servicer”), Wells Fargo Bank, National
Association, as Trustee (the “Trustee”) and Certificate Administrator, and Pentalpha Surveillance LLC, as Operating
Advisor and as Asset Representations Reviewer, entered into a Pooling and Servicing Agreement dated as of December 1, 2020 (the
“PSA”), pertaining to a securitization trust formed for the benefit of the registered holders of Benchmark 2020-B22
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22 (the “Trust”), and which provides
in part that the Special Servicer shall administer and service certain “Mortgage Loans” and provide services to the
“Borrowers” as those terms are defined in the PSA, for the benefit of the Trustee in accordance with the terms of the
PSA and the Mortgage Loans; and

 

WHEREAS, pursuant to
the terms of the PSA, the Special Servicer is granted certain powers, responsibilities and authority in connection with its servicing
and administration of the Mortgage Loans subject to the terms of the PSA; and

 

WHEREAS, the Trustee
has been requested by the Special Servicer pursuant to Section 3.01(a) of the PSA to grant this Limited Power of Attorney
to the Special Servicer to enable the Special Servicer to execute and deliver, on behalf of the Trustee, certain documents and
instruments related to the Mortgage Loans thereby empowering the Special Servicer to take such actions as it deems necessary to
comply with its servicing, administrative and management duties under and in accordance with the PSA.

 

    DD-2-1 

     

    

 

NOW, THEREFORE, KNOW ALL
BY THESE PRESENTS:

 

Wells Fargo Bank, National
Association, a nationally chartered banking association, not in its individual or banking capacity, but solely in its capacity
as trustee for the registered holders of the above referenced Trust (the “Trustee”) under the PSA, does make,
constitute and appoint Rialto Capital Advisors, LLC, with principal corporate offices at 200 S. Biscayne Blvd, Miami, Florida 33131,
as Special Servicer, by and through its designated officers, as the Trustee’s true and lawful attorney-in-fact with respect
to the Mortgage Loans and each mortgaged property and related collateral (the “Mortgaged Property”) held by
the Trustee to secure the obligations of the Mortgage Loans in its capacity as Trustee, and in Trustee’s name, place and
stead, to prepare, complete, execute, deliver, record and file on behalf of the registered holders and the Trustee, and in any
event in accordance with the terms of the PSA; (i) customary consents or waivers and other instruments and documents including,
without limitation, estoppel certificates, financing statements, continuation statements, title endorsements and reports and other
documents and instruments necessary to preserve and maintain the validity, enforceability, perfection and priority of the lien
on the Mortgaged Property; (ii) to consent to assignments and assumptions or substitutions, and transfers of interest of the Borrowers,
in each case subject to and in accordance with the terms of the Mortgage Loan and subject to the provisions of the PSA; (iii) to
collect any insurance proceeds, condemnation proceeds and liquidation proceeds in accordance with the terms of the Mortgage Loan;
(iv) to consent to any subordinate financing to be secured by any Mortgaged Property to the extent that such consent is required
pursuant to the terms of the Mortgage Loan or which otherwise is required under the PSA; (v) to consent to the application of any
proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property or to repayment of the
Mortgage Loans or otherwise, in each case in accordance with the terms of the Mortgage Loans; (vi) to execute any and all instruments
necessary or appropriate for judicial or nonjudicial foreclosure of, the taking of a deed in lieu of foreclosure with respect to,
or the conversion of title to any Mortgaged Property securing a Mortgage Loan owned by the Trustee and serviced by the Special
Servicer for the Trustee, and, consistent with the authority granted by the PSA, to take any and all actions on behalf of the Trustee
in connection with maintaining and defending the enforceability of such Mortgage Loan obligation and the collection thereof including,
without limitation, the execution of any and all instruments necessary or appropriate in defense of and for the collection and
enforcement of said Mortgage Loan obligation in accordance with the terms of the PSA; (vii) to execute and deliver documents relating
to the management, operation, maintenance, repair, leasing and marketing of the Mortgaged Properties, including agreements and
requests by the Borrowers with respect to modifications of the management of the Mortgaged Properties or the replacement of managers;
(viii) to exercise all rights, powers and privileges granted or provided to the holder of the Mortgage Loan under their respective
terms including all rights of approval and consent thereunder; (ix) to enter into lease subordination agreements, non-disturbance
and attornment agreements or other leasing or rental arrangements which may be requested by the Borrowers or their tenants in accordance
with the terms of the Mortgage Loan; (x) to join the Borrower in granting, modifying or releasing any easements, covenants, conditions,
restrictions, equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties to the extent such
does not adversely affect the value of the Mortgaged Property; (xi) to execute and deliver, on behalf of the Trustee, any and all
instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with
respect to the Mortgage Loans and the Mortgaged Property; (xii) to draw upon, replace, substitute, release or

 

    DD-2-2 

     

    

 

amend any letters
of credit standing as collateral under the Mortgage Loans; and (xiii) to apply amounts in the various escrow accounts set up under
the Mortgage Loans pursuant to the terms provided for therein.

 

ARTICLE I

 

The enumeration of
particular powers hereinabove is not intended in any way to limit the grant to the Special Servicer as the Trustee's attorney-in-fact
of full power and authority with respect to the Mortgage Loans consistent with the PSA to execute and deliver any such documents,
instrument or other writing, as fully, to all intents and purposes, as the Trustee might or could do if personally present, hereby
ratifying and confirming whatsoever such attorney-in-fact shall and may do by virtue hereof; and the Trustee agrees and represents
to those dealing with such attorney-in-fact that they may rely upon this limited power of attorney until termination of the limited
power of attorney under the provisions of Article III below. As between and among the Trustee, the registered holders, the Trust,
and the Special Servicer, the Special Servicer may not exercise any right, authority or power granted by this instrument in a manner
which would violate the terms of the PSA or the servicing standard imposed on the Special Servicer by the PSA, but any and all
third parties dealing with the Special Servicer as the Trustee's attorney-in-fact may rely completely, unconditionally and conclusively
on the Special Servicer's authority and need not make inquiry about whether the Special Servicer is acting pursuant to the PSA
or such standard. Any purchaser, title company, recorder's office or other third party may rely upon a written statement by the
Special Servicer that any particular loan or property in question and the release thereof is subject to and included under this
power of attorney and the PSA.

 

ARTICLE II

 

Any act or thing lawfully
done by the Special Servicer, and otherwise authorized under this Limited Power of Attorney, shall be binding on the Trustee and
the Trustee’s successors and assigns.

 

ARTICLE III

 

This Limited Power
of Attorney shall continue in full force and effect until the earliest occurrence of any of the following events, unless sooner
revoked in writing by the Trustee:

 

		(i)	the suspension or termination of this Limited Power of Attorney by the Trustee;

 

		(ii)	the transfer of servicing under the PSA from the Special Servicer to another servicer;

 

		(iii)	the termination, resignation or removal of the Trustee as trustee of such Trust;

 

		(iv)	the appointment of a receiver or conservator with respect to the business of the Special Servicer;

 

		(v)	the filing of a voluntary or involuntary petition in bankruptcy by or against the Special Servicer;

 

    DD-2-3 

     

    

 

		(vi)	the termination of the PSA; or

 

		(vii)	the termination of the Special Servicer.

 

Nothing herein shall
be deemed to amend or modify the PSA or the respective rights, duties or obligations of the Trustee, or the Special Servicer thereunder,
and nothing herein shall constitute a waiver of any rights or remedies thereunder.

 

IN WITNESS WHEREOF, the
Trustee has caused this instrument to be executed and its corporate seal to be affixed hereto by its officer duly authorized as
of the __ day of February 2020.

 

 

	 	Wells Fargo
Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-B22 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2020-B22 (and not in its individual capacity)
	 	 
	(SEAL)	 	 	 

 

	 	By:	   

 

	 	Name:	   
	 	 	 
	 	Title:	   

  

ATTEST:

_______________________________

 

_______________________________ 

Witness

_______________________________

Witness

 

	 	STATE OF MARYLAND	)
	 	 	)ss.
	 	COUNTY OF HOWARD	)

 

On this_______ day of December, 2020,
before me personally appeared , to me personally known, who, being by me duly sworn, did acknowledge and say that she is the _________
of Wells Fargo Bank, National Association, a nationally chattered banking association, and acknowledged to me that she executed
the foregoing instrument on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark
2020-B22 Mortgage Trust

 

    DD-2-4 

     

    

 

Commercial Mortgage Pass -Through Certificates, Series 2020-B22 (and not in its individual capacity).

 

	Notary 	 
	Public:	 
	My Commission expires:	 

 

    DD-2-5 

     

    

 

EXHIBIT EE

 

FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

	[Other Depositor]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]	[Other Trustee]*

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

*If the Other Trustee is comprised of multiple entities (such as a separate trustee and certificate administrator), this form shall be addressed to each such entity
	[Other Servicer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]	[Other Special Servicer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]
	[Other Operating Advisor]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]	[Other Asset Representations Reviewer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

 

		Re:	[Other Securitization Trust]

 

Ladies and Gentlemen:

 

Reference is hereby
made to the [Trust][Pooling] and Servicing Agreement, dated as of [_____] (the “Other Pooling and Servicing Agreement”),
between [_____], as Depositor, [_____], as master servicer, [_____], as special servicer, [_____], as certificate administrator
and as trustee, and [_____], as operating advisor and asset representations reviewer. Capitalized terms used but not defined herein
shall have the meanings given to them (or an analogous term) in the Other Pooling and Servicing Agreement.

 

The undersigned is the
certificate administrator under the Pooling and Servicing Agreement, dated as of December 1, 2020 (the “B22 PSA”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor (the “B22 Depositor”), Midland Loan
Services, a Division of PNC Bank, National Association, as master servicer (the “B22 Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “B22 Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “B22 Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “B22 Certificate Administrator”), as paying agent and as custodian, and Pentalpha Surveillance
LLC, as operating advisor (in such capacity, the “B22 Operating Advisor”) and as asset representations reviewer
(in such capacity, the “B22 Asset Representations Reviewer”), pursuant to which the Benchmark

 

    EE-1 

     

    

 

2020-B22 Mortgage
Trust (the “B22 Trust”) was established and the [The Grace Building][MGM Grand & Mandalay Bay][4 West 58th
Street][McClellan Business Park][711 Fifth Avenue][32-42 Broadway][JW Marriott Nashville][Hotel ZaZa Houston Museum District][Cabinetworks
Portfolio] Companion Loan was transferred to the B22 Trust as of [_____] [_], 2020 (the “Closing Date”).

 

The undersigned hereby
notifies you that, as of the Closing Date, or as applicable, the related Servicing Shift Securitization Date:

 

1.       Wells
Fargo Bank, National Association, as trustee under the B22 PSA, is the holder of the [The Grace Building][MGM Grand & Mandalay
Bay][4 West 58th Street][McClellan Business Park][711 Fifth Avenue][32-42 Broadway][JW Marriott Nashville][Hotel ZaZa Houston Museum
District][Cabinetworks Portfolio] Companion Loan.

 

2.       The
[The Grace Building][MGM Grand & Mandalay Bay][4 West 58th Street][McClellan Business Park][711 Fifth Avenue][32-42 Broadway][JW
Marriott Nashville][Hotel ZaZa Houston Museum District][Cabinetworks Portfolio] Mortgage Loan [is][is not] a Significant Obligor
(as such term is defined in the B22 PSA) under the B22 PSA.

 

3.       The
contact information for the B22 Depositor, B22 Trustee, the B22 Certificate Administrator, the B22 Master Servicer, the B22 Special
Servicer, the B22 Operating Advisor, the B22 Asset Representations Reviewer, each Rating Agency (as defined in the B22 PSA) and
the Directing Holder (as defined in the B22 PSA) with respect to the [The Grace Building][MGM Grand & Mandalay Bay][4 West
58th Street][McClellan Business Park][711 Fifth Avenue][32-42 Broadway][JW Marriott Nashville][Hotel ZaZa Houston Museum District][Cabinetworks
Portfolio] Companion Loan are as set forth on Schedule I attached hereto.

 

4.       You
are directed to remit to Midland Loan Services, a Division of PNC Bank, National Association, as the B22 Master Servicer, to the
collection account set forth on Schedule II attached hereto no later than one (1) Business Day after each Determination Date (as
defined in the B22 PSA) all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to Midland
Loan Services, a Division of PNC Bank, National Association, as B22 Master Servicer, no later than one (1) Business Day after each
Determination Date (as defined in the B22 PSA) all reports, statements, documents, communications and other information that are
to be forwarded, delivered or otherwise made available to, the holder of the [The Grace Building][MGM Grand & Mandalay Bay][4
West 58th Street][McClellan Business Park][711 Fifth Avenue][32-42 Broadway][JW Marriott Nashville][Hotel ZaZa Houston Museum District][Cabinetworks
Portfolio] Intercreditor Agreement, as applicable.

 

5.       The
B22 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as it may be amended from time to time.

 

6.       A
copy of an executed version of the B22 PSA is [attached hereto][enclosed herewith].

 

Thank you for your attention
to this matter.

 

    EE-2 

     

    

 

	 	Wells Fargo Bank, National Association, as Certificate Administrator for the Holders of the Benchmark 2020-B22 Mortgage Trust Pass-Through Certificates, Series 2020-B22
	 	 	 
	 	By:	   
	 	 	[Name]
	 	 	[Title]

  

    EE-3 

     

    

 

SCHEDULE I

 

TO FORM OF NOTICE FROM
THE CERTIFICATE ADMINISTRATOR

 REGARDING [NON-SERVICED
WHOLE LOAN]

 

	B22 Depositor:	
        Deutsche Mortgage & Asset Receiving
        Corporation

        60 Wall Street

        New York, New York 10005

        Attention: Lainie Kaye

        

        with a copy via email to:

        

        cmbs.requests@db.com

         

	B22 Trustee:	
        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Corporate Trust Services (CMBS) – Benchmark 2020-B22

         

        with copies to:

         

        cts.cmbs.bond.admin@wellsfargo.com; and trustadministrationgroup@wellfargo.com

         

	B22 Certificate Administrator:	
        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Corporate Trust Services – Benchmark 2020-B22

         

        with copies to:

        

        ct.cmbs.bond.admin@wellsfargo.com; and

        trustadministrationgroup@wellsfargo.com

         

	B22 Master Servicer:	
        Midland Loan Services, a Division of PNC
        Bank, National Association

        

        10851 Mastin Street, Suite 700

        

        Overland Park, Kansas 66210

        

        Attention: Executive Vice President –
        Division Head

        

        Facsimile: (888) 706-3565

        

        Email: NoticeAdmin@midlandls.com

        

         

        with a copy to:

Eversheds Sutherland (US) LLP

700 Sixth Street, NW, Suite 700
  

 

    EE-4 

     

    

 

		 Washington, DC 20001

        Attention: Lisa A. Rosen

        Facsimile: (202) 637-3593

        Email: lisarosen@eversheds-sutherland.com
        

 

	B22 Special Servicer:	
        Rialto Capital Advisors, LLC

        

        200 S. Biscayne Blvd

        

        Miami, Florida 33131

        

        Attention: Liat Heller, Jeff Krasnoff,
        Niral Shah, Adam Singer

        

        Facsimile Number: (305) 229-6425

        

        Email: liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com,
        niral.shah@rialtocapital.com, adam.singer@rialtocapital.com

        

         

	B22 Operating Advisor:	
        Pentalpha Surveillance LLC

        375 N. French Road, Suite 100

        Amherst, New York 14228

        Attention: BMARK 2020-B22 Transaction Manager

        (with a copy sent via email to: notices@pentalphasurveillance.com with the deal name in the subject line)

        

         

	B22 Asset Representation Reviewer:	
        Pentalpha Surveillance LLC

        375 N. French Road, Suite 100

        Amherst, New York 14228

        Attention: BMARK 2020-B22 Transaction Manager

        (with a copy sent via email to: notices@pentalphasurveillance.com with the deal name in the subject line)

         

	B22 Rating Agencies:	
        Kroll Bond Rating Agency, LLC

        

        805 Third Avenue 29th Floor

        

        New York, New York 10022

        

        Attention: CMBS

        

        Facsimile No.: (646) 731-2395

        

        Email: cmbssurveillance@kbra.com

         

        Fitch Ratings, Inc.

        

        300 West 57th Street

        

        New York, New York 10019

        

        Attention: Commercial Mortgage Surveillance
        Group

        

        Facsimile No.: (212) 635-0295

        

        Email: info.cmbs@fitchratings.com 

 

    EE-5 

     

    

 

		
        

        Moody’s Investors Service,
Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

Email: CMBSSurveillance@moodys.com

        

 

	B22 Directing Holder:	RREF IV Debt AIV, LP, c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention:  Josh Cromer

Facsimile number: (212) 751-4646

with a copy to:

RREF IV Debt AIV, LP, c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention:  Joseph Bachkosky

Facsimile number: (212) 751-4646

 

    EE-6 

     

    

 

SCHEDULE II TO FORM OF NOTICE 

 

FROM THE CERTIFICATE
ADMINISTRATOR

REGARDING [NON-SERVICED WHOLE LOAN] 

 

		Account:	Collection Account

 

Account
#: [______]

 

		Title:	Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf
of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Deutsche Mortgage & Asset Receiving
Corporation, Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22 Collection Account

 

		Location:	[___]

 

    EE-7 

     

    

 

EXHIBIT FF

 

FORM OF SERVICED COMPANION LOAN NOTEHOLDER
CERTIFICATION

 

[Date]

Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President –
Division Head

Facsimile: (888) 706-3565

Email: NoticeAdmin@midlandls.com

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2020-B22

 

with copies to:

 

ct.cmbs.bond.admin@wellsfargo.com,
and

trustadministrationgroup@wellsfargo.com

 

		Re:	Benchmark 2020-B22 Mortgage Trust – Companion Loan

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement (the “Agreement”),
dated as of December 1, 2020, 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, Pentalpha
Surveillance LLC, as operating advisor and as asset representations reviewer, and Wells Fargo Bank, National Association, as trustee,
as certificate administrator, as paying agent and as custodian, with respect to any Companion Loan (as defined in the Agreement),
the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is a Companion Loan Noteholder (as defined in the Agreement).

 

2.       The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the

 

    FF-1 

     

    

 

undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

3.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations contained herein remain true and correct.

 

4.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.

 

5.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

IN WITNESS WHEREOF, the
undersigned has caused its name to be signed hereto by its duly authorized officer, as of the day and year written above.

 

	 	[Companion Loan Noteholder]
	 	 	 
	 	By:	   
			Title:

Company:

Phone:

 

    FF-2 

     

    

 

EXHIBIT GG

 

[RESERVED]

 

    GG-1 

     

    

 

EXHIBIT HH

 

FORM OF ASSET REVIEW
REPORT BY THE 

ASSET REPRESENTATIONS REVIEWER2

 

To: [Addresses of Recipients]

 

		Re:	Benchmark 2020-B22
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates,  Series 2020-B22

 

Ladies and Gentlemen:

 

In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Mortgage Loan identified by the Certificate Administrator, and is hereby issuing the following
Asset Review Report.

 

		1.	We have performed an Asset Review on each Delinquent Mortgage Loan identified by the Certificate
Administrator and our conclusion is that there is [no evidence of a failed Test][evidence of [•] failed Tests as specifically
detailed on the scorecard attached hereto as Exhibit A] with respect to the Delinquent Mortgage Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests
may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this report to the persons listed above,
will not be required to take or participate in any other or further action with respect to the aforementioned Asset Review Report.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.

 

 

 

2
This report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the organization
and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including without limitation,
provisions relating to Privileged Information.

 

    HH-1 

     

    

 

	 	PENTALPHA SURVEILLANCE LLC, as Asset Representations Reviewer
	 	 	 
	 	By:	           

	 	Name:	 
	 	Title:	 

 

    HH-2 

     

    

 

Exhibit A

 

Detailed Scorecard

[Template Example Below]

 

	Test Failures
	Loan #	Loan Name	Mortgage Loan Seller	R&W #	R&W Name	Test Description	Findings
	[Insert Loan Number]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	[Insert R&W #]	[Insert R&W Name]	[Insert Test Description]	[Insert Test findings]
	[Insert R&W #]	[Insert R&W Name]	 	 

 

    HH-3 

     

    

 

EXHIBIT
II

 

FORM OF ASSET REVIEW
REPORT SUMMARY 

BY THE ASSET REPRESENTATIONS REVIEWER3

 

To: [Addresses of Recipients]

 

		Re:	Benchmark 2020-B22
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates,  Series 2020-B22

 

Ladies and Gentlemen:

 

In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Mortgage Loan identified by the Certificate Administrator, and is hereby issuing the following
Asset Review Report Summary.

 

		1.	We have performed an Asset Review on each Delinquent Mortgage Loan identified by the Certificate
Administrator and our conclusion is that there is [no evidence of a failed Test][evidence of [•] failed Tests as identified
on the summary scorecard attached hereto as Exhibit A] with respect to the Delinquent Mortgage Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests
may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this Asset Review Report Summary to the
parties listed above, will not be required to take or participate in any other or further action with respect to the aforementioned
Asset Review Report Summary.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.

 

 

 

3
This report is an indicative report, and the Asset Representations Reviewer will have
the ability to modify or alter the organization and content of this report, subject to compliance with the terms of the Pooling
and Servicing Agreement, including without limitation, provisions relating to Privileged Information.

 

    II-1 

     

    

 

	 	PENTALPHA SURVEILLANCE LLC, as Asset Representations Reviewer
	 	 	 
	 	By:	           

	 	Name:	 
	 	Title:	 

 

    II-2 

     

    

 

Exhibit
A

 

Summary
Scorecard

[Template
Example Below]

 

	 

        Test
        failures

	 

        Loan
        #
	 

        Loan
        Name
	 

        Mortgage
        Loan

        Seller
	 

        Representation
        and Warranty #
	 

        Representation
        and Warranty

        Name

	 

        [Insert
        Loan #]
	 

        [Insert
        Loan

        Name]
	 

        [Insert
        Mortgage

        Loan
        Seller]
	 

        [Insert
        Representation and Warranty #]
	 

        [Insert
        Representation and Warranty

        Name]

	 

        [Insert
        Representation and Warranty #]
	 

        [Insert
        Representation and Warranty

        Name]

    II-3

     

    

 

EXHIBIT
JJ-1

 

CREFI
AND GACC ASSET REVIEW PROCEDURES

 

Pursuant
to the terms and subject to the conditions set forth in the Pooling and Servicing Agreement (“PSA”), the Asset
Representations Reviewer shall perform an Asset Review with respect to each representation and warranty made by the related Mortgage
Loan Seller only with respect to each Delinquent Loan in accordance with the procedures set forth below (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 this Exhibit JJ-1 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. Capitalized
terms used herein but not defined herein have the meaning set forth in the PSA or, solely with respect to a representation and
warranty, the meaning set forth in the related mortgage loan purchase agreement where Citi Real Estate Funding Inc. or German
American Capital Corporation is the Seller (the “Mortgage Loan Purchase Agreement”). For the avoidance of doubt,
in connection with the performance of the following Tests:

 

	(A)	With
                                         respect to any representation and warranty that includes a knowledge qualifier (e.g.,
                                         to the Mortgage Loan Seller’s knowledge, etc.), the Asset Representations Reviewer
                                         shall not be responsible for any investigation or review beyond that set forth in the
                                         applicable Test related to such representation and warranty;

 

	(B)	With
                                         respect to any representation and warranty that includes the examination of an insurance
                                         policy or Title Policy, the Asset Representations Reviewer will be permitted to engage
                                         a qualified consultant to perform a review of the applicable policy, and will be allowed
                                         to rely upon the conclusions of the consultant when making a determination as to whether
                                         there is a Test pass.

 

	(C)	The
                                         Asset Representations Reviewer shall be under no duty to provide or obtain a legal opinion,
                                         legal review or legal conclusion;

 

	(D)	Unless
                                         otherwise provided in the Test, the “as of” date for the testing of a representation
                                         is as of the Closing Date;

 

	(E)	Unless
                                         otherwise provided in the Test, if there is more than one version of the same document
                                         with respect to a particular Mortgage Loan or Mortgaged Property, the document that will
                                         be used by the Asset Representations Reviewer in testing is the document that is dated
                                         as of the Closing Date or, if none, the document closest prior to the Closing Date;

 

	(F)	With
                                         respect to each representation and warranty and its related Test(s), the Asset Representations
                                         Reviewer shall take into account any exceptions to such representation and warranty described
                                         in the Mortgage Loan Purchase Agreement with respect to a Mortgage Loan, and a Test pass
                                         shall be deemed to have occurred with respect to such

    Exhibit JJ-1-1

     

    

Test
if the sole reason for not satisfying the applicable Test is caused by such exception(s);

 

	(G)	Evidence
                                         of a failure of a Test could result from (i) an affirmative determination by the Asset
                                         Representations Reviewer that the Test failed to achieve a Test pass, or (ii) a determination
                                         by the Asset Representations Reviewer that the documentation included in the Review Materials
                                         (after making such request for any missing documents in the manner provided for in the
                                         PSA) is not sufficient to perform the Test; and

 

	(H)	A
                                         determination by the Asset Representations Reviewer of a Test pass or a Test failure
                                         shall not constitute a determination by the Asset Representations Reviewer of (i) the
                                         existence or nonexistence of a Material Defect, or (ii) whether the Trust should enforce
                                         any rights it may have against the applicable Mortgage Loan Seller.

 

The
Asset Representations Reviewer will only be required to perform the Tests described in this Exhibit JJ-1, and will not
be obligated to perform additional procedures on any Delinquent Loan, even if a different set of procedures or Review Materials
could produce a different outcome. Notwithstanding the required Tests, the Asset Representations Reviewer will not be required
to review any information other than (1) Review Materials specified in the related Test and (2) if applicable, Unsolicited Information.
The Asset Representations Reviewer may, but is under no obligation to, consider Unsolicited Information relevant to the Tests
subject to the terms of the PSA. If the Asset Representations Reviewer considers Unsolicited Information, the Asset Representations
Reviewer shall take into account such Unsolicited Information, in addition to the Review Materials referred to in the applicable
Test(s) procedure when making a determination as to whether there is a Test pass.

    Exhibit JJ-1-2

     

    

 

 

	 

        Representations
        and Warranties
	 

        Test
	 

        Review
        Materials

	 

        1.
        Whole Loan; Ownership of Mortgage Loans. Except with respect to a Mortgage Loan that is part of a Whole Loan, each
        Mortgage Loan is a whole loan and not a participation interest in a Mortgage Loan. Each Mortgage Loan that is part of
        a Whole Loan is a portion of a whole loan evidenced by a Mortgage Note. At the time of the sale, transfer and assignment
        to the Purchaser, no Mortgage Note or Mortgage was subject to any assignment (other than assignments to the Mortgage Loan
        Seller or, with respect to any Non-Serviced Mortgage Loan, to the trustee for the related Non-Serviced Securitization
        Trust), participation or pledge, and the Mortgage Loan Seller had good title to, and was the sole owner of, each Mortgage
        Loan free and clear of any and all liens, charges, pledges, encumbrances, participations, any other ownership interests
        on, in or to such Mortgage Loan other than any servicing rights appointment or similar agreement. The Mortgage Loan Seller
        has full right and authority to sell, assign and transfer each Mortgage Loan, and the assignment to the Purchaser constitutes
        a legal, valid and binding assignment of such Mortgage Loan free and clear of any and all liens, pledges, charges or security
        interests of any nature encumbering such Mortgage Loan.
	 

        1a
	 

        Review
        the amounts listed on the original Mortgage Note and Mortgage for an indication that they match the amounts listed on
        the Mortgage Loan Schedule. If the amounts are the same, then such Mortgage Loan would be considered a Whole Loan. If
        there is more than one property then the Mortgage for each Mortgaged Property would need to be aggregated. If identified
        as such, it will be a Test pass.
	 

        Mortgage;
        Mortgage Note; Loan agreement related to the Mortgage Loan (“Loan Agreement”); Mortgage Loan guaranty;
        Assignment of Leases; and Environmental Indemnity Agreement (collectively, the “Mortgage Loan Documents”);
        Mortgage Loan Schedule.

	 

        1b
	 

        Review
        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 Loan (collectively, the “MS Servicer Notices”) for notation of
        any Mortgage Note or Mortgage that was subject to any assignment (other than assignments to the Mortgage Loan Seller or,
        with respect to any Non-Serviced Mortgage Loan, to the trustee for the related Non-Serviced Securitization Trust for
        the Non-Serviced Securitization), participation or pledge, or that the Mortgage Loan Seller did not have good title to,
        and was the sole owner of, each Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations,
        any other ownership interests on, in or to such Mortgage Loan other than any servicing rights appointment or similar agreement.
        If no such notation is found, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        1c
	 

        Review
        the MS Servicer Notices for notation of any claim or assertion regarding the Mortgage Loan Seller not having the full
        right and authority to sell, assign and
	 

        MS
        Servicer Notices

    JJ-1-3

     

    

 

 

	 

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        Materials

	 	 	transfer
the Mortgage Loan. If such notation is not found, it will be a Test pass.
	 
	 

        1d
	 

        Review
        the MS Servicer Notices for notation of any claim or assertion regarding the assignment to the Purchaser not constituting
        a legal, valid and binding assignment of such Mortgage Loan free and clear of any and all liens, pledges, charges or security
        interests of any nature encumbering such Mortgage Loan. If such notation is not found, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        2.
        Loan Document Status. Each related Mortgage Note, Mortgage, Assignment of Leases, Rents and Profits (if a separate
        instrument), guaranty and other agreement executed by or on behalf of the related borrower, guarantor or other obligor
        in connection with such Mortgage Loan is the legal, valid and binding obligation of the related borrower, guarantor or
        other obligor (subject to any non-recourse provisions contained in any of the foregoing agreements and any applicable
        state anti-deficiency or market value limit deficiency legislation), as applicable, and is enforceable in accordance with
        its terms, except (i) as such enforcement may be limited by (a) bankruptcy, insolvency, fraudulent transfer, reorganization,
        moratorium or other similar 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) and (ii) that certain
        provisions in such Mortgage Loan documents (including, without limitation, provisions requiring the payment of default
        interest, late fees or prepayment/yield maintenance fees, charges and/or premiums) are, or may be, further limited or
        rendered unenforceable by or under applicable law, but (subject to the limitations set forth in clause (i) above)
        such limitations or unenforceability will not render such Mortgage Loan documents invalid as a whole or materially interfere
        with the mortgagee’s realization of the principal benefits and/or security provided thereby (clauses (i) 
        and (ii) collectively, the “Standard Qualifications”).

         

        Except
        as set forth in the immediately preceding sentences, there is
	 

        2a
	 

        Review
        the opinion of the applicable borrower’s counsel (“Borrower’s Counsel Opinion”) for an
        indication that it contains language that the related Mortgage Note, Mortgage, Assignment of Leases, Rents and Profits
        (if a separate instrument), guaranty and other agreement executed by or on behalf of the related borrower, guarantor or
        other obligor in connection with such Mortgage Loan is the legal, valid and binding obligation of the related borrower,
        guarantor or other obligor (subject to any non-recourse provisions contained in any of the foregoing agreements and any
        applicable state anti-deficiency or market value limit deficiency legislation), as applicable, and is enforceable in
        accordance with its terms, except as specified in representation and warranty 2. If such indication exists, it will be
        a Test pass.
	 

        Borrower’s	Counsel
        Opinion

	 

        2b
	 

        Review
        the MS Servicer Notices for notation of any valid offset, defense, counterclaim or right of rescission available to the
        related borrower with respect to any of the related Mortgage Notes, Mortgages or other Mortgage Loan Documents, including,
        without limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by the Mortgage Loan
        Seller in connection with the origination of the Mortgage Loan, that would deny the Mortgagee (as defined in the related
        Mortgage Loan Purchase
	 

        MS
        Servicer Notices

    JJ-1-4

     

    

 

 

	 

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        and Warranties
	 

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        Materials

	no
                                                                                                                        valid offset, defense, counterclaim or right of rescission available to the related borrower with respect to any of the
                                                                                                                        related Mortgage Notes, Mortgages or other Mortgage Loan documents, including, without limitation, any such valid offset,
                                                                                                                        defense, counterclaim or right based on intentional fraud by the Mortgage Loan Seller in connection with the origination of
                                                                                                                        the Mortgage Loan, that would deny the mortgagee the principal benefits intended to be provided by the Mortgage Note,
                                                                                                                        Mortgage or other Mortgage Loan documents.
	 	Agreement)
                                                                                          the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Mortgage Loan Documents. If no such
                                                                                          notation is found, it will be a Test pass.
	 
	 

        3.
        Mortgage Provisions. The Mortgage Loan documents for each Mortgage Loan contain provisions that render the rights
        and remedies of the holder thereof adequate for the practical realization against the Mortgaged Property of the principal
        benefits of the security intended to be provided thereby, including realization by judicial or, if applicable, non-judicial
        foreclosure subject to the limitations set forth in the Standard Qualifications.
	 

        3
	 

        Review
        the Mortgage Loan Documents and Borrower’s Counsel Opinion for an indication that the Mortgage Loan Documents contain
        provisions that render the rights and remedies of the holder thereof adequate for the practical realization against the
        Mortgaged Property of the principal benefits of the security intended to be provided thereby, including realization by
        judicial or, if applicable, non-judicial foreclosure subject to the limitations set forth in the Standard Qualifications.
        If such indication exists, it will be a Test pass.
	 

        Mortgage Loan
        Documents; Borrower’s Counsel Opinion

	 

        4. Mortgage
        Status; Waivers and Modifications. Since origination and except by written instruments set forth in the related Mortgage
        File or as otherwise provided in the related Mortgage Loan documents (a)(1) there has been no forbearance, waiver
        or modification of the material terms of the Mortgage Loan which such forbearance, waiver or modification relates to the
        COVID-19 Emergency and (2) other than as related to the COVID-19 Emergency, the material terms of such Mortgage, Mortgage
        Note, Mortgage Loan guaranty, and related Mortgage Loan documents have not been waived, impaired, modified, altered,
        satisfied, canceled, subordinated or rescinded in any respect; (b) no related Mortgaged Property or any portion thereof has
        been released from the lien of the related Mortgage in any manner which materially interferes with the security intended to
        be provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property; and (c) neither the
        related borrower nor the
	 

        4a
	 

        Review
        the Mortgage Loan Documents and MS Servicer Notices for a notation or other indication of any claim or assertion that,
        since origination through the Closing Date, there has been forbearance, waiver or modification of the material terms of
        the Mortgage Loan which such forbearance, waiver or modification relates to the COVID-19 Emergency, except by written
        instruments set forth in the related Mortgage File or as otherwise provided in the related Mortgage Loan Documents. If
        no such notation or other indication is found, it will be a Test pass.
	 

        Mortgage
        Loan Documents; MS Servicer Notices

	 

        4b
	 

        Review
        the MS Servicer Notices and Mortgage Loan Documents for an indication that, other than as related to the COVID-19 Emergency,
        the material terms of such documents have been waived, impaired, modified, altered, satisfied, cancelled, subordinated
        or rescinded
	 

    JJ-1-5

     

    

 

 

	 

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        Materials

	related
                                                                                                                                    guarantor has been released from its material obligations under the Mortgage Loan. With respect to each Mortgage Loan, except
                                                                                                                                    as contained in a written document included in the Mortgage File, there have been no modifications, amendments or waivers,
                                                                                                                                    that could be reasonably expected to have a material adverse effect on such Mortgage Loan consented to by the Mortgage Loan
                                                                                                                                    Seller on or after December 10, 2020.
	 	in
                                                                                          any respect, except by written instruments set forth in the related Mortgage File or as otherwise provided in the related
                                                                                          Mortgage Loan Documents. If no such indication is found, it will be a Test pass.
	 
	 

        4c
	 

        Review
        the MS Servicer Notices and Mortgage Loan Documents for an indication that a related Mortgaged Property or any portion
        thereof has been released from the lien of the related Mortgage in any manner which materially interferes with the security
        intended to be provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property except
        by written instruments set forth in the related Mortgage File or as otherwise provided in the related Mortgage Loan Documents.
        If no such indication is found, it will be a Test pass.
	 

        MS
        Servicer Notices; Mortgage Loan Documents

	 

        4d
	 

        Review
        the MS Servicer Notices and Mortgage Loan Documents for notation that neither the related borrow nor the related guarantor
        has been released from its material obligations under the Mortgage Loan except by written instruments set forth in the
        related Mortgage File or as otherwise provided in the related Mortgage Loan Documents. If no such notation is found, it
        will be a Test pass.
	 

        MS
        Servicer Notices; Mortgage Loan Documents

	 

        5.
        Lien; Valid Assignment. Subject to the Standard Qualifications, each assignment of Mortgage and assignment of Assignment
        of Leases, Rents and Profits to the issuing entity (or, with respect to a Non-Serviced Mortgage Loan, to the related Non-Serviced
        Trustee) constitutes a legal, valid and binding assignment to the issuing entity (or, with respect to an Non-Serviced
        Mortgage Loan, to the related Non-Serviced Trustee). Each related Mortgage and Assignment of Leases, Rents and Profits
        is freely assignable without the consent of the related borrower. Each related Mortgage is a legal, valid and enforceable
        first lien on the related borrower’s fee or leasehold interest in the Mortgaged Property in the principal
	 

        5a
	 

        Review
        the MS Servicer Notices for a notation or other indication of any claim or assertion regarding any assignment of Mortgage
        or Assignment of Leases, Rents and Profits to the issuing entity (or, with respect to a Non-Serviced Mortgage Loan, to
        the related Non-Serviced Trustee) not constituting a legal, valid and binding assignment to the issuing entity (or, with
        respect to a Non-Serviced Mortgage Loan, to the related Non-Serviced Trustee), subject to the Standard Qualifications.
        If such a notation or other indication is not found, it will be a Test pass.
	 

        MS
        Servicer Notices

    JJ-1-6

     

    

 

 

	 

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        Materials

	amount
                                                                                                                                    of such Mortgage Loan or allocated loan amount (subject only to Permitted Encumbrances (as defined below) and the exceptions
                                                                                                                                    to representation and warranty 6 set forth on the applicable exhibit of the Mortgage Loan Purchase Agreement (each such
                                                                                                                                    exception, a “Title Exception”)), except as the enforcement thereof may be limited by the Standard
                                                                                                                                    Qualifications. Such Mortgaged Property (subject to and excepting Permitted Encumbrances and the Title Exceptions) as of
                                                                                                                                    origination was, and as of the Cut-off Date, to the Mortgage Loan Seller’s knowledge, is free and clear of any recorded
                                                                                                                                    mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances which are prior to or equal with
                                                                                                                                    the lien of the related Mortgage (which lien secures the related Whole Loan, in the case of a Mortgage Loan that is part of a
                                                                                                                                    Whole Loan), except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy
                                                                                                                                    (as described below), and, to the Mortgage Loan Seller’s knowledge and subject to the rights of tenants (as tenants
                                                                                                                                    only) (subject to and excepting Permitted Encumbrances and the Title Exceptions), no rights exist which under law could give
                                                                                                                                    rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except those
                                                                                                                                    which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as described below).
                                                                                                                                    Notwithstanding anything in the Mortgage Loan Purchase Agreement to the contrary, no representation is made as to the
                                                                                                                                    perfection of any security interest in rents or other personal property to the extent that possession or control of such
                                                                                                                                    items or actions other than the filing of Uniform Commercial Code (“UCC”) financing statements is required
                                                                                                                                    in order to effect such perfection.
	 

        5b
	 

        Review
        the related Mortgage and the Assignment of Leases, Rents and Profits for each property for provisions to the effect that
        the related Mortgage and Assignment of Leases, Rents and Profits is not freely assignable without the consent of the related
        borrower. If no such provision is found, it will be a Test pass.
	 

        Mortgage;
        Assignment of Leases

	 

        5c
	 

        Review
        the Title Policy (as defined in representation and warranty 6) to determine if the related Mortgage is a first lien on
        the related borrower’s fee (or with respect to those Mortgage Loans described in representation and warranty 34
        hereof, leasehold) interest in the Mortgaged Property. Compare the amount of the Title Policy to the principal amount
        of the Mortgage Loan or allocated loan amount to determine whether they are equivalent. If each such determination is
        made, it will be a Test pass.
	 

        Title
        Policy; Mortgage; Mortgage Loan Schedule

	 

        5d
	 

        Review
        the Title Policy to determine if the Mortgaged Property was free and clear of any recorded mechanics liens, recorded materialmen’s
        liens and other recorded encumbrances which are prior to or equal with the lien of the related Mortgage (which lien secures
        the related Whole Loan, in the case of a Mortgage Loan that is part of a Whole Loan) (other than Permitted Encumbrances,
        Title Exceptions and those which are bonded over, escrowed for or insured against by the applicable Title Policy). If
        so determined, it will be a Test pass.
	 

        Title
        Policy

	 

        5e
	 

        Review
        the MS Servicer Notices for a notation or other indication of any claim or assertion that, as of the Cut-off Date, the
        Mortgage Loan Seller had knowledge that the Mortgaged Property was not free and clear of any recorded mechanics’
        liens, recorded materialmen’s liens and other recorded encumbrances that would be prior to or equal with the lien
        of the related Mortgage (which lien secures the related Whole Loan, in the case of a
	 

        MS
        Servicer Notices

    JJ-1-7

     

    

 

 

	 

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	 	 	Mortgage
    Loan that is part of a Whole Loan) (other than Permitted Encumbrances, Title Exceptions and those which are bonded over, escrowed
    for or insured against  by  the  applicable  Title  Policy).  If  such  a notation
    or other indication is not found, it will be a Test pass.	 
	 

        5f
	 

        Review
        the MS Servicer Notices for a notation or other indication of any claim or assertion that, subject to the rights of tenants,
        there are rights existing which under law could give rise to any such lien or encumbrance that would be prior to or equal
        with the lien of the related Mortgage (which lien secures the related Loan Combination, in the case of a Mortgage Loan
        that is part of a Loan Combination), except for Permitted Encumbrances and those which are bonded over, escrowed for or
        insured against by the a lender’s title insurance policy. If such a notation or other indication is not found, it
        will be a Test pass.
	 

        MS
        Servicer Notices

	 

        5g
	 

        Review
        the MS Servicer Notices for a notation or other indication of any claim or assertion that the Mortgage Loan Seller did
        not have legal, valid and enforceable first lien on the related borrower’s fee (or if identified on the Mortgage Loan
        Schedule, leasehold), interest in the Mortgaged Property or good and marketable title free and clear of any pledge, lien,
        encumbrance or security interest. If such a notation or other indication is not found, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        6.
        Permitted Liens; Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land
        Title Association loan title insurance policy or a comparable form of loan title insurance policy approved for use in
        the applicable jurisdiction (or, if such policy is yet to be issued, by a pro forma policy, a preliminary title policy
        with escrow instructions or a “marked up” commitment, in each case binding on the title insurer)(the “Title
        Policy”) in the original principal amount of such Mortgage Loan (or
	 

        6a
	 

        Review
        the Title Policy to determine if it is an American Land Title Association loan title insurance policy or another comparable
        form of loan title insurance policy approved for use in the applicable jurisdiction. Review the Mortgage Loan Documents
        to determine if the amount of the policy covers the amount of the Mortgage Loan, or for multiple properties, an amount
        equal to the allocated loan amount after all
	 

        Title
        Policy; Mortgage

        Loan
        Documents

    JJ-1-8

     

    

 

 

	 

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	with
                                                                                                                                    respect to a Mortgage Loan secured by multiple properties, an amount equal to at least the allocated loan amount with respect
                                                                                                                                    to the Title Policy for each such property) after all advances of principal (including any advances held in escrow or
                                                                                                                                    reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the first priority lien of
                                                                                                                                    the Mortgage (which lien secures the related Whole Loan, in the case of a Mortgage Loan that is part of a Whole Loan), which
                                                                                                                                    lien is subject only to (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due
                                                                                                                                    and payable; (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record; (c) the
                                                                                                                                    exceptions (general and specific) and exclusions set forth in such Title Policy; (d) other matters to which like properties
                                                                                                                                    are commonly subject; (e) the rights of tenants (as tenants only) under leases (including subleases) pertaining to the
                                                                                                                                    related Mortgaged Property and condominium declarations; and (f) if the related Mortgage Loan is cross-collateralized and
                                                                                                                                    cross-defaulted with another Mortgage Loan (each, a “Crossed Mortgage Loan”), the lien of the Mortgage for
                                                                                                                                    such other Mortgage Loan that is cross-collateralized and cross-defaulted with such Crossed Mortgage Loan, provided 
                                                                                                                                    that none of which items (a) through (f), individually or in the aggregate, materially and adversely interferes with the
                                                                                                                                    value or current use of the Mortgaged Property or the security intended to be provided by such Mortgage or the borrower’s
                                                                                                                                    ability to pay its obligations when they become due (collectively, the “Permitted Encumbrances”). Except
                                                                                                                                    as contemplated by clause (f) of the preceding sentence, none of the Permitted Encumbrances are mortgage liens that
                                                                                                                                    are senior to or coordinate and co-equal with the lien of the related Mortgage. Such Title Policy (or, if it has yet to be
                                                                                                                                    issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid and no claims
                                                                                                                                    have been made by the Mortgage Loan Seller thereunder and no claims have been paid thereunder. Neither the Mortgage Loan
                                                                                                                                    Seller, nor to the Mortgage Loan Seller’s knowledge, any other holder of the Mortgage Loan, has done, by act or
                                                                                                                                    omission, anything that would materially impair the coverage under such Title Policy.
	 	advances
of principal. If so determined with respect to each part of this Test, it will be a Test pass.
	 
	 

        6b
	 

        Review
        the Title Policy to determine if the first-priority lien of the Mortgage (which lien secures the related Whole Loan, in
        the case of a Mortgage Loan that is part of a Whole Loan) is subject only to Permitted Encumbrances, as defined in representation
        and warranty 6. If so determined, it will be a Test pass.
	 

        Title
        Policy

	 

        6c
	 

        Review
        the Title Policy to determine if any Permitted Encumbrance is a mortgage lien that is senior to or coordinate and co-equal
        to the lien of the related Mortgage, other than as contemplated by item (f) in the definition of Permitted Encumbrances.
        If not so determined, it will be a Test pass.
	 

        Title
        Policy

	 

        6d
	 

        Review
        the Title Policy and MS Servicer Notices for a notation or other indication that the coverage is not in full force and
        effect as of the Closing Date, that all premiums thereon have not been paid or that claims have been made by the Mortgage
        Loan Seller. If no such notation or other indication is found, it will be a Test pass.
	 

        Title Policy; MS
        Servicer Notices

	 

        6e
	 

        Review
        the MS Servicer Notices for a notation or other indication that the Mortgage Loan Seller, or any other holder of the Mortgage
        Loan, has done, by act or omission, anything that would materially impair the coverage under such policy. If such a notation
        or other indication is not found, it will be a Test pass.
	 

        MS
        Servicer Notices

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        7.
        Junior Liens. It being understood that B notes secured by the same Mortgage as a Mortgage Loan are not subordinate
        mortgages or junior liens, except for any Crossed Mortgage Loan, there are, as of origination, and to the Mortgage Loan
        Seller’s knowledge, as of the Cut-off Date, no subordinate mortgages or junior liens securing the payment of money
        encumbering the related Mortgaged Property (other than Permitted Encumbrances and the Title Exceptions, taxes and assessments,
        mechanics and materialmen’s liens (which are the subject of the representation in representation and warranty 5
        above), and equipment and other personal property financing). Except as set forth in the applicable exhibit to the Mortgage
        Loan Purchase Agreement, the Mortgage Loan Seller has no knowledge of any mezzanine debt secured directly by interests
        in the related borrower.
	 

        7a
	 

        Review
        the Title Policy to determine if there is any subordinate mortgage or junior lien encumbering the related Mortgaged Property,
        except for any Crossed Mortgage Loans. If not so determined, it will be a Test pass.
	 

        Title
        Policy

	 

        7b
	 

        Review
        the Title Policy to determine if, as of origination and the Cut-off Date, there are no subordinate mortgages or junior
        mortgage liens securing the payment of money encumbering the related Mortgaged Property other than Permitted Encumbrances
        and the Title Exceptions, taxes and assessments, mechanics’ and materialmen’s liens and equipment and other
        personal property financing. If so determined, it will be a Test pass.
	 

        Title
        Policy

	 

        7c
	 

        Review
        the MS Servicer Notices for a notation or other indication that, except as set forth in the applicable exhibit to the
        Mortgage Loan Purchase Agreement, the Mortgage Loan Seller had knowledge of: (1) any mezzanine debt secured directly by
        interests in the related borrower or (2) any subordinate mortgages or junior liens securing the payment of money encumbering
        the related Mortgaged Property (other than Permitted Encumbrances and the Title Exceptions, taxes and assessments, mechanics’
        and materialmen’s liens If such a notation or other indication is not found, it will be a Test pass.
	 

        MS
        Servicer Notices; Mortgage Loan Purchase Agreement

	 

        8.
        Assignment of Leases, Rents and Profits. There exists as part of the related Mortgage File an Assignment of Leases,
        Rents and Profits (either as a separate instrument or incorporated into the related Mortgage). Subject to the Permitted
        Encumbrances and the Title Exceptions (and, in the case of a Mortgage Loan that is part of a Whole Loan, subject to the
        related Assignment of Leases, Rents and Profits constituting security for the entire Whole Loan), each
	 

        8a
	 

        Review
        the Mortgage File to determine if an Assignment of Leases, Rents and Profits (either as a separate instrument or incorporated
        into the related Mortgage) is in the Mortgage File. If so determined, it will be a Test pass.
	 

        Mortgage
        File; Assignment of Leases, Rents and Profits

	 

        8b
	 

        Review
the Title Policy to determine if, subject to the Permitted Encumbrances and the Title Exceptions (and,
	 

        Title
        Policy; Mortgage; Assignment of Leases,

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	related
Assignment of Leases, Rents and Profits creates a valid first-priority collateral assignment of, or a valid first-priority lien
or security interest in, rents and certain rights under the related lease or leases, subject only to a license granted to the
related Borrower to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including
the right to operate the related leased property, except as the enforcement thereof may be limited by the Standard Qualifications.
The related Mortgage or related Assignment of Leases, Rents and Profits subject to applicable law, provides that, upon an event
of default under the Mortgage Loan, a receiver is permitted to be appointed for the collection of rents or for the related mortgagee
to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.
	 	in
                                         the case of a Mortgage Loan that is part of a Whole

        Loan,
        subject to the related Assignment of Leases, Rents and Profits constituting security for the entire Whole Loan) the Mortgage,
        or any related Assignment of Leases, Rents and Profits has been recorded, and creates a valid first-priority collateral
        assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease
        or leases, subject only to a license granted to the related Borrower to exercise certain rights and to perform certain
        obligations of the lessor under such lease or leases, including the right to operate the related leased property, except
        as the enforcement thereof may be limited by the Standard Qualifications. If so determined with respect to each part of
        this Test, it will be a Test pass.
	Rents
    and Profits
	 

        8c
	 

        Review
        the Assignment of Leases, Rents and Profits (either as a separate instrument or incorporated into the related Mortgage)
        to determine if the related Mortgage, or related Assignment of Leases, Rents and Profits, subject to applicable law, provides
        that upon an event of default under the Mortgage Loan, a receiver is permitted to be appointed for the collection of rents
        or for the related Mortgagee to enter into possession to collect the rents or for rents or for the related Mortgagee to
        enter into possession to collect the rents or for rents to be paid directly to the Mortgagee. If so determined, it will
        be a Test pass.
	 

        Assignment
        of Leases, Rents and Profits; Mortgage

	 

        9.
        UCC Filings. If the related Mortgaged Property is operated as a hospitality property, the Mortgage Loan Seller
        has filed and/or recorded or caused to be filed and/or recorded (or, if not filed and/or recorded, have been submitted
        in proper form for filing and/or recording), UCC financing statements in the appropriate public filing and/or recording
        offices necessary at the time of the origination of the Mortgage Loan to perfect a valid security interest in all items
        of physical personal property reasonably necessary to
	 

        9
	 

        If
        the related Mortgaged Property is operated as a hospitality property, review the MS Servicer Notices for a notation or
        other indication of inappropriately filed or nonexistent UCC-1 financing statements. If such a notation or other indication
        is not found, it will be a Test pass.
	 

        MS
        Servicer Notices

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	operate
                                                                                                                        such Mortgaged Property owned by such borrower and located on the related Mortgaged Property (other than any non-material
                                                                                                                        personal property, any personal property subject to a purchase money security interest, a sale and leaseback financing
                                                                                                                        arrangement as permitted under the terms of the related Mortgage Loan documents or any other personal property leases
                                                                                                                        applicable to such personal property), to the extent perfection may be effected pursuant to applicable law by recording or
                                                                                                                        filing, as the case may be. Subject to the Standard Qualifications, each related Mortgage (or equivalent document) creates a
                                                                                                                        valid and enforceable lien and security interest on the items of personalty described above. No representation is made as to
                                                                                                                        the perfection of any security interest in rents or other personal property to the extent that possession or control of such
                                                                                                                        items or actions other than the filing of UCC financing statements are required in order to effect such
                                                                                                                        perfection.
	 	 	 
	 

        10.
        Condition of Property. The Mortgage Loan Seller or the originator of the Mortgage Loan inspected or caused to be
        inspected each related Mortgaged Property within six months of origination of the Mortgage Loan and within twelve months
        of the Cut-off Date.

         

        An
        engineering report or property condition assessment was prepared in connection with the origination of each Mortgage Loan
        no more than twelve months prior to the Cut-off Date. To the Mortgage Loan Seller’s knowledge, based solely upon
        due diligence customarily performed in connection with the origination of comparable mortgage loans, as of the Closing
        Date, each related Mortgaged Property was free and clear of any material damage (other than (i) any damage or deficiency
        that is estimated to cost less than $50,000 to repair, (ii) any deferred maintenance for which escrows were established
        at origination and (iii) any damage fully covered by insurance) that would affect materially and adversely the use or
        value of such Mortgaged Property as security for the Mortgage Loan.
	 

        10a
	 

        Review
        the engineering report or property condition assessment in the Mortgage File to determine if it is dated within six months
        of the origination date. If so determined, it will be a Test pass.
	 

        Engineering
        report; Property condition assessment

	 

        10b
	 

        Review
        the engineering report or property condition assessment in the Mortgage File to determine if it was dated no more than
        twelve months prior to the Cut-off Date. Review the engineering report or property condition assessment to confirm that
        each related Mortgaged Property is free of material damage. If so determined with respect to each part of the Test, it
        will be a Test pass.
	 

        Engineering
        report; Property condition assessment

	 

        10c
	 

        Review
        the MS Servicer Notices for a notation or other indication that the Mortgage Loan Seller had knowledge of issues with
        the physical condition of the Mortgaged Property that the Mortgage Loan Seller believed would have a material adverse
        effect on the value or use of the Mortgaged Property other than those disclosed in the most recently dated engineering
        report or Servicing File and those addressed in sub-clauses (i),
	 

        MS
        Servicer Notices

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	 	 	(ii)
    and (iii) of this representation and warranty 10. If such a notation or other indication is not found, it will be a Test pass.	 
	 

        11.
        Taxes and Assessments. All taxes, governmental assessments and other outstanding governmental charges (including,
        without limitation, water and sewage charges), or installments thereof, that could be a lien on the related Mortgaged
        Property that would be of equal or superior priority to the lien of the Mortgage and that prior to the Cut-off Date have
        become delinquent in respect of each related Mortgaged Property have been paid, or an escrow of funds has been established
        in an amount sufficient to cover such payments and reasonably estimated interest and penalties, if any, thereon. For purposes
        of this representation and warranty, real estate taxes and governmental assessments and other outstanding governmental
        charges and installments thereof will not be considered delinquent until the earlier of (a) the date on which interest
        and/or penalties would first be payable thereon and (b) the date on which enforcement action is entitled to be taken by
        the related taxing authority.
	 

        11
	 

        Review
        the MS Servicer Notices for a notation or other indication that all taxes, governmental assessments and other outstanding
        governmental charges (including, without limitation, water and sewage charges), or installments thereof, which could be
        a lien on the related Mortgage Property that would be of equal or superior priority to the lien of the Mortgage and that
        prior to the Cut-off Date have come delinquent in respect of the Mortgaged Property have not been paid, or an escrow of
        funds has been established in an amount sufficient to cover such payments and reasonably estimated interest and penalties,
        if any, thereon. If such a notation or other indication is not found, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        12.
        Condemnation. As of the date of origination and to the Mortgage Loan Seller’s knowledge as of the Cut-off
        Date, there is no proceeding pending, and, to the Mortgage Loan Seller’s knowledge as of the date of origination
        and as of the Cut-off Date, there is no proceeding threatened, for the total or partial condemnation of such Mortgaged
        Property that would have a material adverse effect on the value, use or operation of the Mortgaged Property.
	 

        12
	 

        Review
        the MS Servicer Notices for a notation or other indication of any proceeding pending or threatened for the total or partial
        condemnation of such Mortgaged Property as of the Cut-off Date and as of the origination date, or for a notation or other
        indication that the Mortgage Loan Seller had knowledge as of the Cut-off Date and as of the origination date of any such
        proceeding that would have a material adverse effect on the value, use or operation of the Mortgaged Property. If such
        a notation or other indication is not found, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        13.
        Actions Concerning Mortgage Loan. As of the date of origination and to the Mortgage Loan Seller’s knowledge
        as of the Cut-off, there was no pending or filed action, suit or proceeding, arbitration or governmental investigation
        involving any borrower, guarantor, or borrower’s interest in the Mortgaged Property, an
	 

        13a
	 

        Review
        the Mortgage Loan Documents, the Borrower’s Counsel Opinion and the MS Servicer Notices for an indication of pending
        or filed action, suit or proceeding, arbitration or governmental investigation involving any borrower, guarantor, or borrower’s
        interest in the
	 

        Mortgage
        Loan Documents; Borrower’s Counsel Opinion; MS Servicer Notices

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	adverse
                                                                                                                                    outcome of which would reasonably be expected to materially and adversely affect (a) such borrower’s title to the
                                                                                                                                    Mortgaged Property, (b) the validity or enforceability of the Mortgage, (c) such borrower’s ability to perform under
                                                                                                                                    the related Mortgage Loan, (d) such guarantor’s ability to perform under the related guaranty, (e) the principal
                                                                                                                                    benefit of the security intended to be provided by the Mortgage Loan documents or (f) the current principal use of the
                                                                                                                                    Mortgaged Property.
	 	Mortgaged
Property that existed on the origination date. If such an indication is not found, it will be a Test pass.
	 
	 

        13b
	 

        Review
        the MS Servicer Notices to determine if an adverse outcome of any such pending, filed or threatened action, suit or proceeding,
        arbitration or governmental investigation involving any borrower, guarantor, or Mortgaged Property would reasonably be
        expected to adversely affect the matters set forth in clauses (a)-(f) of representation and warranty 13. If any such adverse
        outcome would not reasonably be expected to adversely affect the matters set forth in clauses (a)-(f) of representation
        and warranty 13, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        14.
        Escrow Deposits. All escrow deposits and payments required to be escrowed with the lender pursuant to each Mortgage
        Loan are in the possession, or under the control, of the Mortgage Loan Seller or its servicer, and there are no deficiencies
        (subject to any applicable grace or cure periods) in connection therewith, and all such escrows and deposits (or the right
        thereto) that are required to be escrowed with lender under the related Mortgage Loan documents are being conveyed by
        the Mortgage Loan Seller to the Purchaser or its servicer (or, with respect to any Non-Serviced Mortgage Loan, to the
        depositor or servicer for the related Non-Serviced Securitization Trust).
	 

        14a
	 

        Review
        the MS Servicer Notices for a notation or other indication of any escrow deposits and payments required to be escrowed
        with the lender pursuant to each Mortgage Loan not in the servicer’s possession or control. If such a notation or
        other indication is not found, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        14b
	 

        Review
        the MS Servicer Notices to determine if all escrows and deposits required pursuant to the Mortgage Loan have been conveyed
        by the Mortgage Loan Seller to the Purchaser or its servicer (or, with respect to any Non-Serviced Mortgage Loan, to the
        related depositor or servicer). If so determined, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        15.
        No Holdbacks. The Stated Principal Balance as of the Cut-off Date of the Mortgage Loan set forth on the mortgage
        loan schedule attached as an Exhibit to the related Mortgage Loan Purchase Agreement has been fully disbursed as of the
        Closing Date and there is no requirement for future advances thereunder (except in those cases where the full amount of
        the Mortgage Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction
        of certain conditions relating to leasing, repairs or other matters with respect to the related
	 

        15a
	 

        Review
        the Mortgage Loan Schedule, Loan Agreement, Mortgage Note and origination settlement statement to determine if the principal
        amount of the Mortgage Loan was fully disbursed as of the Closing Date. If so determined, it will be a Test pass.
	 

        Mortgage
        Loan Schedule; Loan Agreement; Mortgage Note; Origination settlement statement

	 

        15b
	 

        Review
        the Mortgage Loan Documents to determine if there is no requirement for future advances by the Mortgagee (except in those
        cases where the full amount
	 

        Mortgage Loan

        Documents

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	Mortgaged
                                                                                                                        Property, the borrower or other considerations determined by the Mortgage Loan Seller to merit such holdback).
	 	of
                                                                                          the Mortgage Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the
                                                                                          satisfaction of certain conditions relating to leasing, repairs, or other matters with respect to the related Mortgaged
                                                                                          Property, the borrower or other considerations determined by the Mortgage Loan Seller to merit such holdback). If so
                                                                                          determined, it will be a Test pass.
	 
	 

        16.
        Insurance. Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be, insured
        by a property insurance policy providing coverage for loss in accordance with coverage found under a “special cause
        of loss form” or “all risk form” that includes replacement cost valuation issued by an insurer meeting
        the requirements of the related Mortgage Loan documents and having a claims-paying or financial strength rating meeting
        the Insurance Rating Requirements (as defined below) in an amount (subject to a customary deductible) not less than the
        lesser of (1) the original principal balance of the Mortgage Loan and (2) the full insurable value on a replacement cost
        basis of the improvements, furniture, furnishings, fixtures and equipment owned by the borrower and included in the Mortgaged
        Property (with no deduction for physical depreciation), but, in any event, not less than the amount necessary or containing
        such endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to the related Mortgaged
        Property.

         

        “Insurance
        Ratings Requirements” means either (i) a claims paying or financial strength rating of any of the following; (a) at
        least “A-:VIII” from A.M. Best Company, (b) at least “A3” (or the equivalent) from Moody’s
        Investors Service, Inc. or (c) at least “A-” from S&P Global Ratings or (ii) the Syndicate Insurance Ratings
        Requirements. “Syndicate Insurance Ratings Requirements” means insurance provided by a syndicate of insurers, as
        to which (i) if such syndicate consists of 5 or more members, at least 60% of the coverage is provided by insurers that meet
        the Insurance Ratings Requirements (under clause (1) of the definition of such term) and
	 

        16a
	 

        Review
        the Insurance Summary Report (or solely with respect to residential cooperative properties, review the insurance policies
        and/or certificates of insurance) to determine if it shows that the related Mortgaged Property is insured by a property
        insurance policy providing coverage for loss in accordance with coverage found under a “special cause of loss form”
        or “all-risk form” that includes replacement cost valuation issued by an insurer meeting the requirements
        of the related Mortgage Loan Documents and the Insurance Rating Requirements, in an amount (subject to customary deductibles)
        not less than the lesser of (1) the original principal balance of any Mortgage Loan and (2) the full insurable value on
        a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the borrower and
        included in the Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less than the
        amount necessary or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions
        with respect to the Mortgaged Property. If so determined, it will be a Test pass.
	 

        Insurance
        Summary Report (solely with respect to residential cooperative properties, the insurance policies and/or certificates
        of insurance)

	 

        16b
	 

        Review
        the Mortgage Loan Documents for provisions requiring the insurance coverage as stated in Test 16a above. If such provisions
        are found, it will be a Test pass.
	 

        Mortgage Loan

        Documents

	 

        16c
	 

        Review
        the Insurance Summary Report (or, solely with
	 

        Insurance Summary

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	up
                                                                                                                                    to 40% of the coverage is provided by insurers that have a claims paying or financial strength rating of at least
                                                                                                                                    “BBB-” by S&P Global Ratings or at least “Baa3” by Moody’s Investors Service, Inc., and
                                                                                                                                    (ii) if such syndicate consists of 4 or fewer members, at least 75% of the coverage is provided by insurers that meet the
                                                                                                                                    Insurance Ratings Requirements (under clause (1) of the definition of such term) and up to 25% of the coverage is provided by
                                                                                                                                    insurers that have a claims paying or financial strength rating of at least “BBB-” by S&P Global Ratings or
                                                                                                                                    at least “Baa3” by Moody’s Investors Service, Inc.

         

        Each
        related Mortgaged Property is also covered, and required to be covered pursuant to the related Mortgage Loan documents,
        by business interruption or rental loss insurance which (subject to a customary deductible) covers a period of not less
        than 12 months (or with respect to each Mortgage Loan on a single asset with a principal balance of $50 million or more,
        18 months).

         

        If
        any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified
        in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, the related borrower
        is required to maintain insurance in the maximum amount available under the National Flood Insurance Program, plus such
        additional excess flood coverage in an amount as is generally required by the Mortgage Loan Seller originating mortgage
        loans for securitization.

         

        If
        the Mortgaged Property is located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida,
        Georgia, South Carolina or North Carolina, the related borrower is required to maintain coverage for windstorm and/or
        windstorm related perils and/or “named storms” issued by an insurer meeting the Insurance Rating Requirements
        or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms, in an amount not less
        than the lesser of (1) the original principal balance of the Mortgage Loan and (2) 100% of the full insurable value on
        a replacement cost basis of the improvements and personalty and fixtures owned by the borrower and included in the
	 	respect
                                                                                          to residential cooperative properties, review the insurance policies and/or certificates of insurance) to determine if it
                                                                                          shows that the related Mortgaged Property is insured for business interruption or rental loss insurance which (subject to a
                                                                                          customary deductible) covers a period of not less than 12 months (or with respect to a Mortgage Loan on a single asset with a
                                                                                          principal balance of $50 million or more, 18 months). If such provisions are found, it will be a Test pass.
	Report
                                                                                          (solely with respect to residential cooperative properties, the insurance policies and/or certificates of
                                                                                          insurance)

	 

        16d
	 

        Review
        the Mortgage Loan Documents for provisions requiring the insurance coverage as stated in Test 16c above. If such provisions
        are found, it will be a Test pass.
	 

        Mortgage Loan
        Documents

	 

        16e
	 

        Review
        the Mortgage Loan Documents and/or the survey to determine if any material part of the improvements, exclusive of a parking
        lot, located on the Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management
        Agency as having “special flood hazards.” If so determined, review the Insurance Summary to determine whether
        the borrower maintains insurance in the maximum amount available under the National Flood Insurance Program plus such
        additional excess flood coverage in an amount as is generally required by the Mortgage Loan Seller originating mortgage
        loans for securitization. If so determined, it will be a Test pass.
	 

        Mortgage
        Loan Documents; Survey; Insurance Summary Report

	 

        16f
	 

        If
        the Mortgaged Property is located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida,
        Georgia, South Carolina or North Carolina, review the Insurance Summary Report to determine if the property is covered
        for windstorm and/or windstorm related perils and/or “named storms” or endorsement covering damage from windstorm
        and/or windstorm
	 

        Insurance
        Summary Report (solely with respect to residential cooperative properties, the insurance policies and/or certificates
        of insurance)

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	related
Mortgaged Property by an insurer meeting the Insurance Rating Requirements.

         

        The
        Mortgaged Property is covered, and required to be covered pursuant to the related Mortgage Loan documents, by a commercial
        general liability insurance policy issued by an insurer meeting the Insurance Rating Requirements including coverage for
        property damage, contractual damage and personal injury (including bodily injury and death) in amounts as are generally
        required by the Mortgage Loan Seller for loans originated for securitization, and in any event not less than $1 million
        per occurrence and $2 million in the aggregate.

         

        An
        architectural or engineering consultant has performed an analysis of each of the Mortgaged Properties located in seismic
        zones 3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing
        either the scenario expected limit (“SEL”) or the probable maximum loss (“PML”) for the
        Mortgaged Property in the event of an earthquake. In such instance, the SEL or PML, as applicable, was based on a 475-year
        return period, an exposure period of 50 years and a 10% probability of exceedance. If the resulting report concluded that the
        SEL or PML, as applicable, would exceed 20% of the amount of the replacement costs of the improvements, earthquake insurance
        on such Mortgaged Property was obtained by an insurer rated at least “A:VIII” by A.M. Best Company or
        “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” by S&P Global Ratings
        in an amount not less than 100% of the SEL or PML, as applicable.

         

        The
        Mortgage Loan documents require insurance proceeds in respect of a property loss to be applied either (a) to the repair
        or restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of
        the then outstanding principal amount of the related Mortgage Loan (or Whole Loan, if applicable), the lender (or a trustee
        appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses, or (b) to
        the payment of the outstanding principal balance of such Mortgage Loan (or Whole Loan, if
	 	related
                                                                                          perils and/or named storms in an amount not less than the lesser of (1) the original principal balance of the Mortgage Loan
                                                                                          and (2) 100% of the full insurable value on a replacement cost basis of the improvements, and personalty and fixtures owned
                                                                                          by the borrower and included in the related Mortgaged Property by an insurer meeting the Insurance Rating Requirements. If so
                                                                                          determined with respect to each part of this Test, it will be a Test pass.
	 
	 

        16g
	 

        Review
        the Insurance Summary Report dated before the Cut-off Date (or solely with respect to residential cooperative properties,
        review the insurance policies and/or certificates of insurance) and Mortgage Loan Documents to determine if the Mortgage
        Property is covered, and required to be covered pursuant to the related Mortgage Loan Documents, by a commercial general
        liability insurance policy issued by an insurer meeting the Insurance Rating Requirements including coverage for property
        damage, contractual damage and personal injury (including bodily injury and death) in amounts as are generally required by
        the Mortgage Loan Seller for loans originated for securitization, and in any event not less than $1 million per occurrence
        and $2 million in the aggregate. If so determined, it will be a Test pass.
	 

        Insurance
        Summary Report (solely with respect to residential cooperative properties, the insurance policies and/or certificates
        of insurance); Mortgage Loan Documents

	 

        16h
	 

        Review
        the property condition assessment to determine if the properties are located in a seismic zone 3 or 4. If so determined,
        review the seismic engineering study to determine if it has been performed by an architectural or engineering consultant for
        the sole purpose of assessing either the scenario expected limit (“SEL”) or the probable maximum loss
        (“PML”) for the Mortgaged Property in the event of an earthquake and based on a 475-year return period, an
        exposure period of 50 years and a 10% probability of exceedance. If so determined, it will be a Test pass.
	 

        Property
        condition assessment; Seismic engineering study

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	applicable)
                                         together with any accrued interest thereon.

         

        All
        premiums on all insurance policies referred to in this section required to be paid as of the Cut-off Date have been paid,
        and such insurance policies name the lender under the Mortgage Loan and its successors and assigns as a loss payee under
        a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or additional insured.
        Such insurance policies will inure to the benefit of the Trustee (or, in the case of a Mortgage Loan that is an Non-Serviced
        Mortgage Loan, the applicable Non-Serviced Trustee). Each related Mortgage Loan obligates the related borrower to maintain,
        or cause to be maintained, all such insurance and, at such borrower’s failure to do so, authorizes the lender to
        maintain such insurance at the borrower’s cost and expense and to charge such borrower for related premiums. All
        such insurance policies (other than commercial liability policies) require at least 10 days’ prior notice to the
        lender of termination or cancellation arising because of nonpayment of a premium and at least 30 days’ prior notice
        to the lender of termination or cancellation (or such lesser period, not less than 10 days, as may be required by applicable
        law) arising for any reason other than non-payment of a premium and no such notice has been received by the Mortgage
        Loan Seller.
	 

        16i
	 

        Review
        the most recent seismic engineering study or Insurance Summary Report (or solely with respect to residential cooperative
        properties, review the insurance policies and/or certificates of insurance) to determine if the PML would exceed 20% of the
        amount of the replacement costs of the improvements, and if so, review to determine if earthquake insurance on such Mortgaged
        Property was obtained. If so determined, determine if the insurer is rated at least “A:VIII” by A.M. Best Company
        or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” by S&P Global
        Ratings. The insurance amount should be not less than 100% of the SEL or the PML, as applicable. If so determined with
        respect to each part of the Test, it will be a Test pass.
	 

        Seismic
        engineering study; Insurance Summary Report (solely with respect to residential cooperative properties, the insurance
        policies and/or certificates of insurance)

	 

        16j
	 

        Review
        the Mortgage Loan Documents for provisions requiring that insurance proceeds in respect of a property loss be applied either
        (a) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property losses in
        excess of 5% of the then-outstanding principal amount of the Mortgage Loan, the lender (or a trustee appointed by it) having
        the right to hold and disburse such proceeds as the repair or restoration progresses, or (b) to the payment of the
        outstanding principal balance of such Mortgage Loan or Whole Loan, as applicable, together with any accrued interest thereon.
        If such provisions are found, it will be a Test pass.
	 

        Mortgage Loan

        Documents

	 

        16k
	 

        Review
        the MS Servicer Notices for a notation or other indication that insurance premiums are current as of the Cut-off Date.
        If such a notation or other indication is found, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        16l
	 

        Review
        the Insurance Summary Report (or solely with respect to residential cooperative properties, review the
	 

        Insurance Summary
        Report (solely with

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	 	 	insurance
    policies and/or certificates of insurance) to determine  if  the  insurance  policies  name
     the  lender under  any  Mortgage  Loan  and  its  successors  and assigns as
    a loss payee under a mortgagee endorsement clause or, in the case of the general liability insurance policy,  as  named
     or  additional  insured.  If  so determined, it will be a Test pass.	respect   to   residential
    cooperative properties, the insurance policies and/or certificates of insurance)
	 

        16m
	 

        Review
        the Insurance Summary Report (or solely with respect to residential cooperative properties, review the insurance policies
        and/or certificates of insurance) to determine if the insurance will inure to the benefit of the Trustee (or, in the case
        of a Mortgage Loan that is an Non-Serviced Mortgage Loan, the applicable Non-Serviced Trustee). If so determined, it
        will be a Test pass.
	 

        Insurance
        Summary Report (solely with respect to residential cooperative properties, the insurance policies and/or certificates
        of insurance)

	 

        16n
	 

        Review
        the Mortgage Loan Documents to determine if any Mortgage Loan obligates the borrower to maintain, or cause to be maintained,
        all such insurance and, at such borrower’s failure to do so, authorizes the lender to maintain such insurance at
        the borrower’s cost and expense and to charge such borrower for related premiums. If so determined, it will be a
        Test pass.
	 

        Mortgage Loan
        Documents

	 

        16o
	 

        Review
        the Insurance Summary Report (or solely with respect to residential cooperative properties, review the insurance policies
        and/or certificates of insurance) to determine if the insurance policies (other than commercial liability policies) require
        at least 10 days’ prior notice to the lender of termination or cancellation arising because of nonpayment of a premium
        and at least 30 days’ prior notice to the lender of termination or cancellation (or such lesser period, not less
        than 10 days, as may be required by applicable law) arising for any reason other than non-payment of a premium. If so
        determined, it will be a Test pass.
	 

        Insurance
        Summary Report (solely with respect to residential cooperative properties, the insurance policies and/or certificates
        of insurance)

    JJ-1-19

     

    

 

 

	 

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        Materials

	 	 

        16p
	 

        Review
        the MS Servicer Notices for a notation or other indication that any notice described in Test 16o may have been received
        by the Mortgage Loan Seller. If such a notation or other indication is not found, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        17.
        Access; Utilities; Separate Tax Lots. Each Mortgaged Property (a) is located on or adjacent to a public road and
        has direct legal access to such road, or has access via an irrevocable easement or irrevocable right of way permitting
        ingress and egress to/from a public road, (b) is served by or has uninhibited access rights to public or private water
        and sewer (or well and septic) and all required utilities, all of which are appropriate for the current use of the Mortgaged
        Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of
        the Mortgaged Property or is subject to an endorsement under the related Title Policy insuring the Mortgaged Property,
        or in certain cases, an application has been, or will be, made to the applicable governing authority for creation of separate
        tax lots, in which case the Mortgage Loan requires the borrower to escrow an amount sufficient to pay taxes for the existing
        tax parcel of which the Mortgaged Property is a part until the separate tax lots are created.
	 

        17a
	 

        Review
        the zoning report, Title Policy and survey, engineering report or property condition assessment, the Sponsor Diligence
        and the ESA to determine if each Mortgaged Property is located on or adjacent to a public road and has direct legal access
        to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from
        a public road. If so determined, it will be a Test pass.
	 

        Zoning
        report; Title Policy; Survey; Engineering report or property condition assessment; Sponsor Diligence; ESA

	 

        17b
	 

        Review
        the zoning report, Title Policy and survey, engineering report or property condition assessment, the Sponsor Diligence
        and the ESA to determine if each Mortgaged Property is served by or has uninhibited access rights to public or private
        water and sewer (or well and septic) and all required utilities, all of which are appropriate for the current use of the
        Mortgaged Property. If so determined, it will be a Test pass.
	 

        Zoning
        report; Title Policy; Survey; Engineering report or property condition assessment; Sponsor Diligence; ESA

	 

        17c
	 

        Review
        the Title Policy and survey to determine if each Mortgaged Property constitutes one or more separate tax parcels and do
        not include any property which is not part of the Mortgaged Property or is subject to an endorsement under the most recently
        dated Title Policy insuring the Mortgaged Property, or in certain cases, an application has been, or will be, made to
        the applicable governing authority for creation of separate tax lots, in which case any Mortgage Loan requires the borrower
        to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until
        the separate tax lots are created. If so determined, it will be a Test pass.
	 

        Title
        Policy; Survey; Mortgage Loan Documents

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        18.
        No Encroachments. To the Mortgage Loan Seller’s knowledge based solely on surveys obtained in connection
        with origination and the lender’s Title Policy (or, if such policy is not yet issued, a pro forma title policy,
        a preliminary title policy with escrow instructions or a “marked up” commitment) obtained in connection with
        the origination of each Mortgage Loan, all material improvements that were included for the purpose of determining the
        appraised value of the related Mortgaged Property at the time of the origination of such Mortgage Loan are within the
        boundaries of the related Mortgaged Property, except encroachments that do not materially and adversely affect the value
        or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy.
        No improvements on adjoining parcels encroach onto the related Mortgaged Property except for encroachments that do not
        materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements
        were obtained under the Title Policy. No improvements encroach upon any easements except for encroachments the removal
        of which would not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance
        or endorsements obtained with respect to the Title Policy.
	 

        18a
	 

        Review
        the survey and Title Policy to determine if all material improvements that were included for the purpose of determining
        the appraised value of the Mortgaged Property at the time of the origination of such Mortgage Loan are within the boundaries
        of the related Mortgaged Property, except for encroachments that do not materially and adversely affect the value or current
        use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy. If so determined,
        it will be a Test pass.
	 

        Survey;
        Title Policy; Appraisal

	 

        18b
	 

        Review
        the survey and Title Policy to determine if there exist improvements on adjoining parcels that encroach onto the Mortgaged
        Property that materially and adversely affect the value and current use of such Mortgage Property and for which insurance
        or endorsements were obtained under the Title Policy. If not so determined, it will be a Test pass.
	 

        Survey;
        Title Policy; Appraisal

	 

        18c
	 

        Review
        the survey and Title Policy to determine if there exist material improvements that encroach upon any easements except
        for encroachments the removal of which would not materially and adversely affect the value or current use of such Mortgaged
        Property or for which insurance or endorsements obtained with respect to the Title Policy. If not so determined, it will
        be a Test pass.
	 

        Survey;
        Title Policy; Appraisal

	 

        19.
        No Contingent Interest or Equity Participation. No Mortgage Loan has a shared appreciation feature, any other contingent
        interest feature or a negative amortization feature (except that an ARD Loan may provide for the accrual of the portion
        of interest in excess of the rate in effect prior to the Anticipated Repayment Date) or an equity participation by the
        Mortgage Loan Seller.
	 

        19
	 

        Review
        the Mortgage Loan Documents for any shared appreciation feature or any other contingent interest feature, any negative
        amortization feature (except that an ARD Loan may provide for the accrual of the portion of interest in excess of the
        rate in effect prior to the Anticipated Repayment Date) or an equity participation by the Mortgage Loan Seller. If no
        such feature is found with respect to each part of this Test, it will be a Test pass.
	 

        Mortgage Loan
        Documents

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        20.
        REMIC. The Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the
        Code (but determined without regard to the rule in U.S. Department of Treasury Regulations Section 1.860G-2(f)(2) (the
        “Treasury Regulations”) that treats certain defective mortgage loans as qualified mortgages), and, accordingly,
        (A) the issue price of the Mortgage Loan to the related borrower at origination did not exceed the non-contingent principal
        amount of the Mortgage Loan and (B) either: (a) such Mortgage Loan is secured by an interest in real property (including
        permanently affixed buildings and structural components, such as wiring, plumbing systems and central heating and air-conditioning
        systems, that are integrated into such buildings, serve such buildings in their passive functions and do not produce or
        contribute to the production of income other than consideration for the use or occupancy of space, but excluding personal
        property) having a fair market value (i) at the date the Mortgage Loan (or related Whole Loan) was originated at least
        equal to 80% of the adjusted issue price of the Mortgage Loan (or related Whole Loan) on such date or (ii) at the Closing
        Date at least equal to 80% of the adjusted issue price of the Mortgage Loan (or related Loan Combination) on such date,
        provided that for purposes hereof, the fair market value of the real property interest must first be reduced by
        (A) the amount of any lien on the real property interest that is senior to the Mortgage Loan and (B) a proportionate amount
        of any lien that is in parity with the Mortgage Loan; or (b) substantially all of the proceeds of such Mortgage Loan were
        used to acquire, improve or protect the real property which served as the only security for such Mortgage Loan (other
        than a recourse feature or other third-party credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)).
        If the Mortgage Loan was “significantly modified” prior to the Closing Date so as to result in a taxable exchange
        under Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable default
        of such Mortgage Loan or (y) satisfies the provisions of either sub-clause (B)(a)(i) above (substituting the date
        of the last such
	 

        20a
	 

        Review
        the origination settlement statement and Mortgage Note to determine if the proceeds advanced by the Mortgagee did not
        exceed the non-contingent principal amount of the Mortgage Loan. If so determined, it will be a Test pass.
	 

        Origination
        settlement statement; Mortgage Loan

	 

        20b
	 

        Review
        the most recent appraisal and Mortgage Loan Documents to determine if either (a) the Mortgage Loan is secured by an interest
        in real property (including permanently affixed buildings and structural components, such as wiring, plumbing systems
        and central heating and air-conditioning systems, that are integrated into such buildings, serve such buildings in their
        passive functions and do not produce or contribute to the production of income other than consideration for the use or
        occupancy of space, but excluding personal property) having a fair market value (i) at the date the Mortgage Loan (or
        related Whole Loan) was originated at least equal to 80% of the adjusted issue price of any Mortgage Loan (or related
        Whole Loan) on such date or (ii) at the Closing Date at least equal to 80% of the outstanding principal amount of the
        Mortgage Loan (or related Loan Combination) on such date, provided that for purposes of clauses (i) and (ii) above, the
        fair market value of the real property interest must first be reduced by (A) the amount of any lien on the real property
        interest that is senior to such Mortgage Loan and (B) a proportionate amount of any lien that is in parity with such Mortgage
        Loan; or (b) substantially all of the proceeds of such Mortgage Loan were used to acquire, improve or protect the real
        property which served as the only security for such Mortgage Loan (other than a recourse feature or other third-party
        credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)). If so determined, it will be
        a Test pass.
	 

        Appraisal; Mortgage
        Loan Documents

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        Materials

	modification
                                                                                                                                    for the date the Mortgage Loan was originated) or sub-clause (B)(a)(ii), including the proviso thereto. For purposes
                                                                                                                                    of the preceding sentence, a Mortgage Loan will not be considered “significantly modified” solely by reason of
                                                                                                                                    the borrower having been granted a COVID-19 related forbearance provided that: (a) such Mortgage Loan forbearance is covered
                                                                                                                                    by Revenue Procedure 2020-26 by reason of satisfying the requirements for such coverage stated in Section 5.02(2) of Revenue
                                                                                                                                    Procedure 2020-26; and (b) the Mortgage Loan Seller identifies such Mortgage Loan and provides (x) the date on which such
                                                                                                                                    forbearance was granted, (y) the length in months of the forbearance, and (z) how the payments in forbearance will be paid
                                                                                                                                    (that is, by extension of maturity, change of amortization schedule, etc.) Any prepayment premium and yield maintenance
                                                                                                                                    charges applicable to the Mortgage Loan constitute “customary prepayment penalties” within the meaning of
                                                                                                                                    Treasury Regulations Section 1.860G-1(b)(2). All terms used in this paragraph will have the same meanings as set forth in the
                                                                                                                                    related Treasury Regulations.
	 

        20c
	 

        Review
        the MS Servicer Notices for an indication or other notation that the Mortgage Loan was modified prior to the Closing Date,
        and if so, if the modification was made as to result in a taxable exchange under Section 1001 of the Code, it either (x)
        was modified as a result of the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the provisions
        of either sub-clause (B)(i) in the first sentence of representation and warranty 20 (substituting the date of the last
        such modification for the date any Mortgage Loan was originated) or sub-clause (B)(ii) in the first sentence of representation
        and warranty 20, including the proviso thereto. If there were any such modifications, and such a notation or other indication
        is found, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        20d
	 

        Review
        the MS Servicer Notices for a notation or other indication of any claim or assertion to the effect that the Prepayment
        Premiums and Yield Maintenance Charges applicable to any Mortgage Loan do not constitute “customary prepayment penalties”.
        If such a notation or other indication is not found, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        21.
        Compliance with Usury Laws. The Mortgage Rate (exclusive of any default interest, late charges, yield maintenance
        charge, or prepayment premiums) of such Mortgage Loan complied as of the date of origination with, or was exempt from,
        applicable state or federal laws, regulations and other requirements pertaining to usury.
	 

        21a
	 

        Review
        the MS Servicer Notices for a notation or other indication of any claim or assertion to the effect that the terms of the
        Mortgage Loan do not comply with applicable local, state, and federal laws in any material respect. If such a notation
        or other indication is not found, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        21b
	 

        Review
        the MS Servicer Notices for a notation or other indication of any claim or assertion to the effect that any material requirements
        pertaining to the origination of any Mortgage Loan, including but not limited to, usury and any and all other material
        requirements of any federal, state or local law have not been complied with. If such a notation or other indication is
        not found,
	 

        MS
        Servicer Notices

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        Materials

	 	 	it
    will be a Test pass.	 
	 

        21c
	 

        Review
        the Mortgage Loan Documents to determine if they provide that the Mortgage Loan complied with usury laws. If so determined,
        it will be a Test pass.
	 

        Mortgage Loan
        Documents

	 

        22.
        Authorized to do Business. To the extent required under applicable law, as of the Cut-off Date or as of the date
        that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to transact and do business in
        the jurisdiction in which each related Mortgaged Property is located, or the failure to be so authorized does not materially
        and adversely affect the enforceability of such Mortgage Loan by the issuing entity.
	 

        22
	 

        Review
        the MS Servicer Notices for a notation or other indication of any claim or assertion that as of the date that the Mortgage
        Loan Seller or any prior Mortgagee held the Mortgage Note, each such holder of the Mortgage Note was not authorized to
        transact or do business in the jurisdiction in which each related Mortgaged Property is located. If such a notation or
        other indication is found, determine whether the failure to be so authorized could not materially and adversely affect
        the enforceability of such Mortgage Loan by the issuing entity. If so determined, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        23.
        Trustee under Deed of Trust. With respect to each Mortgage which is a deed of trust, as of the date of origination
        and, to the Mortgage Loan Seller’s knowledge, as of the Closing Date, a trustee, duly qualified under applicable
        law to serve as such, currently so serves and is named in the deed of trust or has been substituted in accordance with
        the Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable law by the related
        mortgagee.
	 

        23
	 

        Review
        the Mortgage Loan Documents to determine if a trustee is appointed. If so determined, it will be a Test pass.
	 

        Mortgage Loan
        Documents

	 

        24.
        Local Law Compliance. To the Mortgage Loan Seller’s knowledge, based upon any of a letter from any governmental
        authorities, a legal opinion, an architect’s letter, a zoning consultant’s report, an endorsement to the related
        Title Policy, or other affirmative investigation of local law compliance consistent with the investigation conducted by
        the Mortgage Loan Seller for similar commercial, multifamily or, if applicable, manufactured housing community mortgage
        loans intended for securitization, with respect to the improvements located on or forming part of each Mortgaged Property
        securing a Mortgage Loan as of the date of origination of such Mortgage Loan and as of the Cut-off Date, there
	 

        24a
	 

        Review
        the zoning report and title policy for an indication that there are no material violations of applicable zoning ordinances,
        building codes and land laws (collectively “Zoning Regulations”) with respect to the improvements located
        on or forming part of each Mortgaged Property securing a Mortgage Loan as of the date of origination of such Mortgage
        Loan (or related Whole Loan, as applicable) or as of the Cut-off Date, other than those which (i) constitute a legal non-conforming use or structure, as to which as the Mortgaged Property may be restored or repaired to the
	 

        Zoning
        Report; Title

        Policy

    JJ-1-24

     

    

 

 

	 

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        Materials

	are
                                         no material violations of applicable zoning ordinances, building

        codes
        and land laws (collectively “Zoning Regulations”) other than those which (i) constitute a legal non-conforming
        use or structure, as to which as the Mortgaged Property may be restored or repaired to the full extent necessary to maintain
        the use of the structure immediately prior to a casualty or the inability to restore or repair to the full extent necessary
        to maintain the use or structure immediately prior to the casualty would not materially and adversely affect the use or
        operation of the Mortgaged Property, (ii) are insured by the Title Policy or other insurance policy, (iii) are insured
        by law and ordinance insurance coverage in amounts customarily required by the Mortgage Loan Seller for loans originated
        for securitization that provides coverage for additional costs to rebuild and/or repair the property to current Zoning
        Regulations or (iv) would not have a material adverse effect on the Mortgage Loan. The terms of the Mortgage Loan documents
        require the borrower to comply in all material respects with all applicable governmental regulations, zoning and building
        laws.
	 	full
                                                                                          extent necessary to maintain the use of the structure immediately prior to a casualty or the inability to restore or repair
                                                                                          to the full extent necessary to maintain the use or structure immediately prior to the casualty would not materially and
                                                                                          adversely affect the use or operation of the Mortgaged Property, (ii) are insured by the Title Policy or other insurance
                                                                                          policy, (iii) are insured by law and ordinance insurance coverage in amounts customarily required by the Mortgage Loan Seller
                                                                                          for loans originated for securitization that provides coverage for additional costs to rebuild and/or repair the property to
                                                                                          current Zoning Regulations or (iv) would not have a material adverse effect on the Mortgage Loan. If such indication is
                                                                                          found, it will be a Test pass.
	 
	 

        24b
	 

        Review
        the Mortgage Loan Documents for provisions that require the borrower to comply in all material respects with all applicable
        governmental regulations, zoning and building laws. If such provisions are found, it will be a Test pass.
	 

        Mortgage Loan
        Documents

	 

        25.
        Licenses and Permits. Each borrower covenants in the Mortgage Loan documents that it will keep all material licenses,
        permits and applicable governmental authorizations necessary for its operation of the Mortgaged Property in full force
        and effect, and to the Mortgage Loan Seller’s knowledge based upon a letter from any government authorities, zoning
        consultant’s report or other affirmative investigation of local law compliance consistent with the investigation
        conducted by the Mortgage Loan Seller for similar commercial, multifamily or, if applicable, manufactured housing community
        mortgage loans intended for securitization, all such material licenses, permits and applicable governmental authorizations
        are in effect. The Mortgage Loan requires the related borrower to be qualified to do business in the jurisdiction in which
        the related Mortgaged Property is located.
	 

        25a
	 

        Review
        the Mortgage Loan Documents to determine if the borrower has covenanted to keep all material licenses, permits and
        applicable governmental authorizations necessary for its operation of the Mortgaged Property in full force and effect.
        If so determined, it will be a Test pass.
	 

        Mortgage Loan
        Documents

	 

        25b
	 

        Review
        the Mortgage Loan Documents and the MS Servicer Notices for a notation or other indication that the Mortgage Loan Seller
        had knowledge that any licenses, permits, franchises, certificates of occupancy and applicable governmental authorizations
        necessary for the operation of the Mortgaged Property are not in effect. If such a notation or other indication is not
        found, it will be a Test pass.
	 

        Mortgage
        Loan Documents; MS Servicer Notices

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        Materials

	 	 

        25c
	 

        Review
        the Mortgage Loan Documents for provisions requiring the related borrower to be qualified to do business in the jurisdiction
        in which the Mortgaged Property is located. If such provisions are found, it will be a Test pass.
	 

        Mortgage Loan
        Documents

	 

        26.
        Recourse Obligations. The Mortgage Loan documents for each Mortgage Loan provide that (a) the related borrower
        and at least one individual or entity will be fully liable for actual losses, liabilities, costs and damages arising from
        certain acts of the related borrower and/or its principals specified in the related Mortgage Loan documents, which acts
        generally include the following: (i) acts of fraud or intentional material misrepresentation, (ii) misapplication or misappropriation
        of rents (if after an event of default under the Mortgage Loan), insurance proceeds or condemnation awards, (iii) intentional
        material physical waste of the Mortgaged Property (but, in some cases, only to the extent there is sufficient cash flow
        generated by the related Mortgaged Property to prevent such waste), and (iv) any breach of the environmental covenants
        contained in the related Mortgage Loan documents, and (b) the Mortgage Loan will become full recourse to the related borrower
        and at least one individual or entity, if the related borrower files a voluntary petition under federal or state bankruptcy
        or insolvency law.
	 

        26a
	 

        Review
        the Mortgage Loan documents for each Mortgage Loan for provisions outlined in clauses (a) (i) through (v) and (b) of the
        representation and warranty 26. If such provisions are found, it will be a Test pass.
	 

        Mortgage Loan
        Documents

	 

        27.
        Mortgage Releases. The terms of the related Mortgage or related Mortgage Loan documents do not provide for release
        of any material portion of the Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied
        by principal repayment, or partial Defeasance (as defined in representation and warranty 32), in each case, of not less
        than a specified percentage at least equal to the lesser of (i) 110% of the related allocated loan amount of such portion
        of the Mortgaged Property and (ii) the outstanding principal balance of the Mortgage Loan, (b) upon payment in full of
        such Mortgage Loan, (c) upon a Defeasance (as defined in representation and warranty 32), (d) releases of out-
	 

        27a
	 

        Review
        the Mortgage Loan Documents for provisions stating that, if the related Mortgage Loan Documents permit a property release,
        the only conditions under which a property may be released during the life of the Mortgage Loan are as set forth in clauses
        (a) through (e) of the first sentence of representation and warranty 27. If such provisions are found, it will be a Test
        pass.
	 

        Mortgage Loan
        Documents

	 

        27b
	 

        Review
        the Mortgage Loan Documents for provisions stating that with respect to any partial release described in clauses (a) or
        (d) of the first sentence of representation and warranty 27 either: (x) such release
	 

        Mortgage Loan
        Documents

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        Materials

	parcels
                                                                                                                                    that are unimproved or other portions of the Mortgaged Property which will not have a material adverse effect on the
                                                                                                                                    underwritten value of the Mortgaged Property and which were not afforded any material value in the appraisal obtained at the
                                                                                                                                    origination of the Mortgage Loan and are not necessary for physical access to the Mortgaged Property or compliance with
                                                                                                                                    zoning requirements, or (e) as required pursuant to an order of condemnation or taking by a State or any political
                                                                                                                                    subdivision or authority thereof. With respect to any partial release (including in connection with any partial Defeasance)
                                                                                                                                    under the preceding clauses (a) or (d), either: (x) such release of collateral (i) would not constitute a
                                                                                                                                    “significant modification” of the subject Mortgage Loan within the meaning of Section 1.860G-2(b)(2) of the
                                                                                                                                    Treasury Regulations and (ii) would not cause the subject Mortgage Loan to fail to be a “qualified mortgage”
                                                                                                                                    within the meaning of Code Section 860G(a)(3)(A); or (y) the mortgagee or servicer can, in accordance with the related
                                                                                                                                    Mortgage Loan documents, condition such release of collateral on the related borrower’s delivery of an opinion of tax
                                                                                                                                    counsel to the effect specified in the immediately preceding clause (x). For purposes of the preceding clause
                                                                                                                                    (x), if the fair market value of the real property constituting such Mortgaged Property (reduced by (1) the amount of any
                                                                                                                                    lien on the real property that is senior to the Mortgage Loan and (2) a proportionate amount of any lien on the real property
                                                                                                                                    that is in parity with the Mortgage Loan) after the release is not equal to at least 80% of the principal balance of the
                                                                                                                                    Mortgage Loan (or Whole Loan, as applicable) outstanding after the release, the borrower is required to make a payment of
                                                                                                                                    principal in an amount not less than the amount required by the REMIC Provisions.

         

        In
        the case of any Mortgage Loan, in the event of a condemnation or taking of any portion of a Mortgaged Property by a State
        or any political subdivision or authority thereof, whether by legal proceeding or by agreement, the borrower can be required
        to pay down the principal balance of the Mortgage Loan in an amount not less than the amount required by the REMIC Provisions
        and, to such extent, condemnation proceeds may not be required to be applied to the restoration of the Mortgaged Property
        or released to
	 	of
                                                                                          collateral (i) would not constitute a “significant modification” of the subject Mortgage Loan within the meaning
                                                                                          of Section 1.860G-2(b)(2) of the Treasury Regulations and (ii) would not cause the subject Mortgage Loan to fail to be a
                                                                                          “qualified mortgage” within the meaning of Section 860G(a)(3)(A); or (y) the Mortgagee or servicer can, in
                                                                                          accordance with the related Loan Documents, condition such release of collateral on the related borrower’s delivery of
                                                                                          an opinion of tax counsel to the effect specified in the immediately preceding clause (x). For purposes of the preceding
                                                                                          clause (x), if the fair market value of the real property constituting such Mortgaged Property (reduced by (1) the amount of
                                                                                          any lien on the real property that is senior to the Mortgage Loan and (2) a proportionate amount of any lien on the real
                                                                                          property that is in parity with the Mortgage Loan) after the release is not equal to at least 80% of the principal balance of
                                                                                          the Mortgage Loan or Loan Combination, as applicable, outstanding after the release, the borrower is required to make a
                                                                                          payment of principal in an amount not less than the amount required by the REMIC Provisions. If such provisions are found, it
                                                                                          will be a Test pass.
	 
	 

        27c
	 

        Review
        the Mortgage Loan Documents for provisions stating that in the case of any Mortgage Loan, in the event of a taking of
        any portion of a Mortgaged Property by a State or any political subdivision or authority thereof, whether by legal proceeding
        or by agreement, the borrower can be required to pay down the principal balance of the Mortgage Loan or Whole Loan, as
        applicable, in an amount not less than the amount required by the REMIC Provisions and, to such extent, condemnation proceeds
        may not be required to be applied to the restoration of the Mortgaged Property or released to the borrower, if, immediately
        after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but taking into account the
	 

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	the
                                                                                                                                    borrower, if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but
                                                                                                                                    taking into account the planned restoration) the fair market value of the real property constituting the remaining Mortgaged
                                                                                                                                    Property (reduced by (1) the amount of any lien on the real property that is senior to the Mortgage Loan and (2) a
                                                                                                                                    proportionate amount of any lien on the real property that is in parity with the Mortgage Loan) is not equal to at least 80%
                                                                                                                                    of the remaining principal balance of the Mortgage Loan (or Whole Loan, as applicable).

         

        No
        Mortgage Loan that is secured by more than one Mortgaged Property or that is a Crossed Mortgage Loan permits the release
        of cross-collateralization of the related Mortgaged Properties or a portion thereof, including due to a partial condemnation,
        other than in compliance with the loan-to-value ratio and other requirements of the REMIC Provisions.
	 	planned
                                                                                          restoration) the fair market value of the real property constituting the remaining Mortgaged Property (reduced by (1) the
                                                                                          amount of any lien on the real property that is senior to the Mortgage Loan and (2) a proportionate amount of any lien on the
                                                                                          real property that is in parity with the Mortgage Loan) is not equal to at least 80% of the remaining principal balance of
                                                                                          the Mortgage Loan or Whole Loan, as applicable. If such provisions are found, it will be a Test pass.
	 
	 

        27d
	 

        Review
        the Mortgage Loan Documents for provisions stating that no Mortgage Loan that is secured by more than one Mortgaged Property
        or that is a Crossed Mortgage Loan permits the release of cross-collateralization of the related Mortgaged Properties
        or a portion thereof, including due to a partial condemnation, other than in compliance with the loan-to-value ratio
        and other requirements of the REMIC Provisions. If such provisions are found, it will be a Test pass.
	 

        Mortgage Loan
        Documents

	 

        28.
        Financial Reporting and Rent Rolls. Each Mortgage Loan requires the borrower to provide the owner or holder of
        the Mortgage with quarterly (other than for single-tenant properties) and annual operating statements, and quarterly (other
        than for single-tenant properties) rent rolls for properties that have leases contributing more than 5% of the in-place
        base rent and annual financial statements.
	 

        28a
	 

        Review
        the Mortgage Loan Documents for provisions that require the borrower to provide the owner or holder of the Mortgage with
        quarterly (other than for single-tenant properties) and annual operating statements. If such provisions are found, it
        will be a Test pass.
	 

        Mortgage Loan
        Documents

	 

        28b
	 

        Review
        the Mortgage Loan Documents for provisions that require the borrower to provide the owner or holder of the Mortgage Loan
        with quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing more
        than 5% of the in-place base rent and annual financial statements. If such provisions are found, it will be a Test pass.
	 

        Mortgage Loan
        Documents

	 

        29.
        Acts of Terrorism Exclusion. With respect to each Mortgage Loan over $20 million, the related special-form all-risk
        insurance policy and business interruption policy (issued by an insurer
	 

        29a
	 

        Review
        the Mortgage Loan Documents to determine if the original principal balance was greater than $20 million. If so, review
        the insurance coverage review
	 

        Mortgage
        Loan Documents; Insurance coverage review

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	meeting
                                                                                                                                    the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance
                                                                                                                                    Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2019 (collectively referred to as
                                                                                                                                    “TRIA”), from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance
                                                                                                                                    policy. With respect to each other Mortgage Loan, the related special-form all-risk insurance policy and business
                                                                                                                                    interruption policy (issued by an insurer meeting the Insurance Rating Requirements) did not, as of the date of origination
                                                                                                                                    of the Mortgage Loan, and, to the Mortgage Loan Seller’s knowledge, do not, as of the Cut-off Date, specifically
                                                                                                                                    exclude Acts of Terrorism, as defined in TRIA, from coverage, or if such coverage is excluded, it is covered by a separate
                                                                                                                                    terrorism insurance policy. With respect to each Mortgage Loan, the related Mortgage Loan documents do not expressly waive or
                                                                                                                                    prohibit the mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIA, or damages related thereto except
                                                                                                                                    to the extent that any right to require such coverage may be limited by commercial availability on commercially reasonable
                                                                                                                                    terms, or as otherwise indicated on the applicable exhibit of the related Mortgage Loan Purchase Agreement, provided, however,
                                                                                                                                    that if TRIA or a similar or subsequent statute is not in effect, then, provided that terrorism insurance is
                                                                                                                                    commercially available, the borrower under each Mortgage Loan is required to carry terrorism insurance, but in such event the
                                                                                                                                    borrower will not be required to spend on terrorism insurance coverage more than two times the amount of the insurance
                                                                                                                                    premium that is payable in respect of the property and business interruption/rental loss insurance required under the related
                                                                                                                                    Mortgage Loan documents (without giving effect to the cost of terrorism and earthquake components of such casualty and
                                                                                                                                    business interruption/rental loss insurance) at such time, and if the cost of terrorism insurance exceeds such amount,
                                                                                                                                    the borrower is required to purchase the maximum amount of terrorism insurance available with funds equal to such
                                                                                                                                    amount.
	 	document
                                                                                          for an indication that the special-form all-risk insurance policy and business interruption policy (issued by an insurer
                                                                                          meeting the Insurance Rating Requirements) do not specifically exclude acts of terrorism, from coverage, or if they do, there
                                                                                          exists a separate terrorism insurance policy related to the Mortgaged Property. If such an indication is found, it will be a
                                                                                          Test pass.
	document
	 

        29b
	 

        Review
        the insurance policy to determine if, as of the Cut-off Date, the related special all-risk insurance policy and business
        interruption policy specifically excluded acts of terrorism from coverage, and if such coverage is excluded, the related
        Mortgaged Property was not covered by a separate terrorism insurance policy. If not so determined, it will be a Test pass.
	 

        Mortgage
        Loan Documents; Insurance Policy

	 

        29c
	 

        Review
        the Mortgage Loan Documents for provisions that do not expressly waive or prohibit the Mortgagee from requiring coverage
        for Acts of Terrorism, as defined in TRIA (as defined in representation and warranty 29), or damages related thereto,
        except to the extent that any right to require such coverage may be limited by commercial availability on commercially
        reasonable terms, or as otherwise indicated on the applicable exhibit to the applicable Mortgage Loan Purchase Agreement,
        provided, that if TRIA or a similar or subsequent statute is not in effect, then, provided that terrorism insurance is
        commercially available, the borrower under each Mortgage Loan is required to carry terrorism insurance, but in such event
        the borrower shall not be required to spend on terrorism insurance coverage more than two times the amount of the insurance
        premium that is payable in respect of the property and business interruption/rental loss insurance required under the
        related Mortgage Loan Documents (without giving effect to the cost of terrorism and earthquake components of such casualty
        and business
	 

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	 	 	interruption/rental
                                                                                          loss insurance) at such time, and if the cost of terrorism insurance exceeds such amount, the borrower is required to
                                                                                          purchase the maximum amount of terrorism insurance available with funds equal to such amount. If such provisions are not
                                                                                          found, it will be a Test pass.
	 
	 

        30. Due
        on Sale or Encumbrance. Subject to specific exceptions set forth below, each Mortgage Loan contains a “due
        on sale” or other such provision for the acceleration of the payment of the unpaid principal balance of such Mortgage
        Loan if, without the consent of the holder of the Mortgage (which consent, in some cases, may not be unreasonably withheld)
        and/or complying with the requirements of the related Mortgage Loan documents (which provide for transfers without the
        consent of the lender which are customarily acceptable to the Mortgage Loan Seller lending on the security of property
        comparable to the related Mortgaged Property, including, without limitation, transfers of worn-out or obsolete furnishings,
        fixtures, or equipment promptly replaced with property of equivalent value and functionality and transfers by leases entered
        into in accordance with the Mortgage Loan documents), (a) the related Mortgaged Property, or any equity interest of greater
        than 50% in the related borrower, is directly or indirectly pledged, transferred or sold (in each case, a
        “Transfer”), other than as related to (i) family and estate planning Transfers or Transfers upon death or legal
        incapacity, (ii) Transfers to certain affiliates as defined in the related Mortgage Loan documents, (iii) Transfers of less
        than, or other than, a controlling interest in the related borrower, (iv) Transfers to another holder of direct or indirect
        equity in the borrower, a specific Person designated in the related Mortgage Loan documents or a Person satisfying specific
        criteria identified in the related Mortgage Loan documents, such as a qualified equityholder, (v) Transfers of stock or
        similar equity units in publicly traded companies, (vi) a substitution or release of collateral within the parameters of
        representations and warranties 27 and 32 or the exceptions thereto set forth in Exhibit D of the Mortgage Loan Purchase
        Agreement, or (vii) by reason of any mezzanine debt that existed at the origination of the related Mortgage Loan as
        set
	 

        30a
	 

        Review
        the Mortgage Loan Documents for “due on sale” or other such provisions for the acceleration of the payment
        of the unpaid principal balance of such Mortgage Loan in the circumstances described in the first sentence of representation
        and warranty 30. If such provisions are found, it will be a Test pass.
	 

        Mortgage Loan
        Documents

	 

        30b
	 

        Review
        the Mortgage Loan Documents for provisions that require that if Rating Agency fees are incurred in connection with the
        review of and consent to any transfer or encumbrance, the borrower is responsible for such payment along with all other
        reasonable fees and expenses incurred by the lender relative to such transfer or encumbrance. If such provisions are found,
        it will be a Test pass.
	 

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	forth
                                                                                                                        on the applicable exhibit of the Mortgage Loan Purchase Agreement, or future permitted mezzanine debt in each case as set
                                                                                                                        forth on the applicable exhibit of the Mortgage Loan Purchase Agreement or (b) the related Mortgaged Property is encumbered
                                                                                                                        with a subordinate lien or security interest against the related Mortgaged Property, other than (i) any Companion Loan or any
                                                                                                                        subordinate debt that existed at origination and is permitted under the related Mortgage Loan documents, (ii) purchase money
                                                                                                                        security interests, (iii) any Crossed Mortgage Loan as set forth on the applicable exhibit of the Mortgage Loan Purchase
                                                                                                                        Agreement or (iv) Permitted Encumbrances. The Mortgage or other Mortgage Loan documents provide that to the extent any Rating
                                                                                                                        Agency fees are incurred in connection with the review of and consent to any transfer or encumbrance, the borrower is
                                                                                                                        responsible for such payment along with all other reasonable fees and expenses incurred by the Mortgagee relative to such
                                                                                                                        transfer or encumbrance.
	 	 	 
	 

        31.
        Single-Purpose Entity. Each Mortgage Loan requires the borrower to be a Single-Purpose Entity for at least as long
        as the Mortgage Loan is outstanding. Both the Mortgage Loan documents and the organizational documents of the borrower
        with respect to each Mortgage Loan with a Cut-off Date Stated Principal Balance in excess of $5 million provide that the
        borrower is a Single- Purpose Entity, and each Mortgage Loan with a Cut-off Date Stated Principal Balance of $20 million
        or more has a counsel’s opinion regarding non-consolidation of the borrower. For this purpose, a “Single-Purpose
        Entity” means an entity, other than an individual, whose organizational documents (or if the Mortgage Loan has
        a Cut-off Date Stated Principal Balance equal to $5 million or less, its organizational documents or the related Mortgage
        Loan documents) provide substantially to the effect that it was formed or organized solely for the purpose of owning and
        operating one or more of the Mortgaged Properties securing the Mortgage Loans and prohibit it from engaging in any business
        unrelated to such Mortgaged Property or Properties, and whose organizational documents further provide, or which entity
        represented in the related Mortgage Loan documents, substantially to the effect that it does not have any assets other
        than those related to its interest in and operation of such
	 

        31a
	 

        Review
        the Mortgage Loan Documents for provisions that require that the borrower to be a Single-Purpose Entity (as defined in
        representation and warranty 31) for at least as long as any Mortgage Loan is outstanding. If such provisions are found,
        it will be a Test pass.
	 

        Mortgage Loan
        Documents

	 

        31b
	 

        Review
        the Mortgage Loan Schedule for the Cut-off Date Stated Principal Balance of the Mortgage Loan. If the Mortgage Loan had
        a Cut-off Date Stated Principal Balance in excess of $5 million, review the related Mortgage Loan Documents and the borrower’s
        organizational documents for provisions that require the borrower to be a Single-Purpose Entity. If the provisions exist,
        it will be a Test pass.
	 

        Mortgage  Loan
        Schedule;  Mortgage Loan Documents; Borrower’s organizational documents

	 

        31c
	 

        Review
        the Mortgage Loan Schedule for the Cut-off Date Stated Principal Balance of the Mortgage Loan. If the Mortgage Loan had
        a Cut-off Date Stated Principal Balance in excess of $20 million, review the Borrower’s Counsel Opinion regarding
        non-consolidation of the borrower. If such an opinion is
	 

        Mortgage
        Loan Schedule; Borrower’s Counsel Opinion

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	Mortgaged
                                                                                                                        Property or Properties, or any indebtedness other than as permitted by the related Mortgage(s) or the other related Mortgage
                                                                                                                        Loan documents, that it has its own books and records and accounts separate and apart from those of any other person (other
                                                                                                                        than a borrower for a Crossed Mortgage Loan), and that it holds itself out as a legal entity, separate and apart from any
                                                                                                                        other person or entity.
	 	found,
    it will be a Test pass.	 
	 

        32.
        Defeasance. With respect to any Mortgage Loan that, pursuant to the Mortgage Loan documents, can be defeased (a
        “Defeasance”), (i) the Mortgage Loan documents provide for Defeasance as a unilateral right of the
        borrower, subject to satisfaction of conditions specified in the Mortgage Loan documents; (ii) the Mortgage Loan cannot
        be defeased within two years after the Closing Date; (iii) the borrower is permitted to pledge only United States “government
        securities” within the meaning of Section 1.860G-2(a)(8)(ii) of the Treasury Regulations, the revenues from which
        will, in the case of a full Defeasance, be sufficient to make all scheduled payments under the Mortgage Loan when due,
        including the entire remaining principal balance on the maturity date (or on or after the first date on which payment
        may be made without payment of a yield maintenance charge or prepayment penalty) or, if the Mortgage Loan is an ARD Loan,
        the entire principal balance outstanding on the Anticipated Repayment Date (or on or after the first date on which payment
        may be made without payment of a yield maintenance charge or prepayment penalty), and if the Mortgage Loan permits partial
        releases of real property in connection with partial Defeasance, the revenues from the collateral will be sufficient to
        pay all such scheduled payments calculated on a principal amount equal to a specified percentage at least equal to the
        lesser of (a) 110% of the allocated loan amount for the real property to be released and (b) the outstanding principal
        balance of the Mortgage Loan; (iv) the borrower is required to provide a certification from an independent certified public
        accountant that the collateral is sufficient to make all scheduled payments under the Mortgage Note as set forth in clause
        (iii) above; (v) if the borrower would continue to own assets in addition to the defeasance collateral, the portion
        of the Mortgage Loan secured by defeasance collateral is required to be assumed (or the mortgagee
	 

        32
	 

        Review
        the Mortgage Loan Documents for provisions allowing the Mortgage Loan to be defeased, and if so, whether such Mortgage
        Loan Documents contain the provisions described in clauses (i) through (vii) of representation and warranty 32. If such
        provisions are found, it will be a Test pass.
	 

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	may
                                                                                                                        require such assumption) by a Single-Purpose Entity; (vi) the borrower is required to provide an opinion of counsel that the
                                                                                                                        mortgagee has a perfected security interest in such collateral prior to any other claim or interest; and (vii) the borrower
                                                                                                                        is required to pay all rating agency fees associated with Defeasance (if rating confirmation is a specific condition
                                                                                                                        precedent thereto) and all other reasonable expenses associated with Defeasance, including, but not limited to,
                                                                                                                        accountant’s fees and opinions of counsel.
	 	 	 
	 

        33.
        Fixed Interest Rates. Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term
        of such Mortgage Loan, except in the case of any ARD Loan and situations where default interest is imposed.
	 

        33
	 

        Review
        the Mortgage Loan Documents for an indication that the loan has a fixed interest rate that remains fixed throughout the
        term of such Mortgage Loan, except in the case of any ARD Loans and situations where default interest is imposed. If such
        an indication is found, it will be a Test pass.
	 

        Mortgage Loan
        Documents

	 

        34.
        Ground Leases. For purposes of the Mortgage Loan Purchase Agreement, a “Ground Lease” will mean
        a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms
        of years its entire interest in the land, or with respect to air rights leases, the air, and buildings and other improvements,
        if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own
        the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner and
        does not include industrial development agency (IDA) or similar leases for purposes of conferring a tax abatement or other
        benefit.

         

        With
        respect to any Mortgage Loan where the Mortgage Loan is secured by a leasehold estate under a Ground Lease in whole or
        in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property,
        based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor
        of the Mortgage Loan Seller, its successors and assigns, the Mortgage Loan Seller represents and warrants that:

         

        (a)
        The Ground Lease or a memorandum regarding such Ground
	 

        34a
	 

        Review
        the appraisal to determine if the Mortgage Loan is secured by a Ground Lease (as defined in representation and warranty
        34), in whole or in part. If so, review the Title Policy and Mortgage Loan Documents for an indication that the related
        Mortgage does not also encumber the lessor’s fee interest in the Mortgaged Property. If such an indication exists,
        proceed to Tests 34b through 34q.
	 

        Appraisal;
        Title Policy; Mortgage Loan Documents

	 

        34b
	 

        Review
        the Title Policy and Mortgage Loan Documents for an indication that the Ground Lease or memorandum has been recorded or
        submitted for recordation. If such indication is found, it will be a Test pass.
	 

        Title
        Policy; Mortgage Loan Documents

	 

        34c
	 

        Review
        the Ground Lease and any estoppel or other agreement received from the ground lessor for an indication that the interest
        of the lessee is permitted to be encumbered by the Mortgage and does not restrict the use of the Mortgaged Property by
        such lessee, its successors or assigns in a manner that would adversely affect the security provided by the Mortgage.
        If such
	 

        Ground
        Lease; estoppel or other agreement received from ground lessor

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	Lease
                                                                                                                                    has been duly recorded or submitted for recordation in a form that is acceptable for recording in the applicable
                                                                                                                                    jurisdiction. The Ground Lease or an estoppel or other agreement received from the ground lessor permits the interest of the
                                                                                                                                    lessee to be encumbered by the related Mortgage and does not restrict the use of the related Mortgaged Property by such
                                                                                                                                    lessee, its successors or assigns in a manner that would materially adversely affect the security provided by the related
                                                                                                                                    Mortgage;

         

        (b)  
        The lessor under such Ground Lease has agreed in a writing included in the related Mortgage File (or in such Ground Lease)
        that the Ground Lease may not be amended or modified, or canceled or terminated by agreement of lessor and lessee, without
        the prior written consent of the lender, and no such consent has been granted by the Mortgage Loan Seller since the
        origination of the Mortgage Loan except as reflected in any written instruments which are included in the related Mortgage
        File;

         

        (c)
          The Ground Lease has an original term (or an original term plus one or more optional renewal terms, which, under
        all circumstances, may be exercised, and will be enforceable, by either borrower or the mortgagee) that extends not less than
        20 years beyond the stated maturity of the related Mortgage Loan, or 10 years past the stated maturity if such Mortgage Loan
        fully amortizes by the stated maturity (or with respect to a Mortgage Loan that accrues on an actual 360 basis, substantially
        amortizes);

         

        (d)  
        The Ground Lease either (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage,
        except for the related fee interest of the ground lessor and the Permitted Encumbrances, or (ii) is subject to a subordination,
        non-disturbance and attornment agreement to which the mortgagee on the lessor’s fee interest in the Mortgaged Property
        is subject;
	 	indication
    is found, it will be a Test pass.	 
	 

        34d
	 

        Review
        the Ground Lease received from the ground lessor for a provision that the Ground Lease may not be amended or modified
        or canceled or terminated without the prior written consent of the lender, and no such consent has been granted by the
        Mortgage Loan Seller since the origination of the Mortgage Loan except as reflected in any written instruments which are
        included in the related Mortgage File. Review the MS Servicer Notices for an indication of such consent granted by the
        Mortgage Loan Seller since the origination of the Mortgage Loan except as reflected in any instruments including in the
        related Mortgage File. If such a provision is found and no indication is found, it will be a Test pass.
	 

        Ground
        Lease; MS Servicer Notices; estoppel or other agreement received from ground lessor

	 

        34e
	 

        Review
        the Ground Lease and any estoppel or other agreement received from the ground lessor for an indication that it has an
        original term (or an original term plus one or more optional renewal terms, which, under all circumstances, may be exercised,
        and will be enforceable, by either borrower or the Mortgagee) that extends not less than 20 years beyond the stated maturity
        of the related Mortgage Loan, or ten years past the stated maturity if such Mortgage Loan fully amortizes by the stated
        maturity (or with respect to a Mortgage Loan that accrues on an actual 360 basis, substantially amortizes). If such an
        indication is found, it will be a Test pass.
	 

        Ground
        Lease; estoppel or other agreement received from ground lessor

	 

        34f
	 

        Review
        the Title Policy for an indication that the Ground Lease is either (i) is not subject to any liens or encumbrances superior
        to, or of equal priority with, the Mortgage, except for the related fee interest of the ground lessor and the Permitted
        Encumbrances, or (ii) is subject to a subordination, non-disturbance and attornment agreement to which the Mortgagee on
        the
	 

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        Policy; SNDA

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        (e)
          The Ground Lease does not place commercially unreasonable restrictions on the identity of the Mortgagee and the Ground
        Lease is assignable to the holder of the Mortgage Loan and its successors and assigns without the consent of the lessor
        thereunder, and in the event it is so assigned, it is further assignable by the holder of the Mortgage Loan and its successors
        and assigns without the consent of the lessor;

         

        (f)
           The Mortgage Loan Seller has not received any written notice of material default under or notice of termination of such
        Ground Lease. To the Mortgage Loan Seller’s knowledge, there is no material default under such Ground Lease and
        no condition that, but for the passage of time or giving of notice, would result in a material default under the terms
        of such Ground Lease and to the Mortgage Loan Seller’s knowledge, such Ground Lease is in full force and effect
        as of the Closing Date;

         

        (g)  
        The Ground Lease or ancillary agreement between the lessor and the lessee requires the lessor to give to the lender written
        notice of any default, and provides that no notice of default or termination is effective against the lender unless such
        notice is given to the lender;

         

        (h)
          A lender is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the
        interest of the lessee under the Ground Lease through legal proceedings) to cure any default under the Ground Lease which
        is curable after the lender’s receipt of notice of any default before the lessor may terminate the Ground Lease;

         

        (i)   
        The Ground Lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by the
        Mortgage Loan Seller in connection with loans originated for securitization;
	 	lessor’s
fee interest in the Mortgaged Property is subject. If either indication is found, it will be a Test pass.
	 
	 

        34g
	 

        Review
        the Ground Lease and any estoppel or other agreement received from the ground lessor for an indication that the Ground
        Lease does not place commercially unreasonable restrictions on the identity of the Mortgagee and the Ground Lease is assignable
        to the holder of the Mortgage Loan and its successors and assigns without the consent of the lessor thereunder. If such
        indication is found, it will be a Test pass.
	 

        Ground Lease;
        estoppel

	 

        34h
	 

        Review
        the Ground Lease for an indication that in the event it is so assigned, it is further assignable by the holder of the
        Mortgage Loan and its successors and assigns without the consent of the lessor. If such indication is found, it will be
        a Test pass.
	 

        Ground
        Lease

	 

        34i
	 

        Review
        the MS Servicer Notices for notation that the Mortgage Loan Seller has received any written notice of material default
        under or notice of termination of such Ground Lease. If no such notation is found, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        34j
	 

        Review
        the MS Servicer Notices for notation that to the Mortgage Loan Seller’s knowledge, there is a material default under
        such Ground Lease or condition that, but for the passage of time or giving of notice, would result in a material default
        under the terms of such Ground Lease. If no such notation is found, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        34k
	 

        Review
        the MS Servicer Notices for a notation that to the Mortgage Loan Seller’s knowledge, such Ground Lease was not in
        full force and effect as of the Closing Date. If no such notation is found, it will be a Test pass.
	 

        MS
        Servicer Notices

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        (j)    
        Under the terms of the Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage
        (taken together), any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s
        interest (other than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially
        total loss or taking as addressed in clause (k) below) will be applied either to the repair or to restoration of
        all or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified
        in the related Mortgage Loan documents) the lender or a trustee appointed by it having the right to hold and disburse
        such proceeds as repair or restoration progresses, or to the payment of the outstanding principal balance of the Mortgage
        Loan, together with any accrued interest;

         

        (k)
           In the case of a total or substantially total taking or loss, under the terms of the Ground Lease, an estoppel or other
        agreement and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award
        allocable to ground lessee’s interest in respect of a total or substantially total loss or taking of the related
        Mortgaged Property to the extent not applied to restoration, will be applied first to the payment of the outstanding principal
        balance of the Mortgage Loan, together with any accrued interest; and

         

        (l)    
        Provided that the lender cures any defaults which are susceptible to being cured, the ground lessor has agreed to enter
        into a new lease with lender upon termination of the Ground Lease for any reason, including rejection of the Ground Lease
        in a bankruptcy proceeding.
	 

        34l
	 

        Review
        the Ground Lease and any ancillary agreement between the lessor and lessee for provisions that the lessor is required
        to give to the lender written notice of any default, and provide that no notice of default or termination is effective
        against the lender unless such notice is given to the lender. If such provisions are found, it will be a Test pass.
	 

        Ground Lease;
        ancillary agreement

	 

        34m
	 

        Review
        the Ground Lease and Related Documents for provisions that the lender is permitted a reasonable opportunity (including,
        where necessary, sufficient time to gain possession of the interest of the lessee under the Ground Lease through legal
        proceedings) to cure any default under the Ground Lease which is curable after the lender’s receipt of notice of
        any default before the lessor may terminate the Ground Lease. If such provisions are found, it will be a Test pass.
	 

        Ground Lease and
        Related Documents

	 

        34n
	 

        Review
        the Ground Lease for provisions that impose any commercially unreasonable restrictions on subletting in connection
        with loans originated for securitization. If no such provisions are found, it will be a Test pass.
	 

        Ground
        Lease

	 

        34o
	 

        Review
        the Ground Lease and any estoppel or other agreement received from the ground lessor and the related Mortgage and the
        Mortgage Loan Documents for an indication that any related insurance proceeds or the portion of the condemnation award
        allocable to the ground lessee’s interest (other than (i) de minimis amounts for minor casualties or (ii)
        in respect of a total or substantially total loss or taking as addressed in clause (34(k)) will be applied either to the
        repair or to restoration of all or part of the related Mortgaged Property with (so long as such proceeds are in excess
        of the threshold amount specified in the related Mortgage Loan Documents) the lender or a trustee appointed by it
	 

        Ground
        Lease; estoppel or other agreement received from ground lessor; Mortgage Loan Documents

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	 	 	having
                                                                                          the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment of the outstanding
                                                                                          principal balance of the Mortgage Loan, together with any accrued interest. If such indications are found, it will be a Test
                                                                                          pass.
	 
	 

        34p
	 

        Review
        the Ground Lease and any estoppel or other agreement received from ground lessor and the Mortgage Loan Documents for an
        indication that, in the case of a total or substantially total taking or loss, under the terms of the Ground Lease, an
        estoppel or other agreement and the related Mortgage (taken together), any related insurance proceeds, or portion of the
        condemnation award allocable to the ground lessee’s interest in respect of a total or substantially total loss or
        taking of the related Mortgaged Property to the extent not applied to restoration, will be applied first to the payment
        of the outstanding principal balance of the Mortgage Loan, together with any accrued interest. If such an indication is
        found, it will be a Test pass.
	 

        Ground
        Lease; estoppel or other agreement received from ground lessor; Mortgage Loan Documents

	 

        34q
	 

        Review
        the Ground Lease for provisions that, provided that the lender cures any defaults which are susceptible to being cured,
        the ground lessor has agreed to enter into a new lease with the lender upon termination of the Ground Lease for any reason,
        including rejection of the Ground Lease in a bankruptcy proceeding. If such provisions are found, it will be a Test pass.
	 

        Ground
        Lease

	 

        35.
        Servicing. The servicing and collection practices used by the Mortgage Loan Seller with respect to the Mortgage
        Loan have been, in all respects, legal and have met customary industry standards for servicing of commercial loans for
        conduit loan programs.
	 

        35
	 

        Review
        the MS Servicer Notices for a notation or other indication of any claims or assertions to the effect that the servicing
        and collection practices used by the Mortgage Loan Seller with respect to the Mortgage Loan was not in all material respects
        legal, or in accordance customary industry standards for servicing of commercial loans for conduit loan programs. If such
        a notation or other indication is not found, it will be a Test pass.
	 

        MS
        Servicer Notices

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        36.
        Origination and Underwriting. The origination practices of the Mortgage Loan Seller (or the related originator
        if the Mortgage Loan Seller was not the originator) with respect to each Mortgage Loan have been, in all material respects,
        legal and as of the date of its origination, such Mortgage Loan and the origination thereof complied in all material respects
        with, or was exempt from, all requirements of federal, state or local law relating to the origination of such Mortgage
        Loan; provided that such representation and warranty does not address or otherwise cover any matters with respect
        to federal, state or local law otherwise covered in the applicable exhibit to the Mortgage Loan Purchase Agreement.
	 

        36
	 

        Review
        the MS Servicer Notices for notation to the effect that the origination practices of the Mortgage Loan Seller (or the
        related originator if the Mortgage Loan Seller was not the originator) with respect to each Mortgage Loan have not been,
        in all material respects, legal and as of the date of its origination, such Mortgage Loan, or the origination thereof
        did not comply in all material respects with, or was exempt from, all requirements of federal, state or local law relating
        to the origination of such Mortgage Loan; provided that representation and warranty 36 does not address or otherwise cover
        any matters with respect to federal, state or local law otherwise covered in the applicable exhibit to the Mortgage Loan
        Purchase Agreement. If no such notation is found, it will be a Test pass.
	 

        MS
        Servicer Notices; Mortgage Loan Purchase Agreement

	 

        37.
        No Material Default; Payment Record. No Mortgage Loan has been more than 30 days delinquent, without giving effect
        to any grace or cure period, in making required payments since origination, and no Mortgage Loan is more than 30 days
        delinquent (beyond any applicable grace or cure period) in making required payments as of the Closing Date. To the Mortgage
        Loan Seller’s knowledge, there is (a) no material default, breach, violation or event of acceleration existing under
        the related Mortgage Loan, or (b) no event (other than payments due but not yet delinquent) which, with the passage of
        time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation
        or event of acceleration, which default, breach, violation or event of acceleration, in the case of either clause (a)
        or clause (b), materially and adversely affects the value of the Mortgage Loan or the value, use or operation
        of the related Mortgaged Property, provided, however, that this representation and warranty does not cover
        any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled
        to any other representation and warranty made by the Mortgage Loan Seller in the applicable exhibit to the
	 

        37a
	 

        Review
        the MS Servicer Notices for notation that (i) the Mortgage Loan has been more than 30 days delinquent, giving effect to
        any grace or cure period, in making required payments as of the Closing Date, or (ii) the Mortgage Loan was delinquent
        beyond any applicable grace or cure periods as of the Cut-off Date. If no such notation is found, it will be a Test pass.
	 

        MS
        Servicer Notices

	 

        37b
	 

        Review
        the MS Servicer Notices for notation of the Mortgage Loan Seller’s knowledge of (a) a material default, breach,
        violation or event of acceleration existing under the related Mortgage Loan, or (b) an event (other than payments due
        but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period,
        would constitute a material default, breach, violation or event of acceleration, which default, breach, violation or event
        of acceleration in the case of either clause (a) or clause (b), materially and adversely affects the value of the Mortgage
        Loan or the value, use or operation of the
	 

        MS
        Servicer Notices

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	Mortgage
     Loan  Purchase  Agreement.  No  person  other  than  the holder of such Mortgage
    Loan may declare any event of default under the Mortgage Loan or accelerate any indebtedness under the Mortgage Loan documents.	 	related
Mortgaged Property. If no such notation is found, it will be a Test pass.
	 
	 

        38.
        Bankruptcy. As of the date of origination of the related Mortgage Loan and, to the Mortgage Loan Seller’s
        knowledge as of the Cut-off Date, no borrower, guarantor or tenant occupying a single tenant property is a debtor in state
        or federal bankruptcy, insolvency or similar proceeding.
	 

        38
	 

        Review
        the Lexis/Nexis (or comparable search) and the MS Servicer Notices for an indication that a borrower, guarantor or tenant
        occupying a single-tenant property was a debtor in, a state or federal bankruptcy, insolvency or similar proceeding. If
        no such indication or notation is found, it will be a Test pass.
	 

        Lexis/Nexis
        (or comparable) search; MS Servicer Notices

	 

        39.
        Organization of Borrower. With respect to each Mortgage Loan, in reliance on certified copies of the organizational
        documents of the borrower delivered by the borrower in connection with the origination of such Mortgage Loan, the borrower
        is an entity organized under the laws of a state of the United States of America, the District of Columbia or the Commonwealth
        of Puerto Rico. Except with respect to any Crossed Mortgage Loan, no Mortgage Loan has a borrower that is an Affiliate
        of another borrower under another Mortgage Loan. (An “Affiliate” for purposes of this paragraph (39)
        means, a borrower that is under direct or indirect common ownership and control with another borrower.)
	 

        39a
	 

        Review
        the organizational documents of the borrower to determine if there are certified copies indicating that the borrower is
        an entity organized under the laws of a state of the United States of America, the District of Columbia or the Commonwealth
        of Puerto Rico. If such indication is found, it will be a Test pass.
	 

        Organizational
        Documents of the Borrower

	 

        39b
	 

        Review
        the MS Servicer Notices to determine if there is any indication that, except with respect to any Mortgage Loan that is
        a cross-collateralized and Crossed Mortgage Loan, no Mortgage Loan has a borrower that is an affiliate of another borrower
        under another Mortgage Loan. If such an indication is found, it will be a Test pass.
	 

        MS
        Servicer Notices; Prospectus

	 

        40.
        Environmental Conditions. A Phase I environmental site assessment (or update of a previous Phase I and or Phase
        II site assessment) and, with respect to certain Mortgage Loans, a Phase II environmental site assessment (collectively,
        an “ESA”) meeting ASTM requirements conducted by a reputable environmental consultant in connection
        with such Mortgage Loan within 12 months prior to its origination date (or an update of a previous ESA was prepared),
        and such ESA either (i) did not identify the existence of recognized environmental conditions (as such term is defined
        in ASTM E1527-13 or its successor, hereinafter
	 

        40a
	 

        Review
        any ESA (as defined in representation and warranty 40) for indication that it met the ASTM requirements and was conducted
        by a reputable environmental consultant within 12 months prior to the origination date of the Mortgage Loan (or an update
        of a previous ESA prepared). If such an indication is found, it will be a Test pass.
	 

        ESA

	 

        40b
	 

        Review
        the ESA for an indication that it identified (i) the existence of a Recognized Environmental Condition at the related
        Mortgaged Property or (ii) the need for
	 

        ESA

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	“Environmental
    Condition”) at the related Mortgaged Property or the need for further investigation with respect to any Environmental
    Condition  that  was  identified,  or  (ii) if  the  existence  of  an Environmental
    Condition or need for further investigation was indicated in any such ESA, then at least one of the following statements  is
     true:    (A) an  amount  reasonably  estimated  by  a reputable environmental
    consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable environmental laws
    or the Environmental Condition has been escrowed by the related borrower and is held or controlled by the related lender;
    (B) if the only Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor air, lead
    based paint or lead in drinking water, and the only recommended action in the ESA is the institution of such a plan, an operations
    or maintenance plan has been required to be instituted by the related borrower that can reasonably be expected to mitigate
    the identified risk; (C) the Environmental Condition identified in the related  environmental  report  was
     remediated  or  abated  in  all material respects prior to the Cut-Off Date, and, if and as appropriate,
    a no further action or closure letter was obtained from the applicable governmental regulatory authority (or the Environmental
    Condition affecting the related Mortgaged Property was otherwise listed by such governmental authority as “closed”
    or a reputable environmental consultant has concluded that no further action is required); (D) a secured creditor environmental
    policy or a pollution legal liability insurance policy that covers liability for the Environmental Condition was obtained
    from an insurer rated no less than A- (or the equivalent) by Moody’s Investors Service, Inc., S&P Global Ratings
    and/or Fitch Ratings, Inc.; (E) a party not related to the borrower was identified as the responsible party for such Environmental
    Condition and such responsible party has financial resources reasonably estimated to be adequate to address the situation;
    or (F) a party related to the borrower having financial resources reasonably estimated to be adequate to address the situation
    is required to take action.  To the Mortgage Loan Seller’s knowledge,   except   as   set   forth   in   the   ESA,   there   is   no
    Environmental Condition (as such term is defined in ASTM E1527-	 	further
                                                                                          investigation with respect to any Environmental Condition that was identified. If no such indication is found, it will be a
                                                                                          Test pass.
	 
	 

        40c
	 

        Review
        the ESA for an indication that it identified (i) the existence of a recognized environmental condition at the related
        Mortgaged Property or (ii) the need for further investigation with respect to any Environmental Condition that was identified.
        If such an indication is found, the following test procedures (subparts 40c-1 through 40c-6) will be performed. If any
        of the subparts indications are found, it will be a Test pass.
	 

        ESA;
        Escrow Statements; Mortgage Loan Documents

	 	 

        1.
        Review escrow statements for an indication that an amount reasonably estimated by a reputable environmental consultant
        to be sufficient to cover the estimated cost to cure any material noncompliance with applicable environmental laws or
        the environmental condition has been escrowed by the borrower and is held by the related Mortgagee.
	 

        Escrow
        statements

	 	 

        2.
        Review the ESA for an indication that if the only Environmental Condition relates to the presence of asbestos-containing
        materials, radon in indoor air or lead based paint or lead in drinking water, the only recommended action in the ESA is
        the institution of such a plan, and if so, a review of the Mortgage Loan Documents indicates that an operations or maintenance
        plan has been required to be instituted by the related borrower that, based on the ESA, can reasonably be expected to
        mitigate the identified risk.
	 

        ESA;
        Mortgage Loan Documents

	 	 

        3.
        Review any no further action or closure letter from the applicable governmental regulatory authority or a reputable environmental
        consultant for an indication that any Environmental Condition identified in the ESA was remediated or abated in all material
        respects prior to the Cut-off Date.
	 

        No
        further action or closure letter regarding Environmental Condition

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	13
    or its successor) at the related Mortgaged Property.	 	 

        4.
        Review the insurance coverage review documents for an indication that a secured creditor environmental policy or a pollution
        legal liability insurance policy that covers liability for the Environmental Condition was obtained from an insurer rated
        no less than A- (or the equivalent) by Moody’s Investors Service, Inc., S&P Global Ratings and/or Fitch Ratings,
        Inc.
	 

        Insurance coverage
        review documents

	 	 

        5.
        Review the Mortgage Loan Documents for an indication that a party not related to the borrower was identified as the responsible
        party for the Environmental Condition and such responsible party has financial resources considered by the Mortgage Loan
        Seller to be adequate to address the situation.
	 

        Mortgage Loan
        Documents

	 	 

        6.
        Review the Mortgage Loan Documents for an indication that a party related to the borrower having financial resources estimated
        by the Mortgage Loan Seller to be adequate to address the situation is required to take action.
	 

        Mortgage Loan
        Documents

	 

        40d
	 

        Review
        the MS Servicer Notices for notation of the Mortgage Loan Seller’s knowledge of any environmental condition at the
        Mortgaged Property other than any set forth in the ESA or in the Prospectus. If no such notation is found, it will be
        a Test pass.
	 

        MS
        Servicer Notices; ESA

	 

        41.
        Appraisal. The Servicing File contains an appraisal of the related Mortgaged Property with an appraisal date within
        6 months of the Mortgage Loan origination date, and within 12 months of the Closing Date. The appraisal is signed by an
        appraiser who is either a Member of the Appraisal Institute (“MAI”) and/or has been licensed and certified
        to prepare appraisals in the state where the Mortgaged Property is located. Each appraiser has represented in such appraisal
        or in a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of Professional
	 

        41a
	 

        Review
        the appraisal to determine if it was dated within 6 months of the Mortgage Loan origination date and within 12 months of the
        Closing Date. If so determined, it will be a Test pass.
	 

        Appraisal

	 

        41b
	 

        Review
        the appraisal to determine if it includes an appraiser’s certification or supplemental letter that indicates that the
        appraiser had no interest, direct or indirect, in the borrower, the Mortgaged Property or any loan made on the security
        of the Mortgaged Property. If
	 

        Appraisal

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	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 borrower or in any loan made on the security thereof,
    and its compensation is not affected by the approval or disapproval of the Mortgage Loan.	 	so
    determined, it will be a Test pass.	 
	 

        41c
	 

        Review
        the appraisal to determine if it signed by an appraiser who is a Member of the Appraisal Institute (“MAI”)
        and/or has been licensed and certified to prepare appraisals in the state where the Mortgaged Property is located, and
        that the appraiser’s compensation is not affected by the approval or disapproval of the Mortgage Loan. If so determined,
        it will be a Test pass.
	 

        Appraisal

	 

        41d
	 

        Review
        the appraisal to determine if it includes documentation in the appraisal or a 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. If so determined, it will be a Test pass.
	 

        Appraisal

	 

        42.
        Mortgage Loan Schedule. The information pertaining to each Mortgage Loan which is set forth in the mortgage loan
        schedule attached as an Exhibit to the related Mortgage Loan Purchase Agreement is true and correct in all material respects
        as of the Cut-off Date and contains all information required by the Mortgage Loan Purchase Agreement to be contained
        therein.
	 

        42a
	 

        Review
        the Mortgage Loan Schedule attached as an exhibit to the related Mortgage Loan Purchase Agreement and compare it to the
        corresponding information in (i) Annex A to the Prospectus (ii) Mortgage Loan Documents, (iii) PSA, and (iv) asset summary
        report to determine if there are discrepancies between the documents. If there are no such discrepancies, it will be a
        Test pass.
	 

        Mortgage
        Loan Schedule; Annex A to Prospectus; Mortgage Loan Documents; Pooling and Servicing Agreement; Asset summary report

	 

        42b
	 

        Compare
        the information in the Mortgage Loan Schedule to the requirements of the PSA to determine if they match. If there are
        no discrepancies, it will be a Test pass.
	 

        Mortgage Loan
        Schedule; PSA

	 

        43.
        Cross-Collateralization. No Mortgage Loan is cross-collateralized or cross-defaulted with any mortgage loan that
        is outside the issuing entity, except (i) with respect to any Mortgage Loan that is part of a Whole Loan, any other mortgage
        loan that is part of such Whole Loan and (ii) with respect to any Crossed
	 

        43
	 

        Review
        the Mortgage Loan Documents to determine if the Mortgage Loan is cross-collateralized or cross-defaulted with any other
        Mortgage Loan that is outside the Mortgage Pool, except (i) with respect to any Mortgage Loan that is part of a Whole
        Loan, any other
	 

        Mortgage Loan
        Documents

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	Mortgage
    Loan, any mortgage loan that is part of a Whole Loan that is cross-collateralized and cross-defaulted with such Mortgage Loan
    or with a Whole Loan of which such Mortgage Loan is a part.	 	mortgage
                                                                                          loan that is part of such Whole Loan and (ii) with respect to any Crossed Mortgage Loan, any mortgage loan that is part of a
                                                                                          Whole Loan that is cross-collateralized and cross-defaulted with such Mortgage Loan or with a Whole Loan of which such
                                                                                          Mortgage Loan is a part. If not so determined, it will be a Test pass.
	 
	 

        44.
        Hospitality Provisions. The Loan Documents for each Mortgage Loan that is secured by a hospitality property operated
        pursuant to a franchise or license agreement includes an executed comfort letter or similar agreement signed by the related
        borrower and franchisor or licensor of such property that, subject to the applicable terms of such franchise or license
        agreement and comfort letter or similar agreement, is enforceable by the issuing entity (or, in the case of a Non-Serviced
        Mortgage Loan, by the related Non-Serviced Trustee) against such franchisor or licensor either (A) directly or as an
        assignee of the originator, or (B) upon the Mortgage Loan Seller’s or its designee’s providing notice of the
        transfer of the Mortgage Loan to the Trust (or, in the case of a Non-Serviced Mortgage Loan, by the seller of the note
        which is contributed to the related Non-Serviced Securitization Trust or its designee providing notice of the transfer
        of such note to the related Non-Serviced Securitization Trust) in accordance with the terms of such executed comfort letter
        or similar agreement, which the Mortgage Loan Seller or its designee (except in the case of a Non-Serviced Mortgage Loan)
        will provide, or if neither (A) nor (B) is applicable, except in the case of a Non-Serviced Mortgage Loan, the Mortgage
        Loan Seller or its designee will apply for, on the issuing entity’s behalf, a new comfort letter or similar agreement
        as of the Closing Date. The mortgage or related security agreement for each Mortgage Loan secured by a hospitality property
        creates a security interest in the revenues of such property for which a UCC financing statement has been filed in the
        appropriate filing office. For the avoidance of doubt, no representation is made as to the perfection of any security
        interest in revenues to the extent that possession or control of such items or actions other than the filing of Uniform
        Commercial Code financing statements is required to
	 

        44a
	 

        Review
        the appraisals to determine if any of the properties are specifically identified as hospitality properties. If so, review
        the Mortgage File to determine if there exists a franchise or license agreement and executed comfort letter or other similar
        agreement signed by the related borrower and franchisor or licensor that, subject to the applicable terms of such franchise
        or license agreement and comfort letter or similar agreement, is enforceable by the issuing entity against such franchisor
        or licensor, either (A) directly or as an assignee of the originator, or (B) upon the Mortgage Loan Seller’s or
        its designee’s providing notice of the transfer of the Mortgage Loan to the issuing entity in accordance with the
        terms of such executed comfort letter or similar agreement, which the Mortgage Loan Seller or its designee shall provide.
        If so determined with respect to each part of this Test, it will be a Test pass.
	 

        Appraisal;
        mortgage file; franchise agreement; Comfort letter or similar agreement signed by or from such franchisor

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	effect
    such perfection.	 	 	 
	 

        45.
        Advance of Funds by Mortgage Loan Seller. After origination, no advance of funds has been made by the Mortgage
        Loan Seller to the related borrower other than in accordance with the Mortgage Loan documents, and, to the Mortgage Loan
        Seller’s knowledge, no funds have been received from any person other than the related borrower or an affiliate
        for, or on account of, payments due on the Mortgage Loan (other than as contemplated by the Mortgage Loan documents, such
        as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a lender-controlled lockbox
        if required or contemplated under the related lease or Mortgage Loan documents). Neither the Mortgage Loan Seller nor
        any affiliate thereof has any obligation to make any capital contribution to any borrower under a Mortgage Loan, other
        than contributions made on or prior to the Closing Date.
	 

        45a
	 

        Review
        the MS Servicer Notices for a notation or other indication that an advancement of funds after origination had been made
        by the Mortgage Loan Seller to the related borrower other than in accordance with the Mortgage Loan Documents, or that
        funds have been received from any person other than the related borrower or an Affiliate for, or on account of, payments
        due on the Mortgage Loan (other than as contemplated by the Mortgage Loan Documents, such as, by way of example and not
        in limitation of the foregoing, amounts paid by the tenant(s) into a lender controlled lockbox if required or contemplated
        under the related lease or Mortgage Loan Documents). If such a notation or other indication is not found, it will be a
        Test pass.
	 

        MS
        Servicer Notices

	 

        45b
	 

        Review
        the Mortgage Loan Documents to determine if the Mortgage Loan Seller, or an Affiliate, has an obligation to make any capital
        contribution to the borrower under a Mortgage Loan, other than contributions made on or prior to the Closing Date.
        If not so determined, it will be a Test pass.
	 

        Mortgage Loan
        Documents

	 

        46.
        Compliance with Anti-Money Laundering Laws. The Mortgage Loan Seller has complied in all material respects with
        all applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 with
        respect to the origination of the Mortgage Loan, the failure to comply with which would have a material adverse effect
        on the Mortgage Loan.
	 

        46
	 

        Review
        the MS Servicer Notices for a notation or other indication of any claim or assertion that the Mortgage Loan Seller did
        not comply with its internal procedures with respect to all applicable anti-money laundering laws and regulations, including
        without limitation the USA Patriot Act of 2001 in connection with the origination of any Mortgage Loan, the failure to
        comply with which would have a material adverse effect on the Mortgage Loan. If such a notation or other indication is
        not found, it will be a Test pass.
	 

        MS
        Servicer Notices

 

    JJ-1-44

     

    

 

EXHIBIT JJ-2

 

GSMC ASSET REVIEW PROCEDURES

 

Pursuant to the terms and
subject to the conditions set forth in the Pooling and Servicing Agreement (“PSA”), the Asset Representations
Reviewer (“Asset Representations Reviewer”) shall perform an Asset Review with respect to each representation
and warranty made by the related Mortgage Loan Seller only with respect to each Delinquent Loan in accordance with the procedures
set forth below (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 this Exhibit JJ-2 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. Capitalized terms used herein but not defined herein have the meaning set forth in the PSA or, solely with respect
to a representation and warranty, the meaning set forth in the related mortgage loan purchase agreement where GSMC is the Seller
(the “GSMC Mortgage Loan Purchase Agreement”). For the avoidance of doubt, in connection with the performance
of the following Tests:

 

		(A)	With respect to any representation and warranty that includes a knowledge qualifier (e.g.,
to the Mortgage Loan Seller’s knowledge, etc.), the Asset Representations Reviewer shall not be responsible for any investigation
or review beyond that set forth in the applicable Test related to such representation and warranty;

 

		(B)	With respect to any representation and warranty that includes the examination of an insurance policy
or Title Policy, the Asset Representations Reviewer will be permitted to engage a qualified consultant to perform a review of the
applicable policy, and will be allowed to rely upon the conclusions of the consultant when making a determination as to whether
there is a Test pass.

 

		(C)	The Asset Representations Reviewer shall be under no duty to provide or obtain a legal opinion,
legal review or legal conclusion;

 

		(D)	Unless otherwise provided in the Test, the “as of” date for the testing of a representation
is as of the Closing Date;

 

		(E)	Unless otherwise provided in the Test, if there is more than one version of the same document with
respect to a particular Mortgage Loan or Mortgaged Property, the document that will be used by the Asset Representations Reviewer
in testing is the document that is dated as of the Closing Date or, if none, the document closest prior to the Closing Date;

 

		(F)	With respect to each representation and warranty and its related Test(s), the Asset Representations
Reviewer shall take into account any exceptions to such representation and warranty described in the GSMC Mortgage Loan Purchase
Agreement with respect to a Mortgage Loan, and a Test pass shall be deemed to have occurred with respect to

 

    Exhibit-JJ-2-1 

     

    

such Test if the sole reason for not satisfying the applicable
Test is caused by such exception(s);

 

		(G)	Evidence of a failure of a Test could result from (i) an affirmative determination by the Asset
Representations Reviewer that the Test failed to achieve a Test pass, or (ii) a determination by the Asset Representations Reviewer
that the documentation included in the Review Materials (after making such request for any missing documents in the manner provided
for in the PSA) is not sufficient to perform the Test; and

 

		(H)	A determination by the Asset Representations Reviewer of a Test pass or a Test failure shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller.

 

The Asset Representations
Reviewer will only be required to perform the Tests described in this Exhibit JJ-2, and will not be obligated to perform
additional procedures on any Delinquent Loan. Notwithstanding the required Tests, the Asset Representations Reviewer will not be
required to review any information other than (1) Review Materials specified in the related Test and (2) if applicable, Unsolicited
Information. The Asset Representations Reviewer may, but is under no obligation to, consider Unsolicited Information relevant to
the Tests subject to the terms of the PSA. If the Asset Representations Reviewer considers Unsolicited Information, the Asset Representations
Reviewer shall take into account such Unsolicited Information, in addition to the Review Materials referred to in the applicable
Test(s) procedure when making a determination as to whether there is a Test pass.

 

    Exhibit-JJ-2-2 

     

    

 

 

	
         

        Representations and Warranties
	
         

        Test
	
         

        Review Materials

	
         

        1. Whole Loan; Ownership of Mortgage Loans.
        Except with respect to a GSMC Mortgage Loan that is part of a Whole Loan, each GSMC Mortgage Loan is a whole loan and not a participation
        interest in a GSMC Mortgage Loan. Each GSMC Mortgage Loan that is part of a Whole Loan is a senior or pari passu portion
        of a whole loan evidenced by a senior or pari passu note. At the time of the sale, transfer and assignment to the depositor,
        no Mortgage Note or Mortgage was subject to any assignment (other than assignments to GSMC), participation or pledge, and GSMC
        had good title to, and was the sole owner of, each GSMC Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances,
        participations, any other ownership interests on, in or to such GSMC Mortgage Loan other than any servicing rights appointment,
        or similar agreement, any Non-Serviced PSA with respect to a GSMC Mortgage Loan and rights of the holder of a related Companion
        Loan pursuant to a Co-Lender Agreement. GSMC has full right and authority to sell, assign and transfer each GSMC Mortgage Loan,
        and the assignment to Depositor constitutes a legal, valid and binding assignment of such GSMC Mortgage Loan free and clear of
        any and all liens, pledges, charges or security interests of any nature encumbering any GSMC Mortgage Loan other than the rights
        of the holder of a related Companion Loan pursuant to a Co-Lender Agreement.
	
         

        1a
	
         

        Review the amounts listed on the original Mortgage
        Note and Mortgage for an indication that they match the amounts listed on the Mortgage Loan Schedule. If the amounts are the same,
        then such GSMC Mortgage Loan would be considered a Whole Loan. If there is more than one property then the Mortgage for each Mortgaged
        Property would need to be aggregated. If identified as such, it will be a Test pass.
	
         

        Mortgage; Mortgage Note; Loan agreement related to the GSMC Mortgage
        Loan (“Loan Agreement”); Mortgage Loan guaranty; Assignment of Leases, Rents and Profits; and Environmental
        Indemnity Agreement (collectively, the “Mortgage Loan Documents”); Mortgage Loan Schedule.

	
         

        1b
	
         

        Review 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 Loan (collectively,
        the “MS Servicer Notices”) for notation of any Mortgage Loan or Mortgage that was subject to any assignment
        (other than assignments to GSMC), participation or pledge, or that GSMC did not have good title to, and was the sole owner of,
        each GSMC Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations, any other ownership
        interests on, in or to such GSMC Mortgage Loan other than any servicing rights appointment or similar agreement. If no such notation
        is found, it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        1c
	
         

        Review the MS Servicer Notices for notation
        of any claim or assertion regarding GSMC not having the full right and authority to sell, assign and transfer the GSMC
	
         

        MS Servicer Notices

 

    JJ-2-3 

     

    

 

 

	
         

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	 	 	Mortgage Loan other than the rights of the holder of a related Companion Loan pursuant to a Co-Lender Agreement. If such notation is not found, it will be a Test pass.	 
	
         

        1d
	
         

        Review the MS Servicer Notices for notation
        of any claim or assertion regarding the assignment to the Purchaser not constituting a legal, valid and binding assignment of any
        GSMC Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any nature encumbering such GSMC
        Mortgage Loan. If such notation is not found, it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        2. Loan Document Status. Each related
        Mortgage Note, Mortgage, assignment of leases (if a separate instrument), guaranty and other agreement executed by or on behalf
        of the related mortgagor, guarantor or other obligor in connection with such GSMC Mortgage Loan is the legal, valid and binding
        obligation of the related mortgagor, guarantor or other obligor (subject to any non-recourse provisions contained in any of the
        foregoing agreements and any applicable state anti-deficiency or market value limit deficiency legislation), as applicable, and
        is enforceable in accordance with its terms, except (i) as such enforcement may be limited by (a) bankruptcy, insolvency, fraudulent
        transfer, reorganization, moratorium or other similar 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) and (ii)
        that certain provisions in such Mortgage Loan documents (including, without limitation, provisions requiring the payment of default
        interest, late fees or prepayment/yield maintenance fees, charges and/or premiums) are, or may be, further limited or rendered
        unenforceable by or under applicable law, but (subject to the limitations set forth in clause (i) above) such limitations or unenforceability
        will not render such Mortgage Loan documents invalid as a whole or materially interfere with the Mortgagee’s realization
        of the principal benefits and/or security provided thereby (clauses (i) and (ii) collectively, the “Standard Qualifications”).
	
         

        2a
	
         

        Review the opinion of mortgagor’s counsel
        (“Mortgagor’s Counsel Opinion”) for an indication that it contains language that the related Mortgage
        Note, Mortgage, assignment of leases (if a separate instrument), guaranty and other agreement executed by or on behalf of the related
        mortgagor, guarantor or other obligor in connection with such GSMC Mortgage Loan is the legal, valid and binding obligation of
        the related mortgagor, guarantor or other obligor (subject to any non-recourse provisions contained in any of the foregoing agreements
        and any applicable state anti-deficiency or market value limit deficiency legislation), as applicable, and is enforceable in accordance
        with its terms, except as specified in representation and warranty 2. If such indication exists, it will be a Test pass.
	
         

        Mortgagor’s Counsel Opinion

	
         

        2b
	
         

        Review the MS Servicer Notices for notation
        of any valid offset, defense, counterclaim or right of rescission available to the related Mortgagor with respect to any of the
        related Mortgage Notes, Mortgages or other Mortgage Loan Documents, including, without limitation, any such valid offset, defense,
        counterclaim or right based on intentional fraud by GSMC in connection with the origination of the GSMC Mortgage Loan, that would
        deny the mortgagee (as defined in the
	
         

        MS Servicer Notices

 

    JJ-2-4 

     

    

 

 

	
         

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        Except as set forth in the immediately preceding
        sentence, there is no valid offset, defense, counterclaim or right of rescission available to the related mortgagor with respect
        to any of the related Mortgage Notes, Mortgages or other Mortgage Loan documents, including, without limitation, any such valid
        offset, defense, counterclaim or right based on intentional fraud by GSMC in connection with the origination of any GSMC Mortgage
        Loan, that would deny the Mortgagee the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Mortgage
        Loan documents.
	 	
        related GSMC Mortgage Loan
        Purchase Agreement) the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Mortgage Loan
        Documents. If no such notation is found, it will be a Test pass.
	 
	
         

        3. Mortgage Provisions. The Mortgage
        Loan documents for each GSMC Mortgage Loan contains provisions that render the rights and remedies of the holder thereof adequate
        for the practical realization against the related Mortgaged Property of the principal benefits of the security intended to be provided
        thereby, including realization by judicial or, if applicable, nonjudicial foreclosure subject to the limitations set forth in the
        Standard Qualifications.
	
         

        3
	
         

        Review the Mortgage Loan Documents and Mortgagor’s
        Counsel Opinion for an indication that the Mortgage Loan Documents contain provisions that render the rights and remedies of the
        holder thereof adequate for the practical realization against the related Mortgaged Property of the principal benefits of the security
        intended to be provided thereby, including realization by judicial or, if applicable, non-judicial foreclosure subject to the limitations
        set forth in the Standard Qualifications. If such indication exists, it will be a Test pass.
	
         

        Mortgage Loan Documents; Mortgagor’s Counsel Opinion

	
         

        4. Mortgage Status; Waivers and Modifications.
        Since origination and except by written instruments set forth in the related Mortgage File (a)(1) there has been no forbearance,
        waiver or modification of the material terms of the Mortgage Loan which such forbearance, waiver or modification relates to the
        COVID-19 Emergency and (2) other than as related to the COVID-19 Emergency, the material terms of such Mortgage, Mortgage Note,
        GSMC Mortgage Loan guaranty, and related Mortgage Loan documents have not been waived, impaired, modified, altered, satisfied,
        canceled, subordinated or rescinded in any respect which materially interferes with the security intended to be provided by such
        Mortgage; (b) no related Mortgaged Property or any portion thereof has been released from the lien of the related Mortgage in any
        manner which materially interferes with the security intended to be provided by
	
         

        4a
	
         

        Review the MS Servicer Notices and Mortgage
        Loan Documents for an indication that there has been no forbearance, waiver or modification of the material terms of the Mortgage
        Loan which such forbearance, waiver or modification relates to the COVID-19 Emergency since origination through the Closing Date,
        except by written instruments set forth in the related Mortgage File or as otherwise provided in the related Mortgage Loan Documents.
        If no such indication is found, it will be a Test pass.
	
         

        Mortgage Loan Documents; MS Servicer Notices

	
         

        4b
	
         

        Review the MS Servicer Notices and Mortgage
        Loan Documents for an indication that other than as related to the COVID-19 Emergency the material terms of such documents have
        been waived, impaired, modified,
	
         

        Mortgage Loan Documents; MS Servicer Notices

 

    JJ-2-5 

     

    

 

 

	
         

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        such Mortgage or the use or operation of
        the remaining portion of such Mortgaged Property; and (c) neither the related Mortgagor nor the related guarantor has been
        released from its material obligations under the related GSMC Mortgage Loan.
	 	
        altered, satisfied, cancelled,
        subordinated or rescinded in any respect which materially interferes with the security intended to be provided by such
        Mortgage since origination through the Closing Date, except by written instruments set forth in the related Mortgage File or
        as otherwise provided in the related Mortgage Loan Documents. If no such indication is found, it will be a Test pass.
	 
	
         

        4c
	
         

        Review the MS Servicer Notices and Mortgage
        Loan Documents for an indication that a related Mortgaged Property or any portion thereof has been released from the lien of the
        related Mortgage through the Closing Date in any manner which materially interferes with the security intended to be provided by
        such Mortgage or the use or operation of the remaining portion of such Mortgaged Property except by written instruments set forth
        in the related Mortgage File or as otherwise provided in the related Mortgage Loan Documents. If no such indication is found, it
        will be a Test pass.
	
         

        MS Servicer Notices; Mortgage Loan Documents

	
         

        4d
	
         

        Review the MS Servicer Notices and Mortgage
        Loan Documents for notation that neither the related Mortgagor nor the related guarantor has been released from its material obligations
        under the related GSMC Mortgage Loan prior to the Closing Date except by written instruments set forth in the related Mortgage
        File or as otherwise provided in the related Mortgage Loan Documents. If no such notation is found, it will be a Test pass.
	
         

        MS Servicer Notices; Mortgage Loan Documents

	
         

        5. Lien; Valid Assignment. Subject to
        the Standard Qualifications, each assignment of Mortgage and assignment of assignment of leases to the issuing entity (or, with
        respect to a Non-Serviced Mortgage Loan, to the related Non-Serviced Trustee) constitutes a legal, valid and binding assignment
        to the issuing entity (or, with respect to a Non-Serviced Mortgage Loan, to the related Non-Serviced Trustee). Each related Mortgage
        and assignment of leases
	
         

        5a
	
         

        Review the MS Servicer Notices for a notation
        or other indication of any claim or assertion regarding any assignment of Mortgage or assignment of leases to the issuing entity
        (or, with respect to a Non-Serviced Mortgage Loan, to the related Non-Serviced Trustee) not constituting a legal, valid and binding
        assignment to the issuing entity, subject to the Standard Qualifications.
	
         

        MS Servicer Notices

 

    JJ-2-6 

     

    

 

 

	
         

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	is freely assignable without the consent of the related mortgagor. Each related mortgage is a legal, valid and enforceable first lien on the related Mortgagor’s fee (or if identified on the mortgage loan schedule attached to the related MLPA, leasehold) interest in the related Mortgaged Property in the principal amount of such GSMC Mortgage Loan or allocated loan amount (subject only to Permitted Encumbrances (as defined below) and the exceptions to representation and warranty 6 set forth on Exhibit C of the related GSMC Mortgage Loan Purchase Agreement (each such exception, a “Title Exception”)), except as the enforcement thereof may be limited by the Standard Qualifications. Such Mortgaged Property (subject to and excepting Permitted Encumbrances and the Title Exceptions) as of origination was, and as of the Cut-off Date, to GSMC’s knowledge, is free and clear of any recorded mechanics’ liens,  recorded  materialmen’s  liens  and  other  recorded encumbrances  which  are  prior  to  or  equal  with  the  lien  of  the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as described below), and, to GSMC’s knowledge and subject to the rights  of  tenants  (as  tenants  only)  (subject  to  and  excepting Permitted Encumbrances and the Title Exceptions), no rights exist which under law could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except  those  which  are  bonded  over,  escrowed  for  or  insured against by a lender’s title insurance policy (as described below). Notwithstanding anything in this representation to the contrary, no representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of Uniform Commercial Code financing statements is required in order to effect such perfection.	 	If such a notation or other indication is not found, it will be a Test pass.	 
	
         

        5b
	
         

        Review the related Mortgage and the assignment
        of leases for each property for provisions to the effect that the related Mortgage and assignment of leases is not freely assignable
        without the consent of the related mortgagor. If no such provision is found, it will be a Test pass.
	
         

        Mortgage; Assignment of Leases, Rents and Profits

	
         

        5c
	
         

        Review the Title Policy (as defined in representation
        and warranty 6) to determine if the related Mortgage is a first lien on the related mortgagor’s fee or leasehold interest
        in the related Mortgaged Property. Compare the amount of the Title Policy to the principal amount of the GSMC Mortgage Loan or
        allocated loan amount to determine whether they are equivalent. If each such determination is made, it will be a Test pass.
	
         

        Title Policy; Mortgage; Mortgage Loan Schedule

	
         

        5d
	
         

        Review the Title Policy to determine if the
        Mortgaged Property was free and clear of any recorded mechanics’ liens, recorded materialmen’s liens and other recorded
        encumbrances which are prior to or equal with the lien of the related Mortgage (other than Permitted Encumbrances, Title Exceptions
        and those which are bonded over, escrowed for or insured against by the applicable Title Policy). If so determined, it will be
        a Test pass.
	
         

        Title Policy

	
         

        5e
	
         

        Review the MS Servicer Notices for a notation
        or other indication of any claim or assertion that, as of the Cut-off Date, GSMC had knowledge that the Mortgaged Property was
        not free and clear of any recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances that
        would be prior to or equal with the lien of the related Mortgage (other than Permitted Encumbrances, Title Exceptions and those
        which are bonded over, escrowed for or insured against
	
         

        MS Servicer Notices

 

    JJ-2-7 

     

    

 

 

	
         

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	 	 	by the applicable Title Policy). If such a notation or other indication is not found, it will be a Test pass.	 
	
         

        5f
	
         

        Review the MS Servicer Notices for a notation
        or other indication of any claim or assertion that, subject to the rights of tenants, there are rights existing which under law
        could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except for
        Permitted Encumbrances and those which are bonded over, escrowed for or insured against by the a lender’s title insurance
        policy. If such a notation or other indication is not found, it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        5g
	
         

        Review the MS Servicer Notices for a notation
        or other indication of any claim or assertion that GSMC did not have legal, valid and enforceable first lien on the related mortgagor's
        fee (or if identified on the Mortgage Loan Schedule, leasehold), interest in the Mortgaged Property or good and marketable title
        free and clear of any pledge, lien, encumbrance or security interest. If such a notation or other indication is not found, it will
        be a Test pass.
	
         

        MS Servicer Notices

	
         

        6. Permitted Liens; Title Insurance.
        Each Mortgaged Property securing a GSMC Mortgage Loan is covered by an American Land Title Association loan title insurance policy
        or a comparable form of loan title insurance policy approved for use in the applicable jurisdiction (or, if such policy is yet
        to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a “marked up” commitment,
        in each case binding on the title insurer) (the “Title Policy”) in the original principal amount of such GSMC Mortgage
        Loan (or with respect to a GSMC Mortgage Loan secured by multiple properties, an amount equal to at least the allocated loan amount
        with respect to the Title Policy for each such property) after all advances of principal (including any advances held in escrow
        or reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the first priority lien of
        the
	
         

        6a
	
         

        Review the Title Policy
        to determine if it is an American Land Title Association loan title insurance policy or another comparable form of loan title insurance
        policy approved for use in the applicable jurisdiction. Review the Mortgage Loan Documents to determine if the amount of the policy
        covers the amount of the GSMC Mortgage Loan, or for multiple properties, an amount equal to the allocated loan amount after all
        advances of principal. If so determined with respect to each part of this Test, it will be a Test pass.
	
         

        Title Policy; Mortgage Loan Documents

	
         

        6b
	
         

        Review the Title Policy to determine if the
        first-priority lien of the Mortgage is subject only to Permitted Encumbrances, as defined in representation and warranty 6. If
        so determined, it will be a Test pass.
	
         

        Title Policy

 

    JJ-2-8 

     

    

 

 

	
         

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	Mortgage, which lien is subject only to (a) the lien of current real property taxes, water charges, sewer rents and assessments due and payable  but  not  yet  delinquent;  (b) covenants,  conditions  and restrictions, rights of way, easements and other matters of public record; (c) the exceptions (general and specific) and exclusions set forth in such Title Policy; (d) other matters to which like properties are commonly subject; (e) the rights of tenants (as tenants only) under leases (including subleases) pertaining to the related Mortgaged  Property  and  condominium  declarations;  (f) if  the related GSMC Mortgage Loan constitutes a cross-collateralized GSMC Mortgage Loan, the lien of the Mortgage for another GSMC Mortgage Loan contained in the same Crossed Group; and (g) if the related GSMC Mortgage Loan is part of a Whole Loan, the rights of the holder(s) of any related Companion Loan(s) pursuant to the related   Co-Lender   Agreement;   provided   that   none   of   items (a) through  (g),  individually  or  in  the  aggregate,  materially  and adversely interferes with the value or current use of the Mortgaged Property or the security intended to be provided by such Mortgage or the mortgagor’s ability to pay its obligations when they become due (collectively, the “Permitted Encumbrances”).   Except as contemplated by clauses (f) and (g) of the preceding sentence, none of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal with the lien of the related Mortgage. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid and no claims have been made by GSMC thereunder and no claims have been paid thereunder. Neither GSMC, nor to the GSMC’s knowledge, any other holder of a GSMC Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under such Title Policy.	
         

        6c
	
         

        Review the Title Policy to determine if any
        Permitted Encumbrance is a mortgage lien that is senior to or coordinate and co-equal to the lien of the related Mortgage, other
        than as contemplated by items (f) or (g) in the definition of Permitted Encumbrances. If not so determined, it will be a Test pass.
	
         

        Title Policy

	
         

        6d
	
         

        Review the Title Policy and MS Servicer Notices
        for a notation or other indication that the coverage is not in full force and effect as of the Cut-off Date, that all premiums
        thereon have not been paid or that claims have been made by GSMC. If no such notation or other indication is found, it will be
        a Test pass.
	
         

        Title Policy; MS Servicer Notices

	
         

        6e
	
         

        Review the MS Servicer Notices for a notation
        or other indication that GSMC, or any other holder of a GSMC Mortgage Loan, has done, by act or omission, anything that would materially
        impair the coverage under such policy. If such a notation or other indication is not found, it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        7. Junior Liens. It being understood
        that B notes secured by the same Mortgage as a GSMC Mortgage Loan are not subordinate mortgages or junior liens, except for any
        GSMC Mortgage Loan that is cross-collateralized and cross-defaulted with another GSMC Mortgage Loan, there are no subordinate mortgages
        or junior liens securing the payment of money encumbering the related Mortgaged
	
         

        7a
	
         

        Review the Title Policy to determine if there
        is any subordinate mortgage or junior lien encumbering the related Mortgaged Property except for any GSMC Mortgage Loan that is
        cross-collateralized and cross-defaulted with another GSMC Mortgage Loan. If not so determined, it will be a Test pass.
	
         

        Title Policy

 

    JJ-2-9 

     

    

 

 

	
         

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	Property   (other   than   Permitted   Encumbrances   and   the   Title Exceptions, taxes and assessments, mechanics and materialmens liens (which are the subject of the representation in representation and warranty 5 above), and equipment and other personal property financing).   Except as  set forth  on  an  exhibit  to  the applicable GSMC Mortgage Loan Purchase Agreement, GSMC has no knowledge of any mezzanine debt secured directly by interests in the related mortgagor.	
         

        7b
	
         

        Review the Title Policy to determine if there
        are no subordinate mortgages or junior mortgage liens securing the payment of money encumbering the related Mortgaged Property
        other than Permitted Encumbrances and the Title Exceptions, taxes and assessments, mechanics’ and materialmen’s liens
        and equipment and other personal property financing. If so determined, it will be a Test pass.
	
         

        Title Policy

	
         

        7c
	
         

        Review the MS Servicer Notices for a notation
        or other indication that, except as set forth on an exhibit to the applicable GSMC Mortgage Loan Purchase Agreement, GSMC had knowledge
        of any mezzanine debt secured directly by interests in the related mortgagor or (2) any subordinate mortgages or junior liens securing
        the payment of money encumbering the related Mortgaged Property (other than Permitted Encumbrances and the Title Exceptions, taxes
        and assessments, mechanics’ and materialmen’s liens If such a notation or other indication is not found, it will be
        a Test pass.
	
         

        MS Servicer Notices; GSMC Mortgage Loan Purchase
        Agreement

	
         

        8. Assignment of Leases and Rents. There
        exists as part of the related Mortgage File an assignment of leases (either as a separate instrument or incorporated into the related
        Mortgage). Subject to the Permitted Encumbrances and the Title Exceptions, each related assignment of leases creates a valid first-priority
        collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease
        or leases, subject only to a license granted to the related mortgagor to exercise certain rights and to perform certain obligations
        of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement
        thereof may be limited by the Standard Qualifications. The related Mortgage or related assignment of leases, subject to applicable
        law, provides that, upon an event of default under each GSMC Mortgage Loan, a receiver is permitted to be appointed for the collection
        of rents or for the
	
         

        8a
	
         

        Review the Mortgage File to determine if an
        assignment of leases (either as a separate instrument or incorporated into the related Mortgage) is in the Mortgage File. If so
        determined, it will be a Test pass.
	
         

        Mortgage File; Assignment of Leases, Rents
        and Profits

	
         

        8b
	
         

        Review the Title Policy to determine if the
        Mortgage, or any related assignment of leases has been recorded, and creates a valid first-priority collateral assignment of, or
        a valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject only to
        a license granted to the related mortgagor to exercise certain rights and to perform certain obligations of the lessor under such
        lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by
        the Standard Qualifications and subject to the Permitted
	
         

        Title Policy; Mortgage; Assignment of Leases,
        Rents and Profits

 

    JJ-2-10 

     

    

 

 

	
         

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	related Mortgagee to enter into possession to collect the rents or for rents to be paid directly to the Mortgagee.	 	Encumbrances and the Title Exceptions. If so determined with respect to each part of this Test, it will be a Test pass.	 
	
         

        8c
	
         

        Review the assignment of leases (either as
        a separate instrument or incorporated into the related Mortgage) to determine if the related Mortgage, or related Assignment of
        Leases, subject to applicable law, provides that upon an event of default under the GSMC Mortgage Loan, a receiver is permitted
        to be appointed for the collection of rents or for the related Mortgagee to enter into possession to collect the rents or for rents
        or for the related Mortgagee to enter into possession to collect the rents or for rents to be paid directly to the Mortgagee. If
        so determined, it will be a Test pass.
	
         

        Assignment of Leases, Rents and Profits; Mortgage

	
         

        9. UCC Filings. If the related Mortgaged
        Property is operated as a hospitality property, GSMC has filed and/or recorded or caused to be filed and/or recorded (or, if not
        filed and/or recorded, submitted in proper form for filing and/or recording), UCC financing statements in the appropriate public
        filing and/or recording offices necessary at the time of the origination of the related GSMC Mortgage Loan to perfect a valid security
        interest in all items of physical personal property reasonably necessary to operate such Mortgaged Property owned by such mortgagor
        and located on the related Mortgaged Property (other than any non-material personal property, any personal property subject to
        a purchase money security interest, a sale and leaseback financing arrangement as permitted under the terms of the related Mortgage
        Loan documents or any other personal property leases applicable to such personal property), to the extent perfection may be effected
        pursuant to applicable law by recording or filing, as the case may be. Subject to the Standard Qualifications, each related Mortgage
        (or equivalent document) creates a valid and enforceable lien and security interest on the items of personalty described above.
        No representation is made as to the perfection of any security interest in rents or other personal property to the extent that
        possession or control of such
	
         

        9a
	
         

        Review the appraisals to determine if any of
        the properties are specifically identified as hospitality properties. If so, review the Mortgage File to determine if GSMC has
        filed and/or recorded UCC financing statements in the appropriate public filing and/or recording offices necessary at the time
        of the origination of the related GSMC Mortgage Loan to perfect a valid security interest in all items of physical personal property
        reasonably necessary to operate such Mortgaged Property owned by such mortgagor and located on the related Mortgaged Property (other
        than any non-material personal property, any personal property subject to a purchase money security interest, a sale and leaseback
        financing arrangement as permitted under the terms of the related Mortgage Loan Documents or any other personal property leases
        applicable to such personal property), to the extent perfection may be effected pursuant to applicable law by recording or filing,
        as the case may be. If so determined with respect to each part of this Test, it will be a Test pass.
	
         

        Appraisal; Mortgage File; Franchise Agreement;
        Comfort Letter or Similar Agreement

 

    JJ-2-11 

     

    

 

 

	
         

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	items or actions other than the filing of UCC financing statements are required in order to effect such perfection.	
         

        9b
	
         

        If the appraisals specifically identify any
        Mortgaged Properties as hospitality properties, review the security agreement for each Mortgaged Property to determine whether
        such security agreement creates a valid and enforceable lien and security interest on the items of personalty described in representation
        and warranty 9. If so determined with respect to each part of this Test, it will be a Test pass.
	 
	
         

        10. Condition of Property. GSMC or the originator of each
        GSMC Mortgage Loan inspected or caused to be inspected each related Mortgaged Property within six months of origination of the
        related GSMC Mortgage Loan and within thirteen months of the Cut-off Date.

         

        An engineering report or property condition
        assessment was prepared in connection with the origination of each GSMC Mortgage Loan no more than thirteen months prior to the
        Cut-off Date. To GSMC’s knowledge, based solely upon due diligence customarily performed in connection with the origination
        of comparable mortgage loans, as of the Closing Date, each related Mortgaged Property was free and clear of any material damage
        (other than deferred maintenance for which escrows were established at origination) that would affect materially and adversely
        the use or value of such Mortgaged Property as security for the GSMC Mortgage Loan.
	
         

        10a
	
         

        Review the engineering report or property condition
        assessment in the Mortgage File to determine if the related Mortgage Property was inspected within six months of the origination
        date and within thirteen months of the Cut-off Date. If so determined, it will be a Test pass.
	
         

        Engineering report; Property condition assessment

	
         

        10b
	
         

        Review the engineering
        report or property condition assessment in the Mortgage File to determine if it was dated no more than thirteen months prior to
        the Cut-off Date. Review the engineering report or property condition assessment to confirm that each related Mortgaged Property
        is free of material damage. If so determined with respect to each part of the Test, it will be a Test pass.
	
         

        Engineering report; Property condition assessment

	
         

        10c
	
         

        Review the MS Servicer
        Notices for a notation or other indication that GSMC had knowledge of issues with the physical condition of the Mortgaged Property
        that GSMC believed would have a material adverse effect on the value or use of the Mortgaged Property other than those disclosed
        in the most recently dated engineering report or Servicing File and deferred maintenance for which escrows were established at
        origination. If such a notation or other indication is not found, it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        11. Taxes and Assessments. All taxes, governmental assessments
	
         

        11
	
         

        Review the MS Servicer Notices for a notation or other
	
         

        MS Servicer Notices

 

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	and  other  outstanding  governmental  charges  (including,  without limitation,  water  and  sewage  charges),  or  installments  thereof, which could be a lien on the related Mortgaged Property that would be of equal or superior priority to the lien of the Mortgage and that prior to the Cut-off Date have become delinquent in respect of each related Mortgaged Property have been paid, or an escrow of funds has been established in an amount sufficient to cover such payments and reasonably estimated interest and penalties, if any, thereon.  For purposes of this representation and warranty, real estate taxes and governmental assessments and other outstanding governmental charges and installments thereof will not be considered delinquent until the earlier of (a) the date on which interest and/or penalties would   first   be   payable   thereon   and   (b) the   date   on   which enforcement action is entitled to be taken by the related taxing authority.	 	indication that all taxes, governmental assessments and other outstanding governmental charges (including, without limitation, water and sewage charges), or installments thereof, which could be a lien on the related Mortgage Property that would be of equal or superior priority to the lien of the Mortgage and that prior to the Cut-off Date have come delinquent in respect of the Mortgaged Property (per the terms within representation and warranty 11) have not been paid, or an escrow of funds has been established in an amount sufficient to cover such payments and reasonably estimated interest and penalties, if any, thereon. If such a notation or other indication is not found, it will be a Test pass.	 
	
         

        12. Condemnation. As of the date of
        origination and to GSMC’s knowledge as of the Cut-off Date, there is no proceeding pending, and, to GSMC’s knowledge
        as of the date of origination and as of the Cut-off Date, there is no proceeding threatened, for the total or partial condemnation
        of any Mortgaged Property that would have a material adverse effect on the value, use or operation of such Mortgaged Property.
	
         

        12
	
         

        Review the MS Servicer Notices for a notation
        or other indication of any proceeding pending or threatened for the total or partial condemnation of any Mortgaged Property as
        of the Cut-off Date and as of the origination date, or for a notation or other indication that GSMC had knowledge as of the Cut-off
        Date and as of the origination date of any such proceeding that would have a material adverse effect on the value, use or operation
        of such Mortgaged Property. If such a notation or other indication is not found, it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        13. Actions Concerning Mortgage Loan.
        As of the date of origination and to GSMC’s knowledge as of the Cut-off Date, there was no pending or filed action, suit
        or proceeding, arbitration or governmental investigation involving any mortgagor, guarantor, or mortgagor’s interest in the
        related Mortgaged Property, an adverse outcome of which would reasonably be expected to materially and adversely affect (a) such
        mortgagor’s title to such Mortgaged Property, (b) the validity or enforceability of the Mortgage, (c) such mortgagor’s
        ability to perform under the related GSMC Mortgage Loan, (d) such guarantor’s ability to perform under the related guaranty,
        (e) the principal benefit of the security intended to be
	
         

        13a
	
         

        Review the Mortgage Loan Documents, the Mortgagor’s
        Counsel Opinion and the MS Servicer Notices for an indication of pending or filed action, suit or proceeding, arbitration or governmental
        investigation involving any mortgagor, guarantor, or mortgagor’s interest in the related Mortgaged Property that existed
        on the origination date (and with respect to GSMC’s knowledge, as of the Cut-off Date) . If such an indication is not found,
        it will be a Test pass.
	
         

        Mortgage Loan Documents; Mortgagor’s Counsel Opinion;
        MS Servicer Notices

	
         

        13b
	
         

        Review the MS Servicer Notices to determine if an
	
         

        MS Servicer Notices

 

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	provided by the related Mortgage Loan documents or (f) the current principal use of such Mortgaged Property.	 	adverse   outcome   of   any   such   pending,   filed   or threatened action, suit or proceeding, arbitration or governmental investigation involving any mortgagor, guarantor, or Mortgaged Property would reasonably be expected to adversely affect the matters set forth in clauses (a)-(f) of representation and warranty 13. If any such adverse outcome would not reasonably be expected to adversely affect the matters set forth in clauses (a)-(f) of representation and warranty 13, it will be a Test pass.	 
	
         

        14. Escrow Deposits. All escrow deposits
        and payments required to be escrowed with any Mortgagee pursuant to each GSMC Mortgage Loan are in the possession, or under the
        control, of GSMC or its servicer, and there are no deficiencies (subject to any applicable grace or cure periods) in connection
        therewith, and all such escrows and deposits (or the right thereto) that are required to be escrowed with the related Mortgagee
        under the related Mortgage Loan documents are being conveyed by GSMC to Depositor or its servicer.
	
         

        14a
	
         

        Review the MS Servicer
        Notices for a notation or other indication of any escrow deposits and payments required to be escrowed with any Mortgagee pursuant
        to each GSMC Mortgage Loan not in the servicer’s possession or control. If such a notation or other indication is not found,
        it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        14b
	
         

        Review the MS Servicer Notices to determine
        if all escrows and deposits required pursuant to the GSMC Mortgage Loan have been conveyed by GSMC to the Depositor or its servicer.
        If so determined, it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        15. No Holdbacks. The principal amount
        of each GSMC Mortgage Loan stated on the GSMC mortgage loan schedule attached to the related MLPA has been fully disbursed as of
        the Closing Date and there is no requirement for future advances thereunder (except in those cases where the full amount of the
        GSMC Mortgage Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction
        of certain conditions relating to leasing, repairs or other matters with respect to the related Mortgaged Property, the mortgagor
        or other considerations determined by GSMC to merit such holdback).
	
         

        15a
	
         

        Review the Mortgage Loan
        Schedule, Loan Agreement, Mortgage Note and origination settlement statement to determine if the principal amount of each GSMC
        Mortgage Loan was fully disbursed as of the Closing Date. If so determined, it will be a Test pass.
	
         

        Mortgage Loan Schedule; Loan Agreement; Mortgage
        Note; Origination settlement statement

	
         

        15b
	
         

        Review the Mortgage Loan Documents to determine
        if there is no requirement for future advances by the Mortgagee (except in those cases where the full amount of each GSMC Mortgage
        Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions
        relating to leasing, repairs, or other matters with respect to the related Mortgaged Property, the mortgagor or other considerations
        determined by GSMC to merit such
	
         

        Mortgage Loan Documents

 

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	 	 	holdback). If so determined, it will be a Test pass.	 
	
         

        16. Insurance. Each related Mortgaged Property is, and is
        required pursuant to the related Mortgage to be, insured by a property insurance policy providing coverage for loss in accordance
        with coverage found under a “special cause of loss form” or “all risk form” that includes replacement cost
        valuation issued by an insurer meeting the requirements of the related Mortgage Loan documents and meeting the Insurance Rating
        Requirements (as defined below), in an amount (subject to a customary deductible) not less than the lesser of (1) the original
        principal balance of the related GSMC Mortgage Loan and (2) the full insurable value on a replacement cost basis of the improvements,
        furniture, furnishings, fixtures and equipment owned by the related mortgagor and included in such Mortgaged Property (with no
        deduction for physical depreciation), but, in any event, not less than the amount necessary or containing such endorsements as
        are necessary to avoid the operation of any coinsurance provisions with respect to the related Mortgaged Property.

         

         

        “Insurance Rating Requirements”
        means either (i) a claims paying or financial strength rating of at least “A-:VIII” from A.M. Best Company or “A3”
        (or the equivalent) from Moody’s Investors Service, Inc. or “A-” from S&P Global Ratings or (ii) the Syndicate
        Insurance Rating Requirements. “Syndicate Insurance Rating Requirements” means insurance provided by a syndicate of
        insurers, as to which (i) if such syndicate consists of 5 or more members, at least 60% of the coverage is provided by insurers
        that meet the Insurance Rating Requirements (under clause (i) of the definition of such term) and up to 40% of the coverage is
        provided by insurers that have a claims paying or financial strength rating of at least “BBB-” by S&P Global Ratings,
        acting through Standard & Poor’s Financial Services LLC or at least “Baa3” by Moody’s Investors Service,
        Inc., and (ii) if such syndicate consists of 4 or fewer members, at least 75% of the coverage is provided by insurers that meet
        the Insurance Rating Requirements (under clause
	
         

        16a
	
         

        Review the Insurance Summary Report (or solely
        with respect to residential cooperative properties, review the insurance policies and/or certificates of insurance) to determine
        if it shows that the related Mortgaged Property is insured by a property insurance policy providing coverage for loss in accordance
        with coverage found under a “special cause of loss form” or “all-risk form” that includes replacement cost
        valuation issued by an insurer meeting the requirements of the related Mortgage Loan Documents and the Insurance Rating Requirements
        (as defined in representation and warranty

        16), in an amount (subject to customary deductibles)
        not less than the lesser of (1) the original principal balance of the related GSMC Mortgage Loan and (2) the full insurable value
        on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the related mortgagor
        and included in such Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less than the amount
        necessary or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to
        the Mortgaged Property. If so determined, it will be a Test pass.
	
         

        Insurance Summary Report (solely with respect
        to residential cooperative properties, the insurance policies and/or certificates of insurance)

	
         

        16b
	
         

        Review the Mortgage Loan Documents for provisions
        requiring the insurance coverage as stated in Test 16a above. If such provisions are found, it will be a Test pass.
	
         

        Mortgage Loan Documents

	
         

        16c
	
         

        Review the Insurance Summary Report (or, solely
        with respect to residential cooperative properties, review the insurance policies and/or certificates of insurance) to determine
        if it shows that the related Mortgaged Property is insured for business interruption or rental loss insurance which (subject to
        a customary deductible) covers a period of not less than 12 months (or with
	
         

        Insurance Summary Report (solely with respect
        to residential cooperative properties, the insurance policies and/or certificates of insurance)

 

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        (i) of the definition of such term) and up
        to 25% of the coverage is provided by insurers that have a claims paying or financial strength rating of at least “BBB-”
        by S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC or at least “Baa3” by
        Moody’s Investors Service, Inc.

         

        Each related Mortgaged Property
        is also covered, and required to be covered pursuant to the related Mortgage Loan documents, by business interruption or rental
        loss insurance which (subject to a customary deductible) covers a period of not less than 12 months (or with respect to each GSMC
        Mortgage Loan on a single asset with a principal balance of $50 million or more, 18 months).

         

        If any material part of the
        improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified in the Federal Register by the
        Federal Emergency Management Agency as a “Special Flood Hazard Area,” the related mortgagor is required to maintain
        insurance in the maximum amount available under the National Flood Insurance Program (irrespective of whether such coverage is
        provided pursuant to a National Flood Insurance Program policy or through a private policy), plus such additional flood coverage
        in an amount as is generally required by GSMC for comparable mortgage loans intended for securitization.

         

        If a Mortgaged Property is
        located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina or North Carolina,
        the related mortgagor is required to maintain coverage for windstorm and/or windstorm related perils and/or “named storms”
        issued by an insurer meeting the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related
        perils and/or named storms, in an amount not less than the lesser of (1) the original principal balance of the related GSMC Mortgage
        Loan and (2) 100% of the full insurable value on a replacement cost basis of the improvements and personalty and fixtures included
        in the
	 	respect to each  GSMC Mortgage Loan on a single asset with a principal balance of $50 million or more, 18 months). If such provisions are found, it will be a Test pass.	 
	
         

        16d
	
         

        Review the Mortgage Loan Documents for provisions
        requiring the insurance coverage as stated in Test 16c above. If such provisions are found, it will be a Test pass.
	
         

        Mortgage Loan Documents

	
         

        16e
	
         

        Review the Mortgage Loan Documents and/or the
        survey to determine if any material part of the improvements, exclusive of a parking lot, located on the Mortgaged Property is
        in an area identified in the Federal Register by the Federal Emergency Management Agency as a “Special Flood Hazard Area.”
        If so determined, review the Insurance Summary to determine whether the mortgagor maintains insurance in the maximum amount available
        under the National Flood Insurance Program (irrespective of whether such coverage is provided pursuant to a National Flood Insurance
        Program policy or through a private policy) plus such additional flood coverage in an amount as is generally required by GSMC for
        comparable mortgage loans intended for securitization. If so determined, it will be a Test pass.
	
         

        Mortgage Loan Documents; Survey; Insurance
        Summary Report

	
         

        16f
	
         

        If the Mortgaged Property
        is located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina or North
        Carolina, review the Insurance Summary Report to determine if the property is covered for windstorm and/or windstorm related perils
        and/or “named storms” or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms
        in an amount not less than the lesser of (1) the original principal balance of the related GSMC Mortgage Loan and (2) 100% of the
        full insurable value on a replacement cost basis of the
	
         

        Insurance Summary Report (solely with respect
        to residential cooperative properties, the insurance policies and/or certificates of insurance)

 

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        related Mortgaged Property by an insurer meeting
        the Insurance Rating Requirements.

         

        Each Mortgaged Property is
        covered, and required to be covered pursuant to the related Mortgage Loan documents, by a commercial general liability insurance
        policy issued by an insurer meeting the Insurance Rating Requirements including coverage for property damage, contractual damage
        and personal injury (including bodily injury and death) in amounts as are generally required by prudent institutional commercial
        mortgage lenders, and in any event not less than $1 million per occurrence and $2 million in the aggregate.

         

        An architectural or engineering
        consultant has performed an analysis of each Mortgaged Property located in seismic zones 3 or 4 in order to evaluate the structural
        and seismic condition of such property, for the sole purpose of assessing the scenario expected limit (“SEL”) for the
        Mortgaged Property in the event of an earthquake. In such instance, the SEL was based on a 475-year return period, an exposure
        period of 50 years and a 10% probability of exceedance. If the resulting report concluded that the SEL would exceed 20% of the
        amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained from an insurer
        rated at least “A:VIII” by A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service,
        Inc. or “A-” by S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC in an amount
        not less than 100% of the SEL.

         

        The Mortgage Loan documents
        for each GSMC Mortgage Loan require insurance proceeds in respect of a property loss to be applied either (a) to the repair or
        restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of the original
        or then outstanding principal amount of the related GSMC Mortgage Loan (or related Whole Loan), the Mortgagee (or a trustee appointed
        by it) having the right to hold and disburse such proceeds as the repair or restoration
	 	improvements, and personalty and fixtures owned by the mortgagor and included in the related Mortgaged Property by an insurer meeting the Insurance Rating Requirements. If so determined with respect to each part of this Test, it will be a Test pass.	 
	
         

        16g
	
         

        Review the Insurance Summary Report dated before
        the Cut-off Date (or solely with respect to residential cooperative properties, review the insurance policies and/or certificates
        of insurance) and Mortgage Loan Documents to determine if the Mortgage Property is covered, and required to be covered pursuant
        to the related Mortgage Loan Documents, by a commercial general liability insurance policy issued by an insurer meeting the Insurance
        Rating Requirements including coverage for property damage, contractual damage and personal injury (including bodily injury and
        death) in amounts as are generally required by prudent institutional commercial mortgage lenders, and in any event not less than
        $1 million per occurrence and $2 million in the aggregate. If so determined, it will be a Test pass.
	
         

        Insurance Summary Report (solely with respect
        to residential cooperative properties, the insurance policies and/or certificates of insurance); Mortgage Loan Documents

	
         

        16h
	
         

        Review the property condition
        assessment to determine if the properties are located in a seismic zone 3 or 4. If so determined, review the seismic engineering
        study to determine if it has been performed by an architectural or engineering consultant for the sole purpose of assessing the
        scenario expected limit (“SEL”) for the Mortgaged Property in the event of an earthquake and based on a

        475-year return period, an exposure period
        of 50 years and a 10% probability of exceedance. If so determined, it will be a Test pass.
	
         

        Property condition assessment; Seismic engineering
        study

	
         

        16i
	
         

        Review the most recent
        seismic engineering study or Insurance Summary Report (or solely with respect to residential cooperative properties, review the
        insurance policies and/or certificates of insurance) to determine if
	
         

        Seismic engineering study; Insurance Summary
        Report (solely with respect to

 

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        progresses, or (b) to the payment of the outstanding
        principal balance of such GSMC Mortgage Loan together with any accrued interest thereon.

         

        All premiums on all insurance policies referred
        to in this section required to be paid as of the Cut-off Date have been paid, and such insurance policies name the Mortgagee under
        each GSMC Mortgage Loan and its successors and assigns as a loss payee under a Mortgagee endorsement clause or, in the case of
        the general liability insurance policy, as named or additional insured. Such insurance policies will inure to the benefit of the
        trustee (or, in the case of a Mortgage Loan that is a Non-Serviced Mortgage Loan, the applicable Non-Serviced Trustee). Each related
        GSMC Mortgage Loan obligates the related mortgagor to maintain (or cause to be maintained) all such insurance and, at such mortgagor’s
        failure to do so, authorizes the Mortgagee to maintain such insurance at the mortgagor’s reasonable cost and expense and
        to charge such mortgagor for related premiums. All such insurance policies (other than commercial liability policies) require at
        least 10 days’ prior notice to the Mortgagee of termination or cancellation arising because of nonpayment of a premium and
        at least 30 days’ prior notice to the Mortgagee of termination or cancellation (or such lesser period, not less than 10 days,
        as may be required by applicable law) arising for any reason other than non-payment of a premium and no such notice has been received
        by GSMC.
	 	the  SEL  would  exceed  20%  of  the  amount  of  the replacement  costs  of  the  improvements,  and  if  so, review to determine if earthquake insurance on each Mortgaged Property was obtained. If so determined, determine if the insurer is rated at least “A:VIII” by A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” by S&P Global Ratings. The insurance amount should be not less than 100% of the SEL. If so determined with respect to each part of the Test, it will be a Test pass.	residential  cooperative properties,  the insurance policies and/or certificates of insurance)
	
         

        16j
	
         

        Review the Mortgage Loan Documents for provisions
        requiring that insurance proceeds in respect of a property loss be applied either (a) to the repair or restoration of all or part
        of the related Mortgaged Property, with respect to all property losses in excess of 5% of the then-outstanding principal amount
        of the GSMC Mortgage Loan (or related Whole Loan), the Mortgagee (or a trustee appointed by it) having the right to hold and disburse
        such proceeds as the repair or restoration progresses, or (b) to the payment of the outstanding principal balance of such GSMC
        Mortgage Loan together with any accrued interest thereon. If such provisions are found, it will be a Test pass.
	
         

        Mortgage Loan Documents

	
         

        16k
	
         

        Review the MS Servicer Notices for a notation
        or other indication that insurance premiums are current as of the Cut-off Date. If such a notation or other indication is found,
        it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        16l
	
         

        Review the Insurance Summary Report (or solely
        with respect to residential cooperative properties, review the insurance policies and/or certificates of insurance) to determine
        if the insurance policies name the Mortgagee under any GSMC Mortgage Loan and its successors and assigns as a loss payee under
        a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or additional insured. If so
        determined,
	
         

        Insurance Summary Report (solely with respect
        to residential cooperative properties, the insurance policies and/or certificates of insurance)

 

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	 	 	it will be a Test pass.	 
	
         

        16 m
	
         

        Review the Insurance Summary Report (or solely
        with respect to residential cooperative properties, review the insurance policies and/or certificates of insurance) to determine
        if the insurance will inure to the benefit of the Trustee. If so determined, it will be a Test pass.
	
         

        Insurance Summary Report (solely with respect
        to residential cooperative properties, the insurance policies and/or certificates of insurance)

	
         

        16n
	
         

        Review the Mortgage Loan Documents to determine
        if any GSMC Mortgage Loan obligates the mortgagor to maintain (or cause to be maintained) all such insurance and, at such mortgagor’s
        failure to do so, authorizes the Mortgagee to maintain such insurance at the mortgagor’s unreasonable cost and expense and
        to charge such mortgagor for related premiums. If so determined, it will be a Test pass.
	
         

        Mortgage Loan Documents

	
         

        16o
	
         

        Review the Insurance Summary Report (or solely
        with respect to residential cooperative properties, review the insurance policies and/or certificates of insurance) to determine
        if the insurance policies (other than commercial liability policies) require at least 10 days’ prior notice to the Mortgagee
        of termination or cancellation arising because of nonpayment of a premium and at least 30 days’ prior notice to the Mortgagee
        of termination or cancellation (or such lesser period, not less than 10 days, as may be required by applicable law) arising for
        any reason other than non-payment of a premium. If so determined, it will be a Test pass.
	
         

        Insurance Summary Report (solely with respect
        to residential cooperative properties, the insurance policies and/or certificates of insurance)

	
         

        16p
	
         

        Review the MS Servicer Notices for a notation
        or other indication that any notice described in Test 16o may have been received by GSMC. If such a notation or other indication
        is not found, it will be a Test pass.
	
         

        MS Servicer Notices

 

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        17. Access; Utilities; Separate Tax Lots.
        Each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has access
        via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from a public road, (b) is served by or
        has uninhibited access rights to public or private water and sewer (or well and septic) and all required utilities, all of which
        are appropriate for the current use of such Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not
        include any property which is not part of the Mortgaged Property or is subject to an endorsement under the related Title Policy
        insuring the Mortgaged Property, or in certain cases, an application has been, or will be, made to the applicable governing authority
        for creation of separate tax lots, in which case the related GSMC Mortgage Loan requires the mortgagor to escrow an amount sufficient
        to pay taxes for the existing tax parcel of which such Mortgaged Property is a part until the separate tax lots are created.
	
         

        17a
	
         

        Review the zoning report, Title Policy and
        survey, engineering report or property condition assessment, the Mortgage Loan Seller Diligence and the ESA to determine if each
        Mortgaged Property is located on or adjacent to a public road and has direct legal access to such road, or has access via an irrevocable
        easement or irrevocable right of way permitting ingress and egress to/from a public road. If so determined, it will be a Test pass.
	
         

        Zoning report; Title Policy; Survey; Engineering
        report or property condition assessment; Mortgage Loan Seller Diligence; ESA

	
         

        17b
	
         

        Review the zoning report,
        Title Policy and survey, engineering report or property condition assessment, the Mortgage Loan Seller Diligence and the ESA to
        determine if each Mortgaged Property is served by or has uninhibited access rights to public or private water and sewer (or well
        and septic) and all required utilities, all of which are appropriate for the current use of such Mortgaged Property. If so determined,
        it will be a Test pass.
	
         

        Zoning report; Title Policy; Survey; Engineering
        report or property condition assessment; Mortgage Loan Seller Diligence; ESA

	
         

        17c
	
         

        Review the Title Policy
        and survey to determine if each Mortgaged Property constitutes one or more separate tax parcels and do not include any property
        which is not part of the Mortgaged Property or is subject to an endorsement under the most recently dated Title Policy insuring
        the Mortgaged Property, or in certain cases, an application has been, or will be, made to the applicable governing authority for
        creation of separate tax lots, in which case the related GSMC Mortgage Loan requires the mortgagor to escrow an amount sufficient
        to pay taxes for the existing tax parcel of which such Mortgaged Property is a part until the separate tax lots are created. If
        so determined, it will be a Test pass.
	
         

        Title Policy; Survey; Mortgage Loan Documents

	
         

        18. No Encroachments. To GSMC’s
        knowledge based solely on surveys obtained in connection with origination and the Mortgagee’s Title Policy (or, if such policy
        is not yet issued, a pro
	
         

        18a
	
         

        Review the survey, Title Policy and Appraisal
        to determine if all material improvements that were included for the purpose of determining the appraised
	
         

        Survey; Title Policy; Appraisal

 

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        forma title policy, a preliminary title
        policy with escrow instructions or a “marked up” commitment) obtained in connection with the origination of
        each GSMC Mortgage Loan, all material improvements that were included for the purpose of determining the appraised value of
        the related Mortgaged Property at the time of the origination of such GSMC Mortgage Loan are within the boundaries of the
        related Mortgaged Property, except encroachments that do not materially and adversely affect the value or current use of such
        Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy. No improvements on adjoining
        parcels encroach onto the related Mortgaged Property except for encroachments that do not materially and adversely affect the
        value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy.
        No improvements encroach upon any easements except for encroachments the removal of which would not materially and adversely
        affect the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the
        Title Policy.
	 	value  of  the  Mortgaged  Property  at  the  time  of  the origination of such GSMC Mortgage Loan are within the  boundaries  of  the  related  Mortgaged  Property, except for encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy. If so determined, it will be a Test pass.	 
	
         

        18b
	
         

        Review the survey, and Title Policy and Appraisal
        to determine if there exist improvements on adjoining parcels that encroach onto the Mortgaged Property that materially and adversely
        affect the value and current use of such Mortgage Property and for which insurance or endorsements were obtained under the Title
        Policy. If not so determined, it will be a Test pass.
	
         

        Survey; Title Policy; Appraisal

	
         

        18c
	
         

        Review the survey, Title Policy and Appraisal
        to determine if there exist material improvements that encroach upon any easements except for encroachments the removal of which
        would not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements
        were obtained under the Title Policy. If not so determined, it will be a Test pass.
	
         

        Survey; Title Policy; Appraisal

	
         

        19. No Contingent Interest or Equity Participation.
        No GSMC Mortgage Loan has a shared appreciation feature, any other contingent interest feature or a negative amortization feature
        (except that an ARD Loan may provide for the accrual of the portion of interest in excess of the rate in effect prior to the Anticipated
        Repayment Date) or an equity participation by GSMC.
	
         

        19
	
         

        Review the Mortgage Loan Documents for any
        shared appreciation feature or any other contingent interest feature, any negative amortization feature (except that an ARD Loan
        may provide for the accrual of the portion of interest in excess of the rate in effect prior to the Anticipated Repayment Date)
        or an equity participation by GSMC. If no such feature is found with respect to each part of this Test, it will be a Test pass.
	
         

        Mortgage Loan Documents

	
         

        20. REMIC. Each GSMC Mortgage Loan is
        a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but determined without regard to the rule
        in Treasury Regulations
	
         

        20a
	
         

        Review the origination settlement statement
        and Mortgage Note to determine if the proceeds advanced by the Mortgagee did not exceed the non-contingent
	
         

        Origination settlement statement; GSMC Mortgage
        Loan

 

    JJ-2-21 

     

    

 

 

	
         

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	Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), and, accordingly, (A) the issue price of the GSMC Mortgage Loan to the related mortgagor at origination did not exceed the non-contingent principal amount of the GSMC Mortgage Loan and (B) either: (a) such GSMC Mortgage Loan is secured by an interest in real property (including buildings and structural components thereof, but excluding personal property) having a fair market value (i) at the date the GSMC Mortgage Loan (or related Whole Loan) was originated at least equal to 80% of the adjusted issue price of the GSMC Mortgage Loan (or related Whole Loan) on such date or (ii) at the Closing Date at least equal to 80% of the adjusted issue price of the GSMC Mortgage Loan (or related Whole Loan) on such date, provided that for purposes hereof, the fair market value of the real property interest must first be reduced by (A) the amount of any lien on the real property interest that is senior to the GSMC Mortgage Loan and (B) a proportionate amount of any lien that is in parity with the GSMC Mortgage Loan; or (b) substantially all of the proceeds of such GSMC Mortgage Loan were used to acquire, improve or protect the real property which served as the only security for such GSMC Mortgage Loan (other than  a  recourse  feature  or  other  third  party  credit  enhancement within  the  meaning  of  Treasury  Regulations  Section 1.860G- 2(a)(1)(ii)).   If the GSMC Mortgage Loan was “significantly modified” prior to the Closing Date so as to result in a taxable exchange  under  Section 1001  of  the  Code,  it  either  (x) was modified as a result of the default or reasonably foreseeable default of such GSMC Mortgage Loan or (y) satisfies the provisions of either sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date the GSMC Mortgage Loan was originated) or sub-clause (B)(a)(ii),  including  the  proviso  thereto For purposes of the preceding sentence, a GSMC Mortgage Loan will not be considered “significantly modified” solely by reason of the borrower having been granted a COVID-19 related forbearance provided that: (a) such GSMC Mortgage Loan forbearance is covered by Revenue Procedure 2020-26 by reason of satisfying the requirements  for  such  coverage  stated  in  Section  5.02(2)  of Revenue Procedure 2020-26; and (b) GSMC identifies such GSMC	 	principal amount of the GSMC Mortgage Loan. If so determined, it will be a Test pass.	 
	
         

        20b
	
         

        Review the most recent appraisal and Mortgage
        Loan Documents to determine if (a) the GSMC Mortgage Loan is secured by an interest in real property (including buildings and structural
        components thereof, but excluding personal property) having a fair market value (i) at the date the GSMC Mortgage Loan was originated
        at least equal to 80% of the adjusted issue price of the GSMC Mortgage Loan (or related Whole Loan) on such date or (ii) at the
        Closing Date at least equal to 80% of the adjusted issue price of the GSMC Mortgage Loan (or related Whole Loan) on such date,
        provided that for purposes of clauses (i) and (ii) above, the fair market value of the real property interest must first be reduced
        by (A) the amount of any lien on the real property interest that is senior to the GSMC Mortgage Loan and (B) a proportionate amount
        of any lien that is in parity with such GSMC Mortgage Loan or (b) substantially all of the proceeds of such GSMC Mortgage Loan
        were used to acquire, improve or protect the real property which served as the only security for such GSMC Mortgage Loan (other
        than a recourse feature or other third-party credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)).
        If so determined, it will be a Test pass.
	
         

        Appraisal; Mortgage Loan Documents

	
         

        20c
	
         

        Review the MS Servicer
        Notices for an indication or other notation that the GSMC Mortgage Loan was modified prior to the Closing Date, and if so, if the
        modification was made as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified as a result
        of the default or reasonably foreseeable default of such GSMC Mortgage Loan or (y) satisfies the provisions of either sub-clause
        (B)(i) in the first sentence of representation and warranty 20 (substituting the date of the last such modification for
	
         

        MS Servicer Notices

 

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	Mortgage Loan and provides (x) the date on which such forbearance was granted, (y) the length in months of the
    forbearance, and (z) how the payments in forbearance will be paid (that is, by extension of maturity, change of amortization
    schedule, etc.). Any prepayment premium and yield maintenance charges applicable to the GSMC Mortgage Loan constitute
    “customary prepayment penalties” within the meaning of Treasury Regulations Section 1.860G-1(b)(2).  All
    terms used in this paragraph will have the same meanings as set forth in the related Treasury Regulations.	 	the date any GSMC Mortgage Loan was originated) or sub-clause (B)(ii) in the first sentence of representation and warranty 20, including the proviso thereto. For purposes of the preceding sentence, a GSMC Mortgage Loan will not be considered “significantly modified” solely by reason of the borrower having been granted a COVID-19 related forbearance provided that: (a) such GSMC Mortgage Loan forbearance is covered by Revenue Procedure 2020-26 by reason of satisfying the requirements for such coverage stated in Section 5.02(2) of  Revenue  Procedure  2020-26;  and  (b)  GSMC identifies such GSMC Mortgage Loan and provides (x) the date on which such forbearance was granted, (y) the length in months of the forbearance, and (z) how the payments in forbearance will be paid (that is, by extension of maturity, change of amortization schedule, etc.). If there were any such modifications, and such a notation or other indication is found, it will be a Test pass.	 
	
         

        20d
	
         

        Review the MS Servicer Notices for a notation
        or other indication of any claim or assertion to the effect that the Prepayment Premiums and Yield Maintenance Charges applicable
        to any GSMC Mortgage Loan do not constitute “customary prepayment penalties”. If such a notation or other indication
        is not found, it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        21. Compliance with Usury Laws. The
        Mortgage Rate (exclusive of any default interest, late charges, yield maintenance charge, or prepayment premiums) of each GSMC
        Mortgage Loan complied as of the date of origination with, or was exempt from, applicable state or federal laws, regulations and
        other requirements pertaining to usury.
	
         

        21a
	
         

        Review the MS Servicer
        Notices for a notation or other indication of any claim or assertion to the effect that the terms of each GSMC Mortgage Loan do
        not comply with applicable local, state, and federal laws in any material respect. If such a notation or other indication is not
        found, it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        21b
	
         

        Review the MS Servicer Notices for a notation
        or other indication of any claim or assertion to the effect that any material requirements pertaining to the origination of
	
         

        MS Servicer Notices

 

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	 	 	each GSMC Mortgage Loan, including but not limited to, usury and any and all other material requirements of any federal, state or local law have not been complied with. If such a notation or other indication is not found, it will be a Test pass.	 
	
         

        21c
	
         

        Review the Mortgage Loan Documents to determine
        if they provide that each GSMC Mortgage Loan complied with usury laws. If so determined, it will be a Test pass.
	
         

        Mortgage Loan Documents

	
         

        22. Authorized to do Business. To the
        extent required under applicable law, as of the Cut-off Date or as of the date that such entity held the Mortgage Note, each holder
        of the Mortgage Note was authorized to originate, acquire and/or hold (as applicable) the Mortgage Note in the jurisdiction in
        which each related Mortgaged Property is located, or the failure to be so authorized does not materially and adversely affect the
        enforceability of such GSMC Mortgage Loan by the issuing entity.
	
         

        22
	
         

        Review the MS Servicer Notices for a notation
        or other indication of any claim or assertion that as of the Cut-off Date or as of the date that GSMC or the date that such other
        entity held the Mortgage note, each such holder of the Mortgage Note was not authorized to originate, acquire and/or hold (as applicable)
        the Mortgage Note in the jurisdiction in which each related Mortgaged Property is located. If such a notation or other indication
        is found, determine whether the failure to be so authorized could not materially and adversely affect the enforceability of such
        GSMC Mortgage Loan by the issuing entity. If so determined, it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        23. Trustee under Deed of Trust. With
        respect to each Mortgage which is a deed of trust, as of the date of origination and, to GSMC’s knowledge, as of the Closing
        Date, a trustee, duly qualified under applicable law to serve as such, currently so serves and is named in the deed of trust or
        has been substituted in accordance with the Mortgage and applicable law or may be substituted in accordance with the Mortgage and
        applicable law by the related Mortgagee.
	
         

        23a
	
         

        Review the Mortgage Loan Documents to determine
        if a trustee is named in the deed of trust or has been substituted in accordance with the Mortgage and applicable law or may be
        substituted in accordance with the Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable
        law by the related mortgagee. If so determined, it will be a Test pass.
	
         

        Mortgage Loan Documents

	 	
         

        23b
	
         

        Review the MS Servicer
        Notices for any indication that GSMC as of the Closing Date had knowledge that the appointed Trustee was not qualified under applicable
        law to serve as such,
	 

 

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        24. Local Law Compliance. To GSMC’s
        knowledge, based upon any of a letter from any governmental authorities, a legal opinion, an architect’s letter, a zoning
        consultant’s report, an endorsement to the related Title Policy, or other affirmative investigation of local law compliance
        consistent with the investigation conducted by GSMC for similar commercial and multifamily mortgage loans intended for securitization,
        there are no material violations of applicable zoning ordinances, building codes and land laws (collectively “Zoning Regulations”)
        with respect to the improvements located on or forming part of each Mortgaged Property securing a GSMC Mortgage Loan as of the
        date of origination of such GSMC Mortgage Loan (or related Whole Loan, as applicable) and as of the Cut-off Date, other than those
        which (i) are insured by the Title Policy or a law and ordinance insurance policy or (ii) would not have a material adverse effect
        on the value, operation or net operating income of the related Mortgaged Property. The terms of the related Mortgage Loan documents
        require the mortgagor to comply in all material respects with all applicable governmental regulations, zoning and building laws.
	
         

        24a
	
         

        Review the zoning report and title policy for
        an indication that there are no material violations of applicable zoning ordinances, building codes and land laws with respect
        to the improvements located on or forming part of each Mortgaged Property securing a GSMC Mortgage Loan as of the date of origination
        of such GSMC Mortgage Loan (or related Whole Loan, as applicable) and as of the Cut-off Date, other than those which (i) are insured
        by the Title Policy or a law and ordinance insurance policy or (ii) would not have a material adverse effect on the value, operation
        or net operating income of the related Mortgaged Property. If such indication is found, it will be a Test pass.
	
         

        Zoning Report; Title Policy

	
         

        24b
	
         

        Review the related Mortgage Loan Documents
        for provisions that require the mortgagor to comply in all material respects with all applicable governmental regulations, zoning
        and building laws. If such provisions are found, it will be a Test pass.
	
         

        Mortgage Loan Documents

	 	
         

        24c
	
         

        Review the MS Servicer
        Notices to determine if GSMC had knowledge of a material violation of Zoning Regulations as outlined in test 24a above. If no indication
        is found, it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        25. Licenses and Permits. Each mortgagor
        covenants in the related Mortgage Loan documents that it will keep all material licenses, permits and applicable governmental authorizations
        necessary for its operation of the related Mortgaged Property in full force and effect, and to GSMC’s knowledge based upon
        any of a letter from any government authorities or other affirmative investigation of local law compliance consistent with the
        investigation conducted by GSMC for similar commercial and multifamily mortgage loans intended for securitization, all such material
        licenses, permits and applicable governmental authorizations are in effect. Each GSMC Mortgage Loan requires the related mortgagor
        to be qualified to do
	
         

        25a
	
         

        Review the Mortgage Loan Documents to determine
        if the mortgagor has covenanted to keep all material licenses, permits and applicable governmental authorizations necessary for
        its operation of the related Mortgaged Property in full force and effect. If so determined, it will be a Test pass.
	
         

        Mortgage Loan Documents

	
         

        25b
	
         

        Review the Mortgage Loan Documents and the
        MS Servicer Notices for a notation or other indication that GSMC had knowledge that any licenses, permits, franchises, certificates
        of occupancy and applicable governmental authorizations necessary for the operation
	
         

        Mortgage Loan Documents; MS Servicer Notices

 

    JJ-2-25 

     

    

 

 

	
         

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	business in the jurisdiction in which the related Mortgaged Property is located.	 	of the Mortgaged Property are not in effect. If such a notation or other indication is not found, it will be a Test pass.	 
	
         

        25c
	
         

        Review the Mortgage Loan Documents for provisions
        requiring the related mortgagor to be qualified to do business in the jurisdiction in which the Mortgaged Property is located.
        If such provisions are found, it will be a Test pass.
	
         

        Mortgage Loan Documents

	
         

        26. Recourse Obligations. The Mortgage
        Loan documents for each GSMC Mortgage Loan provide that such GSMC Mortgage Loan (a) becomes full recourse to the mortgagor and
        guarantor (which is a natural person or persons, or an entity distinct from the mortgagor (but may be affiliated with the mortgagor)
        that has assets other than equity in the related Mortgaged Property that are not de minimis) in any of the following events: (i)
        if any voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or any similar
        federal or state law, will be filed by the related mortgagor; (ii) the related mortgagor or guarantor will have colluded with (or,
        alternatively, solicited or caused to be solicited) other creditors to cause an involuntary bankruptcy filing with respect to the
        such mortgagor or (iii) voluntary transfers of either the Mortgaged Property or equity interests in the mortgagor made in violation
        of the related Mortgage Loan documents; and (b) contains provisions providing for recourse against the mortgagor and guarantor
        (which is a natural person or persons, or an entity distinct from the mortgagor (but may be affiliated with the mortgagor) that
        has assets other than equity in the related Mortgaged Property that are not de minimis), for losses and damages sustained by reason
        of such mortgagor’s (i) misappropriation of rents after the occurrence of an event of default under the related GSMC Mortgage
        Loan; (ii) misappropriation of (A) insurance proceeds or condemnation awards or (B) security deposits or, alternatively, the failure
        of any security deposits to be delivered to the Mortgagee upon foreclosure or action in lieu thereof (except to the extent applied
        in accordance with leases prior to a GSMC Mortgage Loan event of default);
	
         

        26
	
         

        Review the Mortgage Loan Documents for each
        GSMC Mortgage Loan for provisions outlined in clauses (a) (i) through (iii) and (b) (i) through (v) of representation and warranty
        26. If such provisions are found, it will be a Test pass.
	
         

        Mortgage Loan Documents

 

    JJ-2-26 

     

    

 

 

	
         

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	(iii) fraud or intentional material misrepresentation; (iv) breaches of the environmental covenants in the Mortgage Loan documents; or (v) commission of intentional material physical waste at the related Mortgaged Property (but, in some cases, only to the extent there is sufficient cash flow generated by the related Mortgaged Property to prevent such waste).	 	 	 
	
         

        27. Mortgage Releases. The terms of the related Mortgage
        or related Mortgage Loan documents do not provide for release of any material portion of the related Mortgaged Property from the
        lien of the Mortgage except (a) a partial release, accompanied by principal repayment, or partial Defeasance (as defined in representation
        and warranty 32), in each case, of not less than a specified percentage at least equal to the lesser of (i) 110% of the related
        allocated loan amount of such portion of the Mortgaged Property and (ii) the outstanding principal balance of the related GSMC
        Mortgage Loan, (b) upon payment in full of such GSMC Mortgage Loan, (c) upon a Defeasance (as defined in (32) below), (d) releases
        of out-parcels that are unimproved or other portions of the related Mortgaged Property which will not have a material adverse effect
        on the underwritten value of such Mortgaged Property and which were not afforded any material value in the appraisal obtained at
        the origination of the GSMC Mortgage Loan and are not necessary for physical access to the Mortgaged Property or compliance with
        zoning requirements, or (e) as required pursuant to an order of condemnation or taking by a State or any political subdivision
        or authority thereof. With respect to any partial release (including in connection with any partial Defeasance) under the preceding
        clauses (a) or (d), either: (x) such release of collateral (i) would not constitute a “significant modification” of
        the subject GSMC Mortgage Loan within the meaning of Section 1.860G-2(b)(2) of the Treasury Regulations and (ii) would not cause
        the subject GSMC Mortgage Loan to fail to be a “qualified mortgage” within the meaning of Code Section 860G(a)(3)(A);
        or (y) the Mortgagee or servicer can, in accordance with the related Mortgage Loan documents, condition such release of collateral
        on the related mortgagor’s delivery of an opinion of tax counsel to the effect
	
         

        27a
	
         

        Review the Mortgage Loan documents for provisions
        stating that, if the related Mortgage Loan Documents permit a property release, the only conditions under which a property may
        be released during the life of the GSMC Mortgage Loan are as set forth in clauses (a) through (e) of the first sentence of representation
        and warranty 27. If such provisions are found, it will be a Test pass.
	
         

        Mortgage Loan Documents

	
         

        27b
	
         

        Review the Mortgage Loan Documents for provisions
        stating that with respect to any partial release described in clauses (a) or (d) of the first sentence of representation and warranty
        27 either: (x) such release of collateral (i) would not constitute a “significant modification” of the subject GSMC
        Mortgage Loan within the meaning of Section 1.860G-2(b)(2) of the Treasury Regulations and (ii) would not cause the subject GSMC
        Mortgage Loan to fail to be a “qualified mortgage” within the meaning of Code Section 860G(a)(3)(A); or (y) the Mortgagee
        or servicer can, in accordance with the related Loan Documents, condition such release of collateral on the related mortgagor’s
        delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (x). For purposes of the preceding
        clause (x), for all GSMC Mortgage Loans originated after December 6, 2010, if the fair market value of the real property constituting
        such Mortgaged Property (reduced by (1) the amount of any lien on the real property that is senior to the GSMC Mortgage Loan and
        (2) a proportionate amount of any lien on the real property that is in parity with the lien of
	
         

        Mortgage Loan Documents

 

    JJ-2-27 

     

    

 

 

	
         

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        specified in the immediately preceding clause (x). For purposes
        of the preceding clause (x), for all GSMC Mortgage Loans originated after December 6, 2010, if the fair market value of the real
        property constituting such Mortgaged Property (reduced by (1) the amount of any lien on the real property that is senior to the
        GSMC Mortgage Loan and (2) a proportionate amount of any lien on the real property that is in parity with the lien of the GSMC
        Mortgage Loan) after the release is not equal to at least 80% of the principal balance of the GSMC Mortgage Loan (or related Whole
        Loan)outstanding after the release, the related mortgagor is required to make a payment of principal in an amount not less than
        the amount required by the REMIC provisions of the Code.

         

        With respect to any partial release under the
        preceding clause (e), for all GSMC Mortgage Loans originated after December 6, 2010, the mortgagor can be required to pay down
        the principal balance of the related GSMC Mortgage Loan in an amount not less than the amount required by the REMIC provisions
        of the Code and, to such extent, such amount may not be required to be applied to the restoration of the Mortgaged Property or
        released to the mortgagor, if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage
        (but taking into account the planned restoration) the fair market value of the real property constituting the remaining Mortgaged
        Property is not equal to at least 80% of the remaining principal balance of the GSMC Mortgage Loan (or related Whole Loan).

         

        No GSMC Mortgage Loan that is secured by more
        than one Mortgaged Property or that is cross-collateralized with another GSMC Mortgage Loan permits the release of cross-collateralization
        of the related Mortgaged Properties or a portion thereof, including due to partial condemnation, other than in compliance with
        the REMIC provisions of the Code.
	 	the GSMC Mortgage Loan) after the release is not equal to at least 80% of the principal balance of the GSMC Mortgage Loan or Whole Loan, as applicable, outstanding after the release, the mortgagor is required to make a payment of principal in an amount not less than the amount required by the REMIC provisions of the Code. If such provisions are found, it will be a Test pass.	 
	
         

        27c
	
         

        Review the Mortgage Loan Documents for provisions
        stating that in the case of any partial release under clause (e) of representation and warranty 27, the mortgagor can be required
        to pay down the principal balance of the related GSMC Mortgage Loan or Whole Loans, as applicable, in an amount not less than the
        amount required by the REMIC provisions of the Code and, to such extent, such amount may not be required to be applied to the restoration
        of the Mortgaged Property or released to the mortgagor, if, immediately after the release of such portion of the Mortgaged Property
        from the lien of the Mortgage (but taking into account the planned restoration) the fair market value of the real property constituting
        the remaining Mortgaged Property is not equal to at least 80% of the remaining principal balance of the GSMC Mortgage Loan or related
        Whole Loan. If such provisions are found, it will be a Test pass.
	
         

        Mortgage Loan Documents

	
         

        27d
	
         

        Review the Mortgage Loan Documents for provisions
        stating that no GSMC Mortgage Loan that cross-collateralized with another GSMC Mortgage Loan permits the release of cross-collateralization
        of the related Mortgaged Properties or a portion thereof, including due to partial condemnation, other than in compliance with
        the REMIC Provisions of the Code. If such provisions are found, it will be a Test pass.
	
         

        Mortgage Loan Documents

	
         

        28. Financial Reporting and Rent Rolls. The GSMC Mortgage
        Loan documents for each GSMC Mortgage Loan require the related
	
         

        28a
	
         

        Review the Mortgage Loan Documents for provisions that require the
        related mortgagor to provide the owner
	
         

        Mortgage Loan Documents

 

    JJ-2-28 

     

    

 

 

	
         

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        mortgagor to provide the owner or holder
        of the Mortgage with quarterly (other than for single-tenant properties) and annual operating statements, and
        quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing more than 5% of
        the in-place base rent and annual financial statements, which annual financial statements with respect to each GSMC Mortgage
        Loan with more than one mortgagor are in the form of an annual combined balance sheet of the mortgagor entities (and no other
        entities), together with the related combined statements of operations, members’ capital and cash flows, including a
        combining balance sheet and statement of income for the Mortgaged Properties on a combined basis.
	 	or holder of the Mortgage with quarterly (other than for single-tenant  properties)  and  annual  operating statements. If such provisions are found, it will be a Test pass.	 
	
         

        28b
	
         

        Review the Mortgage Loan Documents for provisions
        that require the mortgagor to provide the owner or holder of the GSMC Mortgage Loan with quarterly (other than for single-tenant
        properties) rent rolls for properties that have leases contributing more than 5% of the in-place base rent and annual financial
        statements, which annual financial statements with respect to each GSMC Mortgage Loan with more than one mortgagor are in the form
        of an annual combined balance sheet of the mortgagor entities (and no other entities), together with the related combined statements
        of operations, members’ capital and cash flows, including a combining balance sheet and statement of income for the Mortgaged
        Properties on a combined basis. If such provisions are found, it will be a Test pass.
	
         

        Mortgage Loan Documents

	
         

        29. Acts of Terrorism Exclusion. With
        respect to each GSMC Mortgage Loan over $20 million, the related special-form all-risk insurance policy and business interruption
        policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined
        in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007, as
        amended by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (collectively referred to as “TRIA”), from
        coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each other GSMC
        Mortgage Loan, the related special all-risk insurance policy and business interruption policy (issued by an insurer meeting the
        Insurance Rating Requirements) did not, as of the date of origination of the GSMC Mortgage Loan, and, to GSMC’s knowledge,
        do not, as of the Cut-off Date, specifically exclude Acts of Terrorism, as defined in
	
         

        29a
	
         

        Review the Mortgage Loan Documents to determine
        if the original principal balance was greater than $20 million. If so, review the insurance coverage review document for an indication
        that the special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance
        Rating Requirements) do not specifically exclude acts of terrorism, from coverage, or if they do, there exists a separate terrorism
        insurance policy related to the Mortgaged Property. If such an indication is found, it will be a Test pass.
	
         

        Mortgage Loan Documents; Insurance coverage
        review document

	
         

        29b
	
         

        Review the insurance policy to determine if,
        as of the Cut-off Date, the related special all-risk insurance policy and business interruption policy specifically excluded acts
        of terrorism from coverage, and if such coverage is excluded, the related Mortgaged Property was not
	
         

        Mortgage Loan Documents; Insurance Policy

 

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	TRIA, from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy.   With respect to each GSMC Mortgage Loan, the related Loan Documents do not expressly waive or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIA, or damages related thereto; provided, however, that if TRIA or a similar or subsequent statute is not in effect, then provided that terrorism insurance is commercially available, the mortgagor under each GSMC Mortgage Loan is required to carry terrorism insurance, but in such event the mortgagor will not be required to spend more than the Terrorism Cap Amount on terrorism insurance coverage, and if the cost of terrorism insurance exceeds the Terrorism Cap Amount, the mortgagor  is  required  to  purchase  the  maximum  amount  of terrorism insurance available with funds equal to the Terrorism Cap Amount.  The “Terrorism Cap Amount” is the specified percentage (which is at least equal to 200%) of the amount of the insurance premium that is payable at such time in respect of the property and business interruption/rental loss insurance required under the related Loan Documents (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance).	 	covered by a separate terrorism insurance policy.  If not so determined, it will be a Test pass.	 
	
         

        29c
	
         

        Review the Mortgage Loan Documents for provisions
        that expressly waive or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIA (as defined in
        representation and warranty 29), or damages related thereto, provided, that if TRIA or a similar or subsequent statute is not in
        effect, then, provided that terrorism insurance is commercially available, the mortgagor under each GSMC Mortgage Loan is required
        to carry terrorism insurance, but in such event the mortgagor shall not be required to spend more than the Terrorism Cap Amount
        on terrorism insurance coverage, and if the cost of terrorism insurance exceeds the Terrorism Cap Amount, the mortgagor is required
        to purchase the maximum amount of terrorism insurance available with funds equal to the Terrorism Cap Amount (without giving effect
        to the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance). If such provisions
        are not found, it will be a Test pass.
	
         

        Mortgage Loan Documents

	
         

        30. Due on Sale or Encumbrance. Subject
        to specific exceptions set forth below, each GSMC Mortgage Loan contains a “due on sale” or other such provision for
        the acceleration of the payment of the unpaid principal balance of such GSMC Mortgage Loan if, without the consent of the holder
        of the Mortgage (which consent, in some cases, may not be unreasonably withheld) and/or complying with the requirements of the
        related Mortgage Loan documents (which provide for transfers without the consent of the Mortgagee which are customarily acceptable
        to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the related
        Mortgaged Property, including, without limitation, transfers of worn-out or obsolete furnishings, fixtures, or equipment promptly
        replaced with property of equivalent value and functionality and transfers by leases entered into in accordance with the Mortgage
        Loan documents), (a) the related Mortgaged Property,
	
         

        30a
	
         

        Review the Mortgage Loan Documents for “due
        on sale” or other such provisions for the acceleration of the payment of the unpaid principal balance of such GSMC Mortgage
        Loan in the circumstances described in the first sentence of representation and warranty 30. If such provisions are found, it will
        be a Test pass.
	
         

        Mortgage Loan Documents

	
         

        30b
	
         

        Review the Mortgage Loan Documents for provisions
        that require that if Rating Agency fees are incurred in connection with the review of and consent to any transfer or encumbrance,
        the related mortgagor is responsible for such payment along with all other reasonable out-of-pocket fees and expenses incurred
        by the Mortgagee relative to such transfer or encumbrance. If such provisions are found, it will be a Test pass.
	
         

        Mortgage Loan Documents

 

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	or any equity interest of greater than 50% in the related mortgagor, is directly or indirectly pledged, transferred or sold, other than as related to (i) family and estate planning transfers or transfers upon death or legal incapacity, (ii) transfers to certain affiliates as defined in the related Mortgage Loan documents, (iii) transfers of less than, or  other  than,  a  controlling  interest  in  the  related  mortgagor, (iv) transfers to another holder of direct or indirect equity in the mortgagor, a specific Person designated in the related Loan Documents or a Person satisfying specific criteria identified in the related Mortgage Loan documents, such as a qualified equityholder, (v) transfers  of  stock  or  similar  equity  units  in  publicly  traded companies or (vi) a substitution or release of collateral within the parameters of representation and warranty 27 and 32 or the exceptions thereto set forth on an exhibit to the applicable GSMC Mortgage  Loan  Purchase Agreement,  or (vii) as  set forth  on  an exhibit to  the applicable GSMC Mortgage Loan Purchase Agreement by reason of any mezzanine debt that existed at the origination  of  the  related  GSMC  Mortgage  Loan,  or  future permitted mezzanine debt as set forth on an exhibit to the applicable GSMC  Mortgage  Loan  Purchase  Agreement  or  (b) the  related Mortgaged Property is encumbered with a subordinate lien or security interest against the related Mortgaged Property, other than (i) any Companion Loan of any GSMC Mortgage Loan or any subordinate debt that existed at origination and is permitted under the related Mortgage Loan documents, (ii) purchase money security interests (iii) any GSMC Mortgage Loan that is cross-collateralized and  cross-defaulted  with  another  GSMC  Mortgage  Loan,  as  set forth  on  an  exhibit  to  the  applicable  GSMC  Mortgage  Loan Purchase   Agreement   or   (iv) Permitted   Encumbrances.      The Mortgage or other Mortgage Loan documents provide that, to the extent any Rating Agency fees are incurred in connection with the review of and consent to any transfer or encumbrance, the related mortgagor is responsible for such payment along with all other reasonable out-of-pocket fees and expenses incurred by the Mortgagee relative to such transfer or encumbrance.	 	 	 
	
         

        31. Single-Purpose Entity. Each GSMC Mortgage Loan requires
        the related mortgagor to be a Single-Purpose Entity for at least as long
	
         

        31a
	
         

        Review the Mortgage Loan Documents for provisions that require the
        related mortgagor to be a Single-Purpose
	
         

        Mortgage Loan Documents

 

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	as  the  related  GSMC  Mortgage  Loan  is  outstanding.    Both  the Mortgage Loan documents and the organizational documents of the mortgagor with respect to each GSMC Mortgage Loan with a Cut-off  Date  Balance  in  excess  of  $5  million  provide  that  such mortgagor is a Single-Purpose Entity, and each GSMC Mortgage Loan with a Cut-off Date Balance of $20 million or more has a counsel’s opinion regarding non-consolidation of the related mortgagor.  For this purpose, a “Single-Purpose Entity” means an entity, other than an individual, whose organizational documents (or if the GSMC Mortgage Loan has a Cut-off Date Balance equal to $5 million or less, its organizational documents or the related Mortgage Loan documents) provide substantially to the effect that it was formed or organized solely for the purpose of owning and operating one or more of the Mortgaged Properties securing the GSMC Mortgage Loans and prohibit it from engaging in any business unrelated to such Mortgaged Property or Properties, and whose organizational documents further provide, or which entity represented in the related Mortgage Loan documents, substantially to the effect that it does not have any assets other than those related to its interest in and operation of such Mortgaged Property or Properties,  or  any  indebtedness  other  than  as  permitted  by  the related Mortgage(s) or the other related Mortgage Loan documents, that it has its own books and records and accounts separate and apart from those of any other person (other than a mortgagor for a GSMC Mortgage Loan that is cross-collateralized and cross-defaulted with the related GSMC Mortgage Loan), and that it holds itself out as a legal entity, separate and apart from any other person or entity.	 	Entity (as defined in representation and warranty 31) for at least as long as the related GSMC Mortgage Loan is outstanding. If such provisions are found, it will be a Test pass.	 
	
         

        31b
	
         

        Review the Mortgage Loan
        Schedule for the Cut-off Date Balance of the GSMC Mortgage Loan. If the GSMC Mortgage Loan had a Cut-off Date Balance in excess
        of $5 million, review the related Mortgage Loan Documents and the mortgagor’s organizational documents for provisions that
        require the mortgagor to be a Single-Purpose Entity and that the mortgagor’s organizational documents are consistent with
        the requirement. If so determined, it will be a Test pass.
	
         

        Mortgage Loan Schedule; Mortgage Loan Documents;
        Mortgagor’s organizational documents

	
         

        31c
	
         

        Review the Mortgage Loan Schedule for the Cut-off
        Date Balance of the GSMC Mortgage Loan. If the GSMC Mortgage Loan had a Cut-off Date Balance in excess of $20 million, review the
        Mortgagor’s Counsel Opinion regarding non-consolidation of the related mortgagor. If such an opinion is found, it will be
        a Test pass.
	
         

        Mortgage Loan Schedule; Mortgagor’s Counsel
        Opinion

	
         

        32. Defeasance. With respect to any
        GSMC Mortgage Loan that, pursuant to the Mortgage Loan documents, can be defeased (a “Defeasance”), (i) the
        related Mortgage Loan documents provide for defeasance as a unilateral right of the mortgagor, subject to satisfaction of conditions
        specified in the Mortgage Loan documents; (ii) such GSMC Mortgage Loan cannot be defeased within two years after the Closing Date;
        (iii) the mortgagor is permitted to pledge only United States “government securities” within the meaning of Treasury
        Regulations Section 1.860G-
	
         

        32
	
         

        Review the Mortgage Loan Documents for provisions
        allowing the GSMC Mortgage Loan to be defeased, and if so, whether such Mortgage Loan Documents contain the provisions described
        in clauses (i) through (vii) of representation and warranty 32. If such provisions are found, it will be a Test pass.
	
         

        Mortgage Loan Documents

 

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	2(a)(8)(ii),  the  revenues  from  which  will,  in  the  case  of  a  full Defeasance, be sufficient to make all scheduled payments under the GSMC Mortgage Loan when due, including the entire remaining principal balance on the maturity date or, if the GSMC Mortgage Loan is an ARD Loan, the entire principal balance outstanding on the related Anticipated Repayment Date (or on or after the first date on which payment may be made without payment of a yield maintenance charge or prepayment penalty), and if the GSMC Mortgage   Loan   permits   partial   releases   of   real   property   in connection with partial defeasance, the revenues from the collateral will be sufficient to pay all such scheduled payments calculated on a principal amount equal to a specified percentage at least equal to the lesser of (A) 110% of the allocated loan amount for the real property to be released and (B) the outstanding principal balance of the related GSMC Mortgage Loan; (iv) the mortgagor is required to provide a certification from an independent certified public accountant that the collateral is sufficient to make all scheduled payments under the Mortgage Note as set forth in (iii) above, (v) if the mortgagor would continue to own assets in addition to the defeasance collateral, the portion of the GSMC Mortgage Loan secured by defeasance collateral is required to be assumed (or the Mortgagee may require such assumption) by a Single-Purpose Entity;  (vi) the  mortgagor  is  required  to  provide  an  opinion  of counsel that the Mortgagee has a perfected security interest in such collateral  prior  to  any  other  claim  or  interest;  and  (vii) the mortgagor is required to pay all rating agency fees associated with Defeasance (if rating confirmation is a specific condition precedent thereto) and all other reasonable out-of-pocket expenses associated with Defeasance, including, but not limited to, accountant’s fees and opinions of counsel.	 	 	 
	
         

        33. Fixed Interest Rates. Each GSMC
        Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of such GSMC Mortgage Loan, except in the
        case of any ARD Loan and situations where default interest is imposed.
	
         

        33
	
         

        Review the Mortgage Loan Documents for an indication
        that the loan has a fixed interest rate that remains fixed throughout the term of such GSMC Mortgage Loan, except in the case of
        any ARD Loan and situations where default interest is imposed. If such an indication is found, it will be a Test pass.
	
         

        Mortgage Loan Documents

 

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        34. Ground Leases. For purposes of the MLPA, a “Ground
        Lease” means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a
        term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised
        under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject
        to the reversionary interest of the ground lessor as fee owner and does not include industrial development agency (IDA) or similar
        leases for purposes of conferring a tax abatement or other benefit.

         

        With respect to any GSMC Mortgage Loan where
        the GSMC Mortgage Loan is secured by a leasehold estate under a Ground Lease in whole or in part, and the related Mortgage does
        not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease
        and any estoppel or other agreement received from the ground lessor in favor of GSMC, its successors and assigns, GSMC represents
        and warrants that:

         

        (a) The Ground Lease or
        a memorandum regarding such Ground Lease has been duly recorded or submitted for recordation in a form that is acceptable for recording
        in the applicable jurisdiction. The Ground Lease or an estoppel or other agreement received from the ground lessor permits the
        interest of the lessee to be encumbered by the related Mortgage and does not restrict the use of the related Mortgaged Property
        by such lessee, its successors or assigns in a manner that would materially adversely affect the security provided by the related
        Mortgage. No material change in the terms of the Ground Lease had occurred since the origination of the GSMC Mortgage Loan, except
        as reflected in any written instruments which are included in the related Mortgage File;

         

        (b) The lessor under such
        Ground Lease has agreed in a writing included in the related Mortgage File (or in such Ground Lease) that the Ground Lease may
        not be amended or modified, or
	
         

        34a
	
         

        Review the appraisal
        to determine if the GSMC Mortgage Loan is secured by a Ground Lease (as defined in representation and warranty 34), in whole or
        in part. If so, review the Title Policy and Mortgage Loan Documents for an indication that the related Mortgage does not also encumber
        the lessor’s fee interest in the Mortgaged Property. If such an indication exists, proceed to Tests 34b through 34r.
	
         

        Appraisal; Title Policy; Mortgage Loan Documents

	
         

        34b
	
         

        Review the Title Policy and Mortgage Loan Documents
        for an indication that the Ground Lease or memorandum has been recorded or submitted for recordation. If such indication is found,
        it will be a Test pass.
	
         

        Title Policy; Mortgage Loan Documents

	
         

        34c
	
         

        Review the Ground Lease and any estoppel or
        other agreement received from the ground lessor for an indication that the interest of the lessee is permitted to be encumbered
        by the Mortgage, does not restrict the use of the Mortgaged Property by such lessee, its successors or assigns in a manner that
        would adversely affect the security provided by the Mortgage and has not been materially modified since the origination of the
        GSMC Mortgage Loan, except as reflected in any written instruments which are included in the related Mortgage File. If such indication
        is found, it will be a Test pass.
	
         

        Ground Lease; estoppel or other agreement received
        from ground lessor

	
         

        34d
	
         

        Review the Ground Lease received from the ground
        lessor for a provision that the Ground Lease may not be amended or modified or canceled or terminated without the prior written
        consent of the Mortgagee, If such a provision is found, it will be a Test pass.
	 
	
         

        34e
	
         

        Review the Mortgage File
        for any indication that GSMC has granted consent to the amendment, modification, cancellation or termination of the Ground Lease
        since the origination of the GSMC Mortgage Loan, except as
	
         

        Ground Lease; Mortgage File; MS Servicer Notices;
        estoppel or other

 

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        canceled or terminated by agreement of lessor and lessee, without
        the prior written consent of the Mortgagee;

         

        (c)         The Ground Lease has
        an original term (or an original term plus one or more optional renewal terms, which, under all circumstances, may be exercised,
        and will be enforceable, by either mortgagor or the Mortgagee) that extends not less than 20 years beyond the stated maturity of
        the related GSMC Mortgage Loan, or 10 years past the stated maturity if such GSMC Mortgage Loan fully amortizes by the stated maturity
        (or with respect to a GSMC Mortgage Loan that accrues on an actual 360 basis, substantially amortizes);

         

        (d)         The Ground Lease either
        (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage, except for the related fee
        interest of the ground lessor and the Permitted Encumbrances or (ii) is subject to a subordination, non-disturbance and attornment
        agreement to which the Mortgagee on the lessor’s fee interest in the Mortgaged Property is subject;

         

        (e)         The Ground Lease does
        not place commercially unreasonably restrictions on the identity of the Mortgagee and the Ground Lease is assignable to the holder
        of the GSMC Mortgage Loan and its successors and assigns without the consent of the lessor thereunder (provided that proper
        notice is delivered to the extent required in accordance with the Ground Lease), and in the event it is so assigned, it is further
        assignable by the holder of the GSMC Mortgage Loan and its successors and assigns without the consent of (but with prior notice
        to) the lessor;

         

        (f)        GSMC has not received
        any written notice of material default under or notice of termination of such Ground Lease. To GSMC’s knowledge, there is
        no material default under such Ground Lease and no condition that, but for the passage of time or giving of notice, would result
        in a material default under the terms of such Ground Lease and to GSMC’s knowledge, such
	 	reflected in any written instruments which are included in the related Mortgage File. If no such indication is found, it will be a Test pass.	agreement received from ground lessor
	
         

        34f
	
         

        Review the Ground Lease and any estoppel or
        other agreement received from the ground lessor for an indication that it has an original term (or an original term plus one or
        more optional renewal terms, which, under all circumstances, may be exercised, and will be enforceable, by either mortgagor or
        the Mortgagee) that extends not less than 20 years beyond the stated maturity of the related GSMC Mortgage Loan, or ten years past
        the stated maturity if such GSMC Mortgage Loan fully amortizes by the stated maturity (or with respect to a GSMC Mortgage Loan
        that accrues on an actual 360 basis, substantially amortizes). If such an indication is found, it will be a Test pass.
	
         

        Ground Lease; estoppel or other agreement received
        from ground lessor

	
         

        34g
	
         

        Review the Title Policy for an indication that
        the Ground Lease is either (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage,
        except for the related fee interest of the ground lessor and the Permitted Encumbrances, or (ii) is subject to a subordination,
        non-disturbance and attornment agreement to which the Mortgagee on the lessor’s fee interest in the Mortgaged Property is
        subject. If either indication is found, it will be a Test pass.
	
         

        Title Policy; SNDA

	
         

        34h
	
         

        Review the Ground Lease and any estoppel or
        other agreement received from the ground lessor for an indication that the Ground Lease does not place commercially unreasonable
        restrictions on the identity of the Mortgagee and the Ground Lease is assignable to the holder of the GSMC Mortgage Loan and its
        successors and assigns without the consent of the lessor thereunder (provided that proper notice is delivered to the extent
        required in accordance with the Ground Lease). If such indication is found, it will be a Test pass.
	
         

        Ground Lease; estoppel

 

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        Ground Lease is in full force and effect as of the Closing Date;

         

        (g)         The Ground Lease or
        ancillary agreement between the lessor and the lessee requires the lessor to give to the Mortgagee written notice of any default,
        and provides that no notice of default or termination is effective against the Mortgagee unless such notice is given to the Mortgagee;

         

        (h)         The Mortgagee is permitted
        a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest of the lessee under the
        Ground Lease through legal proceedings) to cure any default under the Ground Lease which is curable after the Mortgagee’s
        receipt of notice of any default before the lessor may terminate the Ground Lease;

         

        (i)         The Ground Lease does
        not impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial mortgage lender;

         

        (j)         Under the terms of
        the Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage (taken together), any
        related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s interest (other than
        (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking as addressed in
        clause (k) below) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property with
        (so long as such proceeds are in excess of the threshold amount specified in the related Mortgage Loan documents) the Mortgagee
        or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the
        payment of the outstanding principal balance of the GSMC Mortgage Loan, together with any accrued interest;

         

        (k)         In the case of a total
        or substantially total taking or loss, under the terms of the Ground Lease, an estoppel or other agreement and the related Mortgage
        (taken together), any related
	
         

        34i
	
         

        Review the Ground Lease
        for an indication that in the event it is so assigned, it is further assignable by the holder of the GSMC Mortgage Loan and its
        successors and assigns without the consent of (but with prior notice to) the lessor. If such indication is found, it will be a
        Test pass.
	
         

        Ground Lease

	
         

        34j
	
         

        Review the MS Servicer Notices for notation
        that GSMC has received any written notice of material default under or notice of termination of such Ground Lease. If no such notation
        is found, it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        34k
	
         

        Review the MS Servicer Notices for notation
        that to GSMC’s knowledge, there is a material default under such Ground Lease or condition that, but for the passage of time
        or giving of notice, would result in a material default under the terms of such Ground Lease. If no such notation is found, it
        will be a Test pass.
	
         

        MS Servicer Notices

	
         

        34l
	
         

        Review the MS Servicer
        Notices for a notation that to GSMC’s knowledge, such Ground Lease was not in full force and effect as of the Closing Date.
        If no such notation is found, it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        34 m
	
         

        Review the Ground Lease and any ancillary agreement
        between the lessor and lessee for provisions that the lessor is required to give to the Mortgagee written notice of any default,
        and provide that no notice of default or termination is effective against the Mortgagee unless such notice is given to the Mortgagee.
        If such provisions are found, it will be a Test pass.
	
         

        Ground Lease; ancillary agreement

	
         

        34n
	
         

        Review the Ground Lease and Related Documents
        for provisions that the Mortgagee is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession
        of the interest of the lessee under the Ground Lease through legal proceedings) to cure any
	
         

        Ground Lease and Related Documents

 

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        insurance proceeds, or portion of the condemnation
        award allocable to the ground lessee’s interest in respect of a total or substantially total loss or taking of the related
        Mortgaged Property to the extent not applied to restoration, will be applied first to the payment of the outstanding principal
        balance of the GSMC Mortgage Loan, together with any accrued interest; and

         

        (l)         Provided that
        the Mortgagee cures any defaults which are susceptible to being cured, the ground lessor has agreed to enter into a new lease with
        the Mortgagee upon termination of the Ground Lease for any reason, including rejection of the Ground Lease in a bankruptcy proceeding.
	 	default under the Ground Lease which is curable after the Mortgagee’s receipt of notice of any default before the lessor may terminate the Ground Lease. If such provisions are found, it will be a Test pass.	 
	
         

        34o
	
         

        Review the Ground Lease for provisions that
        impose any commercially unreasonable restrictions on subletting in connection with loans originated for securitization. If no such
        provisions are found, it will be a Test pass.
	
         

        Ground Lease

	
         

        34p
	
         

        Review the Ground Lease and any estoppel or
        other agreement received from the ground lessor and the related Mortgage and the Mortgage Loan Documents for an indication that
        any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s interest (other
        than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking as
        addressed in clause (34(k)) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property
        with (so long as such proceeds are in excess of the threshold amount specified in the related Mortgage Loan Documents) the Mortgagee
        or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the
        payment of the outstanding principal balance of the GSMC Mortgage Loan, together with any accrued interest. If such indications
        are found, it will be a Test pass.
	
         

        Ground Lease; estoppel or other agreement received
        from ground lessor; Mortgage Loan Documents

	
         

        34q
	
         

        Review the Ground Lease and any estoppel or
        other agreement received from ground lessor and the Mortgage Loan Documents for an indication that, in the case of a total or substantially
        total taking or loss, under the terms of the Ground Lease, an estoppel or other agreement and the related Mortgage (taken together),
        any related insurance proceeds, or portion of the condemnation award allocable to the ground lessee’s
	
         

        Ground Lease; estoppel or other agreement received
        from ground lessor; Mortgage Loan Documents

 

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	 	 	interest in respect of a total or substantially total loss or taking of the related Mortgaged Property to the extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of the GSMC Mortgage Loan, together with any accrued interest. If such an indication is found, it will be a Test pass.	 
	
         

        34r
	
         

        Review the Ground Lease for provisions that,
        provided that the Mortgagee cures any defaults which are susceptible to being cured, the ground lessor has agreed to enter into
        a new lease with the Mortgagee upon termination of the Ground Lease for any reason, including rejection of the Ground Lease in
        a bankruptcy proceeding. If such provisions are found, it will be a Test pass.
	
         

        Ground Lease

	
         

        35. Servicing. The servicing and collection
        practices used by GSMC with respect to the GSMC Mortgage Loans have been, in all respects, legal and have met customary industry
        standards for servicing of commercial loans for conduit loan programs.
	
         

        35
	
         

        Review the MS Servicer Notices for a notation
        or other indication of any claims or assertions to the effect that the servicing and collection practices used by GSMC with respect
        to a GSMC Mortgage Loan was not in all material respects legal, or in accordance customary industry standards for servicing of
        commercial loans for conduit loan programs. If such a notation or other indication is not found, it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        36. Origination and Underwriting. The
        origination practices of GSMC (or the related originator if GSMC was not the originator) with respect to each GSMC Mortgage Loan
        have been, in all material respects, legal and as of the date of its origination, such GSMC Mortgage Loan (or the related Whole
        Loan, as applicable) and the origination thereof complied in all material respects with, or was exempt from, all requirements of
        federal, state or local law relating to the origination of such GSMC Mortgage Loan; provided that such representation and
        warranty does not address or otherwise cover any matters with respect to federal, state or local law otherwise covered in Exhibit
        D of the GSMC Mortgage Loan Purchase Agreement.
	
         

        36
	
         

        Review the MS Servicer Notices for notation
        to the effect that the origination practices of GSMC (or the related originator if GSMC was not the originator) with respect to
        each GSMC Mortgage Loan have not been, in all material respects, legal and as of the date of its origination, such GSMC Mortgage
        Loan (or the related Whole Loan, as applicable), or the origination thereof did not comply in all material respects with, or was
        exempt from, all requirements of federal, state or local law relating to the origination of such GSMC Mortgage Loan; provided that
        representation and warranty 36 does not address or otherwise cover any matters with respect
	
         

        MS Servicer Notices; GSMC Mortgage Loan Purchase
        Agreement

 

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	 	 	to  federal,  state  or  local  law  otherwise  covered  in Exhibit D of the GSMC Mortgage Loan Purchase Agreement. If no such notation is found, it will be a Test pass.	 
	
         

        37. No Material Default; Payment Record.
        No GSMC Mortgage Loan has been more than 30 days delinquent, without giving effect to any grace or cure period, in making required
        debt service payments since origination, and no GSMC Mortgage Loan is more than 30 days delinquent (beyond any applicable grace
        or cure period) in making required payments as of the Closing Date. To GSMC’s knowledge, there is (a) no material default,
        breach, violation or event of acceleration existing under any GSMC Mortgage Loan, or (b) no event (other than payments due but
        not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute
        a material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the
        case of either clause (a) or clause (b), materially and adversely affects the value of any GSMC Mortgage Loan or the value, use
        or operation of the related Mortgaged Property, provided, however, that this representation and warranty does not cover
        any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to
        any other representation and warranty made by GSMC in Exhibit D to the GSMC Mortgage Loan Purchase Agreement (including, but not
        limited to, the prior sentence). No person other than the holder of any GSMC Mortgage Loan may declare any event of default under
        the related GSMC Mortgage Loan or accelerate any indebtedness under such GSMC Mortgage Loan documents.
	
         

        37a
	
         

        Review the MS Servicer
        Notices for notation that (i) the GSMC Mortgage Loan has been more than 30 days delinquent, giving effect to any grace or cure
        period, in making required debt service payments as of the Closing Date, or (ii) the GSMC Mortgage Loan was delinquent beyond any
        applicable grace or cure periods as of the Cut-off Date. If no such notation is found, it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        37b
	
         

        Review the MS Servicer Notices for notation
        of GSMC’s knowledge of (a) a material default, breach, violation or event of acceleration existing under any GSMC Mortgage
        Loan, or (b) an event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration
        of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach,
        violation or event of acceleration in the case of either clause (a) or clause (b), materially and adversely affects the value of
        any GSMC Mortgage Loan or the value, use or operation of the related Mortgaged Property. If no such notation is found, it will
        be a Test pass.
	
         

        MS Servicer Notices

	
         

        37c
	
         

        Review the MS Servicer
        Notices for notation that any person other than the holder of any GSMC Mortgage Loan may declare any event of default under the
        related GSMC Mortgage Loan or accelerate any indebtedness under such GSMC Mortgage Loan documents. If no such notation is found,
        it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        38. Bankruptcy. As of the date of origination of the related
        GSMC Mortgage Loan and to GSMC’s knowledge as of the Cut-off Date,
	
         

        38
	
         

        Review the Lexis/Nexis (or comparable
search) and the MS Servicer Notices for an indication that neither the
	
         

        Lexis/Nexis (or comparable) search;

 

    JJ-2-39 

     

    

 

 

	
         

        Representations and Warranties
	
         

        Test
	
         

        Review Materials

	neither  the  Mortgaged  Property (other  than  any tenants  of  such Mortgaged Property), nor any portion thereof, is the subject of, and no  mortgagor,  guarantor  or  tenant  occupying  a  single-tenant property is a debtor in state or federal bankruptcy, insolvency or similar proceeding.	 	Mortgaged  Property  (other  than  any  tenants  of  such Mortgaged Property), nor any portion thereof, is the subject of, and no mortgagor, guarantor or tenant occupying a single-tenant property was a debtor in, a state or federal bankruptcy, insolvency or similar proceeding. If no such indication or notation is found, it will be a Test pass.	MS Servicer Notices
	
         

        39. Organization of Mortgagor. With
        respect to each GSMC Mortgage Loan, in reliance on certified copies of the organizational documents of the related mortgagor delivered
        by such mortgagor in connection with the origination of such GSMC Mortgage Loan (or the related Whole Loan, as applicable), the
        mortgagor is an entity organized under the laws of a state of the United States of America, the District of Columbia or the Commonwealth
        of Puerto Rico. Except with respect to any GSMC Mortgage Loan that is cross-collateralized and cross-defaulted with another GSMC
        Mortgage Loan, no GSMC Mortgage Loan has a mortgagor that is an affiliate of another mortgagor under another GSMC Mortgage Loan.
	
         

        39a
	
         

        Review the organizational
        documents of the mortgagor to determine if there are certified copies indicating that the mortgagor is an entity organized under
        the laws of a state of the United States of America, the District of Columbia or the Commonwealth of Puerto Rico. If such indication
        is found, it will be a Test pass.
	
         

        Organizational Documents of the Mortgagor

	
         

        39b
	
         

        Review the MS Servicer Notices to determine
        if there is any indication that, except with respect to any GSMC Mortgage Loan that is a cross-collateralized and cross-defaulted
        with another Mortgage Loan, no GSMC Mortgage Loan has a mortgagor that is an affiliate of another mortgagor under another GSMC
        Mortgage Loan. If such an indication is found, it will be a Test pass.
	
         

        MS Servicer Notices; Prospectus

	
         

        40. Environmental Conditions. A Phase
        I environmental site assessment (or update of a previous Phase I and or Phase II site assessment) and, with respect to certain
        GSMC Mortgage Loans, a Phase II environmental site assessment (collectively, an “ESA”) meeting ASTM requirements were
        conducted by a reputable environmental consultant in connection with such GSMC Mortgage Loan within 12 months prior to its origination
        date (or an update of a previous ESA was prepared), and such ESA (i) did not identify the existence of recognized environmental
        conditions (as such term is defined in ASTM E1527-05 or its successor, an “Environmental Condition”) at the related
        Mortgaged Property or the need for further investigation, or (ii) if the existence of an Environmental
	
         

        40a
	
         

        Review any ESA (as defined in representation
        and warranty 40) for indication that it met the ASTM requirements and was conducted by a reputable environmental consultant within
        12 months prior to the origination date of the GSMC Mortgage Loan (or an update of a previous ESA prepared). If such an indication
        is found, it will be a Test pass.
	
         

        ESA

	
         

        40b
	
         

        Review the ESA for an
        indication that it identified (i) the existence of a Recognized Environmental Condition at the related Mortgaged Property or (ii)
        the need for further investigation. If no such indication is found, it will be a Test pass.
	
         

        ESA

 

    JJ-2-40 

     

    

 

 

	
         

        Representations and Warranties
	
         

        Test
	
         

        Review Materials

	Condition or need for further investigation was indicated in any such ESA, then at least one of the following statements is true: (A) an amount reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable Environmental Laws or the Environmental Condition has been escrowed by the related mortgagor and is held or controlled by the related Mortgagee; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor air, lead based paint or lead in drinking water, the only recommended action in the ESA is the institution of such a plan, an operations or maintenance plan has been required to be instituted by the related mortgagor that, based on the ESA, can reasonably be expected to mitigate the identified risk; (C) the Environmental Condition identified in the related  environmental  report  was  remediated  or  abated  in  all material  respects  prior  to  the  Cut-off  Date,  and,  if  and  as appropriate, a no further action or closure letter was obtained from the applicable governmental regulatory authority (or the environmental issue affecting the related Mortgaged Property was otherwise listed by such governmental authority as “closed” or a reputable environmental consultant has concluded that no further action  is  required);  (D) an  environmental  policy  or  a  lender’s pollution legal liability insurance policy meeting the requirements set forth below that covers liability for the identified circumstance or condition was obtained from an insurer rated no less than “A-” (or the equivalent) by Moody’s Investors Service, Inc., S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC and/or Fitch Ratings, Inc.; (E) a party not related to the mortgagor was identified as the responsible party for such condition or circumstance and such responsible party has financial resources reasonably estimated to be adequate to address the situation; or (F) a party related to the mortgagor having financial resources reasonably estimated to be adequate to address the situation is required to take action.  To GSMC’s knowledge, except as set forth in the ESA, there is no Environmental Condition (as such term is defined in ASTM E1527-05 or its successor) at the related Mortgaged Property.	
         

        40c
	
         

        Review the ESA for an indication that it identified
        (i) the existence of a recognized environmental condition at the related Mortgaged Property or (ii) the need for further investigation
        with respect to any Environmental Condition that was identified. If such an indication is found, the following test procedures
        (subparts 40c-1 through 40c-6) will be performed. If any of the subparts indications are found, it will be a Test pass.
	
         

        ESA; Escrow Statements; Mortgage Loan Documents

	 	
         

        1. Review escrow statements for an indication
        that an amount reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure
        any material noncompliance with applicable environmental laws or the environmental condition has been escrowed by the mortgagor
        and is held by the related Mortgagee.
	
         

        Escrow statements

	 	
         

        2. Review the ESA for an indication that if
        the only Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor air or lead based paint
        or lead in drinking water, the only recommended action in the ESA is the institution of such a plan, and if so, a review of the
        Mortgage Loan Documents indicates that an operations or maintenance plan has been required to be instituted by the related mortgagor
        that, based on the ESA, can reasonably be expected to mitigate the identified risk.
	
         

        ESA; Mortgage Loan Documents

	 	
         

        3. Review any no further action or closure
        letter from the applicable governmental regulatory authority or a reputable environmental consultant for an indication that any
        Environmental Condition identified in the ESA was remediated or abated in all material respects prior to the Cut-off Date.
	
         

        No further action or closure letter regarding Environmental Condition

	 	
         

        4. Review the insurance coverage review documents for an indication
        that an environmental policy or a lender’s
	
         

        Insurance coverage review documents

 

    JJ-2-41 

     

    

 

 

	
         

        Representations and Warranties
	
         

        Test
	
         

        Review Materials

	 	 	pollution  legal  liability  insurance  policy  (meeting  the requirements set forth in representation and warranty 40) that covers liability for the identified circumstance or condition was obtained from an insurer rated no less than “A-” (or the equivalent) by Moody’s Investors Service, Inc., S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC and/or Fitch Ratings, Inc.	 
	 	
         

        5. Review the Mortgage Loan Documents for an
        indication that a party not related to the mortgagor was identified as the responsible party for the Environmental Condition and
        such responsible party has financial resources considered by GSMC to be adequate to address the situation.
	
         

        Mortgage Loan Documents

	 	
         

        6. Review the Mortgage Loan Documents for an
        indication that a party related to the mortgagor having financial resources estimated by GSMC to be adequate to address the situation
        is required to take action.
	
         

        Mortgage Loan Documents

	
         

        40d
	
         

        Review the MS Servicer Notices for notation
        of GSMC’s knowledge of any environmental condition at the Mortgaged Property other than any set forth in the ESA or in the
        Prospectus. If no such notation is found, it will be a Test pass.
	
         

        MS Servicer Notices; ESA

	
         

        41. Appraisal. The Mortgage File contains
        an appraisal of the related Mortgaged Property with an appraisal date within 6 months of the GSMC Mortgage Loan origination date,
        and within 12 months of the Closing Date. The appraisal is signed by an appraiser who is a Member of the Appraisal Institute (“MAI”)
        and, to the GSMC’s knowledge, had no interest, direct or indirect, in the Mortgaged Property or the mortgagor or in any loan
        made on the security thereof, and whose compensation is not affected by the approval or disapproval of the GSMC Mortgage Loan.
        Each appraiser has represented in such appraisal or in a supplemental
	
         

        41a
	
         

        Review the appraisal to determine if it was
        dated within 6 months of the GSMC Mortgage Loan origination date and within 12 months of the Closing Date. If so determined, it
        will be a Test pass.
	
         

        Appraisal

	
         

        41b
	
         

        Review the appraisal to determine if it includes
        an appraiser's certification or supplemental letter that indicates that the appraiser had no interest, direct or indirect, in the
        mortgagor, the Mortgaged Property or any loan made on the security of the Mortgaged Property. If so determined, it will be a Test
        pass.
	
         

        Appraisal

 

    JJ-2-42 

     

    

 

 

	
         

        Representations and Warranties
	
         

        Test
	
         

        Review Materials

	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.   Each appraisal contains a statement, or is accompanied by a letter from the appraiser, to the effect that the appraisal was performed in accordance with the requirements of the Financial Institutions Reform,	
         

        41c
	
         

        Review the appraisal to determine if it signed
        by an appraiser who is an MAI and/or has been licensed and certified to prepare appraisals in the state where the Mortgaged property
        is located, and for notation of GSMC’s knowledge of the interest of the appraiser, direct or indirect, in the Mortgaged Property
        or the mortgagor or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval
        of the GSMC Mortgage Loan. If so determined, it will be a Test pass.
	
         

        Appraisal

	
         

        41d
	
         

        Review the appraisal to
        determine if it includes documentation in the appraisal or a 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. If
        so determined, it will be a Test pass.
	
         

        Appraisal

	
         

        41e
	
         

        Review the appraisal to determine if it includes
        a statement or is accompanied by a letter from the appraiser, to the effect that the appraisal was performed in accordance with
        the requirements of the Financial Institutions Reform. If so determined, it will be a Test pass.
	 
	
         

        42. Mortgage Loan Schedule. The information
        pertaining to each GSMC Mortgage Loan which is set forth on the mortgage loan schedule attached to the related MLPA is true and
        correct in all material respects as of the Cut-off Date and contains all information required by the PSA to be contained on the
        mortgage loan schedule attached to the related MLPA.
	
         

        42a
	
         

        Review the Mortgage Loan
        Schedule attached as an exhibit to the related GSMC Mortgage Loan Purchase Agreement and compare it to the corresponding information
        in (i) Annex F to the Prospectus, (ii) Mortgage Loan Documents and (iii) the PSA to determine if there are discrepancies between
        the documents. If there are no such discrepancies, it will be a Test pass.
	
         

        Mortgage Loan Schedule; Annex A to Prospectus;
        Mortgage Loan Documents; Pooling and Servicing Agreement

	
         

        42b
	
         

        Compare the information in the Mortgage Loan
        Schedule to the requirements of the PSA to determine if all information required in the PSA is contained therein.
	
         

        Mortgage Loan Schedule; Pooling and Servicing
        Agreement

 

    JJ-2-43 

     

    

 

 

	
         

        Representations and Warranties
	
         

        Test
	
         

        Review Materials

	 	 	If so determined, it will be a Test pass.	 
	
         

        43. Cross-Collateralization. Except
        with respect to a GSMC Mortgage Loan that is part of a Whole Loan no GSMC Mortgage Loan is cross-collateralized or cross-defaulted
        with any other mortgage loan that is outside the Mortgage Pool, except as set forth on an exhibit to the related GSMC Mortgage
        Loan Purchase Agreement.
	
         

        43
	
         

        Review the Mortgage Loan Documents to determine
        if the GSMC Mortgage Loan is cross-collateralized or cross-defaulted with any other GSMC Mortgage Loan that is outside the Trust,
        except with respect to any other mortgage loan that is outside of the Mortgage Pool, except of a Whole Loan as set forth on an
        exhibit to the related GSMC Mortgage Loan Purchase Agreement. If not so determined, it will be a Test pass.
	
         

        Mortgage Loan Documents

	
         

        44. Advance of Funds by Mortgage Loan Seller.
        After origination, no advance of funds has been made by GSMC to the related mortgagor other than in accordance with the related
        Mortgage Loan documents, and, to GSMC’s knowledge, no funds have been received from any person other than the related mortgagor
        or an affiliate for, or on account of, payments due on the GSMC Mortgage Loan (other than as contemplated by the related Mortgage
        Loan documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a Mortgagee-
        controlled lockbox if required or contemplated under the related lease or Loan Documents). Neither GSMC nor any affiliate thereof
        has any obligation to make any capital contribution to any mortgagor under a GSMC Mortgage Loan, other than contributions made
        on or prior to the Closing Date.
	
         

        44a
	
         

        Review the MS Servicer
        Notices for a notation or other indication that an advancement of funds after origination had been made by GSMC to the related
        mortgagor other than in accordance with the Mortgage Loan Documents, or that funds have been received from any person other than
        the related mortgagor or an Affiliate for, or on account of, payments due on the GSMC Mortgage Loan (other than as contemplated
        by the Mortgage Loan Documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s)
        into a lender controlled lockbox if required or contemplated under the related lease or Loan Documents). If such a notation or
        other indication is not found, it will be a Test pass.
	
         

        MS Servicer Notices

	
         

        44b
	
         

        Review the Mortgage Loan Documents to determine
        if GSMC, or an Affiliate, has an obligation to make any capital contribution to any mortgagor under a GSMC Mortgage Loan, other
        than contributions made on or prior to the Closing Date. If not so determined, it will be a Test pass.
	
         

        Mortgage Loan Documents

	
         

        45. Compliance with Anti-Money Laundering
        Laws. GSMC has complied in all material respects with all applicable anti-money laundering laws and regulations, including
        without limitation the USA Patriot Act of 2001 with respect to the origination of the GSMC Mortgage Loans.
	
         

        45
	
         

        Review the MS Servicer Notices for a notation
        or other indication of any claim or assertion that GSMC did not comply with its internal procedures with respect to all applicable
        anti-money laundering laws and regulations, including without limitation the USA Patriot Act of
	
         

        MS Servicer Notices

 

    JJ-2-44 

     

    

 

 

	
         

        Representations and Warranties
	
         

        Test
	
         

        Review Materials

	 	 	2001 in connection with the origination of any GSMC Mortgage Loan. If such a notation or other indication is not found, it will be a Test pass.	 
	 	 	 	 

    JJ-2-45 

     

    

EXHIBIT
JJ-3 

 

JPMCB
ASSET REVIEW PROCEDURES

 

 Pursuant to the terms and subject to the conditions set forth in the Pooling and Servicing Agreement (“PSA”),
the Asset Representations Reviewer (“Asset Representations Reviewer”) shall perform an Asset Review with respect
to each representation and warranty made by the related Mortgage Loan Seller only with respect to each Delinquent Loan in accordance
with the procedures set forth below (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 this
Exhibit JJ-3 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. Capitalized terms used herein but not defined herein have the meaning set forth in the PSA or,
solely with respect to a representation and warranty, the meaning set forth in the mortgage loan purchase agreement where JPMCB
is the Seller (the “JPMCB Mortgage Loan Purchase Agreement”). For the avoidance of doubt, in connection with
the performance of the following Tests:

 

		(A)	With
                                         respect to any representation and warranty that includes a knowledge qualifier (e.g.,
                                         to the Mortgage Loan Seller’s knowledge, etc.), the Asset Representations Reviewer
                                         shall not be responsible for any investigation or review beyond that set forth in the
                                         applicable Test related to such representation and warranty;

 

		(B)	With
                                         respect to any representation and warranty that includes the examination of an insurance
                                         policy or Title Policy, the Asset Representations Reviewer will be permitted to engage
                                         a qualified consultant to perform a review of the applicable policy, and will be allowed
                                         to rely upon the conclusions of the consultant when making a determination as to whether
                                         there is a Test pass.

 

		(C)	The
                                         Asset Representations Reviewer shall be under no duty to provide or obtain a legal opinion,
                                         legal review or legal conclusion;

 

		(D)	Unless
                                         otherwise provided in the Test, the “as of” date for the testing of a representation
                                         is as of the Closing Date;

 

		(E)	Unless
                                         otherwise provided in the Test, if there is more than one version of the same document
                                         with respect to a particular Mortgage Loan or Mortgaged Property, the document that will
                                         be used by the Asset Representations Reviewer in testing is the document that is dated
                                         as of the Closing Date or, if none, the document closest prior to the Closing Date;

 

		(F)	With
                                         respect to each representation and warranty and its related Test(s), the Asset Representations
                                         Reviewer shall take into account any exceptions to such representation 

 

    Exhibit JJ-3-1

     

    

 

	 	 	and
                                         warranty described in the JPMCB Mortgage Loan Purchase Agreement with respect to a Mortgage
                                         Loan, and a Test pass shall be deemed to have occurred with respect to such Test if the
                                         sole reason for not satisfying the applicable Test is caused by such exception(s);

 

		(G)	Evidence
                                         of a failure of a Test could result from (i) an affirmative determination by the Asset
                                         Representations Reviewer that the Test failed to achieve a Test pass, or (ii) a determination
                                         by the Asset Representations Reviewer that the documentation included in the Review Materials
                                         (after making such request for any missing documents in the manner provided for in the
                                         PSA) is not sufficient to perform the Test; and

 

		(H)	A
                                         determination by the Asset Representations Reviewer of a Test pass or a Test failure
                                         shall not constitute a determination by the Asset Representations Reviewer of (i) the
                                         existence or nonexistence of a Material Defect, or (ii) whether the Trust should enforce
                                         any rights it may have against the applicable Mortgage Loan Seller.

 

The
Asset Representations Reviewer will only be required to perform the Tests described in this Exhibit JJ-3, and will not
be obligated to perform additional procedures on any Delinquent Loan, even if a different set of procedures or Review Materials
could produce a different outcome. Notwithstanding the required Tests, the Asset Representations Reviewer will not be required
to review any information other than (1) Review Materials specified in the related Test and (2) if applicable, Unsolicited Information.
The Asset Representations Reviewer may, but is under no obligation to, consider Unsolicited Information relevant to the Tests
subject to the terms of the PSA. If the Asset Representations Reviewer considers Unsolicited Information, the Asset Representations
Reviewer shall take into account such Unsolicited Information, in addition to the Review Materials referred to in the applicable
Test(s) procedure when making a determination as to whether there is a Test pass.

 

    Exhibit JJ-3-2

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	1. Complete
    Servicing File. All documents comprising the Servicing File will be or have been delivered to the Master Servicer with
    respect to each JPMCB Mortgage Loan by the deadlines set forth in the PSA and/or the Mortgage Loan Purchase Agreement.	1	Review
    the Servicing File to determine if it includes a signed custodian certification that does not contain any exceptions reported.
    If so determined, it will be a Test pass.	Servicing
    File; Custodian certification
	2.
 Whole Loan; Ownership of Mortgage Loans. Except with respect to each JPMCB Mortgage Loan that is part of a
Whole Loan, each JPMCB Mortgage Loan is a whole loan and not an interest in a JPMCB Mortgage Loan. Each JPMCB Mortgage Loan that
is part of a Whole Loan is a senior portion (or a pari passu portion of a senior portion) of a whole mortgage loan. Immediately
prior to the sale, transfer and assignment to depositor, no Mortgage Note or Mortgage was subject to any assignment (other than
assignments to the Mortgage Loan Seller or, with respect to any JPMCB Mortgage Loan that is a Non-Serviced Mortgage Loan, to the
related Non-Serviced Trustee), participation (other than with respect to Serviced JPMCB Mortgage Loans) or pledge, and the Mortgage
Loan Seller had good and marketable title to, and was the sole owner of, each JPMCB Mortgage Loan free and clear of any and all
liens, charges, pledges, encumbrances, participations (other than with respect to agreements among noteholders with respect to
a Whole Loan) (subject to certain agreements regarding servicing and/or defeasance successor borrower rights as provided in the
PSA, subservicing agreements permitted thereunder and that certain servicing rights purchase agreement, dated as of the Closing
Date, between the Master Servicer and the Mortgage Loan Seller), any other ownership interests and other interests on, in or to
such JPMCB Mortgage Loan (subject to certain agreements regarding servicing and/or defeasance successor borrower rights as 	2a	Except
    with regard to each JPMCB Mortgage Loan that is part of a Whole Loan, review the amounts listed on the original Mortgage Note
    and Mortgage to determine if they match the amounts listed on the Mortgage Loan Schedule. If the amounts are the same, then
    such JPMCB Mortgage Loan would be considered a whole loan. If there is more than one property then the Mortgage for each property
    would be need to be aggregated. If so determined, it will be a Test pass.	Mortgage
    Note; Mortgage; Mortgage Loan Schedule
	2b	If
    the JPMCB Mortgage Loan is a Serviced Mortgage Loan or Non-Serviced Mortgage Loan, review the Mortgage(s), Mortgage Note,
    loan agreement related to the JPMCB Mortgage Loan (“Loan Agreement”), JPMCB Mortgage Loan guaranty, Assignment
    of Leases, and Environmental Indemnification Agreement (collectively, the “Mortgage Loan Documents”) or
    intercreditor agreement to determine if it is a senior portion (or a pari passu portion of a senior portion) of a whole Mortgage
    Loan. If so determined, it will be a Test pass.	JPMCB
    Mortgage Loan Documents; Intercreditor agreement
	2c	Review
    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 Loan (collectively, the “MS Servicer Notices”) for a notation or other indication
    of any claim or assertion regarding the Mortgage Loan Seller not having good and marketable title to, or not being the sole
    owner of, the JPMCB Mortgage Loan, free and clear of any and all liens, charges, pledges, encumbrances, 	MS
    Servicer Notices

 

    JJ-3-3

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	provided
        in the PSA, subservicing agreements permitted thereunder and that certain servicing rights purchase agreement, dated as
        of the Closing Date, between the Master Servicer and the Mortgage Loan Seller). The Mortgage Loan Seller has full right
        and authority to sell, assign and transfer each JPMCB Mortgage Loan, and the assignment to depositor constitutes a legal,
        valid and binding assignment of such JPMCB Mortgage Loan free and clear of any and all liens, pledges, charges or security
        interests of any nature encumbering such JPMCB Mortgage Loan (subject to certain agreements regarding servicing and/or
        defeasance successor borrower rights as provided in the PSA, subservicing agreements permitted thereunder and that certain
        servicing rights purchase agreement, dated as of the Closing Date, between the Master Servicer and the Mortgage Loan Seller).

         
	 	participations
    (other than with respect to agreements among Mortgage Noteholders with respect to a Whole Loan), any other ownership interests
    and other interests on, in or to such JPMCB Mortgage Loan (subject to certain agreements regarding servicing and/or defeasance
    successor borrower rights as provided in the PSA, subservicing agreements permitted thereunder and that certain servicing
    rights purchase agreement, dated as of the Closing Date, between the Master Servicer and the Mortgage Loan Seller). If such
    a notation or other indication is not found, it will be a Test pass.	 
	2d	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion regarding the Mortgage Loan Seller not
    having the full right and authority to sell, assign and transfer the JPMCB Mortgage Loan. If such a notation or other indication
    is not found, it will be a Test pass.	MS
    Servicer Notices
	2e	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion regarding the assignment to the Depositor
    not constituting a legal, valid and binding assignment of such JPMCB Mortgage Loan as described in the last sentence of representation
    and warranty 2. If such a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices

 

    JJ-3-4

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	3.
   Loan Document Status. Each related Mortgage Note, Mortgage, Assignment of Leases (if a separate instrument),
guaranty and other agreement executed by or on behalf of the related borrower, guarantor or other obligor in connection with such
JPMCB Mortgage Loan is the legal, valid and binding obligation of the related borrower, guarantor or other obligor (subject to
any non-recourse provisions contained in any of the foregoing agreements and any applicable state anti-deficiency or market value
limit deficiency legislation), as applicable, and is enforceable in accordance with its terms, except as such enforcement may
be limited by (i) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar 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 and except that certain provisions in such Mortgage Loan documents (including,
without limitation, provisions requiring the payment of default interest, late fees or prepayment/yield maintenance premiums)
may be further limited or rendered unenforceable by applicable law) (clauses (i) and (ii) collectively, the “Insolvency
Qualifications”).

         

        Except
as set forth in the immediately preceding sentences, there is no valid offset, defense, counterclaim or right of rescission available
to the related borrower with respect to any of the related Mortgage Notes, Mortgages or other Mortgage Loan documents, including,
without limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by the Mortgage Loan Seller
in connection with the origination of the JPMCB Mortgage Loan, that would deny the mortgagee the principal benefits intended to
be provided by the
	3a	Review
    the opinion of borrower’s counsel (“Borrower’s Counsel Opinion”) to determine if it contains
    language indicating that the related Mortgage Note, Mortgage, assignment of leases (if a separate instrument), guaranty and
    other agreement executed by or on behalf of the related borrower, guarantor or other obligor in connection with such Mortgage
    Loan is the legal, valid and binding obligation of the related borrower, guarantor or other obligor (subject to any non-recourse
    provisions contained in any of the foregoing agreements and any applicable state anti-deficiency or market value limit deficiency
    legislation), as applicable, and is enforceable in accordance with its terms, except as specified in representation and warranty
    3. If so determined, it will be a Test pass.	Borrower’s
    Counsel Opinion
	3b	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion regarding rights of offset, defenses,
    counterclaims or rights of rescission available to the related borrower with respect to any of the related Mortgage Notes,
    Mortgages or other Mortgage Loan Documents, except with respect to any Insolvency Qualifications. If such a notation or other
    indication is not found, it will be a Test pass.	MS
    Servicer Notices

 

    JJ-3-5

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	Mortgage
    Note, Mortgage or other Mortgage Loan documents.	 	 	 
	4.  Mortgage
    Provisions. The Mortgage Loan documents for each JPMCB Mortgage Loan contain provisions that render the rights and remedies
    of the holder thereof adequate for the practical realization against the Mortgaged Property of the principal benefits of the
    security intended to be provided thereby, including realization by judicial or, if applicable, nonjudicial foreclosure subject
    to the limitations set forth in the Insolvency Qualifications.	4	Review
    the Mortgage Loan Documents and Borrower’s Counsel Opinion to determine if the Mortgage Loan Documents contain provisions
    that render the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged Property
    of the principal benefits of the security intended to be provided thereby, including realization by judicial or, if applicable,
    nonjudicial foreclosure subject to the limitations set forth in the Insolvency Qualifications. If so determined, it will be
    a Test pass.	Mortgage
    Loan Documents; Borrower’s Counsel Opinion
	5.  Hospitality
    Provisions. The Mortgage Loan documents for each JPMCB Mortgage Loan that is secured by a hospitality property operated
    pursuant to a franchise agreement includes an executed comfort letter or similar agreement signed by the borrower and franchisor
    of such property enforceable by the trust against such franchisor, either directly or as an assignee of the originator. The
    Mortgage or related security agreement for each JPMCB Mortgage Loan secured by a hospitality property creates a security interest
    in the revenues of such property for which a UCC financing statement has been filed in the appropriate filing office.	5a	Review
    the appraisals to determine if any of the properties are specifically identified as hospitality properties. If so, review
    the Mortgage File to determine if there exists a franchise agreement and executed comfort letter or other similar agreement
    signed by the borrower and franchisor that is enforceable by the trust against such franchisor, either directly or as an assignee
    of the originator. If so determined with respect to each part of the Test, it will be a Test pass.	Appraisal;
    franchise agreement; Comfort letter or similar agreement signed by or from such franchisor
	5b	If
    the appraisals specifically identify any Mortgaged Properties as hospitality properties, review the security agreement for
    each Mortgaged Property to determine if there are provisions related to creating a security interest in the revenues of such
    property. Also, review the Mortgage File to determine if there exist filed copies (bearing evidence of filing) or evidence
    of filing of any related UCC financing statements, related amendments and continuation statements. If so determined with respect
    to each part of this Test, it will be a Test pass.	UCC
    filing; Appraisal; Mortgage File
	6.     Mortgage
    Status; Waivers and Modifications. Since	6a	Review
    the Mortgage Loan Documents and MS	Mortgage
    Loan Documents;

 

    JJ-3-6

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	origination
    and except by written instruments set forth in the related Mortgage File or as otherwise provided in the related Mortgage
    Loan documents (a)(1) there has been no forbearance, waiver or modification of the material terms of the Mortgage Loan which
    such forbearance, waiver or modification relates to the COVID-19 Emergency and (2) other than as related to the COVID-19 emergency,
    the material terms of such Mortgage, Mortgage Note, Mortgage Loan guaranty and related Mortgage Loan documents have not been
    waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded; (b) no related Mortgaged Property or
    any portion thereof has been released from the lien of the related Mortgage in any manner which materially interferes with
    the security intended to be provided by such Mortgage or the use or operation of such Mortgaged Property; and (c) borrower
    nor guarantor has been released from its material obligations under the JPMCB Mortgage Loan.	 	Servicer
    Notices for a notation or other indication of any claim or assertion that, since origination, there has been forbearance,
    waiver or modification of the material terms of the Mortgage Loan which such forbearance, waiver or modification relates to
    the COVID-19 emergency, except by written instruments set forth in the related Mortgage File or as otherwise provided in the
    related Mortgage Loan Documents. If no such notation or other indication is found, it will be a Test pass.	MS
    Servicer Notices
	6b	Review
    the Mortgage Loan Documents and MS Servicer Notices to determine if, other than as related to the COVID-19 emergency, the
    material terms of such documents have been waived, impaired, modified, altered, satisfied, cancelled, subordinated or rescinded
    in any respect, except by written instruments set forth in the related Mortgage File or as otherwise provided in the related
    Mortgage Loan documents. If not so determined, it will be a Test pass.	Mortgage
    Loan Documents; MS Servicer Notices
	6c	Review
    the MS Servicer Notices and Mortgage Loan Documents to determine if a related mortgaged property, or any portion thereof,
    has been released from the lien of the related Mortgage in any manner which materially interferes with the security intended
    to be provided by such Mortgage or the use or operation of such Mortgaged Property, except by written instruments set forth
    in the related Mortgage File or as otherwise provided in the related Mortgage Loan Documents. If not so determined, it will
    be a Test pass.	MS
    Servicer Notices; Mortgage Loan Documents
	 	6d	Review
    the MS Servicer Notices for a notation or other indication that either the borrower or the guarantor has been released from
    its obligations under the JPMCB Mortgage Loan, except by written instruments set forth in the related Mortgage File or as	 

 

    JJ-3-7

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	 	 	otherwise
    provided in the related Mortgage Loan Documents. If such a notation or other indication is not found, it will be a Test pass.	 
	7.
       Lien; Valid Assignment. Subject to the Insolvency Qualifications, each endorsement and assignment of Mortgage and assignment
    of Assignment of Leases (if a separate instrument from the Mortgage) to the issuing entity (or, with respect to any JPMCB
    Mortgage Loan that is a Non-Serviced Mortgage Loan, to the related Non-Serviced Trustee) constitutes a legal, valid and binding
    endorsement or assignment to the Trust (or, with respect to any JPMCB Mortgage Loan that is a Non-Serviced Mortgage Loan,
    to the related Non-Serviced Trustee). Each related Mortgage and Assignment of Leases is freely assignable without the consent
    of the related borrower. Each related Mortgage is a legal, valid and enforceable first lien on the related borrower’s
    fee (or if identified on the Mortgage Loan Schedule, leasehold) interest in the Mortgaged Property in the principal amount
    of such JPMCB Mortgage Loan or allocated loan amount (subject only to Permitted Encumbrances (as defined below)), except as
    the enforcement thereof may be limited by the Insolvency Qualifications. Such Mortgaged Property (subject to Permitted Encumbrances)
    as of origination was, and as of the Cut-off Date to the Mortgage Loan Seller’s knowledge, is free and clear of any
    recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances, and to the Mortgage Loan
    Seller’s knowledge and subject to the rights of tenants, no rights exist which under law could give rise to any such
    lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except those which are insured
    against by a lender’s title insurance policy (as described below). Any security agreement, chattel mortgage or equivalent
    	7a	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion regarding any endorsement and assignment
    of Mortgage and Assignment of Leases not constituting a legal, valid and binding endorsement or assignment from the Mortgage
    Loan Seller, subject to the Insolvency Qualifications. If such a notation or other indication is not found, it will be a Test
    pass.	MS
    Servicer Notices
	7b	Review
    the Mortgage for each property and the Assignment of Leases for each property for provisions to the effect that the related
    Mortgage and Assignment of Leases is not freely assignable without the consent of the related Borrower. If no such provision
    is found, it will be a Test pass.	Mortgage;
    Assignment of Leases
	7c	Review
    the title policy (as defined in representation and warranty 8, the “Title Policy”) to determine if the
    Mortgage is a first lien on the Borrower’s interest in the Mortgaged Property. Compare the amount of the Title Policy
    to the principal amount of the JPMCB Mortgage Loan or allocated loan amount to determine they are equivalent. If each such
    determination is made, it will be a Test pass.	Title
    Policy
	7d	Review
    the Title Policy to determine if the Mortgaged Property was free and clear of any recorded mechanics’ liens, recorded
    materialmen’s liens and other recorded encumbrances. If so determined, it will be a Test pass.	Title
    Policy
	7e	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion that, as of the Cut-off Date, the Mortgage
    Loan Seller had knowledge that the Mortgaged Property was not free 	MS
    Servicer Notices

 

    JJ-3-8

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	document
        related to and delivered in connection with the JPMCB Mortgage Loan establishes and creates a valid and enforceable lien
        on property described therein subject to Permitted Encumbrances, except as such enforcement may be limited by Insolvency
        Qualifications subject to the limitations described in representation and warranty 11 below. Notwithstanding anything
        herein to the contrary, no representation is made as to the perfection of any security interest in rents or other personal
        property to the extent that possession or control of such items or actions other than the filing of Uniform Commercial
        Code financing statements is required in order to effect such perfection.

        

         

        The
assignment of the JPMCB Mortgage Loans to the Depositor validly and effectively transfers and conveys all legal and beneficial
ownership of the JPMCB Mortgage Loans to the Depositor free and clear of any pledge, lien, encumbrance or security interest (subject
to certain agreements regarding servicing as provided in the PSA, subservicing agreements permitted thereunder and that certain
servicing rights purchase agreement, dated as of the Closing Date, between the Master Servicer and the Mortgage Loan Seller).
	 	and
    clear of any recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances. If such
    a notation or other indication is not found, it will be a Test pass.	 
	7f	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion that, subject to the rights of tenants,
    there are rights existing which under law could give rise to any such lien or encumbrance that would be prior to or equal
    with the lien of the related Mortgage, except those which are insured against by a lender’s title insurance policy.
    If such a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	7g	Review
    the Title Policy to determine if any security agreement, chattel mortgage or equivalent document related to and delivered
    in connection with the JPMCB Mortgage Loan establishes and creates a valid and enforceable lien on property described therein
    subject to Permitted Encumbrances, except as such enforcement may be limited by Insolvency Qualifications subject to the limitations
    described in representation and warranty 11 below. The foregoing excludes the perfection of any security interest in rents
    or other personal property to the extent that possession or control of such items or actions other than the filing of a UCC
    financing statements is required in order to effect such perfection. If so determined, it will be a Test pass.	Title
    Policy
	7h	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion that the Mortgage Loan Seller did not
    have good and marketable title free and clear of any pledge, lien, encumbrance or security interest. If such a notation or
    other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	7i	Review
    the MS Servicer Notices for a notation or	MS
    Servicer Notices

 

    JJ-3-9

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	 	 	other
    indication of any claim or assertion that the Mortgage Loan Seller was not the sole owner of any JPMCB Mortgage Loan, or that
    the JPMCB Mortgage Loan was not free and clear of any pledge, lien, encumbrance or security interest. If such a notation or
    other indication is not found, it will be a Test pass.	 
	7j	Review
    the MS Servicer Notices for a notation or other indication of claim or assertion that the assignment did not validly and effectively
    transfer and convey all legal and beneficial ownership of any JPMCB Mortgage Loans to the Depositor free and clear of any
    pledge, lien, encumbrance or security interest. If such a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	8.  Permitted
    Liens; Title Insurance. Each Mortgaged Property securing a JPMCB Mortgage Loan is covered by an American Land Title Association
    loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable jurisdiction
    (or, if such policy is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a “marked
    up” commitment, in each case binding on the title insurer) (the “Title Policy”) in the original principal
    amount of such JPMCB Mortgage Loan (or with respect to a JPMCB Mortgage Loan secured by multiple properties, an amount equal
    to at least the allocated loan amount with respect to the Title Policy for each such property) after all advances of principal
    (including any advances held in escrow or reserves), that insures for the benefit of the owner of the indebtedness secured
    by the Mortgage, the first priority lien of the Mortgage, which lien is subject only to (a) the lien of current real property
    taxes, water charges, sewer rents and assessments not yet due and payable; (b) covenants, 	8a	Review
    the Title Policy to determine if it is an American Land Title Association loan title insurance policy or another comparable
    form of loan title insurance policy approved for use in the applicable jurisdiction. Review to determine if the amount of
    the policy covers the amount of the JPMCB Mortgage Loan, or for multiple properties, an amount equal to the allocated loan
    amount after all advances of principal. If so determined with respect to each part of this Test, it will be a Test pass.	Title
    Policy; Mortgage Loan Documents
	8b	Review
    the Title Policy to determine if the first-priority lien of the Mortgage is subject only to Permitted Encumbrances. If so
    determined, it will be a Test pass.	Title
    Policy
	8c	Review
    the Title Policy to determine if any Permitted Encumbrance is a mortgage lien that is senior to or coordinate and co-equal
    to the lien of the related Mortgage, other than as contemplated by item (f) in the definition of Permitted Encumbrances. If
    not so determined, it will be a Test pass.	Title
    Policy

 

    JJ-3-10

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	conditions
    and restrictions, rights of way, easements and other matters of public record specifically identified in the Title Policy;
    (c) the exceptions (general and specific) and exclusions set forth in such Title Policy; (d) other matters to which like properties
    are commonly subject; (e) the rights of tenants (as tenants only) under leases (including subleases) pertaining to the related
    Mortgaged Property which the Mortgage Loan documents do not require to be subordinated to the lien of such Mortgage; and (f)
    if the related JPMCB Mortgage Loan constitutes a cross-collateralized JPMCB Mortgage Loan, the lien of the Mortgage for another
    JPMCB Mortgage Loan contained in the same cross-collateralized group, provided that none of which items (a) through (f), individually
    or in the aggregate, materially interferes with the value, current use or operation of the Mortgaged Property or the security
    intended to be provided by such Mortgage or with the current ability of the related Mortgaged Property to generate net cash
    flow sufficient to service the related JPMCB Mortgage Loan or the borrower’s ability to pay its obligations when they
    become due (collectively, the “Permitted Encumbrances”). Except as contemplated by clause (f) of the preceding
    sentence none of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal with the lien
    of the related Mortgage. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full
    force and effect, all premiums thereon have been paid and no claims have been made by the Mortgage Loan Seller thereunder
    and no claims have been paid thereunder. Neither the Mortgage Loan Seller, nor to the Mortgage Loan Seller’s knowledge,
    any other holder of the JPMCB Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage
    under such Title Policy. Each Title Policy contains no exclusion for, or affirmatively insures 	8d	Review
    the Title Policy and MS Servicer Notices for a notation or other indication that the coverage is not in full force and effect,
    that all premiums thereon have not been paid or that claims have been made by any Mortgage Loan Seller. If no such notation
    or other indication is found, it will be a Test pass.	Title
    Policy; MS Servicer Notices
	8e	Review
    the MS Servicer Notices for a notation or other indication that the Mortgage Loan Seller, or any other holder of the JPMCB
    Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under such policy. If such
    a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	8f	Review
    the Title Policy to determine if the Title Policy contains no exclusion for, or affirmatively insures (except for any Mortgaged
    Property located in a jurisdiction where such affirmative insurance is not available in which case such exclusion may exist),
    that the Mortgaged Property shown on the survey is the same as the property legally described in the Mortgage. If so determined,
    it will be a Test pass.	Title
    Policy
	8g	Review
    the Title Policy to determine if the Title Policy contains no exclusion for, or affirmatively insures (except for any Mortgaged
    Property located in a jurisdiction where such affirmative insurance is not available in which case such exclusion may exist),
    to the extent that the Mortgaged Property consists of two or more adjoining parcels, such parcels are contiguous. If so determined,
    it will be a Test pass.	Title
    Policy

 

    JJ-3-11

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	(except
    for any Mortgaged Property located in a jurisdiction where such affirmative insurance is not available in which case such
    exclusion may exist), (a) that the Mortgaged Property shown on the survey is the same as the property legally described in
    the Mortgage, and (b) to the extent that the Mortgaged Property consists of two or more adjoining parcels, such parcels are
    contiguous.	 	 	 
	9.     Junior
    Liens. It being understood that B notes secured by the same Mortgage as a JPMCB Mortgage Loan are not subordinate mortgages
    or junior liens, there are no subordinate mortgages or junior liens encumbering the related Mortgaged Property. The Mortgage
    Loan Seller has no knowledge of any mezzanine debt related to the Mortgaged Property and secured directly by the ownership
    interests in the borrower.	9a	Review
    the Title Policy to determine if there is any subordinate mortgage or junior lien encumbering the Mortgaged Property. If not
    so determined, it will be a Test pass.	Title
    Policy
	9b	Review
    the MS Servicer Notices for a notation or other indication that the Mortgage Loan Seller had knowledge of any mezzanine debt
    related to the Mortgaged Property and secured directly by the ownership interests in the borrower. If such a notation or other
    indication is not found, it will be a Test pass.	MS
    Servicer Notices
	10.   Assignment
    of Leases and Rents. There exists as part of the related Mortgage File an Assignment of Leases (either as a separate instrument
    or incorporated into the related Mortgage). Each related Assignment of Leases creates a valid first-priority collateral assignment
    of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject
    only to a license granted to the related borrower to exercise certain rights and to perform certain obligations of the lessor
    under such lease or leases, including the right to operate the related leased property, except as the enforcement thereof
    may be limited by the Insolvency Qualifications; no person other than the related borrower owns any interest in any payments
    due under such lease or leases that is superior to or of equal priority with the lender’s interest therein. The related
    	10a	Review
    the Mortgage File to determine if an Assignment of Leases (either as a separate instrument or incorporated into the related
    Mortgage) is in the Mortgage File. If so determined, it will be a Test pass.	Mortgage
    File; Mortgage; Assignment of Leases
	10b	Review
    the Title Policy to determine if the Mortgage, or any related Assignment of Leases, has been recorded, and creates a valid
    first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights
    under the related lease or leases, subject only to a license granted to the related borrower to exercise certain rights and
    to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased
    property, except as the enforcement thereof may be limited by the Insolvency Qualifications; and to determine that no person
    other than the related borrower owns any interest in any 	Title
    Policy

 

    JJ-3-12

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	Mortgage
    or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the JPMCB Mortgage
    Loan, a receiver to be appointed for the collection of rents or for the related mortgagee to enter into possession to collect
    the rents or for rents to be paid directly to the mortgagee.	 	payments
    due under such lease or leases that is superior to or of equal priority with the lender’s interest therein. If so determined
    with respect to each part of this Test, it will be a Test pass.	 
	10c	Review
    the Title Policy to determine if any person other than the borrower owns any interest in any payments due under such lease
    or leases that is superior to or of equal priority with the lender’s interest therein. If not so determined, it will
    be a Test pass.	Title
    Policy
	10d	Review
    the Assignment of Leases (either as a separate instrument or incorporated into the related Mortgage) to determine if the Mortgage,
    or related Assignment of Leases, provides that upon an event of default under the JPMCB Mortgage Loan, a receiver is to be
    appointed for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents
    to be paid directly to the mortgagee. If so determined, it will be a Test pass.	Mortgage;
    Assignment of Leases
	11.  Financing
Statements. Each JPMCB Mortgage Loan or related security agreement establishes a valid security interest in, and a UCC-1 financing
statement has been filed (except, in the case of fixtures, the Mortgage constitutes a fixture filing) in all places necessary
to perfect a valid security interest in, the personal property (the creation and perfection of which is governed by the UCC) owned
by the borrower and necessary to operate any Mortgaged Property in its current use other than (1) non-material personal property,
(2) personal property subject to purchase money security interests and (3) personal property that is leased equipment. Each UCC-1
financing statement, if any, filed with respect to personal property constituting a part of the related Mortgaged Property and
each UCC-3 assignment, if 	11a	Review
    the MS Servicer Notices for a notation or other indication of inappropriately filed or nonexistent UCC-1 financing statements.
    If such a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	11b	Review
    the MS Servicer Notices for notation or other indication that the UCC-1 and UCC-3 statements were not in suitable form for
    filing. If such a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices

 

    JJ-3-13

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	any,
    filed with respect to such financing statement was in suitable form for filing in the filing office in which such financing
    statement was filed.	 	 	 
	12. 
         Condition of Property. The Mortgage Loan Seller or the originator of the JPMCB Mortgage Loan inspected or caused
        to be inspected each related Mortgaged Property within four months of origination of the JPMCB Mortgage Loan and within
        twelve months of the Cut-off Date.

         

        An
        engineering report or property condition assessment was prepared in connection with the origination of each JPMCB Mortgage
        Loan no more than twelve months prior to the Cut-off Date, which indicates that, except as set forth in such engineering
        report or with respect to which repairs were required to be reserved for or made, all building systems for the improvements
        of each related Mortgaged Property are in good working order, and further indicates that each related Mortgaged Property
        (a) is free of any material damage, (b) is in good repair and condition, and (c) is free of structural defects, except
        to the extent (i) any damage or deficiencies that would not materially and adversely affect the use, operation or value
        of the Mortgaged Property or the security intended to be provided by such Mortgage or repairs with respect to such damage
        or deficiencies estimated to cost less than $50,000 in the aggregate per Mortgaged Property; (ii) such repairs have been
        completed; or (iii) escrows in an aggregate amount consistent with the standards utilized by the Mortgage Loan Seller
        with respect to similar loans it originates for securitization have been established, which escrows will in all events
        be in an aggregate amount not less than the estimated cost of such repairs. The Mortgage Loan Seller has no knowledge
        of any material issues with the physical condition of the Mortgaged Property that the Mortgage

         
	12a	Review
    the engineering report or property condition assessment in the Mortgage File to determine if it is dated within four months
    of the origination date, and within twelve months of the Cut-off Date. If so determined, it will be a Test pass.	Engineering
    report; Property condition assessment
	12b	Review
    the engineering report or property condition assessment in the Mortgage File to determine if it was dated no more than 12
    months prior to the Cut-off Date. Review the engineering report to confirm that all building systems for the improvements
    of each Mortgaged Property being in good working order, and free of material damage. If so determined with respect to each
    part of the Test, it will be a Test pass.	Engineering
    report; Property condition assessment
	12c	Review
    the engineering report or property condition assessment in the Mortgage File dated no more than 12 months prior to the Cut-off
    Date to determine if it provides that each related Mortgaged Property is free of structural defects, except to the extent:
    (i) any damage or deficiencies that would not materially and adversely affect the use, operation or value of the Mortgaged
    Property or the security intended to be provided by such Mortgage or repairs with respect to such damage or deficiencies estimated
    to cost less than $50,000 in the aggregate per Mortgaged Property; (ii) such repairs have been completed; or (iii) escrows
    in an aggregate amount consistent with the standards utilized by the Mortgage Loan Seller with respect to similar loans it
    originates for securitization have been established, which escrows will in all events be in an aggregate amount not less than
    the estimated cost of such repairs. If so determined, it will be a Test pass.	Engineering
    report; Property condition assessment
	12d	Review
    the MS Servicer Notices for a notation or	MS
    Servicer Notices

 

    JJ-3-14

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	Loan
    Seller believes would have a material adverse effect on the use, operation or value of the Mortgaged Property other than those
    disclosed in the engineering report and those addressed in sub-clauses (i), (ii) and (iii) of the preceding sentence.	 	other
    indication that the Mortgage Loan Seller had knowledge of material issues with the physical condition of the Mortgaged Property
    that the Mortgage Loan Seller believed would have a material adverse effect on the use, operation or value of the Mortgaged
    Property other than those disclosed in the most recently dated engineering report and those addressed in sub-clauses (i),
    (ii) and (iii) of representation and warranty 12. If such a notation or other indication is not found, it will be a Test pass.	 
	13.  Taxes
    and Assessments. As of the date of origination and as of the Closing Date, all taxes and governmental assessments and
    other outstanding governmental charges (including, without limitation, water and sewage charges) due with respect to the Mortgaged
    Property (excluding any related personal property) securing a JPMCB Mortgage Loan that is or if left unpaid could become a
    lien on the related Mortgaged Property that would be of equal or superior priority to the lien of the Mortgage and that became
    due and delinquent and owing prior to the Cut-off Date with respect to each related Mortgaged Property have been paid, or,
    if the appropriate amount of such taxes or charges is being appealed or is otherwise in dispute, the unpaid taxes or charges
    are covered by an escrow of funds or other security sufficient to pay such tax or charge and reasonably estimated interest
    and penalties, if any, thereon. For purposes of this representation and warranty, real property taxes, governmental assessments
    and other outstanding governmental charges will not be considered delinquent until the date on which interest and/or penalties
    would be payable thereon.	13a	Review
    the MS Servicer Notices for a notation or other indication that all taxes and governmental assessments and other outstanding
    governmental charges due with respect to the Mortgaged Property securing a JPMCB Mortgage Loan (including, without limitation,
    water and sewage charges) due with respect to the Mortgaged Property (excluding any related personal property) as of the Closing
    Date have been paid, and if the appropriate amount of such taxes or charges is being appealed or is otherwise in dispute,
    the unpaid taxes or charges were not covered by an escrow of funds or other security sufficient to pay such tax or charge
    and reasonably estimated interest and penalties, if any, thereon. If such a notation or other indication is not found, it
    will be a Test pass.	MS
    Servicer Notices
	13b	Review
    the MS Servicer Notices for a notation or other indication that all taxes and governmental assessments and other outstanding
    governmental charges (including, without limitation, water and sewage charges) due with respect to the Mortgaged Property
    (excluding any related personal property) were current as of the Closing Date. If such a notation or other indication is found,
    it will be a Test pass.	MS
    Servicer Notices
	14.    Condemnation.
    As of the date of origination and to the Mortgage Loan Seller’s knowledge as of the	14	Review
    the MS Servicer Notices for a notation or other indication of any proceeding pending or	MS
    Servicer Notices

 

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	Closing
    Date, there is no proceeding pending or threatened for the total or partial condemnation of such Mortgaged Property that would
    have a material adverse effect on the use or operation of the Mortgaged Property.	 	threatened
    for the total or partial condemnation of such Mortgaged Property as of the origination date, or for a notation or other indication
    that the Mortgage Loan Seller had knowledge as of the Closing Date of any such proceeding. If such a notation or other indication
    is not found, it will be a Test pass.	 
	15.   Actions
    Concerning Mortgage Loan. As of the date of origination and to the Mortgage Loan Seller’s knowledge as of the Closing
    Date, there was no pending, filed or threatened action, suit or proceeding, arbitration or governmental investigation involving
    any borrower, guarantor, or Mortgaged Property, an adverse outcome of which would reasonably be expected to materially and
    adversely affect (a) title to the Mortgaged Property, (b) the validity or enforceability of the Mortgage, (c) such borrower’s
    ability to perform under the related JPMCB Mortgage Loan, (d) such guarantor’s ability to perform under the related
    guaranty, (e) the use, operation or value of the Mortgaged Property, (f) the principal benefit of the security intended to
    be provided by the Mortgage Loan documents, (g) the current ability of the Mortgaged Property to generate net cash flow sufficient
    to service such JPMCB Mortgage Loan, or (h) the current principal use of the Mortgaged Property.	15a	Review
    the Mortgage Loan Documents, the Borrower’s Counsel Opinion and the MS Servicer Notices for an indication of pending,
    filed or threatened action, suit or proceeding, arbitration or governmental investigation involving any borrower, guarantor,
    or Mortgaged Property that existed on the origination date, and review the Diligence File and the MS Servicer Notices to determine
    if the Mortgage Loan Seller’s had knowledge of same as of the Closing Date. If such an indication is not found with
    respect to each part of this Test, it will be a Test pass.	Mortgage
    Loan Documents; Borrower’s Counsel Opinion; MS Servicer Notices; Diligence File
	15b	Based
    on the MS Servicer Notices, determine if an adverse outcome of any such pending, filed or threatened action, suit or proceeding,
    arbitration or governmental investigation involving any borrower, guarantor, or Mortgaged Property would adversely affect
    the matters set forth in clauses (a)-(h) of representation and warranty 15. If any such adverse outcome would not adversely
    affect the matters set forth in clauses (a)-(h) of representation and warranty 15, it will be a Test pass.	MS
    Servicer Notices
	16.      Escrow Deposits. All escrow deposits and payments required pursuant to each JPMCB Mortgage Loan (including capital
    improvements and environmental remediation reserves) are in the possession, or under the control, of the Mortgage Loan Seller
    or its servicer, and there are no deficiencies (subject to any applicable grace or cure periods) in connection therewith,
    and all such escrows and deposits (or the 	16a	Review
    the MS Servicer Notices for a notation or other indication of any escrow deposits and payments required pursuant to the JPMCB
    Mortgage Loan not in the servicer’s possession or control. If such a notation or other indication is not found, it will
    be a Test pass.	MS
    Servicer Notices
	16b	Review
    the Servicing File and the MS Servicer Notices to determine if all escrows and deposits required pursuant to the JPMCB Mortgage
    Loan have 	Servicing
    File; MS Servicer Notices

 

    JJ-3-16

     

    

 

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	right
        thereto) that are required under the related Mortgage Loan documents are being conveyed by the Mortgage Loan Seller to
        depositor or its servicer (or, with respect to any JPMCB Mortgage Loan that is a Non-Serviced Mortgage Loan, to the depositor
        or servicer for the related Non-Serviced Securitization Trust) and identified as such with appropriate detail. Any and
        all requirements under the JPMCB Mortgage Loan as to completion of any material improvements and as to disbursements of
        any funds escrowed for such purpose, which requirements were to have been complied with on or before Closing Date, have
        been complied with in all material respects or the funds so escrowed have not been released unless such release was consistent
        with proper and prudent commercial mortgage servicing practices or such released funds were otherwise used for their intended
        purpose. No other escrow amounts have been released except in accordance with the terms and conditions of the related
        Mortgage Loan documents.

         
	 	been
    conveyed to the depositor or its servicer (or, with respect to any JPMCB Mortgage Loan that is a Non-Serviced Mortgage Loan,
    to the depositor or servicer for the related Non-Serviced Securitization Trust). If so determined, it will be a Test pass.	 
	16c	Review
    the Servicing File and the MS Servicer Notices for a notation or other indication that the requirements under the JPMCB Mortgage
    Loan as to completion of any material improvements and as to disbursements of any funds escrowed for such purpose on or before
    the Closing Date have not been complied with in all material respects. If such a notation or other indication is not found,
    it will be a Test pass.	Servicing
    File; MS Servicer Notices
	16d	Review
    the Servicing File and the MS Servicer Notices to determine if an escrow release has been made that was not in accordance
    with the terms of the Mortgage Loan Documents. If not so determined, it will be a Test pass.	Servicing
    File; MS Servicer Notices
	17.   No
    Holdbacks. The principal amount of the JPMCB Mortgage Loan stated on the Mortgage Loan Schedule has been fully disbursed
    as of the Closing Date and there is no requirement for future advances thereunder (except in those cases where the full amount
    of the JPMCB Mortgage Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the
    satisfaction of certain conditions relating to leasing, repairs, occupancy, performance or other matters with respect to the
    related Mortgaged Property).	17a	Review
    the Mortgage Loan Schedule, Loan Agreement, Mortgage Note and origination settlement statement to determine if the principal
    amount of the JPMCB Mortgage Loan was fully disbursed as of the Closing Date. If so determined, it will be a Test pass.	Mortgage
    Loan Schedule; Loan Agreement; Mortgage Note; Origination settlement statement
	17b	Review
    the Mortgage Loan Documents to determine if there is no requirement for future advances by the lender. If so determined, it
    will be a Test pass.	Mortgage
    Loan Documents

 

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	18.  
    Insurance. Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be, insured by a
    property insurance policy providing coverage for loss in accordance with coverage found under a “special cause of loss
    form” or “all-risk form” that includes replacement cost valuation issued by an insurer meeting the requirements
    of the related Mortgage Loan documents and having a claims-paying or financial strength rating of at least “A-:VIII”
    (for a JPMCB Mortgage Loan with a principal balance below $35 million) and “A:VIII” (for a JPMCB Mortgage Loan
    with a principal balance of $35 million or more) from A.M. Best Company or “A3” (or the equivalent) from Moody’s
    Investors Service, Inc. or “A-” from S&P Global Ratings (collectively the “Insurance Rating Requirements”),
    in an amount not less than the lesser of (1) the original principal balance of the JPMCB Mortgage Loan and (2) the full insurable
    value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the mortgagor
    and included in the Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less than the
    amount necessary or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with
    respect to the related Mortgaged Property.

    

    Each related Mortgaged Property is also covered, and required to be covered pursuant to the related Mortgage Loan documents,
    by business interruption or rental loss insurance which (i) covers a period beginning on the date of loss and continuing until
    the earlier to occur of restoration of the Mortgaged Property or the expiration of 12 months (or with respect to each JPMCB
    Mortgage Loan with a principal balance of $35 million or more, 18 months); 	18a	Review
    the insurance consultant report to determine if it shows that the Mortgaged Property is insured by a property insurance policy
    providing coverage for loss in accordance with coverage found under a “special cause of loss form” or “all-risk
    form” that includes replacement cost valuation issued by an insurer meeting the requirements of the Mortgage Loan Documents
    and the Insurance Rating Requirements, in an amount not less than the lesser of (1) the original principal balance of any
    JPMCB Mortgage Loan and (2) the full insurable value on a replacement cost basis of the improvements, furniture, furnishings,
    fixtures and equipment owned by the mortgagor and included in the Mortgaged Property (with no deduction for physical depreciation),
    but, in any event, not less than the amount necessary or containing such endorsements as are necessary to avoid the operation
    of any coinsurance provisions with respect to the Mortgaged Property. If so determined, it will be a Test pass.	Insurance
    Consultant Report
	18b	Review
    the Mortgage Loan Documents for provisions requiring the insurance coverage as stated in Test 18a above. If such provisions
    are found, it will be a Test pass.	Mortgage
    Loan Documents
	18c	Review
    the Mortgage Loan Documents for provisions requiring business interruption or rental loss insurance that (i) covers a period
    beginning on the date of loss and continuing until the earlier to occur of restoration of the Mortgaged Property or the expiration
    of 12 months (or with respect to a JPMCB Mortgage Loan with a principal balance of $35 million or more, 18 months); (ii) for
    a JPMCB Mortgage Loan with a principal balance of $50 million or more contains a 180-day “extended period of indemnity”;
    and (iii) covers the actual loss sustained (or in certain cases, an amount sufficient to cover the period set forth in clause
    (i) above) during restoration. If such 	Mortgage
    Loan Documents

 

    JJ-3-18

     

    

 

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    and Warranties	 	Test	Review
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	(ii)
        for a JPMCB Mortgage Loan with a principal balance of $50 million or more contains a 180-day “extended period of
        indemnity”; and (iii) covers the actual loss sustained (or in certain cases, an amount sufficient to cover the period
        set forth in (i) above) during restoration.

         

        If
        any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified
        in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, the related borrower
        is required to maintain insurance in the maximum amount available under the National Flood Insurance Program, plus such
        additional excess flood coverage in an amount as-is generally required by the Mortgage Loan Seller originating mortgage
        loans for securitization.

         

        If
        windstorm and/or windstorm related perils and/or “named storms” are excluded from the primary property damage
        insurance policy, the Mortgaged Property is insured by a separate windstorm insurance policy issued by an insurer meeting
        the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related perils and/or
        named storms, in an amount at least equal to 100% of the full insurable value on a replacement cost basis of the Improvements
        and personalty and fixtures owned by the mortgagor and included in the related Mortgaged Property by an insurer meeting
        the Insurance Rating Requirements.

         

        The
        Mortgaged Property is covered, and required to be covered pursuant to the related Mortgage Loan documents, by a commercial
        general liability insurance policy issued by an insurer meeting the Insurance Rating Requirements including broad-form
        coverage for property damage, contractual damage and

         
	 	provisions
    are found, it will be a Test pass.	 
	18d	Review
    the Mortgage Loan Documents to determine if any material part of the improvements, exclusive of a parking lot, located on
    a Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having
    special flood hazards, the related borrower is required to maintain insurance in the maximum amount available under the National
    Flood Insurance Program, plus such additional excess flood coverage in an amount as is generally required by the Mortgage
    Loan Seller originating Mortgage Loans for securitization. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	18e	Review
    the insurance consultant report to determine if windstorm and/or windstorm related perils and/or “named storms”
    are excluded from coverage. If so, review Diligence File to determine if the property is covered by a windstorm insurance
    policy covering damage from windstorm and/or windstorm related perils and/or “named storms” are excluded from
    the primary property damage insurance policy, which policy is issued by an insurer meeting the Insurance Rating Requirements
    or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms, in an amount at least equal
    to 100% of the full insurable value on a replacement cost basis of the Improvements and personalty and fixtures owned by the
    mortgagor and included in the related Mortgaged Property by an insurer meeting the Insurance Rating Requirements. If so determined
    with respect to each part of this Test, it will be a Test pass.	Insurance
    Consultant Report; Diligence File
	18f	Review
    the insurance consultant report dated before the Cut-off Date to determine if it covers the property and is issued by an insurer
    meeting the Insurance Rating Requirements including broad-form coverage	Insurance
    Consultant Report

 

    JJ-3-19

     

    

 

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    and Warranties	 	Test	Review
    Materials
	personal
        injury (including bodily injury and death) in amounts as are generally required by the Mortgage Loan Seller for loans
        originated for securitization, and in any event not less than $1 million per occurrence and $2 million in the aggregate.

         

        An
        architectural or engineering consultant has performed an analysis of each of the Mortgaged Properties located in seismic
        zones 3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing
        the probable maximum loss (“PML”) for the Mortgaged Property in the event of an earthquake. In such
        instance, the PML or equivalent was based on a 475-year return period, an exposure period of 50 years and a 10% probability
        of exceedance. If the resulting report concluded that the PML or equivalent would exceed 20% of the amount of the replacement
        costs of the improvements, earthquake insurance on such Mortgaged Property was obtained by an insurer rated at least “A:VIII”
        by A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-”
        by S&P Global Ratings in an amount not less than 100% of the PML or the equivalent.

         

        The
        Mortgage Loan documents require insurance proceeds in respect of a property loss to be applied either (a) to the repair
        or restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of
        the then-outstanding principal amount of the related JPMCB Mortgage Loan, the lender (or a trustee appointed by it) having
        the right to hold and disburse such proceeds as the repair or restoration progresses, or (b) to the payment of the outstanding
        principal balance of such JPMCB Mortgage Loan together with any accrued interest thereon.

         
	 	for
    property damage, contractual damage and personal injury (including bodily injury and death) in amounts as are generally required
    by any Mortgage Loan Seller for loans originated for securitization, and in any event not less than $1 million per occurrence
    and $2 million in the aggregate. If so determined, it will be a Test pass.	 
	18g	Review
    the property condition assessment to determine if the properties are located in a seismic zone 3 or 4. If such indication
    is found, review the seismic engineering study to determine if it has been performed by an architectural or engineering consultant,
    for the sole purpose of assessing the PML for the Mortgaged Property in the event of an earthquake, based on a 475-year return
    period, an exposure period of 50 years and a 10% probability of exceedance. If so determined, it will be a Test pass.	Property
    condition assessment; Seismic engineering study
	18h	Review
    the most recent seismic engineering study or Insurance Consultant Report to determine if the PML or equivalent would exceed
    20% of the amount of the replacement costs of the improvements, and if so, review to determine if earthquake insurance on
    such Mortgaged Property was obtained. If so determined, determine if the insurer is rated at least “A:VIII” by
    A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” by
    S&P Global Ratings. The insurance amount should be not less than 100% of the PML or the equivalent. If so determined,
    the ratings are adequate, and the insurance amount is not less than 100% of the PML or the equivalent, it will be a Test pass.	Seismic
    engineering study; Insurance Consultant Report
	18i	Review
    the Mortgage Loan Documents for provisions requiring that insurance proceeds in respect of a property loss be applied either
    (a) to the repair or restoration of all or part of the related Mortgaged 	Mortgage
    Loan Documents

 

    JJ-3-20

     

    

 

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    Materials
	All
        premiums on all insurance policies referred to in this section required to be paid as of the Cut-off Date have been paid,
        and such insurance policies name the lender under the JPMCB Mortgage Loan and its successors and assigns as a loss payee
        under a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or additional
        insured. Each related JPMCB Mortgage Loan obligates the related borrower to maintain all such insurance and, at such borrower’s
        failure to do so, authorizes the lender to maintain such insurance at the borrower’s cost and expense and to charge
        such borrower for related premiums. All such insurance policies (other than commercial liability policies) require at
        least 10 days’ prior notice to the lender of termination or cancellation arising because of nonpayment of a premium
        and at least 30 days’ prior notice to the lender of termination or cancellation (or such lesser period, not less
        than 10 days, as may be required by applicable law) arising for any reason other than non-payment of a premium and no
        such notice has been received by the Mortgage Loan Seller.

         
	 	Property,
    with respect to all property losses in excess of 5% of the then-outstanding principal amount of the JPMCB Mortgage Loan, the
    lender (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses,
    or (b) to the payment of the outstanding principal balance of such JPMCB Mortgage Loan together with any accrued interest
    thereon. If such provisions are found, it will be a Test pass.	 
	18j	Review
    the MS Servicer Notices for a notation or other indication that insurance premiums were not current as of the Cut-off Date.
    If no such a notation or other indication is found, it will be a Test pass.	MS
    Servicer Notices
	18k	Review
    the insurance consultant report to determine if the insurance policies name the lender under any JPMCB Mortgage Loan and its
    successors and assigns as a loss payee under a mortgagee endorsement clause or, in the case of the general liability insurance
    policy, as named or additional insured. If so determined, it will be a Test pass.	Insurance
    Consultant Report
	18l	Review
    the insurance consultant report to determine if the insurance will inure to the benefit of the trustee. If so determined,
    it will be a Test pass.	Insurance
    Consultant Report
	18m	Review
    the Mortgage Loan Documents to determine if any JPMCB Mortgage Loan obligates the borrower to maintain or caused to be maintained
    all such insurance and, at such borrower’s failure to do so, authorizes the lender to maintain such insurance at the
    borrower’s cost and expense and to charge such borrower for related premiums. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	18n	Review
    the insurance consultant report to determine if the insurance policies (other than commercial liability policies) require
    at least 10 days’ prior notice to the	Insurance
    Consultant Report

 

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    Materials
	 	 	lender
    of termination or cancellation arising because of nonpayment of a premium and at least 30 days’ prior notice to the
    lender of termination or cancellation (or such lesser period, not less than 10 days, as may be required by applicable law)
    arising for any reason other than non-payment of a premium. If so determined, it will be a Test pass.	 
	18o	Review
    the MS Servicer Notices for a notation or other indication that any notice described in Test 18n may have been received by
    the Mortgage Loan Seller. If such a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	19.   Access;
    Utilities; Separate Tax Lots. Each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal
    access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from
    a public road, (b) is served by or has uninhibited access rights to public or private water and sewer (or well and septic)
    and all required utilities, all of which are appropriate for the current use of the Mortgaged Property, and (c) constitutes
    one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject
    to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has
    been made to the applicable governing authority for creation of separate tax lots, in which case the JPMCB Mortgage Loan requires
    the borrower to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a
    part until the separate tax lots are created.	19a	Review
    the zoning report to determine if each Mortgaged Property is located on or adjacent to a public road and has direct legal
    access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from
    a public road. If so determined, it will be a Test pass.	Zoning
    report
	19b	Review
    the zoning report to determine if each Mortgaged Property is served by or has uninhibited access rights to public or private
    water and sewer (or well and septic) and all required utilities, all of which are appropriate for the current use of the Mortgaged
    Property. If so determined, it will be a Test pass.	Zoning
    report
	19c	Review
    the Title Policy to determine if each Mortgaged Property constitutes one or more separate tax parcels and do not include any
    property which is not part of the Mortgaged Property or is subject to an endorsement under the most recently dated Title Policy
    insuring the Mortgaged Property, or in certain cases, an application has been made to the applicable governing authority for
    creation of separate tax lots, in which case any JPMCB Mortgage Loan requires the borrower to escrow an amount sufficient
    to pay taxes for the existing tax parcel of which the Mortgaged 	Title
    Policy

 

    JJ-3-22

     

    

 

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    and Warranties	 	Test	Review
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	 	 	Property
    is a part until the separate tax lots are created. If so determined, it will be a Test pass.	 
	20.   No
    Encroachments. To the Mortgage Loan Seller’s knowledge and based solely on surveys obtained in connection with origination
    and the lender’s Title Policy (or, if such policy is not yet issued, a pro forma title policy, a preliminary title policy
    with escrow instructions or a “marked up” commitment) obtained in connection with the origination of each JPMCB
    Mortgage Loan, (a) all material improvements that were included for the purpose of determining the appraised value of the
    related Mortgaged Property at the time of the origination of such JPMCB Mortgage Loan are within the boundaries of the related
    Mortgaged Property, except encroachments that do not materially and adversely affect the value or current use of such Mortgaged
    Property, or are insured by applicable provisions of the Title Policy, (b) no improvements on adjoining parcels encroach onto
    the related Mortgaged Property except for encroachments that do not materially and adversely affect the value or current use
    of such Mortgaged Property, or are insured by applicable provisions of the Title Policy and (c) no improvements encroach upon
    any easements except for encroachments the removal of which would not materially and adversely affect the value or current
    use of such Mortgaged Property or are insured by applicable provisions of the Title Policy.	20a	Review
    the survey and Title Policy to determine if all material improvements that were included for the purpose of determining the
    appraised value of the Mortgaged Property at the time of the origination of such JPMCB Mortgage Loan are within the boundaries
    of the related Mortgaged Property, except encroachments that do not materially and adversely affect the value or current use
    of such Mortgaged Property, or are insured by applicable provisions of the most recently dated Title Policy. If so determined,
    it will be a Test pass.	Survey;
    Title Policy
	20b	Review
    the survey and Title Policy to determine if there exist improvements on adjoining parcels that encroach onto the Mortgaged
    Property that could materially and adversely affect the value or current use of such Mortgaged Property, which are not insured
    by applicable provisions of the most recently dated Title Policy. If not so determined, it will be a Test pass.	Survey;
    Title Policy
	20c	Review
    the survey or Title Policy to determine if there exist improvements that encroach upon any easements and the removal of such
    encroachments could materially and adversely affect the value or current use of such Mortgaged Property and are not insured
    by applicable provisions of the most recently dated Title Policy. If not so determined, it will be a Test pass.	Survey;
    Title Policy
	21.    No
    Contingent Interest or Equity Participation. No JPMCB Mortgage Loan has a shared appreciation feature, any other contingent
    interest feature or a negative amortization feature (except that an ARD Loan may provide for the accrual of the portion of
    interest in excess of the rate in effect prior to the Anticipated Repayment Date), any other contingent interest feature or
    a negative amortization feature or an 	21	Review
    the Mortgage Loan Documents for any shared appreciation feature, any other contingent interest feature or a negative amortization
    feature (except that an ARD Loan may provide for the accrual of the portion of interest in excess of the rate in effect prior
    to the Anticipated Repayment Date), any other contingent interest feature or a negative amortization feature or an equity
    participation provision. If no such 	Mortgage
    Loan Documents

 

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    Materials
	equity
    participation by the Mortgage Loan Seller.	 	provision
    or feature found with respect to each part of this Test, it will be a Test pass.	 
	22.   REMIC.
    The JPMCB Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but determined
    without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats certain defective mortgage loans as
    qualified mortgages), and, accordingly, (A) the issue price of the JPMCB Mortgage Loan to the related borrower at origination
    did not exceed the non-contingent principal amount of the JPMCB Mortgage Loan and (B) either: (a) such JPMCB Mortgage Loan
    or Whole Loan is secured by an interest in real property (including permanently affixed buildings and structural components,
    such as wiring, plumbing systems and central heating and air-conditioning systems, that are integrated into such buildings,
    serve such buildings in their passive functions and do not produce or contribute to the production of income other than consideration
    for the use or occupancy of space, but excluding personal property) having a fair market value (i) at the date the JPMCB Mortgage
    Loan or Whole Loan was originated at least equal to 80% of the adjusted issue price of the JPMCB Mortgage Loan or Whole Loan
    on such date or (ii) at the Closing Date at least equal to 80% of the adjusted issue price of the JPMCB Mortgage Loan or Whole
    Loan on such date, provided that for purposes hereof, the fair market value of the real property interest must first be reduced
    by (1) the amount of any lien on the real property interest that is senior to the JPMCB Mortgage Loan and (2) a proportionate
    amount of any lien that is in parity with the JPMCB Mortgage Loan; or (b) substantially all of the proceeds of such JPMCB
    Mortgage Loan were used to acquire, improve or protect the real property which served as the only 	22a	Review
    the origination settlement statement and Mortgage Note to determine if the proceeds advanced by the lender did not exceed
    the stated principal amount of the Mortgage Note. If so determined, it will be a Test pass.	Origination
    settlement statement; Mortgage Note
	22b	Review
    the most recent appraisal and Mortgage Loan Documents to determine if (a) the JPMCB Mortgage Loan or Whole Loan is secured
    by an interest in real property (including permanently affixed buildings and structural components, such as wiring, plumbing
    systems and central heating and air-conditioning systems, that are integrated into such buildings, serve such buildings in
    their passive functions and do not produce or contribute to the production of income other than consideration for the use
    or occupancy of space, but excluding personal property) having a fair market value (i) at the date such JPMCB Mortgage Loan
    or Whole Loan was originated at least equal to 80% of the initial principal amount of any JPMCB Mortgage Loan or Whole Loan
    on such date or (ii) at the Closing Date at least equal to 80% of the outstanding principal amount of the JPMCB Mortgage Loan
    or Whole Loan on such date, provided that for purposes of clauses (i) and (ii) above, the fair market value of the real property
    interest must first be reduced by (A) the amount of any lien on the real property interest that is senior to such JPMCB Mortgage
    Loan and (B) a proportionate amount of any lien that is in parity with such JPMCB Mortgage Loan or (b) substantially all of
    the proceeds of such JPMCB Mortgage Loan were used to acquire, improve or protect the real property which served as the only
    security for such JPMCB Mortgage Loan (other than a recourse feature or other third-party credit 	Appraisal;
    Mortgage Loan Documents

 

    JJ-3-24

     

    

 

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    and Warranties	 	Test	Review
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	security
    for such JPMCB Mortgage Loan (other than a recourse feature or other third-party credit enhancement within the meaning of
    Treasury Regulations Section 1.860G-2(a)(1)(ii)). If the JPMCB Mortgage Loan or Whole Loan was “significantly modified”
    prior to the Closing Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified
    as a result of the default or reasonably foreseeable default of such JPMCB Mortgage Loan or Whole Loan or (y) satisfies the
    provisions of either sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date the JPMCB
    Mortgage Loan or Whole Loan was originated) or sub-clause (B)(a)(ii), including the proviso thereto. For purposes of the preceding
    sentence, a JPMCB Mortgage Loan will not be considered “significantly modified” solely by reason of the borrower
    having been granted a COVID-19 related forbearance provided that: (a) such JPMCB Mortgage Loan forbearance is covered by Revenue
    Procedure 2020-26 by reason of satisfying the requirements for such coverage stated in Section 5.02(2) of Revenue Procedure
    2020-26; and (b) JPMCB identifies such JPMCB Mortgage Loan and provides (x) the date on which such forbearance was granted,
    (y) the length in months of the forbearance, and (z) how the payments in forbearance will be paid (that is, by extension of
    maturity, change of amortization schedule, etc.) Any prepayment premium and yield maintenance charges applicable to the JPMCB
    Mortgage Loan or Whole Loan constitute “customary prepayment penalties” within the meaning of Treasury Regulations
    Section 1.860G-(b)(2). All terms used in this paragraph will have the same meanings as set forth in the related Treasury Regulations.	 	enhancement
    within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)). If so determined, it will be a Test pass.	 
	22c	Review
    the MS Servicer Notices for an indication or other notation that the Loan was modified prior to the Closing Date, and if so,
    if the modification was made as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified
    as a result of the default or reasonably foreseeable default of such JPMCB Mortgage Loan or (y) satisfies the provisions of
    either sub-clause (B)(i) in the first sentence of representation and warranty 22 (substituting the date of the last such modification
    for the date any JPMCB Mortgage Loan was originated) or sub-clause (B)(ii) in the first sentence of representation and warranty
    22, including the proviso thereto. For purposes of the preceding sentence, a JPMCB Mortgage Loan will not be considered “significantly
    modified” solely by reason of the borrower having been granted a COVID-19 related forbearance provided that: (a) such
    JPMCB Mortgage Loan forbearance is covered by Revenue Procedure 2020-26 by reason of satisfying the requirements for such
    coverage stated in Section 5.02(2) of Revenue Procedure 2020-26; and (b) JPMCB identifies such JPMCB Mortgage Loan and provides
    (x) the date on which such forbearance was granted, (y) the length in months of the forbearance, and (z) how the payments
    in forbearance will be paid (that is, by extension of maturity, change of amortization schedule, etc.) If there were any such
    modifications, and such a notation or other indication is found, it will be a Test pass.	MS
    Servicer Notices
	22d	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion to the effect that the prepayment premium
    and yield maintenance charges applicable to any JPMCB Mortgage Loan do 	MS
    Servicer Notices

 

    JJ-3-25

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	 	 	not
    constitute “customary prepayment penalties”. If such a notation or other indication is not found, it will be a
    Test pass.	 
	23.   Compliance.
    The terms of the Mortgage Loan documents evidencing such JPMCB Mortgage Loan, comply in all material respects with all applicable
    local, state and federal laws and regulations, and the Mortgage Loan Seller has complied with all material requirements pertaining
    to the origination of the JPMCB Mortgage Loans, including but not limited to, usury and any and all other material requirements
    of any federal, state or local law to the extent non-compliance would have a material adverse effect on the JPMCB Mortgage
    Loan.	23a	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion to the effect that the terms of the JPMCB
    Mortgage Loan do not comply with applicable local, state, and federal laws in any material respect. If such a notation or
    other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	23b	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion to the effect that any material requirements
    pertaining to the origination of any JPMCB Mortgage Loan, including but not limited to, usury and any and all other material
    requirements of any federal, state or local law have not been complied with. If such a notation or other indication is not
    found, it will be a Test pass.	MS
    Servicer Notices
	23c	Review
    the Loan Agreement to determine if it provides that the JPMCB Mortgage Loan complied with usury laws. If so determined, it
    will be a Test pass.	Loan
    Agreement
	24.    Authorized
    to do Business. To the extent required under applicable law, as of the Closing Date or as of the date that such entity
    held the Mortgage Note, each holder of the Mortgage Note was authorized to transact and do business in the jurisdiction in
    which each related Mortgaged Property is located, or the failure to be so authorized does not materially and adversely affect
    the enforceability of such JPMCB Mortgage Loan.	24	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion that as of the date that the Mortgage
    Loan Seller or any prior lender held the Mortgage Note, each such holder of the Mortgage Note was not authorized to transact
    or do business in the jurisdiction in which each Mortgaged Property is located. If such a notation or other indication is
    found, determine whether the failure to be so authorized could not materially and adversely affect the enforceability of such
    JPMCB Mortgage Loan. If so determined, it will be a Test pass.	MS
    Servicer Notices
	25.   Trustee
    under Deed of Trust. With respect to each Mortgage which is a deed of trust, a trustee, duly	25a	Review
    the Mortgage Loan Documents to determine if a trustee is appointed. If so determined, it will be a	Mortgage
    Loan Documents

 

    JJ-3-26

     

    

 

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    and Warranties	 	Test	Review
    Materials
	qualified
    under applicable law to serve as such, currently so serves and is named in the deed of trust or has been substituted in accordance
    with the Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable law by the related
    mortgagee, and except in connection with a trustee’s sale after a default by the related borrower or in connection with
    any full or partial release of the related Mortgaged Property or related security for such JPMCB Mortgage Loan, no fees are
    payable to such trustee except for reasonable fees paid by the borrower.	 	Test
    pass.	 
	25b	Review
    the Mortgage Loan Documents for an indication that, except in connection with a trustee’s sale after a default by the
    borrower or in connection with any full or partial release of the Mortgaged Property or related security for such JPMCB Mortgage
    Loan, no fees are payable to such trustee except for reasonable fees paid by the borrower. If so determined, it will be a
    Test pass.	Mortgage
    Loan Documents
	26.    Local
    Law Compliance. To the Mortgage Loan Seller’s knowledge, based solely upon any of a letter from any governmental
    authorities, a legal opinion, an architect’s letter, a zoning consultant’s report, an endorsement to the related
    Title Policy, or other affirmative investigation of local law compliance consistent with the investigation conducted by the
    Mortgage Loan Seller for similar commercial and multifamily mortgage loans intended for securitization, the improvements located
    on or forming part of each Mortgaged Property securing a JPMCB Mortgage Loan are in material compliance with applicable laws,
    zoning ordinances, rules, covenants, and restrictions (collectively “Zoning Regulations”) governing the occupancy,
    use, and operation of such Mortgaged Property or constitute a legal non-conforming use or structure and any non-conformity
    with zoning laws constitutes a legal non-conforming use or structure which does not materially and adversely affect the use
    or operation of such Mortgaged Property. In the event of casualty or destruction, (a) the Mortgaged Property may be restored
    or repaired to the extent necessary to maintain the use of the structure immediately prior to such casualty or destruction,
    (b) law and ordinance 	26a	Review
    the zoning report to determine if the improvements located on or forming part of each Mortgaged Property securing a JPMCB
    Mortgage Loan are in material compliance with applicable Zoning Regulations governing the occupancy, use, and operation of
    such Mortgaged Property or constitute a legal non-conforming use or structure. If so determined, it will be a Test pass.	Zoning
    report
	26b	Review
    the zoning report to determine if any non-conformity with zoning laws constitutes a legal non-conforming use or structure
    which does not materially and adversely affect the use or operation of such Mortgaged Property. If so determined, it will
    be a Test pass.	Zoning
    report
	26c	Review
    the Mortgage Loan Documents for provisions to the effect that, in the event of casualty or destruction, the Mortgaged Property
    may be restored or repaired to the extent necessary to maintain the use of the structure immediately prior to such casualty
    or destruction. If such provisions are found, it will be a Test pass.	Mortgage
    Loan Documents
	26d	If
    the zoning report indicates that all or any part of the Mortgaged Property do not comply with zoning laws,	Zoning
    report; Insurance Consultant Report

 

    JJ-3-27

     

    

 

	Representations
    and Warranties	 	Test	Review
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	insurance
    coverage has been obtained for the Mortgaged Property in amounts customarily required by the Mortgage Loan Seller for loans
    originated for securitization that provides coverage for additional costs to rebuild and/or repair the property to current
    Zoning Regulations, (c) the inability to restore the Mortgaged Property to the full extent of the use or structure immediately
    prior to the casualty would not materially and adversely affect the use or operation of such Mortgaged Property, or (d) title
    insurance coverage has been obtained for such nonconformity.	 	review
    the insurance consultant report to determine if law and ordinance coverage was obtained prior to the Closing Date that provides
    coverage for additional costs to rebuild and/or repair the property to current Zoning Regulations. If not so determined, review
    the Title Policy to determine if it insures over such nonconformity. If so determined, it will be a Test pass.	 
	27.    Licenses
    and Permits. Each borrower covenants in the Mortgage Loan documents that it will keep all material licenses, permits,
    franchises, certificates of occupancy, consents, and other approvals necessary for the operation of the Mortgaged Property
    in full force and effect, and to the Mortgage Loan Seller’s knowledge based upon any of a letter from any government
    authorities or other affirmative investigation of local law compliance consistent with the investigation conducted by the
    Mortgage Loan Seller for similar commercial and multifamily mortgage loans intended for securitization; all such material
    licenses, permits, franchises, certificates of occupancy, consents, and other approvals are in effect or the failure to obtain
    or maintain such material licenses, permits, franchises or certificates of occupancy does not materially and adversely affect
    the use and/or operation of the Mortgaged Property as it was used and operated as of the date of origination of the JPMCB
    Mortgage Loan or the rights of a holder of the related JPMCB Mortgage Loan. The JPMCB Mortgage Loan requires the related borrower
    to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located and for the borrower
    and the Mortgaged Property to be in compliance in all material respects with all 	27a	Review
    the Mortgage Loan Documents to determine if the borrower has covenanted to keep all material licenses, permits, franchises,
    certificates of occupancy, consents, and other approvals necessary for the operation of the Mortgaged Property in full force
    and effect. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	27b	Review
    the Mortgage Loan Documents and the MS Servicer Notices for a notation or other indication that (a) the Mortgage Loan Seller
    had knowledge that any licenses, permits, franchises, certificates of occupancy, consents, or other approvals necessary for
    the operation of the Mortgaged Property are not in effect, and (b) the failure to obtain or maintain such material licenses,
    permits, franchises or certificates of occupancy could materially and adversely affect the use and/or operation of the Mortgaged
    Property as it was used and operated as of the date of origination. If such a notation or other indication is not found, it
    will be a Test pass.	Mortgage
    Loan Documents; MS Servicer Notices
	27c	Review
    the Mortgage Loan Documents for provisions requiring the borrower to be qualified to do business in the jurisdiction in which
    the Mortgaged Property is located, and in compliance in all material respects with all regulations, zoning and building laws.
    If such 	Mortgage
    Loan Documents

 

    Exhibit JJ-3-28

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials

	regulations,
    zoning and building laws.	 	provisions
    are found, it will be a Test pass.	 
	28.   Recourse
    Obligations. The Mortgage Loan documents for each JPMCB Mortgage Loan provide that such JPMCB Mortgage Loan (a) becomes
    full recourse to the borrower and guarantor (which is a natural person or persons, or an entity distinct from the borrower
    (but may be affiliated with the borrower) that has assets other than equity in the related Mortgaged Property that are not
    de minimis) in any of the following events: (i) if any petition for bankruptcy, insolvency, dissolution or liquidation pursuant
    to federal bankruptcy law, or any similar federal or state law, will be filed by, consented to, or acquiesced in by, the borrower;
    (ii) borrower or guarantor will have colluded with other creditors to cause an involuntary bankruptcy filing with respect
    to the borrower or (iii) transfers of either the Mortgaged Property or equity interests in borrower made in violation of the
    Mortgage Loan documents; and (b) contains provisions providing for recourse against the borrower and guarantor (which is a
    natural person or persons, or an entity distinct from the borrower (but may be affiliated with the borrower) that has assets
    other than equity in the related Mortgaged Property that are not de minimis), for losses and damages sustained in the case
    of (i) (A) misapplication, misappropriation or conversion of insurance proceeds or condemnation awards or of rents following
    an event of default, or (B) any security deposits not delivered to lender upon foreclosure or action in lieu thereof (except
    to the extent applied in accordance with leases prior to a Mortgage Loan event of default); (ii) the borrower’s fraud
    or intentional misrepresentation; (iii) willful misconduct by the borrower or guarantor; (iv) breaches of the environmental
    covenants in the Mortgage Loan documents; or (v) commission of material physical waste at the Mortgaged Property, 	28a	Review
    the Mortgage Loan Documents for provisions permitting full recourse to the borrower and guarantor in connection with the events
    or circumstances set forth in clauses (a)(i) through (a)(iii) of representation and warranty 28. If such provisions are found,
    it will be a Test pass.	Mortgage
    Loan Documents
	28b	Review
    the Mortgage Loan Documents to determine if there exist provisions permitting recourse against the borrower and guarantor
    in connection with the events or circumstances set forth in clauses (b)(i) through (b)(v) of representation and warranty 28.
    If so determined, it will be a Test pass.	Mortgage
    Loan Documents

 

    JJ-3-29

     

    

 

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    and Warranties	 	Test	Review
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	which
    may, with respect to this clause (v), in certain instances, be limited to the extent there is sufficient cash flow generated
    by the related Mortgaged Property to prevent such waste or acts or omissions of the related borrower, guarantor, property
    manager or their affiliates, employees or agents.	 	 	 
	29.   Mortgage
    Releases. The terms of the related Mortgage or related Mortgage Loan documents do not provide for release of any material
    portion of the Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied by principal repayment,
    or partial defeasance (as defined in representation and warranty 34 below), in each case, of not less than a specified percentage
    at least equal to 115% of the related allocated loan amount of such portion of the Mortgaged Property, (b) upon payment in
    full of such JPMCB Mortgage Loan, (c) upon a Defeasance (as defined in representation and warranty 34), (d) releases of out-parcels
    that are unimproved or other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten
    value of the Mortgaged Property and which were not afforded any material value in the appraisal obtained at the origination
    of the JPMCB Mortgage Loan and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements,
    or (e) as required pursuant to an order of condemnation. With respect to any partial release (including in connection with
    any partial Defeasance) under the preceding clauses (a) or (d), either: (x) such release of collateral (i) would not constitute
    a “significant modification” of the subject JPMCB Mortgage Loan within the meaning of Treasury Regulations Section
    1.860G-2(b)(2) and (ii) would not cause the subject JPMCB Mortgage Loan to fail to be a “qualified mortgage” within
    the meaning of Section 860G(a)(3)(A) of the Code; or (y) the mortgagee or  	29a	Review
                                         the Mortgage Loan Documents to determine if the only conditions under which a property
                                         may be released during the life of the loan are as set forth in clauses (a) through (e)
                                         of the first sentence of representation and warranty 29. If so determined, it will be
                                         a Test pass.

         
	Mortgage
    Loan Documents
	29b	Review
    the Mortgage Loan Documents to determine if any partial release described in clauses (a) or (d) of the first sentence of representation
    and warranty 29 (i) for JPMCB Mortgage Loans originated on or before December 6, 2010, is pursuant to a unilateral option
    of the borrower within the meaning of Treasury Regulations Section 1.1001-3 or (ii) for JPMCB Mortgage Loans originated after
    December 6, 2010, is prohibited if the ratio of the value of the remaining Mortgaged Property to the outstanding principal
    amount of the JPMCB Mortgage Loan or Whole Loan, as applicable, is less than 80% (based solely on the value of the real property
    securing such JPMCB Mortgage Loan) without a “qualified paydown” as such term is defined in Revenue Procedure
    2010-30. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	29c	Review
    the Mortgage Loan Documents to determine if there are provisions that provide that, for any JPMCB Mortgage Loan originated
    after December 6, 2010, in the event of a taking of any portion of a Mortgaged Property by a State or any political subdivision
    or authority thereof, whether by legal proceeding or by 	Mortgage
    Loan Documents

 

    JJ-3-30

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	servicer
    can, in accordance with the related Mortgage Loan documents, condition such release of collateral on the related borrower’s
    delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (x). For purposes of the
    preceding clause (x), for any JPMCB Mortgage Loan originated after December 6, 2010, if the fair market value of the real
    property constituting such Mortgaged Property (reduced by (1) the amount of any lien on the real property that is senior to
    the JPMCB Mortgage Loan and (2) a proportionate amount of any lien on the real property that is in parity with the lien of
    the JPMCB Mortgage Loan) after the release is not equal to at least 80% of the principal balance of the JPMCB Mortgage Loan
    or Whole Loan outstanding after the release, the borrower is required to make a payment of principal in an amount not less
    than the amount required by the REMIC provisions.

    

    In the case of any JPMCB Mortgage Loan originated after December 6, 2010, in the event of a taking of any portion of a Mortgaged
    Property by a State or any political subdivision or authority thereof, whether by legal proceeding or by agreement, the borrower
    can be required to pay down the principal balance of the JPMCB Mortgage Loan or Whole Loan in an amount not less than the
    amount required by the REMIC provisions and, to such extent, such amount may not be required to be applied to the restoration
    of the Mortgaged Property or released to the borrower, if, immediately after the release of such portion of the Mortgaged
    Property from the lien of the Mortgage (but taking into account the planned restoration) the fair market value of the real
    property constituting the remaining Mortgaged Property (reduced by (1) the amount of any lien on the real property that is
    senior to the JPMCB Mortgage Loan and (2) a proportionate amount of any lien on the real property that is in parity	 	agreement,
    the borrower can be required to pay down the principal balance of the JPMCB Mortgage Loan or Whole Loan in an amount not less
    than the amount required by the REMIC Provisions and, to such extent, may not be required to be applied to the restoration
    of the Mortgaged Property or released to the borrower, if, immediately after the release of such portion of the Mortgaged
    Property from the lien of the Mortgage (but taking into account the planned restoration) the fair market value of the real
    property constituting the remaining Mortgaged Property (reduced by (1) the amount of any lien on the real property that is
    senior to the JPMCB Mortgage Loan and (2) a proportionate amount of any lien on the real property that is in parity with the
    lien of the JPMCB Mortgage Loan) is not equal to at least 80% of the remaining principal balance of the Mortgage Loan or Whole
    Loan. If so determined, it will be a Test pass.	 
	29d	Review
    the Mortgage Loan Documents to determine if, for any JPMCB Mortgage Loan originated after December 6, 2010 and is secured
    by more than one Mortgaged Property or that is cross-collateralized with another JPMCB Mortgage Loan, the JPMCB Mortgage Loan
    does not permit the release of cross-collateralization of the related Mortgaged Properties or a portion thereof, including
    due to a partial condemnation, if the ratio of the value of the remaining Mortgaged Property to the outstanding principal
    amount of the JPMCB Mortgage Loan or Whole Loan, as applicable, is less than 80% (based solely on the value of the real property
    securing such JPMCB Mortgage Loan) without a “qualified paydown” as such term is defined in Revenue Procedure
    2010-30. If so determined, it will be a Test pass.	Mortgage
    Loan Documents

 

    JJ-3-31

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	with
    the lien of the JPMCB Mortgage Loan) is not equal to at least 80% of the remaining principal balance of the JPMCB Mortgage
    Loan or Whole Loan.

    

    In the case of any JPMCB Mortgage Loan originated after December 6, 2010, no such JPMCB Mortgage Loan that is secured by more
    than one Mortgaged Property or that is cross-collateralized with another JPMCB Mortgage Loan permits the release of cross-collateralization
    of the related Mortgaged Properties or a portion thereof, including due to a partial condemnation, other than in compliance
    with the loan-to-value ratio and other requirements of the REMIC provisions.	 	 	 
	30.   Financial
    Reporting and Rent Rolls. Each Mortgage requires the borrower to provide the owner or holder of the Mortgage with quarterly
    (other than for single-tenant properties) and annual operating statements, and quarterly (other than for single-tenant properties)
    rent rolls for properties that have leases contributing more than 5% of the in-place base rent and annual financial statements,
    which annual financial statements (i) with respect to each JPMCB Mortgage Loan with more than one borrower are in the form
    of an annual combined balance sheet of the borrower entities (and no other entities), together with the related combined statements
    of operations, members’ capital and cash flows, including a combining balance sheet and statement of income for the
    Mortgaged Properties on a combined basis and (ii) for each JPMCB Mortgage Loan with an original principal balance greater
    than $50 million will be audited by an independent certified public accountant upon the request of the owner or holder of
    the Mortgage.	30a	Review
    the Mortgage Loan Documents to determine if they require the borrower to provide the owner or holder of the Mortgage with
    quarterly (other than for single-tenant properties) and annual operating statements. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	30b	Review
    the Mortgage Loan Documents to determine if they require the borrower to provide the owner or holder of the Mortgage with
    quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing more than 5% of
    the in-place base rent. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	30c	Review
    the Mortgage Loan Documents to determine if there is more than one borrower with respect to the JPMCB Mortgage Loan, and if
    so determined, review to determine if the annual financial statements for each are required to be in the form of an annual
    combined balance sheet of the borrower entities (and no other entities), together with the related combined statements of
    operations, members’ capital and cash flows, including a combining balance sheet and statement of income for the Mortgaged
    Properties on a 	Mortgage
    Loan Documents

 

    JJ-3-32

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	 	 	combined
    basis. If so determined with respect to each part of this Test, it will be a Test pass.	 
	30d	Review
    the Mortgage Loan Documents to determine if the original principal balance was greater than $50 million, and if so, review
    the Mortgage Loan Documents to determine if the annual financial statements are required to be audited by an independent certified
    public accountant upon the request of the owner or holder of the Mortgage. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	31.  Acts
    of Terrorism Exclusion. With respect to each JPMCB Mortgage Loan over $20 million, the related special-form all-risk insurance
    policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically
    exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance
    Program Reauthorization Act of 2019 (collectively referred to as “TRIA”), from coverage, or if such coverage is
    excluded, it is covered by a separate terrorism insurance policy. With respect to each other JPMCB Mortgage Loan, the related
    special all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements)
    did not, as of the date of origination of the JPMCB Mortgage Loan, and, to the Mortgage Loan Seller’s knowledge, do
    not, as of the Cut-off Date, specifically exclude Acts of Terrorism, as defined in TRIA, from coverage, or if such coverage
    is excluded, it is covered by a separate terrorism insurance policy. With respect to each JPMCB Mortgage Loan, the related
    Mortgage Loan documents do not expressly waive or prohibit the mortgagee from requiring coverage for Acts of Terrorism, as
    defined in TRIA, or damages related thereto, except to the extent that any right to require 	31a	Review
    the Mortgage Loan Documents to determine if the original principal balance was greater than $20 million. If so determined,
    review the related special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the
    Insurance Rating Requirements) to determine if they do not specifically exclude acts of terrorism from coverage, or if they
    do, there exists in the Diligence File a separate terrorism insurance policy related to the Mortgaged Property. If so determined,
    it will be a Test pass.	Mortgage
    Loan Documents; Insurance Policies; Diligence File
	31b	Review
    the Mortgage Loan Documents to determine if the original principal balance was $20 million or less at origination. If so,
    review the related special all-risk insurance policy and business interruption policy to determine if they do not, as of the
    date of origination of the JPMCB Mortgage Loan, specifically exclude acts of terrorism, from coverage, or if such coverage
    is excluded, it is covered by a separate terrorism insurance policy. If so determined with respect to each part of this Test,
    it will be a Test pass.	Mortgage
    Loan Documents; Insurance Policy
	31c	Review
    the insurance policy to determine if, as of the Cut-off Date, the related special all-risk insurance policy and business interruption
    policy specifically excluded acts of terrorism from coverage, and if such 	Mortgage
    Loan Documents; Insurance Policy

 

    JJ-3-33

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	such
    coverage may be limited by availability on commercially reasonable terms.	 	coverage
    is excluded, the related Mortgaged Property was not covered by a separate terrorism insurance policy. If not so determined,
    it will be a Test pass	 
	31d	Review
    the Mortgage Loan Documents to determine if they expressly waive or prohibit the mortgagee from requiring coverage for acts
    of terrorism, or damages related thereto, except to the extent that any right to require such coverage may be limited by availability
    on commercially reasonable terms. If not so determined, it will be a Test pass.	Mortgage
    Loan Documents
	32.   Due
    on Sale or Encumbrance. Subject to specific exceptions set forth below, each JPMCB Mortgage Loan contains a “due-on-sale”
    or other such provision for the acceleration of the payment of the unpaid principal balance of such JPMCB Mortgage Loan if,
    without the consent of the holder of the Mortgage and/or complying with the requirements of the related Mortgage Loan documents
    (which provide for transfers without the consent of the lender which are customarily acceptable to the Mortgage Loan Seller
    lending on the security of property comparable to the related Mortgaged Property, such as transfers of worn-out or obsolete
    furnishings, fixtures, or equipment promptly replaced with property of equivalent value and functionality and transfers by
    leases entered into in accordance with the Mortgage Loan documents), (a) the related Mortgaged Property, or any controlling
    equity interest in the related borrower, is directly or indirectly pledged, transferred or sold, other than as related to
    (i) family and estate planning transfers or transfers upon death or legal incapacity, (ii) transfers to certain affiliates
    as defined in the related Mortgage Loan documents, (iii) transfers of less than a controlling interest in a borrower, (iv)
    transfers to another holder of direct or indirect equity in the borrower, a specific Person designated in the related 	32a	Review
    the Mortgage Loan Documents to determine if there are “due-on-sale” or other such provisions for the acceleration
    of the payment of the unpaid principal balance of such JPMCB Mortgage Loan in the circumstances described in the first sentence
    of representation and warranty 32. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	32b	Review
    the Mortgage Loan Documents to determine if there are provisions that require that if Rating Agency fees are incurred in connection
    with the review of and consent to any transfer or encumbrance, the borrower is responsible for such payment along with all
    other reasonable fees and expenses incurred by the mortgagee relative to such transfer or encumbrance. If so determined, it
    will be a Test pass.	Mortgage
    Loan Documents

 

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	Mortgage
    Loan documents or a Person satisfying specific criteria identified in the related Mortgage Loan documents, (v) transfers of
    common stock in publicly traded companies, (vi) a substitution or release of collateral within the parameters of paragraphs
    29 and 34, or (vii) by reason of any mezzanine debt that existed at the origination of the related JPMCB Mortgage Loan, or
    future permitted mezzanine debt or (b) the related Mortgaged Property is encumbered with a subordinate lien or security interest
    against the related Mortgaged Property, other than (i) any companion interest of any JPMCB Mortgage Loan or any subordinate
    debt that existed at origination and is permitted under the related Mortgage Loan documents, (ii) purchase money security
    interests, (iii) any JPMCB Mortgage Loan that is cross-collateralized and cross-defaulted with another JPMCB Mortgage Loan
    or (iv) Permitted Encumbrances. The Mortgage or other Mortgage Loan documents provide that to the extent any Rating Agency
    fees are incurred in connection with the review of and consent to any transfer or encumbrance, the borrower is responsible
    for such payment along with all other reasonable fees and expenses incurred by the mortgagee relative to such transfer or
    encumbrance.	 	 	 
	33.    Single-Purpose
    Entity. Each JPMCB Mortgage Loan requires the borrower to be a Single-Purpose Entity for at least as long as the JPMCB
    Mortgage Loan is outstanding. Both the Mortgage Loan documents and the organizational documents of the borrower with respect
    to each JPMCB Mortgage Loan with a Cut-off Date Balance in excess of $5 million provide that the borrower is a Single-Purpose
    Entity, and each JPMCB Mortgage Loan with a Cut-off Date Balance of $20 million or more has a counsel’s opinion regarding
    	33a	Review
    the Mortgage Loan Documents to determine if they require the borrower to be a Single-Purpose Entity (as defined in representation
    and warranty 33) for at least as long as any JPMCB Mortgage Loan is outstanding. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	33b	Examine
    the JPMCB Mortgage Loan Purchase Agreement or the PSA for the Cut-off Date Balance of the JPMCB Mortgage Loan. If the JPMCB
    Mortgage Loan had a Cut-off Date Balance in excess of $5 million, review the Mortgage Loan Documents and 	Mortgage
    Loan Documents; JPMCB Mortgage Loan Purchase Agreement; PSA; Borrower’s organizational documents

 

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	non-consolidation
    of the borrower. For this purpose, a “Single-Purpose Entity” will mean an entity, other than an individual, whose
    organizational documents (or if the JPMCB Mortgage Loan has a Cut-off Date Balance equal to $5 million or less, its organizational
    documents or the related Mortgage Loan documents) provide substantially to the effect that it was formed or organized solely
    for the purpose of owning and operating one or more of the Mortgaged Properties securing the JPMCB Mortgage Loans and prohibit
    it from engaging in any business unrelated to such Mortgaged Property or Properties, and whose organizational documents further
    provide, or which entity represented in the related Mortgage Loan documents, substantially to the effect that it does not
    have any assets other than those related to its interest in and operation of such Mortgaged Property or Properties, or any
    indebtedness other than as permitted by the related Mortgage(s) or the other related Mortgage Loan documents, that it has
    its own books and records and accounts separate and apart from those of any other person (other than a borrower for a JPMCB
    Mortgage Loan that is cross-collateralized and cross-defaulted with the related JPMCB Mortgage Loan), and that it holds itself
    out as a legal entity, separate and apart from any other person or entity.	 	the
    borrower’s organizational documents to determine if they require that the borrower is a Single-Purpose Entity and that
    the borrower’s organization documents show as such. If so determined, it will be a Test pass.	 
	33c	Review
    the JPMCB Mortgage Loan Purchase Agreement or the PSA for Closing Date balances, and with respect to JPMCB Mortgage Loans
    with a Cut-off Date Balance of $20 million, review the Borrower’s Counsel Opinion for an opinion regarding non-consolidation
    of the borrower. If such an opinion is found, it will be a Test pass.	JPMCB
    Mortgage Loan Purchase Agreement; PSA; Borrower’s Counsel Opinion
	34.   Defeasance.
    With respect to any JPMCB Mortgage Loan that, pursuant to the Mortgage Loan documents, can be defeased (a “Defeasance”),
    (i) the Mortgage Loan documents provide for Defeasance as a unilateral right of the borrower, subject to satisfaction of conditions
    specified in the Mortgage Loan documents; (ii) the JPMCB Mortgage Loan cannot be defeased within two years after the Closing
    Date; (iii) the borrower is permitted to pledge only United States “government securities” within the meaning
    of Treasury Regulations Section 1.860G-2(a)(8)(ii), the 	34	Review
    the Mortgage Loan Documents to determine if there are provisions allowing the JPMCB Mortgage Loan to be defeased, and if so,
    whether such Mortgage Loan Documents contain the provisions described in clauses (i) through (viii) of representation and
    warranty 34. If so determined, it will be a Test pass.	Mortgage
    Loan Documents

 

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	revenues
    from which will, in the case of a full Defeasance, be sufficient to make all scheduled payments under the JPMCB Mortgage Loan
    when due, including the entire remaining principal balance on (A) the maturity date, (B) on or after the first date on which
    payment may be made without payment of a yield maintenance charge or prepayment penalty; or (C) if the JPMCB Mortgage Loan
    is an ARD Loan, the entire principal balance outstanding on the related Anticipated Repayment Date, and if the JPMCB Mortgage
    Loan permits partial releases of real property in connection with partial Defeasance, the revenues from the collateral will
    be sufficient to pay all such scheduled payments calculated on a principal amount equal to a specified percentage at least
    equal to 115% of the allocated loan amount for the real property to be released; (iv) the defeasance collateral is not permitted
    to be subject to prepayment, call, or early redemption; (v) the borrower is required to provide a certification from an independent
    certified public accountant that the collateral is sufficient to make all scheduled payments under the Mortgage Note as set
    forth in (iii) above, (vi) if the borrower would continue to own assets in addition to the defeasance collateral, the portion
    of the JPMCB Mortgage Loan secured by defeasance collateral is required to be assumed (or the mortgagee may require such assumption)
    by a Single-Purpose Entity; (vii) the borrower is required to provide an opinion of counsel that the mortgagee has a perfected
    security interest in such collateral prior to any other claim or interest; and (viii) the borrower is required to pay all
    rating agency fees associated with Defeasance (if rating confirmation is a specific condition precedent thereto) and all other
    reasonable out-of-pocket expenses associated with Defeasance, including, but not limited to, accountant’s fees and opinions
    of counsel.	 	 	 

 

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	35.      Fixed
    Interest Rates. Each JPMCB Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of
    such JPMCB Mortgage Loan, except in the case of an ARD Loan and situations where default interest is imposed.	35	Review
    the Mortgage Note or Loan Agreement to determine if there are provisions requiring that the loan has a fixed interest rate
    that remains fixed throughout the term of such JPMCB Mortgage Loan, except in the case of an ARD Loan and situations where
    default interest is imposed. If so determined, it will be a Test pass.	Mortgage
    Note; Loan Agreement
	36.
         Ground Leases. For purposes of the Mortgage Loan Purchase Agreement, a “Ground Lease” will mean
        a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its
        entire interest in the land and buildings and other improvements, if any, to the ground lessee (who may, in certain circumstances,
        own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner.

        

        With respect to any JPMCB Mortgage Loan where the JPMCB Mortgage Loan is secured by a ground leasehold estate in whole
        or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged
        Property, based upon the terms of the ground lease and any estoppel or other agreement received from the ground lessor
        in favor of the Mortgage Loan Seller, its successors and assigns:

         

        (A)
          The ground lease or a memorandum regarding

         
	36a	Review
    the appraisal to determine if the Loan is secured by a Ground Lease (as defined in representation and warranty 36). If so,
    review the Title Policy and Mortgage Loan Documents to determine if the related Mortgage does not also encumber the lessor’s
    fee interest in the Mortgaged Property. If so determined, it will be a Test pass.	Appraisal;
    Mortgage Loan Documents
	36b	Review
    the Title Policy and Mortgage Loan Documents to determine if the Ground Lease or memorandum has been recorded or submitted
    for recordation. If so determined, it will be a Test pass.	Title
    Policy; Mortgage Loan Documents
	36c	Review
    the Ground Lease and the ground lessor’s estoppel (or other agreement of the ground lessor) to determine if the interest
    of the lessee is permitted to be encumbered by the Mortgage and does not restrict the use of the Mortgaged Property by such
    lessee, its successors or assigns in a manner that would adversely affect the security provided by the Mortgage. If so determined,
    it will be a Test pass.	Ground
    Lease; Ground lessor’s estoppel

 

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	such
        ground lease has been duly recorded or submitted for recordation in a form that is acceptable for recording in the applicable
        jurisdiction. The ground lease or an estoppel or other agreement received from the ground lessor permits the interest
        of the lessee to be encumbered by the related Mortgage and does not restrict the use of the related Mortgaged Property
        by such lessee, its successors or assigns in a manner that would adversely affect the security provided by the related
        Mortgage. To the Mortgage Loan Seller’s knowledge, no material change in the terms of the ground lease had occurred
        since its recordation, except by any written instruments which are included in the related Mortgage File;

         

        (B)
          The lessor under such ground lease has agreed in a writing included in the related Mortgage File (or in such ground lease)
        that the ground lease may not be amended, modified, canceled or terminated without the prior written consent of the lender
        and that any such action without such consent is not binding on the lender, its successors or assigns;

         

        (C)
          The ground lease has an original term (or an original term plus one or more optional renewal terms, which, under all circumstances,
        may be exercised, and will be enforceable, by either borrower or the mortgagee) that extends not less than 20 years beyond
        the stated maturity of the related JPMCB Mortgage Loan, or 10 years past the stated maturity if such JPMCB Mortgage Loan
        fully amortizes by the stated maturity (or with respect to a JPMCB Mortgage Loan that accrues on an actual 360 basis,
        substantially amortizes);

         

	36d	Review
        the MS Servicer Notices for a notation or other indication of any claim or assertion that, as of the Closing Date, there
        was any material change in the terms of any Ground Lease since its recordation. If such a notation or other indication
        is not found, it will be a Test pass.

         

        If
        such a notation or other indication is found, review the Mortgage File to determine if the modification agreement or instrument
        is in the Mortgage File. If so determined, it will be a Test pass.

         
	MS
    Servicer Notices; Mortgage File
	36e	Review
    the Ground Lease and Ground lessor’s estoppel to determine if the lessor has agreed that the Ground Lease may not be
    amended, modified, canceled or terminated without the prior written consent of the lender and that any such action without
    such consent is not binding on the lender, its successors or assigns. If so determined, it will be a Test pass.	Ground
    Lease; Estoppel (or other agreement of the ground lessor)
	36f	Review
    the Ground Lease to determine if it has an original term (or an original term plus one or more optional renewal terms, which,
    under all circumstances, may be exercised, and will be enforceable, by either borrower or the mortgagee) that extends not
    less than 20 years beyond the stated maturity of the JPMCB Mortgage Loan, or 10 years past the stated maturity if such JPMCB
    Mortgage Loan fully amortizes by the stated maturity (or with respect to a JPMCB Mortgage Loan that accrues on an actual 360
    basis, substantially amortizes). If so determined, it will be a Test pass.	Ground
    Lease; Estoppel
	36g	Review
    the Title Policy to determine if the Ground Lease is not subject to any interests, estates, liens or encumbrances superior
    to, or of equal priority with, the Mortgage, except for the related fee interest of the 	Title
    Policy

 

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	(D) 
        The ground lease is not subject to any interests, estates, liens or encumbrances superior to, or of equal priority with,
        the Mortgage, except for the related fee interest of the ground lessor and the Permitted Encumbrances;

         

        (E)
         The ground lease does not place commercially unreasonable restrictions on the identity of the mortgagee and the ground
        lease is assignable to the holder of the JPMCB Mortgage Loan and its successors and assigns without the consent of the
        lessor thereunder, and in the event it is so assigned, it is further assignable by the holder of the JPMCB Mortgage Loan
        and its successors and assigns without the consent of the lessor;

         

        (F) 
        The Mortgage Loan Seller has not received any written notice of default under or notice of termination of such ground
        lease. To the Mortgage Loan Seller’s knowledge, there is no default under such ground lease and no condition that,
        but for the passage of time or giving of notice, would result in a default under the terms of such ground lease. Such
        ground lease is in full force and effect as of the Closing Date;

         

        (G)
         The ground lease or ancillary agreement between the lessor and the lessee requires the lessor to give to the lender written
        notice of any default, provides that no notice of default or termination is effective unless such notice is given to the
        lender, and requires that the ground lessor will supply an estoppel;

         

        (H)
         A lender is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the
        interest of the lessee under the ground lease through legal proceedings) to

         
	 	ground
    lessor and the Permitted Encumbrances. If so determined, it will be a Test pass.	 
	36h	Review
    the Ground Lease and any estoppel (or other agreement of the ground lessor) to determine if the Ground Lease does not place
    restrictions on the identity of the Mortgagee, as determined by the Asset Representations Reviewer. If so determined, it will
    be a Test pass.	Ground
    Lease; Estoppel (or other agreement of the ground lessor)
	36i	Review
    the Ground Lease or estoppel (or other agreement of the ground lessor) to determine if the Ground Lease is assignable to the
    holder of any JPMCB Mortgage Loan and its successors and assigns without the consent of the lessor, and in the event of such
    assignment, it is further assignable by the holder of any JPMCB Mortgage Loan and its successors and assigns without the consent
    of the lessor. If so determined, it will be a Test pass.	Ground
    Lease; Estoppel (or other agreement of the ground lessor)
	36j	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion that the Mortgage Loan Seller has received
    any written notice of default under or notice of termination of such Ground Lease. If such a notation or other indication
    is not found, it will be a Test pass.	MS
    Servicer Notices
	36k	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion that the Mortgage Loan Seller had knowledge
    as of the Closing Date that there was a default under such Ground Lease or there existed any condition that, but for the passage
    of time or giving notice, would result in a default under the terms of such Ground Lease. If such a notation or other indication
    is not found, it will be a Test pass.	MS
    Servicer Notices
	36l	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion that the 	MS
    Servicer Notices

 

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	cure
        any default under the ground lease which is curable after the lender’s receipt of notice of any default before the
        lessor may terminate the ground lease;

         

        (I)
          The ground lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by the
        Mortgage Loan Seller in connection with loans originated for securitization;

         

        (J)
          Under the terms of the ground lease, an estoppel or other agreement received from the ground lessor and the related Mortgage
        (taken together), any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s
        interest (other than in respect of a total or substantially total loss or taking as addressed in subpart (k)) will be
        applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so long as such
        proceeds are in excess of the threshold amount specified in the related Mortgage Loan documents) the lender or a trustee
        appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment
        of the outstanding principal balance of the JPMCB Mortgage Loan, together with any accrued interest;

         

        (K)
        In the case of a total or substantial taking or loss, under the terms of the ground lease, an estoppel or other agreement
        and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable
        to ground lessee’s interest in respect of a total or substantially total loss or taking of the related Mortgaged
        Property to the extent not applied to restoration, will be applied first to the payment of

         
	 	Ground
    Lease was not in full force and effect as of the Closing Date. If such a notation or other indication is not found, it will
    be a Test pass.	 
	36m	Review
    the Ground Lease or estoppel (or other agreement of the ground lessor) to determine if the lessor is required to give to the
    lender written notice of any default, and provides that no notice of default or termination is effective unless such notice
    is given to the lender, and requires that the ground lessor will supply an estoppel. If so determined, it will be a Test pass.	Ground
    Lease; Estoppel (or other agreement of the ground lessor)
	36n	Review
    the Ground Lease or estoppel (or other agreement of the ground lessor) to determine if the lender is permitted an opportunity
    (including, where necessary, sufficient time to gain possession of the interest of the lessee under the Ground Lease through
    legal proceedings) to cure any default under the Ground Lease which is curable after the lender’s receipt of notice
    of any default before the lessor may terminate the Ground Lease. If so determined, it will be a Test pass.	Ground
    Lease; estoppel (or other agreement of the ground lessor)
	36o	Review
    the Ground Lease to determine if it does not impose any unreasonable restrictions on subletting. If so determined, it will
    be a Test pass.	Ground
    Lease
	36p	Review
    the Ground Lease, estoppel (or other agreement of the ground lessor), and Mortgage Loan Documents to determine if there are
    provisions that any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s
    interest (other than in respect of a total or substantially total loss or taking as addressed in subpart (K)) are required
    to be applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so long as such
    proceeds are in excess of the threshold amount specified in the related 	Ground
    Lease; Estoppel (or other agreement of the ground lessor); Mortgage Loan Documents

 

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	the
        outstanding principal balance of the JPMCB Mortgage Loan, together with any accrued interest; and

         

        (L) 
        Provided that the lender cures any defaults which are susceptible to being cured, the ground lessor has agreed
        to enter into a new lease with lender upon termination of the ground lease for any reason, including rejection of the
        ground lease in a bankruptcy proceeding.

         
	 	Mortgage
    Loan Documents) the lender or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration
    progresses, or to the payment of the outstanding principal balance of the JPMCB Mortgage Loan, together with any accrued interest.
    If so determined, it will be a Test pass.	 
	36q	Review
    the Ground Lease, estoppel (or other agreement of the ground lessor), and Mortgage Loan Documents to determine if, in the
    case of a total or substantial taking or loss, under the terms of the Ground Lease, an estoppel or other agreement and the
    related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable to ground
    lessee’s interest in respect of a total or substantially total loss or taking of the related Mortgaged Property to the
    extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of any JPMCB
    Mortgage Loan, together with any accrued interest. If so determined, it will be a Test pass.	Ground
    Lease; Estoppel (or other agreement of the ground lessor); Mortgage Loan Documents
	36r	Review
    the Ground Lease or estoppel (or other agreement of the ground lessor) to determine if the ground lessor has agreed to enter
    into a new lease with lender upon termination of the Ground Lease for any reason, including rejection of the Ground Lease
    in a bankruptcy proceeding, provided that the lender cures any defaults which are susceptible to being cured. If so determined,
    it will be a Test pass.	Ground
    Lease; Estoppel (or other agreement of the ground lessor)
	37.   Servicing.
    The servicing and collection practices used by the Mortgage Loan Seller in respect of each JPMCB Mortgage Loan complied in
    all material respects with all applicable laws and regulations and was in all material respects legal, proper and prudent,
    in accordance with Mortgage Loan Seller’s customary commercial mortgage servicing practices.	37	Review
    the MS Servicer Notices for a notation or other indication of any claims or assertions to the effect that the servicing and
    collection practices used by the Mortgage Loan Seller in respect of the JPMCB Mortgage Loan did not comply in all material
    respects with all applicable laws and regulations or was not in all material respects legal, proper and prudent, in 	MS
    Servicer Notices

 

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	 	 	accordance
    with Mortgage Loan Seller’s customary commercial mortgage servicing practices. If such a notation or other indication
    is not found, it will be a Test pass.	 
	38.
     ARD Loan. Each JPMCB Mortgage Loan identified in the Mortgage Loan Schedule as an ARD Loan starts to amortize no later
    than the Due Date of the calendar month immediately after the calendar month in which such ARD Loan closed and substantially
    fully amortizes over its stated term, which term is at least 60 months after the related Anticipated Repayment Date. Each
    ARD Loan has an Anticipated Repayment Date not less than five years following the origination of such JPMCB Mortgage Loan.
    If the related borrower elects not to prepay its ARD Loan in full on or prior to the Anticipated Repayment Date pursuant to
    the existing terms of the JPMCB Mortgage Loan or a unilateral option (as defined in Treasury Regulations under Section 1001
    of the Code) in the JPMCB Mortgage Loan exercisable during the term of the JPMCB Mortgage Loan, (i) the JPMCB Mortgage Loan’s
    interest rate will step up to an interest rate per annum as specified in the related JPMCB Mortgage Loan documents; provided,
    however, that payment of such Excess Interest will be deferred until the principal of such ARD Loan has been paid in full;
    (ii) all or a substantial portion of the excess cash flow (which is net of certain costs associated with owning, managing
    and operating the related Mortgaged Property) collected after the Anticipated Repayment Date will be applied towards the prepayment
    of such ARD Loan and once the principal balance of an ARD Loan has been reduced to zero all excess cash flow will be applied
    to the payment of accrued Excess Interest; and (iii) if the property manager for the related Mortgaged Property can be removed
    by or at the direction of the mortgagee on the basis of a debt  	38a	Review
    the Mortgage Loan Schedule to identify if the JPMCB Mortgage Loan is an ARD Loan. If so, proceed to remaining tests. If not
    an ARD loan, it will be a Test pass for representation and warranty 38. 	Mortgage
    Loan Schedule, Mortgage Loan Documents
	38b	Review
    the Mortgage Loan Documents to determine if there are provisions requiring the ARD Loan to start to amortize no later than
    the Due Date of the calendar month immediately after the calendar month in which such ARD Loan closed and fully amortizes
    over its stated term, which term is at least 60 months after the related Anticipated Repayment Date. If provisions are found,
    it will be a Test pass.	Mortgage
    Loan Schedule, Mortgage Loan Documents
	38c	Review
    the JPMCB Mortgage Loan Documents to determine if the ARD Loan has an Anticipated Repayment Date of not less than five years
    following the origination of such JPMCB Mortgage Loan. If so determined, it will be a Test pass	Mortgage
    Loan Schedule, Mortgage Loan Documents
	38d	Review
    the JPMCB Mortgage Loan Documents to determine if there are provisions stating that the property manager for the related Mortgage
    Property can be removed by or at the direction of the mortgagee solely because of the passage of the related Anticipated Repayment
    Date. If such language is not found, it will be a Test pass	Mortgage Loan Schedule, JPMCB Mortgage Loan Documents

                                                                                 

 

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	service coverage test, the subject debt service
        coverage ratio will be calculated without taking account of any increase in the related Mortgage Interest Rate on such
        JPMCB Mortgage Loan’s Anticipated Repayment Date. No ARD Loan provides that the property manager for the related
        Mortgaged Property can be removed by or at the direction of the mortgagee solely because of the passage of the related
        Anticipated Repayment Date.

         
	 	 	 
	39.   Rent
    Rolls; Operating Histories. The Mortgage Loan Seller has obtained a rent roll (each, a “Certified Rent Roll”)
    other than with respect to hospitality properties certified by the related borrower or the related guarantor(s) as accurate
    and complete in all material respects as of a date within 180 days of the date of origination of the related JPMCB Mortgage
    Loan. The Mortgage Loan Seller has obtained operating histories (the “Certified Operating Histories”) with
    respect to each Mortgaged Property certified by the related borrower or the related guarantor(s) as accurate and complete
    in all material respects as of a date within 180 days of the date of origination of the related JPMCB Mortgage Loan. The Certified
    Operating Histories collectively report on operations for a period equal to (a) at least a continuous three-year period or
    (b) in the event the Mortgaged Property was owned, operated or constructed by the borrower or an affiliate for less than three
    years then for such shorter period of time, it being understood that for mortgaged properties acquired with the proceeds of
    a JPMCB Mortgage Loan, Certified Operating Histories may not have been available.	39a	Determine
    that there is one or more Certified Rent Rolls in the Diligence File for all properties other than hospitality properties,
    or, with respect to properties other than hospitality properties, a representation as to the accuracy of the rent roll or
    rent rolls is made by the borrower in the Mortgage Loan Documents. If there are Certified Rent Rolls, determine if they have
    been certified by the borrower or the guarantor(s) as being accurate and complete in all material respects within 180 days
    of the date of origination of any JPMCB Mortgage Loan. If so determined as to each part of this Test, it will be a Test pass.	Diligence
    File; Certified Rent Roll; Mortgage Loan Documents
	39b	Determine
    that there are operating histories for each Mortgaged Property that are certified by the borrower or the guarantor(s) as being
    accurate and complete in all material respects within 180 days of the date of origination of the related JPMCB Mortgage Loan.
    If so determined, it will be a Test pass.	Operating
    statements; Mortgage Loan Documents
	39c	For
    any Mortgaged Property not acquired with the proceeds of any JPMCB Mortgage Loan, review the Certified Operating Histories
    to determine if they report on operations for a period equal to (a) at least a continuous three-year period or (b) in the
    event the Mortgaged Property was owned, operated or constructed by the borrower or an affiliate for less than 	Operating
    statements

 

    JJ-3-44

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	 	 	three
    years then for such shorter period of time. If so determined, it will be a Test pass.	 
	40.   No
    Material Default; Payment Record. No JPMCB Mortgage Loan has been more than 30 days delinquent, without giving effect
    to any grace or cure period, in making required payments since origination, and as of the Closing Date, no JPMCB Mortgage
    Loan is delinquent (beyond any applicable grace or cure period) in making required payments. To the Mortgage Loan Seller’s
    knowledge, there is (a) no, and since origination there has been no, material default, breach, violation or event of acceleration
    existing under the related JPMCB Mortgage Loan, or (b) no event (other than payments due but not yet delinquent) which, with
    the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach,
    violation or event of acceleration, provided, however, that this representation and warranty does not cover any default, breach,
    violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation
    and warranty made by the Mortgage Loan Seller in Exhibit D to the Mortgage Loan Purchase Agreement. No person other than the
    holder of such JPMCB Mortgage Loan may declare any event of default under the JPMCB Mortgage Loan or accelerate any indebtedness
    under the Mortgage Loan documents.	40a	Review
    the Servicing File and the MS Servicer Notices for a notation or other indication that (i) the JPMCB Mortgage Loan has been
    more than 30 days delinquent, giving effect to any grace or cure period, in making required payments since origination, and
    (ii) the JPMCB Mortgage Loan was delinquent beyond any applicable grace or cure periods as of the Closing Date. If such a
    notation or other indication is not found, it will be a Test pass.	Servicing
    File; MS Servicer Notices
	40b	Review
    the Servicing File and the MS Servicer Notices for a notation or other indication that (a) as of the Closing Date or since
    origination (i) there was a material default, breach, violation or event of acceleration existing under the related JPMCB
    Mortgage Loan or (b) as of the Closing Date, there was an event (other than payments due but not yet delinquent) which, with
    the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach,
    violation or event of acceleration (it being understood that the Asset Representations Reviewer will not deem as evidence
    any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled
    to any other representation and warranty made by any Mortgage Loan Seller in Exhibit C to the JPMCB Mortgage Loan Purchase
    Agreement). If such a notation or other indication is not found, it will be a Test pass.	Servicing
    File; MS Servicer Notices
	41.   Bankruptcy.
    In respect of each JPMCB Mortgage Loan, the related borrower is not a debtor in any bankruptcy, receivership, conservatorship,
    reorganization, insolvency, moratorium or similar proceeding.	41	Review
    the Lexis/Nexis (or comparable) search and MS Servicer Notices for a notation or other indication that the borrower was a
    debtor in any bankruptcy, receivership, conservatorship, reorganization, insolvency, moratorium or similar proceeding on the
    	Lexis/Nexis
    (or comparable) search; MS Servicer Notices

 

    JJ-3-45

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	 	 	Closing
    Date. If such notation or other indication is not found, it will be a Test pass.	 
	42.   Organization
    of Borrower. The Mortgage Loan Seller has obtained an organizational chart or other description of each borrower which
    identifies all beneficial controlling owners of the borrower (i.e., managing members, general partners or similar controlling
    person for such borrower) (the “Controlling Owner”) and all owners that hold a 25% or greater direct ownership
    share (i.e., the “Major Sponsors”). The Mortgage Loan Seller (1) required questionnaires to be completed
    by each Controlling Owner and guarantor or performed other processes designed to elicit information from each Controlling
    Owner and guarantor regarding such Controlling Owner’s or guarantor’s prior history for at least 10 years regarding
    any bankruptcies or other insolvencies, any felony convictions, and (2) performed or caused to be performed searches of the
    public records or services such as Lexis/Nexis, or a similar service designed to elicit information about each Controlling
    Owner, Major Sponsor and guarantor regarding such Controlling Owner’s, Major Sponsor’s or guarantor’s prior
    history for at least 10 years regarding any bankruptcies or other insolvencies, any felony convictions, and provided, however,
    that records searches were limited to the last 10 years (clauses (1) and (2) collectively, the “Sponsor Diligence”).
    Based solely on the Sponsor Diligence, to the knowledge of the Mortgage Loan Seller, no Major Sponsor or guarantor (i) was
    in a state of federal bankruptcy or insolvency proceeding, (ii) had a prior record of having been in a state of federal bankruptcy
    or insolvency, or (iii) had been convicted of a felony.	42a	Review
    the Diligence File to determine if it includes an organizational chart or other description of each borrower in the Diligence
    File which purports to identify all Controlling Owners and Major Sponsors. If so determined, it will be a Test pass.	Diligence
    File; Organization Chart
	42b	Review
    the Diligence File to determine if the Sponsor Diligence is included. If so determined, it will be a Test pass.	Diligence
    File
	43.   Environmental
    Conditions. At origination, each	43a	Review
    the Mortgage Loan Documents to determine if	Mortgage
    Loan Documents

 

    JJ-3-46

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	borrower
    represented and warranted that to its knowledge no hazardous materials or any other substances or materials which are included
    under or regulated by environmental laws are located on, or have been handled, manufactured, generated, stored, processed,
    or disposed of on or released or discharged from the Mortgaged Property, except as disclosed by a Phase I environmental assessment
    (or a Phase II environmental assessment, if applicable) delivered in connection with the origination of the JPMCB Mortgage
    Loan or except for those substances commonly used in the operation and maintenance of properties of kind and nature similar
    to those of the Mortgaged Property in compliance with all environmental laws and in a manner that does not result in contamination
    of the Mortgaged Property. A Phase I environmental site assessment (or update of a previous Phase I and or Phase II site assessment)
    and, with respect to certain JPMCB Mortgage Loans, a Phase II environmental site assessment (collectively, an “ESA”)
    meeting ASTM requirements conducted by a reputable environmental consultant in connection with such JPMCB Mortgage Loan within
    12 months prior to its origination date (or an update of a previous ESA was prepared), and such ESA (i) did not reveal any
    known circumstance or condition that rendered the Mortgaged Property at the date of the ESA in material noncompliance with
    applicable environmental laws or the existence of recognized environmental conditions (as such term is defined in ASTM E1527-05
    or its successor, hereinafter “Environmental Condition”) or the need for further investigation, or (ii)
    if any material noncompliance with environmental laws or the existence of an Environmental Condition or need for further investigation
    was indicated in any such ESA, then at least one of the following statements is true: (A) 125% of the funds reasonably estimated
    by a reputable environmental consultant to be sufficient to 	 	they
    include a representation and warranty by the borrower described in the first sentence of representation and warranty 43. If
    so determined, it will be a Test pass.	 
	43b	Review
        the Diligence File to determine if an ESA is included. If so determined, review the ESA to determine that the ESA was
        conducted in connection with the JPMCB Mortgage Loan within 12 months prior to its origination date, and to confirm that
        the ESA on its face (i) did not reveal any known circumstance or condition that rendered the Mortgaged Property at the
        date of the ESA in material noncompliance with applicable environmental laws or the existence of recognized environmental
        conditions or the need for further investigation, or (ii) if any material noncompliance with environmental laws or the
        existence of an Environmental Condition (as defined in representation and warranty 43) or need for further investigation
        was indicated in any such ESA, then the following procedures will be performed: (43b-1 through 43b-5)

         

        1.
        Review escrow statements in the Diligence File used to determine if 125% of the funds reasonably estimated by a reputable
        environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable
        environmental laws or the Environmental Condition has been escrowed by the Borrower and is held by the lender.

         

        2.
        If the determination in subpart 1 cannot be made and if the only Environmental Condition relates to the presence of asbestos-containing
        materials, radon in indoor air, lead-based paint, or lead in drinking water, and the only recommended action in the ESA
        is the institution of an operations or maintenance plan, review the Diligence File to determine if there exists an operations
        or maintenance plan regarding such

         
	Diligence
    File; ESA; Escrow statements; Operations or maintenance plan; No further action letter; Closure letter; Environmental policy
    or lender’s pollution legal liability policy

 

    JJ-3-47

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	cover
    the estimated cost to cure any material noncompliance with applicable environmental laws or the Environmental Condition has
    been escrowed by the related borrower and is held by the related lender; (B) if the only Environmental Condition relates to
    the presence of asbestos-containing materials, radon in indoor air, lead based paint, or lead in drinking water, and the only
    recommended action in the ESA is the institution of such a plan, an operations or maintenance plan has been required to be
    instituted by the related borrower that can reasonably be expected to mitigate the identified risk; (C) the Environmental
    Condition identified in the related environmental report was remediated or abated in all material respects prior to the Cut-off
    Date, and, as appropriate, a no further action or closure letter was obtained from the applicable governmental regulatory
    authority (or the environmental issue affecting the related Mortgaged Property was otherwise listed by such governmental authority
    as administratively “closed” or a reputable environmental consultant has concluded that no further action is required);
    (D) an environmental policy or a lender’s pollution legal liability insurance policy meeting the requirements set forth
    below that covers liability for the identified circumstance or condition was obtained from an insurer rated no less than A-
    (or the equivalent) by Moody’s Investors Service, Inc., S&P Global Ratings and/or Fitch Ratings, Inc.; (E) a party
    not related to the borrower with assets reasonably estimated to be adequate to effect all necessary remediation was identified
    as the responsible party for such condition or circumstance; or (F) a party related to the borrower with assets reasonably
    estimated to be adequate to effect all necessary remediation was identified as the responsible party for such condition or
    circumstance is required to take action. The ESA will be part of the Servicing File; and to the Mortgage Loan Seller’s
    	 	Environmental
        Condition. If so determined, confirm that the plan on its face appears to be expected to mitigate the identified risk.

         

        3.
        If the determination in subpart 1 cannot be made and the determination in subpart 2 cannot be made or such subpart is
        not applicable, review the Diligence File to determine if any Environmental Condition identified was remediated or abated
        in all material respects prior to the Cut-off Date, or that a no further action or closure letter was obtained from the
        applicable governmental regulatory authority (or to determine if the environmental issue affecting the Mortgaged Property
        was otherwise listed by such governmental authority as administratively “closed” or a reputable environmental
        consultant has concluded that no further action is required).

         

        4.
        If the determinations in subparts 1 and 3 cannot be made and the determination in subpart 2 cannot be made or such subpart
        is not applicable, review the Diligence File to determine if there exists an environmental policy or a lender’s
        pollution legal liability insurance policy meeting the requirements set forth below that covers liability for the identified
        circumstance or condition was obtained from an insurer rated no less than A- (or the equivalent) by Moody’s Investors
        Service, Inc., S&P Global Ratings and/or Fitch Ratings, Inc.

         

        5.
        If the determinations in subparts 1, 3 and 4 cannot be made and the determination in subpart 2 cannot be made or such
        subpart is not applicable, review the Diligence File to determine if a party with assets reasonably estimated to be adequate
        to effect all necessary remediation was identified as the responsible party for such condition or circumstance.

         

        If
        the matters set forth in any of subparts 1 through 5

         
	 

 

    JJ-3-48

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	knowledge,
    except as set forth in the ESA, there is no (i) known circumstance or condition that rendered the Mortgaged Property in material
    noncompliance with applicable environmental laws, (ii) Environmental Conditions (as such term is defined in ASTM E1527-05
    or its successor), or (iii) need for further investigation.

    

    In the case of each JPMCB Mortgage Loan set forth on Schedule D-2 to the Mortgage Loan Purchase Agreement, (i) such JPMCB
    Mortgage Loan is the subject of an environmental insurance policy, issued by the issuer set forth on Schedule D-2 to the Mortgage
    Loan Purchase Agreement (the “Policy Issuer”) and effective as of the date thereof (the “Environmental
    Insurance Policy”), (ii) as of the Cut-off Date the Environmental Insurance Policy is in full force and effect,
    there is no deductible and the trustee is a named insured under such policy, (iii)(a) a property condition or engineering
    report was prepared, if the related Mortgaged Property was constructed prior to 1985, with respect to asbestos-containing
    materials (“ACM”) and, if the related Mortgaged Property is a multifamily property, with respect to radon
    gas (“RG”) and lead-based paint (“LBP”), and (b) if such report disclosed the existence
    of a material and adverse LBP, ACM or RG environmental condition or circumstance affecting the related Mortgaged Property,
    the related borrower (A) was required to remediate the identified condition prior to closing the JPMCB Mortgage Loan or provide
    additional security or establish with the mortgagee a reserve in an amount deemed to be sufficient by the Mortgage Loan Seller,
    for the remediation of the problem, and/or (B) agreed in the Mortgage Loan documents to establish an operations and maintenance
    plan after the closing of the JPMCB Mortgage Loan that should reasonably be expected to mitigate the 	 	above
        can be made, it will be a Test pass.

         
	 
	43c	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion that the Mortgage Loan Seller had knowledge
    as of the Closing Date of (a) a known circumstance or condition, not set forth in the ESA, that rendered the Mortgaged Property
    in material noncompliance with applicable environmental laws, and (b) any Environmental Condition (as such term is defined
    in ASTM E1527-05 or its successor) not set forth in the ESA or (c) there is a need for further investigation not set forth
    in the ESA. The Asset Representations Reviewer will obtain the ESA from the Diligence File and review for disclosure of the
    known circumstances or conditions. If such a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices; ESA
	43d	Review
    Schedule D-2 to the JPMCB Mortgage Loan Purchase Agreement, if the JPMCB Mortgage Loan is listed on Schedule D-2, also review
    the Diligence File to determine if the JPMCB Mortgage Loan is the subject of an Environmental Insurance Policy. If so, review
    such Environmental Insurance Policy to determine if it was issued by a Policy Issuer identified on Schedule D-2 to the JPMCB
    Mortgage Loan Purchase Agreement. If so determined, it will be a Test pass.	Schedule
    D-2 to JPMCB Mortgage Loan Purchase Agreement; Diligence File; Environmental Insurance Policy
	43e	Review
    the Environmental Insurance Policy to determine if the policy was in full force and effect as of the Cut-off Date, there is
    no deductible, and the Trustee is a named insured under such policy. If so determined, it will be a Test pass.	Environmental
    Insurance Policy; Servicing records
	43f	Review
    the Diligence File to determine if there exists a property condition assessment or engineering report. For Mortgaged Properties
    constructed prior to 1985, review the related report to determine if it addresses 	Diligence
    File; Property condition assessment; Engineering report

 

    JJ-3-49

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	environmental
    risk related to the identified LBP, ACM or RG condition, (iv) on the effective date of the Environmental Insurance Policy,
    the Mortgage Loan Seller as originator had no knowledge of any material and adverse environmental condition or circumstance
    affecting the Mortgaged Property (other than the existence of LBP, ACM or RG) that was not disclosed to the Policy Issuer
    in one or more of the following: (a) the application for insurance, (b) a borrower questionnaire that was provided to the
    Policy Issuer, or (c) an engineering or other report provided to the Policy Issuer, and (v) the premium of any Environmental
    Insurance Policy has been paid through the maturity of the policy’s term and the term of such policy extends at least
    five years beyond the maturity of the JPMCB Mortgage Loan.	 	asbestos
    containing materials. If so determined with respect to each part of the Test, it will be a Test pass.	 
	43g	Review
    the appraisal to determine if the property is a multifamily property. If so, review the Diligence File to determine if there
    exists a property condition report or engineering report. Review the related report to determine if there is a radon gas and
    lead based paint section in the report. If so determined, it will be a Test pass.	Appraisal;
    Property condition Assessment; Engineering report
	43h	Review
    the most recently dated property condition assessment or engineering report for disclosures of the existence of a material
    and adverse environmental condition or circumstance affecting the Mortgaged Property. If so, determine if the related borrower
    (A) was required to remediate the identified condition prior to closing any JPMCB Mortgage Loan or provide additional security
    or establish with the mortgagee a reserve in an amount deemed to be sufficient by any Mortgage Loan Seller, for the remediation
    of the problem, and/or (B) agreed in any documents in the Mortgage File to establish an operations and maintenance plan after
    the closing of any JPMCB Mortgage Loan that should reasonably be expected to mitigate the environmental risk. If so determined,
    it will be a Test pass.	Property
    condition assessment; Engineering report; Remediation agreement; Mortgage Loan Documents
	43i	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion that, in the case of a JPMCB Mortgage
    Loan set forth on Schedule D-2 to the JPMCB Mortgage Loan Purchase Agreement, on the effective date of the Environmental Insurance
    Policy, the Mortgage Loan Seller had knowledge of any material and adverse environmental condition or circumstance affecting
    the Mortgaged Property (other than the existence of LBP, ACM or RG) that was not disclosed to the Policy Issuer in one 	MS
    Servicer Notices

 

    JJ-3-50

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	 	 	or
    more of the following: (a) the application for insurance, (b) a borrower questionnaire that was provided to the Policy Issuer,
    or (c) an engineering or other report provided to the Policy Issuer. If such a notation or other indication is not found,
    it will be a Test pass.	 
	43j	Review
    the Environmental Insurance Policy to determine if the premium of any Environmental Insurance Policy has been paid through
    the maturity of the policy’s term and the term of such policy extends at least five years beyond the maturity of any
    JPMCB Mortgage Loan. If so determined, it will be a Test pass.	Environmental
    Insurance Policy; Mortgage Loan Documents
	44.   Lease
    Estoppels. With respect to each JPMCB Mortgage Loan predominantly secured by a retail, office or industrial property leased
    to a single tenant, the Mortgage Loan Seller reviewed such estoppel obtained from such tenant no earlier than 90 days prior
    to the origination date of the related JPMCB Mortgage Loan, and to the Mortgage Loan Seller’s knowledge based solely
    on the related estoppel certificate, the related lease is in full force and effect or if not in full force and effect, the
    related space was underwritten as vacant, subject to customary reservations of tenant’s rights, such as, without limitation,
    with respect to common area maintenance (“CAM”) and pass-through audits and verification of landlord’s
    compliance with co-tenancy provisions. With respect to each JPMCB Mortgage Loan predominantly secured by a retail, office
    or industrial property, the Mortgage Loan Seller has received lease estoppels executed within 90 days of the origination date
    of the related JPMCB Mortgage Loan that collectively account for at least 65% of the in-place base rent for the Mortgaged
    Property or set of cross-collateralized properties that secure a JPMCB Mortgage Loan that is represented on the Certified
    	44a	Review
    the appraisal to determine if the property is a retail, office, or industrial property, and if so, review the Certified Rent
    Roll to determine if the property is leased to a single tenant. If so, review the estoppel to determine if it was obtained
    from such tenant no earlier than 90 days prior to the origination date of the JPMCB Mortgage Loan. If so determined, it will
    be a Test pass.	Estoppels;
    Certified Rent Roll; Appraisal
	44b	Review
    the estoppel certificate referenced in Test 44a and the asset summary report to determine if (i) the related lease is in full
    force and effect, subject to customary reservations of tenant’s rights, such as, without limitation, with respect to
    CAM and pass-through audits and verification of landlord’s compliance with co-tenancy provisions, or (ii) if there is
    no estoppel certificate, the property was underwritten as vacant. If the matters set forth in clause (i) or (ii) are so determined,
    it will be a Test pass.	Estoppels;
    Diligence File; Asset Summary Report
	44c	Review
    the appraisal to determine if the JPMCB Mortgage Loan is predominantly secured by a retail, office, or industrial property.
    If so, review the 	Appraisal;
    Diligence File

 

    JJ-3-51

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	Rent
    Roll. To the Mortgage Loan Seller’s knowledge, each lease represented on the Certified Rent Roll is in full force and
    effect, subject to customary reservations of tenant’s rights, such as with respect to CAM and pass-through audits and
    verification of landlord’s compliance with co-tenancy provisions.	 	Diligence
    File to determine if lease estoppels executed within 90 days of the origination date of the JPMCB Mortgage Loan were received
    that collectively account for at least 65% of the in-place base rent for the Mortgaged Property or set of cross-collateralized
    properties that secure a JPMCB Mortgage Loan that is represented on the Certified Rent Roll. If so determined with respect
    to each part of this Test, it will be a Test pass.	 
	44d	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion that, as of the Closing Date, and subject
    to customary reservations of tenant’s rights, such as with respect to CAM and pass-through audits and verification of
    landlord’s compliance with co-tenancy provisions, the Mortgage Loan Seller had knowledge that any lease represented
    on the Certified Rent Roll was not in full force and effect. If such a notation or other indication is not found, it will
    be a Test pass.	MS
    Servicer Notices; Certified Rent Roll
	45.   Appraisal.
    The Mortgage File contains an appraisal of the related Mortgaged Property with an appraisal date within 6 months of the JPMCB
    Mortgage Loan origination date, and within 12 months of the Closing Date. The appraisal is signed by an appraiser who is a
    Member of the Appraisal Institute (“MAI”) and, to the Mortgage Loan Seller’s knowledge, had no interest,
    direct or indirect, in the Mortgaged Property or the borrower or in any loan made on the security thereof, and whose compensation
    is not affected by the approval or disapproval of the JPMCB Mortgage Loan. Each appraiser has represented 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.	45a	Review
    the appraisal to determine if it was dated within 6 months of the JPMCB Mortgage Loan origination date and with 12 months
    of the Closing Date. If so determined, it will be a Test pass.	Appraisal
	45b	Review
    the appraisal to determine if it was signed by an appraiser represented to be an MAI. If so determined, it will be a Test
    pass.	Appraisal
	45c	Review
    the appraisal to determine if it includes an appraiser’s certification or supplemental letter that indicates that the
    appraiser had no interest, direct or indirect, in the borrower, the Mortgaged Property or any loan made on the security of
    the Mortgaged Property. If so determined, it will be a Test pass.	Appraisal
	45d	Review
    the appraisal to determine if it includes an appraiser’s certification or supplemental letter that 	Appraisal

 

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	Representations
    and Warranties	 	Test	Review
    Materials
	 	 	indicates
    that the appraiser’s compensation is not affected by the approval or disapproval of the JPMCB Mortgage Loan. If so determined,
    it will be a Test pass.	 
	45e	Review
    the appraisal to determine if it includes documentation in the appraisal or a 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. If so determined, it will be a Test pass.	Appraisal
	46.   Mortgage
    Loan Schedule. The information pertaining to each JPMCB Mortgage Loan which is set forth in the Mortgage Loan Schedule
    attached as an exhibit to the Mortgage Loan Purchase Agreement is true and correct in all material respects as of the Cut-off
    Date and contains all information required by the PSA to be contained therein.	46a	Review
    the Mortgage Loan Schedule attached as an exhibit to the JPMCB Mortgage Loan Purchase Agreement and compare it to the corresponding
    information in (i) Annex A to the final prospectus (ii) Mortgage Loan Documents, (iii) PSA, and (iv) asset summary report
    to determine if there are discrepancies between the documents. If there are no such discrepancies, it will be a Test pass.	JPMCB
    Mortgage Loan Purchase Agreement; Annex A to final prospectus; Mortgage Loan Documents; PSA; Asset Summary Report
	46b	Compare
    the information in the Mortgage Loan Schedule to the requirements of the PSA to determine if they match. If there are no discrepancies,
    it will be a Test pass.	Mortgage
    Loan Schedule; PSA
	47.   Cross-Collateralization.
    No JPMCB Mortgage Loan is cross-collateralized or cross-defaulted with any other mortgage loan that is outside the Mortgage
    Pool.	47	Review
    the Mortgage Loan Documents to determine if the JPMCB Mortgage Loan is cross-collateralized or cross-defaulted with any other
    JPMCB Mortgage Loan that is outside the Mortgage Pool. If not so determined, it will be a Test pass.	Mortgage
    Loan Documents
	48.   Advance
    of Funds by the Seller. No advance of funds has been made by the Mortgage Loan Seller to the related borrower, and no
    funds have been received from any person other than the related borrower or an affiliate, directly, or, to the knowledge of
    the Mortgage Loan Seller, indirectly for, or on account of, 	48a	Review
    the MS Servicer Notices for a notation or other indication that, as of the Closing Date, an advancement of funds had been
    made by the Mortgage Loan Seller to the related borrower, or that funds have been received from any person other than the
    borrower or an affiliate, directly, for, or on account of, payments 	MS
    Servicer Notices

 

    JJ-3-53

     

    

 

	Representations
    and Warranties	 	Test	Review
    Materials
	payments
    due on the JPMCB Mortgage Loan. Neither the Mortgage Loan Seller nor any affiliate thereof has any obligation to make any
    capital contribution to any borrower under a JPMCB Mortgage Loan, other than contributions made on or prior to the Closing
    Date.	 	due
    on the JPMCB Mortgage Loan. If such a notation or other indication is not found, it will be a Test pass.	 
	48b	Review
    the Mortgage Loan Documents to determine if the Mortgage Loan Seller, or an affiliate, has an obligation to make any capital
    contribution to the borrower, other than contributions made on or prior to the Closing Date. If not so determined, it will
    be a Test pass.	Mortgage
    Loan Documents
	49.   Compliance
    with Anti-Money Laundering Laws. The Mortgage Loan Seller has complied with its internal procedures with respect to all
    applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 in connection
    with the origination of the JPMCB Mortgage Loan.	49	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion that the Mortgage Loan Seller did not
    comply with its internal procedures with respect to all applicable anti-money laundering laws and regulations, including without
    limitation the USA Patriot Act of 2001 in connection with the origination of any JPMCB Mortgage Loan. If such a notation or
    other indication is not found, it will be a Test pass.	MS
    Servicer Notices

  

    JJ-3-54

     

    

 

EXHIBIT
KK

 

FORM
OF CERTIFICATION TO CERTIFICATE ADMINISTRATOR REQUESTING ACCESS TO SECURE DATA ROOM

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services – Benchmark
2020-B22

Email: trustadministrationgroup@wellsfargo.com

 

	Attention:	Benchmark
2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22	 

 

In
accordance with the requirements for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement,
dated as of December 1, 2020 (the “Pooling and Servicing Agreement”), between Deutsche Mortgage & Asset
Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer,
Rialto Capital Advisors, LLC, as special servicer, Pentalpha Surveillance LLC, as operating advisor and asset representations
reviewer, and Wells Fargo Bank, National Association, as trustee, as certificate administrator, as paying agent and as custodian,
with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is an authorized representative of [________________________].

 

2.       The
undersigned acknowledges and agrees that (a) access to the Secure Data Room is being granted to it solely for purposes of the
undersigned carrying out its obligations under the Pooling and Servicing Agreement (b) it will not disseminate or otherwise make
information contained on the Secure Data Room available to any other person except in accordance with the Pooling and Servicing
Agreement or otherwise with the written consent of the Depositor and (c) it will only access information relating to the Mortgage
Loans to which the Asset Review relates.

 

3.       The
undersigned agrees that each time it accesses the Secure Data Room, the undersigned is deemed to have recertified that the representations
above remains true and correct.

 

    KK-1

     

    

 

4.       [The
undersigned is not a Certificateholder, a beneficial owner or a prospective purchaser of any Certificate.]*

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[NAME
    OF PARTY], as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:_____________________________

 

	[Deutsche
    Mortgage & Asset Receiving Corporation]§  	 
	 	 
	By:	 	 
	 	Name:
    	 
	 	Title:	 

 

 

§       Required
to the extent that a party other than the Asset Representations Reviewer is identified by the Depositor as needing access to the
Secure Data Room.

 

    KK-2

     

    

 

EXHIBIT
LL

 

FORM
OF NOTICE OF [ADDITIONAL DELINQUENT MORTGAGE LOAN][CESSATION OF DELINQUENT MORTGAGE LOAN][CESSATION OF ASSET REVIEW TRIGGER]

 

[Date]

 

	Midland
        Loan Services, a Division of PNC Bank, National Association

        10851
        Mastin Street, Suite 700

        Overland
        Park, Kansas 66210

        Attention:
        Executive Vice President – Division Head

        Facsimile:
(888) 706-3565 

        Email:
        NoticeAdmin@midlandls.com

         
	 	Pentalpha
        Surveillance LLC

        375 N. French Road, Suite 100

        Amherst, New York 14228

        Attention: BMARK 2020-B22 Transaction Manager

        (with a copy sent via email to: notices@pentalphasurveillance.com with the deal name in the subject line)

         

	Rialto
        Capital Advisors, LLC

        200
        S. Biscayne Blvd

        Miami,
        Florida 33131

        Attention:
        Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer

        Facsimile
        Number: (305) 229-6425

        Email: liat.heller@rialtocapital.com,
        jeff.krasnoff@rialtocapital.com, niral.shah@rialtocapital.com, adam.singer@rialtocapital.com

	 	RREF
    IV Debt AIV, LP, c/o Rialto Capital Management LLC

    600 Madison Avenue, 12th Floor

    New York, New York 10022

    Attention:  Josh Cromer

    Facsimile number: (212) 751-4646

    

    with a copy to:

    

    RREF IV Debt AIV, LP, c/o Rialto Capital Management LLC

    600 Madison Avenue, 12th Floor

    New York, New York 10022

    Attention:  Joseph Bachkosky

    Facsimile number: (212) 751-4646

 

		Attention:	Benchmark
2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22

 

In
accordance with Section 11.01(a) of the Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Pooling and
Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Pentalpha
Surveillance LLC, as operating advisor and asset representations reviewer, and Wells Fargo Bank, National Association, as trustee,
certificate administrator (in such capacity, the “Certificate Administrator”), paying agent and custodian,
the Certificate Administrator hereby notifies you that as of [RELATED DISTRIBUTION DATE]:

 

    LL-1

    

    

 

1.       _____
 An additional Mortgage Loan has become a Delinquent Mortgage Loan.

 

2.       _____
 A Mortgage Loan has ceased to be a Delinquent Mortgage Loan.

 

3.       _____ An
Asset Review Trigger has ceased to exist.

 

(check
all that apply)

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

	 	Wells Fargo Bank, National Association, as Certificate Administrator for the Holders of the Benchmark 2020-B22 Mortgage Trust Pass-Through Certificates, Series 2020-B22
	 	 	 
	 	By:	
	 	 	[Name]
	 	 	[Title]

  

    LL-2

    

    

 

EXHIBIT
MM

 

Form
of Certificate Administrator Receipt of the retained certificates

 

[Date]

 

[Retaining
Party]

 

		Re:	Benchmark
                                         2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22
                                         (Deutsche Mortgage & Asset Receiving Corporation as Depositor) 

 

In
accordance with Section 5.02(m) of the Pooling and Servicing Agreement, dated as of December 1, 2020 (the “Agreement”),
pursuant to which the captioned series of commercial mortgage pass-through certificates (the “Certificates”)
were issued, the undersigned, as Certificate Administrator, hereby acknowledges receipt and possession of, and further agrees
that it will hereafter hold in the Retained Interest Safekeeping Account, the Certificates identified on Schedule I attached hereto
(the “Subject Certificates”), which constitute some or all of the VRR Interest, for the benefit of [Retaining
Party], the registered holder of the Subject Certificates, pursuant to the Agreement. Payments on the Subject Certificates will
be made to the registered holder thereof in accordance with the Agreement, including pursuant to any written wiring instructions
provided in accordance with the Agreement [and/or attached hereto].

 

This
receipt is solely for the benefit of the addressee and is non-transferable. Possession of this receipt by any other Person will
not entitle such Person to delivery of, or any rights in respect of, the Subject Certificates. The Subject Certificates are subject
to the restrictions on transfer set forth in, and may not be released from the Retained Interest Safekeeping Account except in
accordance with, the Agreement.

 

Capitalized
terms used but not defined herein shall have the respective meanings set forth in the Agreement.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    MM-1

    

    

 

[Wiring
Instructions]

 

    MM-2

    

    

 

Schedule
I

 

Certificates
Registered in the Name of [Retaining Party]

 

	Class

(CUSIP) 
	Certificate

No. 
	Initial

Certificate Balance 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    MM-3

    

    

 

EXHIBIT
NN

 

[RESERVED]

 

    NN-1

    

    

 

EXHIBIT
OO

 

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:
BMARK 2020-B22, 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 3.26(f) 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	BMARK
    2020-B22	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$ 
	 	 	$	 	%	 	 	 	 	 	 
	 	 Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	2	BMARK
    2020-B22	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$ 
	 	 	$	 	%	 	 	 	 	 	 
	 	 Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	3	BMARK
    2020-B22	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$ 
	 	 	$	 	%	 	 	 	 	 	 
	 	 Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 

 

    OO-1

    

    

 

SCHEDULE
I

 

DIRECTING
HOLDERS

 

	Mortgage
    Loan	Directing
    Holder	Contact
    Information
	All
    Serviced Mortgage Loans	RREF
    IV Debt AIV, LP	RREF
    IV Debt AIV, LP, c/o Rialto Capital Management LLC

    600 Madison Avenue, 12th Floor

    New York, New York 10022

    Attention:  Josh Cromer

    Facsimile number: (212) 751-4646

    

    with a copy to:

    

    RREF IV Debt AIV, LP, c/o Rialto Capital Management LLC

    600 Madison Avenue, 12th Floor

    New York, New York 10022

    Attention:  Joseph Bachkosky

    Facsimile number: (212) 751-4646

 

    Sch. I-1

    

    

 

SCHEDULE
II

 

SERVICING
CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

 

The
assessment of compliance to be delivered shall address, at a minimum, the criteria identified below as “Relevant Servicing
Criteria” (with each Servicing Function Participant deemed to be responsible for the items applicable to the functions it
is performing and for which the party that retained such Servicing Function Participant is responsible):

 

	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master
    Servicer

    Special Servicer
	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Master
    Servicer

    Special Servicer

 

    Sch. II-1

    

    

 

	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Cert.
    Admin.
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Trustee

    Master Servicer

    Special Servicer
	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.  For
    purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution
    means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts.  These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar
    days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed
    and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling
    items.  These reconciling items are resolved within 90 calendar days of their original identification, or such other
    number of days specified in the transaction agreements.	Cert.
    Admin.

    Master Servicer

    Special Servicer

 

    Sch. II-2

    

    

 

	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	 	Investor
    Remittances and Reporting	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements.  Specifically, such reports (A) are prepared in accordance with timeframes
    and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified
    in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with
    investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced
    by the Master Servicer.	Cert.
    Admin.

    Operating Adv. 

    (excluding clauses (C) and (D) in the case of the Operating Adv.)
	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	Cert.
    Admin.
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Master Servicer’s investor records or Certificate Administrator’s
    investor records, or such other number of days specified in the transaction agreements.	Cert.
    Admin.

     
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Cert.
    Admin.
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

    Master Servicer

    Special Servicer
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Master
    Servicer

    Special Servicer

 

    Sch. II-3

    

    

 

	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master
    Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified
    in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related
    mortgage loan documents.	Master
    Servicer
	1122(d)(4)(v)	The
    Master Servicer’s records regarding the mortgage loans agree with the Master Servicer’s records with respect to
    an obligor’s unpaid principal balance.	Master
    Servicer
	1122(d)(4)(vi)	Changes
    with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master
    Servicer

    Special Servicer
	1122(d)(4)(vii)	Loss
    mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
    repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements
    established by the transaction agreements.	Special
    Servicer

    Operating Adv.
	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements.  Such records are maintained on at least a monthly basis, or such other period specified in the transaction
    agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone
    calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master
    Servicer

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Master
    Servicer

 

    Sch. II-4

    

    

 

	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s
    mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest
    on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and
    (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such
    other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master
    Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xiv)	Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master
    Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
    as set forth in the transaction agreements.	N/A

 

At
all times that the Master Servicer and Special Servicer are the same entity, the Master Servicer and the Special Servicer may
provide a combined assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

    Sch. II-5

    

    

 

SCHEDULE
III

 

CLASS
A-SB PLANNED PRINCIPAL BALANCE SCHEDULE

 

	Period 
	Balance($) 

	1	15,906,000.00	 
	2	15,906,000.00	 
	3	15,906,000.00	 
	4	15,906,000.00	 
	5	15,906,000.00	 
	6	15,906,000.00	 
	7	15,906,000.00	 
	8	15,906,000.00	 
	9	15,906,000.00	 
	10	15,906,000.00	 
	11	15,906,000.00	 
	12	15,906,000.00	 
	13	15,906,000.00	 
	14	15,906,000.00	 
	15	15,906,000.00	 
	16	15,906,000.00	 
	17	15,906,000.00	 
	18	15,906,000.00	 
	19	15,906,000.00	 
	20	15,906,000.00	 
	21	15,906,000.00	 
	22	15,906,000.00	 
	23	15,906,000.00	 
	24	15,906,000.00	 
	25	15,906,000.00	 
	26	15,906,000.00	 
	27	15,906,000.00	 
	28	15,906,000.00	 
	29	15,906,000.00	 
	30	15,906,000.00	 
	31	15,906,000.00	 
	32	15,906,000.00	 
	33	15,906,000.00	 
	34	15,906,000.00	 
	35	15,906,000.00	 
	36	15,906,000.00	 
	37	15,906,000.00	 
	38	15,906,000.00	 
	39	15,906,000.00	 
	40	15,906,000.00	 
	41	15,906,000.00	 
	42	15,906,000.00	 
	43	15,906,000.00	 
	44	15,906,000.00	 
	45	15,906,000.00	 
	46	15,906,000.00	 
	47	15,906,000.00	 
	48	15,906,000.00	 
	49	15,906,000.00	 
	50	15,906,000.00	 
	51	15,906,000.00	 
	52	15,906,000.00	 
	53	15,906,000.00	 
	54	15,906,000.00	 
	55	15,906,000.00	 
	56	15,906,000.00	 
	57	15,906,000.00	 

	Period 
	Balance($) 

	58	15,906,000.00	 
	59	15,906,000.00	 
	60	15,906,000.00	 
	61	15,905,473.40	 
	62	15,627,134.81	 
	63	15,296,107.32	 
	64	15,015,787.53	 
	65	14,717,359.87	 
	66	14,435,159.86	 
	67	14,134,906.65	 
	68	13,850,814.21	 
	69	13,565,799.11	 
	70	13,262,812.65	 
	71	12,975,886.87	 
	72	12,671,045.29	 
	73	12,382,196.44	 
	74	12,092,409.26	 
	75	11,751,007.08	 
	76	11,459,166.87	 
	77	11,149,553.73	 
	78	10,855,758.55	 
	79	10,544,247.28	 
	80	10,248,484.46	 
	81	9,951,760.54	 
	82	9,637,405.67	 
	83	9,338,695.10	 
	84	9,022,411.33	 
	85	8,721,701.21	 
	86	8,409,932.67	 
	87	8,062,831.87	 
	88	7,748,925.68	 
	89	7,416,910.14	 
	90	7,100,908.86	 
	91	6,766,859.15	 
	92	6,448,749.20	 
	93	6,129,607.65	 
	94	5,792,508.99	 
	95	5,471,238.45	 
	96	5,132,072.70	 
	97	4,808,659.37	 
	98	4,484,197.02	 
	99	4,108,432.43	 
	100	3,781,696.54	 
	101	3,437,224.36	 
	102	3,108,310.28	 
	103	2,761,723.24	 
	104	2,430,616.86	 
	105	2,098,436.16	 
	106	1,748,677.49	 
	107	1,414,283.33	 
	108	1,062,375.56	 
	109	725,753.59	 
	110	388,039.17	 
	111
    and thereafter	0.00	 
	 	 	 

    Sch. III-1

    

    

 

SCHEDULE
IV

 

ADDITIONAL
FORM 10-D DISCLOSURE

 

The
parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible
for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant
to Section 10.06 of the Pooling and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information
described in the corresponding Form 10-D Item described in the “Item on Form 10-D” column to the extent such party
has actual knowledge (and in the case of financial statements required to be provided in connection with Item 6 below, possession)
of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus
(other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific
written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying
Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume
that there is no “significant obligor” other than a party identified as such in the Prospectus. For this Benchmark
2020-B22 Mortgage Trust Pooling and Servicing Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of
credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a
party identified as such in the Prospectus.

 

	Item
    on Form 10-D	Party
    Responsible
	Item 1A:
Asset-Level Information 

        ●
Item 1111(h) of Regulation AB 

        ●
Item 1125 of Regulation AB 
	●     
Each Mortgage Loan Seller (only with respect to 1121(c)(2)) 

        ●     
Each Master Servicer (only with respect to 1121(a)(12) as to non-Specially Serviced Loans) 

        ●     
Special Servicer (only with respect to 1121(a)(12) as to Specially Serviced Loans) 

	Item 1B:
Asset Representations Reviewer and Investor Communication: 

        ●
Item 1121(d) of Regulation AB 

        ●
Item 1121(e) of Regulation AB 
	●     
Depositor 

        ●     
Certificate Administrator 

        ●     
Asset Representations Reviewer 

	Item
    2: Legal Proceedings:

    Item 1117 of Regulation AB (to the extent material to Certificateholders)	●     
Master Servicer (as to itself) 

        ●     
Special Servicer (as to itself) 

        ●     
Trustee (as to itself) 

        ●     
Certificate Administrator (as to itself) 

        ●     
Depositor (as to itself)  

 

    	 	Sch. IV-1	 

    	 

    

 

	 	●     
Any other Reporting Servicer (as to itself) 

●     
Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust 

●     
Each Mortgage Loan Seller 

●     
Originators under Item 1110 of Regulation AB (to be provided by the Depositor) 

●      Party under Item 1100(d)(1)
of Regulation AB (to be provided by the Depositor) 

	Item
    3:  Sale of Securities and Use of Proceeds	●     
    Depositor
	Item
    4:  Defaults Upon Senior Securities	●     
Certificate Administrator 

        ●     
Trustee 

	Item
    5:  Submission of Matters to a Vote of Security Holders	●     
    Certificate Administrator
	Item
    6:  Significant Obligors of Pool Assets	●     
    Master Servicer
	Item
    7: Change in Sponsor Interest in the Securities:

    Item 1124 of Regulation AB	●     
    Each Mortgage Loan Seller
	Item
    8:  Significant Enhancement Provider Information	●     
    N/A
	Item
    9:  Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	●     
    Any party responsible for disclosure items on Form 8-K to the extent of such items
	Item
    10:  Exhibits	●     
Depositor (exhibits required by Item 601 of Regulation S-K, such as material agreements) 

        ●     
Certificate Administrator (Monthly Statement to Certificateholders)  

 

    	 	Sch. IV-2	 

    	 

    

 

SCHEDULE
V

 

ADDITIONAL
FORM 10-K DISCLOSURE

 

The
parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible
for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant
to Section 10.07 of the Pooling and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information
described in the corresponding Form 10-K Item described in the “Item on Form 10-K” column to the extent such party
has actual knowledge (and in the case of financial statements required to be provided in connection with 1112(b) below, possession)
of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus
(other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific
written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying
Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume
that there is no “significant obligor” other than a party identified as such in the Prospectus. For this Benchmark
2020-B22 Mortgage Trust Pooling and Servicing Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of
credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a
party identified as such in the Prospectus.

 

	Item
    on Form 10-K	Party
    Responsible
	Item
    1B: Unresolved Staff Comments	●     
    Depositor
	Item
    9B:  Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	●    
    Any party responsible for disclosure items on Form 8-K to the extent of such items
	Item
    15:  Exhibits, Financial Statement Schedules	●     
Certificate Administrator 

        ●     
Depositor 

	Additional
    Item:

    Disclosure per Item 1112(b)(1) of Regulation AB	●     
    Master Servicer
	Additional
    Item:

    Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB	●     
    N/A

 

    Sch. V-1

    

    

 

	Additional
    Item:

    Disclosure per Item 1117 of Regulation AB (to the extent material to Certificateholders)	●    
Master Servicer (as to itself) 

        ●    
Special Servicer (as to itself) 

        ●    
Certificate Administrator (as to itself) 

        ●    
Trustee (as to itself) 

        ●    
Depositor (as to itself) 

        ●    
Operating Advisor (as to itself) 

        ●    
Asset Representations Reviewer (as to itself) 

        ●    
Any other Reporting Servicer (as to itself) 

        ●   
 Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust 

        ●    
 Each Mortgage Loan Seller 

        ●    
 Originators under Item 1110 of Regulation AB (to be provided by the Depositor) 

        ●    
         Party under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

         

 

    Sch. V-2

    

    

 

	Additional
    Item:

    Disclosure per Item 1119 of Regulation AB	●     Master
Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
Certificate Administrator, Special Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3)) 

        ●     Special
Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
Certificate Administrator, Master Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3)) 

        ●    
Certificate Administrator (as to itself) (to the extent material to Certificateholders) 

        ●    
Trustee (as to itself) (to the extent material to Certificateholders) 

        ●    
Depositor (as to itself) 

        ●    
Depositor (as to the Trust) 

        ●    
Each Mortgage Loan Seller 

        ●    
Operating Advisor (as to itself) 

        ●    
Asset Representations Reviewer (as to itself) 

        ●    
Originators under Item 1110 of Regulation AB (to be provided by the Depositor) 

        ●    
        Party under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

        

 

    Sch. V-3

    

    

 

SCHEDULE
VI

 

FORM
8-K DISCLOSURE INFORMATION

 

The
parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible
for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant
to Section 10.09 of the Pooling and Servicing Agreement to report to the Depositor and the Certificate Administrator the occurrence
of any event described in the corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent
such party has actual knowledge of such information (other than information as to itself). Each of the Certificate Administrator,
the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely
on the accuracy of the Prospectus (other than information with respect to itself that is set forth in or omitted from the Prospectus),
in the absence of specific written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate
Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be
entitled to conclusively assume that there is no “significant obligor” other than a party identified as such in the
Prospectus. For this Benchmark 2020-B22 Mortgage Trust Pooling and Servicing Agreement, each of the Certificate Administrator,
the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume
that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115
of Regulation AB other than a party identified as such in the Prospectus.

 

	Item
    on Form 8-K	Party
    Responsible 
	Item
    1.01- Entry into a Material Definitive Agreement

    

    Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization,
    even if depositor is not a party.  

    

    Examples: servicing agreement, custodial agreement.

    

    Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus	●    
    Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such
    entity is a party to or entered into on behalf of the Trust)
	Item
1.02- Termination of a Material Definitive Agreement

Disclosure is required regarding termination of  any
definitive agreement that is material to the securitization (other than expiration in accordance with its terms), even if depositor
is not a party.  
	●    
    Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust  (only as to the agreements
    such entity is a party to or entered into on behalf of the Trust)

 

    Sch. VI-1

    

    

 

 

	Item
    on Form 8-K	Party
    Responsible 
	 

                                                                                Examples: servicing agreement, custodial agreement.
	 
	Item
    1.03- Bankruptcy or Receivership	●     
Depositor 

        ●     
Each Mortgage Loan Seller 

	Item
    2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
    Arrangement

    

    Includes an early amortization, performance trigger or other event, including event of default, that would materially alter
    the payment priority/distribution of cash flows/amortization schedule.

    

    Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the certificateholders.	●     
Depositor 

        ●     
        Certificate Administrator

         

	Item
    3.03- Material Modification to Rights of Security Holders

    

    Disclosure is required of any material modification to documents defining the rights of Certificateholders, including the
    Pooling and Servicing Agreement.	●     
    Certificate Administrator
	Item
    5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

    

    Disclosure is required of any amendment “to the governing documents of the issuing entity”.	●     
    Depositor
	Item
    5.06 – Change in Shell Company Status	●     
    Depositor
	Item
    5.07 – Submission of Matters to a Vote of Security Holders	●     
    Depositor
	Item
    5.08 – Shareholder Director Nomination	●     
    Depositor
	Item
    6.01- ABS Informational and Computational Material	●     
    Depositor
	Item
    6.02- Change of Servicer or Trustee 

    

    Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other
    servicer servicing 10% or more of pool assets at time of report, other material servicers or trustee.	●     
Master Servicer (as to itself or a servicer retained by it) 

        ●     
Special Servicer (as to itself or a servicer retained by it) 

        ●     
Certificate Administrator (as to itself or an entity retained by it) 

        ●     
Trustee 

         

 

    Sch. VI-2

    

    

 

	Item
    on Form 8-K	Party
    Responsible 
	 	●     
Depositor 

	Reg
    AB disclosure about any new servicer or master servicer is also required.	●     
    Master Servicer or Special Servicer, as applicable
	Reg
    AB disclosure about any new Trustee is also required.	●     
    Trustee
	Reg
    AB disclosure about any new Certificate Administrator is also required.	●     
    Certificate Administrator
	Item
    6.03- Change in Credit Enhancement or Other External Support	         N/A
	Item
    6.04- Failure to Make a Required Distribution	●     
    Certificate Administrator
	Item
    6.05- Securities Act Updating Disclosure

    

    If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in
    the final prospectus, provide updated Reg AB disclosure about the actual asset pool.

    

    If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide
    the information called for in Items 1108 and 1110 respectively.	●     
    Depositor
	Item
    7.01- Regulation FD Disclosure	●     
    Depositor
	Item
    8.01 – Other Events

    

    Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance
    to certificateholders.	●     
    Depositor
	Item
    9.01 – Financial Statements and Exhibits	●    
    Responsible party for reporting/disclosing the financial statement or exhibit

 

    Sch. VI-3

    

    

 

SCHEDULE
VII

 

INITIAL
SERVICED COMPANION LOAN NOTEHOLDERS

 

	Serviced
        Companion Loan

         
	Initial
        Noteholders

         
	Address
	Elo
    Midtown Office Portfolio	GS
        Mortgage Securities Trust 2020-GSA2

        (Note
        A-2 Holder)

	Note
        A-2 Holder:

                                                                                                       

        Midland
        Loan Services, a Division of PNC Bank, National Association

        10851
        Mastin Street

        Building
        82, Suite 300

        Overland
        Park, Kansas 66210

        Attention:
        Executive Vice President – Division Head

        Telecopy
        number: 1-888-706-3565

        Email:
        NoticeAdmin@midlandls.com

         

        with
        a copy to:

         

        Eversheds
        Sutherland (US) LLP

        700
        6th Street, NW, 7th Floor

        Washington,
        DC 20001

        Attention:
        Lisa A. Rosen

        Email:
        lisarosen@eversheds-sutherland.com

 

    	 	Sch. VII-1	 

    	 

    

 

	Station
    Park & Station Park West	JPMorgan
        Chase Bank, National Association

        (Note
        A-2 Holder)

	Note
        A-2 Holder:

                                                                                                                   

        JPMorgan
        Chase Bank, National Association

        383
        Madison Avenue, 31st Floor

        New
        York, New York 10179

        Attention:
        Kunal K. Singh

        Email:
        US_CMBS_Notice@jpmorgan.com

         

        with
        a copy to:

         

        JPMorgan
        Chase Bank, National Association

        4
        New York Plaza, 21st Floor

        New
        York, NY 10004-2413

        Attention:
        SPG Legal

        Email:
        US_CMBS_Notice@jpmorgan.com

         

        with
        a copy to:

         

        Cadwalader
        Wickersham & Taft LLP

        227
        West Trade Street

        Charlotte,
        North Carolina 28202

        Attention:
        David Burkholder

        Email:
        David.Burkholder@cwt.com

 

    	 	Sch. VII-2	 

    	 

    

 

	Rugby
    Pittsburgh Portfolio	JPMorgan
        Chase Bank, National Association

        (Note
        A-2 Holder)

	Note
        A-2 Holder:

                                                                                                                   

        JPMorgan
        Chase Bank, National Association

        383
        Madison Avenue, 31st Floor

        New
        York, New York 10179

        Attention:
        Kunal K. Singh

        Email:
        US_CMBS_Notice@jpmorgan.com

         

        with
        a copy to:

         

        JPMorgan
        Chase Bank, National Association

        4
        New York Plaza, 21st Floor

        New
        York, NY 10004-2413

        Attention:
        SPG Legal

        Email:
        US_CMBS_Notice@jpmorgan.com

         

        with
        a copy to:

         

        Cadwalader
        Wickersham & Taft LLP

        227
        West Trade Street

        Charlotte,
        North Carolina 28202

        Attention:
        David Burkholder

        Email:
David.Burkholder@cwt.com 

 

    	 	Sch. VII-3	 

    	 

    

 

SCHEDULE
VIII

 

CONTACT
INFORMATION FOR THE OTHER 17G-5 INFORMATION PROVIDER

 

None.

 

    	 	Sch. VIII-1	 

    	 

    

 

SCHEDULE
IX

 

MORTGAGE
LOANS WITH “PERFORMANCE”, “EARN-OUT” OR “HOLDBACK” ESCROWS OR RESERVES EXCEEDING 10% OF THE
STATED PRINCIPAL BALANCE OF THE MORTGAGE LOAN OR WHOLE LOAN, AS APPLICABLE, AS OF THE CUT-OFF DATE

 

	Loan
    No.	Loan	Reserve
    Type	Amount
	8	McClellan
    Business Park	Existing
    TI/LC, Development Agency Loan and Rent Concession	$6,190,921.89
	10	711
    Fifth Avenue	TCO
    Renewal and Unfunded Obligations	$3,048.024.18

    Sch. IX-1

    

    

 

SCHEDULE
X

 

Retained
Defeasance Rights and Obligations Mortgage Loans

 

	Loan
    No.	Mortgage
    Loan	Mortgage
    Loan Seller
	3	Elo
    Midtown Office Portfolio	CREFI
	8	McClellan
    Business Park	GSMC
	9	1088
    Sansome	GACC
	10	711
    Fifth Avenue	GSMC
	12	111
    Kent Avenue	CREFI
	13	32-42
    Broadway	CREFI
	14	27750
    Entertainment Drive	CREFI
	15	JW
    Marriott Nashville	GSMC
	17	Medici
    Office Park	GSMC
	19	Cabinetworks
    Portfolio	GSMC
	23	Pet
    Food Experts Industrial	GACC
	24	Frontier
    Self Storage	GACC
	26	Storage
    Solutions Portfolio	CREFI
	27	Reladyne
    Industrial	GACC
	28	801
    Bedford Avenue	CREFI
	29	SDC
    Annex	GACC
	30	CityLine
    All American Storage	CREFI
	31	200
    Centennial Avenue	CREFI
	32	Alief
    Westwood Self Storage	GACC
	33	Prime
    Storage Palm Desert	CREFI

 

    Sch. X-1

    

    

 

SCHEDULE
XI

 

MORTGAGE
LOANS WITH ADDITIONAL SECURED DEBT

 

		1.	The
                                         Grace Building

 

		2.	MGM
                                         Grand & Mandalay Bay

 

		3.	Elo
                                         Midtown Office Portfolio

 

		4.	Station
                                         Park & Station Park West

 

		5.	Rugby
                                         Pittsburgh Portfolio

 

		6.	4
                                         West 58th Street

 

		7.	McClellan
                                         Business Park

 

		8.	711
                                         Fifth Avenue

 

		9.	32-42
                                         Broadway

 

		10.	JW
                                         Marriott Nashville

 

		11.	Hotel
                                         ZaZa Houston Museum District

 

		12.	Cabinetworks
                                         Portfolio

 

    Sch. XI-1Unassociated Document

Exhibit 4.5

 

 

CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC.,

Depositor,

 

MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION,

Master Servicer,

 

MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION,

Special Servicer,

 

SITUS HOLDINGS, LLC,

Operating Advisor,

 

CITIBANK, N.A.,

Certificate Administrator,

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

Trustee

	 	 	 

 

POOLING AND SERVICING AGREEMENT

Dated as of April 1, 2015

	 	 	 

 

Commercial Mortgage Pass-Through Certificates

Series 2015-GC29

 

  

  

  

 

TABLE OF CONTENTS

	  	  	  	  	  
	  	  	  	  	
Page

	  	  	  	  	  
	ARTICLE I
	  	  	  	  	  
	DEFINITIONS
	  	  	  	  	  
	
Section 1.01

	  	
Defined Terms

	  	
4

	
Section 1.02

	  	
Certain Calculations

	  	
113

	
Section 1.03

	  	
Certain Constructions

	  	
117

	  	  	  	  	  
	
ARTICLE II

	  	  	  	  	  
	
CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

	  	  	  	  	  
	
Section 2.01

	  	
Conveyance of Mortgage Loans

	  	
118

	
Section 2.02

	  	
Acceptance by the Trustee, the Custodian and the Certificate Administrator

	  	
122

	
Section 2.03

	  	
Mortgage Loan Sellers’ Repurchase, Substitution or Cures of Mortgage Loans for Document Defects in Mortgage Files and Breaches of Representations and Warranties

	  	
124

	
Section 2.04

	  	
Representations and Warranties of the Depositor

	  	
131

	
Section 2.05

	  	
Representations, Warranties and Covenants of the Master Servicer

	  	
133

	
Section 2.06

	  	
Representations, Warranties and Covenants of the Special Servicer

	  	
135

	
Section 2.07

	  	
Representations and Warranties of the Trustee

	  	
136

	
Section 2.08

	  	
Representations and Warranties of the Certificate Administrator

	  	
138

	
Section 2.09

	  	
Representations, Warranties and Covenants of the Operating Advisor

	  	
139

	
Section 2.10

	  	
Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests

	  	
141

	
Section 2.11

	  	
Miscellaneous REMIC and Grantor Trust Provisions

	  	
142

	  	  	  	  	  
	
ARTICLE III

	  	  	  	  	  
	
ADMINISTRATION AND SERVICING

OF THE MORTGAGE LOANS

	  	  	  	  	  
	
Section 3.01

	  	
Master Servicer to Act as Master Servicer; Administration of the Mortgage Loans; Sub-Servicing Agreements; Outside Serviced Trust Loans

	  	
143

	
Section 3.02

	  	
Liability of the Master Servicer

	  	
154

	
Section 3.03

	  	
Collection of Certain Mortgage Loan Payments

	  	
155

	
Section 3.04

	  	
Collection of Taxes, Assessments and Similar Items; Escrow Accounts

	  	
156

	
Section 3.05

	  	
Collection Account; Distribution Accounts; and Excess Liquidation Proceeds Reserve Account; and Excess Interest Distribution Account

	  	
159

 

  

-i-

  

 

	  	  	  	  	
Page

	  	  	  	  	  
	
Section 3.05 A.

	  	
Loan Combination Custodial Account

	  	
162

	
Section 3.06

	  	
Permitted Withdrawals From the Collection Account

	  	
164

	
Section 3.06 A.

	  	
Permitted Withdrawals From the Loan Combination Custodial Account

	  	
170

	
Section 3.07

	  	
Investment of Funds in the Collection Account, the REO Account, the Mortgagor Accounts, and Other Accounts

	  	
174

	
Section 3.08

	  	
Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage

	  	
176

	
Section 3.09

	  	
Enforcement of Due-On-Sale and Due-On-Encumbrance Clauses; Assumption Agreements; Defeasance Provisions

	  	
181

	
Section 3.10

	  	
Appraisal Reductions; Realization Upon Defaulted Loans

	  	
186

	
Section 3.11

	  	
Trustee and Certificate Administrator to Cooperate; Release of Mortgage Files

	  	
192

	
Section 3.12

	  	
Servicing Fees, Trustee/Certificate Administrator Fees and Special Servicing Compensation

	  	
194

	
Section 3.13

	  	
Compensating Interest Payments

	  	
200

	
Section 3.14

	  	
Application of Penalty Charges and Modification Fees

	  	
201

	
Section 3.15

	  	
Access to Certain Documentation

	  	
202

	
Section 3.16

	  	
Title and Management of REO Properties

	  	
204

	
Section 3.17

	  	
Sale of Defaulted Loans and REO Properties; Sale of Outside Serviced Trust Loans

	  	
208

	
Section 3.18

	  	
Additional Obligations of the Master Servicer; Inspections; Obligation to Notify Ground Lessors; Delivery of Certain Reports to the Serviced Companion Loan Holder

	  	
216

	
Section 3.19

	  	
Lock-Box Accounts, Escrow Accounts

	  	
217

	
Section 3.20

	  	
Property Advances

	  	
218

	
Section 3.21

	  	
Appointment of Special Servicer; Asset Status Reports

	  	
222

	
Section 3.22

	  	
Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping

	  	
226

	
Section 3.23

	  	
Interest Reserve Account

	  	
227

	
Section 3.24

	  	
Modifications, Waivers and Amendments

	  	
228

	
Section 3.25

	  	
Additional Obligations With Respect to Certain Mortgage Loans

	  	
233

	
Section 3.26

	  	
Certain Matters Relating to the Outside Serviced Trust Loans

	  	
234

	
Section 3.27

	  	
Additional Matters Regarding Advance Reimbursement

	  	
234

	
Section 3.28

	  	
Serviced Companion Loan Intercreditor Matters

	  	
236

	
Section 3.29

	  	
Appointment and Duties of the Operating Advisor

	  	
238

	
Section 3.30

	  	
Rating Agency Confirmation

	  	
242

	
Section 3.31

	  	
General Acknowledgement Regarding Companion Loan Holders

	  	
244

	
Section 3.32

	  	
Outside Control Termination Event Notices and Outside Consultation Termination Event Notices

	  	
244

	  	  	  	  	  
	ARTICLE IV
	  	  	  	  	  
	DISTRIBUTIONS TO CERTIFICATEHOLDERS
	  	  	  	  	  
	
Section 4.01

	  	
Distributions

	  	
245

 

  

-ii-

  

 

	  	  	  	  	
Page

	  	  	  	  	  
	
Section 4.02

	  	
Statements to Certificateholders; Certain Reports by the Master Servicer and the Special Servicer

	  	
258

	
Section 4.03

	  	
Compliance With Withholding Requirements

	  	
271

	
Section 4.04

	  	
REMIC Compliance

	  	
272

	
Section 4.05

	  	
Imposition of Tax on the Trust REMICs

	  	
274

	
Section 4.06

	  	
Remittances; P&I Advances

	  	
275

	
Section 4.07

	  	
Grantor Trust Reporting

	  	
280

	
Section 4.08

	  	
Calculations

	  	
281

	  	  	  	  	  
	ARTICLE V
	  	  	  	  	  
	THE CERTIFICATES
	  	  	  	  	  
	
Section 5.01

	  	
The Certificates

	  	
281

	
Section 5.02

	  	
Form and Registration

	  	
283

	
Section 5.03

	  	
Registration of Transfer and Exchange of Certificates

	  	
285

	
Section 5.04

	  	
Mutilated, Destroyed, Lost or Stolen Certificates

	  	
293

	
Section 5.05

	  	
Persons Deemed Owners

	  	
293

	
Section 5.06

	  	
Appointment of Paying Agent

	  	
293

	
Section 5.07

	  	
Access to Certificateholders’ Names and Addresses; Special Notices

	  	
294

	
Section 5.08

	  	
Actions of Certificateholders

	  	
294

	
Section 5.09

	  	
Authenticating Agent

	  	
295

	
Section 5.10

	  	
Appointment of Custodian

	  	
296

	
Section 5.11

	  	
Maintenance of Office or Agency

	  	
296

	
Section 5.12

	  	
Exchanges of Exchangeable Certificates

	  	
297

	  	  	  	  	  
	
ARTICLE VI

	  	  	  	  	  
	
THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE

OPERATING ADVISOR AND THE CONTROLLING CLASS REPRESENTATIVE

	  	  	  	  	  
	
Section 6.01

	  	
Liability of the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor

	  	
299

	
Section 6.02

	  	
Merger or Consolidation of the Master Servicer, the Special Servicer and the Operating Advisor

	  	
299

	
Section 6.03

	  	
Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and Others

	  	
300

	
Section 6.04

	  	
Limitation on Resignation of the Master Servicer, the Special Servicer or the Operating Advisor

	  	
301

	
Section 6.05

	  	
Rights of the Depositor, the Trustee and the Certificate Administrator in Respect of the Master Servicer and Special Servicer

	  	
303

	
Section 6.06

	  	
Master Servicer, Special Servicer as Owner of a Certificate

	  	
304

	
Section 6.07

	  	
Rating Agency Fees

	  	
305

	
Section 6.08

	  	
Termination of the Special Servicer Without Cause

	  	
305

	
Section 6.09

	  	
The Directing Holder and the Controlling Class Representative

	  	
309

 

  

-iii-

  

	  	  	  	  	
Page

	  	  	  	  	  
	
ARTICLE VII

	  	  	  	  	  
	
DEFAULT

	  	  	  	  	  
	
Section 7.01

	  	
Servicer Termination Events

	  	
315

	
Section 7.02

	  	
Trustee to Act; Appointment of Successor

	  	
321

	
Section 7.03

	  	
Notification to Certificateholders

	  	
323

	
Section 7.04

	  	
Other Remedies of Trustee

	  	
324

	
Section 7.05

	  	
Waiver of Past Servicer Termination Events and Operating Advisor Termination Events; Termination

	  	
324

	
Section 7.06

	  	
Termination of the Operating Advisor

	  	
326

	  	  	  	  	  
	
ARTICLE VIII

	  	  	  	  	  
	
CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR

	  	  	  	  	  
	
Section 8.01

	  	
Duties of the Trustee and the Certificate Administrator

	  	
329

	
Section 8.02

	  	
Certain Matters Affecting the Trustee and the Certificate Administrator

	  	
332

	
Section 8.03

	  	
Neither the Trustee Nor the Certificate Administrator Is Liable for Certificates or Mortgage Loans

	  	
335

	
Section 8.04

	  	
Trustee and Certificate Administrator May Own Certificates

	  	
336

	
Section 8.05

	  	
Payment of Trustee/Certificate Administrator Fees and Expenses; Indemnification

	  	
337

	
Section 8.06

	  	
Eligibility Requirements for the Trustee and the Certificate Administrator

	  	
339

	
Section 8.07

	  	
Resignation and Removal of the Trustee or the Certificate Administrator

	  	
340

	
Section 8.08

	  	
Successor Trustee or Successor Certificate Administrator

	  	
342

	
Section 8.09

	  	
Merger or Consolidation of the Trustee or the Certificate Administrator

	  	
343

	
Section 8.10

	  	
Appointment of Co-Trustee or Separate Trustee

	  	
343

	
Section 8.11

	  	
Access to Certain Information

	  	
344

	  	  	  	  	  
	
ARTICLE IX

	  	  	  	  	  
	
TERMINATION; OPTIONAL MORTGAGE LOAN PURCHASE

	  	  	  	  	  
	
Section 9.01

	  	
Termination; Optional Mortgage Loan Purchase

	  	
346

	  	  	  	  	  
	
ARTICLE X

	  	  	  	  	  
	
EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

	  	  	  	  	  
	
Section 10.01

	  	
Intent of the Parties; Reasonableness

	  	
350

	
Section 10.02

	  	
Succession; Sub-Servicers; Subcontractors

	  	
351

	
Section 10.03

	  	
Filing Obligations

	  	
353

 

  

-iv-

  

	  	  	  	  	
Page

	  	  	  	  	  
	
Section 10.04

	  	
Form 10-D Filings

	  	
354

	
Section 10.05

	  	
Form 10-K Filings

	  	
357

	
Section 10.06

	  	
Sarbanes-Oxley Certification

	  	
360

	
Section 10.07

	  	
Form 8-K Filings

	  	
361

	
Section 10.08

	  	
Annual Compliance Statements

	  	
363

	
Section 10.09

	  	
Annual Reports on Assessment of Compliance With Servicing Criteria

	  	
364

	
Section 10.10

	  	
Annual Independent Public Accountants’ Servicing Report

	  	
366

	
Section 10.11

	  	
Significant Obligors

	  	
367

	
Section 10.12

	  	
Indemnification

	  	
369

	
Section 10.13

	  	
Amendments

	  	
372

	
Section 10.14

	  	
Regulation AB Notices

	  	
372

	
Section 10.15

	  	
Termination of the Certificate Administrator

	  	
372

	
Section 10.16

	  	
Termination of the Master Servicer or the Special Servicer

	  	
373

	
Section 10.17

	  	
Termination of Sub-Servicing Agreements

	  	
373

	
Section 10.18

	  	
Notification Requirements and Deliveries in Connection With Securitization of a Serviced Companion Loan

	  	
374

	
Section 10.19

	  	
Termination of Exchange Act Filings With Respect to the Trust

	  	
376

	  	  	  	  	  
	
ARTICLE XI

	  	  	  	  	  
	
MISCELLANEOUS PROVISIONS

	  	  	  	  	  
	
Section 11.01

	  	
Counterparts

	  	
376

	
Section 11.02

	  	
Limitation on Rights of Certificateholders

	  	
377

	
Section 11.03

	  	
Governing Law

	  	
377

	
Section 11.04

	  	
Notices

	  	
378

	
Section 11.05

	  	
Severability of Provisions

	  	
380

	
Section 11.06

	  	
Notice to the Rule 17g-5 Information Provider, Depositor and Each Rating Agency

	  	
380

	
Section 11.07

	  	
Amendment

	  	
382

	
Section 11.08

	  	
Confirmation of Intent

	  	
385

	
Section 11.09

	  	
Third-Party Beneficiaries

	  	
386

	
Section 11.10

	  	
Request by Certificateholders or the Serviced Companion Loan Holder

	  	
386

	
Section 11.11

	  	
Waiver of Jury Trial

	  	
386

	
Section 11.12

	  	
Submission to Jurisdiction

	  	
386

	
Section 11.13

	  	
Exchange Act Rule 17g-5 Procedures

	  	
387

	
Section 11.14

	  	
Precautionary Trust Indenture Act Provisions

	  	
391

	
Section 11.15

	  	
Cooperation with the Mortgage Loan Sellers with Respect to Rights Under the Loan Agreements

	  	
391

	
Section 11.16

	  	
PNC Bank, National Association

	  	
392

 

  

-v-

  

 

TABLE OF EXHIBITS

	  	  	  
	
Exhibit A-1

	  	
Form of Class A-1 Certificate

	
Exhibit A-2

	  	
Form of Class A-2 Certificate

	
Exhibit A-3

	  	
Form of Class A-3 Certificate

	
Exhibit A-4

	  	
Form of Class A-4 Certificate

	
Exhibit A-5

	  	
Form of Class A-AB Certificate

	
Exhibit A-6

	  	
Form of Class X-A Certificate

	
Exhibit A-7

	  	
Form of Class X-B Certificate

	
Exhibit A-8

	  	
Form of Class A-S Certificate

	
Exhibit A-9

	  	
Form of Class B Certificate

	
Exhibit A-10

	  	
Form of Class PEZ Certificate

	
Exhibit A-11

	  	
Form of Class C Certificate

	
Exhibit A-12

	  	
Form of Class D Certificate

	
Exhibit A-13

	  	
Form of Class X-D Certificate

	
Exhibit A-14

	  	
Form of Class E Certificate

	
Exhibit A-15

	  	
Form of Class F Certificate

	
Exhibit A-16

	  	
Form of Class G Certificate

	
Exhibit A-17

	  	
Form of Class H Certificate

	
Exhibit A-18

	  	
Form of Class R Certificate

	
Exhibit A-19

	  	
Form of Class S Certificate

	
Exhibit B

	  	
Mortgage Loan Schedule

	
Exhibit C

	  	
Form of Request for Release

	
Exhibit D

	  	
Form of Distribution Date Statement

	
Exhibit E

	  	
Form of Transfer Certificate for Rule 144A Global Certificate to Temporary Regulation S Global Certificate

	
Exhibit F

	  	
Form of Transfer Certificate for Rule 144A Global Certificate to Regulation S Global Certificate

	
Exhibit G

	  	
Form of Transfer Certificate for Temporary Regulation S Global Certificate to Rule 144A Global Certificate during Restricted Period

	
Exhibit H

	  	
Form of Certification to be given by Beneficial Owner of Temporary Regulation S Global Certificate

	
Exhibit I

	  	
Form of Transfer Certificate for Non-Book Entry Certificate to Temporary Regulation S Global Certificate

	
Exhibit J

	  	
Form of Transfer Certificate for Non-Book Entry Certificate to Regulation S Global Certificate

	
Exhibit K

	  	
Form of Transfer Certificate for Non-Book Entry Certificate to Rule 144A Global Certificate

	
Exhibit L-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 L-2

	  	
Form of Transferor Letter

	
Exhibit L-3

	  	
Form of Transferee Letter

	
Exhibit L-4

	  	
Form of Investment Representation Letter

	
Exhibit M-1

	  	
Form of Investor Certification for Obtaining Information and Notices

	
Exhibit M-2

	  	
Form of Investor Certification for Exercising Voting Rights

	
Exhibit M-3

	  	
Form of Online Vendor Certification

 

  

-i-

  

 

	
Exhibit M-4

	  	
Form of Confidentiality Agreement

	
Exhibit M-5

	  	
Form of NRSRO Certification

	
Exhibit N

	  	
Custodian Certification

	
Exhibit O

	  	
Servicing Criteria to be Addressed in Assessment of Compliance

	
Exhibit P

	  	
Supplemental Servicer Schedule

	
Exhibit Q

	  	
[Reserved]

	
Exhibit R

	  	
Form of Operating Advisor Annual Report

	
Exhibit S

	  	
Sub-Servicing Agreements

	
Exhibit T

	  	
Form of Recommendation of Special Servicer Termination

	
Exhibit U

	  	
Additional Form 10-D Disclosure

	
Exhibit V

	  	
Additional Form 10-K Disclosure

	
Exhibit W

	  	
Form of Additional Disclosure Notification

	
Exhibit X

	  	
Form Certification to be Provided with Form 10-K

	
Exhibit Y-1

	  	
Form of Certification to be Provided to Depositor by the Certificate Administrator

	
Exhibit Y-2

	  	
Form of Certification to be Provided to Depositor by the Master Servicer

	
Exhibit Y-3

	  	
Form of Certification to be Provided to Depositor by the Special Servicer

	
Exhibit Y-4

	  	
Form of Certification to be Provided to Depositor by the Operating Advisor

	
Exhibit Y-5

	  	
Form of Certification to be Provided to Depositor by the Custodian

	
Exhibit Y-6

	  	
Form of Certification to be Provided to Depositor by the Trustee

	
Exhibit Z

	  	
Form 8-K Disclosure Information

	
Exhibit AA-1

	  	
Form of Power of Attorney for Master Servicer

	
Exhibit AA-2

	  	
Form of Power of Attorney for Special Servicer

	
Exhibit BB

	  	
Class A-AB Scheduled Principal Balance

	
Exhibit CC-1

	  	
Form of Transferor Certificate for Transfer of the Excess Servicing Fee Rights

	
Exhibit CC-2

	  	
Form of Transferee Certificate for Transfer of the Excess Servicing Fee Rights

	
Exhibit  DD

	  	
Form of Notice and Certification Regarding Defeasance of Mortgage Loan

	
Exhibit  EE

	  	
Form of Notice of Exchange of Exchangeable Certificates

	
Exhibit  FF

	  	
Form of Notice Regarding Outside Serviced Trust Loan

	
Exhibit  GG

	  	
Specified Serviced Mortgage Loans

  

-ii-

  

 

Pooling and Servicing Agreement, dated as of April 1, 2015, among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Citibank, N.A., as Certificate Administrator, and Deutsche Bank Trust Company Americas, as Trustee.

 

PRELIMINARY STATEMENT:

 

(Terms used but not defined in this Preliminary

Statement shall have the meanings

specified in Article I hereof)

 

The Depositor intends to sell pass-through certificates to be issued hereunder in multiple classes which in the aggregate will evidence the entire beneficial ownership interest in the Trust Fund consisting primarily of the Mortgage Loans. As provided herein, the Certificate Administrator will elect that two segregated portions of the Trust Fund (other than the Class A-S Specific Grantor Trust Assets, the Class B Specific Grantor Trust Assets, the Excess Interest Grantor Trust Assets, the Class C Specific Grantor Trust Assets, the Class PEZ Specific Grantor Trust Assets and the proceeds of the foregoing) be treated for federal income tax purposes as two separate REMICs (designated as the “Upper-Tier REMIC” and the “Lower-Tier REMIC”, respectively). The Regular Certificates and the Class PEZ Regular Interests will represent “regular interests” in the Upper-Tier REMIC, and the Upper-Tier Residual Interest will be the sole class of “residual interests” in the Upper-Tier REMIC.

 

There are also (i) 13 classes of uncertificated Lower-Tier Regular Interests issued under this Agreement (designated as the Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-AB, Class LA-S, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LH Interests), each of which will constitute a class of “regular interests” in the Lower-Tier REMIC, and (ii) the Lower-Tier Residual Interest, which will be the sole class of “residual interests” in the Lower-Tier REMIC.

 

The Lower-Tier Regular Interests will be held by the Trustee as assets of the Upper-Tier REMIC. The Class R Certificates will represent both the Lower-Tier Residual Interest and the Upper-Tier Residual Interest.

 

The parties intend that (i) the portion of the Trust Fund representing the Class A-S Specific Grantor Trust Assets, the Class B Specific Grantor Trust Assets, the Class C Specific Grantor Trust Assets, the Class PEZ Specific Grantor Trust Assets, the Excess Interest Grantor Trust Assets and the proceeds of the foregoing will be treated as assets of a grantor trust under subpart E of Part I of subchapter J of the Code and (ii) the beneficial interests in such grantor trust will be represented by the Class A-S Certificates, the Class B Certificates, the Class C Certificates, the Class PEZ Certificates and the Excess Interest Certificates.

 

  

  

  

 

UPPER-TIER REMIC

 

The following table sets forth the Class designation, the approximate initial pass-through rate and the aggregate initial principal amount (the “Original Certificate Principal Amount”) or, in the case of the Class X-A, Class X-B and Class X-D Certificates, notional amount (the “Original Notional Amount”), as applicable, for each Class of Certificates and each Class PEZ Regular Interest comprising or evidencing the interests in the Upper-Tier REMIC created hereunder:

 

	
Class Designation

	 	
Approximate

Initial

Pass-Through Rate

(per annum)

	 	
Original

Certificate Principal Amount

/ Original Notional Amount

	
Class A-1

	 	
1.450%

	 	
$29,302,000

	
Class A-2

	 	
2.674%

	 	
$146,427,000

	
Class A-3

	 	
2.935%

	 	
$220,000,000

	
Class A-4

	 	
3.192%

	 	
$334,415,000

	
Class A-AB

	 	
2.984%

	 	
$52,822,000

	
Class X-A(1)

	 	
1.178%

	 	
$838,892,000

	
Class X-B(1)

	 	
0.398%

	 	
$72,704,000

	
Class X-D(1)

	 	
1.046%

	 	
$65,713,000

	
Class A-S Regular Interest

	 	
3.457%

	 	
$55,926,000

	
Class B Regular Interest

	 	
3.758%

	 	
$72,704,000

	
Class C Regular Interest

	 	
4.156%

	 	
$51,732,000

	
Class D

	 	
3.110%

	 	
$65,713,000

	
Class E

	 	
4.156%

	 	
$23,769,000

	
Class F

	 	
4.156%

	 	
$11,185,000

	
Class G

	 	
4.156%

	 	
$15,380,000

	
Class H

	 	
4.156%

	 	
$39,148,505

	
Class R(2)

	 	
N/A

	 	
                                    N/A

	
(1)

	
The Class X-A, Class X-B and Class X-D Certificates will not have Certificate Principal Amounts; rather, each such Class of Certificates will accrue interest as provided herein on the related Notional Amount.

 

	
(2)

	
The Class R Certificates will not have a Certificate Principal Amount or Notional Amount, will not bear interest and will not be entitled to distributions of Yield Maintenance Charges. Any Available Funds remaining in the Lower-Tier Distribution Account and the Upper-Tier Distribution Account, after all required distributions under this Agreement have been made with respect to the Regular Certificates and the Class PEZ Regular Interests, will be distributed to the Holders of the Class R Certificates.

 

LOWER-TIER REMIC

 

The following table sets forth the Class designation, the corresponding Lower-Tier Regular Interest (the “Corresponding Lower-Tier Regular Interest”) and its original Lower-Tier Principal Balance, and the corresponding component of the Class X Certificates (the

 

  

-2-

  

 

“Corresponding Component”) for each Class of Regular Certificates and each Class PEZ Regular Interest. Each Class of Regular Certificates (other than the Class X Certificates) and each Class PEZ Regular Interest constitutes the “Corresponding Certificates” with respect to that Class’ or Class PEZ Regular Interest’s Corresponding Lower-Tier Regular Interest and Corresponding Component.

 

	

Class Designation

	 	

Corresponding

Lower-Tier Regular

Interest(1)(2)

	 	

Original Lower-Tier

Principal Balance

	 	

Corresponding

Component(2)

	
Class A-1

	 	
LA-1

	 	
$29,302,000

	 	
Class A-1

	
Class A-2

	 	
LA-2

	 	
$146,427,000

	 	
Class A-2

	
Class A-3

	 	
LA-3

	 	
$220,000,000

	 	
Class A-3

	
Class A-4

	 	
LA-4

	 	
$334,415,000

	 	
Class A-4

	
Class A-AB

	 	
LA-AB

	 	
$52,822,000

	 	
Class A-AB

	
Class A-S Regular Interest

	 	
LA-S

	 	
$55,926,000

	 	
Class A-S

	
Class B Regular Interest

	 	
LB

	 	
$72,704,000

	 	
Class B

	
Class C Regular Interest

	 	
LC

	 	
$51,732,000

	 	
N/A

	
Class D

	 	
LD

	 	
$65,713,000

	 	
Class D

	
Class E

	 	
LE

	 	
$23,769,000

	 	
N/A

	
Class F

	 	
LF

	 	
$11,185,000

	 	
N/A

	
Class G

	 	
LG

	 	
$15,380,000

	 	
N/A

	
Class H

	 	
LH

	 	
$39,148,505

	 	
N/A

 

	
(1)

	
The interest rate of each Lower-Tier Regular Interest is the WAC Rate.

 

	
(2)

	
The Corresponding Lower-Tier Regular Interest and Corresponding Component with respect to any Class of Regular Certificates or any Class PEZ Regular Interest are also the Corresponding Lower-Tier Regular Interest and Corresponding Component with respect to each other.

 

GRANTOR TRUST

 

The portions of the Trust Fund consisting of the Class A-S Specific Grantor Trust Assets, the Class B Specific Grantor Trust Assets, the Class C Specific Grantor Trust Assets, the Class PEZ Specific Grantor Trust Assets and the Excess Interest Grantor Trust Assets shall be treated as a grantor trust under subpart E, part I of subchapter J of the Code (the “Grantor Trust”) for federal income tax purposes. The Class A-S Certificates shall represent undivided beneficial interests in the portion of the Grantor Trust consisting of the Class A-S Specific Grantor Trust Assets. The Class B Certificates shall represent undivided beneficial interests in the portion of the Grantor Trust consisting of the Class B Specific Grantor Trust Assets. The Class PEZ Certificates shall represent undivided beneficial interests in the portion of the Grantor Trust consisting of the Class PEZ Specific Grantor Trust Assets. The Class C Certificates shall represent undivided beneficial interests in the portion of the Grantor Trust consisting of the Class C Specific Grantor Trust Assets. The Excess Interest Certificates shall represent undivided beneficial interests in the portion of the Grantor Trust consisting of the Excess Interest Grantor Trust Assets. As provided herein, the Certificate Administrator shall not take any actions that 

 

  

-3-

  

 

would cause the Grantor Trust to either (i) lose its status as a “grantor trust” or (ii) be treated as part of either Trust REMIC.

 

The following table sets forth the Class designation, the approximate initial Pass-Through Rate and the Original Certificate Principal Amount for each Class of Exchangeable Certificates representing a beneficial ownership interest in one or more of the Class PEZ Regular Interests:

 

	

 

Class Designation

	 	

Approximate Initial

Pass-Through Rate

(per annum)

	 	

Original Certificate

Principal Amount

	
Class A-S(1)

	 	
3.457%

	 	
$55,926,000

	
Class B(2)

	 	
3.758%

	 	
$72,704,000

	
Class PEZ(3)

	 	
N/A(4)

	 	
$0

	
Class C(5)

	 	
4.156%

	 	
$51,732,000

 

	
(1)

	
The Class A-S Certificates represent a beneficial ownership interest in the Class A-S Percentage Interest of the Class A-S Regular Interest. The aggregate Certificate Principal Amount of the Class A-S Certificates and the Class PEZ Component A-S will at all times equal the Certificate Principal Amount of the Class A-S Regular Interest.

 

	
(2)

	
The Class B Certificates represent a beneficial ownership interest in the Class B Percentage Interest of the Class B Regular Interest. The aggregate Certificate Principal Amount of the Class B Certificates and the Class PEZ Component B will at all times equal the Certificate Principal Amount of the Class B Regular Interest.

 

	
(3)

	
The Class PEZ Certificates represent a beneficial ownership interest in the Class A-S-PEZ Percentage Interest of the Class A-S Regular Interest, the Class B-PEZ Percentage Interest of the Class B Regular Interest and the Class C-PEZ Percentage Interest of the Class C Regular Interest.

 

	
(4)

	
The Class PEZ Certificates will not have a Pass-Through Rate, but will be entitled to receive the sum of the interest distributable on the Class PEZ Percentage Interest of the Class PEZ Regular Interests.

 

	
(5)

	
The Class C Certificates represent a beneficial ownership interest in the Class C Percentage Interest of the Class C Regular Interest. The aggregate Certificate Principal Amount of the Class C Certificates and the Class PEZ Component C will at all times equal the Certificate Principal Amount of the Class C Regular Interest.

 

As of the Cut-Off Date, the Mortgage Loans have an aggregate Stated Principal Balance equal to approximately $1,118,523,506.

 

In consideration of the mutual agreements herein contained, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section 1.01     Defined Terms. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the meanings specified in this Article.

 

  

-4-

  

 

“170 Broadway Co-Lender Agreement”: With respect to the 170 Broadway Loan Combination, the related co-lender agreement, dated as of March 20, 2015, by and between the holder of the 170 Broadway Mortgage Loan and the 170 Broadway Companion Loan Holder, relating to the relative rights of the holder of the 170 Broadway Mortgage Loan and the 170 Broadway Companion Loan Holder, as the same may be amended from time to time in accordance with the terms thereof.

 

“170 Broadway Companion Loan”: With respect to the 170 Broadway Loan Combination, the related promissory note made by the related Mortgagor and secured by the 170 Broadway Mortgage and designated as promissory note A-2, which is not included in the Trust and is pari passu in right of payment with the 170 Broadway Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the 170 Broadway Co-Lender Agreement.

 

“170 Broadway Companion Loan Holder”: The holder of the 170 Broadway Companion Loan.

 

“170 Broadway Loan Combination”: The 170 Broadway Mortgage Loan, together with the 170 Broadway Companion Loan, each of which is secured by the 170 Broadway Mortgage. References herein to the 170 Broadway Loan Combination shall be construed to refer to the aggregate indebtedness secured under the 170 Broadway Mortgage.

 

“170 Broadway Mortgage”: The Mortgage securing the 170 Broadway Mortgage Loan and the 170 Broadway Companion Loan.

 

“170 Broadway Mortgage Loan”: With respect to the 170 Broadway Loan Combination, the Mortgage Loan included in the Trust, which is (i) secured by the Mortgaged Property identified on the Mortgage Loan Schedule as 170 Broadway, (ii) evidenced by a promissory note A-1 and (iii) pari passu in right of payment with the 170 Broadway Companion Loan to the extent set forth in the related Loan Documents and as provided in the 170 Broadway Co-Lender Agreement.

 

“3 Columbus Circle Co-Lender Agreement”: With respect to the 3 Columbus Circle Loan Combination, the related co-lender agreement, dated as of March 6, 2015, by and between the holder of the 3 Columbus Circle Mortgage Loan and the 3 Columbus Circle Companion Loan Holders, relating to the relative rights of the holder of the 3 Columbus Circle Mortgage Loan and the 3 Columbus Circle Companion Loan Holders, as the same may be amended from time to time in accordance with the terms thereof.

 

“3 Columbus Circle Companion Loans”: With respect to the 3 Columbus Circle Loan Combination, the related promissory notes made by the related Mortgagor and secured by the 3 Columbus Circle Mortgage and designated as promissory notes A-1, A-3, A-4 and A-6, which are not included in the Trust and are pari passu in right of payment with the 3 Columbus Circle Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the 3 Columbus Circle Co-Lender Agreement.

 

“3 Columbus Circle Companion Loan Holder”: The holder of a 3 Columbus Circle Companion Loan.

 

  

-5-

  

 

“3 Columbus Circle Controlling Companion Loan”: The 3 Columbus Circle Companion Loan evidenced by the promissory note A-1 in the original principal amount of $90,000,000.

 

“3 Columbus Circle Controlling Note Securitization Date”: With respect to the 3 Columbus Circle Loan Combination, the date on which the 3 Columbus Circle Controlling Companion Loan is included in an Other Securitization Trust, provided that the related 3 Columbus Circle Companion Loan Holder provides the Master Servicer, the Special Servicer, the Certificate Administrator and/or the Trustee, as applicable, with notice in accordance with the terms of the 3 Columbus Circle Co-Lender Agreement.

 

“3 Columbus Circle Loan Combination”: The 3 Columbus Circle Mortgage Loan, together with the 3 Columbus Circle Companion Loans, each of which is secured by the 3 Columbus Circle Mortgage. References herein to the 3 Columbus Circle Loan Combination shall be construed to refer to the aggregate indebtedness secured under the 3 Columbus Circle Outlets Mortgage.

 

“3 Columbus Circle Mortgage”: The Mortgage securing the 3 Columbus Circle Mortgage Loan and the 3 Columbus Circle Companion Loans.

 

“3 Columbus Circle Mortgage Loan”: With respect to the 3 Columbus Circle Loan Combination, the Mortgage Loan included in the Trust, which is (i) secured by the Mortgaged Property identified on the Mortgage Loan Schedule as 3 Columbus Circle, (ii) evidenced by promissory notes A-2 and A-5 and (iii) pari passu in right of payment with the 3 Columbus Circle Companion Loans to the extent set forth in the related Loan Documents and as provided in the 3 Columbus Circle Co-Lender Agreement.

 

“3 Columbus Circle Pooling and Servicing Agreement”: (i) Prior to the 3 Columbus Circle Controlling Note Securitization Date, the pooling and servicing agreement governing the issuance of the COMM 2015-CCRE22 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, dated as of March 1, 2015, between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as a special servicer, Midland Loan Services, a Division of PNC Bank, National Association, as a special servicer, Park Bridge Lender Services LLC, as operating advisor, Wilmington Trust, National Association, as trustee, and Deutsche Bank Trust Company Americas, as certificate administrator and custodian, as the same may be amended from time to time in accordance with the terms thereof, and (ii) on or after the 3 Columbus Circle Controlling Note Securitization Date, the pooling and servicing agreement governing the creation of the Outside Securitization Trust that holds the 3 Columbus Circle Controlling Companion Loan.

 

“10-K Filing Deadline”: As defined in Section 10.05 of this Agreement.

 

“AB Loan Combination”: A Loan Combination that includes a Subordinate Companion Loan. There are no AB Loan Combinations related to the Trust and all references in this Agreement to “AB Loan Combinations” shall be disregarded.

 

  

-6-

  

 

“Acceptable Insurance Default”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination), any Default arising when the related Loan Documents require that the related Mortgagor must maintain all risk casualty insurance or other insurance that covers damages or losses arising from acts of terrorism and the Special Servicer has determined, in its reasonable judgment in accordance with the Servicing Standard (and, with the consent of the related Directing Holder, unless an applicable Control Termination Event has occurred and is continuing), 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 Mortgaged 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; provided, however, that the related Directing Holder shall have no more than 30 days to respond to the Special Servicer’s request for such consent; provided, further, that upon the Special Servicer’s determination, consistent with the Servicing Standard, that exigent circumstances do not allow the Special Servicer to consult with the related Directing Holder, the Special Servicer shall not be required to do so. In making this determination, the Special Servicer, to the extent consistent with the Servicing Standard, may rely on the opinion of an insurance consultant.

 

“Accrued Component Interest”: With respect to each Component for any Distribution Date, one month’s interest at the Class X Strip Rate applicable to such Component for such Distribution Date, accrued on the Component Notional Amount of such Component outstanding immediately prior to such Distribution Date. Accrued Component Interest shall be calculated on a 30/360 Basis and, with respect to any Component and any Distribution Date, shall be deemed to accrue during the calendar month preceding the month in which such Distribution Date occurs.

 

“Act” or “Securities Act”: The Securities Act of 1933, as it may be amended from time to time and the rules and regulations thereunder.

 

“Additional Disclosure Notification”: The form of notification to be included with any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure or Form 8-K Disclosure Information which is attached to this Agreement as Exhibit W.

 

“Additional Form 10-D Disclosure”: As defined in Section 10.04 of this Agreement.

 

“Additional Form 10-K Disclosure”: As defined in Section 10.05 of this Agreement.

 

“Additional Information”: As defined in Section 4.02(a) of this Agreement.

 

“Additional Servicer”: Each Affiliate of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Depositor, any Mortgage Loan Seller or any of the Underwriters that Services any of the Mortgage Loans, each Outside Servicer, each Outside Special Servicer and each Person, other than the Special Servicer or the Certificate Administrator, who is not an Affiliate of the Master Servicer, the Certificate Administrator, the Trustee, the Depositor, any Mortgage Loan Seller or any of the Underwriters who Services 10% 

 

  

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or more of the Mortgage Loans by unpaid principal balance calculated in accordance with the provisions of Regulation AB.

 

“Additional Trust Fund Expenses”: (i) Special Servicing Fees, Workout Fees and Liquidation Fees, (ii) interest in respect of unreimbursed Advances, (iii) the cost of various default-related or unanticipated Opinions of Counsel required or permitted to be obtained in connection with the servicing of the Mortgage Loans and the administration of the Trust Fund, (iv) unanticipated, non-Mortgage Loan specific expenses of the Trust Fund, including indemnities and expense reimbursements to the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor and the Depositor and federal, state and local taxes, and tax-related expenses, specifically payable out of the Trust Fund and (v) any other default-related or unanticipated expense of the Trust Fund that is not covered by an Advance and for which there is no corresponding collection from a Mortgagor.

 

“Administrative Cost Rate”: As of any date of determination, a rate equal to the sum of the Servicing Fee Rate, the Operating Advisor Fee Rate, the CREFC® Intellectual Property Royalty License Fee Rate and the Trustee/Certificate Administrator Fee Rate.

 

“Advance”: Any P&I Advance or Property Advance.

 

“Advance Interest Amount”: Interest at the Advance Rate on the aggregate amount of P&I Advances and Property Advances for which the Master Servicer, the Special Servicer or the Trustee, as applicable, have not been reimbursed for the number of days from the date on which such Advance was made through, but not including, the date of reimbursement of the related Advance, less any amount of interest previously paid on such Advance; provided, however, that with respect to any P&I Advance made prior to the expiration of the related grace period (or, if there is no grace period, on or prior to the related Due Date), interest on such P&I Advance shall accrue only from and after the expiration of such grace period (or, if there is no grace period, from and after the related Due Date) and only if the subject Mortgage Loan is then still delinquent; and provided, further, that interest at the Advance Rate shall not accrue on any Advance made to cover a delinquent Applicable Monthly Payment that has been received after the Determination Date and prior to 2:00 p.m. (Eastern Time) on the related Master Servicer Remittance Date.

 

“Advance Rate”: A per annum rate equal to the Prime Rate, compounded annually.

 

“Affected Loan(s)”: As defined in Section 2.03(a) of this Agreement.

 

“Affiliate”: With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. The Trustee and/or the Certificate Administrator may obtain and rely on an Officer’s Certificate of the Master Servicer, the Special Servicer or the Depositor to determine whether any Person is an Affiliate of such party.

 

  

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“Affiliate Ethical Wall”: Reasonable policies and procedures to be maintained by an Affiliate of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor or the Trustee, as applicable, taking into account the nature of its business, to ensure (1) that such Affiliate will not obtain Confidential Information from the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor or the Trustee, as applicable, and (2) that the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor or the Trustee, as applicable, will not obtain information regarding Investments in the Certificates from such Affiliate. Under such policies and procedures maintained by such Affiliate, (i) policies and procedures restricting the flow of information exist, and shall be maintained by such Affiliate, between such Affiliate, on the one hand and the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor or the Trustee, as applicable, on the other; (ii) such policies and procedures restricting the flow of information operate in both directions so as to include (a) policies and procedures against the disclosure of Confidential Information from the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor or the Trustee, as applicable, to such Affiliate and (b) policies and procedures against the disclosure of information regarding Investments in Certificates from such Affiliate to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor or the Trustee, as applicable; (iii) the senior management personnel of such Affiliate who have obtained Confidential Information in the course of their exercise of general managerial responsibilities may not participate in or use that information to influence Investment Decisions with respect to the Certificates, nor may they pass that information to others for use in such activities; and (iv) such senior management personnel who have obtained information regarding Investments in the course of their exercise of general managerial responsibilities may not use that information to influence servicing recommendations.

 

“Agreement”: This Pooling and Servicing Agreement and all amendments hereof and supplements hereto.

 

“A.M. Best”: A.M. Best Company, Inc. or its successors in interest. If neither A.M. Best nor any successor remains in existence, “A.M. Best” 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 and the Special Servicer and specific ratings of A.M. Best herein referenced shall be deemed to refer to the equivalent ratings (as reasonably determined by the Depositor) of the party so designated.

 

“Ancillary Fees”: With respect to any Serviced Loan, any and all demand fees, beneficiary statement charges, fees for insufficient or returned checks and other usual and customary charges and fees (other than Modification Fees, Consent Fees, Penalty Charges, Assumption Fees, assumption application fees and defeasance fees) actually received from the related Mortgagor.

 

“Anticipated Repayment Date”: With respect to any ARD Mortgage Loan, the date upon which such ARD Mortgage Loan commences accruing interest at its Revised Rate.

 

  

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“Anticipated Termination Date”: Any Distribution Date on which it is anticipated that the Trust Fund will be terminated pursuant to Section 9.01(c) of this Agreement.

 

“Applicable Laws”: As defined in Section 3.01(l), Section 3.21(g) and Section 8.02(h), respectively, of this Agreement.

 

“Applicable Monthly Payment”: For any Mortgage Loan (including an Outside Serviced Trust Loan) with respect to any month (including any such Mortgage Loan as to which the related Mortgaged Property has become an REO Property), the Monthly Payment; provided, however, that for purposes of calculating the amount of any P&I Advance required to be made by the Master Servicer or the Trustee, notwithstanding the amount of such Applicable Monthly Payment, interest shall be calculated at the Mortgage Rate less the Servicing Fee Rate; and provided, further, that for purposes of determining the amount of any P&I Advance, the Monthly Payment shall be as reduced pursuant to any modification of a Mortgage Loan pursuant to Section 3.24 of this Agreement or pursuant to the applicable Other Pooling and Servicing Agreement, or pursuant to any bankruptcy, insolvency, or other similar proceeding involving the related Mortgagor.

 

“Applicant”: As defined in Section 5.07(a) of this Agreement.

 

“Appraisal”: An appraisal prepared by an Appraiser, which shall be prepared in accordance with MAI standards.

 

“Appraisal Reduction Amount”: For any Distribution Date and for any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) as to which an Appraisal Reduction Event has occurred and an Appraisal Reduction Amount is required to be calculated, an amount (subject to the operation of the final paragraph of Section 3.10(a)) equal to the excess, if any, of (a) the Stated Principal Balance of such Serviced Mortgage Loan (or Serviced Loan Combination) as of the last day of the related Collection Period over (b) the excess of (i) the sum of (A) 90% of the appraised value of the related Mortgaged Property or Properties (as determined by one or more Appraisals obtained by the Special Servicer (the cost of which shall be advanced by the Master Servicer as a Property Advance unless such Property Advance would be a Nonrecoverable Advance)), minus such downward adjustments as the Special Servicer may make in accordance with the Servicing Standard (without implying any obligation to do so) based upon the Special Servicer’s review of the Appraisal and such other information as the Special Servicer may deem appropriate and (B) all escrows, letters of credit and reserves in respect of such Serviced Mortgage Loan (or Serviced Loan Combination) as of the date of the calculation over (ii) the sum, as of the Due Date occurring in the month of the date of determination, of (A) to the extent not previously advanced by the Master Servicer or the Trustee, all unpaid interest on such Serviced Mortgage Loan (or Serviced Loan Combination) at a per annum rate equal to its Mortgage Rate (and with respect to a Serviced Loan Combination, interest on the related Serviced Companion Loan(s) at the related Mortgage Rate), (B) all unreimbursed Advances (which shall include, without limitation, (1) any Advances as to which the advancing party was reimbursed from a source other than the related Mortgagor and (2) any Unliquidated Advances), with interest thereon at the Advance Rate in respect of such Serviced Mortgage Loan (or Serviced Loan Combination) and (C) all currently due and unpaid real estate taxes and assessments, insurance premiums and ground rents, unpaid Special Servicing Fees and 

 

  

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all other amounts, due and unpaid with respect to such Serviced Mortgage Loan (or Serviced Loan Combination) (which taxes, premiums, ground rents and other amounts have not been the subject of an Advance by the Master Servicer or the Trustee, as applicable, and/or for which funds have not been escrowed). Promptly upon the occurrence of an Appraisal Reduction Event (or a longer period so long as the Special Servicer is (as certified thereby to the Trustee in writing) diligently and in good faith proceeding to obtain such), if an Appraisal has not been obtained within the immediately preceding nine (9) months (or if the Special Servicer has determined in accordance with the Servicing Standard such Appraisal to be materially inaccurate), the Special Servicer shall obtain an Appraisal, the costs of which shall be paid by the Master Servicer as a Property Advance (or as an expense of the Trust Fund and paid by the Master Servicer out of the Collection Account if such Property Advance would be a Nonrecoverable Advance). The Master Servicer shall provide (via electronic delivery) the Special Servicer with information in its possession that is reasonably required to calculate or recalculate any Appraisal Reduction Amount pursuant to the definition thereof using reasonable efforts to deliver such information within four (4) Business Days of the Special Servicer’s reasonable written request. None of the Master Servicer, the Trustee or the Certificate Administrator shall calculate or verify Appraisal Reduction Amounts. On the first Determination Date occurring on or after the delivery of such Appraisal, the Special Servicer shall calculate or adjust, as applicable, the Appraisal Reduction Amount to take into account such Appraisal and such information, if any, reasonably requested by the Special Servicer from the Master Servicer reasonably required to calculate or recalculate the Appraisal Reduction Amount. Notwithstanding the foregoing, if an Appraisal is required to be obtained in accordance with Section 3.10(a) of this Agreement but is not obtained within 120 days following the events described in the applicable clause of the definition “Appraisal Reduction Event” (without regard to the time periods stated therein), then, until such Appraisal is obtained and solely for purposes of determining the amounts of P&I Advances, the Appraisal Reduction Amount for or allocable to the related Serviced Mortgage Loan will equal 25% of the Stated Principal Balance of such related Serviced Mortgage Loan; provided that, upon receipt of an Appraisal, however, the Appraisal Reduction Amount for such Serviced Mortgage Loan (or Serviced Loan Combination) will be recalculated in accordance with this definition without regard to this sentence. With respect to each Serviced Loan as to which an Appraisal Reduction Event has occurred (unless the Serviced Loan has become a Corrected Loan (if a Servicing Transfer Event had occurred with respect to the related Serviced Loan) and has remained current for three consecutive Monthly Payments, and with respect to which no other Appraisal Reduction Event has occurred during the preceding three months), the Special Servicer shall, within 30 days of each anniversary of such Appraisal Reduction Event, order an Appraisal (which may be an update of the prior Appraisal) (the cost of which will be covered by, and reimbursable as, a Property Advance by the Master Servicer or as an expense of the Trust Fund and paid by the Master Servicer out of the Collection Account if such Property Advance would be a Nonrecoverable Advance), provided, however, no new or updated Appraisal will be required if the Serviced Loan or REO Property is under contract to be sold within 90 days of such Appraisal Reduction Event or anniversary thereof and the Special Servicer reasonably believes such sale is likely to close. Based upon such Appraisal or letter updates thereto, the Special Servicer shall determine and report to the Master Servicer and the Certificate Administrator the Appraisal Reduction Amount, if any, with respect to such Serviced Mortgage Loan (or Serviced Loan Combination), and each of those parties shall be entitled to rely conclusively on such determination by the Special Servicer. The Special Servicer 

 

  

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shall deliver a copy of any such Appraisal to the Master Servicer and the Certificate Administrator, which shall be in electronic format. Each Appraisal Reduction Amount shall also be adjusted with respect to the next Distribution Date to take into account any subsequent Appraisal and annual letter updates, as of the date of each such subsequent Appraisal or letter update.

 

Upon payment in full or liquidation of any Serviced Loan for which an Appraisal Reduction Amount has been determined, such Appraisal Reduction Amount will be eliminated. In addition, with respect to any Serviced Loan, as to which an Appraisal Reduction Event has occurred, such Serviced Loan shall no longer be subject to the Appraisal Reduction Amount if (a) such Serviced Loan has become a Corrected Loan (if a Servicing Transfer Event had occurred with respect to the related Serviced Loan) and such Serviced Loan becomes and remains current for three consecutive Monthly Payments and (b) no other Appraisal Reduction Event has occurred and is continuing.

 

Appraisal Reduction Amounts with respect to each Serviced Loan Combination shall be allocated, first, to any related Serviced Subordinate Companion Loan (up to the outstanding principal balance thereof), and then, to the related Serviced Mortgage Loan and any related Serviced Pari Passu Companion Loan(s) on a pro rata and pari passu basis in accordance with the respective outstanding principal balances of such Serviced Mortgage Loan and the related Serviced Pari Passu Companion Loan.

 

Notwithstanding the foregoing, with respect to each Outside Serviced Trust Loan, the Appraisal Reduction Amount shall be the portion of any “Appraisal Reduction Amount” relating to such Outside Serviced Loan Combination, that is calculated pursuant to the applicable Other Pooling and Servicing Agreement by the related Outside Special Servicer or related Outside Servicer, as applicable, and that is allocable to such Outside Serviced Trust Loan pursuant to such Outside Pooling and Servicing Agreement and the related Co-Lender Agreement. The parties hereto shall be entitled to rely on such calculations as reported to them by the related Outside Servicer. By their acceptance of their Certificates, the Certificateholders shall be deemed to have acknowledged that the applicable Other Pooling and Servicing Agreement, and the related Co-Lender Agreement taken together, provide that any such “Appraisal Reduction Amount” will be calculated under the applicable Other Pooling and Servicing Agreement by the applicable party thereto.

 

“Appraisal Reduction Event”: With respect to any Serviced Loan, the earliest of (i) the date on which such Serviced Loan becomes a Modified Asset, (ii) the date on which such Serviced Loan is 60 days or more delinquent in respect of any Monthly Payment, except for a Balloon Payment, (iii) in the case of a delinquent Balloon Payment, (A) the date occurring 60 days after the date on which such Balloon Payment was due (except as described in clause B below) or (B) if the related Mortgagor has delivered to the Master Servicer (who shall promptly deliver a copy thereof to the Special Servicer) or the Special Servicer (who shall promptly deliver a copy thereof to the Master Servicer) a refinancing commitment acceptable to the Special Servicer prior to the date 60 days after the Balloon Payment was due, the date occurring 120 days after the date on which the Balloon Payment was due (or such shorter period beyond the date on which that Balloon Payment was due during which the refinancing is scheduled to occur), (iv) the date on which the related Mortgaged Property has become an REO Property, 

 

  

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(v) a receiver or similar official is appointed and continues for 60 days in such capacity in respect of the related Mortgaged Property, (vi) 60 days after the related Mortgagor is subject to a bankruptcy, insolvency or similar proceedings, which, in the case of an involuntary bankruptcy, insolvency or similar proceeding, is not dismissed within those 60 days, or (vii) the date on which such Serviced Loan remains outstanding five (5) years following any extension of its maturity date pursuant to Section 3.24 of this Agreement. If an Appraisal Reduction Event occurs with respect to any Serviced Mortgage Loan that is part of a Serviced Loan Combination, then an Appraisal Reduction Event shall be deemed to have occurred with respect to the related Serviced Companion Loan(s). If an Appraisal Reduction Event occurs with respect to any Serviced Companion Loan that is part of a Serviced Loan Combination, then an Appraisal Reduction Event shall be deemed to have occurred with respect to the related Serviced Mortgage Loan and any other Serviced Companion Loan(s) included as part of that Serviced Loan Combination. No Appraisal Reduction Event may occur at any time when the aggregate Certificate Principal Amount of all Classes of Principal Balance Certificates (other than the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB Certificates) has been reduced to zero. The Special Servicer shall notify the Master Servicer and the Master Servicer shall notify the Special Servicer, as applicable, promptly upon the occurrence of any of the foregoing events.

 

“Appraised Value”: As of any date of determination, (i) with respect to any Mortgaged Property (other than a Mortgaged Property securing an Outside Serviced Trust Loan), the appraised value thereof based upon an appraisal or update thereof prepared by an Appraiser that is contained in the related Servicing File obtained within the time parameters required by this Agreement, and (ii) with respect to each Mortgaged Property securing an Outside Serviced Trust Loan, the appraised value allocable thereto, as determined pursuant to the Other Pooling and Servicing Agreement.

 

“Appraised-Out Class”: As defined in Section 3.10(a) of this Agreement.

 

“Appraiser”: An Independent nationally recognized professional commercial real estate appraiser who (i) is a member in good standing of the Appraisal Institute, (ii) if the state in which the related Mortgaged Property is located certifies or licenses appraisers, is certified or licensed in such state, and (iii) has a minimum of five years’ experience in the related property type and market.

 

“ARD Mortgage Loan”: Any Mortgage Loan that is identified as having an Anticipated Repayment Date and a Revised Rate on the Mortgage Loan Schedule.

 

“Asset Status Report”: As defined in Section 3.21(b) of this Agreement.

 

“Assignment of Leases”: With respect to any Mortgaged Property, any assignment of leases, rents and profits or similar agreement 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.

 

  

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“Assumption Fees”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), any and all assumption fees of such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) for transactions effected under Section 3.09(a), 3.09(b) and 3.09(c) of this Agreement (excluding assumption application fees), actually paid by the related Mortgagor and other applicable fees (not including assumption fees and/or assumption application fees) actually paid by the related Mortgagor in accordance with the related Loan Documents, with respect to any assumption or substitution agreement entered into by the Master Servicer or the Special Servicer on behalf of the Trust (or, in the case of a Serviced Loan Combination, on behalf of the Trust and the Serviced Companion Loan Holder) pursuant to Section 3.09(a) of this Agreement or paid by the related Mortgagor with respect to any transfer of an interest in such Mortgagor pursuant to Section 3.09(a) of this Agreement.

 

“Authenticating Agent”: Any authenticating agent appointed by the Certificate Administrator pursuant to Section 5.09 of this Agreement.

 

“Available Funds”: With respect to any Distribution Date, an amount equal to the sum of (without duplication):

 

(a)           the aggregate amount relating to the Trust Fund on deposit in the Collection Account and the Lower-Tier Distribution Account, as of the close of business on the Business Day immediately preceding the related Master Servicer Remittance Date, exclusive of (without duplication) any portion of the foregoing that represents:

 

(i)             all Monthly Payments and Balloon Payments paid by the Mortgagors that are due on a Due Date (without regard to grace periods) after the end of the related Collection Period;

 

(ii)           all unscheduled payments of principal (including Principal Prepayments (together with any related payments of interest allocable to the period following the Due Date for the related Mortgage Loan during the related Collection Period)), Net Liquidation Proceeds, Net Insurance Proceeds or Net Condemnation Proceeds and other unscheduled recoveries, together with any Monthly Payments and any Balloon Payments, that were received in respect of the Mortgage Pool subsequent to the related Determination Date (other than any remittances on the Outside Serviced Trust Loans or the Trust’s interest in any related REO Property contemplated by clause (b) of this definition);

 

(iii)          all amounts payable or reimbursable to any Person from the Collection Account pursuant to clauses (ii) through (viii), inclusive, of Section 3.06(a) of this Agreement;

 

(iv)          all amounts representing Excess Interest;

 

(v)           all Yield Maintenance Charges;

 

(vi)          all Penalty Charges retained in the Collection Account pursuant to Section 3.14 of this Agreement;

 

  

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(vii)         all amounts deposited in the Collection Account or the Lower-Tier Distribution Account, as the case may be, in error; and

 

(viii)        with respect to the Mortgage Loans (including REO Mortgage Loans) for which Withheld Amounts are required to be deposited in the Interest Reserve Account, and any Distribution Date in January (except in a leap year) or February of each calendar year (commencing in 2016) (unless, in either case, such Distribution Date is the final Distribution Date), an amount equal to one day of interest on the Stated Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which the subject Distribution Date occurs at the related Mortgage Rate, less the Administrative Cost Rate, to the extent such amounts are on deposit in the Collection Account and held pending transfer to the Interest Reserve Account;

 

(b)           if and to the extent not already included in clause (a) of this definition, the aggregate amount transferred from any REO Account or Loan Combination Custodial Account to the Collection Account for such Distribution Date pursuant to Section 3.16 or Section 3.06A, as applicable, of this Agreement, and all remittances received on the Outside Serviced Trust Loans or the Trust’s interest in any related REO Property in the month of such Distribution Date, in each case to the extent that such transfer is made or such remittances are received, as the case may be, by the close of business on the Business Day immediately preceding the related Master Servicer Remittance Date;

 

(c)           the aggregate amount of any Compensating Interest Payments made by the Master Servicer and P&I Advances made by the Master Servicer or the Trustee, as applicable, for such Distribution Date (net of the related Trustee/Certificate Administrator Fee with respect to the Mortgage Loans (including REO Mortgage Loans) for which such Compensating Interest Payments or P&I Advances are made, to the extent not already deducted from Available Funds pursuant to clause (a)(iii) of this definition); and

 

(d)           for the Distribution Date occurring in each March (or February if the final Distribution Date occurs in such month), the Withheld Amounts remitted to the Lower-Tier Distribution Account pursuant to Section 3.23 of this Agreement.

 

Notwithstanding the investment of funds held in the Collection Account or the Lower Tier Distribution Account pursuant to Section 3.07 of this Agreement, for purposes of calculating the Available Funds, the amounts so invested shall be deemed to remain on deposit in such account.

 

“Balloon Loan”: Any Mortgage Loan or Serviced Companion Loan that by its original terms or by virtue of any modification provides for an amortization schedule extending beyond its Maturity Date, unless such extension results solely from the accrual of interest on the basis of the actual number of days elapsed in a year of 360 days, notwithstanding calculation of Monthly Payments based on a 360-day year consisting of twelve 30-day months.

 

  

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“Balloon Payment”: With respect to any Balloon Loan as of any date of determination, the amount outstanding on the Maturity Date of such Mortgage Loan in excess of the related Monthly Payment.

 

“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-2, Class A-3, Class A-4, Class A-AB and Class D Certificates or any Class PEZ Regular Interest, a fraction (a) whose numerator is the amount, if any, by which (i) the Pass-Through Rate on such Class of Certificates or Class PEZ Regular Interest exceeds (ii) the discount rate used in accordance with the related Loan Documents in calculating the Yield Maintenance Charge with respect to such Principal Prepayment (or, if the Yield Maintenance Charge is a fixed percentage of the principal balance of the related Mortgage Loan, the yield rate applicable to any related yield maintenance charge or that is otherwise described in the related Loan Documents) and (b) whose denominator is the amount, if any, by which (i) the Mortgage Rate on such Mortgage Loan exceeds (ii) the discount rate used in accordance with the related Loan Documents in calculating the Yield Maintenance Charge with respect to such Principal Prepayment (or, if the Yield Maintenance Charge is a fixed percentage of the principal balance of the related Mortgage Loan, the yield rate applicable to any related yield maintenance charge or that is otherwise described in the related Loan Documents); provided, however, that under no circumstances shall the Base Interest Fraction be greater than one. If the discount rate referred to in the preceding sentence is greater than or equal to both of (x) the Mortgage Rate on the related Mortgage Loan and (y) the Pass-Through Rate described in the preceding sentence, then the Base Interest Fraction shall equal zero, and if such discount rate is greater than or equal to the Mortgage Rate on such Mortgage Loan, but less than the Pass-Through Rate described in the preceding sentence, then the Base Interest Fraction shall equal one.

 

“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 Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer shall have the right to require, as a condition to acknowledging the status of any Person as a Beneficial Owner under this Agreement, that such Person provide evidence (which may be in the form of an Investor Certification) at its expense of its status as a Beneficial Owner hereunder.

 

“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.

 

“Breach”: As defined in Section 2.03(a) of this Agreement.

 

“Business Day”: Any day other than a Saturday, a Sunday or any day on which the New York Stock Exchange, the Federal Reserve Bank of New York or banking institutions in the States of New York, Pennsylvania, Kansas and California, the cities in which the principal offices of the Operating Advisor, the Master Servicer or the Special Servicer are located, or the 

 

  

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city in which the Corporate Trust Office of the Certificate Administrator or the Trustee is located, are authorized or obligated by law, executive order or governmental decree to be closed.

 

“Calculation Rate”: A discount rate appropriate for the type of cash flows being discounted, namely (i) for principal and interest payments on a Mortgage Loan or proceeds from the sale of a Defaulted Mortgage Loan, the highest of (1) the rate determined by the Master Servicer or the Special Servicer, as applicable, that approximates the market rate that would be obtainable by the Mortgagors on similar debt of the Mortgagors as of such date of determination, (2) the Mortgage Rate and (3) the yield on 10-year U.S. treasuries and (ii) for all other cash flows, including property cash flow, the “discount rate” set forth in the most recent Appraisal (or update of such Appraisal).

 

“CCR Consultation Termination Event”: The event that (i) occurs when none of the Classes of Class E, Class F, Class G and Class H Certificates has an outstanding Certificate Principal Amount, without regard to the allocation of any Appraisal Reduction Amounts, that is equal to or greater than 25% of the initial Certificate Principal Amount of that Class of Certificates or (ii) is deemed to occur pursuant to Section 6.09(d) or Section 6.09(h) of this Agreement.

 

“CCR Control Termination Event”: The event that (i) occurs when none of the Classes of Class E, Class F, Class G and Class H Certificates has an outstanding Certificate Principal Amount (as notionally reduced by any Appraisal Reduction Amounts then allocable to such Class in accordance with Section 3.10(a) of this Agreement) that is at least equal to 25% of the initial Certificate Principal Amount of such Class of Certificates or (ii) is deemed to occur pursuant to Section 6.09(d) or Section 6.09(h) of this Agreement.

 

“Certificate”: Any Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class X-D, Class A-S, Class B, Class PEZ, Class C, Class D, Class E, Class F, Class G, Class H, Class S and Class R Certificate issued, authenticated and delivered hereunder.

 

“Certificate Administrator”: Citibank, N.A., a national banking association, or its successor in interest, or any successor Certificate Administrator appointed as herein provided.

 

“Certificate Administrator Accounts”: As defined in Section 3.07(a) of this Agreement.

 

“Certificate Administrator Personnel”: The divisions and individuals of the Certificate Administrator who are involved in the performance of the duties of the Certificate Administrator under this Agreement.

 

“Certificate Administrator’s Website”: The internet website of the Certificate Administrator, initially located at www.sf.citidirect.com.

 

“Certificate Factor”: With respect to any Class of Regular Certificates and any Class PEZ Regular Interest, as of any date of determination, a fraction, expressed as a decimal carried to eight places, the numerator of which is the then related Certificate Principal Amount or 

 

  

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the Notional Amount, as the case may be, and the denominator of which is the related initial Certificate Principal Amount or the initial Notional Amount, as the case may be.

 

“Certificate Principal Amount”: With respect to any Class of Sequential Pay Certificates or Class PEZ Regular Interest, (a) as of any date of determination on or prior to the first Distribution Date, an amount (adjusted in the case of any Class of Class A-S, Class B and Class C Certificates to take into account any Certificate exchanges pursuant to Section 5.12 of this Agreement from and including the Closing Date up to and including such date of determination) equal to the aggregate initial Certificate Principal Amount of such Class of Sequential Pay Certificates or such Class PEZ Regular Interest, as specified in the Preliminary Statement hereto, and (b) as of any date of determination after the first Distribution Date, an amount (adjusted in the case of any Class of Class A-S, Class B and Class C Certificates to take into account any Certificate exchanges pursuant to Section 5.12 of this Agreement after the Distribution Date immediately prior to such date of determination up to and including such date of determination) equal to the Certificate Principal Amount of such Class of Sequential Pay Certificates or such Class PEZ Regular Interest on the Distribution Date immediately prior to such date of determination, after any actual distributions of principal thereon and allocations of Realized Losses thereto on such prior Distribution Date, and after any increases to such Certificate Principal Amount on such prior Distribution Date (as and to the extent provided in the penultimate sentence of the first paragraph of Section 4.01(f) of this Agreement) in connection with recoveries of Nonrecoverable Advances previously reimbursed out of collections of principal on the Mortgage Loans. The Certificate Principal Amount of the Class PEZ Component A-S shall at all times equal the Class A-S-PEZ Percentage Interest of the Certificate Principal Amount of the Class A-S Regular Interest. The Certificate Principal Amount of the Class PEZ Component B shall at all times equal the Class B-PEZ Percentage Interest of the Certificate Principal Amount of the Class B Regular Interest. The Certificate Principal Amount of the Class PEZ Component C shall at all times equal the Class C-PEZ Percentage Interest of the Certificate Principal Amount of the Class C Regular Interest. The Certificate Principal Amount of the Class PEZ Certificates shall at all times equal the aggregate Certificate Principal Amount of the Class PEZ Components.

 

“Certificate Register” and “Certificate Registrar”: The register maintained and the registrar appointed pursuant to Section 5.03(a) of this Agreement.

 

“Certificateholder”: With respect to any Certificate, the Person whose name is registered in the Certificate Register (including, solely for the purposes of distributing reports, statements or other information pursuant to this Agreement, Beneficial Owners or potential transferees of Certificates to the extent the Person distributing such information has been provided with an Investor Certification by or on behalf of such Beneficial Owner or potential transferee); provided, however, that, except to the extent provided in the next proviso, solely for the purpose of giving any consent or taking any action pursuant to this Agreement, any Certificate beneficially owned by the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, a manager of a Mortgaged Property, a Mortgagor or any Person known to a Responsible Officer of the Certificate Registrar to be an Affiliate of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, a manager of a Mortgaged Property or a Mortgagor shall be deemed not to be outstanding and the Voting Rights to which it is entitled 

 

  

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shall not be taken into account in determining whether the requisite percentage of Voting Rights necessary to effect any such consent or take any such action has been obtained; provided, however, that for purposes of obtaining the consent of Certificateholders to an amendment of this Agreement, any Certificate beneficially owned by the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or an Affiliate of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor shall be deemed to be outstanding, provided that if such amendment relates to the termination, increase in compensation or material reduction of obligations of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or any of their Affiliates, then such Certificate so owned shall be deemed not to be outstanding; provided, however, if the Master Servicer, the Special Servicer or an Affiliate of the Master Servicer or the Special Servicer is a member of the Controlling Class, it shall be permitted to act in such capacity and exercise all rights under this Agreement bestowed upon the Controlling Class; provided, further, if an Affiliate of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor has provided an Investor Certification in which it has certified as to the existence of an Affiliate Ethical Wall between it and the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor, as applicable, then any Certificates beneficially owned by such Affiliate shall be deemed to be outstanding.

 

“Certification Parties”: As defined in Section 10.06 of this Agreement.

 

“Certifying Certificateholder”: A Certificateholder or Beneficial Owner of a Certificate that has provided the Trustee or the Certificate Administrator, as applicable, with an executed Investor Certification.

 

“Certifying Person”: As defined in Section 10.06 of this Agreement.

 

“Certifying Servicer”: As defined in Section 10.08 of this Agreement.

 

“CGMRC”: Citigroup Global Markets Realty Corp., a New York corporation, and its successors in interest.

 

“CGMRC Loan Purchase Agreement”: The mortgage loan purchase agreement, dated as of April 1, 2015, by and between CGMRC and the Depositor.

 

“Class”: With respect to the Certificates, all of the Certificates bearing the same alphabetical or alphanumeric class designation, and with respect to the Lower-Tier Regular Interests, each interest set forth in the Preliminary Statement hereto.

 

“Class A-1 Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-1 hereto.

 

“Class A-1 Component”: The Component having such designation.

 

“Class A-1 Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 1.450%.

 

  

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“Class A-2 Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-2 hereto.

 

“Class A-2 Component”: The Component having such designation.

 

“Class A-2 Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 2.674%.

 

“Class A-3 Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-3 hereto.

 

“Class A-3 Component”: The Component having such designation.

 

“Class A-3 Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 2.935%.

 

“Class A-4 Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-4 hereto.

 

“Class A-4 Component”: The Component having such designation.

 

“Class A-4 Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.192%.

 

“Class A-AB Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-5 hereto.

 

“Class A-AB Component”: The Component having such designation.

 

“Class A-AB Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 2.984%.

 

“Class A-AB Scheduled Principal Balance”: For any Distribution Date, the scheduled principal balance for such Distribution Date set forth on Exhibit BB to this Agreement.

 

“Class A-S Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-8 hereto. The Class A-S Certificates represent undivided beneficial interests in the Class A-S Specific Grantor Trust Assets.

 

“Class A-S Component”: The Component having such designation.

 

  

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“Class A-S Interest Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the Class A-S Percentage Interest and (ii) the amount of interest distributable pursuant to Section 4.01(b) of this Agreement in respect of the Class A-S Regular Interest on such Distribution Date.

 

“Class A-S Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.457%.

 

“Class A-S Percentage Interest”: As of any date of determination, with respect to the Class A-S Regular Interest and the Class A-S Certificates, a percentage interest equal to a fraction, the numerator of which is the Certificate Principal Amount of the Class A-S Certificates, and the denominator of which is the Certificate Principal Amount of the Class A-S Regular Interest.

 

“Class A-S Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the Class A-S Percentage Interest and (ii) the Class A-S Regular Interest Principal Distribution Amount for such Distribution Date.

 

“Class A-S Regular Interest”: The uncertificated interest corresponding to the Class A-S Certificates and the Class PEZ Certificates (to the extent of the Class A-S-PEZ Percentage Interest of the Class A-S Regular Interest), constituting a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions and having the characteristics attributable thereto in this Agreement.

 

“Class A-S Regular Interest Available Funds”: With respect to any Distribution Date, an amount equal to the total amount of all principal and/or interest distributions, as well as any other distributions (including Yield Maintenance Charges), properly made on or in respect of the Class A-S Regular Interest with respect to such Distribution Date.

 

“Class A-S Regular Interest Pass-Through Rate”: The Class A-S Pass-Through Rate.

 

“Class A-S Regular Interest Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the amount of principal distributed pursuant to Section 4.01(b) of this Agreement in respect of the Class A-S Regular Interest on such Distribution Date.

 

“Class A-S Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class A-S Percentage Interest of the Class A-S Regular Interest and (ii) amounts held from time to time in the Exchangeable Distribution Account that represent distributions on the Class A-S Percentage Interest in the Class A-S Regular Interest.

 

“Class A-S-PEZ Percentage Interest”: As of any date of determination, with respect to the Class A-S Regular Interest and the Class PEZ Certificates, a percentage interest equal to 100.0% minus the Class A-S Percentage Interest.

 

“Class B Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in 

 

  

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Exhibit A-9 hereto. The Class B Certificates represent undivided beneficial interests in the Class B Specific Grantor Trust Assets.

 

“Class B Component”: The Component having such designation.

 

“Class B Interest Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the Class B Percentage Interest and (ii) the amount of interest distributable pursuant to Section 4.01(b) of this Agreement in respect of the Class B Regular Interest on such Distribution Date.

 

“Class B Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the lesser of 3.758% and the WAC Rate.

 

“Class B Percentage Interest”: As of any date of determination, with respect to the Class B Regular Interest and the Class B Certificates, a percentage interest equal to a fraction, the numerator of which is the Certificate Principal Amount of the Class B Certificates, and the denominator of which is the Certificate Principal Amount of the Class B Regular Interest.

 

“Class B Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the Class B Percentage Interest and (ii) the Class B Regular Interest Principal Distribution Amount for such Distribution Date.

 

“Class B Regular Interest”: The uncertificated interest corresponding to the Class B Certificates and the Class PEZ Certificates (to the extent of the Class B-PEZ Percentage Interest of the Class B Regular Interest), constituting a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions and having the characteristics attributable thereto in this Agreement.

 

“Class B Regular Interest Available Funds”: With respect to any Distribution Date, an amount equal to the total amount of all principal and/or interest distributions, as well as any other distributions (including Yield Maintenance Charges), properly made on or in respect of the Class B Regular Interest with respect to such Distribution Date.

 

“Class B Regular Interest Pass-Through Rate”: The Class B Pass-Through Rate.

 

“Class B Regular Interest Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the amount of principal distributed pursuant to Section 4.01(b) of this Agreement in respect of the Class B Regular Interest on such Distribution Date.

 

“Class B Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class B Percentage Interest of the Class B Regular Interest and (ii) amounts held from time to time in the Exchangeable Distribution Account that represent distributions on the Class B Percentage Interest in the Class B Regular Interest.

 

  

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“Class B-PEZ Percentage Interest”: As of any date of determination, with respect to the Class B Regular Interest and the Class PEZ Certificates, a percentage interest equal to 100.0% minus the Class B Percentage Interest.

 

“Class C Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-11 hereto. The Class C Certificates represent undivided beneficial interests in the Class C Specific Grantor Trust Assets.

 

“Class C Interest Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the Class C Percentage Interest and (ii) the amount of interest distributable pursuant to Section 4.01(b) of this Agreement in respect of the Class C Regular Interest on such Distribution Date.

 

“Class C Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate.

 

“Class C Percentage Interest”: As of any date of determination, with respect to the Class C Regular Interest and the Class C Certificates, a percentage interest equal to a fraction, the numerator of which is the Certificate Principal Amount of the Class C Certificates, and the denominator of which is the Certificate Principal Amount of the Class C Regular Interest.

 

“Class C Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the Class C Percentage Interest and (ii) the Class C Regular Interest Principal Distribution Amount for such Distribution Date.

 

“Class C Regular Interest”: The uncertificated interest corresponding to the Class C Certificates and the Class PEZ Certificates (to the extent of the Class C-PEZ Percentage Interest of the Class C Regular Interest), constituting a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions and having the characteristics attributable thereto in this Agreement.

 

“Class C Regular Interest Available Funds”: With respect to any Distribution Date, an amount equal to the total amount of all principal and/or interest distributions, as well as any other distributions (including Yield Maintenance Charges), properly made on or in respect of the Class C Regular Interest with respect to such Distribution Date.

 

“Class C Regular Interest Pass-Through Rate”: The Class C Pass-Through Rate.

 

“Class C Regular Interest Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the amount of principal distributed pursuant to Section 4.01(b) of this Agreement in respect of the Class C Regular Interest on such Distribution Date.

 

“Class C Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class C Percentage Interest of the Class C Regular Interest and (ii) amounts 

 

  

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held from time to time in the Exchangeable Distribution Account that represent distributions on the Class C Percentage Interest in the Class C Regular Interest.

 

“Class C-PEZ Percentage Interest”: As of any date of determination, with respect to the Class C Regular Interest and the Class PEZ Certificates, a percentage interest equal to 100.0% minus the Class C Percentage Interest.

 

“Class D Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-12 hereto.

 

“Class D Component”: The Component having such designation.

 

“Class D Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.110%.

 

“Class E Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-14 hereto.

 

“Class E Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate.

 

“Class E Transfer”: As defined in Section 6.09(h) of this Agreement.

 

“Class F Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-15 hereto.

 

“Class F Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate.

 

“Class G Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-16 hereto.

 

“Class G Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate.

 

“Class H Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-17 hereto.

 

“Class H Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate.

 

“Class PEZ Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in 

 

  

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Exhibit A-10 hereto. The Class PEZ Certificates represent undivided beneficial interests in the Class PEZ Specific Grantor Trust Assets.

 

“Class PEZ Component”: Any of the Class PEZ Component A-S, Class PEZ Component B or Class PEZ Component C.

 

“Class PEZ Component A-S”: The portion of the Class A-S Regular Interest equal to the Class A-S-PEZ Percentage Interest of the Class A-S Regular Interest.

 

“Class PEZ Component A-S Principal Amount”: The product of the Class A-S-PEZ Percentage Interest and the Certificate Principal Amount of the Class A-S Regular Interest.

 

“Class PEZ Component B”: The portion of the Class B Regular Interest equal to the Class B-PEZ Percentage Interest of the Class B Regular Interest.

 

“Class PEZ Component B Principal Amount”: The product of the Class B-PEZ Percentage Interest and the Certificate Principal Amount of the Class B Regular Interest.

 

“Class PEZ Component C”: The portion of the Class C Regular Interest equal to the Class C-PEZ Percentage Interest of the Class C Regular Interest.

 

“Class PEZ Component C Principal Amount”: The product of the Class C-PEZ Percentage Interest and the Certificate Principal Amount of the Class C Regular Interest.

 

“Class PEZ Interest Distribution Amount”: With respect to any Distribution Date, an amount equal to the sum of (i) the product of (a) the Class A-S-PEZ Percentage Interest and (b) the amount of interest distributable pursuant to Section 4.01(b) of this Agreement in respect of the Class A-S Regular Interest on such Distribution Date, (ii) the product of (a) the Class B-PEZ Percentage Interest and (b) the amount of interest distributable pursuant to Section 4.01(b) of this Agreement in respect of the Class B Regular Interest on such Distribution Date and (iii) the product of (a) the Class C-PEZ Percentage Interest and (b) the amount of interest distributable pursuant to Section 4.01(b) of this Agreement in respect of the Class C Regular Interest on such Distribution Date.

 

“Class PEZ Percentage Interest”: Any of the Class A-S-PEZ Percentage Interest, the Class B-PEZ Percentage Interest or the Class C-PEZ Percentage Interest.

 

“Class PEZ Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the sum of (i) the product of (a) the Class A-S-PEZ Percentage Interest and (b) the Class A-S Regular Interest Principal Distribution Amount for such Distribution Date, (ii) the product of (a) the Class B-PEZ Percentage Interest and (b) the Class B Regular Interest Principal Distribution Amount for such Distribution Date and (iii) the product of (a) the Class C-PEZ Percentage Interest and (b) the Class C Regular Interest Principal Distribution Amount for such Distribution Date.

 

“Class PEZ Regular Interests”: The Class A-S, Class B and Class C Regular Interests.

 

  

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“Class PEZ Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class PEZ Components and (ii) amounts held from time to time in the Exchangeable Distribution Account that represent distributions on the Class PEZ Components.

 

“Class R Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-18 hereto. The Class R Certificates have no Pass-Through Rate, Certificate Principal Amount or Notional Amount.

 

“Class S Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-19 hereto and evidencing an undivided beneficial interest in the Excess Interest Grantor Trust Assets. The Class S Certificates have no Pass-Through Rate, Certificate Principal Amount or Notional Amount.

 

“Class X Certificates”: The Class X-A Certificates, the Class X-B Certificates and/or the Class X-D Certificates, as the context requires.

 

“Class X Strip Rate”: With respect to each Component for any Distribution Date, a rate per annum equal to (i) the WAC Rate for such Distribution Date, minus (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class X-A Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-6 hereto.

 

“Class X-A Components”: The Class A-1 Component, Class A-2 Component, Class A-3 Component, Class A-4 Component, Class A-AB Component and Class A-S Component, each of which constitutes a separate class of “regular interests”, within the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its Class X Strip Rate from time to time and a notional amount equal to its Component Notional Amount from time to time.

 

“Class X-A Notional Amount”: With respect to the Class X-A Certificates as of any date of determination, the sum of the Component Notional Amounts of the Class X-A Components.

 

“Class X-A Pass-Through Rate”: For any Distribution Date, the weighted average of Class X Strip Rates for the Class X-A Components for such Distribution Date (weighted on the basis of the respective Component Notional Amounts of such Components outstanding immediately prior to such Distribution Date).

 

“Class X-B Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-7 hereto.

 

“Class X-B Component”: The Class B Component, which constitutes a separate class of “regular interests”, within the meaning of Code Section 860G(a)(1), in the Upper-Tier 

 

  

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REMIC with a pass-through rate equal to its Class X Strip Rate from time to time and a notional amount equal to its Component Notional Amount from time to time.

 

“Class X-B Notional Amount”: With respect to the Class X-B Certificates as of any date of determination, the Component Notional Amount of the Class X-B Component.

 

“Class X-B Pass-Through Rate”: For any Distribution Date, the Class X Strip Rate for the Class X-B Component for such Distribution Date.

 

“Class X-D Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form set forth in Exhibit A-13 hereto.

 

“Class X-D Component”: The Class D Component, which constitutes a separate class of “regular interests”, within the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its Class X Strip Rate from time to time and a notional amount equal to its Component Notional Amount from time to time.

 

“Class X-D Notional Amount”: With respect to the Class X-D Certificates as of any date of determination, the Component Notional Amount of the Class X-D Component.

 

“Class X-D Pass-Through Rate”: For any Distribution Date, the Class X Strip Rate for the Class X-D Component for such Distribution Date.

 

“Clearing Agency”: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. The initial Clearing Agency shall be The Depository Trust Company.

 

“Clearstream”: Clearstream Banking, société anonyme, and its successors in interest.

 

“Closing Date”: April 15, 2015.

 

“Co-Lender Agreement”: With respect to any Loan Combination, the co-lender agreement, intercreditor agreement, agreement among noteholders or similar agreement governing the relative rights of the holders of the related Mortgage Loan and Companion Loan(s). The only Co-Lender Agreements related to the Trust as of the Closing Date are the Selig Office Portfolio Co-Lender Agreement, the 3 Columbus Circle Co-Lender Agreement, the 170 Broadway Co-Lender Agreement, the Crowne Plaza Bloomington Co-Lender Agreement, the Eastmont Town Center Co-Lender Agreement and the Commerce Point I & II Co-Lender Agreement.

 

“Code”: The Internal Revenue Code of 1986, as amended from time to time, any successor statute thereto, and any temporary or final regulations of the United States Department of the Treasury promulgated pursuant thereto.

 

“Collection Account”: The account or accounts created and maintained by the Master Servicer pursuant to Section 3.05(a) of this Agreement, which (subject to any changes in 

 

  

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the identities of the Master Servicer and/or the Trustee) shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC29” and which must be an Eligible Account.

 

“Collection Period”: With respect to a Distribution Date and each Mortgage Loan (including an REO Mortgage Loan), the period beginning on the day immediately following the Due Date (without regard to grace periods) in the month preceding the month in which such Distribution Date occurs (or, in the case of the Distribution Date occurring in May 2015, beginning on the day after the Cut-Off Date) and ending on and including the Due Date (without regard to grace periods) in the month in which such Distribution Date occurs.

 

“Commerce Point I & II Co-Lender Agreement”: With respect to the Commerce Point I & II Loan Combination, the related co-lender agreement, dated as of March 26, 2015, by and between the holder of the Commerce Point I & II Mortgage Loan and the Commerce Point I & II Companion Loan Holder, relating to the relative rights of the holder of the Commerce Point I & II Mortgage Loan and the Commerce Point I & II Companion Loan Holder, as the same may be amended from time to time in accordance with the terms thereof.

 

“Commerce Point I & II Companion Loan”: With respect to the Commerce Point I & II Loan Combination, the related promissory note made by the related Mortgagor and secured by the Commerce Point I & II Mortgage and designated as promissory note A-1, which is not included in the Trust and is pari passu in right of payment with the Commerce Point I & II Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the Commerce Point I & II Co-Lender Agreement.

 

“Commerce Point I & II Companion Loan Holder”: The holder of the Commerce Point I & II Companion Loan.

 

“Commerce Point I & II Loan Combination”: The Commerce Point I & II Mortgage Loan, together with the Commerce Point I & II Companion Loan, each of which is secured by the Commerce Point I & II Mortgage. References herein to the Commerce Point I & II Loan Combination shall be construed to refer to the aggregate indebtedness secured under the Commerce Point I & II Mortgage.

 

“Commerce Point I & II Mortgage”: The Mortgage securing the Commerce Point I & II Mortgage Loan and the Commerce Point I & II Companion Loan.

 

“Commerce Point I & II Mortgage Loan”: With respect to the Commerce Point I & II Loan Combination, the Mortgage Loan included in the Trust, which is (i) secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Commerce Point I & II, (ii) evidenced by a promissory note A-2 and (iii) pari passu in right of payment with the Commerce Point I & II Companion Loan to the extent set forth in the related Loan Documents and as provided in the Commerce Point I & II Co-Lender Agreement.

 

“Commission”: The Securities and Exchange Commission.

 

  

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“Companion Loan”: Any mortgage loan that is part of a Loan Combination but is not an asset of the Trust. The only Companion Loans related to the Trust as of the Closing Date are the Selig Office Portfolio Companion Loans, the 3 Columbus Circle Companion Loans, the 170 Broadway Companion Loan, the Crowne Plaza Bloomington Companion Loan, the Eastmont Town Center Companion Loan and the Commerce Point I & II Companion Loan.

 

“Companion Loan Holder”: The holder of a Companion Loan.

 

“Companion Loan Holder Representative”: With respect to each Serviced Companion Loan, any representative appointed by the related Companion Loan Holder.

 

“Companion Loan Rating Agency”: With respect to any Serviced Companion Loan, any rating agency that was engaged by a participant in the securitization of such Serviced Companion Loan to assign a rating to the related Serviced Companion Loan Securities.

 

“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, 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 (such written notice, a “Companion Loan Rating Agency Declination”), or as otherwise provided in Section 3.30 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 Rating Agency Declination”: As defined in the definition of “Companion Loan Rating Agency Confirmation” in this Agreement.

 

“Compensating Interest Payments”: Any payment required to be made by the Master Servicer pursuant to Section 3.13 of this Agreement to cover Prepayment Interest Shortfalls.

 

“Component”: With respect to the Class X-A Certificates, the Class A-1 Component, Class A-2 Component, Class A-3 Component, Class A-4 Component, Class A-AB Component and Class A-S Component; with respect to the Class X-B Certificates, the Class B Component; and with respect to the Class X-D Certificates, the Class D Component.

 

“Component Notional Amount”: With respect to each Component and any date of determination, an amount equal to the Lower-Tier Principal Balance of the Corresponding Lower-Tier Regular Interest for that Component.

 

“Condemnation Proceeds”: All proceeds received in connection with the taking of all or a part of a Mortgaged Property or REO Property (including with respect to the Outside Serviced Trust Loans) by exercise of the power of eminent domain or condemnation, subject, 

 

  

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however, to the rights of any tenants and ground lessors, as the case may be, and the terms of the related Mortgage; provided that, in the case of an Outside Serviced Trust Loan, “Condemnation Proceeds” under this Agreement shall be limited to any related proceeds of the type described above in this definition that are received by the Trust Fund in connection with such Outside Serviced Trust Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

 

“Confidential Information”: With respect to each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor the Certificate Administrator, and the Trustee, all material non-public information obtained in the course of and as a result of such Person’s performance of its duties under this Pooling and Servicing Agreement with respect to any Mortgage Loan (or Serviced Loan Combination), any Mortgagor and any Mortgaged Property, unless such information (i) was already in the possession of such Person prior to being disclosed to such Person, (ii) is or becomes available to such Person from a source other than its activities as the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee, as applicable, or (iii) is or becomes generally available to the public other than as a result of a disclosure by the Master Servicer Servicing Personnel, the Special Servicer Servicing Personnel, the Operating Advisor Personnel, the Certificate Administrator Personnel or the Trustee Personnel.

 

“Consent Fees”: With respect to any Serviced Loan, any and all fees actually paid by a Mortgagor with respect to any consent or approval required pursuant to the terms of the Loan Documents that does not involve a modification evidenced by a signed writing, assumption, extension, waiver or amendment of the terms of the Loan Documents.

 

“Consultation Termination Event”: (i) With respect to any Serviced Outside Controlled Pari Passu Loan Combination, the event that exists when a related Outside Consultation Termination Event has occurred and is continuing; (ii) with respect to any Serviced AB Loan Combination, the event that exists when both a CCR Consultation Termination Event has occurred and is continuing, and an applicable Subordinate Companion Loan Control Termination Event has occurred and is continuing; and (iii) with respect to any other Serviced Loan, the event that exists when a CCR Consultation Termination Event has occurred and is continuing.

 

“Control Eligible Certificates”: Any of the Class E, Class F, Class G and Class H Certificates.

 

“Control Termination Event”: (i) With respect to any Serviced Outside Controlled Pari Passu Loan Combination, the event that exists when a related Outside Control Termination Event has occurred and is continuing, (ii) with respect to any Serviced AB Loan Combination, the event that exists when both a CCR Control Termination Event has occurred and is continuing, and an applicable Subordinate Companion Loan Control Termination Event has occurred and is continuing, and (iii) with respect to any other Serviced Loan, the event that exists when a CCR Control Termination Event has occurred and is continuing.

 

“Controlling Class”: As of any time of determination, the most subordinate Class of Control Eligible Certificates then outstanding that has a Certificate Principal Amount (as notionally reduced by any Appraisal Reduction Amounts allocable to such Class in accordance 

 

  

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with Section 3.10(a) of this Agreement) at least equal to 25% of the initial Certificate Principal Amount of such Class or if no Class of Control Eligible Certificates meets the preceding requirement, the Class E Certificates. The Controlling Class as of the Closing Date will be the Class H Certificates.

 

“Controlling Class Certificateholder”: Each Holder (or Beneficial Owner, if applicable) of a Certificate of the Controlling Class as determined by the Certificate Administrator from time to time.

 

“Controlling Class Representative”: The Controlling Class Certificateholder (or other representative) selected by at least a majority of the Controlling Class Certificateholders by Certificate Principal Amount, as identified by notice to the Certificate Registrar by the applicable Controlling Class Certificateholders from time to time, with notice of such selection delivered to the Special Servicer, the Master Servicer, the Operating Advisor and the Trustee and the Certificate Administrator; provided that, (i) absent such selection, or (ii) until a Controlling Class Representative is so selected, or (iii) upon receipt of notice from the Controlling Class Certificateholders that own Certificates representing more than 50% of the Certificate Principal Amount of the Controlling Class that a Controlling Class Representative is no longer so designated, the Controlling Class Representative shall be the Controlling Class Certificateholder that owns Certificates representing the largest aggregate Certificate Principal Amount of the Controlling Class as identified to the Certificate Registrar; provided, however, that, in the case of the preceding proviso, in the event two or more holders (collectively, the “Subject Holders”) each owns Certificates representing the same aggregate Certificate Principal Amount of the Controlling Class that is, in each case, larger than the aggregate Certificate Principal Amount of the Controlling Class owned by any other particular holder besides the Subject Holders, then the Controlling Class Representative shall be the Subject Holders acting unanimously (and for the avoidance of doubt, if both or all of the Subject Holders do not act unanimously in accordance with this proviso, any direction and/or consent received will not apply and the deemed consent provisions in this Agreement will be applicable).

 

The initial Controlling Class Representative on the Closing Date shall be Eightfold Real Estate Capital, L.P., and the Certificate Registrar and the other parties to this Agreement shall be entitled to assume Eightfold Real Estate Capital, L.P. is the Controlling Class Representative on behalf of the Controlling Class Certificateholder, until the Certificate Registrar receives (a) written notice of a replacement Controlling Class Representative or (b) written notice that Eightfold Real Estate Capital, L.P. is no longer the Holder (or Beneficial Owner) of a majority of the applicable Controlling Class.

 

“Corporate Trust Office”: The office of the Trustee or the Certificate Administrator, at which at any particular time its corporate trust business shall be principally administered. At the date of this Agreement, the corporate trust office of (i) the Trustee is located at 1761 East St. Andrew Place, Santa Ana, California, 92705-4934, Attention: Trust Administration – CI1529, (ii) the Certificate Administrator is located, for certificate transfer purposes, at 480 Washington Boulevard, 30th Floor, Jersey City, New Jersey 07310, Attention - Citibank Agency & Trust, CGCMT 2015-GC29, and for all other purposes, except as specifically set forth herein, 388 Greenwich Street, 14th Floor, New York, New York 10013, Attention: Citibank Agency & Trust, CGCMT 2015-GC29.

 

  

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“Corrected Loan”: Any Serviced Loan that had been a Specially Serviced Loan but has ceased to be such in accordance with the definition of “Specially Serviced Loan” (other than by reason of a Liquidation Event occurring in respect of such Serviced Loan or a related Mortgaged Property becoming an REO Property).

 

“Corresponding Certificates”: As identified in the Preliminary Statement with respect to any Lower-Tier Regular Interest or Component.

 

“Corresponding Component”: As identified in the Preliminary Statement with respect to any Class of Regular Certificates, Class PEZ Regular Interest or Lower-Tier Regular Interest.

 

“Corresponding Lower-Tier Regular Interest”: As identified in the Preliminary Statement with respect to any Class of Regular Certificates, Class PEZ Regular Interest or Component.

 

“CREFC®”: CRE Finance Council, formerly known as Commercial Mortgage Securities Association, or any association or organization that is a successor thereto. If neither such association nor any successor remains in existence, “CREFC®” shall be deemed to refer to such other association or organization as may exist whose principal membership consists of servicers, trustees, certificateholders, issuers, placement agents and underwriters generally involved in the commercial mortgage loan securitization industry, which is the principal such association or organization in the commercial mortgage loan securitization industry and whose principal purpose is the establishment of industry standards for reporting transaction-specific information relating to commercial mortgage pass-through certificates and commercial mortgage-backed bonds and the commercial mortgage loans and foreclosed properties underlying or backing them to investors holding or owning such certificates or bonds, and any successor to such other association or organization. If an organization or association described in one of the preceding sentences of this definition does not exist, “CREFC®” shall be deemed to refer to such other association or organization as shall be selected by the Master Servicer and reasonably acceptable to the Certificate Administrator, the Special Servicer and, for so long as no CCR Control Termination Event has occurred and is continuing, the Controlling Class Representative.

 

“CREFC® Advance Recovery Report”: A monthly report substantially in the form of, and containing the information called for in, the downloadable form of the “Advance Recovery Report” available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC® Appraisal Reduction Template”: A report substantially in the form of, and containing the information called for in, the downloadable form of the “Appraisal Reduction Template” available 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.

 

  

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“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 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® 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 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 Loan Status Report”: A report substantially in the form of, and containing the information called for in, the downloadable form of the “Delinquent Loan Status Report” available as of the Closing Date on the CREFC® Website, or no later than 90 days after its adoption, such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC® Financial File”: The data file in the “CREFC® Financial File” format substantially in the form of and containing the information called for therein for the Mortgage Loans, or 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 as of the Closing Date on the CREFC® Website, or such other form for the presentation of such 

 

  

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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”: 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 (including any REO Mortgage Loan) and for any Distribution Date, an amount accrued during the related Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on, in the case of the initial Distribution Date, the Cut-Off Date Principal Balance of such Mortgage Loan and, in the case of any subsequent Distribution Date, the Stated Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date in the related 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 is computed and shall be prorated for partial periods. For the avoidance of doubt, the CREFC® Intellectual Property Royalty License Fee shall be payable 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 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® Investor Reporting Package (IRP)”: Collectively: (a) the following seven electronic 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® Bond Level File, (v) CREFC® Financial File, (vi) CREFC® Collateral Summary File and (vii) CREFC® Special Servicer Loan File;

 

  

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(b)           the following ten supplemental reports (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® Delinquent Loan Status Report, (ii) CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report, (iii) CREFC® REO Status Report, (iv) CREFC® Operating Statement Analysis Report, (v) CREFC® Comparative Financial Status Report, (vi) CREFC® Servicer Watchlist/Portfolio Review Guidelines, (vii) CREFC® Loan Level Reserve/LOC Report, (viii) CREFC® NOI Adjustment Worksheet, (ix) CREFC® Advance Recovery Report, and (x) CREFC® Total Loan Report;

 

(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; (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® 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 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.

 

  

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“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® 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”: 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 monthly 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® 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”: 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 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 

 

  

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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 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”: The 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® 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 “Interest 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”: As of each Determination Date a report, including and identifying each Performing Serviced 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® 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 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 

 

  

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may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“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 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® Website”: The CREFC®’s Website located at “www.crefc.org” or such other primary website as the CREFC® may establish for dissemination of its report forms.

 

“Cross-Collateralized Group”: Any group of Mortgage Loans that are cross-collateralized and cross-defaulted with each other; provided that a Mortgage Loan shall be part of a Cross-Collateralized Group only if and for so long as such Mortgage Loan is cross-collateralized and cross-defaulted with each other Mortgage Loan in such Cross-Collateralized Group. There are no Cross-Collateralized Groups included as assets of the Trust as of the Closing Date.

 

“Cross-Collateralized Mortgage Loan”: Any Mortgage Loan that is part of a Cross-Collateralized Group.

 

“Cross-Over Date”: The Distribution Date on which the Certificate Principal Amount of each Class of Principal Balance Certificates (other than the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB Certificates and other than the Exchangeable Certificates) and each Class PEZ Regular Interest is (or will be) reduced to zero due to the application of Realized Losses.

 

“Crowne Plaza Bloomington Co-Lender Agreement”: With respect to the Crowne Plaza Bloomington Loan Combination, the related co-lender agreement, dated as of April 9, 2015, by and between the holder of the Crowne Plaza Bloomington Mortgage Loan and the Crowne Plaza Bloomington Companion Loan Holder, relating to the relative rights of the holder of the Crowne Plaza Bloomington Mortgage Loan and the Crowne Plaza Bloomington Companion Loan Holder, as the same may be amended from time to time in accordance with the terms thereof.

 

“Crowne Plaza Bloomington Companion Loan”: With respect to the Crowne Plaza Bloomington Loan Combination, the related promissory note made by the related Mortgagor and secured by the Crowne Plaza Bloomington Mortgage and designated as promissory note A-2, which is not included in the Trust and is pari passu in right of payment with the Crowne Plaza Bloomington Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the Crowne Plaza Bloomington Co-Lender Agreement.

 

“Crowne Plaza Bloomington Companion Loan Holder”: The holder of the Crowne Plaza Bloomington Companion Loan.

 

“Crowne Plaza Bloomington Loan Combination”: The Crowne Plaza Bloomington Mortgage Loan, together with the Crowne Plaza Bloomington Companion Loan, each of which is secured by the Crowne Plaza Bloomington Mortgage. References herein to the 

 

  

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Crowne Plaza Bloomington Loan Combination shall be construed to refer to the aggregate indebtedness secured under the Crowne Plaza Bloomington Mortgage.

 

“Crowne Plaza Bloomington Mortgage”: The Mortgage securing the Crowne Plaza Bloomington Mortgage Loan and the Crowne Plaza Bloomington Companion Loan.

 

“Crowne Plaza Bloomington Mortgage Loan”: With respect to the Crowne Plaza Bloomington Loan Combination, the Mortgage Loan included in the Trust, which is (i) secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Crowne Plaza Bloomington, (ii) evidenced by a promissory note A-1 and (iii) pari passu in right of payment with the Crowne Plaza Bloomington Companion Loan to the extent set forth in the related Loan Documents and as provided in the Crowne Plaza Bloomington Co-Lender Agreement.

 

“Custodial Agreement”: The custodial agreement, if any, from time to time in effect between the Custodian named therein and the Trustee, 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 Trustee.

 

“Custodian”: Any Custodian appointed pursuant to Section 5.10 of this Agreement and, unless the Trustee is Custodian, named pursuant to any Custodial Agreement. The Custodian may (but need not) be the Trustee, the Certificate Administrator or the Master Servicer or any Affiliate or agent of the Trustee, the Certificate Administrator or the Master Servicer, but may not be the Depositor or any Affiliate thereof.

 

“Cut-Off Date”: With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

 

“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”: DBRS, Inc. or its successors in interest.

 

“Debt Service Coverage Ratio”: With respect to any Mortgage Loan (or Serviced Loan Combination, if applicable), 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 Monthly Payments (other than any Balloon Payment) due under such Mortgage Loan (or Serviced Loan Combination, if applicable) during such period; provided that with respect to the Mortgage Loans (and with respect to any Serviced Loan Combination that includes a Mortgage Loan) identified on the Mortgage Loan Schedule as paying interest only for a specified period of time set forth in the related Loan Documents and then paying principal and interest, the related Monthly 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).

 

  

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“Default”: An event of default under the Mortgage Loan (or Serviced Loan Combination, if applicable) or an event which, with the passage of time or the giving of notice, or both, would constitute an event of default under the Mortgage Loan (or Serviced Loan Combination, if applicable).

 

“Default Interest”: With respect to any Mortgage Loan or Serviced Companion Loan, all interest other than Excess Interest accrued in respect of such Mortgage Loan or Serviced Companion Loan as provided in the related 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.

 

“Default Rate”: With respect to each Mortgage Loan or Serviced Companion Loan, the per annum rate at which interest accrues on such Mortgage Loan or Serviced Companion Loan, as the case may be, following any event of default on such Mortgage Loan or Serviced Companion Loan, as the case may be, including a default in the payment of a Monthly Payment or a Balloon Payment.

 

“Defaulted Loan”: A Serviced Loan (i) that is delinquent at least sixty days in respect of its Monthly Payments or delinquent in respect of its Balloon Payment, if any, in either case such delinquency to be determined without giving effect to any grace period permitted by the related Mortgage or Note and without regard to any acceleration of payments under the related Mortgage and 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 Note.

 

“Defaulted Mortgage Loan”: A Mortgage Loan that is a Defaulted Loan.

 

“Defaulted Serviced Loan Combination”: Any Serviced Loan Combination with respect to which the related Serviced Mortgage Loan or Serviced Companion Loan is a Defaulted Loan.

 

“Defeasance Loan”: Those Mortgage Loans which provide the related Mortgagor with the option to defease the related Mortgaged Property.

 

“Defective Mortgage Loan”: As defined in Section 2.03(a) of this Agreement.

 

“Deficient Exchange Act Deliverable”: With respect to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, the Trustee and each Servicing Function Participant and Additional Servicer retained by it (other than a Mortgage Loan Seller Sub-Servicer), any item (x) regarding such party, (y) prepared by such party or any registered public accounting firm, attorney or other agent retained by such party to prepare such item and (z) delivered by or on behalf of such party pursuant to the delivery requirements under Article X of this Agreement, that does not conform to the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and/or the rules and regulations promulgated thereunder.

 

“Definitive Certificate”: Any Certificate in fully registered certificated form without interest coupons.

 

  

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“Depositor”: Citigroup Commercial Mortgage Securities Inc., a Delaware corporation, and its successors and assigns.

 

“Depositor’s Rule 17g-5 Website”: A website to be maintained (or caused to be maintained) by the Depositor in order to comply with Exchange Act Rule 17g-5.

 

“Depository”: The Depository Trust Company or a successor appointed by the Certificate Registrar (which appointment shall be at the direction of the Depositor if the Depositor is legally able to do so).

 

“Depository Participant”: A Person for whom, from time to time, the Depository effects book-entry transfers and pledges of securities deposited with the Depository.

 

“Designated Servicing Documents”: With respect to any Serviced Mortgage Loan or Serviced Loan Combination, if applicable, collectively the following documents:

 

(1)           (A) a copy of the executed Note for such Mortgage Loan (or, alternatively, if the original executed Note has been lost, a copy of a lost note affidavit and indemnity with a copy of such Note), and (B) in the case of a Serviced Loan Combination, a copy of the executed Note for the related Companion Loan;

 

(2)           a copy of the related Loan Agreement, if any;

 

(3)           a copy of the Mortgage;

 

(4)           a copy of the lock box agreement or cash management agreement relating to such Mortgage Loan or Serviced Loan Combination, if any;

 

(5)           any pre-funding insurance review documentation and insurance certificates (for insurance policies other than title insurance policy and environmental policy) or a marked up commitment therefor;

 

(6)           a copy of any related title insurance policy or a marked up commitment therefor;

 

(7)           a copy of any environmental insurance policy or a marked up commitment therefor;

 

(8)           legal description of the related Mortgaged Property;

 

(9)           a copy of the related escrow agreement and the related security agreement (in each case, if such item is a document separate from the Loan Agreement and the Mortgage);

 

(10)         a copy of the agreement governing post-closing obligations (if such item is a document separate from the Loan Agreement and the Mortgage), if any;

 

(11)         a copy of the closing statement and/or sources and uses statement;

 

  

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(12)         the related Mortgage Loan Seller’s asset summary, if any (provided that the delivery of such item shall not result in any liability to the related Mortgage Loan Seller);

 

(13)         the related Mortgagor tax ID;

 

(14)         a PIP Schedule (if such item is a document separate from the Loan Agreement and the Mortgage), if any;

 

(15)         a copy of an approved operating budget, if applicable;

 

(16)         a copy of the related Ground Lease relating to such Mortgage Loan (or Serviced Loan Combination, if applicable), if any; and

 

(17)         in the case of a Serviced Loan Combination, a copy of the related Co-Lender Agreement.

 

“Determination Date”: With respect to any Distribution Date, the sixth day of the calendar month of the related Distribution Date or, if the sixth day is not a Business Day, the next Business Day, commencing in May 2015.

 

“Directing Holder”: (i) With respect to any Serviced Loan other than (x) a Serviced AB Loan Combination and (y) a Serviced Outside Controlled Pari Passu Loan Combination, the Controlling Class Representative, (ii) with respect to any Serviced AB Loan Combination, (a) prior to the occurrence and continuance of an applicable Subordinate Companion Loan Control Termination Event, the holder of the related Subordinate Companion Loan and (b) following the occurrence and during the continuance of an applicable Subordinate Companion Loan Control Termination Event, the Controlling Class Representative, and (iii) with respect to any Serviced Outside Controlled Pari Passu Loan Combination, the related Outside Controlling Note Holder.

 

“Directly Operate”: With respect to any REO Property, the furnishing or rendering of services to the tenants thereof that are not customarily provided to tenants in connection with the rental of space “for occupancy only” within the meaning of Treasury Regulations Section 1.512(b)-1(c)(5), the management or operation of such REO Property, the holding of such REO Property primarily for sale to customers in the ordinary course of a trade or business or any use of such REO Property in a trade or business conducted by the Trust Fund, or the performance of any construction work on the REO Property (other than 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 the Special Servicer, on behalf of the Trust Fund, shall not be considered to Directly Operate an REO Property solely because the Special Servicer, on behalf of the Trust Fund, establishes rental terms, chooses tenants, enters into or renews leases, deals with taxes and insurance, or makes decisions as to repairs or capital expenditures with respect to such REO Property or takes other actions consistent with Treasury Regulations Section 1.856-4(b)(5)(ii).

 

  

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“Disclosable Special Servicer Fees”: With respect to any Serviced Loan or REO Property, 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 (including, without limitation, the Trust, any Mortgagor, any Manager, any guarantor or indemnitor in respect of a Serviced Loan and any purchaser of any Serviced Loan or REO Property (or an interest in an REO Property related to a Serviced Loan Combination, if applicable) in connection with the disposition, workout or foreclosure of any Serviced Loan, the management or disposition of any 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 Special Servicing Compensation which is payable to the Special Servicer under this Agreement, and (2) any Permitted Special Servicer/Affiliate Fees.

 

“Disqualified Non-U.S. Tax Person”: With respect to a Class R Certificate, any Non-U.S. Tax Person or agent thereof other than (i) a Non-U.S. Tax Person that holds the Class R Certificate in connection with the conduct of a trade or business within the United States and has furnished the transferor and the Certificate Registrar with an effective IRS Form W-8ECI or (ii) a Non-U.S. Tax Person that has delivered to both the transferor and the Certificate Registrar an opinion of a nationally recognized tax counsel to the effect that the transfer of the Class R Certificate to it is in accordance with the requirements of the Code and the regulations promulgated thereunder and that such transfer of the Class R Certificate will not be disregarded for federal income tax purposes.

 

“Disqualified Organization”: Any of (a) the United States, a State or any political subdivision thereof, 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 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 Code Section 860E(c)(1)) with respect to the Class R Certificates (except certain farmers’ cooperatives described in Code Section 521), (d) rural electric and telephone cooperatives described in Code Section 1381(a)(2) or (e) any other Person so designated by the Certificate Registrar based upon an Opinion of Counsel to the effect that any Transfer to such Person may cause either Trust REMIC to be subject to tax or to fail to qualify as a REMIC for federal income tax purposes at any time that the Certificates are outstanding. For purposes of this definition, the terms “United States,” “State” and “International Organization” shall have the meanings set forth in Code Section 7701 or successor provisions.

 

“Distribution Account”: Collectively, the Lower-Tier Distribution Account and the Upper-Tier Distribution Account, each of which may be subaccounts of a single Eligible Account.

 

“Distribution Date”: The fourth Business Day following the Determination Date in each month, commencing in May 2015. The first Distribution Date shall be May 12, 2015.

 

“Distribution Date Statement”: As defined in Section 4.02(a) of this Agreement.

 

  

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“Document Defect”: As defined in Section 2.03(a) of this Agreement.

 

“Due Date”: With respect to (i) any Mortgage Loan or Serviced Companion Loan on or prior to its Maturity Date, the day of the month set forth in the related Note on which each Monthly Payment thereon is scheduled to be first due, (ii) any Mortgage Loan or Serviced Companion Loan after the Maturity Date therefor, the day of the month set forth in the related Note on which each Monthly Payment on such Mortgage Loan or Serviced Companion Loan, as the case may be, had been scheduled to be first due, and (iii) any REO Mortgage Loan or REO Companion Loan, the day of the month set forth in the related Note on which each Monthly Payment on the related Mortgage Loan or Serviced Companion Loan, as the case may be, had been scheduled to be first due.

 

“Early Termination Notice Date”: Any date as of which the aggregate Stated Principal Balance of the Mortgage Loans (including REO Mortgage Loans) is less than 1.0% of the sum of the aggregate Cut-Off Date Principal Balance of the Mortgage Pool initially included in the Trust Fund.

 

“Eastmont Town Center Co-Lender Agreement”: With respect to the Eastmont Town Center Loan Combination, the related co-lender agreement, dated as of March 25, 2015, by and between the holder of the Eastmont Town Center Mortgage Loan and the Eastmont Town Center Companion Loan Holder, relating to the relative rights of the holder of the Eastmont Town Center Mortgage Loan and the Eastmont Town Center Companion Loan Holder, as the same may be amended from time to time in accordance with the terms thereof.

 

“Eastmont Town Center Companion Loan”: With respect to the Eastmont Town Center Loan Combination, the related promissory note made by the related Mortgagor and secured by the Eastmont Town Center Mortgage and designated as promissory note A-2, which is not included in the Trust and is pari passu in right of payment with the Eastmont Town Center Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the Eastmont Town Center Co-Lender Agreement.

 

“Eastmont Town Center Companion Loan Holder”: The holder of the Eastmont Town Center Companion Loan.

 

“Eastmont Town Center Controlling Note Securitization Date”: With respect to the Eastmont Town Center Loan Combination, the date on which the Eastmont Town Center Companion Loan is included in an Other Securitization Trust, provided that the Eastmont Town Center Companion Loan Holder provides the Master Servicer, the Special Servicer, the Certificate Administrator and/or the Trustee, as applicable, with notice in accordance with the terms of the Eastmont Town Center Co-Lender Agreement.

 

“Eastmont Town Center Loan Combination”: The Eastmont Town Center Mortgage Loan, together with the Eastmont Town Center Companion Loan, each of which is secured by the Eastmont Town Center Mortgage. References herein to the Eastmont Town Center Loan Combination shall be construed to refer to the aggregate indebtedness secured under the Eastmont Town Center Mortgage.

 

  

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“Eastmont Town Center Mortgage”: The Mortgage securing the Eastmont Town Center Mortgage Loan and the Eastmont Town Center Companion Loan.

 

“Eastmont Town Center Mortgage Loan”: With respect to the Eastmont Town Center Loan Combination, the Mortgage Loan included in the Trust, which is (i) secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Eastmont Town Center, (ii) evidenced by a promissory note A-1 and (iii) pari passu in right of payment with the Eastmont Town Center Companion Loan to the extent set forth in the related Loan Documents and as provided in the Eastmont Town Center Co-Lender Agreement.

 

“Eastmont Town Center Pooling and Servicing Agreement”: (i) Prior to the Eastmont Town Center Controlling Note Securitization Date, this Agreement and (ii) on and after the Eastmont Town Center Controlling Note Securitization Date, the pooling and servicing agreement governing the creation of the Outside Securitization Trust that holds the Eastmont Town Center Companion Loan.

 

“EDGAR”: The Commission’s Electronic Data Gathering and Retrieval System.

 

“EDGAR-Compatible Format”: Any format compatible with EDGAR, including HTML, Word, Excel or clean, searchable PDFs.

 

“Eligible Account”: Any of (i) a segregated account or accounts maintained with a federal or state chartered depository institution or trust company (including the Trustee and the Certificate Administrator), the long-term unsecured debt obligations (or short-term unsecured debt obligations if the account holds funds for less than 30 days) or commercial paper of which are rated by Fitch and Moody’s in its highest rating category at all times (or, in the case of the REO Account, Collection Account, Loan Combination Custodial Account, Interest Reserve Account, Excess Liquidation Proceeds Reserve Account and Escrow Account, the long-term unsecured debt obligations (or short-term unsecured debt obligations if the account holds funds for less than 30 days) of which are rated at least “AA-” by Fitch (or “A” by Fitch so long as the short-term deposit or short-term unsecured debt obligations of such depository institution or trust company are rated no less than “F1” by Fitch) and “A2” by Moody’s or, if applicable, the short-term rating equivalent thereof, which is at least “F1” by Fitch and “P-1” by Moody’s), (ii) an account or accounts maintained with PNC Bank, National Association or Citibank, N.A. so long as PNC Bank, National Association’s or Citibank, N.A.’s, as applicable, long-term unsecured debt rating or deposit account rating shall be at least “A-” by Fitch and “A2” by Moody’s (if the deposits are to be held in the account for more than 30 days) or PNC Bank, National Association’s or Citibank, N.A.’s, as applicable, short-term deposit account or short-term unsecured debt rating shall be at least “F1” by Fitch and “P-1” by Moody’s (if the deposits are to be held in the account for 30 days or less), (iii) an account or accounts maintained with KeyBank National Association, so long as KeyBank National Association’s long term unsecured debt rating shall be at least “A2” from Moody’s (or “A3” from Moody’s so long as (x) the Mortgage Loans for which such account or accounts are maintained represent less than 10% of the principal balance of all of the Mortgage Loans in the Trust Fund and (y) such account or accounts are limited to escrow and/or reserve accounts) and “A-” from Fitch (if the deposits are to be held in the account for more than thirty (30) days) or KeyBank National Association’s short-term deposit or short-term unsecured debt rating shall be at least “P-1” from Moody’s and

 

  

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“F1” from Fitch (if the deposits are to be held in the account for thirty (30) days or less), (iv) a segregated trust account or accounts maintained with the corporate trust department of a federal or state chartered depository institution or trust company that, in either case, has corporate trust powers, acting in its fiduciary capacity, which institution or trust company has a combined capital and surplus of at least $50,000,000, is (in the case of a state chartered depository institution or trust company) subject to regulations substantially similar to 12 C.F.R. §9.10(b), and is subject to supervision or examination by federal and state authority, and the long-term unsecured debt obligations of which are rated at least “A2” by Moody’s, (v) 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) - (iv) 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, or (vi) such other account or accounts not listed in clauses (i) - (iv) above with respect to which a Rating Agency Confirmation has been obtained from each Rating Agency. Eligible Accounts may bear interest. No Eligible Account shall be evidenced by a certificate of deposit, passbook or other similar instrument.

 

“Eligible Operating Advisor”: An institution (i) that is the special servicer or operating advisor on a transaction rated by any of Moody’s, Fitch, KBRA, S&P, Morningstar and/or DBRS but has not been the special servicer or operating advisor on a transaction for which Moody’s, Fitch, KBRA, S&P, Morningstar and/or DBRS 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 can and will make the representations and warranties set forth in Section 2.09(a) of this Agreement, (iii) that is not the Special Servicer or any Directing Holder or an Affiliate of the Special Servicer or any Directing Holder and (iv) 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.

 

“Environmental Report”: The environmental audit report or reports with respect to each Mortgaged Property delivered to the related Mortgage Loan Seller in connection with the origination or acquisition of the related Mortgage Loan.

 

“ERISA”: The Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

 

“ERISA Restricted Certificate”: Any Class E, Class F, Class G or Class H Certificate; provided that any such Certificate: (a) will cease to be considered an ERISA Restricted Certificate and (b) will cease to be subject to the transfer restrictions with respect to ERISA Restricted Certificates contained in Section 5.03(m) of this Agreement if, as of the date of a proposed transfer of such Certificate, it is rated in one of the four highest generic ratings categories by a credit rating agency that meets the requirements of the Underwriter Exemption or (ii) relevant provisions of ERISA would permit the transfer of such Certificate to a Plan.

 

“Escrow Account”: As defined in Section 3.04(b) of this Agreement.

 

  

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“Escrow Payment”: Any payment made by any Mortgagor to the Master Servicer pursuant to the related Mortgage, Lock-Box Agreement or Loan Agreement for the account of such Mortgagor for application toward the payment of taxes, insurance premiums, assessments, ground rents, mandated improvements and similar items in respect of the related Mortgaged Property.

 

“Euroclear”: Euroclear Bank, as operator of the Euroclear System, and its successors in interest.

 

“Excess Interest”: With respect to each ARD Mortgage Loan, additional interest accrued on such ARD Mortgage Loan after the Anticipated Repayment Date allocable to the difference between the Revised Rate and the Mortgage Rate, plus any compound interest thereon, to the extent permitted by applicable law and the related Loan Documents. The Excess Interest on any ARD Mortgage Loan shall not be an asset of any Trust REMIC, but rather shall be an asset of the Grantor Trust.

 

“Excess Interest Certificates”: Any class of commercial mortgage pass-through certificates issued under this Agreement that are designated as evidencing an interest in the Excess Interest Grantor Trust Assets. The Class S Certificates shall be the only class of Excess Interest Certificates issued under this Agreement.

 

“Excess Interest Distribution Account”: The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(e) of this Agreement in trust for the Holders of the Excess Interest Certificates, which (subject to changes in the identities of the Certificate Administrator and/or the Trustee) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC29 – Excess Interest Distribution Account”. Any such account shall be an Eligible Account. The Excess Interest Distribution Account shall be held solely for the benefit of the Holders of the Excess Interest Certificates. The Excess Interest Distribution Account shall not be an asset of the Lower Tier REMIC or the Upper Tier REMIC, but rather shall be an asset of the Grantor Trust.

 

“Excess Interest Grantor Trust Assets”: The portion of the Trust Fund consisting of the Excess Interest, the Excess Interest Distribution Account and amounts held from time to time in the Excess Interest Distribution Account.

 

“Excess Liquidation Proceeds”: With respect to any Mortgage Loan, the excess of (i) Liquidation Proceeds of that Mortgage Loan or related REO Property (net of any related Liquidation Expenses and any amounts payable to a related Serviced Companion Loan Holder pursuant to the related Co-Lender Agreement), over (ii) the amount that would have been received if a Principal Payment in full had been made, and all other outstanding amounts had been paid, with respect to such Mortgage Loan on the Due Date immediately following the date on which such proceeds were received. With respect to any Outside Serviced Trust Loan, Excess Liquidation Proceeds shall mean such Outside Serviced Trust Loan’s pro rata share of any “Excess Liquidation Proceeds” determined in accordance with the applicable Other Pooling and Servicing Agreement and the related Co-Lender Agreement that are received by the Trust.

 

  

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“Excess Liquidation Proceeds Reserve Account”: The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(c) of this Agreement in trust for the Certificateholders, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, Excess Liquidation Proceeds Reserve Account.” Any such account shall be an Eligible Account.

 

“Excess Modification Fees”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), the sum of (A) the excess of (i) any and all Modification Fees with respect to any modification, waiver, extension or amendment of any of the terms of a Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), over (ii) all unpaid or unreimbursed Advances and Additional Trust Fund Expenses (other than (1) Special Servicing Fees, Workout Fees and Liquidation Fees and (2) Borrower Delayed Reimbursements) outstanding or previously incurred hereunder with respect to the related Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) and reimbursed from such Modification Fees (which such Additional Trust Fund Expenses shall 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 Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) or REO Property; provided that if the Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) ceases being a Corrected Loan, and is subject to a subsequent modification, any Excess Modification Fees earned by the Special Servicer prior to such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) ceasing to be a Corrected Loan shall no longer be offset against future Liquidation Fees and Workout Fees unless such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) ceased to be a Corrected Loan within 18 months of it becoming a modified Serviced Mortgage Loan (or modified Serviced Loan Combination, if applicable). In such case, the Special Servicer shall 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 Loan or related REO Property (including in connection with a repurchase, sale, refinance, discounted or full 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 shall 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 12-month period) with respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) shall be subject to a cap equal to the greater of (i) 1% of the outstanding principal balance of such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) after giving effect to such transaction, and (ii) $25,000.

 

“Excess Penalty Charges”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) and any Collection Period, the sum of (A) the excess of (i) any and all Penalty Charges collected in respect of such Serviced Mortgage Loan (or

 

  

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Serviced Loan Combination, if applicable) during such Collection Period, over (ii) all unpaid or unreimbursed Additional Trust Fund Expenses (other than Special Servicing Fees, Workout Fees and Liquidation Fees) outstanding or previously incurred on behalf of the Trust (and, if applicable, the related Serviced Companion Loan Holder) with respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) and reimbursed from such Penalty Charges (which such Additional Trust Fund Expenses shall be reimbursed from such Penalty Charges) in accordance with Section 3.14 of this Agreement and (B) expenses previously paid or reimbursed from Penalty Charges as described in the preceding clause (A), which expenses have been recovered from the related Mortgagor or otherwise.

 

“Excess Prepayment Interest Shortfall”: With respect to any Distribution Date, the aggregate amount, if any, by which the Prepayment Interest Shortfalls with respect to all Principal Prepayments received with respect to the Mortgage Loans during the related Prepayment Period exceeds the Compensating Interest Payment with respect to the Mortgage Loans.

 

“Excess Servicing Fees”: With respect to each Mortgage Loan (including an REO Mortgage 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 each Mortgage Loan (including an REO Mortgage Loan), a rate per annum equal to the Servicing Fee Rate (minus the applicable fee rate, if any, set forth under the column labeled “Subservicing Fee Rate (%)” on the Mortgage Loan Schedule) minus 0.0025%; provided that such rate shall be subject to reduction at any time following any resignation of the Master Servicer pursuant to Section 6.04 of this Agreement (if no successor is appointed in accordance with Section 6.04 of this Agreement) or any termination of the Master Servicer pursuant to Section 7.01 of this Agreement, to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Master Servicer (which successor may include the Trustee) that meets the requirements of Section 7.02 of this Agreement.

 

“Excess Servicing Fee Right”: With respect to each Mortgage Loan (including an REO Mortgage Loan with respect thereto), the right to receive Excess Servicing Fees. In the absence of any transfer of the Excess Servicing Fee Right, the Master Servicer shall be the owner of such Excess Servicing Fee Right.

 

“Exchange Act”: The Securities Exchange Act of 1934, as amended and the rules and regulations thereunder.

 

“Exchange Date”: As defined in Section 5.12(g) of this Agreement.

 

“Exchangeable Certificate”: Any of the Class A-S, Class B, Class PEZ or Class C Certificates.

 

“Exchangeable Distribution Account”: The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(d) of this Agreement in trust for the Holders of the Exchangeable Certificates, which (subject to any changes in the identity of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as

 

  

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Certificate Administrator, on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, Exchangeable Distribution Account.” Any such account shall be an Eligible Account. The Exchangeable Distribution Account shall not be an asset of any Trust REMIC formed hereunder, but rather shall be an asset of the Grantor Trust.

 

“Exchangeable Proportion”: Class A-S, Class B and Class C Certificates that evidence equal Tranche Percentage Interests in the related Class PEZ Regular Interests.

 

“FCRE”: FCRE REL, LLC, a Delaware limited liability company, and its successors in interest.

 

“FCRE Loan Purchase Agreement”: The Mortgage Loan Purchase Agreement, dated as of April 1, 2015, by and between FCRE and the Depositor.

 

“FDIC”: The Federal Deposit Insurance Corporation, and its successors in interest.

 

“Final Asset Status Report”: With respect to any Specially Serviced Loan, each related Asset Status Report, together with such other data or supporting information provided by the Special Servicer to the Operating Advisor or the related Directing Holder or any related Serviced Companion Loan Holder (or its Companion Loan Holder Representative), in each case, which does not include any communications (other than the related Asset Status Report) between the Special Servicer and the related Directing Holder and/or any related Serviced Companion Loan Holder (or its Companion Loan Holder Representative), with respect to such Specially Serviced Loan; provided that no Asset Status Report shall be considered to be a Final Asset Status Report unless, prior to the occurrence and continuance of an applicable Control Termination Event, the related Directing Holder 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 and consent pursuant to this Agreement, or has been deemed to have approved or consented to such action, or unless the Asset Status Report is otherwise implemented by the Special Servicer in accordance with this Agreement.

 

“Final Recovery Determination”: With respect to any defaulted Mortgage Loan or Serviced Loan Combination that is a Specially Serviced Loan (or, in the case of an Outside Serviced Trust Loan, the equivalent under the applicable Other Pooling and Servicing Agreement) or REO Mortgage Loan, as the case may be, a determination that there has been a recovery of all Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, REO Proceeds and other payments or recoveries that the Special Servicer, or the related Outside Special Servicer with respect to an Outside Serviced Trust Loan (if it is a “Specially Serviced Loan” (or an analogous concept) under the applicable Other Pooling and Servicing Agreement) or any related REO Property, has determined in accordance with the Servicing Standard will ultimately be recoverable; provided that with respect to each Outside Serviced Trust Loan, the Final Recovery Determination shall be made by the related Outside Special Servicer in accordance with the applicable Other Pooling and Servicing Agreement.

 

  

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“Fitch”: Fitch Ratings, Inc. or 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 and the Special Servicer and specific ratings of Fitch herein referenced shall be deemed to refer to the equivalent ratings (as reasonably determined by the Depositor) of the party so designated.

 

“FMC”: Freedom Mortgage Corporation, a New Jersey corporation, and its successors in interest.

 

“FMC Guaranty”: The letter agreement dated as of April 1, 2015, by FMC, for the benefit of the Depositor and its successors and permitted assigns, relating to certain obligations of FCRE under the FCRE Loan Purchase Agreement.

 

“Form 8-K Disclosure Information”: As defined in Section 10.07 of this Agreement.

 

“General Special Servicer”: As defined in Section 6.08(i) of this Agreement.

 

“Global Certificates”: Any Certificate registered in the name of the Depository or its nominee.

 

“Grantor Trust”: A segregated asset pool within the Trust Fund, which at all times shall be treated as a “grantor trust” under the Grantor Trust Provisions, consisting of (a) the Class A-S Specific Grantor Trust Assets, the Class B Specific Grantor Trust Assets, the Class C Specific Grantor Trust Assets and the Class PEZ Specific Grantor Trust Assets, beneficial ownership of which is represented by the Exchangeable Certificates, and (b) the Excess Interest Grantor Trust Assets, beneficial ownership of which is represented by the Excess Interest Certificates.

 

“Grantor Trust Certificates”: The Exchangeable Certificates and the Excess Interest Certificates, collectively.

 

“Grantor Trust Provisions”: Subpart E of part I of subchapter J of the Code and Treasury Regulations Section 301.7701-4(c).

 

“Ground Lease”: The ground lease pursuant to which any Mortgagor holds a leasehold interest in the related Mortgaged Property.

 

“GSMC”: Goldman Sachs Mortgage Company, a New York limited partnership, and its successors in interest.

 

“GSMC Loan Purchase Agreement”: The mortgage loan purchase agreement, dated as of April 1, 2015, by and between GSMC and the Depositor.

 

“Hazardous Materials”: Any dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances, including, without limitation, those so identified pursuant to the

 

  

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Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq., or any other environmental laws now or hereafter existing, and specifically including, without limitation, asbestos and asbestos-containing materials, polychlorinated biphenyls, radon gas, petroleum and petroleum products, urea formaldehyde and any substances classified as being “in inventory,” “usable work in process” or similar classification which would, if classified as unusable, be included in the foregoing definition.

 

“Holder”: With respect to any Certificate, a Certificateholder, and with respect to any Lower-Tier Regular Interest or Class PEZ Regular Interest, the Trustee for the benefit of the Certificateholders.

 

“Indemnified Party”: As defined in Section 8.05(c) or Section 11.13(d), as applicable, of this Agreement, as the context requires.

 

“Indemnifying Party”: As defined in Section 8.05(c), Section 10.12 or Section 11.13(d), as applicable, of this Agreement, as the context requires.

 

“Independent”: When used with respect to any specified Person, any such Person who (i) does not have any direct financial interest, or any material indirect financial interest, in any of a Mortgage Loan Seller, the Depositor, the Trustee, the Operating Advisor, the Certificate Administrator, the Master Servicer, the Special Servicer, the Controlling Class Representative, any Mortgagor, any Companion Loan Holder (or, if applicable, its Companion Loan Holder Representative) or any Affiliate thereof, and (ii) is not connected with any such Person 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 Mortgage Loan Sellers, the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Controlling Class Representative, the Operating Advisor, the Certificate Administrator, any Mortgagor, any Companion Loan Holder (or, if applicable, its Companion Loan Holder Representative) or any Affiliate thereof merely because such Person is (A) compensated for services by, or (B) the beneficial owner of 1% or less of any class of securities issued by, the Depositor, the Mortgage Loan Sellers, the Trustee, the Master Servicer, the Special Servicer, the Controlling Class Representative, the Operating Advisor, the Certificate Administrator, any Mortgagor, any Companion Loan Holder (or, if applicable, its Companion Loan Holder Representative) or any Affiliate thereof, as the case may be, provided that such ownership constitutes less than 1% of the total assets owned by such Person.

 

“Independent Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the applicable Trust REMIC within the meaning of Code Section 856(d)(3) if such Trust REMIC were a real estate investment trust (except that the ownership tests set forth in that section shall be considered to be met by any Person that owns, directly or indirectly, 35% or more of any Class or 35% or more of the aggregate value of all Classes of Certificates), provided that such Trust REMIC does not receive or derive any income from such Person and the relationship between such Person and the Trust REMIC is at arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except neither the Master Servicer nor the Special Servicer shall be considered to be an Independent Contractor under the definition in this clause (i) unless an Opinion of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) addressed to the Master Servicer, the Trustee

 

  

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and the Certificate Administrator has been delivered to the Trustee and the Certificate Administrator to that effect) or (ii) any other Person (including the Master Servicer and the Special Servicer) if the Master Servicer, on behalf of itself, the Trustee and the Certificate Administrator has received an Opinion of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) to the effect that the taking of any action in respect of any 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 Code Section 860G(a)(8) (determined without regard to the exception applicable for purposes of Code Section 860D(a)) or cause any income realized in respect of such REO Property to fail to qualify as Rents from Real Property (provided that such income would otherwise so qualify).

 

“Initial Purchasers”: Citigroup Global Markets Inc., Goldman, Sachs & Co., Deutsche Bank Securities Inc. and Drexel Hamilton, LLC.

 

“Inquiries”: As defined in Section 4.02(a) of this Agreement.

 

“Institutional Accredited Investor”: An entity that qualifies as an “accredited investor” within the meaning of Rule 501(a) (1), (2), (3) or (7) under the Act or any entity in which all of the equity owners qualify as “accredited investors” within the meaning of Rule 501(a) (1), (2), (3) or (7) under the Act.

 

“Insurance Proceeds”: Proceeds of any fire and hazard insurance policy, title policy or other insurance policy relating to a Mortgage Loan (including an Outside Serviced Trust Loan) (including any amounts paid by the Master Servicer pursuant to Section 3.07 of this Agreement); provided that, in the case of an Outside Serviced Trust Loan, “Insurance Proceeds” under this Agreement shall be limited to any related proceeds of the type described above in this definition that are received by the Trust Fund in connection with such Outside Serviced Trust Loan, pursuant to the allocations set forth in the related Co-Lender Agreement or, if no allocation is provided in the related Co-Lender Agreement, as allocated pursuant to the applicable Other Pooling and Servicing Agreement.

 

“Interest Accrual Amount”: With respect to any Distribution Date and any Class of Regular Certificates (other than the Class X Certificates) or any Class PEZ Regular Interest, an amount equal to interest for the related Interest Accrual Period accrued at the Pass-Through Rate for such Class or Class PEZ Regular Interest on the related Certificate Principal Amount outstanding immediately prior to such Distribution Date. With respect to any Distribution Date and a Class of the Class X Certificates, an amount equal to the sum of the Accrued Component Interest for the related Interest Accrual Period for all of the respective Components for such Class for such Interest Accrual Period. Calculations of interest due in respect of the Regular Certificates and the Class PEZ Regular Interests shall be made on the basis of a 360-day year consisting of twelve 30-day months.

 

“Interest Accrual Period”: With respect to any Distribution Date, the calendar month preceding the month in which such Distribution Date occurs. Each Interest Accrual Period, for purposes of accruing interest on each Lower–Tier Regular Interest, each Class of

 

  

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Sequential Pay Certificates and Class X Certificates and each Class PEZ Regular Interest is assumed to consist of 30 days.

 

“Interest Distribution Amount”: With respect to any Distribution Date and with respect to each Class of Regular Certificates and each Class PEZ Regular Interest, an amount equal to (A) the sum of (i) the Interest Accrual Amount with respect to such Class or Class PEZ Regular Interest for such Distribution Date and (ii) the Interest Shortfall, if any, with respect to such Class or Class PEZ Regular Interest for such Distribution Date, less (B) any Excess Prepayment Interest Shortfall allocated to such Class or Class PEZ Regular Interest on such Distribution Date pursuant to Section 4.01(j).

 

“Interest Reserve Account”: The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.23 of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, Interest Reserve Account” and which shall be an Eligible Account.

 

“Interest Shortfall”: With respect to any Distribution Date for any Class of Regular Certificates or any Class PEZ Regular Interest, subject to increase as provided in the penultimate sentence of the first paragraph of Section 4.01(f) of this Agreement, the sum of (a) the portion, of the Interest Distribution Amount for such Class or Class PEZ Regular Interest remaining unpaid as of the close of business on the preceding Distribution Date (if any), and (b) to the extent permitted by applicable law, (i) other than in the case of a Class of the Class X Certificates, one month’s interest on that amount remaining unpaid at the Pass-Through Rate applicable to such Class or Class PEZ Regular Interest for the current Distribution Date, and (ii) in the case of a Class of the Class X Certificates, one month’s interest on that amount remaining unpaid at the WAC Rate for such Distribution Date.

 

“Interested Person”: As of any date of determination, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the Controlling Class Representative, any Mortgage Loan Seller, any Mortgagor, any holder of a related mezzanine loan, any manager of a Mortgaged Property, any Independent Contractor engaged by the Special Servicer pursuant to Section 3.16 of this Agreement, or any Person actually known to a Responsible Officer of the Trustee or the Certificate Administrator to be an Affiliate of any of the preceding entities; and, with respect to a Defaulted Serviced Loan Combination, the related Other Depositor, the master servicer, the special servicer (or any independent contractor engaged by such special servicer), or the trustee for the related Other Securitization Trust, the related Serviced Companion Loan Holder or its Companion Loan Holder Representative, any holder of a related mezzanine loan, or any Person actually known to a Responsible Officer of the Trustee or the Certificate Administrator to be an Affiliate of any of the preceding entities.

 

“Investment”: Any direct or indirect ownership interest in any security, note or other financial instrument related to the Certificates or issued or executed by a Mortgagor, a loan

 

  

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directly or indirectly secured by any of the foregoing or a hedging transaction (however structured) that references or relates to any of the foregoing.

 

“Investment Account”: As defined in Section 3.07(a) of this Agreement.

 

“Investment Company Act”: The Investment Company Act of 1940, as it may be amended from time to time.

 

“Investment Decisions”: Investment, trading, lending or other financial decisions, strategies or recommendations with respect to Investments, whether on behalf of the Master Servicer or any Affiliate thereof, the Special Servicer or any Affiliate thereof, the Operating Advisor or any Affiliate thereof, the Certificate Administrator or any Affiliate thereof, or the Trustee or any Affiliate thereof, as applicable, or any Person on whose behalf the Master Servicer or any Affiliate thereof, the Special Servicer or any Affiliate thereof, the Operating Advisor or any Affiliate thereof, the Certificate Administrator or any Affiliate thereof, or the Trustee or any Affiliate thereof, as applicable, has discretion in connection with Investments.

 

“Investor Certification”: A certificate representing that such Person executing the certificate is a Certificateholder, a Beneficial Owner or a prospective purchaser of a Certificate (or any investment advisor or manager of the foregoing), a Serviced Companion Loan Holder or its Companion Loan Holder Representative and that (i) for purposes of obtaining certain information and notices (including access to information and notices on the Certificate Administrator’s Website) pursuant to this Agreement, (A) such Person is not a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of any of the foregoing or an agent, principal, partner, member, joint venturer, limited partner, employee, representative, director, trustee, advisor or investor in or of any of the foregoing and (B) except in the case of a prospective purchaser of a Certificate, a Serviced Companion Loan Holder or its Companion Loan Holder Representative, such Person has received a copy of the Prospectus Supplement and the Prospectus, which certificate shall be substantially in the form of Exhibit M-1 to this Agreement or in the form of an electronic certification contained on the Certificate Administrator’s Website and/or (ii) for purposes of exercising Voting Rights (which does not apply to a prospective purchaser of a Certificate, a Serviced Companion Loan Holder or its Companion Loan Holder Representative), (A) such Person is not a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of any of the foregoing or an agent of any Mortgagor, (B) such Person is or is not the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or an Affiliate of any of the foregoing and (C) such Person has received a copy of the Prospectus Supplement and the Prospectus, which certificate shall be substantially in the form of Exhibit M-2 to this Agreement or in the form of an electronic certification contained on the Certificate Administrator’s Website or the Master Servicer’s website; provided that, for purposes of clause (ii), if such Person is an Affiliate of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor, such certification shall indicate whether an Affiliate Ethical Wall exists between it and the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor, as applicable. The Certificate Administrator may require that Investor Certifications are resubmitted from time to time in accordance with its policies and procedures.

 

“Investor Q&A Forum”: As defined in Section 4.02(a) of this Agreement.

 

  

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“Investor Registry”: As defined in Section 4.02(a) of this Agreement.

 

“IRS”: The Internal Revenue Service.

 

“KBRA”: Kroll Bond Rating Agency, Inc. or 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 and the Special Servicer and specific ratings of KBRA herein referenced shall be deemed to refer to the equivalent ratings (as reasonably determined by the Depositor) of the party so designated.

 

“Liquidation Event”: With respect to any Mortgage Loan (or, solely with respect to clauses (i), (ii), (v), (vi) and (vii) below, any Serviced Loan Combination or the senior portion thereof), any of the following events: (i) such Mortgage Loan (or Serviced Loan Combination or the senior portion thereof) is paid in full; (ii) a Final Recovery Determination is made with respect to such Mortgage Loan (or Serviced Loan Combination or the senior portion thereof); (iii) such Mortgage Loan is repurchased or substituted for by the applicable Mortgage Loan Seller pursuant to Section 6 of the related Loan Purchase Agreement; (iv) such Mortgage Loan is purchased or otherwise acquired by the Special Servicer, the Master Servicer, the Holders of the Controlling Class, Holders of the Class R Certificates or the Remaining Certificateholder pursuant to Section 9.01 of this Agreement; (v) such Mortgage Loan (or Serviced Loan Combination or the senior portion thereof) is purchased by the holder of a mezzanine loan or a Companion Loan pursuant to the related intercreditor, co-lender or similar agreement; (vi) the taking of a Mortgaged Property (or portion thereof) by exercise of the power of eminent domain or condemnation; (vii) such Mortgage Loan (or Serviced Loan Combination or the senior portion thereof) is purchased by any Person in accordance with Section 3.17 of this Agreement; or (viii) in the case of an Outside Serviced Trust Loan, such Mortgage Loan is liquidated by any party pursuant to terms analogous to those set forth in the preceding clauses contained in the applicable Other Pooling and Servicing Agreement and/or the related Co-Lender Agreement. With respect to any REO Property (and the related REO Mortgage Loan or REO Companion Loan), any of the following events: (i) a Final Recovery Determination is made with respect to such REO Property; (ii) such REO Property is purchased or otherwise acquired by the Master Servicer, the Special Servicer, Holders of the Controlling Class, Holders of the Class R Certificates or the Remaining Certificateholder pursuant to Section 9.01 of this Agreement; (iii) the taking of a REO Property (or portion thereof) by exercise of the power of eminent domain or condemnation; (iv) such REO Property is purchased by the holder of a mezzanine loan pursuant to the related intercreditor agreement; or (v) such REO Property is purchased by another party in accordance with Section 3.17 of this Agreement.

 

“Liquidation Expenses”: All customary, reasonable and necessary costs and expenses incurred by the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee in connection with the liquidation of any Specially Serviced Loan or REO Property acquired in respect thereof or final payoff of a Corrected Loan (including, without limitation, legal fees and expenses, committee or referee fees, and, if applicable, brokerage commissions, and conveyance taxes associated with such Mortgage Loan or Mortgaged Property).

 

  

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“Liquidation Fee”: With respect to each Specially Serviced Loan as to which the Special Servicer receives a full or discounted payoff (or unscheduled partial payment to the extent such prepayment is required by the Special Servicer as a condition to a workout) from the related Mortgagor and, except as otherwise described below, with respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) repurchased or substituted as contemplated by Section 2.03 of this Agreement, and with respect to any Specially Serviced Loan or any REO Property (other than an REO Property related to an Outside Serviced Trust Loan) as to which the Special Servicer receives Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds, an amount calculated by the application of the applicable Liquidation Fee Rate to the related payment or proceeds (exclusive of any portion of such payoff or proceeds that represents Penalty Charges); provided that the Liquidation Fee with respect to such Specially Serviced Loan or REO Property shall be reduced by the amount of any Excess Modification Fees paid by or on behalf of the related Mortgagor with respect to the Specially Serviced Loan or REO Property as described in the definition of “Excess Modification Fees” in this Agreement, but only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee; provided, however, that, except as contemplated by the preceding proviso with respect to offset in connection with Excess Modification Fees and the next two (2) provisos, no Liquidation Fee will be less than $25,000; provided, further, that (a) the Liquidation Fee shall be zero with respect to any Serviced Mortgage Loan or Serviced Loan Combination or any Mortgaged Property purchased or repurchased pursuant to clauses (iii) through (v) of the first sentence of the definition of Liquidation Event (unless with respect to (A) clause (iii), the applicable Mortgage Loan Seller does not repurchase or substitute for such Mortgage Loan until after more than 120 days following its receipt of notice or discovery of a Material Breach or Material Defect, and (B) clause (v), the mezzanine loan holder or the Subordinate Companion Loan Holder does not purchase such Serviced Mortgage Loan or Serviced Loan Combination (or senior portion thereof) within 90 days of the date that the first purchase option related to the subject Servicing Transfer Event first becomes exercisable under the related intercreditor agreement or Co-Lender Agreement, as applicable) or pursuant to clauses (ii) or (iv) of the second sentence of such definition (unless with respect to clause (iv), the mezzanine loan holder or the Subordinate Companion Loan Holder does not purchase such REO Property within 90 days of the date that the first purchase option related to the subject Servicing Transfer Event first becomes exercisable under the related intercreditor agreement or Co-Lender Agreement, as applicable) and (b) the Liquidation Fee with respect to each Serviced Mortgage Loan or REO Mortgage Loan repurchased or substituted for after more than 120 days following the Mortgage Loan Seller’s receipt of notice or discovery of a Material Breach or Material Defect shall be in an amount equal to the Liquidation Fee Rate of the outstanding principal balance of such Serviced Mortgage Loan or REO Mortgage Loan; provided, further that if a Serviced Mortgage Loan or Serviced Loan Combination becomes a Specially Serviced Loan only because of an event described in clause (a) of the definition of Specially Serviced Loan and the related Liquidation Proceeds are received within 90 days following the related default in connection with the full and final payoff or refinancing of the related Serviced Mortgage Loan or Serviced Loan Combination, if applicable, the Special Servicer will not be entitled to collect a Liquidation Fee, but may collect and retain appropriate fees from the related Mortgagor in connection with such liquidation.

 

“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%.

 

  

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“Liquidation Proceeds”: The amount (other than Insurance Proceeds and Condemnation Proceeds) received in connection with a Liquidation Event.

 

“Loan Agreement”: With respect to any Mortgage Loan or Serviced Loan Combination, the loan agreement, if any, between the related originator(s) and the Mortgagor, pursuant to which such Mortgage Loan or Serviced Loan Combination was made.

 

“Loan Combination”: An aggregate debt consisting of a particular Mortgage Loan that is an asset of the Trust and one or more other mortgage loans (each of which is referred to as a “Companion Loan”) that are not assets of the Trust, which Mortgage Loan and related Companion Loan(s) are: (i) each evidenced by one or more separate Notes; (ii) cross-defaulted with each other; and (iii) all secured by the same Mortgage(s) encumbering the same Mortgaged Property or portfolio of Mortgaged Properties. The term “Loan Combination” shall include any successor REO Mortgage Loan and the related successor REO Companion Loan(s) (or the related deemed Companion Loan(s), if applicable)). The only Loan Combinations related to the Trust as of the Closing Date are the Selig Office Portfolio Loan Combination, the 3 Columbus Circle Loan Combination, the 170 Broadway Loan Combination, the Crowne Plaza Bloomington Loan Combination, the Eastmont Town Center Loan Combination and the Commerce Point I & II Loan Combination.

 

“Loan Combination Custodial Account”: With respect to any Serviced Loan Combination, the respective segregated account or sub-account created and maintained by the Master Servicer pursuant to Section 3.05A of this Agreement on behalf of the holders of such Serviced Loan Combination, which (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, and the related Serviced Companion Loan Holder, as their interests may appear.”

 

“Loan Combination Special Servicer”: Any Person responsible for performing the duties of Special Servicer hereunder with respect to a Serviced Loan Combination or any related REO Property.

 

“Loan Documents”: With respect to any Mortgage Loan, or Serviced Loan Combination, the documents executed or delivered in connection with the origination or any subsequent modification of such Mortgage Loan or Serviced Loan Combination, as applicable, or subsequently added to the related Mortgage File.

 

“Loan Number”: With respect to any Mortgage Loan, the loan number by which such Mortgage Loan was identified on the books and records of the Depositor or any Sub-Servicer for the Depositor, as set forth in the Mortgage Loan Schedule.

 

“Loan Purchase Agreement”: The CGMRC Loan Purchase Agreement, the GSMC Loan Purchase Agreement, the RMF Loan Purchase Agreement or the FCRE Loan Purchase Agreement, as applicable.

 

  

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“Loan-to-Value Ratio”: With respect to any Mortgage Loan or Serviced Loan Combination, as of any date of determination, the fraction, expressed as a percentage, the numerator of which is the then unpaid principal balance of such Mortgage Loan or Serviced Loan Combination, as applicable, and the denominator of which is the Appraised Value of the related Mortgaged Property as determined by an Appraisal thereof.

 

“Lock-Box Account”: With respect to any Mortgaged Property, if applicable, any account created pursuant to any documents relating to a Mortgage Loan or Serviced Loan Combination to receive rental or other income generated by the Mortgaged Property. Any Lock-Box Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Loan Combination and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.

 

“Lock-Box Agreement”: With respect to any Mortgage Loan or Serviced Loan Combination, the lock-box or other similar agreement, if any, between the related originator(s) and the Mortgagor, pursuant to which the related Lock-Box Account, if any, may have been established.

 

“Lower-Tier Distribution Account”: The account or accounts created and maintained as a separate account (or separate sub-account within the same account as the Upper-Tier Distribution Account) or accounts by the Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, Lower-Tier Distribution Account” and which must be an Eligible Account. The Lower-Tier Distribution Account shall be an asset of the Lower-Tier REMIC.

 

“Lower-Tier Principal Balance”: The principal amount of any Lower-Tier Regular Interest outstanding as of any date of determination. As of the Closing Date, the Lower-Tier Principal Balance of each Lower-Tier Regular Interest shall equal the original Lower-Tier Principal Balance as set forth in the Preliminary Statement hereto. On each Distribution Date, the Lower-Tier Principal Balance of each Lower-Tier Regular Interest shall be permanently reduced by all distributions of principal deemed to have been made in respect of such Lower-Tier Regular Interest on such Distribution Date pursuant to Section 4.01(a)(ii) of this Agreement, and shall be further permanently reduced on such Distribution Date by all Realized Losses deemed to have been allocated thereto on such Distribution Date pursuant to Section 4.01(e) of this Agreement, such that at all times the Lower-Tier Principal Balance of a Lower-Tier Regular Interest shall equal the Certificate Principal Amount of the Corresponding Certificates. The Lower-Tier Principal Balance of any Lower-Tier Regular Interest may be increased on a particular Distribution Date as and to the extent contemplated by the penultimate sentence of the first paragraph of Section 4.01(f) of this Agreement.

 

“Lower-Tier Regular Interests”: The respective classes of “regular interests”, within the meaning of Code Section 860G(a)(1), in the Lower-Tier REMIC, designated as the

 

  

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Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-AB, Class LA-S, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LH Interests.

 

“Lower-Tier REMIC”: A segregated asset pool within the Trust Fund consisting of the Mortgage Loans and collections thereon (other than the Excess Interest), any related REO Property (or a beneficial interest in the applicable portion of the “REO Property” under the applicable Other Pooling and Servicing Agreement related to any Outside Serviced Trust Loan) acquired in respect thereof and all proceeds of such REO Property, other property of the Trust Fund related thereto and amounts (other than Excess Interest and any interest or other income earned thereon) held in respect thereof from time to time in the Collection Account, any Serviced Loan Combination Custodial Account, the Interest Reserve Account and the related REO Account, and amounts held from time to time in the Lower-Tier Distribution Account and the Excess Liquidation Proceeds Reserve Account, in each case excluding amounts allocable to the Companion Loans and any interest or other income earned on such amounts allocable to the Companion Loans.

 

“Lower-Tier Residual Interest”: The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2), in the Lower-Tier REMIC and evidenced by the Class R Certificates.

 

“MAI”: Member of the Appraisal Institute.

 

“Major Decision”: Collectively:

 

(a)           any proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of an REO Property) of the ownership of properties securing such of the Serviced Loans as come into and continue in default;

 

(b)           any modification, consent to a modification or waiver of a 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 modification with respect to the timing of payments and acceptance of discounted payoffs but excluding waiver of Penalty Charges) of a Serviced Loan or any extension of the Maturity Date or Anticipated Repayment Date, as applicable, of any Serviced Loan;

 

(c)           any sale of a Defaulted Mortgage Loan (and any related Serviced Pari Passu Companion Loan) or REO Property (other than in connection with (i) the termination of the Trust Fund and (ii) the repurchase of, or substitution for, any Mortgage Loan by the applicable Mortgage Loan Seller for a Material Document Defect or Material Breach, as applicable) for less than the applicable Purchase Price;

 

(d)           any determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address Hazardous Materials located at an REO Property;

 

(e)           any release of collateral or any acceptance of substitute or additional collateral for a Serviced Loan, or any consent to either of the foregoing, other than 

 

  

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immaterial condemnation actions and other similar takings or if otherwise required pursuant to the specific terms of the related Serviced Loan and for which there is no lender discretion;

 

(f)            any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Serviced Loan or, 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 or related to an immaterial easement, right of way or similar agreement;

 

(g)          any property management company changes or franchise changes (in each case, to the extent the lender is required to consent or approve under the related Loan Documents);

 

(h)           releases of 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 Serviced Loan and for which there is no lender discretion;

 

(i)           any acceptance of an assumption agreement or any other agreement permitting transfers of interests in a Mortgagor or guarantor releasing a Mortgagor or guarantor from liability under a Serviced Loan other than pursuant to the specific terms of such Serviced Loan and for which there is no lender discretion;

 

(j)            the determination of the Special Servicer pursuant to clause (b) or clause (c) of the definition of “Specially Serviced Loan”;

 

(k)           following a default or an event of default with respect to a Serviced Loan, any acceleration of such Serviced Loan, or initiation of judicial, bankruptcy or similar proceedings under the related Loan Documents or with respect to the related Mortgagor or Mortgaged Property;

 

(l)            any modification, waiver or amendment of an intercreditor agreement, Co-Lender Agreement or similar agreement with any mezzanine lender or subordinate debt holder related to a Serviced Loan, or an action to enforce rights with respect thereto;

 

(m)          any determination of an Acceptable Insurance Default;

 

(n)           any proposed modification or waiver of any material provision in the related Loan Documents governing the type, nature or amount of insurance coverage required to be obtained and maintained by the related Mortgagor; and

 

(o)          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.

 

  

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“Manager”: With respect to any Mortgage Loan or Serviced Loan Combination, any property manager for the related Mortgaged Properties.

 

“Master Servicer”: Midland Loan Services, a Division of PNC Bank, National Association, a national banking association, or its successor in interest, or any successor Master Servicer appointed as herein provided.

 

“Master Servicer Remittance Date”: With respect to any Distribution Date, the Business Day immediately preceding such Distribution Date.

 

“Master Servicer Servicing Personnel”: The divisions and individuals of the Master Servicer who are involved in the performance of the duties of the Master Servicer under this Agreement.

 

“Material Breach”: As defined in Section 2.03(a) of this Agreement.

 

“Material Document Defect”: As defined in Section 2.03(a) of this Agreement.

 

“Maturity Date”: With respect to each Mortgage Loan, the maturity date as set forth on the Mortgage Loan Schedule; and with respect to each Serviced Companion Loan, the Maturity Date for the related Mortgage Loan.

 

“Modification Fees”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), any and all fees collected from the related Mortgagor with respect to a modification, extension, waiver or amendment that modifies, extends, amends or waives any term of the Loan Documents (as evidenced by a signed writing) agreed to by the Master Servicer or the Special Servicer, other than (a) any Assumption Fees, Consent Fees or assumption application fees and (b) any fee in connection with a defeasance of such Mortgage Loan (or Serviced Loan Combination, if applicable).

 

“Modified Asset”: Any Serviced Loan as to which any Servicing Transfer Event has occurred and which has been modified by the Special Servicer pursuant to Section 3.24 of this Agreement in a manner that:

 

(a)           affects the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing Monthly Payments current with respect to such Serviced Loan);

 

(b)           except as expressly contemplated by the related Loan Documents, results in a release of the lien of the related Mortgage on any material portion of the related Mortgaged Property without a corresponding Principal Prepayment in an amount, or the delivery of substitute real property collateral with a fair market value (as is), that is not less than the fair market value (as is) of the property to be released, as determined by an appraisal delivered to the Special Servicer (at the expense of the related Mortgagor and upon which the Special Servicer may conclusively rely); or

 

  

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(c)           in the reasonable, good faith judgment of the Special Servicer, otherwise materially impairs the security for such Serviced Loan or materially reduces the likelihood of timely payment of amounts due thereon.

 

“Monthly Payment”: With respect to any Mortgage Loan or Serviced Companion Loan, as applicable (other than any REO Mortgage Loan or REO Companion Loan) and any Due Date, the scheduled monthly payment of principal (if any) and interest at the related Mortgage Rate, which is payable by the related Mortgagor on such Due Date under the related Note or Notes. The Monthly Payment with respect to any Due Date for (i) an REO Mortgage Loan or REO Companion Loan, (ii) any Mortgage Loan or Serviced Companion Loan that is delinquent at its respective Maturity Date and with respect to which the Special Servicer has not entered into an extension or (iii) any ARD Mortgage Loan after the related Anticipated Repayment Date, is the monthly payment that would otherwise have been payable on such Due Date had the related Note not been discharged or the related Maturity Date or Anticipated Repayment Date, as applicable, had not been reached, as the case may be, determined as set forth in the preceding sentence and on the assumption that all other amounts, if any, due thereunder are paid when due. The Monthly Payment for any Serviced Loan Combination is the aggregate Monthly Payment for the related Mortgage Loan and Serviced Companion Loan(s).

 

“Moody’s”: Moody’s Investors Service, Inc. or its successors in interest. If neither Moody’s nor any successor remains in existence, “Moody’s” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer and specific ratings of Moody’s herein referenced shall be deemed to refer to the equivalent ratings (as reasonably determined by the Depositor) of the party so designated.

 

“Morningstar”: Morningstar Credit Ratings, LLC or its successors in interest.

 

“Mortgage”: The mortgage, deed of trust or other instrument creating a first lien on or first priority ownership interest in a Mortgaged Property securing the Note(s) evidencing a Mortgage Loan or Loan Combination.

 

“Mortgage File”: With respect to any Mortgage Loan or the related Serviced Loan Combination, subject to Section 2.01(b), collectively the following documents:

 

(1)           (A) the original executed Note for such Mortgage Loan, endorsed (without recourse, representation or warranty, express or implied) to the order of “Deutsche Bank Trust Company Americas, as Trustee, on behalf of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC29” or in blank, and further showing a complete, unbroken chain of endorsement from the originator (if such originator is not the applicable Mortgage Loan Seller) (or, alternatively, if the original executed Note has been lost, a lost note affidavit and indemnity with a copy of such Note), and (B) in the case of a Serviced Loan Combination, a copy of the executed Note for the related Serviced Companion Loan;

 

  

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(2)           an original or copy of the Mortgage, together with originals or copies of 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;

 

(3)           an original or copy of any related Assignment of Leases (if such item is a document separate from the Mortgage), together with originals or copies of 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;

 

(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 and (B) any related Assignment of Leases (if such item is a document separate from the Mortgage), in favor of “Deutsche Bank Trust Company Americas, as Trustee, on behalf of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC29 [and the holder of the related Serviced Companion Loan, as their interests may appear]” or in blank, or a copy of such assignment if the related Mortgage Loan Seller or its designee, rather than the Trustee, is responsible for recording such assignment; provided, however, that with respect to the Eastmont Town Center Mortgage Loan, each such assignment shall be executed in blank until the earliest of (A) the Eastmont Town Center Controlling Note Securitization Date, (B) the Eastmont Town Center Mortgage Loan becoming a Specially Serviced Mortgage Loan, and (C) 180 days after the Closing Date;

 

(5)           the original assignment of all unrecorded documents relating to the Mortgage Loan (or the related Serviced Loan Combination, if applicable), in favor of “Deutsche Bank Trust Company Americas, as Trustee, on behalf of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC29 [and the holder of the related Serviced Companion Loan, as their interests may appear]”; provided, however, that with respect to the Eastmont Town Center Mortgage Loan, each such assignment shall be executed in blank until the earliest of (A) the Eastmont Town Center Controlling Note Securitization Date, (B) the Eastmont Town Center Mortgage Loan becoming a Specially Serviced Mortgage Loan, and (C) 180 days after the Closing Date;

 

(6)           originals or copies of final written modification agreements in those instances where the terms or provisions of the Note for such Mortgage Loan (or, if applicable, any Note of a Serviced Loan Combination) 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;

 

(7)           the original or a copy of the policy or certificate of lender’s title insurance issued in connection with such Mortgage Loan or the related Serviced Loan Combination (or, if such policy has not been issued, a “marked-up” pro forma title policy marked as

 

  

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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 Loan Combination, 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 Serviced Loan Combination, if any;

 

(11)         an original or copy of the lock box agreement or cash management agreement relating to such Mortgage Loan or the related Serviced Loan Combination, if any;

 

(12)         an original or copy of the environmental indemnity from the related Mortgagor, if any;

 

(13)         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;

 

(14)         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 (5)), in favor of “Deutsche Bank Trust Company Americas, as Trustee, on behalf of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC29 [and the holder of the related Serviced Companion Loan, as their interests may appear]”;

 

(15)         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 Loan Combination or in favor of any assignee prior to the Trustee, and an original UCC-2 and/or 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);

 

(16)         in the case of any Mortgage Loan or the related Serviced Loan Combination as to which there exists a related mezzanine loan, the original or a copy of the related intercreditor agreement;

 

(17)         an original or copy of any related environmental insurance policy;

 

(18)         a copy of any letter of credit relating to such Mortgage Loan or the related Serviced Loan Combination and any related assignment thereof (with the original to be delivered to the Master Servicer);

 

  

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(19)         copies of 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 (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 the penultimate paragraph of Section 2.01(b)), with the original of any replacement comfort letter to be included in the Mortgage File following receipt thereof by the Master Servicer) and/or estoppel letters relating to such Mortgage Loan or the related Serviced Loan Combination and any related assignment thereof; and

 

(20)         in the case of a Loan Combination, an original or a copy of the related Co-Lender Agreement;

 

provided that, whenever the term “Mortgage File” is used to refer to documents actually received by the Certificate Administrator or a Custodian appointed thereby, such term shall not be deemed to include such documents and instruments required to be included therein unless they are actually so received.

 

Notwithstanding anything to the contrary contained herein, with respect to an Outside Serviced Trust Loan, the preceding document delivery requirements shall be deemed satisfied by the delivery by the applicable Mortgage Loan Seller to the Custodian (on behalf of the Trustee) of (i) with respect to clause (1) above, executed originals of the related documents, and (ii) with respect to clauses (2) through (20) above, a copy of the mortgage file related to the applicable Outside Serviced Companion Loan delivered under the applicable Other Pooling and Servicing Agreement.

Notwithstanding any contrary provision set forth above, in connection with the Eastmont Town Center Mortgage Loan: (1) instruments of assignment may be in blank and need not be recorded pursuant to this Agreement until the earliest of (i) the Eastmont Town Center Controlling Note Securitization Date, in which case such instruments shall be assigned and recorded in accordance with the related Other Pooling and Servicing Agreement, (ii) the Eastmont Town Center Mortgage Loan becomes a Specially Serviced Mortgage Loan prior to the Eastmont Town Center Controlling Note Securitization Date, in which case such instruments shall be assigned and recorded in accordance with this Agreement upon such occurrence, and (iii) the expiration of 180 days following the Closing Date, in which case assignments and recordations shall be effected in accordance with with this Agreement until the occurrence, if any, of the Eastmont Town Center Controlling Note Securitization Date; and (2) following the Eastmont Town Center Controlling Note Securitization Date, the Person selling the Eastmont Town Center Controlling Note to the related Other Depositor, at its own expense, shall be entitled to direct the Trustee or Custodian to deliver the originals of all related Loan Documents in its possession (other than the promissory note(s) evidencing the Eastmont Town Center Mortgage Loan) to the related Outside Trustee or the Outside Custodian. Such Person will require the retention by or delivery to the Trustee or Custodian of photocopies of the Loan Documents so delivered to such Outside Trustee or Outside Custodian. Such Person shall also cause the completion and recordation of

 

  

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instruments of assignment in the name of such Outside Trustee, and shall be required to deliver to the Trustee or Custodian photocopies of any instruments of assignment so completed and recorded; provided that, to the extent any such assignments have been recorded prior to the Eastmont Town Center Controlling Note Securitization Date, the Trustee shall execute and deliver assignments to the Outside Trustee.

 

“Mortgage Loan”: Each of the mortgage loans transferred and assigned to the Trustee pursuant to Section 2.01 and from time to time held in the Trust Fund, the mortgage loans originally so transferred, assigned and held being identified on the Mortgage Loan Schedule as of the Cut-Off Date. Such term shall include any Specially Serviced Mortgage Loan, REO Mortgage Loan or defeased Mortgage Loan and each Outside Serviced Trust Loan (but not the Companion Loans).

 

“Mortgage Loan Schedule”: The list of Mortgage Loans included in the Trust Fund as of the Closing Date being attached hereto as Exhibit B, which list shall set forth the following information with respect to each Mortgage Loan:

 

(i)          the Loan Number;

 

(ii)        the street address (including city, state and zip code) and name of the related Mortgaged Property;

 

(iii)        the Cut-Off Date Balance;

 

(iv)       the original Mortgage Rate;

 

(v)        the (A) remaining term to stated maturity and (B) Stated Maturity Date;

 

(vi)       in the case of a Balloon Loan, the remaining amortization term;

 

(vii)      the Servicing Fee Rate (separately identifying any primary servicing fee rate or subservicing fee rate included in the Servicing Fee Rate, and in the case of a Serviced Loan Combination, separately identifying the Servicing Fee Rate applicable to the related Serviced Companion Loan in such Serviced Loan Combination, and in the case of an Outside Serviced Trust Loan, separately identifying the primary servicing fee rate payable to the Outside Servicer);

 

(viii)     the Mortgage Loan Seller(s);

 

(ix)       whether the Mortgage Loan is cross-collateralized and the cross-collateralized group it belongs to;

 

(x)        whether the Mortgage Loan is an ARD Mortgage Loan;

 

(xi)        the Anticipated Repayment Date, if applicable;

 

(xii)       the Revised Rate, if applicable; and

 

  

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(xiii)      such Mortgage Loan is part of a Serviced Loan Combination, in which case the information required by clauses (iii), (iv), (v), (vi) and (vii) above shall also be set forth for the Serviced Companion Loan in the related Serviced Loan Combination.

 

“Mortgage Loan Seller”: Each of CGMRC, GSMC, RMF and FCRE, and their respective successors in interest.

 

“Mortgage Loan Seller Sub-Servicer”: A Sub-Servicer required to be retained by the Master Servicer by a Mortgage Loan Seller, as listed on Exhibit S to this Agreement, or any successor thereto.

 

“Mortgage Pool”: All of the Mortgage Loans and any successor REO Mortgage Loans, collectively. The Mortgage Pool does not include the Companion Loans or any related REO Companion Loans.

 

“Mortgage Rate”: With respect to any Mortgage Loan (including an REO Mortgage Loan) or Serviced Companion Loan (including an REO Companion Loan), the per annum rate at which interest accrues (or, if and while it is an REO Mortgage Loan or REO Companion Loan, is deemed to accrue) on such Mortgage Loan or Serviced Companion Loan, as the case may be, as stated in the related Note or Co-Lender Agreement, in each case without giving effect to the Default Rate, any Excess Interest or any Revised Rate with respect to such Mortgage Loan or Serviced Companion Loan, as the case may be.

 

“Mortgaged Property”: The underlying property securing a Mortgage Loan and the related Companion Loan(s), including any REO Property (including with respect to an Outside Serviced Trust Loan), consisting of a fee simple estate, and, with respect to certain Mortgage Loans and any related Companion Loan(s), a leasehold estate, or both a leasehold estate and a fee simple estate, or a leasehold estate in a portion of the property and a fee simple estate in the remainder, in a parcel of land improved by a commercial property, together with any personal property, fixtures, leases and other property or rights pertaining thereto.

 

“Mortgagor”: The obligor or obligors on a Note and the related Note(s) in favor of a Companion Loan Holder(s), including, without limitation, any Person that has acquired the related Mortgaged Property and assumed the obligations of the original obligor under such Note and the related Note(s) in favor of a Companion Loan Holder(s).

 

“Mortgagor Accounts”: As defined in Section 3.07(a) of this Agreement.

 

“Net Condemnation Proceeds”: The Condemnation Proceeds received with respect to any Mortgage Loan or Serviced Companion Loan (including an REO Mortgage Loan or REO Companion Loan) net of the amount of (i) costs and expenses incurred with respect thereto and (ii) amounts required to be applied to the restoration or repair of the related Mortgaged Property; provided that, in the case of an Outside Serviced Trust Loan, “Net Condemnation Proceeds” under this Agreement shall be limited to any related Condemnation Proceeds that are received by the Trust Fund in connection with such Outside Serviced Trust Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

 

  

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“Net Insurance Proceeds”: Insurance Proceeds, to the extent such proceeds are not to be applied to the restoration of the related Mortgaged Property or released to the Mortgagor in accordance with the express requirements of the Mortgage or Note or other Loan Documents included in the Mortgage File or in accordance with the Servicing Standard, or with respect to the environmental insurance policy, applied to pay any costs, expenses, penalties, fines or similar items; provided that, in the case of an Outside Serviced Trust Loan, “Net Insurance Proceeds” under this Agreement shall be limited to any related Insurance Proceeds that are received by the Trust Fund in connection with such Outside Serviced Trust Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

 

“Net Liquidation Proceeds”: The Liquidation Proceeds received by the Trust Fund with respect to any Mortgage Loan or Serviced Loan Combination (including an REO Mortgage Loan or REO Companion Loan) net of the amount of Liquidation Expenses incurred with respect thereto.

 

“Net Mortgage Rate”: Except as set forth in the following two sentences of this definition, with respect to any Mortgage Loan (including an REO Mortgage Loan) and any Distribution Date, the per annum rate equal to the Mortgage Rate for such Mortgage Loan minus the related Administrative Cost Rate. Notwithstanding the foregoing, if any Mortgage Loan does not accrue interest on the basis of a 360-day year consisting of twelve 30-day months, then, for purposes of calculating Pass-Through Rates and the WAC Rate, the Net Mortgage Rate of such Mortgage Loan for any one-month period preceding a related Due Date shall 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 (exclusive of Default Interest and Excess Interest) in respect of such Mortgage Loan during such one-month period at a per annum rate equal to the related Mortgage Rate minus the related Administrative Cost Rate; provided, however, that, for purposes of calculating Pass-Through Rates and the WAC Rate, with respect to each Mortgage Loan that accrues interest on the basis of a 360-day year and the actual number of days during each one-month interest accrual period, (i) the Net Mortgage Rate for the one-month period preceding the Due 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 either case, the related Distribution Date is the final Distribution Date), shall be determined based on the “aggregate amount of interest actually accrued”, as referred to above in this sentence, being net of any Withheld Amounts and (ii) the Net Mortgage Rate for the one-month period preceding the Due Date in March shall be determined based on the “aggregate amount of interest actually accrued”, as referred to above in this sentence, including any such Withheld Amounts. For purposes of calculating Pass-Through Rates and the WAC Rate, the Net Mortgage Rate of any Mortgage Loan shall be determined without regard to any modification, waiver or amendment of the terms of such Mortgage Loan, whether agreed to by the Special Servicer or an Outside Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving the related Mortgagor, and without regard to the related Mortgaged Property becoming an REO Property.

 

“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 CREFC®.

 

  

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“Net REO Proceeds”: With respect to each REO Property and any related REO Mortgage Loan or REO Companion Loan, REO Proceeds received by the Trust Fund with respect to such REO Property, REO Mortgage Loan or REO Companion Loan (other than the proceeds of a liquidation thereof), net of any insurance premiums, taxes, assessments, ground rents and other costs and expenses permitted to be paid therefrom pursuant to Section 3.16(b) of this Agreement; provided that, in the case of an REO Property that relates to an Outside Serviced Trust Loan, “Net REO Proceeds” under this Agreement shall be limited to any REO Proceeds that are received by the Trust Fund in connection with such Outside Serviced Trust Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

 

“New Lease”: Any lease of REO Property entered into on behalf of the Trust Fund, including any lease renewed or extended on behalf of the Trust Fund, if the Trust Fund has the right to renegotiate the terms of such lease.

 

“Nonrecoverable Advance”: Any Nonrecoverable P&I Advance or Nonrecoverable Property Advance. Workout-Delayed Reimbursement Amounts shall constitute a Nonrecoverable Advance only when the Person making such determination in accordance with the procedures specified in Sections 3.20 and 4.06, the definition of Nonrecoverable P&I Advance or the definition of Nonrecoverable Property Advance, as applicable, and taking into account factors such as all other outstanding Advances, either (a) has determined that such Workout-Delayed Reimbursement Amounts, would not ultimately be recoverable from late collections or any other recovery on or in respect of the related Mortgage Loan or Serviced Loan Combination or REO Property, as applicable, or (b) has determined that such Workout-Delayed Reimbursement Amount, along with any other Workout-Delayed Reimbursement Amounts (that have not been reimbursed to the party that made such Advance) or unreimbursed Nonrecoverable Advances, would not be ultimately recoverable from the principal portion of future general collections on the Mortgage Loans and REO Properties.

 

“Nonrecoverable P&I Advance”: With respect to any Mortgage Loan, any P&I Advance previously made or proposed to be made in respect of such Mortgage Loan or a related REO Mortgage Loan by the Master Servicer or the Trustee, which P&I Advance such party or the Special Servicer has determined pursuant to and in accordance with Section 4.06 of this Agreement, would not or will not be ultimately recoverable from late payments, Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds, or any other recovery on or in respect of such Mortgage Loan or REO Mortgage Loan, as the case may be.

 

“Nonrecoverable Property Advance”: Any Property Advance previously made or proposed to be made in respect of a Serviced Mortgage Loan, Serviced Loan Combination or REO Property by the Master Servicer or the Trustee, which Property Advance the advancing party or the Special Servicer has determined pursuant to and in accordance with Section 3.20 of this Agreement, would not or will not, as applicable, be ultimately recoverable from late payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or any other recovery on or in respect of such Serviced Mortgage Loan, Serviced Loan Combination or REO Property, as the case may be. Any Property Advance that is not required to be repaid by the related Mortgagor under the terms of the related Loan Documents shall be deemed to be a Nonrecoverable Advance for purposes of the Master Servicer’s or the Trustee’s entitlement to reimbursement for such Advance. In the case of an Outside Serviced Trust Loan or any related

 

  

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REO Property, the term “Nonrecoverable Property Advance” shall have the meaning assigned thereto in the Other Pooling and Servicing Agreement.

 

“Non-Book Entry Certificates”: As defined in Section 5.02(c)(iii) of this Agreement.

 

“Non-Reduced Certificates”: As of any date of determination, any Class of Certificates (other than the Class S, Class R and Class X Certificates) then outstanding for which (a)(1) the initial Certificate Principal Amount of such Class of Certificates minus (2) the sum (without duplication) of (x) the aggregate payments of principal (whether as principal prepayments or otherwise) previously distributed to the Holders of such Class of Certificates as of such date of determination, (y) any Appraisal Reduction Amounts allocated to such Class of Certificates as of such date of determination and (z) any Realized Losses previously allocated to such Class of Certificates as of such date of determination, is equal to or greater than (b) 25% of the remainder of (i) the initial Certificate Principal Amount of such Class of Certificates less (ii) any payments of principal (whether as principal prepayments or otherwise) previously distributed to the Holders of that Class of Certificates as of such date of determination; provided that for purposes of this definition, the Class A-S Certificates and the Class PEZ Component A-S will be considered as if they together constitute a single “Class” of Certificates, the Class B Certificates and the Class PEZ Component B will be considered as if they together constitute a single “Class” of Certificates, the Class C Certificates and the Class PEZ Component C will be considered as if they together constitute a single “Class” of Certificates, and the Class PEZ Certificates will be Non-Reduced Certificates only with respect to each Class PEZ Component that is part of a “Class” of Non-Reduced Certificates determined as described in this proviso.

 

“Non-U.S. Beneficial Ownership Certification”: As defined in Section 5.03(f) of this Agreement.

 

“Non-U.S. Tax Person”: A person other than a U.S. Tax Person.

 

“Note”: With respect to any Mortgage Loan or Companion 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 Mortgage Loan or Companion Loan, as the case may be, including any amendments or modifications, or any renewal or substitution notes, as of such date.

 

“Notice of Termination”: Any of the notices given to the Certificate Administrator by the Master Servicer, the Depositor or any Holder of a Class R Certificate pursuant to Section 9.01(c).

 

“Notifying Party”: As defined in Section 3.01(i).

 

“Notional Amount”: For any date of determination, (a) with respect to the Class X-A Certificates, the Class X-A Notional Amount, (b) with respect to the Class X-B Certificates, the Class X-B Notional Amount and (c) with respect to the Class X-D Certificates, the Class X-D Notional Amount.

 

  

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“NRSRO”: A nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act.

 

“NRSRO Certification”: A certification executed by an NRSRO (other than a Rating Agency) in favor of the Rule 17g-5 Information Provider substantially in the form attached as Exhibit M-5 hereto (which may also be submitted electronically to the Rule 17g-5 Information Provider) that states that (i) such NRSRO has provided the Depositor with the appropriate certifications under Exchange Act Rule 17g-5(e) and (ii) such NRSRO has access to the Depositor’s Rule 17g-5 website regarding the Certificates. An NRSRO Certification will be deemed to have been executed by an NRSRO if the Depositor so directs the Rule 17g-5 Information Provider.

 

“OCC”: The Office of the Comptroller of the Currency, and its successors in interest.

 

“Offering Circular”: The offering circular dated April 1, 2015 relating to the Private Certificates (other than the Class S Certificates).

 

“Officer’s Certificate”: With respect to any Person, a certificate signed by an authorized officer of such Person or, in the case of the Master Servicer or the Special Servicer, a Servicing Officer, and delivered to the Depositor, the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as the case may be.

 

“Operating Advisor”: Situs Holdings, LLC, a Delaware limited liability company, or its successor in interest, or any successor Operating Advisor appointed as herein provided.

 

“Operating Advisor Annual Report”: As defined in Section 3.29(d)(ii) of this Agreement.

 

“Operating Advisor Fee”: With respect to each Mortgage Loan (including any Outside Serviced Trust Loan) and any Distribution Date, an amount accrued during the related Interest Accrual Period at the applicable Operating Advisor Fee Rate on the Stated Principal Balance of such Mortgage 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 is computed and shall be prorated for partial periods. Such fee shall be in addition to, and not in lieu of, any other fee or other sum payable to the Operating Advisor under this Agreement. For the avoidance of doubt, the Operating Advisor Fee shall be payable from the Lower-Tier REMIC.

 

“Operating Advisor Fee Rate”: With respect to each Interest Accrual Period, a rate equal to 0.00135% per annum.

 

“Operating Advisor Personnel”: The divisions and individuals of the Operating Advisor who are involved in the performance of the duties of the Operating Advisor under this Agreement.

 

  

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“Operating Advisor Standard”: As defined in Section 3.29(b) of this Agreement.

 

“Operating Advisor Termination Event”: As defined in Section 7.06(a) of this Agreement.

 

“Opinion of Counsel”: A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Operating Advisor, the Special Servicer or the Master Servicer, as the case may be, reasonably acceptable to the Trustee and the Certificate Administrator, except that any opinion of counsel relating to (a) qualification of a Trust REMIC or the imposition of tax under the REMIC Provisions on any income or property of any such Trust REMIC, (b) compliance with the REMIC Provisions (including application of the definition of “Independent Contractor”), (c) qualification of the Grantor Trust as a grantor trust under the Grantor Trust Provisions or (d) a resignation of the Master Servicer or Special Servicer pursuant to Section 6.04, must be an opinion of counsel who is Independent of the Depositor, the Special Servicer and the Master Servicer.

 

“Opting-Out Party”: As defined Section 6.09(h) of this Agreement.

 

“Other Crossed Loans”: As defined in Section 2.03(a) of this Agreement.

 

“Other Depositor”: (A) With respect to an Outside Serviced Trust Loan, the depositor under the applicable Other Pooling and Servicing Agreement; and (B) with respect to a Serviced Companion Loan or a Serviced Loan Combination, the “depositor” (within the meaning of Item 1101(e) of Regulation AB) of the related Other Securitization Trust.

 

“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.

 

“Other Pooling and Servicing Agreement”: (A) With respect to a Serviced Companion Loan or the related Serviced Loan Combination, the pooling and servicing agreement or other comparable agreement governing the creation of the related Other Securitization Trust and the issuance of securities backed by the assets of such Other Securitization Trust, but not the servicing of such Serviced Companion Loan or Serviced Loan Combination or the related Mortgage Loan; and (B) with respect to an Outside Serviced Trust Loan or the related Outside Serviced Loan Combination, the pooling and servicing agreement or other comparable agreement governing the creation of an Outside Securitization Trust that includes a related Outside Serviced Companion Loan, the issuance of securities backed by the assets of such Outside Securitization Trust and the servicing of such Outside Serviced Trust Loan, such Outside Serviced Loan Combination and the related Outside Serviced Companion

 

  

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Loan(s), or any successor servicing agreement with respect to such Outside Serviced Trust Loan, such Outside Serviced Loan Combination and the related Outside Serviced Companion Loan(s) contemplated by the related Co-Lender Agreement. The only Other Pooling and Servicing Agreement related to the Trust as of the Closing Date is the 3 Columbus Circle Pooling and Servicing Agreement. The Eastmont Town Center Pooling and Servicing Agreement shall be an Other Pooling and Servicing Agreement on and after the Eastmont Town Center Controlling Note Securitization Date.

 

“Other Securitization Trust”: Any “issuing entity” (within the meaning of Item 1101(f) of Regulation AB) that holds a Serviced Companion Loan or successor REO Companion Loan (or any portion thereof or interest therein), as identified in writing to the parties to this Agreement.

 

 

“Outside Certificate Administrator”: With respect to an Outside Serviced Trust Loan, the certificate administrator under the applicable Other Pooling and Servicing Agreement.

 

“Outside Consultation Termination Event”: The event that occurs when (a) a Serviced Outside Controlled Pari Passu Companion Loan is included in a securitization trust, and (b) the Certificate Administrator and the Special Servicer have received a related Outside Consultation Termination Event Notice.

 

“Outside Consultation Termination Event Notice”: A written notice from a party to the pooling and servicing agreement governing the securitization of the related Serviced Outside Controlled Pari Passu Companion Loan indicating that a “consultation termination event” (or the equivalent) has occurred and is continuing under such pooling and servicing agreement.

 

“Outside Control Termination Event”: The event that occurs when (a) a Serviced Outside Controlled Pari Passu Companion Loan is included in a securitization trust and (b) the Certificate Administrator and the Special Servicer have received a related Outside Control Termination Event Notice (which has not been revoked).

 

“Outside Control Termination Event Notice”: A written notice from a party to the pooling and servicing agreement governing the securitization of the related Serviced Outside Controlled Pari Passu Companion Loan indicating that a “control termination event” (or the equivalent) has occurred and is continuing under such pooling and servicing agreement, which may be revoked in accordance with the terms of such pooling and servicing agreement if such control termination event ceases to exist.

 

“Outside Controlling Note Holder”: With respect to each Serviced Outside Controlled Pari Passu Loan Combination, (i) at any time that the related Serviced Outside Controlled Pari Passu Companion Loan is not included in a securitization trust, the holder of such Serviced Outside Controlled Pari Passu Companion Loan, and (ii) if and for so long as the related Serviced Outside Controlled Pari Passu Companion Loan is included in a securitization trust, such Serviced Outside Controlled Pari Passu Loan Combination is serviced under this Agreement and no related Outside Consultation Termination Event has occurred and is continuing, the “controlling class representative” (or equivalent party) under the pooling and

 

  

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servicing agreement governing the securitization of the related Serviced Outside Controlled Pari Passu Companion Loan or such other party specified in such pooling and servicing agreement as authorized to exercise the rights of the holder of the applicable controlling note. During any period that the related Serviced Outside Controlled Pari Passu Companion Loan is included in a securitization trust and a related Outside Consultation Termination Event has occurred and is continuing, there shall be no Outside Controlling Note Holder.

 

“Outside Custodian”: With respect to an Outside Serviced Trust Loan, the custodian under the applicable Other Pooling and Servicing Agreement

 

“Outside Operating Advisor”: With respect to an Outside Serviced Trust Loan, the operating advisor under the applicable Other Pooling and Servicing Agreement.

 

“Outside Paying Agent”: With respect to an Outside Serviced Trust Loan, the paying agent under the applicable Other Pooling and Servicing Agreement.

 

“Outside Securitization Trust”: Any “issuing entity” (within the meaning of Item 1101(f) of Regulation AB) that holds an Outside Serviced Companion Loan (or any portion thereof or interest therein).

 

“Outside Service Providers”: With respect to any Outside Serviced Trust Loan, the related Outside Trustee, Outside Custodian, Outside Certificate Administrator, Outside Paying Agent, Outside Servicer, Outside Special Servicer and any sub-servicer of any of the foregoing.

 

“Outside Serviced Co-Lender Agreement”: The Co-Lender Agreement for an Outside Serviced Loan Combination. The only Outside Serviced Co-Lender Agreement related to the Trust as of the Closing Date is the 3 Columbus Circle Co-Lender Agreement. The Eastmont Town Center Co-Lender Agreement shall be an Outside Serviced Co-Lender Agreement on and after the Eastmont Town Center Controlling Note Securitization Date.

 

“Outside Serviced Companion Loan”: Any Companion Loan that is part of an Outside Serviced Loan Combination. The only Outside Serviced Companion Loans related to the Trust as of the Closing Date are the 3 Columbus Circle Companion Loans. The Eastmont Town Center Companion Loan shall be an Outside Serviced Companion Loan on and after the Eastmont Town Center Controlling Note Securitization Date.

 

“Outside Serviced Loan Combination”: Any Loan Combination that is not serviced under this Agreement, but instead is being serviced pursuant to the pooling and servicing agreement or other comparable agreement governing the securitization of a related Companion Loan (whether by itself or with other mortgage assets), or pursuant to any successor servicing agreement contemplated by the related Co-Lender Agreement. The only Outside Serviced Loan Combination related to the Trust as of the Closing Date is the 3 Columbus Circle Loan Combination. The Eastmont Town Center Loan Combination shall be an Outside Serviced Loan Combination on and after the Eastmont Town Center Controlling Note Securitization Date.

 

  

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“Outside Serviced Loan Combination Noteholders”: With respect to an Outside Serviced Loan Combination, the holder of the related Outside Serviced Trust Loan and the holder(s) of the related Outside Serviced Companion Loan(s), collectively.

 

“Outside Serviced Trust Loan”: Any Mortgage Loan that is part of an Outside Serviced Loan Combination. The only Outside Serviced Trust Loan related to the Trust as of the Closing Date is the 3 Columbus Circle Mortgage Loan. The Eastmont Town Center Mortgage Loan shall become an Outside Serviced Trust Loan on and after the Eastmont Town Center Controlling Note Securitization Date.

 

“Outside Servicer”: With respect to an Outside Serviced Trust Loan, the master servicer under the applicable Other Pooling and Servicing Agreement.

 

“Outside Special Servicer”: With respect to an Outside Serviced Trust Loan, the special servicer under the applicable Other Pooling and Servicing Agreement.

 

“Outside Trustee”: With respect to an Outside Serviced Trust Loan, the trustee under the applicable Other Pooling and Servicing Agreement.

 

“Ownership Interest”: Any record or beneficial interest in a Class R Certificate.

 

“P&I Advance”: As to any Mortgage Loan (including any Outside Serviced Trust Loan and any REO Mortgage Loan), any advance made by the Master Servicer or the Trustee pursuant to Section 4.06 of this Agreement. Each reference to the payment or reimbursement of a P&I Advance shall be deemed to include, whether or not specifically referred to but without duplication, payment or reimbursement of interest thereon at the Advance Rate to but excluding the date of payment or reimbursement.

 

“Pari Passu Companion Loan”: A Companion Loan that is pari passu in right of payment to the related Split Mortgage Loan. The only Pari Passu Companion Loans related to the Trust as of the Closing Date are the Selig Office Portfolio Companion Loans, the 3 Columbus Circle Companion Loans, the 170 Broadway Companion Loan, the Crowne Plaza Bloomington Companion Loan, the Eastmont Town Center Companion Loan and the Commerce Point I & II Companion Loan.

 

“Pari Passu Indemnified Items”: As defined in Section 3.01(j)(ii) of this Agreement.

 

“Pari Passu Indemnified Party”: As defined in Section 3.01(j)(ii) of this Agreement.

 

“Pari Passu Loan Combination”: A Loan Combination that includes a Pari Passu Companion Loan. The only Pari Passu Loan Combinations related to the Trust as of the Closing Date are the Selig Office Portfolio Loan Combination, the 3 Columbus Circle Loan Combination, the 170 Broadway Loan Combination, the Crowne Plaza Bloomington Loan Combination, the Eastmont Town Center Loan Combination and the Commerce Point I & II Loan Combination.

 

  

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“Pass-Through Rate”: Each of the Class A-1 Pass-Through Rate, the Class A-2 Pass-Through Rate, the Class A-3 Pass-Through Rate, the Class A-4 Pass-Through Rate, the Class A-AB Pass-Through Rate, the Class X-A Pass-Through Rate, the Class X-B Pass-Through Rate, the Class X-D Pass-Through Rate, the Class A-S Pass-Through Rate, the Class A-S Regular Interest Pass-Through Rate, the Class B Pass-Through Rate, the Class B Regular Interest Pass-Through Rate, the Class C Pass-Through Rate, the Class C Regular Interest 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 and the Class H Pass-Through Rate. The Class PEZ Certificates will not have a Pass-Through Rate, but will be entitled to receive the sum of the interest distributable on the Class PEZ Components. The Class S Certificates and the Class R Certificates do not have Pass-Through Rates.

 

“Paying Agent”: The paying agent appointed pursuant to Section 5.06 of this Agreement.

 

“Penalty Charges”: With respect to any Mortgage Loan (or Serviced Loan Combination, if applicable) (or successor REO Mortgage Loan or successor REO Companion Loan), any amounts actually collected thereon from the Mortgagor that represent default charges, penalty charges, late fees and/or Default Interest (in the case of any Split Mortgage Loan or Serviced Companion Loan, to the extent allocable thereto pursuant to the related Co-Lender Agreement, and, in the case of a Serviced Companion Loan, to the extent not payable to the Serviced Companion Loan Holder, and, in the case of an Outside Serviced Trust Loan, to the extent remitted by the related Outside Servicer to the Master Servicer).

 

“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 S or Class R Certificate), the percentage interest is equal to the initial denomination as of the Closing Date of such Certificate divided by the initial Certificate Principal Amount or Notional Amount, as applicable, of such Class of Certificates. For these purposes on any date of determination, the “initial denomination as of the Closing Date” of any Exchangeable Certificate received in an exchange will be determined as if such Certificate was part of the related Class on the Closing Date, the “initial denomination as of the Closing Date” of any Exchangeable Certificate surrendered in an exchange will be determined as if such Certificate was not part of the related Class on the Closing Date and the initial Certificate Principal Amount of the related Class of Exchangeable Certificates will be determined as if such Class consisted only of the Certificates composing the Class on that date of determination and such Certificates had been outstanding as of the Closing Date. With respect to any Class S Certificate or any Class R Certificate, the percentage interest is set forth on the face thereof.

 

“Performing Party”: As defined in Section 10.12 of this Agreement.

 

“Performing Serviced Companion Loan”: A Serviced Companion Loan that is not, and is not part of, a Specially Serviced Loan or REO Loan.

 

“Performing Serviced Loan”: A Performing Serviced Mortgage Loan, a Performing Serviced Companion Loan or a Performing Serviced Loan Combination, as the context may require.

 

  

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“Performing Serviced Loan Combination”: A Serviced Loan Combination that is not a Specially Serviced Loan or REO Loan.

 

“Performing Serviced Mortgage Loan”: A Serviced Mortgage Loan that is not, and is not part of, a Specially Serviced Loan or REO Loan.

 

“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 (or, as and when contemplated under Section 3.07(c), shall) mature on the Distribution Date) and a maximum maturity of 365 days, regardless of whether issued by the Depositor, the Master 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 shall have provided a Rating Agency Confirmation:

 

(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

 

  

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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, (A) if it has a term of three months or less, (1) the short-term obligations of which are rated in the highest short-term debt rating category of Fitch and KBRA (if then rated by KBRA) and (2) the short-term obligations of which are rated in the highest short-term rating category by Moody’s or the long-term obligations of which are rated at least “A2” by Moody’s, (B) if it has a term of more than three months and not in excess of six months, the short-term obligations of which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which are rated at least “Aa3” by Moody’s and (C) if it has a term of more than six months, the short-term obligations of which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which are rated “Aaa” by Moody’s (or, in the case of any such Rating Agency as set forth in clauses (A) through (C) above, such lower rating as is the subject of a Rating Agency Confirmation by 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, (A) if it has a term of three months or less, (1) the short-term obligations of which are rated in the highest short-term debt rating category of Fitch and KBRA (if then rated by KBRA) and (2) the short-term obligations of which are rated in the highest short-term rating category by Moody’s or the long-term obligations of which are rated at least “A2” by Moody’s, (B) if it has a term of more than three months and not in excess of six months, the short-term obligations of which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which are rated at least “Aa3” by Moody’s and (C) if it has a term of more than six months, the short-term obligations of which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which are rated “Aaa” by Moody’s (or, in the case of any such Rating Agency as set forth in clauses (A) through (C) above, such lower rating as is the subject of a Rating Agency Confirmation by 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;

 

  

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(vi)       debt obligations, (A) if it has a term of three months or less, (1) the short-term obligations of which are rated in the highest short-term debt rating category of Fitch and KBRA (if then rated by KBRA) and (2) the short-term obligations of which are rated in the highest short-term rating category by Moody’s or the long-term obligations of which are rated at least “A2” by Moody’s, (B) if it has a term of more than three months and not in excess of six months, the short-term obligations of which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which are rated at least “Aa3” by Moody’s and (C) if it has a term of more than six months, the short-term obligations of which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which are rated “Aaa” by Moody’s (or, in the case of any such Rating Agency as set forth in clauses (A) through (C) above, such lower rating as is the subject of a Rating Agency Confirmation by 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;

 

(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), (A) if it has a term of one month or less, the short-term obligations of which are rated at least “F1” by Fitch and “P-1” by Moody’s (or, in the case of Moody’s, the long-term obligations of which are rated at least “A2” by Moody’s) and in the highest short-term debt rating category of KBRA (if then rated by KBRA); (B) if it has a term of more than one month and not in excess of three months, (1) the short-term debt obligations of which are rated at least “F1+” by Fitch (or “F1” by Fitch, if the long-term debt obligations of which are rated at least “AA-” by Fitch), (2) the short-term debt obligations of which are rated at least “P-1” by Moody’s or the long-term obligations of which are rated at least “A2” by Moody’s and (3) the short-term debt obligations of which are rated in the highest short-term debt rating category by KBRA (if then rated by KBRA); (C) if it has a term of more than three months and not in excess of six months, (1) the short-term debt obligations of which are rated at least “F1+” by Fitch (or “F1” by Fitch, if the long-term debt obligations of which are rated at least “AA-” by Fitch), (2) the short-term debt obligations of which are rated at least “P-1” by Moody’s and the long-term debt obligations of which are rated at least “Aa3” by Moody’s and (3) the short-term debt obligations of which are rated in the highest short-term rating category by KBRA (if then rated by KBRA); and (D) if it has a term of more than six months, (1) the short-term debt obligations of which are rated at least “F1+” by Fitch (or “F1” by Fitch, if the long-term debt obligations of which are rated at least “AA-” by Fitch), (2) the short-term debt obligations of which are rated at least “P-1” by Moody’s and the long-term debt obligations of which are rated at least “Aaa” by Moody’s and (3) the short-term debt obligations of which are rated in the highest

 

  

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short-term rating category by KBRA (if then rated by KBRA) (or, in the case of any such Rating Agency as set forth in clauses (A) through (D) above, such lower rating as is the subject of a Rating Agency Confirmation by 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)     the Wells Fargo Advantage Heritage Money Market Fund or any other money market fund (in each case, the “Fund”) so long as the Fund is rated by DBRS, Fitch and Moody’s in its highest money market fund ratings category (or, if not rated by any such Rating Agency, otherwise acceptable to such Rating Agency and KBRA, as confirmed in a Rating Agency Confirmation);

 

(ix)        any other demand, money market or time deposit, demand obligation or any other obligation, security or investment with respect to which Rating Agency Confirmation has been obtained from each Rating Agency; and

 

(x)         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 clauses (i) – (ix) 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, demand obligation or any other obligation, security or investment;

 

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 Master 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 that are subject to prepayment or call may not be purchased at a price in excess of par.

 

Notwithstanding the foregoing, to the extent that the Loan Documents with respect to a particular Mortgage Loan require the funds in the related Mortgagor Accounts to be invested in investments other than those itemized in clauses (i) through (ix) above, the Master

 

  

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Servicer shall invest the funds in such Mortgagor Accounts in accordance with the terms of the related Loan Documents.

 

“Permitted Special Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, title insurance and/or other insurance commissions and fees received or retained by the Special Servicer or any of its Affiliates in connection with any services performed by such party with respect to any Serviced Loan or REO Property, in each case, in accordance with Article III of this Agreement.

 

“Permitted Transferee”: With respect to a Class R Certificate, any Person or agent of such Person other than (a) a Disqualified Organization, (b) any other Person so designated by the Certificate Registrar who is unable to provide an Opinion of Counsel (provided at the expense of such Person or the Person requesting the transfer) to the effect that the transfer of an ownership interest in any Class R Certificate to such Person will not cause either Trust REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding, (c) a Disqualified Non-U.S. Tax Person, (d) 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 or (e) 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.

 

“Person”: Any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

 

“Plan”: As defined in Section 5.03(m) of this Agreement.

 

“Plan Investor”: As defined in Section 5.03(m) of this Agreement.

 

“Prepayment Assumption”: The assumption that there will be zero prepayments with respect to the Mortgage Loans; provided, that it is assumed that any ARD Mortgage Loan is prepaid in full on its Anticipated Repayment Date.

 

“Prepayment Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan or Serviced Pari Passu Companion Loan that was subject to a Principal Prepayment in full or in part during the related Prepayment Period, which Principal Prepayment was applied to such Mortgage Loan or Serviced Pari Passu Companion Loan after the Due Date in such Prepayment Period, the amount of interest (net of the related Servicing Fee, any related Excess Interest and/or Default Interest) that accrued for such Mortgage Loan or Serviced Pari Passu Companion Loan on the amount of such Principal Prepayment during the period commencing on the date after such Due Date and ending on the date as of which such Principal Prepayment was applied to the unpaid principal balance of the Mortgage Loan or Serviced Pari Passu Companion Loan (or any later date through which interest accrues), inclusive, to the extent collected from the related Mortgagor (exclusive of any related Yield Maintenance Charge or related Excess Interest and/or Default Interest that may have been collected) and, in the case of an Outside Serviced Trust Loan, remitted to the Trust Fund.

 

  

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“Prepayment Interest Shortfall”: With respect to any Distribution Date, for each Mortgage Loan or Serviced Pari Passu Companion Loan that was subject to a Principal Prepayment in full or in part during the related Prepayment Period, which Principal Prepayment was applied to such Mortgage Loan or Serviced Pari Passu Companion Loan prior to the Due Date in such Prepayment Period, the amount of interest (net of the related Servicing Fee and any related Excess Interest and/or Default Interest) to the extent not collected from the related Mortgagor, that would have accrued on such Mortgage Loan or Serviced Pari Passu Companion Loan on the amount of such Principal Prepayment during the period commencing on the date as of which such Principal Prepayment was applied to the unpaid principal balance of the Mortgage Loan or Serviced Pari Passu Companion Loan through the end of the applicable interest accrual period for such Due Date, inclusive.

 

“Prepayment Period”: With respect to any Distribution Date, the period beginning the day immediately following the Determination Date in the month immediately preceding the month in which such Distribution Date occurs (or beginning on the day immediately following the Cut-Off Date, in the case of the first Distribution Date) through and including the Determination Date immediately preceding such Distribution Date.

 

“Primary Collateral”: With respect to any Cross-Collateralized Mortgage Loan, any Mortgaged Property (or portion thereof) designated as directly securing such Cross-Collateralized Mortgage Loan and excluding any Mortgaged Property (or portion thereof) as to which the related lien may only be foreclosed upon by exercise of the cross-collateralization provisions of such Cross-Collateralized Mortgage Loan.

 

“Prime Rate”: The “Prime Rate” as published in the “Money Rates” section of The Wall Street Journal, Eastern edition (or, if such section or publication is no longer available, such other comparable publication as determined by the Certificate Administrator in its reasonable discretion) as may be in effect from time to time, or, if the “Prime Rate” no longer exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable discretion) as may be in effect from time to time. The Certificate Administrator shall notify in writing the Master Servicer with regard to any determination of the Prime Rate in accordance with the parenthetical in the preceding sentence.

 

“Principal Balance Certificates”: The Sequential Pay Certificates and the Class PEZ Certificates, collectively.

 

“Principal Distribution Amount”: For any Distribution Date will be equal to the sum, without duplication, of:

 

(A)        the Scheduled Principal Distribution Amount for such Distribution Date;

 

(B)        the Unscheduled Payments with respect to the Mortgage Loans (including the REO Mortgage Loans) with respect to such Distribution Date; and

 

(C)         the Principal Shortfall, if any, for such Distribution Date;

 

  

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provided that the Principal Distribution Amount for any Distribution Date shall be reduced by the amount of any reimbursements of (i) Nonrecoverable Advances plus interest on such Nonrecoverable Advances that are paid or reimbursed to the Master Servicer and/or the Trustee from principal collections on the Mortgage Loans (including the REO Mortgage Loans) in a period during which such principal collections would have otherwise been included in the Principal Distribution Amount for such Distribution Date and (ii) Workout-Delayed Reimbursement Amounts that were paid or reimbursed to the Master Servicer and/or the Trustee from principal collections on the Mortgage Loans (including the REO Mortgage Loans) in a period during which such principal collections would have otherwise been included in the Principal Distribution Amount for such Distribution Date (provided that, in the case of clause (i) and (ii) above, if any of the amounts that were reimbursed from principal collections on the Mortgage Loans (including the REO Mortgage Loans) for a prior Distribution Date are subsequently recovered on the related Mortgage Loan (including an REO Mortgage Loan), such recovery will increase the Principal Distribution Amount for the Distribution Date related to the applicable Prepayment Period in which such recovery occurs).

 

The principal component of the amounts set forth above shall be determined in accordance with Section 1.02 hereof.

 

“Principal Prepayment”: Any payment of principal made by a Mortgagor on a Mortgage Loan or Serviced Loan Combination which is received in advance of its scheduled Due Date and which is not accompanied by an amount of interest representing the full amount of scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment other than any amount paid in connection with the release of the related Mortgaged Property through defeasance.

 

“Principal Shortfall”: For any Distribution Date, the amount, if any, by which (i) the Principal Distribution Amount for the preceding Distribution Date exceeds (ii) the aggregate amount actually distributed with respect to principal on the Principal Balance Certificates on such preceding Distribution Date in respect of such Principal Distribution Amount.

 

“Private Certificates”: The Class D, Class X-D, Class E, Class F, Class G, Class H, Class S and Class R Certificates.

 

“Privileged Information”: Any (i) correspondence or other communications between the related Directing Holder (and, in the case of a Serviced Loan Combination, the related Serviced Companion Loan Holder (or its Companion Loan Holder Representative)) and the Special Servicer related to any Specially Serviced Loan or the exercise of the consent or consultation rights of such Directing Holder under this Agreement and/or any related Serviced Companion Loan Holder (or its Companion Loan Holder Representative) under the related Co-Lender Agreement, (ii) strategically sensitive information that the Special Servicer has reasonably determined could compromise the Trust Fund’s position in any ongoing or future negotiations with the related Mortgagor or other interested party, and (iii) any information subject to attorney-client privilege.

 

  

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“Privileged Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information becomes generally available and known to the public other than as a result of a disclosure directly or indirectly by the party restricted from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and necessary for the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, taxing authorities or other governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not otherwise subject to a confidentiality obligation and/or (d) the Restricted Party is (in the case of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, any affected Serviced Companion Loan Holder and the Trustee, as evidenced by an Opinion of Counsel (which shall be an Additional Trust Fund Expense) delivered to each of the Master Servicer, the Special Servicer, the applicable Directing Holder, the Operating Advisor, the Certificate Administrator and the Trustee) required by law, rule, regulation, order, judgment or decree to disclose such information.

 

“Privileged Person”: The Depositor, the Underwriters, the Initial Purchasers, the Master Servicer, the Special Servicer, a Directing Holder (but only for so long as an applicable Consultation Termination Event has not occurred and is not continuing), any Serviced Companion Loan Holder that delivers an Investor Certification, the Trustee, the Certificate Administrator, the Operating Advisor, the Mortgage Loan Sellers, a designee of the Depositor and any Person who provides the Certificate Administrator with an Investor Certification, which Investor Certification may be submitted electronically to the Certificate Administrator; provided that, in no event shall a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of a Mortgagor, an affiliate of a Manager of a Mortgaged Property, principal, partner, member, joint venture, limited partner, employee, representative, director, advisor or investor in any of the foregoing or an agent of any of the foregoing be considered a Privileged Person.

 

“Property Advance”: As to any Serviced Mortgage Loan, Serviced Loan Combination or REO Property (other than an REO Property related to an Outside Serviced Trust Loan), any advance made by the Master Servicer or the Trustee in respect of Property Protection Expenses, together with all other customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’ fees and fees and expenses of real estate brokers) incurred by the Master Servicer, the Special Servicer or the Trustee in connection with the servicing and administration of a Serviced Mortgage Loan or Serviced Loan Combination, if a default is imminent thereunder or a default, delinquency or other unanticipated event has occurred with respect thereto, or in connection with the administration of any REO Property (other than an REO Property related to an Outside Serviced Trust Loan), including, but not limited to, the cost of (a) compliance with the obligations of the Master Servicer, the Special Servicer or the Trustee, if any, set forth in Sections 2.03, 3.04 and 3.07 of this Agreement, (b) the preservation, insurance, restoration, protection and management of a related Mortgaged Property, (c) obtaining any Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds, (d) any enforcement or judicial proceedings with respect to a related Mortgaged Property, including foreclosures, (e) any Appraisal or any other appraisal or update thereof expressly permitted or required to be obtained hereunder and (f) the operation, management, maintenance and liquidation of any such REO Property; provided that, notwithstanding anything to the contrary, “Property Advances” shall not include allocable overhead of the Master Servicer, the Special Servicer or the Trustee, 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

 

  

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any such party in connection with its purchase of any Mortgage Loan or REO Property pursuant to any provision of this Agreement or an intercreditor agreement. Each reference to the payment or reimbursement of a Property Advance shall be deemed to include, whether or not specifically referred to, payment or reimbursement of interest thereon at the Advance Rate from and including the date of the making of such Advance to but excluding the date of payment or reimbursement. If and when used with respect to an Outside Serviced Trust Loan or any related REO Property, the term “Property Advance” shall have the meaning assigned thereto or to the term “Servicing Advance” in the applicable Other Pooling and Servicing Agreement.

 

“Property Protection Expenses”: Any costs and expenses incurred by the Master Servicer, the Special Servicer or the Trustee pursuant to Sections 3.04, 3.07, 3.10(f), 3.10(g) and 3.17(b) or indicated herein as being a cost or expense of the Lower-Tier REMIC to be advanced by the Master Servicer or the Trustee, as applicable.

 

“Prospectus”: The prospectus dated January 16, 2015, relating to the Public Certificates.

 

“Prospectus Supplement”: The prospectus supplement dated April 1, 2015, relating to the Public Certificates.

 

“PTCE”: Prohibited Transaction Class Exemption.

 

“Public Certificates”: The Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ and Class C Certificates.

 

“Public Documents”: As defined in Section 4.02(a) of this Agreement.

 

“Public Global Certificates”: A Global Certificate relating to a Class of Public Certificates.

 

“Purchase Price”: With respect to any Mortgage Loan (or REO Property), a price equal to the following: (a) the outstanding principal balance of such Mortgage Loan (or the related REO Mortgage Loan) as of the date of purchase; plus (b) all accrued and unpaid interest on the principal balance of such Mortgage Loan (or the related REO Mortgage Loan), other than Default Interest or Excess Interest, at the related Mortgage Rate in effect from time to time through the Due Date in the Collection Period of purchase; plus (c) all related unreimbursed Property Advances (including any Property Advances and Advance Interest Amounts that were reimbursed out of general collections on the Mortgage Loans) (or, in the case of an Outside Serviced Trust Loan, the pro rata portion of any similar amounts allocable to such Mortgage Loan and payable with respect thereto pursuant to the related Co-Lender Agreement); plus (d) all accrued and unpaid Advance Interest Amounts in respect of related Advances (or, in the case of an Outside Serviced Trust Loan, all such amounts with respect to P&I Advances related to such Outside Serviced Trust Loan and, with respect to outstanding Property Advances, the pro rata portion of any similar interest amounts payable with respect thereto pursuant to the related Co-Lender Agreement); plus (e) any unpaid Special Servicing Fees and any other unpaid Additional Trust Fund Expenses outstanding or previously incurred in respect of the related Mortgage Loan; plus (f) if such Mortgage Loan is being purchased by a Mortgage Loan Seller pursuant to Section 6 of the related Loan Purchase Agreement, all expenses incurred or to be incurred by the

 

  

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Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee in respect of the Breach or Document Defect giving rise to the repurchase or substitution obligation (to the extent not otherwise included in the amount described in clause (c) above); plus (g) any Liquidation Fee, if and to the extent payable in accordance with the terms and conditions of this Agreement (to the extent not otherwise included in the amount described in clause (e) above). With respect to any REO Property that relates to a Serviced Loan Combination, the Purchase Price for the Trust Fund’s interest in such REO Property shall be the amount calculated in accordance with the first sentence of this definition in respect of the related REO Mortgage Loan and, solely for purposes of calculating fair prices under the final sentence of Section 3.17(k) of this Agreement, such amount shall be calculated as if the REO Mortgage Loan consisted of the REO Mortgage Loan and the related REO Companion Loan(s), if applicable.

 

“Qualified Bidder”: As defined in Section 7.01(b) of this Agreement.

 

“Qualified Institutional Buyer”: A “qualified institutional buyer” within the meaning of Rule 144A.

 

“Qualified Insurer”: As used in Sections 3.08 and 5.10 of this Agreement, in the case of (i) all policies not referred to in clause (ii) below, an insurance company or security or bonding company qualified to write the related insurance policy in the relevant jurisdiction and whose claims paying ability is rated at least “A” by Fitch (or, if not rated by Fitch, an equivalent rating such as that listed above by at least two NRSROs (which may include S&P, DBRS, Moody’s and/or A.M. Best)) and “A3” by Moody’s (or, if not rated by Moody’s, then either (x) an equivalent rating such as that listed above by at least two NRSROs (which may include S&P and/or Fitch) or one NRSRO (which may include S&P and/or Fitch) and A.M. Best or (y) Moody’s has issued a Rating Agency Confirmation with respect to such insurance company) or (ii) in the case of the fidelity bond and the errors and omissions insurance required to be maintained pursuant to Section 3.08(c) of this Agreement, a company that shall have a claims-paying ability rated at least as follows by at least one of the following NRSROs: “A (low)” by DBRS, “A-“ by S&P, “A-“ by Fitch, “A3” by Moody’s or “A:X” by A.M. Best, or (iii) in either case, an insurance company not satisfying the ratings criteria of any Rating Agency set forth in clause (i) or (ii), as applicable, but with respect to which the Master Servicer or the Special Servicer, as applicable, has received a Rating Agency Confirmation from such Rating Agency. “Qualified Insurer” shall also mean any entity that satisfies all of the criteria, other than the ratings criteria, set forth in one of the foregoing clauses and whose obligations under the related insurance policy are guaranteed or backed by an entity that satisfies the ratings criteria set forth in such clause (construed as if such entity were an insurance company referred to therein).

 

“Qualified Mortgage”: A Mortgage Loan that is a “qualified mortgage” within the meaning of Code Section 860G(a)(3) (but without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats a defective obligation as a qualified mortgage, or any substantially similar successor provision).

 

“Qualified Substitute Mortgage Loan”: A 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

 

  

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not received, not in excess of the Stated Principal Balance of the deleted 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 deleted Mortgage Loan; (iii) have the same Due Date as and grace period no longer than that of the deleted Mortgage Loan; (iv) accrue interest on the same basis as the deleted 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 years less than, the remaining term to stated maturity of the deleted Mortgage Loan; (vi) have a then-current loan-to-value ratio equal to or less than the lesser of (a) the loan-to-value ratio of the deleted Mortgage Loan as of the Cut-Off Date and (b) 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) as of the date of substitution in all material respects with all of the representations and warranties set forth in the applicable 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 Servicing File; (ix) have a then-current debt service coverage ratio at least equal to the greater of (a) the debt service coverage ratio of the deleted Mortgage Loan as of the Closing Date and (b) 1.25x; (x) constitute a “qualified replacement mortgage” within the meaning of Code Section 860G(a)(4) 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 schedule that extends to a date that is after the date that is three years prior to the Rated Final Distribution Date; (xii) have prepayment restrictions comparable to those of the deleted Mortgage Loan; (xiii) not be substituted for a deleted Mortgage Loan unless the Trustee and the Certificate Administrator have received a prior Rating Agency Confirmation (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 CCR Consultation Termination Event has not occurred and is not continuing, by the Controlling Class Representative; (xv) prohibit defeasance within two years of the Closing Date; (xvi) not be substituted for a deleted Mortgage Loan if it would result in the termination of the REMIC status of a Trust REMIC or the imposition of tax on a Trust REMIC 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 with respect to the related Mortgaged Property that will be delivered as a part of the related Servicing File; and (xviii) be current in the payment of all scheduled payments of principal and interest then due. In the event that more than one mortgage loan is substituted for a deleted Mortgage Loan or Mortgage Loans, then the amounts described in clause (i) above shall be determined on the basis of aggregate principal balances and each such proposed Qualified Substitute Mortgage Loan shall individually satisfy each of the requirements specified in clauses (ii) through (xviii) above; 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 Administrative Cost Rate) shall be lower than the highest fixed Pass-Through Rate (and not based on, or subject to a cap equal to, the WAC Rate) of any Class of Sequential Pay Certificates or Class PEZ Regular Interest having a Certificate Principal Amount then outstanding. When a Qualified Substitute Mortgage Loan is substituted for a deleted Mortgage Loan, the applicable Mortgage Loan Seller shall certify that the replacement mortgage loan meets all of the requirements of the above definition and shall send such certification to the Certificate Administrator and the Trustee and, prior to the

 

  

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occurrence and continuance of a CCR Consultation Termination Event, the Controlling Class Representative.

 

“RAIT”: RAIT Funding, LLC, a Delaware limited liability company, and its successors in interest.

 

“Rated Final Distribution Date”: The Distribution Date occurring in April 2048.

 

“Rating Agency”: Each of Moody’s, Fitch and KBRA 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 organization or other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator and the Master Servicer, and specific ratings of Moody’s, Fitch and KBRA herein referenced shall be deemed to refer to the equivalent ratings (as reasonably determined by the Depositor) of the party so designated. References herein to the highest long-term unsecured debt rating category of Moody’s, Fitch or KBRA shall mean “Aaa” with respect to Moody’s and “AAA” with respect to Fitch and KBRA, and, in the case of any other rating agency, shall mean such highest rating category without regard to any plus or minus or numerical qualification.

 

“Rating Agency Confirmation”: With respect to any matter, confirmation in writing (which may be in electronic form) by each applicable Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class of Certificates (if then rated by the Rating Agency); provided that upon receipt of a written waiver or other acknowledgment from any applicable Rating Agency indicating its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought (such written notice, a “Rating Agency Declination”), or as otherwise provided in Section 3.30 of this Agreement, the requirement for the Rating Agency Confirmation from the applicable Rating Agency with respect to such matter shall not apply.

 

“Rating Agency Declination”: As defined in the definition of “Rating Agency Confirmation” in this Agreement.

 

“Realized Loss”: With respect to any Distribution Date, the amount, if any, by which (A) the aggregate Certificate Principal Amount of all Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the Class PEZ Regular Interests, after giving effect to distributions on such Distribution Date, exceeds (B) the aggregate Stated Principal Balance of the Mortgage Loans (including any REO Mortgage Loans) (for purposes of this calculation only, not giving effect to any reductions of the Stated Principal Balance for principal payments received on the Mortgage Loans that were used to reimburse the Master Servicer or the Trustee from general collections of principal on the Mortgage Loans for Workout-Delayed Reimbursement Amounts, to the extent such Workout-Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable Advances) after giving effect to any and all reductions thereon on such Distribution Date. The allocation of Realized Losses may be reversed as provided in the penultimate sentence of the first paragraph of Section 4.01(f) of this Agreement.

 

  

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“Record Date”: With respect to each Distribution Date and each Class of Certificates, the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.

 

“Registered Rating Agency”: (a) Any Rating Agency that has registered as a user of the Rule 17g-5 Information Provider’s Website; or (b) any NRSRO other than the Rating Agencies (i) that has registered as a user of the Rule 17g-5 Information Provider’s Website and (ii) with respect to which the Rule 17g-5 Information Provider has received an NRSRO Certification pursuant to Section 11.13(h) of this Agreement.

 

“Regular Certificates”: The Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class X-D, Class D, Class E, Class F, Class G and Class H Certificates.

 

“Regulation AB”: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such rules may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case as effective from time to time as of the compliance dates specified therein.

 

“Regulation S”: Regulation S under the Act.

 

“Regulation S Global Certificates”: As defined in Section 5.02(c)(i) of this Agreement.

 

“Regulation S Investor”: With respect to a transferee of a Regulation S Global Certificate, a transferee that acquires such Certificate pursuant to Regulation S.

 

“Relevant Servicing Criteria”: The Servicing Criteria applicable to a specific party, as set forth on Exhibit O to this Agreement. For clarification purposes, multiple parties can have responsibility for the same Relevant Servicing Criteria. With respect to a Servicing Function Participant engaged by the Master Servicer, the Special Servicer or the Certificate Administrator, the term “Relevant Servicing Criteria” may refer to a portion of the Relevant Servicing Criteria applicable to the Master Servicer, the Special Servicer or the Certificate Administrator.

 

“Remaining Certificateholder”: Any Holder (or Holders provided they act in unanimity) holding 100% of the Certificates (other than the Class S and Class R Certificates) or an assignment of the voting rights thereof; provided, however, that the Certificate Principal Amounts of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB and Class D Certificates and the Class PEZ Regular Interests and the Notional Amounts of the Class X-A and Class X-B Certificates have been reduced to zero.

 

“REMIC”: A “real estate mortgage investment conduit” within the meaning of Code Section 860D.

 

  

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“REMIC Provisions”: Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Section 860A through 860G of subchapter M of chapter 1 of the Code, and related provisions, and regulations (including any applicable proposed regulations) and rulings promulgated thereunder, as the foregoing may be in effect from time to time.

 

“Rents from Real Property”: With respect to any REO Property, gross income of the character described in Code Section 856(d), which income, subject to the terms and conditions of that Section of the Code in its present form, does not include:

 

(1)           except as provided in Code Section 856(d)(4) or (6), any amount received or accrued, directly or indirectly, with respect to such REO Property, if the determination of such amount depends in whole or in part on the income or profits derived by any Person from such property (unless such amount is a fixed percentage or percentages of receipts or sales and otherwise constitutes Rents from Real Property);

 

(2)           any amount received or accrued, directly or indirectly, from any Person if the Trust Fund owns directly or indirectly (including by attribution) a ten percent or greater interest in such Person determined in accordance with Code Sections 856(d)(2)(B) and (d)(5);

 

(3)           any amount received or accrued, directly or indirectly, with respect to such REO Property if any Person Directly Operates such REO Property;

 

(4)          any amount charged for services that are not customarily furnished in connection with the rental of property to tenants in buildings of a similar class in the same geographic market as such REO Property within the meaning of Treasury Regulations Section 1.856-4(b)(1) (whether or not such charges are separately stated); and

 

(5)          rent attributable to personal property unless such personal property is leased under, or in connection with, the lease of such REO Property and, for any taxable year of the Trust Fund, such rent is no greater than 15 percent of the total rent received or accrued under, or in connection with, the lease.

 

“REO Account”: A segregated custodial account or accounts created and maintained by the Special Servicer pursuant to Section 3.16 of this Agreement on behalf of the Trustee in trust for the Certificateholders and the Serviced Companion Loan Holders, which (subject to any change in the identities of the Special Servicer and/or the Trustee) shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC29 and the Companion Loan Holder REO Account, as their interests may appear.” Any such account or accounts shall be an Eligible Account.

 

“REO Companion Loan”: Any Serviced Companion Loan if the related Mortgaged Property has become an REO Property.

 

  

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“REO Extension”: As defined in Section 3.16(a) of this Agreement.

 

“REO Loan”: An REO Mortgage Loan, REO Companion Loan or REO Loan Combination, as the context may require.

 

“REO Loan Combination”: Any Serviced Loan Combination as to which the related Mortgaged Property has become an REO Property.

 

“REO Mortgage Loan”: Any Mortgage Loan as to which the related Mortgaged Property has become an REO Property.

 

“REO Proceeds”: With respect to any REO Property (other than an REO Property related to an Outside Serviced Trust Loan) and the related REO Mortgage Loan and REO Companion Loan, all revenues received by the Special Servicer with respect to such REO Property, REO Mortgage Loan or REO Companion Loan which do not constitute Liquidation Proceeds. In the case of an Outside Serviced Trust Loan that has become an REO Mortgage Loan and in the case of the related REO Property, “REO Proceeds” under this Agreement shall be limited to any proceeds of the type described above in this definition that are received by the Trust Fund in connection with such Outside Serviced Trust Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

 

“REO Property”: A Mortgaged Property as to which title has been acquired on behalf of the Trust Fund and any related Serviced Companion Loan Holder through foreclosure, deed in lieu of foreclosure or otherwise; provided that a Mortgaged Property that secures an Outside Serviced Trust Loan shall constitute an REO Property if and when it is acquired under the applicable Other Pooling and Servicing Agreement on behalf of the Trustee for the benefit of the Trust Fund as the holder of such Outside Serviced Trust Loan and of the related Companion Loan Holder(s) through foreclosure, acceptance of a deed-in-lieu of foreclosure or otherwise in accordance with applicable law in connection with a default or imminent default of such Outside Serviced Trust Loan.

 

“Reportable Event”: As defined in Section 10.07 of this Agreement.

 

“Reporting Servicer”: As defined in Section 10.09 of this Agreement.

 

“Repurchase”: As defined in Section 2.03(a) of this Agreement.

 

“Repurchase Communication”: For purposes of Sections 2.03(a) and 3.01(c) of this Agreement only, any communication, whether oral or written, which need not be in any specific form.

 

“Repurchase Request”: As defined in Section 2.03(a) of this Agreement.

 

“Repurchase Request Rejection”: As defined in Section 2.03(a) of this Agreement.

 

“Repurchase Request Withdrawal”: As defined in Section 2.03(a) of this Agreement.

 

  

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“Request for Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit C hereto.

 

“Requesting Holders”: As defined in Section 3.10(a) of this Agreement.

 

“Requesting Party”: As defined in Section 3.30(a) of this 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 (and, in the event that the Trustee is the Certificate Registrar or the Paying Agent, of the Certificate Registrar or the Paying Agent, as applicable) assigned to the Corporate Trust Office with direct responsibility for the administration of this Agreement and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and (ii) the Certificate Administrator, any officer assigned to the Corporate Trust Services group, with direct responsibility for the administration of this Agreement and also, with respect to a particular matter, any other officer to whom a particular matter is referred by the Certificate Administrator because of such officer’s knowledge of and familiarity with the particular subject. When used with respect to any Certificate Registrar (other than the Trustee or the Certificate Administrator), any officer or assistant officer thereof.

 

“Restricted Group”: Collectively, the following persons and entities: the Trustee; the Underwriters; the Depositor; the Master Servicer; the Special Servicer; any Sub-Servicers; the Sponsors; each Mortgagor, if any, with respect to Mortgage Loans constituting more than 5% of the total unamortized principal balance of all the Mortgage Loans in the Trust Fund as of the Closing Date; and any and all Affiliates of any of the aforementioned Persons.

 

“Restricted Party”: As defined in the definition of “Privileged Information Exception” in this Agreement.

 

“Restricted Period”: As defined in Section 5.02(c)(i) of this Agreement.

 

“Retained Defeasance Rights and Obligations”: As defined in Section 3.09(d)(i) of this Agreement.

 

“Review Package”: A package of documents consisting of a memorandum outlining the analysis and recommendation (in accordance with the Servicing Standard) of the Master Servicer or the Special Servicer, as the case may be, with respect to the matters that are the subject thereof, and copies of all relevant documentation.

 

“Revised Rate”: With respect to any ARD Mortgage Loan, the increased interest rate after the Anticipated Repayment Date (in the absence of a default) for such ARD Mortgage Loan, as calculated and as set forth in the related Loan Agreement.

 

“RMF”: Rialto Mortgage Finance, LLC, a Delaware limited liability company, and its successors in interest.

 

  

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“RMF Loan Purchase Agreement”: The mortgage loan purchase agreement, dated as of April 1, 2015, by and between RMF and the Depositor.

 

“Rule 144A”: Rule 144A under the Act.

 

“Rule 144A Global Certificates”: As defined in Section 5.02(c)(ii) of this Agreement.

 

“Rule 15Ga-1”: Rule 15Ga-1 under the Exchange Act.

 

“Rule 15Ga-1 Notice”: As defined in Section 2.03(a) of this Agreement.

 

“Rule 15Ga-1 Notice Provider”: As defined in Section 2.03(a) of this Agreement.

 

“Rule 17g-5”: Rule 17g-5 under the Exchange Act.

 

“Rule 17g-5 Information Provider”: The Certificate Administrator acting in such capacity under this Agreement.

 

“Rule 17g-5 Information Provider’s Website”: The website established and maintained by the Rule 17g-5 Information Provider pursuant to Section 11.06 and Section 11.13 of this Agreement, initially located at www.sf.citidirect.com, under the “NRSRO” tab for the related transaction.

 

“S&P”: Standard & Poor’s Ratings Services, or its successors in interest.

 

“Sarbanes-Oxley Act”: The Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including any interpretations thereof by the Commission’s staff).

 

“Sarbanes-Oxley Certification”: As defined in Section 10.05 of this Agreement.

 

“Scheduled Principal Distribution Amount”: For any Distribution Date, the sum, without duplication, of:

 

(A)           the principal component of all scheduled Monthly Payments and Balloon Payments which became due on their respective Due Dates in the related Collection Period (if and to the extent received by the Master Servicer by the related Determination Date (or, in the case of an Outside Serviced Trust Loan, by the Business Day immediately preceding the related Master Servicer Remittance Date) or (other than Balloon Payments) advanced by the Master Servicer or the Trustee in respect of such Distribution Date) with respect to the Mortgage Loans (including any REO Mortgage Loans); and

 

(B)           the principal component of any payment on any Mortgage Loan (including an REO Mortgage Loan) received or applied on or after the date on which such payment was due on deposit in the Collection Account as of the related Determination Date (or, in the case of an Outside Serviced Trust Loan, as 

 

  

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of the Business Day immediately preceding the related Master Servicer Remittance Date), net of the principal portion of any unreimbursed P&I Advances related to such Mortgage Loan.

 

“Selig Office Portfolio Additional Permitted Debt”: “Additional Permitted Debt” as defined in the Selig Office Portfolio Co-Lender Agreement.

 

“Selig Office Portfolio Co-Lender Agreement”: With respect to the Selig Office Portfolio Loan Combination, the related co-lender agreement, dated as of April 1, 2015, by and between the holder of the Selig Office Portfolio Mortgage Loan and the Selig Office Portfolio Companion Loan Holders, relating to the relative rights of the holder of the Selig Office Portfolio Mortgage Loan and the Selig Office Portfolio Companion Loan Holders, as the same may be amended from time to time in accordance with the terms thereof.

 

“Selig Office Portfolio Companion Loans”: With respect to the Selig Office Portfolio Loan Combination, the related promissory notes made by the related Mortgagor and secured by the Selig Office Portfolio Mortgage and designated as promissory notes A-2 and A-3, which are not included in the Trust and are pari passu in right of payment with the Selig Office Portfolio Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the Selig Office Portfolio Co-Lender Agreement; provided that if the related Mortgagor elects to incur any Selig Office Portfolio Additional Permitted Debt in accordance with the related Loan Agreement, the Selig Office Portfolio Companion Loans shall include the related promissory note(s) evidencing the Office Portfolio Additional Permitted Debt.

 

“Selig Office Portfolio Companion Loan Holder”: The holder of a Selig Office Portfolio Companion Loan.

 

“Selig Office Portfolio Loan Combination”: The Selig Office Portfolio Mortgage Loan, together with the Selig Office Portfolio Companion Loans, each of which is secured by the Selig Office Portfolio Mortgage. References herein to the Selig Office Portfolio Loan Combination shall be construed to refer to the aggregate indebtedness secured under the Selig Office Portfolio Mortgage.

 

“Selig Office Portfolio Mortgage”: The Mortgage securing the Selig Office Portfolio Mortgage Loan and the Selig Office Portfolio Companion Loans.

 

“Selig Office Portfolio Mortgage Loan”: With respect to the Selig Office Portfolio Loan Combination, the Mortgage Loan included in the Trust, which is (i) secured by the Mortgaged Properties identified on the Mortgage Loan Schedule as Selig Office Portfolio, (ii) evidenced by a promissory note A-1 and (iii) pari passu in right of payment with the Selig Office Portfolio Companion Loans to the extent set forth in the related Loan Documents and as provided in the Selig Office Portfolio Co-Lender Agreement.

 

“Sequential Pay Certificates”: The Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-S, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates, collectively.

 

  

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“Service(s)” or “Servicing”: In accordance with Regulation AB, the act of servicing, managing or 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 Loan Combination”: An AB Loan Combination that is being serviced pursuant to this Agreement. There is no Serviced AB Loan Combination relating to the Trust and all references in this Agreement to “Serviced AB Loan Combination” shall be disregarded.

 

“Serviced Companion Loan”: A Companion Loan that is part of a Serviced Loan Combination. The only Serviced Companion Loans related to the Trust as of the Closing Date are the Selig Office Portfolio Companion Loans, the 170 Broadway Companion Loan, the Crowne Plaza Bloomington Companion Loan, the Eastmont Town Center Companion Loan, and the Commerce Point I & II Companion Loan. The Eastmont Town Center Companion Loan will no longer be a Serviced Companion Loan on and after the Eastmont Town Center Controlling Note Securitization Date.

 

“Serviced Companion Loan Holder”: The holder of a Serviced Companion Loan. The only Serviced Companion Loan Holders related to the Trust as of the Closing Date are the the Selig Office Portfolio Companion Loan Holders, the 170 Broadway Companion Loan Holder, the Crowne Plaza Bloomington Companion Loan Holder, the Eastmont Town Center Companion Loan Holder, and the Commerce Point I & II Companion Loan Holder. The Eastmont Town Center Companion Loan Holder will no longer be a Serviced Companion Loan Holder on and after the Eastmont Town Center Controlling Note Securitization Date.

 

“Serviced 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 Serviced Companion Loan (or a portion thereof or interest therein).

 

“Serviced Loan”: A Serviced Mortgage Loan or Serviced Companion Loan.

 

“Serviced Loan Combination”: A Loan Combination that is being serviced pursuant to this Agreement. The only Serviced Loan Combinations related to the Trust as of the Closing Date are the Selig Office Portfolio Loan Combination, the 170 Broadway Loan Combination, the Crowne Plaza Bloomington Loan Combination, the Eastmont Town Center Loan Combination, and the Commerce Point I & II Loan Combination. The Eastmont Town Center Loan Combination will no longer be a Serviced Loan Combination on and after the Eastmont Town Center Controlling Note Securitization Date.

 

“Serviced Mortgage Loan”: A Mortgage Loan that is not an Outside Serviced Trust Loan.

 

“Serviced Outside Controlled Mortgage Loan”: With respect to a Serviced Outside Controlled Pari Passu Loan Combination, the related Mortgage Loan included in the 

 

  

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Trust, which is (i) evidenced by a non-controlling promissory note made by the related Mortgagor and (ii) pari passu in right of payment with the related Serviced Outside Controlled Pari Passu Companion Loan to the extent set forth in the related Loan Documents and as provided in the related Co-Lender Agreement. The only Serviced Outside Controlled Mortgage Loans related to the Trust as of the Closing Date are the Eastmont Town Center Mortgage Loan and the Commerce Point I & II Mortgage Loan. The Eastmont Town Center Mortgage Loan will no longer be a Serviced Outside Controlled Mortgage Loan on and after the Eastmont Town Center Controlling Note Securitization Date.

 

“Serviced Outside Controlled Pari Passu Companion Loan”: With respect to a Serviced Outside Controlled Pari Passu Loan Combination, the related Serviced Companion Loan evidenced by a controlling promissory note made by the related Mortgagor, which is not included in the Trust and is pari passu in right of payment with the related Serviced Outside Controlled Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the related Co-Lender Agreement. The only Serviced Outside Controlled Pari Passu Companion Loans related to the Trust as of the Closing Date are the Eastmont Town Center Companion Loan and the Commerce Point I & II Companion Loan. The Eastmont Town Center Companion Loan will no longer be a Serviced Outside Controlled Pari Passu Loan Companion Loan on and after the Eastmont Town Center Controlling Note Securitization Date.

 

“Serviced Outside Controlled Pari Passu Loan Combination”: A Serviced Pari Passu Loan Combination with respect to which the related “controlling note” is not included in the Trust. The only Serviced Outside Controlled Pari Passu Loan Combinations related to the Trust as of the Closing Date are the Eastmont Town Center Loan Combination and the Commerce Point I & II Loan Combination. The Eastmont Town Center Loan Combination will no longer be a Serviced Outside Controlled Pari Passu Loan Combination on and after the Eastmont Town Center Controlling Note Securitization Date.

 

“Serviced Pari Passu Companion Loan”: A Pari Passu Companion Loan that is part of a Serviced Loan Combination. The only Serviced Pari Passu Companion Loans related to the Trust as of the Closing Date are the Selig Office Portfolio Companion Loans, the 170 Broadway Companion Loan, the Crowne Plaza Bloomington Companion Loan, the Eastmont Town Center Companion Loan, and the Commerce Point I & II Companion Loan. The Eastmont Town Center Companion Loan will no longer be a Serviced Pari Passu Companion Loan on and after the Eastmont Town Center Controlling Note Securitization Date.

 

“Serviced Pari Passu Companion Loan Holder”: A holder of a Serviced Pari Passu Companion Loan.

 

“Serviced Pari Passu Loan Combination”: A Pari Passu Loan Combination that is being serviced pursuant to this Agreement. The only Serviced Pari Passu Loan Combinations related to the Trust as of the Closing Date are the Selig Office Portfolio Loan Combination, the 170 Broadway Loan Combination, the Crowne Plaza Bloomington Loan Combination, the Eastmont Town Center Loan Combination, and the Commerce Point I & II Loan Combination. The Eastmont Town Center Loan Combination will no longer be a Serviced Pari Passu Loan Combination on and after the Eastmont Town Center Controlling Note Securitization Date.

 

  

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“Serviced Subordinate Companion Loan”: A Subordinate Companion Loan that is part of a Serviced Loan Combination. There are no Serviced Subordinate Companion Loans related to the Trust and references in this Agreement to “Serviced Subordinate Companion Loan” shall be disregarded.

 

“Serviced Subordinate Companion Loan Holder”: A holder of a Serviced Subordinate Companion Loan. There are no Serviced Subordinate Companion Loan Holders related to the Trust and references in this Agreement to “Serviced Subordinate Companion Loan Holder” shall be disregarded.

 

“Servicer”: As defined in Section 10.02(b) of this Agreement.

 

“Servicer Indemnified Party”: As defined in Section 8.05(c) of this Agreement.

 

“Servicer Termination Event”: As defined in Section 7.01 of this Agreement.

 

“Servicing Criteria”: The criteria set forth in paragraph (d) of Item 1122 of Regulation AB, as such may be amended from time to time.

 

“Servicing Fee”: With respect to each Mortgage Loan and Serviced Companion Loan (including each Specially Serviced Loan and the Outside Serviced Trust Loans) or any successor REO Mortgage Loan or successor REO Companion Loan and for any Distribution Date, the amount accrued during the related Interest Accrual Period at the related Servicing Fee Rate on the Stated Principal Balance of such Mortgage Loan or such Serviced Companion Loan, as the case may be, 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 Serviced Loan Combination is computed and shall be prorated for partial periods.

 

For the avoidance of doubt, notwithstanding Section 3.05 or Section 3.12 of this Agreement, (1) the Servicing Fee shall be payable from the Lower-Tier REMIC and (2) the portion thereof payable with respect to each Outside Serviced Trust Loan to the applicable Outside Servicer shall be paid under the applicable Other Pooling and Servicing Agreement, shall not be payable to the Master Servicer and will previously have been deducted by the applicable Outside Servicer prior to remittance to the Trust and shall not be withdrawn from the Collection Account.

 

“Servicing Fee Rate”: With respect to each Mortgage Loan (including any Outside Serviced Trust Loan) (or any successor REO Mortgage Loan with respect thereto), the per annum rate equal to the sum of the rates set forth under the columns labeled “Servicing Fee Rate (%)” and “Subservicing Fee Rate (%)”on the Mortgage Loan Schedule; with respect to the Selig Office Portfolio Companion Loans (or any successor REO Companion Loans with respect thereto), 0.0025% per annum; with respect to the 170 Broadway Companion Loan (or any successor REO Companion Loan with respect thereto), 0.0025% per annum; with respect to the Crowne Plaza Bloomington Companion Loan (or any successor REO Companion Loan with respect thereto), 0.0025% per annum; with respect to the Eastmont Town Center Companion Loan (or any successor REO Companion Loan with respect thereto) prior to, and only prior to, 

 

  

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the Eastmont Town Center Controlling Note Securitization Date, 0.01% per annum; and, with respect to the Commerce Point I & II Companion Loan (or any successor REO Companion Loan with respect thereto), 0.0025% per annum.

 

“Servicing File”: Any documents (other than documents required to be part of the related Mortgage File but including copies of such documents required to be part of the related Mortgage File) related to the origination or the servicing of the Mortgage Loans that are in the possession of or under the control of the applicable Mortgage Loan Seller, including but not limited to appraisals, environmental reports, engineering reports, legal opinions, and the applicable Mortgage Loan Seller’s asset summary, delivered to the Master Servicer or the Special Servicer; provided that no information that is proprietary to the related Mortgage Loan Seller nor any draft documents, privileged or internal communications, credit underwriting, due diligence analysis or data shall be required to be delivered as part of the Servicing File. Notwithstanding anything to the contrary contained herein, with respect to each Outside Serviced Trust Loan, the Servicing File shall consist solely of any related documents or records generated by the Master Servicer or Special Servicer hereunder or received by either of them from the applicable Outside Servicer or Outside Special Servicer.

 

“Servicing Function Participant” Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Certificate Administrator, the Operating Advisor, the Master Servicer, the Special Servicer and the Trustee, that is performing activities that address the Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage Loans by unpaid principal balance calculated in accordance with the provisions of 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 and the Serviced Companion Loans or this Agreement and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s or employee’s knowledge of and familiarity with the particular subject, and, in the case of any certification required to be signed by a Servicing Officer, such an officer or employee whose name and specimen signature appears on a list of servicing officers furnished to the Trustee, the Operating Advisor and the Certificate Administrator by the Master Servicer or the Special Servicer, as applicable, as such list may from time to time be amended.

 

“Servicing Standard”: With respect to the Master Servicer or the Special Servicer, to service and administer the Serviced Loans and any REO Properties that such party is obligated to service and administer pursuant to this Agreement on behalf of the Trust Fund and the Trustee (as the trustee for the Certificateholders or, with respect to each Serviced Loan Combination, on behalf of the Certificateholders and the related Serviced Companion Loan Holder(s), as a collective whole as if such Certificateholders or, with respect to each Serviced Loan Combination, such Certificateholders and the related Serviced Companion Loan Holder(s), constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion Loan)) as determined in the good faith and reasonable judgment of the Master Servicer or the Special Servicer, as the case may be: (i) in accordance with the higher of the following standards of care: (A) with the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, 

 

  

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as the case may be, services and administers comparable mortgage loans with similar borrowers and comparable REO properties for other third-party portfolios (giving due consideration to the customary and usual standards of practice of prudent institutional commercial mortgage lenders servicing their own mortgage loans and REO properties), and (B) with the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers comparable mortgage loans and REO properties owned by the Master Servicer or the Special Servicer, as the case may be, and in either case, exercising reasonable business judgment and acting in accordance with applicable law, the terms of this Agreement and the terms of the respective subject Serviced Loans; (ii) with a view to: the timely recovery of all payments of principal and interest, including Balloon Payments, under the Serviced Loans or, in the case of (1) a Specially Serviced Loan or (2) a Mortgage Loan or Serviced Loan Combination as to which the related Mortgaged Property is an REO Property, the maximization of recovery on that Mortgage Loan or Serviced Loan Combination to the Certificateholders (as a collective whole as if such Certificateholders constituted a single lender) (or, if any Serviced Companion Loan is involved, with a view to the maximization of recovery on the related Serviced Loan Combination to the Certificateholders and the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders and Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion Loan))) of principal and interest, including Balloon Payments, on a present value basis (the relevant discounting of anticipated collections that will be distributable to the Certificateholders (or, in the case of any Serviced Loan Combination, to the Certificateholders and the related Companion Loan Holder) to be performed at the Calculation Rate); and (iii) without regard to (A) any relationship, including as lender on any other debt, that the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof, may have with any of the related Mortgagors, or any Affiliate thereof, or any other party to this Agreement; (B) the ownership of any Certificate (or any Companion Loan or other indebtedness secured by the related Mortgaged Property or any certificate backed by a Companion Loan) by the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof; (C) the obligation of the Master Servicer to make Advances; (D) the right of the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof, to receive compensation or reimbursement of costs hereunder generally or with respect to any particular transaction; and (E) the ownership, servicing or management for others of any other mortgage loan or real property not subject to this Agreement by the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof; provided that the foregoing standards shall apply with respect to an Outside Serviced Trust Loan and any related REO Property only to the extent that the Master Servicer or the Special Servicer has any express duties or rights to grant consent with respect thereto pursuant to this Agreement.

 

“Servicing Transfer Event”: With respect to any Serviced Mortgage Loan or any Serviced Loan Combination, the occurrence of any of the events described in clauses (a) through (g) of the definition of “Specially Serviced Loan.”

 

“Significant Obligor”: Any “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to the Trust or an Other Securitization Trust.

 

“Similar Law”: As defined in Section 5.03(m) of this Agreement.

 

  

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“Special Notice”: Any (a) notice transmitted to Certificateholders pursuant to Section 5.07(c) of this Agreement, (b) notice of any request by at least 25% of the Voting Rights of the Certificates to terminate and replace the Special Servicer pursuant to Section 6.08(a) of this Agreement and (c) notice of any request by at least 15% of the Voting Rights of the Non-Reduced Certificates to terminate and replace the Operating Advisor pursuant to Section 7.06(b) of this Agreement.

 

“Special Servicer”: Midland Loan Services, a Division of PNC Bank, National Association, a national banking association, or its successor in interest, or any successor Special Servicer appointed as provided herein.

 

“Special Servicer Servicing Personnel”: The divisions and individuals of the Special Servicer who are involved in the performance of the duties of the Special Servicer under this Agreement.

 

“Special Servicing Compensation”: With respect to any Serviced Mortgage Loan, Serviced Loan Combination or REO Property (other than an REO Property related to an Outside Serviced Trust Loan), any of the Special Servicing Fee, the Workout Fee, and the Liquidation Fee which shall be due to the Special Servicer.

 

“Special Servicing Fee”: With respect to each Specially Serviced Loan and REO Property (other than an REO Property related to an Outside Serviced Trust Loan) and any Distribution Date, an amount accrued during the related Interest Accrual Period at the applicable Special Servicing Fee Rate on the Stated Principal Balance of the related Specially Serviced 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 Serviced Mortgage Loan, Serviced Companion Loan or Serviced Loan Combination, as applicable, is computed and shall be prorated for partial periods. For the avoidance of doubt, the Special Servicing Fee shall be deemed payable from the Lower-Tier REMIC.

 

“Special Servicing Fee Rate”: With respect to any Specially Serviced Loan or REO Property (other than an REO Property related to an Outside Serviced Trust Loan), a rate equal to (a) 0.25% per annum or (b) if the rate in clause (a) would result in a Special Servicing Fee that would be less than $3,500 in any given month, then the Special Servicing Fee Rate for such month for such Specially Serviced Loan or REO Property shall be such 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 Loan or REO Property.

 

“Specially Serviced Loan”: Any Serviced Loan (including a related REO Mortgage Loan or REO Companion Loan) as to which any of the following events has occurred:

 

(a)           the related Mortgagor has failed to make when due any Monthly Payment or a Balloon Payment, which failure continues unremedied (without regard to any grace period):

 

  

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 (i)       except in the case of a Balloon Loan delinquent in respect of its Balloon Payment, for 60 days beyond the date on which the subject payment was due, or

 

 (ii)      in
the case of a delinquent Balloon Payment, (A) 60 days beyond the date on which such Balloon Payment was due (except as
described in clause B below) or (B) in the case of a Serviced Loan delinquent with respect to the Balloon Payment as to which
the related Mortgagor delivered to the Master Servicer (who shall promptly deliver a copy thereof to the Special Servicer) or
the Special Servicer (who shall promptly deliver a copy thereof to the Master Servicer) a refinancing commitment acceptable
to the Special Servicer prior to the date 60 days after the Balloon Payment was due, for 120 days beyond the date on which
the Balloon Payment was due (or such shorter period beyond the date on which that Balloon Payment was due during which the
refinancing is  scheduled to occur); or

 

(b)           there shall have occurred a default (other than as set forth in clause (a) above and other than an Acceptable Insurance Default) that (i) in the judgment of the Master Servicer or the Special Servicer (and, in the case of the Special Servicer, with the consent of the related Directing Holder unless an applicable Control Termination Event has occurred and is continuing) materially impairs the value of the related Mortgaged Property as security for the Serviced Loan or otherwise materially adversely affects the interests of Certificateholders in the Serviced Mortgage Loan (or, in the case of a Serviced Loan Combination, the interests of the Certificateholders and the related Serviced Companion Loan Holder(s) in such Serviced Loan Combination), and (ii) continues unremedied for the applicable grace period under the terms of the Serviced Loan (or, if no grace period is specified and the default is capable of being cured, for 30 days); provided that any default that results in acceleration of the Serviced Loan without the application of any grace period under the related Loan Documents shall be deemed not to have a grace period; and provided, further, that any default requiring a Property Advance will be deemed to materially and adversely affect the interests of the Certificateholders in the subject Serviced Mortgage Loan (or, in the case of a Serviced Loan Combination, the interests of the Certificateholders or the related Serviced Companion Loan Holder(s) in such Serviced Loan Combination); or

 

(c)           the Master Servicer or the Special Servicer has determined (and, in the case of the Special Servicer, with the consent of the related Directing Holder (unless an applicable Control Termination Event has occurred and is continuing) that (i) a default (other than an Acceptable Insurance Default) under the Serviced Loan is reasonably foreseeable, (ii) such default will materially impair the value of the related Mortgaged Property as security for such Serviced Loan or otherwise materially adversely affects the interests of Certificateholders in the Serviced Mortgage Loan (or, in the case of a Serviced Loan Combination, the interests of the Certificateholders or the related Serviced Companion Loan Holder(s) in such Serviced Loan Combination), and (iii) the default is likely to continue unremedied for the applicable grace period under the terms of such Serviced Loan or, if no grace period is specified and the default is capable of being cured, for 30 days; provided that any default that results in acceleration of the Serviced Loan 

 

  

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without the application of any grace period under the related Loan Documents shall be deemed not to have a grace period; or

 

(d)           a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in any involuntary case under any present or future federal or state bankruptcy, insolvency or similar law or 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 related Mortgagor and such decree or order shall have remained in force and not dismissed for a period of 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 related Directing Holder, unless an applicable Control Termination Event has occurred and is continuing) determines in accordance with the Servicing Standard that the circumstances warrant that the related Serviced Loan (or REO Mortgage Loan or REO Companion Loan) be transferred to special servicing); or

 

(e)           the related Mortgagor consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment or debt, marshaling of assets and liability or similar proceedings of or relating to such Mortgagor or of or relating to all or substantially all of its property; or

 

(f)            the related Mortgagor 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; or

 

(g)           the Master Servicer shall have received notice of the commencement of foreclosure or similar proceedings with respect to the related Mortgaged Property;

 

provided, however, that a Serviced Loan will cease to be a Specially Serviced Loan, when a Liquidation Event has occurred with respect to such Serviced Loan or any related REO Property or, so long as at such time no circumstance identified in clauses (a) through (g) above exists that would cause the Serviced Loan to continue to be characterized as a Specially Serviced Loan, when:

 

(w)          with respect to the circumstances described in clause (a) of this definition, the related Mortgagor has made three consecutive full and timely Monthly Payments under the terms of such Serviced Loan (as such terms may be changed or modified in connection with a bankruptcy or similar proceeding involving the related Mortgagor or by reason of a modification, extension, waiver or amendment granted or agreed to by the Master Servicer or the Special Servicer pursuant to Section 3.24 of this Agreement);

 

(x)           with respect to the circumstances described in clauses (c), (d), (e) and (f) of this definition, such circumstances cease to exist in the good faith, reasonable judgment of the Special Servicer, but, with respect to any bankruptcy or insolvency proceedings described in clauses (d), (e) and (f), no later than the entry of an order or decree dismissing such proceeding;

 

  

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(y)           with respect to the circumstances described in clause (b) of this definition, such default is cured as determined by the Special Servicer in its reasonable, good faith judgment; and

 

(z)           with respect to the circumstances described in clause (g) of this definition, such proceedings are terminated.

 

The Special Servicer may conclusively rely on the Master Servicer’s determination and the Master Servicer may conclusively rely on the Special Servicer’s determination as to whether a Servicing Transfer Event has occurred giving rise to a Serviced Loan’s becoming a Specially Serviced Loan. If any Serviced Mortgage Loan that is part of a Serviced Loan Combination becomes a Specially Serviced Loan, then the related Serviced Companion Loan shall also become a Specially Serviced Loan. If the Serviced Companion Loan that is included in a Serviced Loan Combination becomes a Specially Serviced Loan, then the related Serviced Mortgage Loan that is part of such Serviced Loan Combination shall also become a Specially Serviced Loan.

 

“Specially Serviced Mortgage Loan”: A Mortgage Loan that is, or is part of, a Specially Serviced Loan.

 

“Specified Serviced Mortgage Loans”: The Mortgage Loans identified on Exhibit GG to this Agreement.

 

“Split Mortgage Loan”: Any Mortgage Loan that is part of a Loan Combination. The only Split Mortgage Loans that are assets of the Trust as of the Closing Date are the Selig Office Portfolio Mortgage Loan, the 3 Columbus Circle Mortgage Loan, the 170 Broadway Mortgage Loan, the Crowne Plaza Bloomington Mortgage Loan, the Eastmont Town Center Mortgage Loan and the Commerce Point I & II Mortgage Loan.

 

“Sponsor”: Each of CGMRC, GSMC, RMF and FCRE, and their respective successors in interest.

 

“Startup Day”: The day designated as such pursuant to Section 2.11(c) of this Agreement.

 

“Stated Principal Balance”: With respect to any Mortgage Loan (other than an REO Mortgage Loan), as of any date of determination, an amount equal to (a) 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 as of the date of substitution after application of all scheduled payments of principal and interest due during or prior to the month of substitution, whether or not received), minus (b) the sum of (i) any and all amounts (without duplication) attributable to such Mortgage Loan that are part of the Scheduled Principal Distribution Amount and any and all Unscheduled Payments for each and every Distribution Date coinciding with or preceding such date of determination and (ii) any adjustment to the principal balance of such Mortgage Loan as a result of a reduction of principal by a bankruptcy court or as a result of a modification reducing the principal balance of such Mortgage Loan as of the Determination Date for the most recent Distribution Date coinciding with or preceding such date of determination; and with respect to any Serviced Companion Loan (other than an REO 

 

  

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Companion Loan), as of any date of determination, an amount equal to (a) the principal balance of such Serviced Companion Loan as of the Cut-Off Date, minus (b) the sum of (i) the principal portion of each Monthly Payment due on such Serviced Companion Loan after the Cut-Off Date, if received by the related Serviced Companion Loan Holder on or prior to the most recent Distribution Date coinciding with or preceding such date of determination, (ii) all Unscheduled Payments with respect to such Serviced Companion Loan for a Distribution Date coinciding with or preceding such date of determination and (iii) any adjustment to the principal balance of such Serviced Companion Loan as a result of a reduction of principal by a bankruptcy court or as a result of a modification reducing the principal amount due on such Serviced Companion Loan as of the Determination Date for the most recent Distribution Date coinciding with or preceding such date of determination. The Stated Principal Balance of a Mortgage Loan with respect to which title to the related Mortgaged Property has been acquired on behalf of the Trust Fund and, if such Mortgage Loan is part of a Loan Combination, the related Companion Loan Holder, is equal to the Stated Principal Balance thereof outstanding on the date on which such title is acquired less any Unscheduled Payments and the principal portion of any P&I Advances with respect to such REO Mortgage Loan for a Distribution Date coinciding with or preceding such date of determination but after the date on which such title is acquired. The Stated Principal Balance of a Serviced Companion Loan with respect to which title to the related Mortgaged Property has been acquired on behalf of the Trust Fund and the related Serviced Companion Loan Holder is equal to the Stated Principal Balance thereof outstanding on the date on which such title is acquired less any Unscheduled Payments with respect to such Serviced Companion Loan for a Distribution Date coinciding with or preceding such date of determination but after the date on which such title is acquired. Notwithstanding the foregoing, the Stated Principal Balance of a Specially Serviced Loan with respect to which the Special Servicer has made a Final Recovery Determination (or, in the case of an Outside Serviced Trust Loan, with respect to which the Outside Special Servicer has made an equivalent determination) is zero. The Stated Principal Balance of a Serviced Loan Combination (including an REO Loan Combination), as of any date of determination, shall equal the sum of the then Stated Principal Balances of the related Mortgage Loan (including an REO Mortgage Loan) and the related Serviced Companion Loan (including an REO Companion Loan). For purposes of this definition, if remittances are made to a Serviced Companion Loan Holder on any day of the month other than the Distribution Date in such month, such remittances shall be deemed made on the Distribution Date in such month.

 

“Subcontractor”: Any vendor, subcontractor or other Person that is not responsible for the overall or general servicing (as “servicing” is commonly understood by participants in the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete functions of the Servicing Criteria with respect to Mortgage Loans under the direction or authority of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, an Additional Servicer, or a Sub-Servicer.

 

“Subject Holder”: As defined in the definition of “Controlling Class Representative” in this Agreement.

 

“Subordinate Companion Loan”: A Companion Loan that is subordinate in right of payment to the related Split Mortgage Loan. There are no Subordinate Companion Loans related to the Trust and all references in this Agreement to “Subordinate Companion Loans” shall be disregarded.

 

  

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“Subordinate Companion Loan Control Termination Event”: With respect to any Serviced AB Loan Combination, the event that occurs if and for so long as the related Subordinate Companion Loan Holder is not the “controlling note holder” (or analogous concept) with respect to such Serviced AB Loan Combination pursuant to the related Co-Lender Agreement. There are no Subordinate Companion Loans related to the Trust and all references in this Agreement to “Subordinate Companion Loan Control Termination Event” shall be disregarded.

 

“Subordinate Companion Loan Holder”: The holder of a Subordinate Companion Loan. There are no Subordinate Companion Loan Holders related to the Trust and all references in this Agreement to “Subordinate Companion Loan Holder” in this Agreement shall be disregarded.

 

“Substitution Shortfall Amount”: With respect to a substitution pursuant to Section 2.03(a) of this Agreement, 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 deleted 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 or Mortgage Loans being replaced and the aggregate Stated Principal Balances of the related Qualified Substitute Mortgage Loans.

 

“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 all or a material portion of the servicing functions required to be performed by the Master Servicer, the Special Servicer, a Servicing Function Participant or an Additional Servicer under this Agreement, with respect to some or all of the Mortgage Loans, that are identified in the Servicing Criteria. As of the Closing Date, the Sub-Servicer(s) set forth on Exhibit S to this Agreement will be the Sub-Servicer for the related Mortgage Loan(s) set forth on Exhibit S to this Agreement.

 

“Sub-Servicing Agreement”: The written contract between the Master Servicer, an Additional 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 3.01(c) of this Agreement.

 

“Successful Bidder”: As defined in Section 7.01(b) of this Agreement.

 

“Supplemental Servicer Schedule”: With respect to the Mortgage Loans to be serviced by the Master Servicer, a list attached hereto as Exhibit P, which list sets forth the following information with respect to each Mortgage Loan:

 

(i)            the Mortgagor’s name;

 

(ii)           property type;

 

  

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(iii)          the original balance;

 

(iv)          the origination date;

 

(v)           the original and remaining amortization term;

 

(vi)          whether such Mortgage Loan has a guarantor;

 

(vii)         whether such Mortgage Loan is secured by a letter of credit;

 

(viii)        the original balance of any reserve or escrowed funds and the monthly amount of any reserve or escrowed funds;

 

(ix)          the grace period with respect to both default interest and late payment charges;

 

(x)           whether such Mortgage Loan is insured by RVI, lease enhancement policy or environmental policies;

 

(xi)          whether an operation and maintenance plan exists and, if so, what repairs are required;

 

(xii)         whether a cash management agreement or lock-box agreement is in place;

 

(xiii)        the number of units, pads, rooms or square feet of the Mortgaged Property;

 

(xiv)        the amount of the Monthly Payment due on the first Due Date following the Closing Date;

 

(xv)         the interest accrual basis;

 

(xvi)        Administrative Cost Rate;

 

(xvii)       whether the Mortgage Loan is secured by a Ground Lease;

 

(xviii)      whether the related Mortgage Loan is a Defeasance Loan; and

 

(xix)         whether such Mortgage Loan is part of any Serviced Loan Combination, in which case the information required by clauses (xiv) and (xv) above shall also be set forth for the Companion Loan in such Serviced Loan Combination.

 

Such list may be in the form of more than one list, collectively setting forth all of the information required.

 

“Tax Returns”: The federal income tax return on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return, including Schedule Q 

 

  

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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 under the REMIC Provisions, and the federal income tax return to be filed by the Certificate Administrator on behalf of the Grantor Trust due to its classification as a grantor trust under subpart E, part I of subchapter J of the Code, together with any and all other information, reports or returns that may be required to be furnished to the Certificateholders or filed with the IRS or any other governmental taxing authority under any applicable provisions of federal, state or local tax laws.

 

“Temporary Regulation S Global Certificate”: As defined in Section 5.02(c)(i) of this Agreement.

 

“Terminated Party”: As defined in Section 7.01(c) of this Agreement.

 

“Termination Date”: The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01.

 

“Third Party Reports”: With respect to any Mortgaged Property, the related Appraisal, Phase I environmental report, Phase II environmental report, seismic report or property condition report, if any.

 

“TIA”: As defined in Section 11.14 of this Agreement.

 

“TIA Applicability Determination”: As defined in Section 11.14 of this Agreement.

 

“Tranche Percentage Interest”: The percentage ownership interest in a Class PEZ Regular Interest evidenced by an Exchangeable Certificate, which is equal to the ratio, expressed as a percentage, of (a) the Certificate Principal Amount of that Certificate (or, in the case of a Class PEZ Certificate, an amount equal to the related Percentage Interest evidenced by that Certificate, multiplied by the Certificate Principal Amount of the Class PEZ Component with the same letter designation as such Class PEZ Regular Interest) to (b) the Certificate Principal Amount of such Class PEZ Regular Interest.

 

“Transfer”: Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R Certificate.

 

“Transferee Affidavit”: As defined in Section 5.03(n)(ii) of this Agreement.

 

“Transferor Letter”: As defined in Section 5.03(n)(ii) of this Agreement.

 

“Treasury Regulations”: Applicable final or temporary regulation of the U.S. Department of the Treasury.

 

“Trust”: The trust created by this Agreement.

 

“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, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled 

 

  

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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 (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’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; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of this Agreement; and (xi) the Lower-Tier Regular Interests.

 

“Trust Reimbursement Amount”: As defined in Section 3.06A(a) of this Agreement.

 

“Trust Reimbursement Amount No.1”: As defined in Section 3.06(a) of this Agreement.

 

“Trust Reimbursement Amount No.2”: As defined in Section 3.06A(a) of this Agreement.

 

“Trust REMIC”: Each of the Lower-Tier REMIC and the Upper-Tier REMIC.

 

“Trustee”: Deutsche Bank Trust Company Americas, a New York banking corporation, in its capacity as trustee, or its successor in interest, or any successor trustee appointed as herein provided.

 

“Trustee Personnel”: The divisions and individuals of the Trustee who are involved in the performance of the duties of the Trustee under this Agreement.

 

“Trustee/Certificate Administrator Fee”: With respect to each Mortgage Loan and for any Distribution Date, an amount accrued during the related Interest Accrual Period at the Trustee/Certificate Administrator Fee Rate on the Stated Principal Balance of such Mortgage 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 is computed and shall be prorated for partial periods. For the avoidance of doubt, the Trustee/Certificate Administrator Fee shall be payable from the Lower-Tier REMIC.

 

“Trustee/Certificate Administrator Fee Rate”: With respect to each Mortgage Loan, a rate equal to 0.0026% per annum.

 

  

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“Underwriter Exemption”: Prohibited Transaction Exemption 91-23 and Prohibited Transaction Exemption 89-88, both as most recently amended by Prohibited Transaction Exemption 2013-08 and as further amended by the Department of Labor from time to time.

 

“Underwriters”: Citigroup Global Markets Inc., Goldman, Sachs & Co., Deutsche Bank Securities Inc. and Drexel Hamilton, LLC.

 

“Unliquidated Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount pursuant to subsections (ii) (B) and (C) of Section 3.06(a) of this Agreement but that has not been recovered from the Mortgagor or otherwise from collections on or the proceeds of the Mortgage Loan or REO Property in respect of which the Advance was made.

 

“Unscheduled Payments”: With respect to any Distribution Date and the Mortgage Loans and Serviced Companion Loans (including the REO Mortgage Loans and REO Companion Loans), the aggregate of (a) all principal prepayments received on the Mortgage Loans and Serviced Companion Loans during the applicable Prepayment Period (or, in the case of an Outside Serviced Trust Loan, all principal prepayments received during the period that renders them includable in the Available Funds for such Distribution Date) and (b) the principal portions of all Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds (in each case, net of Special Servicing Fees, Liquidation Fees, accrued interest on Advances and other Additional Trust Fund Expenses incurred in connection with the related Mortgage Loan) and, if applicable, Net REO Proceeds received with respect to the Mortgage Loans and Serviced Companion Loans and any REO Properties (or, in the case of an Outside Serviced Trust Loan, any interest in REO Property acquired with respect to the related Outside Serviced Loan Combination) during the applicable Prepayment Period (or, in the case of an Outside Serviced Trust Loan or any interest in REO Property acquired with respect thereto, all such proceeds received during the period that renders them includable in the Available Funds for such Distribution 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 in respect of a preceding Distribution Date.

 

“Upper-Tier Distribution Account”: The trust account or accounts created and maintained as a separate trust account (or separate sub-account within the same account as the Lower-Tier Distribution Account) or accounts by the Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, Upper-Tier Distribution Account” and which must be an Eligible Account.

 

“Upper-Tier REMIC”: A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests and amounts held from time to time in the Upper-Tier Distribution Account.

 

  

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“Upper-Tier Residual Interest”: The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2), in the Upper-Tier REMIC and evidenced by the Class R Certificates.

 

“U.S. Tax Person”: A citizen or resident of the United States, a corporation, partnership (except to the extent provided in applicable Treasury regulations) or other entity created or organized in or under the laws of the United States, any State thereof or the District of Columbia, 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 as of 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 or Class of Certificates. At all times during the term of this Agreement, the percentage of the Voting Rights assigned to each Class shall be (a) 0%, in the case of the Class S and Class R Certificates, (b) 1% in the aggregate to the respective Classes of the Class X Certificates, allocated between such Classes based on their respective interest entitlements on the most recent prior Distribution Date and (c) in the case of any of any Class of Certificates (other than the Class X, Class S and Class R Certificates), a percentage equal to the product of (i) 99% multiplied by (ii) a fraction, the numerator of which is equal to the Certificate Principal Amount of such Class and the denominator of which is equal to the aggregate Certificate Principal Amounts of all Classes of the Certificates (other than the Class X, Class S and Class R Certificates) (or, if with respect to a vote of Non-Reduced Certificates, the Non-Reduced Certificates); provided that for purposes of such allocations, the Class A-S Certificates and the Class PEZ Component A-S of the Class PEZ Certificates shall be considered as if they together constitute a single “Class”, the Class B Certificates and the Class PEZ Component B of the Class PEZ Certificates shall be considered as if they together constitute a single “Class”, and the Class C Certificates and the Class PEZ Component C of the Class PEZ Certificates shall be considered as if they together constitute a single “Class”. Voting Rights shall be allocated to the Class PEZ Certificates only with respect to each Class PEZ Component that is part of a “Class” of Certificates determined as described in the proviso to the preceding sentence. The Voting Rights of any Class of Certificates shall be allocated among Holders of Certificates of such Class in proportion to their respective Percentage Interests. The aggregate Voting Rights of Holders of more than one Class of Certificates shall be equal to the sum of the products of each such Holder’s Voting Rights and the percentage of Voting Rights allocated to the related Class of Certificates.

 

“WAC 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 the REO Mortgage Loans) as of their respective Due Dates in the month preceding the month in which such Distribution Date occurs, weighted on the basis of their respective Stated Principal Balances immediately following the Distribution Date (or, if applicable, the Closing Date) in such preceding month.

 

  

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“WHFIT”: A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations section 1.671-5(b)(22) or successor provisions.

 

“WHFIT Regulations”: Treasury Regulations section 1.671-5, as amended.

 

“WHMT”: A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations section 1.671-5(b)(23) or successor provisions.

 

“Withheld Amounts”: As defined in Section 3.23 of this Agreement.

 

“Workout-Delayed Reimbursement Amounts”: With respect to any Mortgage Loan or Serviced Loan Combination, the amount of any Advance made with respect to such Mortgage Loan or Serviced Loan Combination on or before the date such Mortgage Loan or Serviced Loan Combination becomes (or, but for the making of three monthly 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 is not reimbursed to the Person who made such Advance on or before the date, if any, on which such Mortgage Loan or Serviced Loan Combination becomes a Corrected Loan and (ii) the amount of such Advance becomes a future obligation of the Mortgagor to pay under the terms of 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 equal to the applicable Workout Fee Rate applied to each collection of interest (excluding Default Interest and Excess Interest) and principal (other than any amount for which a Liquidation Fee is paid) received on such Corrected Loan for so long as it remains a Corrected Loan; provided that no Workout Fee shall be payable by the Trust with respect to such Corrected Loan if and to the extent that the Corrected Loan became a Specially Serviced Loan under clause (c) of the definition of Specially Serviced Loan (and no other clause thereof) and no mortgage loan event of default actually occurs, unless the Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) is modified by the Special Servicer in accordance with the terms hereof; provided, further, that if a Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) becomes a Specially Serviced Loan under this Agreement only because of an event described in clause (a) of the definition of Specially Serviced Loan and the related collection of principal and interest is received within 90 days following the related maturity date in connection with the full and final payoff or refinancing of the related Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), the Special Servicer will not be entitled to collect a Workout Fee, but may collect and retain appropriate fees from the related Mortgagor in connection with such workout; provided, further, that the Workout Fee with respect to any Specially Serviced Loan that becomes a Corrected Loan under this Agreement shall be reduced by any Excess Modification Fees paid by or on behalf of the related Mortgagor with respect to such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) as described in the definition of Excess Modification Fees in this Agreement, but only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.

 

  

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“Workout Fee Rate”: A rate equal to the lesser of (a) 1.0% 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 and Excess Interest) on the subject Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) from the date such Mortgage Loan (or Serviced Loan Combination, if applicable) becomes a Corrected Loan, through and including the then-related maturity date; provided that, 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 and Excess Interest) on the subject Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) from the date such Serviced Mortgage Loan (or Serviced Loan Combination, 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 and Excess Interest) on such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) from the date such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) becomes a Corrected Loan through and including the then-related maturity date.

 

“Yield Maintenance Charge”: With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge or prepayment premium, if any, payable under the related Note in connection with certain prepayments.

 

Section 1.02     Certain Calculations. Unless otherwise specified herein, the following provisions shall apply:

 

(a)           All calculations of interest with respect to the Mortgage Loans shall be made in accordance with the terms of the related Note and Mortgage.

 

(b)           For purposes of distribution of Yield Maintenance Charges pursuant to Section 4.01(c) of this Agreement on any Distribution Date, the Class of Principal Balance Certificates and/or Class PEZ Regular Interest as to which any prepayment shall be deemed to be distributed shall be determined on the assumption that the portion of the Principal Distribution Amount paid to the Principal Balance Certificates and/or Class PEZ Regular Interests on such Distribution Date in respect of principal shall consist first of scheduled payments included in the definition of Principal Distribution Amount and second of prepayments included in such definition.

 

(c)           Any Mortgage Loan payment is deemed to be received by the Trust Fund on the date such payment is actually received by the Master Servicer, the Special Servicer or the Certificate Administrator; provided, however, that for purposes of calculating distributions on the Certificates, Principal Prepayments with respect to any Mortgage Loan are deemed to be received on the date they are applied in accordance with Section 3.01(b) of this Agreement to reduce the outstanding principal balance of such Mortgage Loan on which interest accrues.

 

(d)           All amounts collected by or on behalf of the Trust in respect of any Mortgage Loan in the form of payments from the related Mortgagor, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds shall be allocated to amounts due and owing under the related Loan Documents (including for principal and accrued and unpaid interest) in 

 

  

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accordance with the express provisions of the related Loan Documents and any related Co-Lender Agreement (and, in the case of an Outside Serviced Trust Loan, the provisions of the applicable Other Pooling and Servicing Agreement; provided, however, in the absence of such express provisions or if and to the extent that such terms authorize the mortgagee to use its discretion and in any event for purposes of calculating distributions hereunder after an event of default under the related Mortgage Loan (to the extent not cured or waived), in each case only to the extent such amount is an obligation of the related Mortgagor in the related Loan Documents, all such amounts collected shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage Loan in the following order of priority:

 

(i)            as a recovery of any unreimbursed Advances with respect to such Mortgage Loan and unpaid interest on all Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund Expenses with respect to such Mortgage Loan;

 

(ii)           as a recovery of any Nonrecoverable Advances related to such Mortgage Loan and any interest thereon, to the extent previously reimbursed from principal collections with respect to the other Mortgage Loans;

 

(iii)          to the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on such Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on such Mortgage Loan at the related Mortgage Rate to, but not including, the date of receipt by or on behalf of the Trust (or, in the case of a full Monthly Payment from the related Mortgagor, through the related Due Date), over (B) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.06(a) of this Agreement in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause (v) below on earlier dates);

 

(iv)          to the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of such Mortgage Loan then due and owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or, if the Mortgage Loan has been liquidated, or in the case of an ARD Mortgage Loan after the related Anticipated Repayment Date, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

(v)           as a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.06(a) of this Agreement in connection with related Appraisal Reduction Amounts (to the extent that collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause (v) on earlier dates);

 

(vi)          as a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments and insurance premiums and similar items relating to such Mortgage Loan;

 

  

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(vii)         as a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

(viii)        as a recovery of any Yield Maintenance Charge then due and owing under such Mortgage Loan;

 

(ix)          as a recovery of any Default Interest, Excess Interest and late payment charges then due and owing under such Mortgage Loan;

 

(x)           as a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under such Mortgage Loan;

 

(xi)          as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal; and

 

(xii)         as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance;

 

provided that, to the extent required under the REMIC Provisions, payments or proceeds received with respect to any partial release of a Mortgaged Property (including following a condemnation) if, immediately following such release, the loan-to-value ratio of the related Mortgage Loan or the related Serviced Loan Combination exceeds 125% (based solely on the value of the real property and excluding personal property and going concern value, if any), must be allocated to reduce the principal balance of the Mortgage Loan or the related Serviced Loan Combination in the manner permitted by such REMIC Provisions.

 

(e)           Collections by or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment of the costs of operating, managing, leasing, maintaining and disposing of such REO Property and, except as otherwise expressly set forth in any related Co-Lender Agreement and, in the case of an Outside Serviced Trust Loan, except as otherwise expressly set forth in the applicable Other Pooling and Servicing Agreement) shall be deemed allocated for purposes of collecting amounts due under the deemed REO Mortgage Loan, in each case only to the extent such amount is or was an obligation of the related Mortgagor in the related Loan Documents, in the following order of priority:

 

(i)            as a recovery of any unreimbursed Advances with respect to the related REO Mortgage Loan and interest on all Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund Expenses with respect to the related REO Mortgage Loan;

 

(ii)           as a recovery of any Nonrecoverable Advances on the related REO Mortgage Loan and any interest thereon, to the extent previously reimbursed from principal collections with respect to the other Mortgage Loans;

 

(iii)          to the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on the related REO Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on the related REO Mortgage Loan at the related Mortgage Rate to, but not including, the Due Date in the Collection Period in which such collections were received, 

 

  

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over (B) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for the related REO Mortgage Loan that have theretofore occurred under Section 4.06(a) of this Agreement in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest on earlier dates pursuant to clause (v) below or clause (v) of Section 1.02(d) above);

 

(iv)          to the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of the related REO Mortgage Loan to the extent of its entire unpaid principal balance;

 

(v)           as a recovery of accrued and unpaid interest on the related REO Mortgage Loan to the extent of the cumulative amount of the reductions (if any) in the amount of related P&I Advances for the related REO Mortgage Loan that have theretofore occurred under Section 4.06(a) of this Agreement in connection with related Appraisal Reduction Amounts (to the extent that collections have not theretofore been allocated as a recovery of accrued and unpaid interest on earlier dates pursuant to this clause (v) or clause (v) of Section 1.02(d) above);

 

(vi)          as a recovery of any Yield Maintenance Charge then due and owing under the related REO Mortgage Loan;

 

(vii)         as a recovery of any Default Interest, Excess Interest or late payment charges then due and owing under the related REO Mortgage Loan;

 

(viii)        as a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under the related REO Mortgage Loan; and

 

(ix)          as a recovery of any other amounts then due and owing under the related REO Mortgage Loan.

 

(f)           The applications of amounts received in respect of any Mortgage Loan pursuant to paragraph (d) of this Section 1.02 shall be determined by the Master Servicer in accordance with the Servicing Standard. The applications of amounts received in respect of any Mortgage Loan or any REO Property pursuant to paragraph (e) of this Section 1.02 shall be determined by the Special Servicer in accordance with the Servicing Standard.

 

(g)           All net present value calculations and determinations made hereunder with respect to the Mortgage Loans, the Serviced Companion Loans or a Mortgaged Property or REO Property (including for purposes of the definition of “Servicing Standard”, and including, if and when applicable, with respect to an Outside Serviced Trust Loan or the related Mortgaged Property or any related REO Property) shall be made using the Calculation Rate.

 

(h)           The parties hereto acknowledge that any payments, collections and recoveries received by the parties to the applicable Other Pooling and Servicing Agreement related to an Outside Serviced Trust Loan are required to be allocated by such parties as interest, principal or other amounts in accordance with the terms and conditions of the applicable Other 

 

  

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Pooling and Servicing Agreement, the related Co-Lender Agreement and the related Outside Serviced Trust Loan.

 

Section 1.03     Certain Constructions. (a) For purposes of this Agreement, references to the most or next most subordinate Class of Certificates or Class PEZ Regular Interests outstanding at any time shall mean the most or next most subordinate Class of Certificates or Class PEZ Regular Interest then outstanding as among the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class X-D, Class A-S, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates and the Class A-S, Class B and Class C Regular Interests; provided, however, that for purposes of determining the most subordinate Class of Certificates, in the event that the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB Certificates are the only Classes of Principal Balance Certificates outstanding, the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A and Class X-B Certificates together will be treated as the most subordinate Class of Certificates. For purposes of this Agreement, each Class of Certificates (other than the Class S Certificates, the Class R Certificates and, for purposes of receiving Yield Maintenance Charges, the Class X-B Certificates) and Class PEZ Regular Interest shall be deemed to be outstanding only to the extent its respective Certificate Principal Amount or Notional Amount has not been reduced to zero. For purposes of this Agreement, the Class R Certificates shall be deemed to be outstanding so long as the Trust REMICs have not been terminated pursuant to Section 9.01 of this Agreement.

 

(b)           For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

 

(i)            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;

 

(ii)           references herein to “Articles”, “Sections”, “Subsections”, “Paragraphs” and other subdivisions without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other subdivisions of this Agreement;

 

(iii)          a reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the same Section in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions;

 

(iv)           the words “herein”, “hereof”, “hereunder”, “hereto”, “hereby” and other words of similar import refer to this Agreement as a whole and not to any particular provision; and

 

(v)            the terms “include” or “including” shall mean without limitation by reason of enumeration.

 

  

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ARTICLE II

 

CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

 

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 Citigroup Commercial Mortgage Trust 2015-GC29, 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 all the right, title and interest of the Depositor, including any security interest 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(i)), (and to the extent related to the foregoing) 7, 11, 12, 13, 14, 16, 17, 18 and 23 of each Loan Purchase Agreement, (iii) the FMC Guaranty, (iv) each Co-Lender Agreement, if any, and (v) all Escrow Accounts, Lock-Box Accounts and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. 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 any Outside Serviced Trust Loan is further subject to the terms and conditions of the applicable Other Pooling and Servicing Agreement and the related Co-Lender Agreement. The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and, notwithstanding Section 11.08 of this Agreement, 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 each Mortgage Loan Seller (pursuant to the related 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 (other than with respect to an Outside Serviced Trust Loan) to be delivered, within five (5) Business Days after the Closing Date, to the Master Servicer; provided, however, that copies of any document in the Mortgage File that also constitutes a Designated Servicing Document shall be delivered to the Master Servicer (other than with respect to an Outside Serviced Trust Loan) on or before the Closing Date. 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 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 an Outside Serviced Trust Loan), 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 Certificateholders and, if applicable, the related Serviced Companion Loan Holder that may be required in order for the Master Servicer to draw on such letter of credit on behalf of the Trustee 

 

  

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for the benefit of Certificateholders and, if applicable, the related Serviced Companion Loan Holder in accordance with the applicable terms thereof and/or of the related Loan Documents)) and the applicable Mortgage Loan Seller shall be deemed to have satisfied any delivery requirements of the related 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 Certificateholders and, if applicable, the related Serviced Companion Loan Holder in accordance with the applicable terms thereof and/or of the related Loan Documents, the applicable Mortgage Loan Seller shall deliver the appropriate assignment or amendment documents (or copies of such assignment or 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 90 days of the Closing Date; provided that with respect to the Eastmont Town Center Mortgage Loan, no such assignments shall be made until the earlier of (i) the Eastmont Town Center Controlling Note Securitization Date, in which case such assignments shall be made in accordance with the related Other Pooling and Servicing Agreement, and (ii) the earlier of (A) 180 days after the Closing Date and (B) such time as any such letter of credit is required to be drawn upon by the Master Servicer, in which case such assignments shall be made in favor of the Trustee for the benefit of the Certificateholders and for the benefit of the holder of the related Companion Loan, until the occurrence of the Eastmont Town Center Controlling Note Securitization Date, as the case may be. Contemporaneous with the securitization of the Eastmont Town Center Companion Loan, any such letter of credit shall be assigned to the related Outside Servicer or related Outside Trustee, as applicable, as provided in the related Other Pooling and Servicing Agreement. 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 Certificateholders and, if applicable, the related Serviced Companion Loan Holder 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 Certificateholders and, if applicable, the related Serviced Companion Loan Holder.

 

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 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, the related Mortgage Loan Seller or its designee shall, within 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 

 

  

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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.

 

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.

 

(c)           The Depositor hereby represents and warrants that each Mortgage Loan Seller has covenanted in the applicable Loan Purchase Agreement that it shall record and file, or cause a third party on its behalf to record and file, at the related Mortgage Loan Seller’s expense, in the appropriate public office for real property records or UCC financing statements, as appropriate, 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-2 and UCC-3 assignment referred to in clause (15) of the definition of “Mortgage File”. This subsection (c) shall not apply to any Outside Serviced Trust Loan because the documents referred to herein have been assigned to the related Outside Trustee. Notwithstanding the foregoing, in the case of the Eastmont Town Center Mortgage Loan (prior to its becoming an Outside Serviced Trust Loan), the timing of any recordation of the documents referred to herein shall be governed by the last paragraph of the definition of “Mortgage File” and, following the Eastmont Town Center Controlling Note Securitization Date, if such recordation has been effected, such documents shall be assigned in accordance with the last paragraph of the definition of “Mortgage File”.

 

The Depositor hereby represents and warrants that the applicable Mortgage Loan Seller has covenanted in the related Loan Purchase Agreement as to each Mortgage Loan (exclusive of any Outside Serviced Trust Loan), that if it cannot deliver or cause to be delivered the documents and/or instruments referred to in clauses (2), (3) and (6) (if recorded) and (15) 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-2 and 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 the applicable 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 or its designee shall obtain and provide 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.

 

  

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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 direct the applicable Mortgage Loan Seller (pursuant to the Loan Purchase Agreement) promptly to prepare or cause the preparation of a substitute therefor or to cure such defect, as the case may be, and record or 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, except with respect to the Outside Serviced Trust Loans, the Depositor shall direct the applicable Mortgage Loan Seller (pursuant to the related 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) 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 or any 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) or any related Serviced Companion Loans or for evidencing or enforcing any of the rights of the holder of the Mortgage Loans or any related Serviced Companion Loans or holders of interests therein and (C) are in possession or under control of the applicable Mortgage Loan Seller, together with (ii) all unapplied Escrow Payments and reserve funds in the possession of the applicable Mortgage Loan Seller that relate to such Mortgage Loans and a statement indicating which Escrow Payments and reserve funds are allocable to each Mortgage Loan or any related Serviced Companion Loans, provided that any document, record or item referred to above in clause (i) of this sentence that constitutes a Designated Servicing Document shall be delivered to the Master Servicer on or before the Closing Date; and provided, further, that the applicable Mortgage Loan Seller shall not be required to deliver any draft documents, privileged or other related Mortgage Loan Seller 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, insofar as they also relate to the Serviced Companion Loan, on behalf of and for the benefit of the applicable Serviced Companion Loan Holder). Notwithstanding anything to the contrary, the foregoing provisions of this Section 2.02(d) shall not apply to the Outside Serviced Trust Loans. In addition, attached as Exhibit P to this Agreement is the Supplemental Servicer Schedule.

 

(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 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 Loan Combination, shall also hold the related Mortgage File for the use and benefit of the Serviced Companion Loan Holders.

 

  

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(g)           The parties to this Agreement acknowledge and agree, with respect to the Outside Serviced Trust Loans, that the Trust assumes the obligations and rights of the holder of each Outside Serviced Trust Loan under the respective Co-Lender Agreement and/or Other Pooling and Servicing Agreement.

 

(h)           It is not intended that this Agreement create a partnership or a joint-stock association.

 

Section 2.02     Acceptance by the Trustee, the Custodian and the Certificate Administrator.

 

(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 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 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, if applicable, the Serviced Companion Loan Holders pursuant to Section 2.01(f) of this Agreement. With respect to each Serviced Loan Combination, the Custodian shall also hold the portion of such Mortgage File that relates to the Serviced Companion Loan in such Loan Combination in trust for the use and benefit of the related Serviced Companion Loan Holder. In connection with the foregoing, the Custodian hereby certifies to each of the other parties hereto, the applicable 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, and (ii) the original Note (or, if accompanied by a lost note affidavit, the copy of such Note) received by it with respect to such Mortgage Loan has been reviewed by it 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 exceptions have been removed and (iii) the day on which the applicable Mortgage Loan Seller has repurchased or substituted for the last affected Mortgage Loan), the Custodian shall review the documents delivered to it with respect to each Mortgage Loan, and the Custodian shall, subject to Sections 2.01(c), 2.02(c) and 2.02(d) of this Agreement and the terms of the respective Loan Purchase Agreements, certify in writing (substantially in the form of Exhibit N to this Agreement) to each of the other parties hereto, the applicable Mortgage Loan Seller, each Underwriter and each Initial Purchaser (and upon request, in the case of a Serviced Loan Combination, to the related Serviced Companion Loan Holder) that, as to each Mortgage Loan then subject to this Agreement (except as specifically identified in any exception report annexed to such certification, which exception report shall also be available in electronic format 

 

  

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(including Excel-compatible format) upon request): (i) all documents specified in clauses (1), (2), (3), (4) (other than with respect to an Outside Serviced Trust Loan), (5), (7), (15) and (20) (for any Mortgage Loan that is part of a Loan Combination) of the definition of “Mortgage File” are in its possession or the related Mortgage Loan Seller has otherwise satisfied the delivery requirements in accordance with the related 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 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) and (v)(B) of the definition of “Mortgage Loan Schedule” accurately reflects the information set forth in the Mortgage File. With respect 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. In addition, as it relates to the Outside Serviced Trust Loans, with respect to the items listed in clauses (2), (3), (4) and (6) of the definition of “Mortgage File” because the original of such document will not be in the Custodian’s possession since it will have been delivered to the Outside Trustee in accordance with the applicable Other Pooling and Servicing Agreement, 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 Serviced Companion Loan 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 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 an Outside Serviced Trust Loan), (5), (7), (15) and (20) (for any Mortgage Loan that is part of a Loan Combination) of the definition of “Mortgage File” have 

 

  

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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     Mortgage Loan Sellers’ Repurchase, Substitution or Cures of Mortgage Loans for Document Defects in Mortgage Files and Breaches of Representations and Warranties.

 

(a)           If (i) any party hereto (A) discovers or receives notice alleging that any document 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) discovers or receives notice alleging a breach of any representation or warranty of the applicable Mortgage Loan Seller made pursuant to Section 6(c) of the related Loan Purchase Agreement with respect to any Mortgage Loan (a “Breach”) or (ii) the Special Servicer or the Depositor receives 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 “Repurchase Request”), then such Person shall give prompt written notice thereof to the applicable Mortgage Loan Seller, the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event), the other parties hereto, any related Serviced Companion Loan Holder (if applicable) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider (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(b) 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 Certificateholders 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”, as the case may be. The Special Servicer shall determine, with respect to any affected Mortgage Loan or REO Mortgage Loan, whether a Document Defect is a Material Document Defect or a Breach is a Material Breach. If such Document Defect or Breach has been determined to be a Material Document Defect or Material Breach, then the Special Servicer shall give prompt written notice thereof to the applicable Mortgage Loan Seller, the other parties hereto and the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event). Promptly upon becoming aware of any Material Document Defect or Material Breach, the Special Servicer shall require the applicable Mortgage Loan Seller (and, in the case of the Mortgage Loans sold to the Depositor by FCRE, with simultaneous notice to and demand on FMC, as guarantor of certain of FCRE’s obligations under the FCRE Loan Purchase Agreement, pursuant to the FMC Guaranty) not later than 90 days from the earlier of the applicable Mortgage Loan Seller’s discovery or receipt of notice of, and receipt of a demand to take action with respect to, such Material Document Defect or Material Breach, as the case may be (or, in the case of a Material Document Defect or Material Breach relating to a Mortgage 

 

  

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Loan not being a Qualified Mortgage, not later than 90 days from any party discovering such Material Document Defect or Material Breach, provided that, if it is not the discovering party, the applicable Mortgage Loan Seller receives notice thereof in a timely manner), to cure the same in all material respects (which cure shall include payment of losses and any Additional Trust Fund Expenses associated therewith) or, if such Material Document Defect or Material Breach, as the case may be, cannot be cured within such 90 day period, either to (before the end of such 90-day period) (i) repurchase the affected Mortgage Loan or any related REO Property (or the Trust’s interest therein with respect to any Outside Serviced Trust Loan) at the applicable Purchase Price by wire transfer of immediately available funds to the Collection Account or (ii) substitute a Qualified Substitute Mortgage Loan for such affected Mortgage Loan (provided that in no event shall any such substitution occur on or after 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 Loan Purchase Agreement and this Agreement; provided, however, that if (i) such Material Document Defect or Material Breach is capable of being cured but not within such 90 day period, (ii) such Material Document Defect or Material Breach 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 Document Defect or Material Breach within such 90 day period, then such Mortgage Loan Seller shall have an additional 90 days 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 additional 90 day period, such Mortgage Loan Seller shall deliver an Officer’s Certificate to the Trustee, the Special Servicer and the Certificate Administrator setting forth the reasons such Material Document Defect or Material Breach is not capable of being cured within the initial 90 day period and what actions such Mortgage Loan Seller is pursuing in connection with the cure thereof and stating that such Mortgage Loan Seller anticipates that such Material Document Defect or Material Breach will be cured within such additional 90 day period); and provided, further, that, if any such Material Document Defect is still not cured after the initial 90 day period and any such additional 90 day period solely due to the failure of such Mortgage Loan Seller to have received the recorded document, then such Mortgage Loan Seller shall be entitled to continue to defer its cure, repurchase and substitution obligations in respect of such Document Defect so long as such Mortgage Loan Seller certifies to the Trustee, the Special Servicer and the Certificate Administrator every 30 days thereafter that the Document Defect is still in effect solely because of its failure to have received the recorded document and that such 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 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. Monthly Payments due with respect to each Qualified Substitute Mortgage Loan (if any) after the related Due Date in the month of substitution, and Monthly Payments due with respect to each Mortgage Loan being repurchased or replaced after the related Cut-Off Date and received by the Master Servicer or the Special Servicer on behalf of 

 

  

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the Trust on or prior to the related date of repurchase or substitution, shall be part of the Trust Fund. Monthly 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 Monthly 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 Mortgage Loan Seller effecting the related repurchase or substitution promptly following receipt.

 

If (x) a Mortgage Loan is to be repurchased or replaced as described above (a “Defective Mortgage Loan”), (y) such Defective Mortgage Loan is part of a Cross-Collateralized Group and (z) the applicable Document Defect or Breach does not constitute a Material Document Defect or Material Breach, as the case may be, as to the other Mortgage Loan(s) that are a part of such Cross-Collateralized Group (the “Other Crossed Loans”) (without regard to this paragraph), then the applicable Document Defect or Breach (as the case may be) shall be deemed to constitute a Material Document Defect or Material Breach (as the case may be) as to each such Other Crossed Loan for purposes of the above provisions, and the related Mortgage Loan Seller shall be obligated to repurchase or replace each such Other Crossed Loan in accordance with the provisions above unless, in the case of such Breach or Document Defect:

 

(A)         the related Mortgage Loan Seller (at its expense) delivers or causes to be delivered to the Trustee, the Master Servicer and the Special Servicer an Opinion of Counsel to the effect that such Mortgage Loan Seller’s repurchase or replacement of only those Mortgage Loans as to which a Material Document Defect or Material Breach has actually occurred without regard to the provisions of this paragraph (the “Affected Loan(s)”) and the operation of the remaining provisions of this Section 2.03(a) (i) will not cause either Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under subpart E, part I of subchapter J of the Code for federal income tax purposes at any time that any Certificate is outstanding and (ii) will not result in the imposition of a tax upon either Trust REMIC or the Trust Fund (including but not limited to the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code); and

 

(B)         each of the following conditions would be satisfied if the related Mortgage Loan Seller were to repurchase or replace only the Affected Loans and not the Other Crossed Loans:

 

(1)      the debt service coverage ratio for such Other Crossed Loan(s) (excluding the Affected Loan(s)) for the four calendar quarters immediately preceding the repurchase or replacement is not less than the lesser of (A) 0.10x below the debt service coverage ratio for the Cross-Collateralized Group (including the Affected Loan(s)) set forth in Annex A to the Prospectus Supplement and (B) the debt service coverage ratio for the Cross-Collateralized Group (including the Affected Loan(s)) for the four preceding calendar quarters preceding the repurchase or replacement;

 

  

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(2)      the loan-to-value ratio for the Other Crossed Loans (excluding the Affected Loan(s)) is not greater than the greatest of (A) the loan-to-value ratio, expressed as a whole number percentage (taken to one decimal place), for the Cross-Collateralized Group (including the Affected Loan(s)) set forth in Annex A to the Prospectus Supplement plus 10%, (B) the loan-to-value ratio, expressed as a whole number percentage (taken to one decimal place), for the Cross-Collateralized Group (including the Affected Loan(s)) at the time of repurchase or replacement and (C) 75%; and

 

(3)      either (x) the exercise of remedies against the Primary Collateral of any Mortgage Loan in the Cross-Collateralized Group will not impair the ability to exercise remedies against the Primary Collateral of the other Mortgage Loans in the Cross-Collateralized Group or (y) the Loan Documents evidencing and securing the relevant Mortgage Loans have been modified in a manner that complies with the related Loan Purchase Agreement and this Agreement and that removes any threat of impairment of the ability to exercise remedies against the Primary Collateral of the other Mortgage Loans in the Cross-Collateralized Group as a result of the exercise of remedies against the Primary Collateral of any Mortgage Loan in the Cross-Collateralized Group.

 

The determination of the Master Servicer or the Special Servicer, as applicable, as to whether the conditions set forth above have been satisfied shall be conclusive and binding in the absence of manifest error on the Certificateholders, other parties to this Agreement and the related Mortgage Loan Seller. The Master Servicer or the Special Servicer, as applicable, will be entitled to cause to be delivered, or direct the related Mortgage Loan Seller to cause to be delivered, to the Master Servicer or the Special Servicer, as applicable, an Appraisal of any or all of the related Mortgaged Properties for purposes of determining whether the condition set forth in clause (B)(2) above has been satisfied, in each case at the expense of the related Mortgage Loan Seller if the scope and cost of the Appraisal is approved by the related Mortgage Loan Seller and, prior to the occurrence and continuance of a CCR Control Termination Event, the Controlling Class Representative (such approval not to be unreasonably withheld in each case).

 

With respect to any Defective Mortgage Loan that forms a part of a Cross-Collateralized Group and as to which the conditions described in the second preceding paragraph are satisfied, such that the Trust Fund will continue to hold the Other Crossed Loans, the related Mortgage Loan Seller and the Trustee, as successor to the Depositor, are bound by an agreement (set forth in the related Loan Purchase Agreement) to forbear from enforcing any remedies against the other’s Primary Collateral but each is permitted to exercise remedies against the Primary Collateral securing its respective Mortgage Loans, including with respect to the Trustee, the Primary Collateral securing the Affected Loan(s) still held by the Trustee. If the exercise of remedies by one such party would impair the ability of the other such party to exercise its remedies with respect to the Primary Collateral securing the Affected Loan or the Other Crossed Loans, as the case may be, held by the other such party, then both parties have agreed to forbear from exercising such remedies unless and until the Loan Documents evidencing and securing the relevant Mortgage Loans can be modified in a manner that complies with the related Loan 

 

  

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Purchase Agreement to remove the threat of impairment as a result of the exercise of remedies. Any reserve or other cash collateral or letters of credit securing any of the Mortgage Loans that form a Cross-Collateralized Group shall be allocated between such Mortgage Loans in accordance with the related Loan Documents, or otherwise on a pro rata basis based upon their outstanding Stated Principal Balances. All other terms of the related Mortgage Loans shall remain in full force and effect, without any modification thereof. The provisions of this paragraph shall be binding on all future holders of each Mortgage Loan that forms part of a Cross-Collateralized Group.

 

To the extent necessary and appropriate, the Master Servicer or Special Servicer, as applicable, shall execute (pursuant to a limited power of attorney provided by the Trustee that enables the Master Servicer or Special Servicer, as applicable, to execute) the modification of the Loan Documents that complies with the applicable Loan Purchase Agreement to remove the threat of impairment of the ability of the Mortgage Loan Seller or the Trust Fund to exercise its remedies with respect to the Primary Collateral securing the Mortgage Loan(s) held by such party resulting from the exercise of remedies by the other such party; provided that the Trustee shall not be liable for any misuse of any such power of attorney by the Master Servicer or Special Servicer, as applicable, or any of its agents or subcontractors. The Master Servicer shall advance all costs and expenses incurred by the Trustee, the Special Servicer and the Master Servicer with respect to any Cross-Collateralized Group pursuant to this paragraph and the first, second and third preceding paragraphs, and such advances and interest thereon shall (i) constitute and be reimbursable as Servicing Advances and (ii) be included in the calculation of Purchase Price for the Affected Loan(s) to be repurchased or replaced. Neither the Master Servicer nor the Special Servicer shall be liable to any Certificateholder or any other party hereto if a modification of the Loan Documents described above cannot be effected for any reason beyond the control of the Master Servicer or the Special Servicer or should not be effected as determined by the Master Servicer or Special Servicer, as applicable, in accordance with the Servicing Standard.

 

If the Special Servicer or the Depositor receives a Repurchase Communication of a withdrawal of a Repurchase Request of which notice has been previously received or given and which withdrawal is by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”), such party shall give written notice of such Repurchase Request Withdrawal to the applicable Mortgage Loan Seller, the other parties hereto, the Controlling Class Representative (prior to the occurrence and continuance of a CCR Consultation Termination Event), any Serviced Companion Loan Holder (if applicable) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider (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 Repurchase Request has been repurchased or replaced (a “Repurchase”), or that such 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 Repurchase Request), and the Certificate Administrator (unless it is the party that notified the Special Servicer thereof).

 

  

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Each notice of a Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection required to be given by a party pursuant to this Section 2.03(a) (each, a “Rule 15Ga-1 Notice”) shall be given no later than ten (10) Business Days after receipt of a Repurchase Communication of such 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 Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection was received, as applicable, (iii) if known, the basis for the Repurchase Request (as asserted in the Repurchase Request) and (iv) in the case of Rule 15Ga-1 Notices provided by the Special Servicer with respect to a Repurchase Request, a statement as to whether the Special Servicer currently plans to pursue such Repurchase Request.

 

If the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor or the Custodian receives a Repurchase Communication of a Repurchase Request, a Repurchase Request Withdrawal, a Repurchase or a Repurchase Request Rejection, then such party shall promptly forward such Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection to the Special Servicer (with respect to any Mortgage Loan or REO Mortgage Loan) and, prior to the occurrence and continuance of a CCR Consultation Termination Event, the Controlling Class Representative, and include the following statement in the related correspondence: “This is a Repurchase Communication regarding [a “Repurchase Request”] [a “Repurchase Request Withdrawal”] [a “Repurchase”] [a “Repurchase Request Rejection”] under Section 2.03(a) of the Pooling and Servicing Agreement relating to the Citigroup Commercial Mortgage Trust 2015-GC29 Commercial Mortgage Pass Through Certificates, Series 2015-GC29, requiring action by you as the recipient of such [Repurchase Request] [Repurchase Request Withdrawal] [Repurchase] [Repurchase Request Rejection] thereunder”. Upon receipt of any Repurchase Communication of a 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 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(a) with respect to such Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection.

 

No Person that is required to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(a) (a “Rule 15Ga-1 Notice Provider”) shall be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege or attorney work product doctrines. Each Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant to this Section 2.03(a) is so provided only to assist the related 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 Rule 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.03(a) by a Rule 15Ga-1 Notice Provider in a Rule 15Ga-1 Notice shall be deemed to constitute a waiver or defense to the exercise of any legal right the Rule 15Ga-1 Notice Provider may have with respect to the related Loan Purchase Agreement, including with respect to any Repurchase Request that is the subject of a Rule 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 Loan Purchase Agreement and the FMC Guaranty, which the Master Servicer shall provide to each Sub-Servicer.

 

(b)           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 applicable 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 Loan or for any immediate significant servicing obligation.

 

(c)           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 the applicable 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 Escrow Payments 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 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 or as otherwise reasonably requested to effect the retransfer and reconveyance of the Mortgage Loan and the security thereof to the Mortgage Loan Seller or its designee; provided that such tender by the Trustee shall be conditioned upon its receipt 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 and the Trustee or any of them, the endorsements and assignments contemplated by this Section 2.03(c), and such other instruments as may be necessary or appropriate to transfer title to an REO Property (including with respect to an Outside Serviced Trust Loan) in connection with the repurchase of, or substitution for, an REO Mortgage 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.

 

(d)           The related Loan Purchase Agreement and, if applicable, the FMC Guaranty provide the sole remedies available to the Certificateholders, or the Certificate Administrator or the Trustee on behalf of the Certificateholders, respecting any Document 

 

  

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Defect or Breach with respect to any Mortgage Loan. For purposes of this Agreement, the purchase or replacement by FMC pursuant to the FMC Guaranty of any Mortgage Loan for which FCRE is the related Mortgage Loan Seller shall be deemed a purchase or replacement by FCRE.

 

(e)           The parties to this Agreement acknowledge, with respect to each Outside Serviced Trust Loan, that the related Loan Purchase Agreement provides that if a “material document defect” (as such term or any analogous term is defined in the related Other Pooling and Servicing Agreement) exists under the related Other Pooling and Servicing Agreement with respect to the related Outside Serviced Companion Loan included in the securitization trust created under the related Other Pooling and Servicing Agreement, and such Outside Serviced Companion Loan is repurchased by or on behalf of the related Mortgage Loan Seller (or other responsible repurchasing entity) from the securitization trust created under such Other Pooling and Servicing Agreement as a result of such “material document defect” (as such term or any analogous term is defined in such Other Pooling and Servicing Agreement), then the related Mortgage Loan Seller will be required to repurchase such Outside Serviced Trust Loan; provided, however, that such repurchase obligation does not apply to any “material document defect” (as such term or any analogous term is defined in the related Other Pooling and Servicing Agreement) related to the promissory note for such Outside Serviced Companion Loan.

 

Section 2.04     Representations and Warranties of the Depositor.

 

(a)           The Depositor hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders and the Serviced Companion Loan Holders, and to the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator, as of the Closing Date, 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 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 

 

  

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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 organizational documents 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 pursuant to this Agreement, the Depositor had such right, title and interest in and to each Mortgage Loan as was transferred to it by the related Mortgage Loan Seller pursuant to the related Loan Purchase Agreement;

 

(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 the Mortgage Loan Sellers pursuant to the Loan Purchase Agreements) 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 the Mortgage Loan Sellers pursuant to the Loan Purchase Agreements) to the Trustee for the benefit of the Certificateholders free and clear of any and all liens, pledges, charges, security interests and other encumbrances created by or through the Depositor.

 

  

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(b)           The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects the interests of the Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a CCR Consultation Termination Event, the Controlling Class Representative.

 

Section 2.05     Representations, Warranties and Covenants of the Master Servicer.

 

(a)           The Master Servicer hereby represents and warrants to, and covenants with, the Trustee, for its own benefit and the benefit of the Certificateholders and the Serviced Companion Loan Holders, and to and with the Depositor, the Special Servicer, the Operating Advisor and the Certificate Administrator, 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 jurisdiction in which a 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 violate the Master Servicer’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 material 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 either the ability of the Master Servicer to perform its obligations under this Agreement or the financial condition of the Master Servicer;

 

(iii)          The Master Servicer has the full power and authority to enter into and consummate all transactions to be performed by it as 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 Master Servicer, enforceable against the Master Servicer 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’ (including bank creditors’) rights generally, (B) general principles of equity, 

 

  

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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 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 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 Master Servicer’s good faith and reasonable judgment, is likely to affect materially and adversely 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 that would prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under this Agreement or the financial condition of the Master Servicer;

 

(vii)         Each officer or employee of the Master Servicer that has responsibilities concerning the servicing and administration of Mortgage Loans and the Serviced Companion Loans is covered by errors and omissions insurance in the amounts and with the coverage required by Section 3.08(c) of this Agreement or the Master Servicer self-insures for such errors and omissions coverage in compliance with the requirements of Section 3.08(c) of this Agreement; and

 

(viii)        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 Master Servicer of the transactions contemplated by this Agreement, except for those consents, approvals, authorizations and orders that previously have been obtained and those filings and registrations that previously have been completed and except for consents, approvals, authorizations, orders, filings or registrations which are not required in order for the Master Servicer to enter into this Agreement but may be required (and if so required, will be obtained) in connection with the Master Servicer’s subsequent performance of this Agreement.

 

(b)           The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects the interests of the Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced 

 

  

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Companion Loan Holders and, prior to the occurrence and continuance of a CCR Consultation Termination Event, the Controlling Class Representative.

 

Section 2.06     Representations, Warranties and Covenants of the Special Servicer.

 

(a)           The Special Servicer hereby represents and warrants to, and covenants with, the Trustee, for its own benefit and the benefit of the Certificateholders and the Serviced Companion Loan Holders, and to and with the Depositor, the Master Servicer, the Operating Advisor and the Certificate Administrator, 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 of America, and the Special Servicer is in compliance with the laws of each jurisdiction in which a Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)           The execution and delivery of this Agreement by the Special Servicer, and the performance and compliance with the terms of this Agreement by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents or by-laws or (B) 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 material 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 either the ability of the Special Servicer to perform its obligations under this Agreement or the financial condition of the Special Servicer;

 

(iii)          The Special Servicer has the full power and authority to enter into and consummate all transactions to be performed by it as 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 Special Servicer, enforceable against the Special Servicer 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’ (including bank 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 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 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 

 

  

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authority, which violation, in the Special Servicer’s good faith and reasonable judgment, is likely to affect materially and adversely 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 that would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations under this Agreement or the financial condition of the Special Servicer;

 

(vii)         Each officer or employee of the Special Servicer that has or, following a transfer of servicing responsibilities to the Special Servicer pursuant to Section 3.22 of this Agreement, would have, responsibilities concerning the servicing and administration of Mortgage Loans and Serviced Companion Loans is covered by errors and omissions insurance in the amounts and with the coverage required by Section 3.08(c) of this Agreement or the Special Servicer self-insures for such errors and omissions coverage in compliance with the requirements of Section 3.08(c) of this Agreement; and

 

(viii)        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 Special Servicer of the transactions contemplated by this Agreement, except for those consents, approvals, authorizations and orders that previously have been obtained and those filings and registrations that previously have been completed and except for consents, approvals, authorizations, orders, filings or registrations which are not required in order for the Special Servicer to enter into this Agreement but may be required (and if so required, will be obtained) in connection with the Special Servicer’s subsequent performance of this Agreement.

 

(b)           The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects the interests of the Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a CCR Consultation Termination Event, the Controlling Class Representative.

 

Section 2.07     Representations and Warranties of the Trustee.

 

(a)           The Trustee hereby represents and warrants for the benefit of the Certificateholders, and the Serviced Companion Loan Holders, and to the Depositor, the Master 

 

  

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Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator, as of the Closing Date, that:

 

(i)            The Trustee is a New York banking corporation, duly organized, validly existing and in good standing under the laws of the State of New York; the Trustee possesses and shall continue to possess all requisite authority, power, licenses, permits, franchise and approvals to conduct its business and to execute, deliver and comply with its obligations under this Agreement;

 

(ii)           the execution and delivery of this Agreement by the Trustee and its performance and compliance with the terms of this Agreement will not violate the Trustee’s articles of association or by-laws or shareholders’ resolutions or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material contract, agreement or other instrument to which the Trustee is a party or which may be applicable to the Trustee or any of its assets;

 

(iii)          except to the extent that the laws of any jurisdiction in which a part of the Trust Fund may be located require that a co-trustee or separate trustee be appointed to act with respect to such property as contemplated by Section 8.08 of this Agreement, 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 (A) bankruptcy, insolvency, conservatorship, reorganization, receivership, moratorium or other laws relating to or affecting the rights of creditors 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 Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court or any order, law or regulation of any federal, state, municipal or governmental agency of or in the United States of America having jurisdiction, which violation would have consequences that would materially and adversely affect the condition (financial or other) or operations of the Trustee or its properties or might have consequences that would materially affect the performance of its duties hereunder or thereunder;

 

(vi)          no consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or regulatory agency or body, is required for the execution, delivery and performance by the Trustee of this Agreement or if required, such approval has been obtained prior to the Closing Date; and

 

  

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(vii)         no litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee which would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement.

 

(b)           The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects the interests of the Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a CCR Consultation Termination Event, the Controlling Class Representative.

 

Section 2.08     Representations and Warranties of the Certificate Administrator.

 

(a)           The Certificate Administrator hereby represents and warrants to the Trustee, for its own benefit and for the benefit of the Certificateholders and the Serviced Companion Loan Holders, and to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Trustee, as of the Closing Date, that:

 

(i)            The Certificate Administrator is a national banking association, duly organized, validly existing and in good standing under the laws of the United States of America; the Certificate Administrator possesses and shall continue to possess all requisite authority, power, licenses, permits, franchise and approvals to conduct its business and to execute, deliver and comply with its obligations under this Agreement;

 

(ii)           the execution and delivery of this Agreement by the Certificate Administrator and its performance and compliance with the terms of this Agreement will not violate the Certificate Administrator’s articles of association or by-laws or shareholders’ resolutions or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material contract, agreement or other instrument to which the Certificate Administrator is a party or which may be applicable to the Certificate Administrator or any of its assets;

 

(iii)          the Certificate Administrator has the full power and authority to enter into and consummate the transactions contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

 

(iv)          this Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and binding obligation of the Certificate Administrator, enforceable against it in accordance with the terms of this Agreement, except as such enforcement may be limited by (A) bankruptcy, insolvency, conservatorship, reorganization, receivership, moratorium or other laws relating to or 

 

  

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affecting the rights of creditors 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 Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate Administrator and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court or any order, law or regulation of any federal, state, municipal or governmental agency of or in the United States of America having jurisdiction, which violation would have consequences that would materially and adversely affect the condition (financial or other) or operations of the Certificate Administrator or its properties or might have consequences that would materially affect the performance of its duties hereunder or thereunder;

 

(vi)          no consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or regulatory agency or body, is required for the execution, delivery and performance by the Certificate Administrator of this Agreement or if required, such approval has been obtained prior to the Closing Date; and

 

(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.

 

(b)           The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects the interests of the Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Certificate Administrator in any Mortgage Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a CCR Consultation Termination Event, the Controlling Class Representative.

 

Section 2.09     Representations, Warranties and Covenants of the Operating Advisor.

 

(a)           The Operating Advisor hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders and the Serviced Companion Loan Holders, and to the Depositor, the Master Servicer, the Special Servicer and the Certificate Administrator, as of the Closing Date, that:

 

  

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(i)            The Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of Delaware; and the Operating Advisor is in compliance with the laws of each jurisdiction in which a 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 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;

 

(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; and

 

(vii)         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 

 

  

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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 set forth in paragraph (a) above shall survive the execution and delivery of this Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder) of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects the interests of the Certificateholders or any Serviced Companion Loan Holder, the Master Servicer, the Special Servicer or the Trustee in any Mortgage Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a CCR Consultation Termination Event, the Controlling Class Representative.

 

Section 2.10     Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests.

 

(a)           The Trustee (i) acknowledges the assignment to it of the Mortgage Loans and the delivery of the related Mortgage Files to the Custodian (to the extent the documents constituting the Mortgage Files are actually delivered to the Custodian), subject to the provisions of Sections 2.01 and 2.02 of this Agreement, (ii) concurrently with such delivery described in clause (i), declares that it holds the Mortgage Loans (exclusive of Excess Interest) for the benefit of the Holders of the Class R Certificates (in respect of the Lower-Tier Residual Interest) and the holder(s) of the Lower-Tier Regular Interests, and (iii) concurrently with such delivery described in clause (i), declares that it holds the Excess Interest for the benefit of the Holders of the Excess Interest Certificates. Concurrently with such delivery described in clause (i) of the prior sentence, (i) the Lower-Tier Regular Interests and the Lower-Tier Residual Interest shall be issued, and the Trustee and Certificate Administrator acknowledge the issuance thereof, in exchange for the assets of the Lower-Tier REMIC, (ii) the Depositor hereby conveys all right, title and interest in and to the Lower-Tier Regular Interests and other property constituting the Upper-Tier REMIC to the Trustee, receipt of which is hereby acknowledged, and (iii) the Trustee acknowledges and hereby declares that it holds the same on behalf of the Holders of the Class R Certificates (in respect of the Upper-Tier Residual Interest), the Holders of the Regular Certificates and the holder(s) of the Class PEZ Regular Interests, in exchange for the conveyance described in the immediately preceding clause (ii), (A) the Class PEZ Regular Interests and the Upper-Tier Residual Interest shall be issued, and (B) the Certificate Administrator shall execute and cause to be authenticated and delivered to and upon the order of the Depositor, (1) the Regular Certificates, and (2) the Class R Certificates, representing the Lower-Tier Residual Interest and the Upper-Tier Residual Interest, registered in the names set forth in such order and duly authenticated by the Certificate Administrator. The Certificate Administrator shall execute and cause to be authenticated and delivered to and upon the order of the Depositor, the Excess Interest Certificates in exchange for the Excess Interest.

 

  

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(b)           The Depositor, as of the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without recourse all the right, title and interest of the Depositor in and to the Class PEZ Regular Interests to the Trustee for the benefit of the holders of (i) the Class A-S Certificates (to the extent of the Class A-S Percentage Interest of the Class A-S Regular Interest), (ii) the Class B Certificates (to the extent of the Class B Percentage Interest of the Class B Regular Interest), (iii) the Class C Certificates (to the extent of the Class C Percentage Interest of the Class C Regular Interest) and (iv) the Class PEZ Certificates (to the extent of the applicable Class PEZ Percentage Interest of each of the Class PEZ Regular Interests). The Trustee (i) acknowledges the assignment to it of the Class PEZ Regular Interests and (ii) declares that it holds and will hold the Class PEZ Regular Interests in trust for the exclusive use and benefit of all present and future Holders of the Exchangeable Certificates. The Certificate Administrator shall execute and cause the Authenticating Agent to authenticate and deliver to or upon the order of the Depositor, in exchange for the Class PEZ Regular Interests, the Exchangeable Certificates in authorized Denominations.

 

Section 2.11     Miscellaneous REMIC and Grantor Trust Provisions.

 

(a)            The Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-AB, Class LA-S, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LH Interests are hereby designated as “regular interests” in the Lower-Tier REMIC within the meaning of Code Section 860G(a)(1), and the Lower-Tier Residual Interest (evidenced by the Class R Certificates) is hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC within the meaning of Code Section 860G(a)(2).

 

(b)           The Regular Certificates and the Class PEZ Regular Interests are hereby designated as “regular interests” in the Upper-Tier REMIC within the meaning of Code Section 860G(a)(1), and the Upper-Tier Residual Interest (evidenced by the Class R Certificates) is hereby designated as the sole class of “residual interests” in the Upper-Tier REMIC within the meaning of Code Section 860G(a)(2).

 

(c)           The Closing Date is hereby designated as the “Startup Day” of the Lower-Tier REMIC and the Upper-Tier REMIC. The “latest possible maturity date” for purposes of Code Section 860G(a)(1) of the Lower-Tier Regular Interests, the Regular Certificates and the Class PEZ Regular Interests is the Rated Final Distribution Date.

 

(d)           None of the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator shall enter into any arrangement by which the Trust Fund will receive a fee or other compensation for services other than as specifically contemplated herein.

 

(e)           Each Class of the Grantor Trust Certificates shall represent undivided beneficial interests in its corresponding portion of the Trust Fund consisting of, respectively, the Class A-S Specific Grantor Trust Assets, the Class B Specific Grantor Trust Assets, the Class C Specific Grantor Trust Assets, the Class PEZ Specific Grantor Trust Assets, and the Excess Interest Grantor Trust Assets, each of which portions will be treated as part of a “grantor trust” within the meaning of subpart E, part I of subchapter J of the Code.

 

  

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ARTICLE III

 

ADMINISTRATION AND SERVICING

OF THE MORTGAGE LOANS

 

Section 3.01     Master Servicer to Act as Master Servicer; Administration of the Mortgage Loans; Sub-Servicing Agreements; Outside Serviced Trust Loans.

 

(a)           The Master Servicer (with respect to the Performing Serviced Loans) and the Special Servicer (with respect to the Specially Serviced Loans), each as an independent contractor, shall service and administer the Mortgage Loans (other than the Outside Serviced Trust Loans, which will be serviced, together with the related Outside Serviced Companion Loans, pursuant to the applicable Other Pooling and Servicing Agreement) and the Serviced Companion Loans on behalf of the Trust Fund and the Trustee (for the benefit of the Certificateholders or, with respect to each Serviced Loan Combination, for the benefit of the Certificateholders and the related Serviced Companion Loan Holders as a collective whole as if such Certificateholders and Serviced Companion Loan Holders constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan), subject to the terms and conditions of the related Co-Lender Agreement) as determined in the good faith and reasonable judgment of the Master Servicer or the Special Servicer, as the case may be, in accordance with: (i) any and all applicable laws; (ii) the express terms of this Agreement, the respective Serviced Mortgage Loans or Serviced Loan Combinations and, in the case of the Serviced Loan Combinations, the related Co-Lender Agreement; and (iii) to the extent consistent with the foregoing, the Servicing Standard. To the extent consistent with the foregoing and subject to any express limitations set forth in this Agreement and any related Co-Lender Agreement or mezzanine loan intercreditor agreement, the Master Servicer and Special Servicer shall seek to maximize the timely and complete recovery of principal and interest on the Mortgage Loans (other than the Outside Serviced Trust Loans) and the Serviced Companion Loans. Subject only to the Servicing Standard, the Master Servicer and Special Servicer shall have full power and authority, acting alone or, in the case of the Master Servicer only, through Sub-Servicers (subject to paragraph (c) of this Section 3.01 and to Section 3.02 of this Agreement), to do or cause to be done any and all things in connection with such servicing and administration which it may deem consistent with the Servicing Standard and, in its judgment exercised in accordance with the Servicing Standard, in the best interests of the Certificateholders and, in the case of a Serviced Loan Combination, the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, in the case of a Serviced Loan Combination, the related Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan), subject to the terms and conditions of the related Co-Lender Agreement), including, without limitation, with respect to each Mortgage Loan and Serviced Companion Loan, (A) other than with respect to the Outside Serviced Trust Loans, to prepare, execute and deliver, on behalf of the Certificateholders, the Serviced Companion Loan Holders and the Trustee or any of them: (i) any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien on each Mortgaged Property and related collateral; (ii) subject to Sections 3.07, 3.09, 3.10 and 3.24 of this Agreement, any modifications, waivers, consents or amendments to or with respect to any documents contained in the related Mortgage File or 

 

  

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defeasance of the Mortgage Loan or Serviced Companion Loan; and (iii) any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Mortgage Loan (and related Serviced Companion Loan) or the related Mortgaged Property; and (B) including with respect to the Outside Serviced Trust Loans, to direct, manage, prosecute and/or defend any action, suit or proceeding of any kind filed in the name of the Master Servicer or Special Servicer in their respective capacity on behalf of the Trustee or the Trust. Notwithstanding the foregoing, neither the Master Servicer nor the Special Servicer shall modify, amend, waive or otherwise consent to any change of the terms of any Mortgage Loan, or Serviced Companion Loan except under the circumstances described in Sections 3.07, 3.09, 3.10 and 3.24 of this Agreement or in Section 3.03 of this Agreement. The Master Servicer and Special Servicer shall service and administer the Mortgage Loans (other than the Outside Serviced Trust Loans), the Serviced Companion Loans and each related REO Property in accordance with applicable law and the terms thereof and hereof and the terms of any applicable Co-Lender Agreements and intercreditor agreements and shall provide to the Mortgagors any reports required to be provided to them thereby.

 

Subject to Section 3.11 of this Agreement, the Trustee shall, upon the receipt of a written request of a Servicing Officer, execute and deliver to the Master Servicer or Special Servicer any powers of attorney substantially in the form of Exhibit AA-1 to this Agreement or such other form as mutually agreed to by the Trustee and the Master Servicer (in the case of the Master Servicer) or Exhibit AA-2 to this Agreement or such other form as mutually agreed to by the Trustee and the Special Servicer (in the case of the Special Servicer), as applicable, and other documents reasonably acceptable to the Trustee prepared by the Master Servicer and Special Servicer and necessary or appropriate (as certified in such written request) to enable the Master Servicer and Special Servicer to carry out their servicing and administrative duties hereunder. Notwithstanding anything contained herein to the contrary, none of the Master Servicer, the Special Servicer or any Sub-Servicer shall, without the Trustee’s written consent: (i) initiate any action, suit or proceeding solely under the Trustee’s name without indicating the Master Servicer’s or Special Servicer’s, as applicable, representative capacity, 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 registered to do business in any state. Each of the Master Servicer, the Special Servicer and any Sub-Servicer shall indemnify the Trustee for any and all costs, liabilities and expenses incurred by the Trustee in connection with the negligent or willful misuse of such powers of attorney by the Master Servicer or the Special Servicer or its agents or subcontractors, as applicable.

 

(b)           Unless otherwise provided in the related Loan Documents, the Master Servicer shall apply any partial principal prepayment received on a Serviced Loan on a date other than a Due Date, to the principal balance of such Mortgage Loan as of the Due Date immediately following the date of receipt of such partial principal prepayment. Unless otherwise 

 

  

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provided in the related Loan Documents, the Master Servicer shall apply any amounts received on “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (which shall not be redeemed by the Master Servicer prior to the maturity thereof) in respect of such a Serviced Loan being defeased pursuant to its terms to the principal balance of and interest on such Serviced Loan as of the Due Date immediately following the receipt of such amounts. If with respect to any Serviced Loan the related Loan Documents permit the lender, at its option, prior to an event of default under the related Serviced Loan, to apply amounts held in any reserve account as a prepayment or to hold such amounts in a reserve account, the Master Servicer shall hold such amounts in the applicable reserve account and may not apply such amounts as a prepayment until the occurrence of an event of default under the related Serviced Loan; provided that any such amounts may be used, if permitted under the related Loan Documents, to defease the related Serviced Loan or, upon an event of default under the related Serviced Loan, to prepay the Serviced Loan.

 

(c)           The Master Servicer may enter into Sub-Servicing Agreements with third parties (including a party that has previously been engaged as a Subcontractor) with respect to any of its obligations hereunder, provided that (i) any such agreement shall be consistent with the provisions of this Agreement, (ii) any such agreement shall be consistent with the Servicing Standard, (iii) the Depositor has consented to the related Sub-Servicer, (iv) any such agreement shall provide that, following receipt of the applicable Loan Purchase Agreement from the Depositor, the Master Servicer shall provide a copy of the applicable Loan Purchase Agreement to the related Sub-Servicer, and that such Sub-Servicer shall notify the Master Servicer in writing within five (5) Business Days after such Sub-Servicer discovers or receives notice alleging a Document Defect or a Breach or receives a Repurchase Communication of a Repurchase Request, a Repurchase Request Withdrawal, a Repurchase or a Repurchase Request Rejection; (v) the Master Servicer shall notify the applicable Mortgage Loan Seller of any such agreement; (vi) any assignment of such Sub-Servicing Agreement (other than an assignment to the Master Servicer) shall be subject to the prior written consent of the Depositor (which consent shall not be unreasonably withheld, conditioned or delayed); and (vii) any amendment or modification of such Sub-Servicing Agreement shall be subject to the prior written consent of the Depositor (which consent shall not be unreasonably withheld, conditioned or delayed) if the Master Servicer determines that, as a result of such amendment or modification, the Sub-Servicer would become a “servicer” within the meaning of Item 1101 of Regulation AB that (1) meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB or (2) meets the criteria in Item 1108(a)(2)(iii) of Regulation AB and services 20% or more of the pool assets. Any such Sub-Servicing Agreement may permit the Sub-Servicer to delegate its duties to agents or subcontractors so long as the related agreements or arrangements with such agents or subcontractors are consistent with the provisions of this Section 3.01(c). The Master Servicer shall pay the servicing fees of any Sub-Servicer and shall provide a copy of each Sub-Servicing Agreement (and any assignment thereof) to the Trustee. Any Sub-Servicing Agreement entered into by the Master Servicer shall provide that it may be assumed by the Trustee, if the Trustee has assumed the duties of the Master Servicer or by any successor Master Servicer without cost or obligation to the assuming party or the Trust Fund, upon the assumption by such party of the obligations of the Master Servicer pursuant to Section 7.02. The Special Servicer may not enter into Sub-Servicing Agreements; provided that, if and to the extent Midland Loan Services, a Division of PNC Bank, National Association is terminated as Special Servicer by the Controlling 

 

  

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Class Representative without cause (i.e., not as a result of a Servicer Termination Event) and Midland Loan Services, a Division of PNC Bank, National Association otherwise satisfies all of the eligibility requirements applicable to special servicers contained in this Agreement, Midland Loan Services, a Division of PNC Bank, National Association may be appointed as a sub-special servicer of a successor Special Servicer appointed by the Controlling Class Representative.

 

Any Sub-Servicing Agreement, and any other transactions or services relating to the Mortgage Loans and/or Serviced Loan Combinations involving a Sub-Servicer, shall be deemed to be between the Master Servicer and such Sub-Servicer alone, and the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor, the Trust Fund 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, except as set forth in Section 3.01(d) of this Agreement and no provision herein may be construed so as to require the Trust Fund to indemnify any such Sub-Servicer.

 

(d)           If the Trustee or any successor Master Servicer assumes the obligations of the Master Servicer in accordance with Section 7.02, the Trustee or such successor, as applicable, to the extent necessary to permit the Trustee or such successor, as applicable, to carry out the provisions of Section 7.02, shall, without act or deed on the part of the Trustee or such successor, as applicable, succeed to all of the rights and obligations of the Master Servicer under any Sub-Servicing Agreement entered into by the Master Servicer pursuant to Section 3.01(c) of this Agreement. In such event, the Trustee or the successor Master Servicer, as applicable, shall be deemed to have assumed all of the Master Servicer’s interest therein (but not any liabilities or obligations in respect of acts or omissions of the Master Servicer prior to such deemed assumption) and to have replaced the Master Servicer as a party to such Sub-Servicing Agreement to the same extent as if such Sub-Servicing Agreement had been assigned to the Trustee or such successor Master Servicer, as applicable, except that the Master Servicer shall not thereby be relieved of any liability or obligations under such Sub-Servicing Agreement that accrued prior to the succession of the Trustee or the successor Master Servicer, as applicable.

 

In the event that the Trustee or any successor Master Servicer, assumes the servicing obligations of the Master Servicer, upon request of the Trustee, or such successor Master Servicer, as applicable, the Master Servicer shall at its own expense deliver or cause to be delivered to the Trustee or such successor Master Servicer all documents and records relating to any Sub-Servicing Agreement and the Mortgage Loans then being serviced thereunder and an accounting of amounts collected and held by it, if any, and will otherwise use its reasonable efforts to effect the orderly and efficient transfer of any Sub-Servicing Agreement to the Trustee or the successor Master Servicer, as applicable.

 

(e)           The parties hereto acknowledge that each Serviced Loan Combination is subject to the terms and conditions of the related Co-Lender Agreement and recognize the respective rights and obligations of the Trust, as holder of the related Mortgage Loan, and of the related Serviced Companion Loan Holder under the related Co-Lender Agreement, including: (i) with respect to the allocation of collections on or in respect of such Serviced Loan Combination, and the making of remittances, to the Trust, as holder of the related Mortgage Loan, and to the related Serviced Companion Loan Holder; (ii) with respect to the allocation of expenses and losses relating to such Serviced Loan Combination to the Trust, as holder of the 

 

  

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related Mortgage Loan, and to the related Serviced Companion Loan Holder; (iii) any consultation, consent and Special Servicer appointment rights of the related Serviced Companion Loan Holder or its Companion Loan Holder Representative; (iv) any right of a related Companion Loan Holder to cure certain defaults under the related Serviced Loan Combination; and (v) any right of a related Companion Loan Holder to purchase the related Split Mortgage Loan from the Trust Fund (together with any other related Serviced Pari Passu Companion Loans, if applicable). With respect to any Serviced Loan Combination, the Master Servicer (if such Serviced Loan Combination is a Performing Serviced Loan) or the Special Servicer (if such Serviced Loan Combination has become a Specially Serviced Loan or the related Mortgaged Property has been converted to an REO Property) shall prepare and provide to the related Serviced Companion Loan Holder (or its Companion Loan Holder Representative), or the master servicer or special servicer for the related Other Securitization Trust on its behalf, all notices, reports, statements and communications to be delivered by the holder of the related Mortgage 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 related Mortgage 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 any Co-Lender Agreement for a Serviced Loan Combination 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 a Co-Lender Agreement with respect to a Serviced Pari Passu Loan Combination, the terms of such Co-Lender Agreement shall control with respect to such Serviced Pari Passu Loan Combination.

 

(f)            Notwithstanding anything to the contrary herein, (a) at no time shall the Master Servicer or the Trustee be required to make any P&I Advance on any Companion Loan and (b) if the Mortgage Loan (or the related REO Property) that is part of a Serviced Loan Combination is no longer part of the Trust Fund, neither the Master Servicer nor the Trustee, as the case may be, shall have any obligation to make any Property Advance on such Serviced Loan Combination. If pursuant to the foregoing sentence, the Master Servicer does not intend to make a Property Advance with respect to a Serviced Loan Combination that the Master Servicer would have made if the related Mortgage Loan or REO Property were still part of the Trust Fund, the Master Servicer shall promptly notify the holder of the related Serviced Companion Loan of its intention to no longer make such Property Advances and shall additionally promptly notify such holder of any required Property Advance it would have otherwise made upon becoming aware of the need for such Property Advance. Additionally, at the time the Mortgage Loan relating to a Serviced Loan Combination is removed from the Trust Fund, the Master Servicer shall deliver to the related Serviced Companion Loan Holder (or the master servicer of any securitization of the related Serviced Companion Loan) (i) a copy of the most recent inspection report and the inspection report for the prior calendar year, (ii) copies of all financial statements collected from the related borrower for the most recent calendar year and the prior calendar year, (iii) a copy of the most recent Appraisal and any other Appraisal done in the prior year and (iv) a copy of all tax and insurance bills for the current calendar year and the prior calendar year.

 

(g)           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 

 

  

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respect to each Outside Serviced Trust Loan and each Outside Serviced Companion Loan related to the Outside Serviced Trust Loans are limited by and subject to the terms of the related Co-Lender Agreement and this Agreement and the rights of the related Outside Servicer and the related Outside Special Servicer with respect thereto under the applicable Other Pooling and Servicing Agreement. The parties further recognize the respective rights and obligations of the related Outside Trustee and/or the Outside Serviced Companion Loan Holders (or the representatives thereof) under each respective Co-Lender Agreement including with respect to the allocation of collections on or in respect of an Outside Serviced Loan Combination in accordance with the related Co-Lender Agreement. The Master Servicer shall cooperate with the Certificate Administrator, on behalf of the Trust, in connection with the enforcement of the rights by the Trustee (as holder of the Outside Serviced Trust Loans) under each related Co-Lender Agreement and each applicable Other Pooling and Servicing Agreement. The Master Servicer or Special Servicer, as applicable, (under the power of attorney granted by the Trustee) shall take such actions as it shall deem reasonably necessary to facilitate the servicing of each Outside Serviced Companion Loan by the related Outside Servicer and the related Outside Special Servicer, including, but not limited to, delivering appropriate requests for release to the Custodian (if any) in order to deliver any portion of the related Mortgage Files to the related Outside Servicer or related Outside Special Servicer under the applicable Other Pooling and Servicing Agreement.

 

To the extent that the Trust, as holder of an Outside Serviced Trust Loan for the benefit of the Certificateholders, is entitled to (i) consent to or approve any modification, waiver or amendment of such Outside Serviced Trust Loan or (ii) exercise any consultation rights with respect to “Major Decisions” or “Material Actions” (as defined in the applicable Other Pooling and Servicing Agreement) in connection with such Outside Serviced Trust Loan or any related REO Property, then the following parties (to the extent notified by the appropriate party to the applicable Other Pooling and Servicing Agreement of any matter requiring the exercise of consent, approval or consultation rights) shall actually exercise such consent, approval or consultation rights, and the respective parties to this Agreement shall take such actions as are reasonably necessary to allow the following parties to exercise such consent, approval or consultation rights: (i) the Controlling Class Representative (if no CCR Control Termination Event has occurred and is continuing); and (ii) the Operating Advisor (if a CCR Control Termination Event has occurred and is continuing).

 

In addition to such consent, approval or consultation rights, the Controlling Class Representative (if no CCR Control Termination Event has occurred and is continuing) and the Operating Advisor (if a CCR Control Termination Event has occurred and is continuing), on behalf of the Trust, as holder of each Outside Serviced Trust Loan for the benefit of the Certificateholders, will have the right (exercisable in its sole discretion), to the extent provided in the related Co-Lender Agreement and/or the applicable Other Pooling and Servicing Agreement, to attend (in-person or telephonically) annual meetings with the related Outside Servicer or Outside Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the related Outside Servicer or Outside Special Servicer, as applicable, for the purpose of discussing servicing issues related to such Outside Serviced Loan Combination. For the avoidance of doubt, the foregoing provisions of this paragraph shall not impose any affirmative duties on the Operating Advisor with respect to the Outside Serviced Loan Combinations.

 

  

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None of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian or the Trustee shall have any obligation or authority to supervise any Outside Servicer, any Outside Special Servicer, any Outside Trustee or any other party to the applicable Other Pooling and Servicing Agreement or to make Property Advances with respect to any of the Outside Serviced Trust Loans or a Companion Loan related to an Outside Serviced Trust Loan. The obligation of the Master Servicer and the Special Servicer to provide information to the Trustee or any other Person with respect to the Outside Serviced Trust Loans and any Outside Serviced Companion Loan related to an Outside Serviced Trust Loan is dependent on their receipt of the corresponding information from the related Outside Servicer or the related Outside Special Servicer, as applicable.

 

(h)           The parties hereto acknowledge that each Outside Serviced Loan Combination is subject to the terms and conditions of the respective Co-Lender Agreement and further acknowledge that, pursuant to the respective Co-Lender Agreement, (i) the related Outside Serviced Trust Loan and the related Outside Serviced Companion Loans are to be serviced and administered by the related Outside Servicer and Outside Special Servicer in accordance with the applicable Other Pooling and Servicing Agreement, and (ii) in the event that the applicable Outside Serviced Companion Loan is no longer part of the trust fund created by the applicable Other Pooling and Servicing Agreement and the related Outside Serviced Trust Loan remains an asset of the Trust Fund, then, as set forth in the related Co-Lender Agreement, the related Outside Serviced Loan Combination shall be serviced in accordance with the applicable provisions of the applicable Other Pooling and Servicing Agreement as if such agreement was still in full force and effect with respect to the related Outside Serviced Loan Combination, until such time as a new servicing agreement has been agreed to by the parties to the related 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 and any other requirements applicable to the related Outside Serviced Trust Loan.

 

(i)            The parties hereto acknowledge that each Outside Serviced Trust Loan is subject to the terms and conditions of the related Co-Lender Agreement. With respect to each Outside Serviced Loan Combination, the parties hereto recognize the respective rights and obligations of the related Outside Serviced Loan Combination Noteholders under the related Co-Lender Agreement, including with respect to the allocation of collections and losses on or in respect of the related Outside Serviced Trust Loan and the related Outside Serviced Companion Loan(s) and the making of payments to the related Outside Serviced Loan Combination Noteholders in accordance with the related Co-Lender Agreement and the applicable Other Pooling and Servicing Agreement. The parties hereto further acknowledge that, pursuant to the related Co-Lender Agreement, each Outside Serviced Trust Loan and the related Outside Serviced Companion Loan(s) are to be serviced and administered by the related Outside Servicer and Outside Special Servicer in accordance with the applicable Other Pooling and Servicing Agreement, and that payments allocated to each Outside Serviced Trust Loan and the related Outside Serviced Companion Loans pursuant to the applicable Other Pooling and Servicing Agreement and the related Co-Lender Agreement are to be made by related Outside Servicer. Although each Outside Serviced Trust Loan is not serviced and administered hereunder, the Master Servicer and the Special Servicer hereunder for each such Outside Serviced Trust Loan 

 

  

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shall have certain duties as set forth herein and shall constitute the “Master Servicer” and “Special Servicer” hereunder with respect to each such Outside Serviced Trust Loan.

 

If there are at any time amounts due from the Trust, as holder of an Outside Serviced Trust Loan, to any party under the related Co-Lender Agreement or the applicable Other Pooling and Servicing Agreement, the Master Servicer shall pay such amounts out of the Collection Account. If a party to the applicable Other Pooling and Servicing Agreement related to an Outside Serviced Trust Loan requests the Master Servicer, Special Servicer, Trustee, Certificate Administrator or Custodian to consent to a modification, waiver or amendment of, or other loan-level action related to, such Outside Serviced Trust Loan (except a modification, waiver or amendment of the applicable Other Pooling and Servicing Agreement and/or the related Co-Lender Agreement which shall not be subject to the operation of this sentence but shall instead be subject to the operation of the second succeeding sentence), then the Master Servicer, Special Servicer, Trustee, Certificate Administrator or Custodian, as applicable, shall promptly deliver a copy of such request to the Controlling Class Representative (if no CCR Control Termination Event has occurred and is continuing) or the Operating Advisor (if a CCR Control Termination Event has occurred and is continuing), and the Controlling Class Representative or the Operating Advisor (as applicable) shall exercise such right of consent; provided, however, that, if such Outside Serviced Trust Loan were serviced hereunder and such action would not be permitted without Rating Agency Confirmation, then the Controlling Class Representative or the Operating Advisor (as applicable) shall not exercise such right of consent without first having obtained such Rating Agency Confirmation (payable at the expense of the party making such request for consent or approval to the Master Servicer, Special Servicer, Trustee, Certificate Administrator or Custodian, if applicable, if a Certificateholder or a party to this Agreement, and otherwise from the Collection Account). If a Responsible Officer of the Trustee, Certificate Administrator or Custodian receives actual notice of a termination event under the applicable Other Pooling and Servicing Agreement, then the Trustee, Certificate Administrator or Custodian, as applicable, shall notify the Master Servicer (in writing), and the Master Servicer shall act in accordance with the instructions of (prior to the occurrence of a CCR Control Termination Event) the Controlling Class Representative in accordance with the applicable Other Pooling and Servicing Agreement with respect to such termination event (provided that the Master Servicer shall only be required to comply with such instructions if such instructions are in accordance with the applicable Other Pooling and Servicing Agreement and not inconsistent with this Agreement); provided that, if such instructions are not provided within a reasonable time period (not to exceed ten (10) Business Days or such lesser response time as is afforded under the applicable Other Pooling and Servicing Agreement) or if a CCR Control Termination Event exists or if the Master Servicer is not permitted by the applicable Other Pooling and Servicing Agreement to follow such instructions, then the Master Servicer shall take such action or inaction (to the extent permitted by the applicable Other Pooling and Servicing Agreement), as directed in writing by the Holders of the Certificates evidencing at least 25% of the aggregate of all Voting Rights (such direction to be sought and communicated to the Master Servicer by the Certificate Administrator) within a reasonable period of time that does not exceed such response time as is afforded under the applicable Other Pooling and Servicing Agreement. If the Trustee receives a request (and, if the Master Servicer, Special Servicer or the Certificate Administrator receives such request, such party shall promptly forward such request to the Trustee) from any party to the applicable Other Pooling and Servicing Agreement for consent to or approval of a modification, waiver or amendment of the applicable Other Pooling 

 

  

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and Servicing Agreement and/or the related Co-Lender Agreement, or the adoption of any servicing agreement that is the successor to and/or in replacement of the applicable Other Pooling and Servicing Agreement in effect as of the Closing Date or a change in servicer under the applicable Other Pooling and Servicing Agreement, then the Trustee is hereby directed to, and the Trustee shall, grant such consent or approval if (a) the Trustee shall have received a prior Rating Agency Confirmation from each Rating Agency (payable at the expense of the party making such request for consent or approval to the Trustee, if a Certificateholder or a party to this Agreement, and otherwise from the Collection Account) with respect to such consent or approval, and (b) unless a CCR Control Termination Event has occurred and is continuing, the Trustee shall have obtained the consent of the Controlling Class Representative. During the continuation of any termination event with respect to the related Outside Servicer or Outside Special Servicer under the applicable Other Pooling and Servicing Agreement, each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall have the right (but not the obligation) to take all actions to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of the Trust (including the institution and prosecution of all judicial, administrative and other proceedings and the filings of proofs of claim and debt in connection therewith); provided that, at the direction of the Holders of Certificates evidencing at least 25% of the aggregate of all Voting Rights, the Trustee shall make a request to the related Outside Trustee for the termination of the related Outside Servicer or Outside Special Servicer, as applicable, pursuant to the terms of the applicable Other Pooling and Servicing Agreement or if applicable pursuant to the terms of the applicable Other Pooling and Servicing Agreement with respect to a termination event involving the related Outside Servicer, the appointment of a new sub-servicer with respect to the related Outside Serviced Loan Combination. The reasonable costs and expenses incurred by the Master Servicer, Special Servicer, the Certificate Administrator, or the Trustee in connection with such enforcement shall be paid by the Master Servicer out of the Collection Account. The Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer (each, a “Notifying Party”) shall each promptly forward all material notices or other communications delivered to it in connection with the applicable Other Pooling and Servicing Agreement to each other Notifying Party (unless a Notifying Party has actual knowledge that such other Notifying Party (i) was copied on such original notice or communication or (ii) actually received such notice or communication), the Operating Advisor (if a CCR Control Termination Event exists), the Controlling Class Representative (if a CCR Control Termination Event does not exist) and the Depositor and, if such notice or communication is in the nature of a notice or communication that would be required to be delivered to the Rule 17g-5 Information Provider (for posting to the Rule 17g-5 Information Provider’s Website in accordance with Section 11.13) if the related Outside Serviced Trust Loan were a Mortgage Loan that is serviced and administered under this Agreement, to the Rule 17g-5 Information Provider (who shall promptly post such notice to the Rule 17g-5 Information Provider’s Website in accordance with Section 11.13). Any obligation of the Master Servicer or Special Servicer, as applicable, to provide information and collections to the Trustee, the Certificate Administrator, the Controlling Class Representative and the Certificateholders with respect to any Outside Serviced Trust Loan shall be dependent on its receipt of the corresponding information and collections from the related Outside Servicer or the related Outside Special Servicer. Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall reasonably cooperate with the Controlling Class Representative or the Operating Advisor, as applicable, to facilitate the exercise by the 

 

  

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Controlling Class Representative or the Operating Advisor, as applicable, of any consent, approval or consultation rights set forth in this Section 3.01; provided, however, the Trustee, the Certificate Administrator, the Master Servicer and Special Servicer shall have no right or obligation to exercise any consent or consultation rights or obtain a Rating Agency Confirmation on behalf of the Controlling Class Representative or the Operating Advisor.

 

(j)           With respect to each Outside Serviced Trust Loan, the parties to this Agreement agree as follows:

 

(i)           pursuant to the applicable Other Pooling and Servicing Agreement, the related Outside Servicer is obligated to make “Servicing Advances” or “Property Advances” and incur “Additional Trust Fund Expenses” (as each such term or any analogous term is defined in the applicable Other Pooling and Servicing Agreement) with respect to such Outside Serviced Trust Loan; the Trust shall be responsible for its pro rata share (such pro rata share and the pro rata share of the holder(s) of the related Outside Serviced Companion Loan(s) to be determined based on the respective principal balances of such Outside Serviced Trust Loan and the related Outside Serviced Companion Loan(s)) of any “Nonrecoverable Servicing Advance” or “Nonrecoverable Property Advances” (and advance interest thereon) and any “Additional Trust Fund Expenses” (as each such term or any analogous term is defined in the applicable Other Pooling and Servicing Agreement), but only to the extent that they relate to servicing and administration of such Outside Serviced Trust Loan, including without limitation, any unpaid “Special Servicing Fees,” “Liquidation Fees” and “Workout Fees” (as each such term or any analogous term is defined in the applicable Other Pooling and Servicing Agreement) relating to such Outside Serviced Trust Loan; and in the event that the funds received with respect to the related Outside Serviced Loan Combination are insufficient to cover “Servicing Advances,” “Property Advances” or “Additional Trust Fund Expenses” (as each such term or any analogous term is defined in the applicable Other Pooling and Servicing Agreement) relating to the servicing and administration of the related Outside Serviced Loan Combination, (i) the Master Servicer shall, promptly following notice from the related Outside Servicer, reimburse the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable (such reimbursement, to the extent owed to the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, may be paid by the Master Servicer to the related Outside Servicer, who shall pay such amounts to the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable), out of general funds in the Collection Account for the Trust’s pro rata share (such pro rata share and the pro rata share of the holder(s) of the related Outside Serviced Companion Loan(s) to be determined based on the respective principal balances of such Outside Serviced Trust Loan and the related Outside Serviced Companion Loan(s)) of any such “Nonrecoverable Servicing Advance,” “Nonrecoverable Property Advances” and/or “Additional Trust Fund Expenses” (as each such term or any analogous term is defined in the applicable Other Pooling and Servicing Agreement), and (ii) if the applicable Other Pooling and Servicing Agreement permits the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee to reimburse itself from the related Outside 

 

  

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Securitization Trust’s general account, then the parties to this Agreement hereby acknowledge and agree that the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable, may do so and the Master Servicer shall be required to, promptly following notice from the related Outside Servicer, reimburse the related Outside Securitization Trust out of general funds in the Collection Account for the Trust’s pro rata share (such pro rata share and the pro rata share of the holder(s) of the related Outside Serviced Companion Loan(s) to be determined based on the respective principal balances of such Outside Serviced Trust Loan and the related Outside Serviced Companion Loan(s)) of any such “Nonrecoverable Servicing Advance,” “Nonrecoverable Property Advances” and/or “Additional Trust Fund Expenses” (as each such term or any analogous term is defined in the applicable Other Pooling and Servicing Agreement) relating to the servicing and administration of such Outside Serviced Loan Combination;

 

(ii)           With respect to each Outside Serviced Trust Loan, each of (i) (as and to the same extent the related Outside Securitization Trust is required to indemnify each of the following parties in respect of other mortgage loans in the related Outside Securitization Trust pursuant to the terms of the applicable Other Pooling and Servicing Agreement) the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator, the related Outside Trustee, the related Outside Operating Advisor and the related Other Depositor (and any director, officer, employee or agent of any of the foregoing, to the extent such parties are identified as “Indemnified Parties” in the applicable Other Pooling and Servicing Agreement in respect of other mortgages included in related Outside Securitization Trust) and (ii) the related Outside Securitization Trust (such parties in clause (i) and the related Outside Securitization Trust, collectively, the “Pari Passu Indemnified Parties”) shall be indemnified against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with the servicing and administration of such Outside Serviced Trust Loan and the related Mortgaged Property (or, with respect to the related Outside Operating Advisor, incurred in connection with the provision of services for such Outside Serviced Trust Loan) under the applicable Other Pooling and Servicing Agreement (collectively, the “Pari Passu Indemnified Items”) to the extent of the Trust’s pro rata share (such pro rata share and the pro rata share of the holder(s) of the related Outside Serviced Companion Loan(s) to be determined based on the respective principal balances of such Outside Serviced Trust Loan and the related Outside Serviced Companion Loan(s)) of such Pari Passu Indemnified Items, and to the extent amounts on deposit in the “Serviced Loan Combination Collection Account”, “Serviced Pari Passu Companion Loan Custodial Account” or “Whole Loan Custodial Account” (as each such term or any analogous term is defined in the applicable Other Pooling and Servicing Agreement), as applicable, maintained pursuant to the applicable Other Pooling and Servicing Agreement that are allocated to the Outside Serviced Trust Loan are insufficient for reimbursement of such amounts, such Indemnified Party shall be entitled to be reimbursed by the Trust (including out of general collections in the Collection Account) for the Trust’s pro rata share of the insufficiency;

 

  

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(iii)         To the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any Co-Lender Agreement for an Outside Serviced Loan Combination 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 inconsistency between the provisions of this Agreement and any Outside Serviced Co-Lender Agreement, such Outside Serviced Co-Lender Agreement shall prevail, 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 Outside Serviced Co-Lender Agreement, that would cause the Master Servicer or the Special Servicer, as the case may be, to violate the Servicing Standard or REMIC Provisions; and

 

(iv)         each Outside Servicer, each Outside Special Servicer and each Outside Securitization Trust shall be third party beneficiaries of this Section 3.01(j).

 

(k)          To the extent required under any Loan Documents, the Master Servicer shall, on behalf of the related lender, maintain a Note register for the related Mortgage Loan in accordance with such Loan Documents.

 

(l)            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 (for the purposes of this clause (l), “Applicable Laws”), the Master Servicer may be required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Master Servicer. Accordingly, each of the parties hereto agrees to provide to the Master Servicer, upon its reasonable request, from time to time such identifying information and documentation as may be readily available to such party in order to enable the Master Servicer to comply with Applicable Laws; provided that the Master Servicer shall be responsible for all reasonable actual out-of-pocket expenses incurred by such party in connection therewith.

 

Section 3.02     Liability of the Master Servicer. Notwithstanding any Sub-Servicing Agreement, any of the provisions of this Agreement relating to agreements or arrangements between the Master Servicer and any Person acting as Sub-Servicer (or its agents or subcontractors) or any reference to actions taken through any Person acting as Sub-Servicer or otherwise, the Master Servicer shall remain obligated and primarily liable for the servicing and administering of the Mortgage Loans (other than the Outside Serviced Trust Loans) and the Serviced Companion Loan in accordance with the provisions of this Agreement without diminution of such obligation or liability by virtue of such Sub-Servicing Agreements or arrangements or by virtue of indemnification from any Person acting as Sub-Servicer (or its agents or subcontractors) to the same extent and under the same terms and conditions as if the Master Servicer alone were servicing and administering the Mortgage Loans (other than the Outside Serviced Trust Loans) and the Serviced Companion Loan. The Master Servicer shall be entitled to enter into an agreement with any Sub-Servicer providing for indemnification of the Master Servicer by such Sub-Servicer, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification, but no such agreement for indemnification shall be deemed to limit or modify this Agreement.

 

  

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Section 3.03     Collection of Certain Mortgage Loan Payments.

 

(a)           The Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans), as applicable, shall use commercially reasonable efforts in accordance with the Servicing Standard to collect all payments called for under the terms and provisions of the Serviced Loans it is obligated to service hereunder (including Special Servicing Fees (in the case of the Special Servicer only), Workout Fees, Liquidation Fees (in the case of the Special Servicer only) and any other fees payable to the Master Servicer or the Special Servicer if and to the extent the related Loan Documents require the related Mortgagor to pay such fees), and shall follow the Servicing Standard with respect to such collection procedures; provided that, with respect to any ARD Mortgage Loan, so long as the related Mortgagor is in compliance with each provision of the related Loan Documents, the Master Servicer and the Special Servicer shall not take any enforcement action with respect to the failure of the related Mortgagor to make any payment of Excess Interest, other than requests for collection, until the Maturity Date of any ARD Mortgage Loan or until the outstanding principal balance of such ARD Mortgage Loan (exclusive of any portion representing accrued Excess Interest) has been paid in full); provided, further, that, with respect to any ARD Mortgage Loan, the Master Servicer or Special Servicer, as the case may be, may take action to enforce the Trust Fund’s right to apply excess cash flow to principal in accordance with the terms of the Loan Documents. For clarification, no obligation of the Master Servicer or the Special Servicer to use commercially reasonable efforts to collect fees from the related Mortgagor will change the obligation of the Master Servicer to pay such fees from general collections or other proceeds in accordance with Section 3.06(a) and Section 3.06A(a) of this Agreement, whether or not such Special Servicing Fees, Workout Fees or Liquidation Fees are collected from or paid by the related Mortgagor. The Master Servicer, with respect to the Performing Serviced Loans, and the Special Servicer, with respect to the Specially Serviced Loans, shall use its reasonable efforts to collect income statements, rent rolls and other reporting information from Mortgagors (as required under the related Loan Documents). Consistent with the foregoing, the Master Servicer (with respect to Performing Serviced Loans) or Special Servicer (with respect to Specially Serviced Loans), as applicable, may in its discretion waive any Penalty Charges in connection with any delinquent Monthly Payment with respect to any Mortgage Loan (other than an Outside Serviced Trust Loan) or Serviced Companion Loan. In addition, the Master Servicer shall be entitled to take such actions with respect to the collection of payments on the Mortgage Loans (other than the Outside Serviced Trust Loans) and the Serviced Companion Loan as are permitted or required under Section 3.21 of this Agreement.

 

(b)           If there is any ARD Mortgage Loan included in the Trust Fund, and if the Master Servicer receives Excess Interest directly from the related Mortgagor or through the Special Servicer, which Excess Interest was collected during the Prepayment Period for any Distribution Date, or receives notice from the related Mortgagor that the Master Servicer will be receiving Excess Interest during the Prepayment Period for any Distribution Date, then the Master Servicer shall notify the Certificate Administrator no later than two Business Days prior to such Distribution Date by means of a clearly labeled item in the CREFC® Loan Periodic Update File. None of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall be responsible for any failure of the related Mortgagor to pay any such Excess Interest. The preceding statements shall not, however, be construed to limit the provisions of Section 3.03(a) of this Agreement.

 

  

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(c)            With respect to each Outside Serviced Trust Loan, the Certificate Administrator shall deliver to the related Outside Trustee, the related Outside Certificate Administrator, the related Outside Special Servicer, the related Outside Servicer and the related Outside Operating Advisor (A) promptly following the Closing Date (and, in the case of the Eastmont Town Center Mortgage Loan and the 3 Columbus Circle Mortgage Loan, as applicable, promptly upon the Certificate Administrator’s receipt of notice of the Eastmont Town Center Controlling Note Securitization Date or the 3 Columbus Circle Controlling Note Securitization Date, as applicable), written notice in the form of Exhibit FF attached hereto stating that, as of the Closing Date (or the the Eastmont Town Center Controlling Note Securitization Date or the 3 Columbus Circle Controlling Note Securitization Date, as applicable ), the Trustee is the holder of such Outside Serviced Trust Loan and directing each such recipient 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 Outside Serviced Trust Loan under the related Co-Lender Agreement and the applicable Other Pooling and Servicing Agreement (which notice shall also provide contact information for the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and each party designated to exercise the rights of the “Non-Controlling Note Holder” under the related Co-Lender Agreement), accompanied by a copy of an executed version of this Agreement, and (B) notice of any subsequent change in the identity of the Master Servicer or any party designated to exercise the rights of the “Non-Controlling Note Holder” under the related Co-Lender Agreement (together with the relevant contact information). The Master Servicer shall, within one (1) Business Day of receipt of properly identified funds, deposit into the Collection Account all amounts received with respect to each Outside Serviced Trust Loan, the Mortgaged Property related to each Outside Serviced Trust Loan or any related REO Property; 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 deposit such amounts into the Collection Account within one (1) Business Day of receipt of such amounts but, in any event, the Master Servicer shall deposit such amounts into the Collection Account within two (2) Business Days of receipt of such amounts.

 

(d)           With respect to each Outside Serviced Trust Loan, if the Master Servicer does not receive from the related Outside Servicer any Monthly Payment or other amounts known by the Master Servicer to be owing on such Outside Serviced Trust Loan in accordance with the terms of the applicable Other Pooling and Servicing Agreement and/or the related Co-Lender Agreement, then the Master Servicer shall provide notice of such failure to the related Outside Servicer and the related Outside Trustee.

 

Section 3.04     Collection of Taxes, Assessments and Similar Items; Escrow Accounts.

 

(a)           With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills for the payment of such items 

 

  

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(including renewal premiums), and (ii) effect payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Trust Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Trust Loan) notwithstanding that the Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) 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 (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan)). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.

 

(b)           The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement and any Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Mortgage Loan requires or permits it to be held in an account that is not an Eligible Account) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Deutsche Bank Trust Company Americas, as Trustee for the 

 

  

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benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, the Serviced Companion Loan Holders, and Various Mortgagors.” Withdrawals from an Escrow Account may be made by the Master Servicer only:

 

(i)            to effect timely payments of items constituting Escrow Payments for the related Loan Documents and in accordance with the terms of the related Mortgage Loan or Serviced Loan Combination, as applicable;

 

(ii)           to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or Serviced Loan Combination, as applicable, which represent late collections of Escrow Payments thereunder;

 

(iii)          for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination, as applicable, and the Servicing Standard;

 

(iv)          to clear and terminate such Escrow Account upon the termination of this Agreement;

 

(v)           to pay from time to time to the related Mortgagor (a) any interest or investment income earned on funds deposited in the Escrow Account if such income is required to be paid to the related Mortgagor under law or by the terms of the Mortgage Loan or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant to the related Loan Documents; and

 

(vi)          to remove any funds deposited in an Escrow Account that were not required to be deposited therein.

 

(c)           In the event any Loan Documents permit the lender, at the discretion of the lender, to use letters of credit and/or cash reserves to prepay the related Mortgage Loan prior to the Maturity Date and in the absence of an event of default or acceleration of the Mortgage Loan, then the Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit such discretion.

 

(d)           To the extent that (i) an operations and maintenance plan is required to be established and executed pursuant to the terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in accordance with the Servicing Standard (which determination may be made on the basis of inquiry to the Mortgagor and this sentence shall in no event be construed to require a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all deliveries required to be made to Master Servicer under the related Loan Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure) 

 

  

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whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or Serviced Loan Combination as of the date required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of an applicable Consultation Termination Event, the related Directing Holder within a reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.

 

Section 3.05     Collection Account; Distribution Accounts; and Excess Liquidation Proceeds Reserve Account; and Excess Interest Distribution Account.

 

(a)           The Master Servicer shall establish and maintain the Collection Account in the Master Servicer’s name on behalf of the Trustee, for the benefit of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular Interests. The Collection Account shall be established and maintained as an Eligible Account. Amounts attributable to the Mortgage Loans (other than the Excess Interest) will be assets of the Lower Tier REMIC. As and when required under this Agreement, the Master Servicer shall transfer to the Collection Account any amounts to be transferred thereto from a Loan Combination Custodial Account as contemplated by Section 3.06A(a)(i) of this Agreement, and the Master Servicer shall deposit in the Collection Account any amounts required to be deposited therein pursuant to Section 3.07(b) of this Agreement in connection with net losses realized on Permitted Investments with respect to funds held in the Collection Account. In addition, the Master Servicer shall deposit or cause to be deposited in the Collection Account, within one (1) Business Day following receipt of properly identified funds, (x) all Net Liquidation Proceeds received on or with respect to a Mortgage Loan related to a Serviced Loan Combination in connection with any of the events described in clauses (iii) and (iv) of the definition of “Liquidation Event” in this Agreement, and (y) without duplication, the following payments and collections received or made by it on or with respect to the Mortgage Loans (other than any Mortgage Loan related to a Serviced Loan Combination):

 

(i)            all payments on account of principal on such Mortgage Loans, including the principal component of Unscheduled Payments;

 

(ii)           all payments on account of interest on such Mortgage Loans (including Excess Interest);

 

(iii)          all Yield Maintenance Charges on such Mortgage Loans;

 

(iv)         all amounts with respect to any related REO Property transferred to the Collection Account, or to the Master Servicer for deposit in the Collection Account, from an REO Account pursuant to Section 3.16(b) of this Agreement;

 

(v)          all Net Insurance Proceeds, Net Condemnation and Net Liquidation Proceeds with respect to such Mortgage Loans;

 

(vi)         any amounts received from Mortgagors under such Mortgage Loans that represent (A) recoveries of Property Protection Expenses, (B) any recovery of Unliquidated Advances with respect to such Mortgage Loans, or (C) any other 

 

  

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reimbursements in accordance with the related Loan Documents, in each case to the extent not permitted to be retained by the Master Servicer as provided herein; and

 

(vii)        any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Master Servicer or Special Servicer, including pursuant to Section 2.03 and Section 3.03(c) of this Agreement;

 

provided, however, that to the extent any amounts referred to in clauses (x) or (y) above of this Section 3.05(a) are received after 2:00 p.m. Eastern time on any given Business Day, the Master Servicer shall use commercially reasonable efforts to deposit such amounts into the Collection Account within one (1) Business Day of receipt thereof but, in any event, the Master Servicer shall deposit such amounts into the Collection Account within two (2) Business Days of receipt thereof).

 

The foregoing requirements for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, to the extent provided herein, Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees and defeasance fees need not be deposited in the Collection Account by the Master Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special Servicer, as applicable, shall be entitled to retain any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees and/or defeasance fees received with respect to such Mortgage Loans in accordance with Section 3.12 of this Agreement; provided that if the Master Servicer or the Special Servicer, as applicable, receives any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees and/or defeasance fees in excess of the percentage of such fees to which it is entitled pursuant to Section 3.12(a) (in the case of the Master Servicer) or Section 3.12(c) (in the case of the Special Servicer), then it shall remit to the other party (i.e. the Special Servicer (if Master Servicer has received the excess percentage of such fees) or the Master Servicer (if Special Servicer has received the excess percentage of such fees), as applicable) the percentage of such fees to which such other party is entitled pursuant to Section 3.12(a) or Section 3.12(c), as applicable. The Master Servicer and the Special Servicer shall not deposit any Modification Fees received by the Master Servicer or the Special Servicer, as applicable, with respect to any Mortgage Loan into the Collection Account and shall instead apply such fees in accordance with Section 3.14 of this Agreement. In the event that the Master Servicer deposits in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall give written notice to the Certificate Administrator and the Special Servicer of the location and account number of the Collection Account and shall notify the Certificate Administrator and the Special Servicer in writing of any subsequent change thereof.

 

Upon receipt of any of the amounts described in clauses (i) through (vii) of the last sentence of the second preceding paragraph with respect to a Mortgage Loan (other than a Mortgage Loan related to a Serviced Loan Combination), the Special Servicer shall promptly, but in no event later than one (1) Business Day after receipt, remit such amounts to the Master Servicer for deposit into the Collection Account in accordance with the second preceding paragraph, unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate 

 

  

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reason. With respect to any such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse such check to the order of the Master Servicer, unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item cannot be so endorsed and delivered because of a restrictive endorsement or other appropriate reason. Any such amounts received by the Special Servicer with respect to an REO Property that relates to any Mortgage Loan (other than a Mortgage Loan related to a Serviced Loan Combination) shall initially be deposited by the Special Servicer into the related REO Account (or, at the option of the Special Servicer, remitted by the applicable property manager directly to the Master Servicer) and thereafter remitted to the Master Servicer for deposit into the Collection Account, all in accordance with Section 3.16 of this Agreement.

 

(b)           The Certificate Administrator shall establish and maintain the Lower-Tier Distribution Account and the Upper-Tier Distribution Account in the name of the Certificate Administrator on behalf of the Trustee, for the benefit of the Certificateholders. Each of the Distribution Accounts shall be non-interest bearing and shall be established and maintained as Eligible Accounts or as sub-accounts of a single Eligible Account. With respect to each Distribution Date, on or before such Distribution Date, the Certificate Administrator shall be deemed to make or shall make the withdrawals from the Lower-Tier Distribution Account, as set forth in Section 4.01 of this Agreement, shall be deemed to make the deposits into the Lower-Tier Distribution Account and the Upper-Tier Distribution Account, as set forth in Section 4.01 hereof, and shall cause the amount of Available Funds (including P&I Advances) and Yield Maintenance Charges to be distributed in respect of the Certificates, pursuant to Section 4.01 hereof on such date.

 

(c)           The Certificate Administrator shall establish (upon receipt of written notice that an event that generates Excess Liquidation Proceeds has occurred) and maintain the Excess Liquidation Proceeds Reserve Account in the name of the Certificate Administrator on behalf of the Trustee for the benefit of the Certificateholders. The Excess Liquidation Proceeds Reserve Account shall be non-interest bearing and shall be maintained separate and apart from trust funds for mortgage pass-through certificates of other series administered by the Certificate Administrator and other accounts of the Certificate Administrator.

 

Upon the disposition of any REO Property in accordance with Section 3.17 of this Agreement, the Special Servicer shall calculate the Excess Liquidation Proceeds, if any, realized in connection with such sale and remit to the Certificate Administrator such amount for deposit in the Excess Liquidation Proceeds Reserve Account. Amounts held in the Excess Liquidation Proceeds Reserve Account on each Distribution Date that exceed amounts reasonably anticipated to be required to offset possible future Realized Losses, as determined by the Special Servicer, and all amounts held in the Excess Liquidation Proceeds Reserve Account on the final Distribution Date, in each case after application in accordance with Section 4.01(d)(i) of this Agreement, shall be distributed to the Holders of the Class R Certificates in respect of the Lower-Tier Residual Interest.

 

(d)           The Certificate Administrator shall establish and maintain the Exchangeable Distribution Account in the name of the Certificate Administrator on behalf of the Trustee, for the benefit of the Holders of the Exchangeable Certificates. The Exchangeable Distribution Account shall be non-interest bearing and shall be established and maintained as an 

 

  

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Eligible Account or as a sub-account of an Eligible Account. The Certificate Administrator shall make or be deemed to have made deposits in and withdrawals from the Exchangeable Distribution Account in accordance with Article IV of this Agreement.

 

(e)           Prior to the Master Servicer Remittance Date immediately following the end of the first Prepayment Period during which Excess Interest is received on any ARD Mortgage Loan, and upon notification from the Master Servicer pursuant to Section 3.03(b) of this Agreement, the Certificate Administrator shall establish and maintain the Excess Interest Distribution Account in the name of the Certificate Administrator on behalf of the Trustee, for the benefit of the Holders of the Excess Interest Certificates (if applicable). The Excess Interest Distribution Account shall be non-interest bearing and shall be established and maintained as an Eligible Account (or as a subaccount of an Eligible Account). With respect to each Distribution Date, the Master Servicer shall withdraw from the Collection Account and remit to the Certificate Administrator on the applicable Master Servicer Remittance Date for deposit in the Excess Interest Distribution Account an amount equal to the Excess Interest received during the applicable Prepayment Period.

 

The Certificate Administrator shall, on any Distribution Date, make withdrawals from the Excess Interest Distribution Account to the extent required to make the distributions of Excess Interest required by Section 4.01(m) of this Agreement.

 

Following the distribution of Excess Interest to the Holders of the Excess Interest Certificates on the first Distribution Date after which there are no longer any ARD Mortgage Loans outstanding, the Certificate Administrator may terminate the Excess Interest Distribution Account.

 

(f)           Notwithstanding anything to the contrary herein, each Distribution Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Excess Liquidation Proceeds Reserve Account and the Interest Reserve Account may all be sub-accounts of a single Eligible Account; provided that each of them shall be treated as a separate account for purposes of deposits and withdrawals under this Agreement.

 

Section 3.05A.     Loan Combination Custodial Account.

 

(a)           The Master Servicer shall establish and maintain, with respect to each Serviced Loan Combination (if any), one or more separate accounts, which may be sub-accounts of a single account (with respect to each Serviced Loan Combination, the “Loan Combination Custodial Account”) in which the amounts described in clauses (i) through (viii) below shall be deposited and held in the name of the Master Servicer on behalf of the Trustee for the benefit of the Certificateholders and the related Serviced Companion Loan Holder, as their interests may appear; provided that a Loan Combination Custodial Account may be a sub-account of the Collection Account or another Loan Combination Custodial Account (but shall be deemed to be a separate account for purposes of applying the terms of this Agreement). Each of the Loan Combination Custodial Accounts shall be an Eligible Account or a subaccount of an Eligible Account. The Master Servicer shall deposit or cause to be deposited in each Loan Combination Custodial Account, within one Business Day following receipt of properly identified funds (or, in the case of payments by the Master Servicer, when otherwise required to be so deposited 

 

  

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under this Agreement), the following payments and collections received or made by it on or with respect to the related Serviced Loan Combination:

 

(i)           all payments on account of principal on the related Serviced Loan Combination, including the principal component of Unscheduled Payments;

 

(ii)           all payments on account of interest on the related Serviced Loan Combination;

 

(iii)          all Yield Maintenance Charges on the related Serviced Loan Combination;

 

(iv)         any amounts required to be deposited pursuant to Section 3.07(b) of this Agreement in connection with net losses realized on Permitted Investments with respect to funds held in such Loan Combination Custodial Account;

 

(v)          all amounts with respect to any REO Property acquired in respect of the related Serviced Loan Combination transferred to such Loan Combination Custodial Account, or the Master Servicer for deposit in such Loan Combination Custodial Account, from the related REO Account pursuant to Section 3.16(b) of this Agreement;

 

(vi)         all Net Condemnation Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds with respect to the related Serviced Loan Combination (other than any Net Liquidation Proceeds received on or in respect of the related Mortgage Loan in connection with any of the events described in clauses (iii) and (iv) of the definition of “Liquidation Event” in this Agreement);

 

(vii)        any amounts received from the Mortgagor under the related Serviced Loan Combination that represent (A) recoveries of Property Protection Expenses, or (B) any other reimbursements in accordance with the related Loan Documents, in each case to the extent not permitted to be retained by the Master Servicer as provided herein; and

 

(viii)       any other amounts required by the provisions of this Agreement to be deposited into such Loan Combination Custodial Account by the Master Servicer or Special Servicer, including any recovery of any Unliquidated Advances;

 

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 deposit such amounts into the Collection Account within one (1) Business Day of receipt thereof but, in any event, the Master Servicer shall deposit such amounts into the Collection Account within two (2) Business Days of receipt thereof)

 

(b)           The foregoing requirements for deposits in each Loan Combination Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, to the extent provided herein, Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees and defeasance fees need not be deposited in such Loan Combination Custodial Account by the Master Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special Servicer, as applicable, shall be entitled to retain any such Ancillary Fees, Consent Fees, 

 

  

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Assumption Fees, assumption application fees and/or defeasance fees received with respect to the Serviced Loan Combinations in accordance with Section 3.12 of this Agreement; provided that if the Master Servicer or the Special Servicer, as applicable, receives any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees and/or defeasance fees in excess of the percentage of such fees to which it is entitled pursuant to Section 3.12(a) (in the case of the Master Servicer) or Section 3.12(c) (in the case of the Special Servicer), then it shall remit to the other party (i.e. the Special Servicer (if Master Servicer has received the excess percentage of such fees) or the Master Servicer (if Special Servicer has received the excess percentage of such fees), as applicable) the percentage of such fees to which such other party is entitled pursuant to Section 3.12(a) or Section 3.12(c), as applicable. The Master Servicer and the Special Servicer shall not deposit any Modification Fees received by the Master Servicer or the Special Servicer, as applicable, with respect to any Serviced Loan Combination into the related Loan Combination Custodial Account and shall instead apply such fees (except to the extent not permitted under the related Co-Lender Agreement) in accordance with Section 3.14 of this Agreement. In the event that the Master Servicer deposits in a Loan Combination Custodial Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Loan Combination Custodial Account, any provision herein to the contrary notwithstanding. The Master Servicer shall give written notice to the Certificate Administrator, the related Serviced Companion Loan Holders and the Special Servicer of the location and account number of each Loan Combination Custodial Account and shall notify the Certificate Administrator, the related Serviced Companion Loan Holder and the Special Servicer in writing of any subsequent change thereof. Each Loan Combination Custodial Account shall be maintained as a segregated account (or sub-account of such segregated account), separate and apart from trust funds created for mortgage backed securities of other series and the other accounts of the Master Servicer.

 

(c)           Upon receipt of any of the amounts described in clauses (i) through (viii) of Section 3.05A(a) with respect to a Serviced Loan Combination, the Special Servicer shall promptly, but in no event later than one Business Day after receipt, remit such amounts to the Master Servicer for deposit into the Loan Combination Custodial Account in accordance with Section 3.05A(a), unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason. With respect to any such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse such check to the order of the Master Servicer, unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item cannot be so endorsed and delivered because of a restrictive endorsement or other appropriate reason. Any such amounts received by the Special Servicer with respect to an REO Property that relates to a Serviced Loan Combination shall initially be deposited by the Special Servicer into the related REO Account (or, at the option of the Special Servicer, remitted by the applicable property manager directly to the Master Servicer) and thereafter remitted to the Master Servicer for deposit into the related Loan Combination Custodial Account, all in accordance with Section 3.17 of this Agreement.

 

Section 3.06     Permitted Withdrawals From the Collection Account.

 

(a)           The Master Servicer may make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority for such 

 

  

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withdrawals), subject to the application of Penalty Charges and Modification Fees in accordance with the related Co-Lender Agreement and Section 3.14 of this Agreement:

 

(i)            to remit to the Certificate Administrator for deposit in the Lower-Tier Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited in such accounts pursuant to Sections 3.05(c), 3.05(e), 3.23, 4.01(a)(i) and Section 4.06(a) of this Agreement, respectively;

 

(ii)           to pay or reimburse the Master Servicer or the Trustee, (A) for Advances made thereby with respect to Mortgage Loans that are not part of a Serviced Loan Combination (other than Workout-Delayed Reimbursement Amounts) and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such Person pursuant to this clause (ii)(A) being limited to late collections (including cure payments by related Serviced Companion Loan Holders) of the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation Proceeds, Net REO Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made, if applicable (provided that (x) prior to the time any Advance is reimbursed, Advance Interest Amounts may be reimbursed solely from Penalty Charges and Modification Fees collected on the related Mortgage Loan, and (y) at the time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest Amounts on such reimbursed Advance shall be payable first from Penalty Charges and Modification Fees collected on the related Mortgage Loan, and, to the extent such Penalty Charges and Modification Fees are insufficient, then from general collections on deposit in the Collection Account), (B) for Advances made thereby with respect to Mortgage Loans that are part of a Serviced Loan Combination and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such person pursuant to this clause (ii)(B) being limited to Net Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting which such Advance was made, which Net Liquidation Proceeds were received in connection with any of the events described in clauses (iii), (iv) and (vii) of the definition of “Liquidation Event”, (C) to the extent not reimbursed pursuant to Section 3.14 of this Agreement, for Advances and any related Advance Interest Amounts (or portion thereof) that have been deemed to be Nonrecoverable Advances or are not recovered from recoveries in respect of the related Mortgage Loan, Serviced Loan Combination or REO Property after a Final Recovery Determination to the extent not recovered from the related Loan Combination Custodial Account and Advance Interest Amounts thereon, first, out of the principal portion of general collections on the Mortgage Loans and REO Properties, and second, to the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any election in its sole discretion to defer reimbursement thereof pursuant to Section 3.27 of this Agreement, out of other collections on the Mortgage Loans and REO Properties, and (D) for Workout-Delayed Reimbursement Amounts and Advance 

 

  

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Interest Amounts thereon, first, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to clause (C) above, and second, upon a determination by the Master Servicer or the Trustee, as applicable, that a Workout-Delayed Reimbursement Amount is a Nonrecoverable Advance, in the same manner as Nonrecoverable Advances may be reimbursed (provided that with respect to each Mortgage Loan or REO Property that relates to a Serviced Loan Combination, such Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon shall first be reimbursed pursuant to Section 3.06A(a)(ii) of this Agreement and, if not reimbursed pursuant thereto, shall be paid from the Collection Account as provided in this clause (ii)(D));

 

(iii)          to pay on or before each Master Servicer Remittance Date to the Master Servicer (who shall pay the holder of the Excess Servicing Fee Rights the portion of the Servicing Fee that represents Excess Servicing Fees in accordance with Section 3.12 of this Agreement) and to the Special Servicer, as applicable, as compensation, the aggregate unpaid Servicing Fee with respect to Mortgage Loans (to the extent not otherwise required to be applied against Prepayment Interest Shortfalls) in respect of the immediately preceding Interest Accrual Period, and Special Servicing Compensation (if any) in respect of the immediately preceding Interest Accrual Period or Collection Period, as applicable, to be paid, in the case of the Servicing Fee, from interest received on the related Mortgage Loan, and to pay from time to time to the Master Servicer in accordance with Section 3.07(b) of this Agreement any interest or investment income earned on funds deposited in the Collection Account and, in the case of the Special Servicing Fee, from general collections; provided, however, that in the case of any Mortgage Loan or REO Mortgage Loan related to a Serviced Loan Combination, (A) Servicing Fees may be paid out of the Collection Account pursuant to this clause (iii) only from the interest portion of Net Liquidation Proceeds on or in respect of such Mortgage Loan or REO Property, which Net Liquidation Proceeds were received in connection with any of the events described in clauses (iii), (iv) and (vii) of the definition of “Liquidation Event” and (B) Special Servicing Compensation shall first be paid out of the related Loan Combination Custodial Account pursuant to Section 3.06A(a)(iii) of this Agreement and may be paid out of the Collection Account pursuant to this clause (iii) only if and to the extent that such Special Servicing Compensation has not been paid out of the related Loan Combination Custodial Account pursuant to Section 3.06A(a)(iii) of this Agreement;

 

(iv)         in accordance with Section 2.03 of this Agreement, to reimburse the Trustee or the Special Servicer, out of general collections on the Mortgage Loans and related REO Properties (including with respect to the Outside Serviced Trust Loans) for any unreimbursed expense reasonably incurred by the Trustee or the Special Servicer in connection with the enforcement of a Mortgage Loan Seller’s obligations under Section 6(e) of the related Loan Purchase Agreement, together with interest thereon at the Advance Rate, but only to the extent that such expenses are not otherwise reimbursable;

 

(v)          to pay out of general collections on the Mortgage Loans and related REO Properties, for costs and expenses incurred by the Trust Fund with respect to the Mortgage Loans and related REO Properties pursuant to Sections 3.04(a) and 3.10(e) of 

 

  

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this Agreement and to pay Liquidation Expenses out of related Liquidation Proceeds pursuant to Section 3.11 of this Agreement (provided that with respect to each Serviced Loan Combination, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(iv) of this Agreement to the extent related to such Serviced Loan Combination and if not reimbursed pursuant thereto, shall be paid from the Collection Account as provided in this clause (v));

 

(vi)      
   to the extent not reimbursed or paid pursuant to any other clause of this Section
3.06, to reimburse or pay the Master Servicer, the Trustee, the Certificate Administrator, the Special Servicer, the Operating
Advisor, CREFC®
or the Depositor, as applicable, for unpaid Additional Trust Fund Expenses (other than Advance Interest Amounts), unpaid Trustee/Certificate
Administrator Fees, unpaid Servicing Fees (but only if the related Mortgage Loan has been liquidated or a Final Recovery Determination
has been made with respect thereto), unpaid Special Servicing Compensation, unpaid Operating Advisor Fees, unpaid CREFC®
Intellectual Property Royalty License Fees and other unpaid items incurred by
or owing to such Person pursuant to the second sentence of Section 3.07(c),
Section 3.08(a), Section 3.08(b),
Section 3.10, Section 3.12(c), Section
3.16(a), Section 3.29(k), Section 6.03,
Section 7.04, Section 8.05(a),
Section 8.05(b), Section 8.05(d)
or Section 11.07 of this Agreement, or any
other provision of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the Trust Fund, in
each case only to the extent expressly reimbursable under such Section, it being acknowledged that this clause (vi) shall not
be deemed to modify the substance of any such Section, including the provisions of such Section that set forth the extent to which
one of the foregoing Persons is or is not entitled to payment or reimbursement (provided that with respect to each Mortgage
Loan that is part of a Serviced Loan Combination, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(v)
of this Agreement to the extent related to such Serviced Loan Combination and, if not reimbursed pursuant thereto, shall be paid
from the Collection Account as provided in this clause (vi), and provided, further, that Special Servicing Compensation
with respect to any Serviced Companion Loan (or a successor REO Companion Loan) shall not be payable from the Collection Account
pursuant to this clause (vi));

 

(vii)         to transfer to the Certificate Administrator for deposit in one or more separate, non-interest bearing accounts any amount reasonably determined by the Certificate Administrator to be necessary to pay any applicable federal, state or local taxes imposed on either Trust REMIC under the circumstances and to the extent described in Section 4.05 of this Agreement;

 

(viii)        to make such payments and reimbursements out of Penalty Charges and Modification Fees on deposit in the Collection Account as are contemplated by Section 3.14 of this Agreement;

 

(ix)          to withdraw any amount deposited into the Collection Account that was not required to be deposited therein; or

 

  

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(x)           to clear and terminate the Collection Account pursuant to Section 9.01 of this Agreement.

 

If and to the extent that the Master Servicer has reimbursed or made payment to itself or any other Person pursuant to any clause of the prior paragraph above for any cost, expense, indemnity, fee or Property Advance or Advance Interest Amount thereon with respect to a Loan Combination that represents the related Serviced Companion Loan’s allocable share of such cost, expense, indemnity, fee, or Property Advance or Advance Interest Amount thereon (taking into account the subordinate nature of any related Subordinate Companion Loan), the Master Servicer (with respect to Performing Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans) shall use efforts consistent with the Servicing Standard to collect such amounts out of collections on such Serviced Companion Loan (or, if and to the extent permitted under the related Co-Lender Agreement, from the related Serviced Companion Loan Holder) and deposit all such amounts (collectively, with respect to such Serviced Companion Loan, the “Trust Reimbursement Amount No.1”) collected from or on behalf of the related Serviced Companion Loan Holder into the Collection Account.

 

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 parties to, and/or the securitization trust created under, the applicable Other Pooling and Servicing Agreement by the holder of each Outside Serviced Trust Loan pursuant to each Outside Serviced Co-Lender Agreement. In the absence of manifest error, the Master Servicer may conclusively rely on the request for payments contemplated by the preceding sentence.

 

The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to subclauses (i)-(ix) of the second preceding paragraph.

 

The Master Servicer shall pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Operating Advisor, the Trustee and the Certificate Administrator, as applicable, from the applicable Collection Account, amounts permitted to be paid thereto from such account promptly upon receipt of a written statement of an officer of the Special Servicer, an officer of the Operating Advisor or a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, describing the item and amount to which the Special Servicer (or such third party contractor), the Operating Advisor, the Trustee or the Certificate Administrator, as the case may be, is entitled (unless such payment to the Special Servicer, the Operating Advisor, the Trustee or the Certificate Administrator, as the case may be, is clearly required pursuant to this Agreement, in which case a written statement is not required). The Master Servicer may rely conclusively on any such written statement and shall have no duty to recalculate the amounts stated therein. The parties seeking payment pursuant to this Section shall each keep and maintain a separate accounting for the purpose of justifying any request for withdrawal from each Collection Account, on a loan-by-loan basis.

 

With respect to each Outside Serviced Trust Loan, the Master Servicer shall pay to, subject to Section 3.01(j)(i), the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable, from 

 

  

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the Collection Account on the Master Servicer Remittance Date amounts permitted to be paid to the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable, therefrom based upon an Officer’s Certificate received from the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable, on the first Business Day following the immediately preceding Determination Date, describing the item and amount to which the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable, 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 Trustee, the Certificate Administrator, the Operating Advisor, the Depositor, CREFC®, the Special Servicer and the Master Servicer shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement or payment of the Servicing Fees (including investment income), Trustee/Certificate Administrator Fees, Special Servicing Compensation, Advances, Advance Interest Amounts, Operating Advisor Fees, CREFC® Intellectual Property Royalty License Fees and (for each of such Persons other than CREFC®) their respective expenses hereunder (including without limitation Additional Trust Fund Expenses) to the extent such fees, indemnity amounts and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement (and to have such amounts paid directly to third party contractors for any invoices submitted to the Trustee, the Master Servicer or the Special Servicer, as applicable).

 

(b)           The Certificate Administrator shall, upon receipt, deposit in each of the Lower-Tier Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account any and all amounts received by the Certificate Administrator in accordance with Section 3.06(a)(i) of this Agreement and required to be deposited therein. If, as of 3:00 p.m., New York City time, on any Master Servicer Remittance Date or on such other date as any amount referred to in the preceding sentence is required to be delivered hereunder, the Master Servicer shall not have delivered to the Certificate Administrator for deposit in the Lower-Tier Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited therein pursuant to the provisions of this Agreement (including, without limitation, Section 3.06(a)(i) of this Agreement), then the Certificate Administrator shall, to the extent that a Responsible Officer of the Certificate Administrator has such knowledge, provide notice of such failure to the Master Servicer by facsimile transmission sent to telecopy number (913) 253-9001 (or such alternative number provided by the Master Servicer to the Certificate Administrator in writing) and by electronic mail at NoticeAdmin@midlandls.com (or such alternative email address provided by the Master Servicer to the Certificate Administrator in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day; provided, however, that the Master Servicer will pay the Certificate Administrator interest on such late payment at the Prime Rate until such late payment is received by the Certificate Administrator.

 

  

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Section 3.06A.     Permitted Withdrawals From the Loan Combination Custodial Account.

 

(a)           The Master Servicer may make withdrawals from the Loan Combination Custodial Account for each Serviced Loan Combination only as described below (the order set forth below not constituting an order of priority for such withdrawals), subject to the application of Penalty Charges and Modification Fees in accordance with the related Co-Lender Agreement and Section 3.14 of this Agreement:

 

(i)           (A) after the Determination Date, and on or prior to the Business Day immediately preceding the Master Servicer Remittance Date, in each calendar month (and also on the Business Day immediately following the receipt of any funds from the REO Account for any REO Property related to such Serviced Loan Combination, if such funds are received after the Determination Date and before the Distribution Date in any calendar month and were not available for any earlier transfer to the Collection Account in such calendar month), to transfer to the Collection Account all amounts on deposit in the Loan Combination Custodial Account payable to the Trust pursuant to the related Co-Lender Agreement with respect to the related Mortgage Loan (or any successor REO Mortgage Loan), including any applicable Trust Reimbursement Amount, and (B) on the Business Day immediately following the Determination Date in each calendar month (and also on the Business Day immediately following the receipt of any funds from the REO Account for any REO Property related to such Serviced Loan Combination, if such funds are received after the Determination Date and before the Distribution Date in any calendar month), to remit to the related Serviced Companion Loan Holder all amounts on deposit in the Loan Combination Custodial Account payable to such Serviced Companion Loan Holder pursuant to the related Co-Lender Agreement with respect to the related Serviced Companion Loan (or any successor REO Companion Loan), exclusive of any applicable Trust Reimbursement Amount;

 

(ii)          to pay or reimburse the Master Servicer or the Trustee, for Advances made thereby with respect to such Serviced Loan Combination and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such Person pursuant to this clause (ii) being limited to late collections (including cure payments by related Serviced Companion Loan Holders) of the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation Proceeds, Net REO Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds on or in respect of the particular Serviced Loan Combination or any related REO Property; provided, however, that if such Advance has become a Workout-Delayed Reimbursement Amount (but not a Nonrecoverable Advance), then neither such Workout-Delayed Reimbursement Amount nor any related Advance Interest Amounts shall be reimbursed or paid, as the case may be, out of payments or other collections of interest (other than Penalty Charges) or Yield Maintenance Charges on or in respect of the related Mortgage Loan (or any successor REO Mortgage Loan) or the related Serviced Companion Loan (or any successor REO Companion Loan); and provided, further, that if such Advance is a P&I Advance with respect to the related Mortgage Loan (or a successor REO Mortgage Loan), then neither

 

  

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such Advance nor any related Advance Interest Amounts shall be reimbursed or paid, as the case may be, out of, or otherwise result in a reduction of, amounts otherwise payable to the related Serviced Companion Loan Holder with respect to the related Serviced Companion Loan (or any successor REO Companion Loan), except that in the case of a Serviced AB Loan Combination, reimbursements or payments, as the case may be, of Advances or any related Advance Interest Amounts shall be made taking into account the subordinate nature of the related Subordinate Companion Loan to the extent set forth in, and in accordance with, the related Co-Lender Agreement;

 

(iii)         to pay on or before each Master Servicer Remittance Date (A) to the Master Servicer as compensation, the aggregate unpaid Servicing Fee with respect to such Serviced Loan Combination (to the extent not otherwise required to be applied against Prepayment Interest Shortfalls) in respect of the immediately preceding Interest Accrual Period, to be paid from interest received on the related Mortgage Loan or Serviced Companion Loan, as applicable, and to pay from time to time to the Master Servicer in accordance with Section 3.07(b) any interest or investment income earned on funds deposited in such Loan Combination Custodial Account and (B) to the Special Servicer as compensation, any Special Servicing Compensation payable with respect to such Serviced Loan Combination; provided, however, that no Servicing Fees or Special Servicing Compensation earned with respect to the related Mortgage Loan (or a successor REO Mortgage Loan) shall be payable out of, or otherwise result in a reduction of, amounts otherwise payable to the related Serviced Companion Loan Holder with respect to the related Serviced Companion Loan (or any successor REO Companion Loan) (provided that, in the case of a Serviced AB Loan Combination, such payments shall be made taking into account the subordinate nature of the related Subordinate Companion Loan to the extent set forth in, and in accordance with, the related Co-Lender Agreement), and no Servicing Fees or Special Servicing Compensation earned with respect to the related Serviced Companion Loan (or any successor REO Companion Loan) shall be payable out of, or otherwise result in a reduction of, amounts otherwise payable to the Trust with respect to the related Mortgage Loan (or a successor REO Mortgage Loan) (it being acknowledged and agreed that this proviso is in no way intended to limit the rights of the Master Servicer or Special Servicer under the related Co-Lender Agreement to seek payment of any unpaid Servicing Fees or Special Servicing Compensation, as applicable, with respect to any Serviced Companion Loan from the related Serviced Companion Loan Holder);

 

(iv)         to pay for costs and expenses incurred by the Trust Fund solely with respect to such Serviced Loan Combination and related REO Property pursuant to Section 3.10(e) and to pay Liquidation Expenses out of Liquidation Proceeds pursuant to Section 3.11;

 

(v)          to the extent not reimbursed or paid pursuant to any other clause of this Section 3.06A, to reimburse or pay the Master Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Special Servicer or the Depositor, as applicable, for unpaid Additional Trust Fund Expenses, Servicing Fees and other unpaid items incurred by or owing to such Person pursuant to the second sentence of Section 3.07(c), Section 3.08(a), Section 3.08(b), Section 3.10, the second sentence of 

 

  

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Section 3.12(a), the third sentence of Section 3.12(c), Section 3.16(a), Section 6.03, Section 7.04, the last sentence of Section 8.05(a), Section 8.05(b), Section 8.05(d) or Section 11.07, or any other provision of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the Trust Fund, in each case only to the extent expressly reimbursable under such Section and to the extent related to such Serviced Loan Combination and not related to amounts which are solely expenses of the Trust Fund (such as expenses related to administration of the Trust Fund or REMIC taxes, penalties or interest or preservation of the REMIC status of each Trust REMIC), it being acknowledged that this clause (v) shall not be deemed to modify the substance of any such Section, including the provisions of such Section that set forth the extent to which one of the foregoing Persons is or is not entitled to payment or reimbursement; provided, however, that no payment or reimbursement to the Operating Advisor, the Trustee or the Certificate Administrator or payment or reimbursement of costs and expenses associated with obtaining a Rating Agency Confirmation, shall be made out of, or otherwise result in a reduction of, amounts otherwise payable to the related Serviced Companion Loan Holder with respect to the related Serviced Companion Loan (or successor REO Companion Loan) (provided that, in the case of a Serviced AB Loan Combination, such payments or reimbursements shall be made taking into account the subordinate nature of the related Subordinate Companion Loan to the extent set forth in, and in accordance with, the related Co-Lender Agreement), and no payment or reimbursement of costs and expenses associated with obtaining a Companion Loan Rating Agency Confirmation shall be made out of, or otherwise result in a reduction of, amounts otherwise payable to the Trust with respect to the related Mortgage Loan (or any successor REO Mortgage Loan);

 

(vi)         to make such payments and reimbursements out of Penalty Charges and Modification Fees on deposit in such Loan Combination Custodial Account as are contemplated by the related Co-Lender Agreement and Section 3.14 of this Agreement;

 

(vii)        to withdraw any amount deposited into such Loan Combination Custodial Account that was not required to be deposited therein;

 

(viii)       if the related Serviced Companion Loan (or any successor REO Companion Loan with respect thereto) is part of an Other Securitization Trust, to the extent required by the related Co-Lender Agreement, to reimburse the applicable party to the related Other Pooling and Servicing Agreement for any advances of delinquent monthly debt service payments made thereby with respect to such Serviced Companion Loan (or REO Companion Loan), together with interest thereon, provided that such reimbursement, together with interest, shall be made solely out of payments and other collections on such Serviced Companion Loan (or REO Companion Loan); or

 

(ix)          to clear and terminate such Loan Combination Custodial Account pursuant to Section 9.01 of this Agreement.

 

The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan-by-Mortgage Loan and Companion Loan-by-Companion Loan basis, for the purpose of justifying any withdrawal from each Loan Combination Custodial Account pursuant to subclauses (i) - (ix) above. If and to the extent that the Master Servicer has reimbursed or made 

 

  

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payment to itself or any other Person pursuant to any clause of the prior paragraph above for any cost, expense, indemnity, or Property Advance or Advance Interest Amount thereon with respect to a Serviced Loan Combination out of monies allocable to the related Mortgage Loan (or any successor REO Mortgage Loan) to an extent that the Trust has borne some or all of the related Serviced Companion Loan’s allocable share of such cost, expense, indemnity, or Property Advance or Advance Interest Amount thereon (taking into account the subordinate nature of any related Subordinate Companion Loan to the extent set forth in, and in accordance with, the related Co-Lender Agreement), the Master Servicer shall use efforts consistent with the Servicing Standard to collect such amounts disproportionately borne by the Trust out of collections on such Serviced Companion Loan (or, if and to the extent permitted under the related Co-Lender Agreement, from the related Serviced Companion Loan Holder) and deposit all such amounts (collectively, with respect to such Serviced Companion Loan, the “Trust Reimbursement Amount No.2” and, together with Trust Reimbursement Amount No.1, the “Trust Reimbursement Amount”) collected from or on behalf of the related Serviced Companion Loan Holder into the Collection Account.

 

The Master Servicer shall pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Operating Advisor, the Trustee, the Certificate Administrator and an advancing party under any Other Pooling and Servicing Agreement, as applicable, from the applicable Loan Combination Custodial Account, amounts permitted to be paid thereto from such account promptly upon receipt of a written statement of an officer of the Special Servicer, an officer of the Operating Advisor, a Responsible Officer of the Trustee or the Certificate Administrator or an officer of such advancing party under such Other Pooling and Servicing Agreement, as the case may be, describing the item and amount to which the Special Servicer (or such third party contractor), the Operating Advisor, the Trustee, the Certificate Administrator or such advancing party under such Other Pooling and Servicing Agreement, as the case may be, is entitled (unless such payment to the Special Servicer, the Operating Advisor, the Trustee or the Certificate Administrator, as the case may be, is clearly required pursuant to this Agreement, in which case a written statement is not required). The Master Servicer may rely conclusively on any such written statement and shall have no duty to re-calculate the amounts stated therein. The parties seeking payment pursuant to this Section shall each keep and maintain separate accounting for the purpose of justifying any request for withdrawal from each Loan Combination Custodial Account, on a loan-by-loan basis.

 

The Trustee, the Depositor, the Operating Advisor, the Certificate Administrator, the Special Servicer and the Master Servicer shall in all cases have a right prior to the Certificateholders to any funds on deposit in a Loan Combination Custodial Account from time to time for the reimbursement or payment of the Servicing Fees (including investment income), or Special Servicing Compensation, Advances, Advance Interest Amounts and their respective indemnity amounts or expenses hereunder to the extent such fees, indemnity amounts and expenses are to be reimbursed or paid from amounts on deposit in such Loan Combination Custodial Account pursuant to this Agreement and the related Co-Lender Agreement (and to have such amounts paid directly to third party contractors for any invoices approved by the Trustee, the Depositor, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable); provided, however, for the avoidance of doubt, neither the Trustee/Certificate Administrator Fees nor the Operating Advisor Fee shall be paid from funds on deposit in a Loan Combination Custodial Account.

 

  

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After the Determination Date, and on or prior to the Business Day immediately preceding the Master Servicer Remittance Date, in each calendar month (and also on the Business Day immediately following the receipt of any funds from the REO Account for any REO Property related to the applicable Serviced Loan Combination, if such funds are received after the Determination Date and before the Distribution Date in any calendar month and were not available for any earlier transfer to the Collection Account in such calendar month), the Master Servicer shall remit for deposit in the Collection Account all amounts on deposit in a Loan Combination Custodial Account payable to the Trust pursuant to the related Co-Lender Agreement with respect to the related Mortgage Loan (or any successor REO Mortgage Loan), including any applicable Trust Reimbursement Amount; and on the Business Day immediately following the Determination Date in each calendar month (and also on the Business Day immediately following the receipt of any funds from the REO Account for any REO Property related to the applicable Serviced Loan Combination, if such funds are received after the Determination Date and before the Distribution Date in any calendar month), the Master Servicer shall remit to the related Serviced Companion Loan Holder all amounts on deposit in a Loan Combination Custodial Account payable to such Serviced Companion Loan Holder pursuant to the related Co-Lender Agreement with respect to the related Serviced Companion Loan (or any successor REO Companion Loan), exclusive of any applicable Trust Reimbursement Amount, in each case, prior to the required remittance from the Collection Account to the Certificate Administrator for deposit into the Lower-Tier Distribution Account on such Master Servicer Remittance Date.

 

Section 3.07     Investment of Funds in the Collection Account, the REO Account, the Mortgagor Accounts, and Other Accounts.

 

(a)           The Master Servicer, or with respect to any REO Account, the Special Servicer, may direct any depository institution maintaining the Collection Account, any Loan Combination Custodial Account, any Mortgagor Account (subject to the second succeeding sentence), or any REO Account (each of the Collection Account, any Loan Combination Custodial Account, any REO Account and any Mortgagor Account, for purposes of this Section 3.07, an “Investment Account”), to invest the funds in such Investment Account in one or more Permitted Investments that bear interest or are sold at a discount, and that mature, unless payable on demand, no later than the Business Day preceding the date on which such funds are required to be withdrawn from such Investment Account pursuant to this Agreement. Any direction by the Master Servicer or the Special Servicer 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. In the case of any Reserve Account, Escrow Account or Lock-Box Account (the “Mortgagor Accounts”), the Master Servicer shall act upon the written request of the related Mortgagor or Manager to the extent the Master Servicer is required to do so under the terms of the respective Mortgage Loan (or Serviced Loan Combination) or related documents, provided that in the absence of appropriate written instructions from the related Mortgagor or Manager meeting the requirements of this Section 3.07, the Master Servicer shall have no obligation to, but will be entitled to, direct the investment of funds in such accounts in Permitted Investments. All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall be made in the name of the Certificate Administrator (on behalf of the Trustee for the benefit of the Certificateholders) or in the name 

 

  

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of a nominee of the Certificate Administrator. The Certificate Administrator shall have sole control (except with respect to investment direction which shall be in the control of the Master Servicer (or the Special Servicer, with respect to any REO Accounts) as an independent contractor to the Trust Fund) over each such investment and any certificate or other instrument evidencing any such investment shall be delivered directly to the Certificate Administrator or its agent (which shall initially be the Master Servicer), together with any document of transfer, if any, necessary to transfer title to such investment to the Certificate Administrator or its nominee. The Certificate Administrator shall have no responsibility or liability with respect to the investment directions of the Master Servicer or the Special Servicer, any Mortgagor or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Master Servicer shall have no responsibility or liability with respect to the investment direction of the Special Servicer, any Mortgagor or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall have no responsibility or liability with respect to the investment direction of the Master Servicer, any Mortgagor or any property manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master Servicer (or the Special Servicer in the case of REO Accounts), shall: (x) consistent with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment may otherwise mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount required to be withdrawn on such date; and (y) demand payment of all amounts due thereunder promptly upon determination by the Master Servicer (or the Special Servicer in the case of REO Accounts) that such Permitted Investment would not constitute a Permitted Investment in respect of funds thereafter on deposit in the related Investment Account. Amounts on deposit in each Distribution Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Excess Liquidation Proceeds Reserve Account and the Interest Reserve Account (each, a “Certificate Administrator Account”) shall remain uninvested.

 

(b)           All income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the Master Servicer, except with respect to the investment of funds deposited in (i) any Mortgagor Account to the extent required under the Mortgage Loan (or Serviced Loan Combination) or applicable law to be for the benefit of the related Mortgagor or (ii) any REO Account, which shall be for the benefit of the Special Servicer, and if held in the Collection Account, a Loan Combination Custodial Account or an REO Account, shall be subject to withdrawal by the Master Servicer or the Special Servicer, as applicable, in accordance with Section 3.06, Section 3.06A or Section 3.16(b) of this Agreement, as applicable. The Master Servicer (or with respect to any REO Account, the Special Servicer) shall deposit from its own funds into any applicable Investment Account, the amount of any loss incurred in respect of any such Permitted Investment immediately upon realization of such loss (except with respect to losses incurred as a result of the related Mortgagor or Manager exercising its power under the related Loan Documents to direct such investment in such Mortgagor Account); provided, however, that the Master Servicer or Special Servicer, as applicable, may reduce the amount of such payment to the extent it forgoes any investment income in such Investment Account otherwise payable to it. The Master Servicer shall also deposit from its own funds in any Mortgagor Account the amount of any loss incurred in respect of Permitted Investments, except to the extent that amounts are invested for the benefit of the Mortgagor under the terms of the Mortgage Loan (or Serviced Loan Combination) or applicable law. 

 

  

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Notwithstanding the foregoing, neither the Master Servicer nor the Special Servicer (in their respective capacities as Master Servicer and Special Servicer, respectively) 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 is not the Person or an Affiliate of the Person maintaining such account hereunder and satisfied the qualifications set forth in the definition of Eligible Account both (1) at the time such investment was made and (2) as of the date that is 30 days prior to the 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 Trustee may, and upon the request of Holders of Certificates representing greater than 50% of the Percentage Interests of any Class shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings. In the event the Trustee takes any such action, the Trust Fund shall pay or reimburse the Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee in connection therewith. In the event that the Trustee does not take any such action, the Master Servicer may, but is not obligated to, take such action at its own cost and expense.

 

Section 3.08     Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage.

 

(a)           The Master Servicer on behalf of the Trustee, as mortgagee of record, shall use efforts consistent with the Servicing Standard to cause the related Mortgagor to maintain, to the extent required by each Mortgage Loan (other than an Outside Serviced Trust Loan) and each Serviced Companion Loan (except to the extent that the failure to maintain such insurance coverage is an Acceptable Insurance Default), and if the Mortgagor does not so maintain, shall itself maintain (subject to the provisions of this Agreement concerning Nonrecoverable Advances and to the extent the Trustee as mortgagee of record has an insurable interest and to the extent available at commercially reasonable rates), (i) fire and hazard insurance (and windstorm insurance, if applicable) with extended coverage on the related Mortgaged Property in an amount which is at least equal to the lesser of (a) one hundred percent (100%) of the then “full replacement cost” of the improvements and equipment (excluding foundations, footings and excavation costs), without deduction for physical depreciation, and (b) the outstanding principal balance of the related Mortgage Loan and the related Serviced Companion Loan or such greater amount as is necessary to prevent any reduction in such policy by reason of the application of co-insurance provisions and to prevent the Trustee thereunder from being deemed to be a co-insurer and provided such policy shall include a “replacement cost” rider, (ii) insurance providing coverage against 18 months (or such longer period or with such extended period endorsement as provided in the related Mortgage or other Loan Document) of rent interruptions and (iii) such other insurance as is required in the related Mortgage Loan and the related Serviced Companion Loan. Subject to Section 3.16 of this Agreement, the Special Servicer in accordance with the Servicing Standard and to the extent available at commercially reasonable rates (as determined by the Special Servicer in accordance with the Servicing Standard), shall cause to be maintained for each REO Property (other than an REO Property related to an Outside Serviced Trust Loan) no less insurance coverage than was 

 

  

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previously required of the Mortgagor under the related Loan Documents (except to the extent that the failure to maintain such insurance coverage is an Acceptable Insurance Default); provided that to the extent the Loan Documents require the related Mortgagor to maintain insurance with an insurer rated better than as indicated in the definition of “Qualified Insurer”, the Master Servicer may, without a Rating Agency Confirmation or the approval of the Special Servicer, to the extent consistent with the Servicing Standard, permit the related Mortgagor to maintain insurance with an insurer that does not meet the requirements of the Loan Documents so long as the related Mortgagor maintains insurance with an insurer rated at least as indicated in the definition of “Qualified Insurer”. All insurance for an REO Property shall be from a Qualified Insurer, if available from a Qualified Insurer, and if not available from a Qualified Insurer, from an insurance provider that is rated the next highest available rating who is offering such insurance at commercially reasonable rates. Any amounts collected by the Master Servicer or the Special Servicer under any such policies (other than amounts required to be applied to the restoration or repair of the related Mortgaged Property or amounts to be released to the Mortgagor in accordance with the terms of the related Loan Documents) shall be deposited into the Collection Account pursuant to Section 3.05 of this Agreement or the Loan Combination Custodial Account pursuant to Section 3.05A of this Agreement, as applicable, subject to withdrawal pursuant to Section 3.05, Section 3.05A, Section 3.06 or Section 3.06A of this Agreement. Any cost incurred by the Master Servicer or the Special Servicer in maintaining any such insurance shall not, for the purpose of calculating distributions to Certificateholders, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed that no other additional insurance other than flood insurance or earthquake insurance subject to the conditions set forth below is to be required of any Mortgagor or to be maintained by the Master Servicer other than pursuant to the terms of the related Loan Documents and pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. If the related Mortgaged Property (other than an REO Property and other than with respect to an Outside Serviced Trust Loan) is located in a federally designated special flood hazard area, the Master Servicer will use efforts consistent with the Servicing Standard to cause the related Mortgagor to maintain, to the extent required by each Serviced Loan, and if the related Mortgagor does not so maintain, shall itself obtain (subject to the provisions of this Agreement concerning Nonrecoverable Advances) and maintain flood insurance in respect thereof. Such flood insurance shall be in an amount equal to the lesser of (i) the unpaid principal balance of the related Mortgage Loan and the related Serviced Companion Loan and (ii) the maximum amount of such insurance required by the terms of the related Mortgage Loan or Serviced Loan Combination and as is available for the related property under the national flood insurance program (assuming that the area in which such property is located is participating in such program). If a Mortgaged Property (other than an REO Property) is related to a Serviced Loan pursuant to which earthquake insurance is required to be maintained pursuant to the terms of the Mortgage Loan or Serviced Loan Combination, the Master Servicer shall use efforts consistent with the Servicing Standard to cause the related Mortgagor to maintain, and if the related Mortgagor does not so maintain will itself obtain (subject to the provisions of this Agreement concerning Nonrecoverable Advances and for so long as such insurance continues to be available at commercially reasonable rates) and maintain earthquake insurance in respect thereof, in the amount required by the Mortgage Loan or Serviced Loan Combination or, if not specified, in-place at origination. If an REO Property (other than an REO Property related to the Outside 

 

  

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Serviced Trust Loan) (i) is located in a federally designated special flood hazard area or (ii) is related to a Serviced Loan with respect to which earthquake insurance would be appropriate in accordance with the Servicing Standard and such insurance is available at commercially reasonable rates, the Special Servicer will obtain (subject to the provisions of this Agreement concerning Nonrecoverable Advances) and maintain flood insurance and/or earthquake insurance in respect thereof providing the same coverage as described in this Section 3.08(a). Out-of-pocket expenses incurred by the Master Servicer or Special Servicer in maintaining insurance policies pursuant to this Section 3.08 shall be advanced by the Master Servicer as a Property Advance and shall be reimbursable to the Master Servicer with interest at the Advance Rate. The Master Servicer (or the Special Servicer, with respect to REO Properties) agrees to prepare and present, on behalf of itself, the Trustee and the Certificateholders and the Serviced Companion Loan Holders, claims under each related insurance policy maintained by it pursuant to this Section 3.08(a) in a timely fashion in accordance with the terms of such policy and to take such reasonable steps as are necessary to receive payment or to permit recovery thereunder. All insurance policies required to be maintained by the Master Servicer or Special Servicer hereunder shall name the Trustee or the Master Servicer or the Special Servicer, on behalf of the Trustee as the mortgagee, as loss payee, and shall be issued by Qualified Insurers, if available from a Qualified Insurer, and if not available from a Qualified Insurer, from an insurance provider that is rated the next highest available rating who is offering such insurance at commercially reasonable rates. Notwithstanding the foregoing: (A) the Master Servicer shall not be required to maintain any earthquake or environmental insurance policy on any Mortgaged Property and the Special Servicer shall not be required to maintain any earthquake or environmental insurance policy on any REO Property, in each case unless such insurance is required to be maintained under the related Loan Documents and is available at commercially reasonable rates; provided, however, that neither the Master Servicer nor the Special Servicer shall have any obligation to maintain such earthquake or environmental insurance policy required under the related Loan Documents if the originator of the Serviced Mortgage Loan or Serviced Loan Combination waived compliance with such insurance requirements (and if the applicable Master Servicer does not cause the Mortgagor to maintain or does not itself maintain such earthquake or environmental insurance policy on any Mortgaged Property, the applicable Special Servicer shall have the right, but not the duty, to obtain, at the Trust’s expense, earthquake or environmental insurance on any Mortgaged Property securing a Specially Serviced Loan or an REO Property so long as such insurance is available at commercially reasonable rates); (B) with respect to the Master Servicer’s obligation to cause the related Mortgagor to maintain such insurance, the Master Servicer shall have no obligation beyond using its efforts consistent with the Servicing Standard to cause any Mortgagor to maintain the insurance required to be maintained or that the lender is entitled to reasonably require, subject to applicable law, under the related Loan Documents; and (C) in making determinations as to the availability of insurance at commercially reasonable rates or otherwise, the Master Servicer or the Special Servicer, as applicable, shall, to the extent consistent with the Servicing Standard, be entitled to rely, at its own expense, on insurance consultants in making such determination and any such determinations by the Master Servicer or the Special Servicer, as applicable, need not be made more frequently than annually but in any event shall be made at the approximate date on which the Master Servicer or the Special Servicer, as applicable, receives notice of the renewal, replacement or cancellation of coverage.

 

  

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Notwithstanding the foregoing, the Master Servicer or Special Servicer, as applicable, will not be required to maintain, and shall not cause a Mortgagor to be in default with respect to the failure of the related Mortgagor to obtain, all risk casualty insurance which does not contain any carve out for terrorist or similar acts, if, and only if, the Special Servicer has determined in accordance with the Servicing Standard that the failure to maintain such insurance is an Acceptable Insurance Default; provided that, during the period that the Special Servicer is evaluating such insurance hereunder, the Master Servicer shall not be liable for any loss related to its failure to require the Mortgagor to maintain terrorism insurance and shall not be in default of its obligations hereunder as a result of such failure. The Special Servicer shall promptly notify the Master Servicer of each determination under this paragraph.

 

(b)           (i) If the Master Servicer or the Special Servicer obtains and maintains a blanket insurance policy insuring against fire and hazard losses on all of the Mortgaged Properties (other than REO Properties and other than Mortgaged Properties that secure the Outside Serviced Trust Loans) as to which the related Mortgagor has not maintained insurance required by the related Mortgage Loan or, if applicable, related Serviced Loan Combination (other than any Mortgagor that is required under the related Loan Documents to maintain insurance with an insurer rated better than as indicated in the definition of “Qualified Insurer” that maintains insurance with an insurer rated at least as indicated in the definition of “Qualified Insurer”) or the Special Servicer obtains and maintains a blanket insurance policy insuring against fire and hazard losses on all of the REO Properties (other than REO Properties acquired in respect of the Outside Serviced Trust Loan), as required under this Agreement, as the case may be, then the Master Servicer or the Special Servicer, as the case may be, shall conclusively be deemed to have satisfied its respective obligations concerning the maintenance of insurance coverage set forth in Section 3.08(a) of this Agreement. Any such blanket insurance policy shall be maintained with a Qualified Insurer. A blanket insurance policy may contain a deductible clause, in which case the Master Servicer or the Special Servicer, as applicable, shall, in the event that (i) there shall not have been maintained on the related Mortgaged Property a policy otherwise complying with the provisions of Section 3.08(a) of this Agreement, and (ii) there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately deposit into the Collection Account or, if applicable, related Loan Combination Custodial Account from its own funds the amount not otherwise payable under the blanket policy because of such deductible clause to the extent that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan or Serviced Loan Combination or, in the absence of any such deductible limitation, the deductible limitation which is consistent with the Servicing Standard. In connection with its activities as Master Servicer or the Special Servicer hereunder, as applicable, the Master Servicer and the Special Servicer, respectively, agree to prepare and present, on behalf of itself, the Trustee and Certificateholder and any related Serviced Companion Loan Holder, claims under any such blanket policy which it maintains in a timely fashion in accordance with the terms of such policy and to take such reasonable steps as are necessary to receive payment or permit recovery thereunder.

 

(ii)          If the Master Servicer causes any Mortgaged Property (other than any REO Property and other than any Mortgaged Property that secures an Outside Serviced Trust Loan) or the Special Servicer causes any REO Property (other than an REO Property acquired in respect of an Outside Serviced Trust Loan) to be covered by a master force placed insurance policy and such policy shall be issued by a Qualified Insurer and 

 

  

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provide no less coverage in scope and amount for such Mortgaged Property or REO Property than the insurance required to be maintained pursuant to Section 3.08(a) of this Agreement, then the Master Servicer or Special Servicer, as the case may be, shall conclusively be deemed to have satisfied its respective obligations to maintain insurance pursuant to Section 3.08(a) of this Agreement. Such policy may contain a deductible clause, in which case the Master Servicer or the Special Servicer, as applicable, shall, in the event that (i) there shall not have been maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.08(a), and (ii) there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately deposit into the Collection Account or, if applicable, related Loan Combination Custodial Account from its own funds the amount not otherwise payable under such policy because of such deductible to the extent that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan and/or related Serviced Companion Loan(s) related thereto, or, in the absence of any such deductible limitation, the deductible limitation which is consistent with the Servicing Standard.

 

(iii)         In either case, if the Master Servicer or Special Servicer, as applicable, causes any Mortgaged Property or REO Property to be covered by such “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 as a Property Advance. Any legal fees or other out-of-pocket costs incurred in accordance with the Servicing Standard in connection with any claim under an insurance policy described above (whether by the Master Servicer or Special Servicer) shall be paid by, and reimbursable to, the Master Servicer as a Property Advance.

 

(c)           The Master Servicer and the Special Servicer shall each maintain a fidelity bond in such form as is consistent with the Servicing Standard and in such amounts that are consistent with the Servicing Standard. The Master Servicer and the Special Servicer each 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 Master Servicer or the Special Servicer, as applicable. In addition, the Master Servicer and the Special Servicer shall each 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 to service the Mortgage Loans and any Serviced Companion Loans hereunder in such form as is consistent with the Servicing Standard and in such amounts as are consistent with the Servicing Standard. Notwithstanding the foregoing, so long as the long-term unsecured debt rating or deposit account rating of the Master Servicer (or its corporate parent) or the Special Servicer (or its corporate parent) is not in any event less than “A3” as rated by Moody’s and “A-” as rated by Fitch, respectively, the Master Servicer or the Special Servicer may self-insure for the fidelity bond and errors and omissions coverage otherwise required above. The Master Servicer shall cause each and every Sub-Servicer for it to maintain or cause to be maintained by an agent or contractor servicing any Mortgage Loan or Serviced Loan Combination on behalf of such Sub-Servicer, a fidelity bond and an errors and omissions insurance policy which satisfy the requirements for the fidelity bond and the errors and omissions policy to be maintained by the Master Servicer to comply with the 

 

  

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foregoing. All fidelity bonds and policies of errors and omissions insurance obtained under this Section 3.08(c) shall be issued by a Qualified Insurer.

 

Section 3.09     Enforcement of Due-On-Sale and Due-On-Encumbrance Clauses; Assumption Agreements; Defeasance Provisions.

 

(a)           Upon receipt of any request of a waiver or consent in respect of a due-on-sale or due-on-encumbrance provision, the Master Servicer, with respect to Performing Serviced Loans, and the Special Servicer, with respect to Specially Serviced Loans, shall (i) promptly analyze such request, including the preparation of written materials in connection with such analysis, and (ii) if approved, close the related transaction, subject to the consent of the Special Servicer (in the case of Performing Serviced Loans) and the consultation and/or consent rights (if any) of the related Directing Holder or the consultation rights of any related Serviced Pari Passu Companion Loan Holder (or its Companion Loan Holder Representative) as provided in this Section 3.09(a) and as otherwise provided in the related Co-Lender Agreement and this Agreement, and subject to Sections 3.09(b), 3.21, 3.24, 3.25 and Section 3.29; provided, however, that neither the Master Servicer nor the Special Servicer shall enter into any such agreement to the extent that any terms thereof would result in (i) the imposition of a tax on a Trust REMIC under the REMIC Provisions or cause either Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under subpart E, part I of subchapter J of the Code for federal income tax purposes at any time that any Certificate is outstanding or (ii) create any lien on a Mortgaged Property that is senior to, or on parity with, the lien of the related Mortgage. With respect to all Performing Serviced Loans, the Master Servicer and, in the case of Specially Serviced Loans, the Special Servicer, each in a manner consistent with the Servicing Standard and each on behalf of the Trustee as the mortgagee of record, shall, to the extent permitted by applicable law, enforce the restrictions contained in the related Loan Documents on transfers or further encumbrances of the related Mortgaged Property and on transfers or further encumbrances of interests in the related Mortgagor, unless following its receipt of a request of a waiver or consent in respect of a due-on-sale or due-on-encumbrance provision the Master Servicer (with the written consent of the Special Servicer, which consent shall be deemed given if not denied within 15 Business Days (or such other time as required by the related Co-Lender Agreement, but in no event less than 5 Business Days after the time period set forth in such Co-Lender Agreement for review by any related Companion Loan Holder) after the Special Servicer’s receipt (unless earlier objected to) of the written recommendation and analysis of the Master Servicer for such action and any additional information reasonably available to the Master Servicer that the Special Servicer may reasonably request for the analysis of such request, which recommendation and information may be delivered in an electronic format reasonably acceptable to the Master Servicer and the Special Servicer) or the Special Servicer, as applicable, has determined, consistent with the Servicing Standard, that the waiver of such restrictions or granting of consent would be in accordance with the Servicing Standard. Promptly after the Master Servicer (with the written consent of the Special Servicer to the extent required in the preceding sentence) or the Special Servicer, as applicable, has made any determination to grant a waiver in respect of a due-on-sale or due-on-encumbrance provision, the Master Servicer or the Special Servicer, as applicable, shall deliver to the Trustee, the Certificate Administrator, each other party to this Agreement and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider an Officer’s Certificate setting forth the basis for such determination; provided that, 

 

  

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notwithstanding anything herein to the contrary, no such Officer’s Certificate shall be required to be delivered if the Master Servicer or Special Servicer, as applicable, is granting consent to an assumption pursuant to this Section 3.09(a) in accordance with the terms of the related Loan Documents and there is no material waiver of any conditions or any other provisions of the related Loan Documents with respect thereto. With respect to all Serviced Mortgage Loans and each Serviced Loan Combination, the Special Servicer shall, prior to consenting to a proposed action of the Master Servicer pursuant to this Section 3.09, and prior to itself taking such an action, obtain the written consent of the related Directing Holder (unless an applicable Control Termination Event has occurred and is continuing), which consent shall be deemed given ten (10) Business Days after receipt (unless earlier objected to) by the related Directing Holder of the written recommendation of the Master Servicer or the Special Servicer, as applicable, for such action and any additional information the related Directing Holder may reasonably request for the analysis of such request, which recommendation and information may be delivered in an electronic format reasonably acceptable to the related Directing Holder and the Master Servicer or the Special Servicer, as applicable. In addition, neither the Master Servicer nor the Special Servicer, as applicable, may waive the rights of the lender or grant its consent under any “due-on-encumbrance” provision unless (1) the Master Servicer or the Special Servicer, as applicable, shall have received a prior written Rating Agency Confirmation with respect to such action or (2) the related Serviced Mortgage Loan (including a Serviced Mortgage Loan related to a Serviced Loan Combination) (A) represents less than 2% of the principal balance of all of the Mortgage Loans in the Trust Fund, (B) has a principal balance that is equal to or less than $20,000,000, (C) has a Loan-to-Value Ratio equal to or less than 85% (including any existing and proposed debt), (D) has a Debt Service Coverage Ratio equal to or greater than 1.20x (in each case, determined based upon the aggregate of the Stated Principal Balance of the Serviced Mortgage Loan or related Serviced Loan Combination, as applicable, and the principal amount of the proposed additional lien) and (E) is not one of the 10 largest Mortgage Loans (considering any Cross-Collateralized Group as a single Mortgage Loan) in the Mortgage Pool based on principal balance (although no such Rating Agency Confirmation will be required if such Serviced Mortgage Loan has a principal balance less than $10,000,000). Further, neither the Master Servicer nor the Special Servicer, as applicable, may waive the rights of the lender or grant its consent under any “due-on-sale” provision unless the Master Servicer or the Special Servicer, as applicable, shall have received a prior written Rating Agency Confirmation with respect to such action unless the related Serviced Mortgage Loan (including a Serviced Mortgage Loan related to a Serviced Loan Combination) (A) represents less than 5% of the principal balance of all of the Mortgage Loans in the Trust Fund, (B) has a principal balance that is equal to or less than $35,000,000 and (C) is not one of the 10 largest Mortgage Loans (considering any Cross-Collateralized Group as a single Mortgage Loan) in the Mortgage Pool based on principal balance (although no such Rating Agency Confirmation will be required if such Serviced Mortgage Loan has a principal balance less than $10,000,000). For the purposes of this Agreement, due-on-sale provisions shall include, without limitation, sale or transfers of Mortgaged Properties, in full or in part, or the sale, transfer, pledge or hypothecation of direct or indirect interests in any Mortgagor or its owner, to the extent prohibited under the related Loan Documents, and due-on-encumbrance provisions shall include, without limitation, any mezzanine/subordinate financing of any Mortgagor or any Mortgaged Property or any sale or transfer of preferred equity in any Mortgagor or its owners, to the extent prohibited under the related Loan Documents.

 

  

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The Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans) shall notify in writing the Trustee, the Certificate Administrator, the Special Servicer or the Master Servicer, as applicable, the related Directing Holder (prior to the occurrence and continuance of an applicable Consultation Termination Event), the Operating Advisor (after the occurrence and during the continuance of an applicable Control Termination Event), the Rule 17g-5 Information Provider (for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement) and, with respect to a Serviced Loan Combination, the related Serviced Companion Loan Holder, of any assumption or substitution agreement executed pursuant to this Section 3.09(a) and shall forward thereto a copy of such agreement, and shall also deliver an original to the Trustee or the Custodian of the recorded agreement relating to such assumption or substitution within 15 Business Days following the execution and receipt thereof by the Master Servicer or the Special Servicer, as applicable.

 

In connection with any request for a Rating Agency Confirmation from a Rating Agency pursuant to this Section 3.09(a), the Master Servicer or the Special Servicer, as applicable, shall deliver a Review Package to the Rule 17g-5 Information Provider for posting to the Rule 17g-5 Information Provider’s Website in accordance with Section 11.13 of this Agreement.

 

Further, subject to the terms of the related Loan Documents and applicable law, the Master Servicer or the Special Servicer, as applicable, shall use reasonable efforts to ensure that all costs in connection with any assumption or encumbrance, including any arising from seeking a Rating Agency Confirmation, are paid by the related Mortgagor. To the extent not collected from the related Mortgagor after the use of such efforts, any rating agency charges in connection with the foregoing shall be paid by the Master Servicer as a Property Advance (or as an Additional Trust Fund Expense if such Property Advance would be a Nonrecoverable Advance).

 

To the extent not prohibited by the applicable Loan Documents and applicable law, the Master Servicer or Special Servicer, as applicable, may charge the related Mortgagor a fee in connection with any enforcement or waiver contemplated in this subsection (a); provided that any such fee shall be applied as if it were a Modification Fee and/or Assumption Fee, as applicable, pursuant to the terms of this Agreement.

 

(b)           Nothing in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any lien or other encumbrance with respect to such Mortgaged Property.

 

(c)           In connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, neither the Master Servicer nor the Special Servicer shall agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a) of this Agreement shall contain any terms that are different from, any term of any Mortgage Loan or Serviced Companion Loan or the related Note, other than pursuant to Section 3.24 of this Agreement.

 

  

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(d)           With respect to any Mortgage Loan (other than the Outside Serviced Trust Loans) or Serviced Loan Combination which permits release of Mortgaged Properties through defeasance, and to the extent consistent with the terms of the related Loan Documents:

 

(i)            In the event such Mortgage Loan or Serviced Loan Combination requires that the Master Servicer on behalf of the Trustee purchase the required “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii), the Master Servicer, an accommodation Mortgagor pursuant to clause (v) below or the Mortgagor shall, at the Mortgagor’s expense (to the extent consistent with the related Loan Documents), purchase or cause the purchase of such obligations in accordance with the terms of such Mortgage Loan or Serviced Loan Combination and deliver to the Master Servicer, in the case of the Mortgagor, or in the case of the Master Servicer, hold the same on behalf of the Trust Fund and, if applicable, the related Serviced Companion Loan Holder; provided that, subject to the related Loan Documents, the Master Servicer shall not accept the amounts paid by the related Mortgagor to effect defeasance until acceptable “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) have been identified, in each case which are acceptable as defeasance collateral under the then most recently published current guidelines of the Rating Agencies. Notwithstanding the foregoing, with respect to certain Mortgage Loans originated or acquired by RAIT that are subject to defeasance, RAIT has transferred to a third party or has retained the right to establish or designate the successor borrower and/or to purchase or cause to be purchased the related defeasance collateral (“Retained Defeasance Rights and Obligations”). In the event the Master Servicer receives notice of a defeasance request with respect to a Mortgage Loan that provides for Retained Defeasance Rights and Obligations in the related Loan Documents, the Master Servicer shall provide, within five (5) business days of receipt of such notice, written notice of such defeasance request to RAIT or RAIT’s assignee in the case of the Mortgage Loans for which (1) CGMRC is the related Mortgage Loan Seller and (2) RAIT or its Affiliate is the applicable originator. Until such time as RAIT provides written notice to the contrary, the notice of a defeasance of a Mortgage Loan with Retained Defeasance Rights and Obligations as to which (1) CGMRC is the related Mortgage Loan Seller and (2) RAIT or its Affiliate is the applicable originator shall be delivered to RAIT Funding, LLC, 2929 Arch Street, 17th Floor, Philadelphia, Pennsylvania 19104, Attention: Jamie Reyle, Senior Managing Director – Chief Legal Officer, fax number: (215) 405-2945, e-mail: jreyle@raitft.com, with a copy to RAIT Funding, LLC, 2929 Arch Street, 17th Floor, Philadelphia, Pennsylvania 19104, Attention: Scott Davidson, fax number: (215) 405-2945, e-mail: sdavidson@raitft.com.

 

(ii)          The Master Servicer shall require, to the extent the related Loan Documents grant the mortgagee discretion to so require, delivery of an Opinion of Counsel (which shall be an expense of the related Mortgagor to the extent consistent with the related Loan Documents) to the effect that the Trustee on behalf of the Certificateholders has a first priority security interest in the defeasance deposit and the “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any 

 

  

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other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii), and the assignment thereof is valid and enforceable; such opinion, together with any other certificates or documents to be required in connection with such defeasance shall be in form and substance acceptable to the Master Servicer.

 

(iii)         The Master Servicer shall obtain, to the extent the related Loan Documents grant the mortgagee discretion to so obtain, a certificate (which shall be an expense of the related Mortgagor to the extent consistent with the related Loan Documents) from an Independent certified public accountant certifying that the “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii), comply with the requirements of the related Loan Agreement or Mortgage.

 

(iv)         To the extent consistent with the related Loan Documents, prior to permitting release of any Mortgaged Properties through defeasance, the Master Servicer shall (at the Mortgagor’s expense) obtain a Rating Agency Confirmation; provided that the Master Servicer shall not be required to obtain such Rating Agency Confirmation from any Rating Agency to the extent that the Master Servicer has delivered a defeasance certificate to such Rating Agency substantially in the form of Exhibit DD to this Agreement for any Mortgage Loan that, at the time of such defeasance, is (x) not one of the ten largest Mortgage Loans by Stated Principal Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or less than $35,000,000 and (z) a Mortgage Loan that represents less than 5% of the Stated Principal Balance of all Mortgage Loans.

 

(v)          If the Mortgage Loan or Serviced Loan Combination permits the related Mortgagor or the lender or its designee to cause an accommodation Mortgagor to assume such defeased obligations, the Master Servicer shall, or shall cause the Mortgagor to, establish at the Mortgagor’s cost and expense (and shall use efforts consistent with the Servicing Standard to cause the related Mortgagor to consent to such assumption) a special purpose bankruptcy-remote entity to assume such obligations, as to which the Trustee and the Certificate Administrator has received a Rating Agency Confirmation (if such confirmation is required pursuant to the then most recently published guidelines of the Rating Agencies).

 

(vi)         To the extent consistent with the related Loan Documents, the Master Servicer shall require the related Mortgagor to pay all costs and expenses incurred in connection with the defeasance of the related Mortgage Loan or Serviced Loan Combination. In the event that the Mortgagor is not required to pay any such costs and expenses under the terms of the Loan Documents, such costs and expenses shall be Additional Trust Fund Expenses.

 

(vii)        In no event shall the Master Servicer have liability to any party hereto or beneficiary hereof for obtaining a Rating Agency Confirmation (or conditioning approval of defeasance on the delivery of a Rating Agency Confirmation) or for imposing conditions to approval of a defeasance on the satisfaction of conditions that are consistent with the Servicing Standard but are not required under Rating Agency guidelines 

 

  

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(provided that this shall not protect the Master Servicer from any liability that may be imposed as a result of the violation of applicable law or the Loan Documents).

 

(viii)       The Master Servicer may accept as defeasance collateral any “government security,” within the meaning of Treasury Regulation’s Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents; provided, that the Master Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will not endanger the status of either Trust REMIC as a REMIC or result in the imposition of a tax upon either Trust REMIC or the Trust Fund (including but not limited to the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from foreclosure property” as set forth in Section 860G(c) of the Code).

 

(ix)          In addition, the Master Servicer shall obtain the consent of the Special Servicer in connection with any defeasance transaction that involves any modification, waiver, consent or amendment of a Serviced Mortgage Loan or Serviced Loan Combination in connection with such defeasance transaction if such proposed modification, waiver, consent or amendment is with respect to (A) a waiver of a material Mortgage Loan event of default (which includes defaults relating to transfers of interest in the related Mortgagor or the existing collateral or material modifications of the existing collateral), (B) a modification of the type of defeasance collateral required under the related Loan Documents such that defeasance collateral other than direct, non-callable obligations of the United States of America would be permitted or (C) a modification that would permit a principal prepayment instead of defeasance if the related Loan Documents do not otherwise permit such principal prepayment.

 

(e)           Notwithstanding any other provision of this Section 3.09, without any other approval or consent, the Master Servicer (for Performing Serviced Loans) or the Special Servicer (for Specially Serviced Loans) may grant and process a Mortgagor’s request for consent to subject the related Mortgaged Property to an immaterial easement, right of way or similar agreement for utilities, access, parking, public improvements or another purpose and may consent to subordination of the related Mortgage Loan or Serviced Loan Combination to such easement, right of way or similar agreement; provided that in each case, the Master Servicer or Special Servicer, as applicable, (i) shall have determined in accordance with the Servicing Standard that such easement, right of way or similar agreement will not materially and adversely affect the operation or value of such Mortgaged Property or the Trust Fund’s interest in the Mortgaged Property and (ii) shall have determined that such easement, right of way or similar agreement will not cause either Trust REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding. The Master Servicer or the Special Servicer may rely on an Opinion of Counsel in making any such determination under clause (ii) above.

 

Section 3.10     Appraisal Reductions; Realization Upon Defaulted Loans.

 

(a)           Promptly upon the occurrence of an Appraisal Reduction Event with respect to a Serviced Loan, the Special Servicer shall use reasonable efforts to obtain an updated Appraisal, the costs of which shall be advanced by, and reimbursable to, the Master Servicer as a 

 

  

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Property Advance (or shall be an expense of the Trust Fund and paid by the Master Servicer out of the Collection Account if such Property Advance would be a Nonrecoverable Advance); provided, however, that the Special Servicer shall not be required to obtain an updated Appraisal of any Mortgaged Property with respect to which there exists an Appraisal which is less than nine months old unless the Special Servicer determines in accordance with the Servicing Standard that such previously obtained Appraisal is materially inaccurate. With respect to any Serviced Loan for which an Appraisal Reduction Event has occurred and still exists, the Special Servicer shall obtain annual letter updates to any updated Appraisal. Any Appraisal prepared in order to determine the Appraisal Reduction Amount with respect to a Serviced Loan Combination shall be delivered by the Special Servicer, upon request, to each related Serviced Companion Loan Holder.

 

The Certificate Principal Amount of each Class of applicable Certificates shall be notionally reduced (solely for purposes of determining the identity of the Non-Reduced Certificates and the Controlling Class, as well as the occurrence of a CCR Control Termination Event) as of any date of determination to the extent of the Appraisal Reduction Amount(s) allocated to such Class on the preceding Distribution Date. The aggregate Appraisal Reduction Amount for any Distribution Date shall be applied to notionally reduce the Certificate Principal Amounts of the following Classes of Certificates and Class PEZ Regular Interests in the following order of priority: first, to the Class H Certificates; second, to the Class G Certificates; third, to the Class F Certificates; fourth, to the Class E Certificates; fifth, to the Class D Certificates; sixth, to the Class C Regular Interest (and correspondingly, the Class C Certificates and the Class PEZ Component C, pro rata based on their respective percentage interests therein); seventh, to the Class B Regular Interest (and correspondingly, the Class B Certificates and the Class PEZ Component B, pro rata based on their respective percentage interests therein); eighth, to the Class A-S Regular Interest (and correspondingly, the Class A-S Certificates and the Class PEZ Component A-S, pro rata based on their respective percentage interests therein); and finally, pro rata to the (i) Class A-1 Certificates, (ii) Class A-2 Certificates, (iii) Class A-3 Certificates, (iv) Class A-4 Certificates and (v) Class A-AB Certificates, based on their respective Certificate Principal Amounts (provided in each case that no Certificate Principal Amount in respect of any such Class may be notionally reduced below zero). With respect to any Appraisal Reduction Amount calculated for the purposes of determining the Non-Reduced Certificates or the Controlling Class, as well as the occurrence of a Subordinate Companion Loan Control Termination Event or a CCR Control Termination Event, the appraised value of the related Mortgaged Property shall be determined on an “as-is” basis.

 

The Special Servicer shall promptly notify the Certificate Administrator and Master Servicer of the determination of any such Appraisal Reduction Amount, and the Certificate Administrator shall promptly post notice of the determination of any such Appraisal Reduction Amount on the Certificate Administrator’s website.

 

Any Appraisal Reduction Amounts with respect to each Serviced Loan Combination shall be allocated, first, to any related Serviced Subordinate Companion Loan (up to the outstanding principal balance thereof), and then, to the related Serviced Mortgage Loan and any related Serviced Pari Passu Companion Loan(s), on a pro rata and pari passu basis in accordance with the respective outstanding principal balances of such related Serviced Mortgage Loan and the related Serviced Pari Passu Companion Loan.

 

  

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The Holders of Certificates representing the majority of the Certificate Principal Amount of any Class of Control Eligible Certificates whose Certificate Principal Amount is notionally reduced to less than 25% of the initial Certificate Principal Amount of that Class as a result of an allocation of an Appraisal Reduction Amount in respect of such Class (such Class, an “Appraised-Out Class”) shall have the right to challenge the Special Servicer’s Appraisal Reduction Amount determination and, at their sole expense, obtain a second Appraisal of any Serviced Loan for which an Appraisal Reduction Event has occurred (such Holders, the “Requesting Holders”). The Requesting Holders shall cause the Appraisal to be prepared on an “as-is” basis by an Appraiser in accordance with MAI standards, and the Appraisal shall be reasonably acceptable to the Special Servicer in accordance with the Servicing Standard. The Requesting Holders shall provide the Special Servicer with notice of their intent to challenge the Special Servicer’s Appraisal Reduction Amount determination within 10 days of the Requesting Holders’ receipt of written notice of the determination of such Appraisal Reduction Amount.

 

An Appraised-Out Class shall be entitled to continue to exercise the rights of the Controlling Class until 10 days following its receipt of written notice of the determination of an Appraisal Reduction Amount, unless the Requesting Holders provide written notice of their intent to challenge such Appraisal Reduction Amount to the Special Servicer and the Certificate Administrator within such 10-day period pursuant to the immediately preceding paragraph. If the Requesting Holders provide such notice, then the Appraised-Out Class shall be entitled to continue to exercise the rights of the Controlling Class until the earliest of (i) 120 days following the related Appraisal Reduction Event, unless the Requesting Holders provide the second appraisal within such 120-day period, (ii) the determination by the Special Servicer (described below) that a recalculation of the Appraisal Reduction Amount is not warranted or that such recalculation does not result in the Appraised-Out Class remaining the Controlling Class and (iii) the occurrence of a CCR Consultation Termination Event. After the Appraised-Out Class is no longer entitled to exercise the rights of the Controlling Class, the rights of the Controlling Class shall be exercised by the Class of Control Eligible Certificates immediately senior to such Appraised-Out Class, if any, unless a recalculation results in the reinstatement of the Appraised-Out Class as the Controlling Class.

 

In addition to the foregoing, the Holders of Certificates representing the majority of the Certificate Principal Amount of any Appraised-Out Class shall have the right, at their sole expense, to require the Special Servicer to order an additional Appraisal of any Serviced Loan for which an Appraisal Reduction Event has occurred 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 best efforts to ensure that such Appraisal is delivered within 30 days from receipt of such Holders’ written request and shall ensure that such Appraisal is prepared on an “as-is” basis by an Appraiser in accordance with MAI standards; provided that the Special Servicer shall not be required to obtain such Appraisal if the Special Servicer determines in accordance with 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 such appraised value of the related Mortgaged Property or Mortgaged Properties.

 

Upon receipt of an Appraisal provided by, or requested by, Holders of an Appraised-Out Class pursuant to this Section and any other information reasonably requested by 

 

  

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the Special Servicer from the Master Servicer reasonably required to calculate or recalculate the Appraisal Reduction Amount, the Special Servicer shall determine, in accordance with the Servicing Standard, whether, based on its assessment of such additional Appraisal, any recalculation of the Appraisal Reduction Amount is warranted and, if so warranted, shall recalculate such Appraisal Reduction Amount based upon such additional Appraisal. If required by any such recalculation, the Appraised-Out Class shall be reinstated as the Controlling Class. The Special Servicer shall promptly deliver notice to the Certificate Administrator of any such determination and recalculation, and the Certificate Administrator shall promptly post such notice to the Certificate Administrator’s Website.

 

Appraisals that are permitted to be presented by, or obtained by the Special Servicer at the request of, Holders of an Appraised-Out Class shall be in addition to any Appraisals that the Special Servicer may otherwise be required to obtain in accordance with the Servicing Standard or this Agreement without regard to any appraisal requests made by any Holder of an Appraised-Out Class.

 

(b)           In connection with any foreclosure, enforcement of the Loan Documents or other acquisition, the Master Servicer in accordance with Section 3.20 of this Agreement shall pay the out-of-pocket costs and expenses in any such proceedings as a Property Advance unless the Master Servicer determines, in its good faith judgment exercised in accordance with the Servicing Standard, that such Advance would constitute a Nonrecoverable Advance (in which case such costs shall be an expense of the Trust Fund and paid by the Master Servicer out of the Collection Account). The Master Servicer shall be entitled to reimbursement of Advances (with interest at the Advance Rate) made pursuant to the preceding sentence to the extent permitted by Section 3.06(a)(ii) of this Agreement.

 

Subject to Section 3.21 of this Agreement, if the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state where the Mortgaged Property is located, the Special Servicer shall not be required to pursue a deficiency judgment against the related Mortgagor or any other liable party if the laws of the state do not permit such a deficiency judgment after a non-judicial foreclosure or if the Special Servicer determines, in accordance with the Servicing Standard, that the likely recovery if a deficiency judgment is obtained will not be sufficient to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment and such determination is evidenced by an Officer’s Certificate delivered to the Trustee, the Certificate Administrator and (prior to the occurrence and continuance of an applicable Consultation Termination Event) the related Directing Holder.

 

In the event that title to any Mortgaged Property (other than any Mortgaged Property related to an Outside Serviced Trust Loan) is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee, to a co-trustee or to its nominee (which shall not include the Master Servicer but may be a single member limited liability company owned by the Trust and managed by the Special Servicer) or a separate trustee or co-trustee on behalf of the Trustee as holder of the Lower-Tier Regular Interests and on behalf of the holders of the Certificates and, if applicable, and the related Serviced Companion Loan Holders. Notwithstanding any such acquisition of title and cancellation of the related Serviced Mortgage Loan, the related Serviced Mortgage Loan shall (except for purposes of Section 9.01) be considered to be an REO Mortgage Loan held in the Trust Fund until such time as the related 

 

  

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REO Property shall be sold by the Trust Fund and shall be reduced only by collections net of expenses.

 

(c)           Notwithstanding any provision to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund any personal property pursuant to this Section 3.10 unless either:

 

(i)            such personal property is (in the good faith judgment of the Special Servicer) incident to real property (within the meaning of Code Section 856(e)(1)) so acquired by the Special Servicer for the benefit of the Trust Fund; or

 

(ii)           the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust Fund) to the effect that the holding of such personal property by the Trust Fund will not cause the imposition of a tax on a Trust REMIC under the REMIC Provisions or cause either Trust REMIC to fail to qualify as a REMIC for federal income tax purposes or cause the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes at any time that any Certificate is outstanding.

 

(d)           Notwithstanding any provision to the contrary in this Agreement, neither the Special Servicer nor the Master Servicer shall, on behalf of the Trust Fund or, if applicable, the related Serviced Companion Loan Holder, obtain title to any direct or indirect partnership or membership interest or other equity interest in any Mortgagor pledged pursuant to any pledge agreement, unless the Master Servicer or the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust Fund) to the effect that the holding of such partnership or membership interest or other equity interest by the Trust Fund will not cause the imposition of a tax on a Trust REMIC under the REMIC Provisions or cause either Trust REMIC to fail to qualify as a REMIC for federal income tax purposes or cause the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes at any time that any Certificate is outstanding.

 

(e)           Notwithstanding any provision to the contrary contained in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund or, if applicable, the related Serviced Companion Loan Holders, obtain title to a Mortgaged Property as a result of foreclosure or by deed in lieu of foreclosure or otherwise, obtain title to any direct or indirect partnership or membership interest in any Mortgagor pledged pursuant to a pledge agreement and thereby be the beneficial owner of a Mortgaged Property, and shall not otherwise acquire possession of, or take any other action with respect to, any Mortgaged Property if, as a result of any such action, the Custodian, the Trustee, the Certificate Administrator or the Trust Fund or the Certificateholders or, if applicable, the related Serviced Companion Loan Holders, would be considered to hold title to, or be a mortgagee-in-possession of, or to be an “owner” or “operator” of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Special Servicer has previously determined in accordance with the Servicing Standard, based on an updated environmental assessment report prepared by an Independent Person who regularly conducts environmental audits, that:

 

  

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(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 Trust Fund and any related Serviced Companion Loan Holder (as a collective whole) to take such actions as are necessary to bring such Mortgaged Property in compliance therewith; and

 

(ii)         there are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous Materials for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be required, after consultation with an environmental consultant, it would be in the best economic interest of the Trust Fund and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Trust Fund and, if applicable, any related Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion Loan)) to take such actions with respect to the affected Mortgaged Property as could be required by such law or regulation.

 

In the event that the environmental assessment first obtained by the Special Servicer with respect to a Mortgaged Property indicates that such Mortgaged Property may not be in compliance with applicable environmental laws or that Hazardous Materials may be present but does not definitively establish such fact, the Special Servicer shall cause such further environmental tests to be conducted by an Independent Person who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests of Certificateholders and any related Serviced Companion Loan Holder. Any such tests shall be deemed part of the environmental assessment obtained by the Special Servicer for purposes of this Section 3.10.

 

In the event that the Special Servicer seeks to obtain title to a Mortgaged Property on behalf of the Trust Fund and any related Serviced Companion Loan Holder, the Special Servicer may, in its discretion, establish a single member limited liability company with the Trust Fund and any related Serviced Companion Loan Holder as the sole owner to hold title to such Mortgaged Property.

 

(f)           The environmental assessment contemplated by Section 3.10(e) of this Agreement shall be prepared within three months of the determination that such assessment is required by any Independent Person who regularly conducts environmental audits for purchasers of commercial property where the Mortgaged Property is located, as determined by the Special Servicer in a manner consistent with the Servicing Standard and, if applicable, any secured creditor impaired property policy issued on or prior to the Closing Date with respect to any Mortgage Loan (including that the environmental assessment identify any potential pollution conditions (as defined in the environmental insurance policy) with respect to the related Mortgaged Property). The Master Servicer shall advance the cost of preparation of such environmental assessments unless the Master Servicer determines, in its good faith judgment, that such Advance would be a Nonrecoverable Advance (in which case such costs shall be an expense of the Trust Fund and paid by the Master Servicer out of the Collection Account). The Master Servicer shall be entitled to reimbursement of Advances (with interest at the Advance 

 

  

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Rate) made pursuant to the preceding sentence in the manner set forth in Section 3.06 of this Agreement. Copies of any environmental assessment prepared pursuant to Section 3.10(e) of this Agreement shall be provided to the Certificateholder of any Regular Certificates and any related Serviced Companion Loan Holder upon written request to the Special Servicer.

 

(g)           If the Special Servicer determines pursuant to Section 3.10(e)(i) of this Agreement that a Mortgaged Property is not in compliance with applicable environmental laws, but that it is in the best economic interest of the Trust Fund and any related Serviced Companion Loan Holder, as a collective whole as if the Trust Fund and any related Serviced Companion Holder constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion Loan), to take such actions as are necessary to bring such Mortgaged Property in compliance therewith, or if the Special Servicer determines pursuant to Section 3.10(e)(ii) of this Agreement that the circumstances referred to therein relating to Hazardous Materials are present, but that it is in the best economic interest of the Trust Fund and any related Serviced Companion Loan Holder, as a collective whole as if the Trust Fund and any related Serviced Companion Holder constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion Loan), to take such action with respect to the containment, clean-up or remediation of Hazardous Materials affecting such Mortgaged Property as is required by law or regulation, then the Special Servicer shall take such action as it deems to be in the best economic interest of the Trust Fund and any related Serviced Companion Loan Holder, as a collective whole as if the Trust Fund and any related Serviced Companion Holder constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion Loan). The Master Servicer shall pay the cost of any such compliance, containment, clean-up or remediation from the Collection Account.

 

(h)           The Special Servicer shall notify the Master Servicer of any abandoned and/or foreclosed properties which require reporting to the IRS and shall provide the Master Servicer with all information regarding forgiveness of indebtedness and required to be reported with respect to any Mortgage Loan or Serviced Companion Loan which is abandoned or foreclosed and the Master Servicer shall report to the IRS and the related Mortgagor, in the manner required by applicable law, such information and the Master Servicer shall report, via IRS Form 1099C, all forgiveness of indebtedness 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, the Certificate Administrator and, if affected, to any related Serviced Companion Loan Holder.

 

Section 3.11     Trustee and Certificate Administrator to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan or Serviced Loan Combination or the receipt by the Master Servicer or the Special Servicer of a notification that payment in full has been escrowed in a manner customary for such purposes, the Master Servicer or the Special Servicer shall immediately notify the Trustee, the Certificate Administrator and the Custodian and, if affected, the related Serviced Companion Loan Holder by delivery of a certification (which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 3.05 of this Agreement have been or will be so deposited) of a 

 

  

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Servicing Officer and shall request delivery to it of the Mortgage File. No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Trust Fund.

 

From time to time upon request of the Master Servicer or Special Servicer and delivery to the Custodian of a Request for Release, the Certificate Administrator shall promptly cause the Custodian to release the Mortgage File (or any portion thereof) designated in such Request for Release to the Master Servicer or Special Servicer, as applicable. Upon return of the foregoing to the Custodian, or in the event of a liquidation or conversion of the Mortgage Loan or Serviced Loan Combination into an REO Property, receipt by the Trustee and the Certificate Administrator of a certificate of a Servicing Officer stating that such Mortgage Loan or Serviced Loan Combination was liquidated and that all amounts received or to be received in connection with such liquidation which are required to be deposited into the Collection Account have been so deposited, or that such Mortgage Loan or Serviced Loan Combination has become an REO Property, the Custodian shall deliver a copy of the Request for Release to the Master Servicer or Special Servicer, as applicable.

 

Within three (3) Business Days, after receipt of written certification of a Servicing Officer, the Trustee shall execute and deliver to the Special Servicer any court pleadings, requests for trustee’s sale or other documents prepared by the Special Servicer, its agents or attorneys and reasonably acceptable to the Trustee, 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 Loan or Serviced Loan Combination, or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Loan Documents or otherwise available at law or in equity. Each such certification shall include a request that such pleadings or documents be executed by the Trustee and a statement as to the reason such documents or pleadings are required, and that the execution and delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage or other security agreement, except for the termination of such a lien upon completion of the foreclosure or trustee’s sale.

 

If from time to time, pursuant to the terms of the Co-Lender Agreement and the applicable Other Pooling and Servicing Agreement related to an Outside Serviced Trust Loan, and as appropriate for enforcing the terms of, or otherwise properly servicing, such Outside Serviced Trust Loan, the related Outside Servicer, the related Outside Special Servicer or other similar party requests delivery to it of the original Note for such Outside Serviced Trust Loan, then such party shall deliver a Request for Release in the form of Exhibit C attached hereto to the Custodian and the Custodian shall release or cause the release of such original Note to the requesting party or its designee. In connection with the release of the original Note for an Outside Serviced Trust Loan in accordance with the preceding sentence, the Custodian shall obtain such documentation as is appropriate to evidence the holding by the related Outside Servicer, the related Outside Special Servicer or such other similar party, as the case may be, of such original Mortgage Note as custodian on behalf of and for the benefit of the Trustee.

 

  

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Section 3.12     Servicing Fees, Trustee/Certificate Administrator Fees and Special Servicing Compensation.

 

(a)           As compensation for its activities hereunder, the Master Servicer shall be entitled, with respect to each Mortgage Loan and REO Mortgage Loan (including the Outside Serviced Trust Loan but excluding the Outside Serviced Companion Loans) and each Serviced Companion Loan and REO Companion Loan that is included as part of a Serviced Loan Combination and each Interest Accrual Period, to the Servicing Fee, which shall be payable from amounts on deposit in the Collection Account and/or, in the case of a Serviced Loan Combination or portion thereof, the related Loan Combination Custodial Account as set forth in Section 3.06(a)(iii) and Section 3.06(a)(vii) and/or Section 3.06A of this Agreement, as applicable. In addition, the Master Servicer shall be entitled to receive, as additional servicing compensation, (i) 100% of any Excess Modification Fees with respect to a modification, waiver, extension or amendment of a Performing Serviced Loan agreed to by the Master Servicer pursuant to Section 3.24 of this Agreement that did not require the approval of the Special Servicer, (ii) 50% of any Excess Modification Fees with respect to a modification, waiver, extension or amendment of a Performing Serviced Loan consented to by the Special Servicer pursuant to Section 3.24 of this Agreement, (iii) 100% of any defeasance fee received in connection with a defeasance of a Serviced Loan as contemplated under Section 3.09 of this Agreement, (iv) 100% of any Assumption Fees with respect to a Performing Serviced Loan consented to by the Master Servicer that did not require the approval of the Special Servicer, (v) 50% of any Assumption Fees with respect to a Performing Serviced Loan consented to by the Special Servicer, (vi) the aggregate Prepayment Interest Excess (exclusive of any portion thereof attributable to an Outside Serviced Trust Loan), but only to the extent such amount is not required to be included in any Compensating Interest Payment, in each case to the extent received and not required to be deposited or retained in the Collection Account pursuant to Section 3.05 of this Agreement, (vii) 100% of Ancillary Fees (other than fees for insufficient or returned checks) and assumption application fees actually received from Mortgagors on Performing Serviced Loans, (viii) 100% of Consent Fees with respect to a Performing Serviced Loan that did not require the approval of the Special Servicer, (ix) 50% of any Consent Fees with respect to a Performing Serviced Loan consented to by the Special Servicer, (x) 100% of Excess Penalty Charges paid by the Mortgagors with respect to any Mortgage Loan (other than an Outside Serviced Trust Loan) other than Excess Penalty Charges accrued during the period such Mortgage Loan is a Specially Serviced Loan, (xi) 100% of fees for insufficient or returned checks actually received from Mortgagors on all Serviced Loans, and (xii) in the case of any ARD Mortgage Loan, 100% of any extension fee actually paid by the related Mortgagor in connection with the Mortgagor’s option to exercise the related Anticipated Repayment Date option pursuant to the related Loan Documents unless the Special Servicer’s consent is required, then 50% of any such extension fee; provided, however, that the Master Servicer shall not be entitled to apply or retain any amounts described in clauses (i) through (v) above as additional compensation with respect to a specific Mortgage Loan or Serviced Loan Combination, as applicable, with respect to which a default or event of default thereunder has occurred and is continuing unless and until such default or event of default has been cured (or has been waived in accordance with the terms of this Agreement) and all delinquent amounts required to have been paid by the Mortgagor, Advance Interest Amounts and Additional Trust Fund Expenses (other than Special Servicing Fees, Workout Fees and Liquidation Fees) both (x) due with respect to such Mortgage Loan or Serviced Loan Combination, as applicable, and (y) in the case 

 

  

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of expense items, that arose within the last 12 months, have been paid. The Master Servicer shall also be entitled pursuant to, and to the extent provided for in Sections 3.06(a)(iii), Section 3.06(A) and Section 3.07(b), to withdraw from the Collection Account and the Loan Combination Custodial Accounts and to receive from any Mortgagor Accounts (to the extent not payable to the related Mortgagor under a Mortgage Loan or Serviced Loan Combination or applicable law) any interest or other income earned on deposits therein. Interest or other income earned on funds in the Collection Account, Loan Combination Custodial Account and Mortgagor Accounts (to the extent consistent with the related Loan Documents), shall be paid to the Master Servicer as additional servicing compensation and interest or other income earned on funds in any REO Account shall be payable to the Special Servicer.

 

Midland Loan Services, a Division of PNC Bank, National Association and any successor holder of the Excess Servicing Fee Rights shall be entitled, at any time, at its own expense, to transfer, sell, pledge or otherwise assign such Excess Servicing Fee Rights in whole (but not in part), in either case, to any Qualified Institutional Buyer or Institutional Accredited Investor (other than a Plan); provided that no such transfer, sale, pledge or other assignment shall be made unless (i) that transfer, sale, pledge or other assignment is exempt from the registration and/or qualification requirements of 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 CC-1 to this Agreement, and (iii) the prospective transferee shall have delivered to Midland Loan Services, a Division of PNC Bank, National Association and the Depositor a certificate substantially in the form attached as Exhibit CC-2 to this Agreement. None of the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor or the Certificate Registrar is obligated to register or qualify an Excess Servicing Fee Right under the Securities Act or any other securities law or to take any action not otherwise required under this Agreement to permit the transfer, sale, pledge or assignment of an Excess Servicing Fee Right without registration or qualification. Midland Loan Services, a Division of PNC Bank, National Association and each holder of an Excess Servicing Fee Right desiring to effect a transfer, sale, pledge or other assignment of such Excess Servicing Fee Right shall, and Midland Loan Services, a Division of PNC Bank, National Association hereby agrees, and each such holder of an Excess Servicing Fee Right by its acceptance of such Excess Servicing Fee Right shall be deemed to have agreed, in connection with any transfer of such Excess Servicing Fee Right effected by such Person, to indemnify the Certificateholders, the Trust, the Depositor, the Underwriters, the Initial Purchasers, the Certificate Administrator, the Trustee, the Custodian, the Master Servicer, the Operating Advisor, 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 an 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 such 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 such Excess Servicing Fee Right or any Certificate pursuant to the Securities Act. From time to time following any transfer, sale, pledge or assignment of an Excess Servicing Fee Right, the Person then acting as the Master Servicer shall pay, out of each amount paid to such Master Servicer as Servicing Fees with respect to each related Mortgage 

 

  

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Loan or REO Mortgage Loan, as the case may be, the related Excess Servicing Fees to the holder of such Excess Servicing Fee Right within one (1) Business Day following the payment of such Servicing Fees to the Master Servicer, in each case in accordance with payment instructions provided by such holder in writing to the Master Servicer. The holder of an Excess Servicing Fee Right shall not have any rights under this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate Administrator, the Certificate Registrar, the Operating Advisor, the 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.

 

Except as otherwise provided herein, the Master Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder, including all fees of any Sub-Servicers retained by it.

 

The Master Servicer will not be entitled to retain any portion of Excess Interest paid on any Mortgage Loan. Notwithstanding anything herein to the contrary, in the case of a Serviced Loan Combination, in no event shall Servicing Fees with respect to the related Mortgage Loan (including an REO Mortgage Loan) be payable out of payments and other collections with respect to the related Serviced Pari Passu Companion Loan(s), and in no event shall Servicing Fees with respect to the related Serviced Pari Passu Companion Loan(s) (including an REO Companion Loan) be payable out of payments and other collections with respect to the related Mortgage Loan or the Mortgage Pool. In addition, with respect to any Serviced Subordinate Companion Loan, in no event shall Servicing Fees with respect to such Serviced Subordinate Companion Loan (including an REO Companion Loan) be payable out of payments and other collections with respect to any related Serviced Pari Passu Companion Loan(s), the related Mortgage Loan or the Mortgage Pool. This paragraph is in no way intended to limit the rights, if any, of the Master Servicer under the related Co-Lender Agreement to seek payment of unpaid Servicing Fees with respect to any Serviced Companion Loan from the related Serviced Companion Loan Holder.

 

(b)           As compensation for its activities hereunder, on each Distribution Date the Trustee shall be entitled with respect to each Mortgage Loan to its portion of the Trustee/Certificate Administrator Fee, and the Certificate Administrator shall be entitled with respect to each Mortgage Loan to its portion of the Trustee/Certificate Administrator Fee. The Certificate Administrator shall pay the Trustee the Trustee’s portion of the Trustee/Certificate Administrator Fee. Except as otherwise provided herein, the Trustee/Certificate Administrator Fee includes all routine expenses of the Trustee, the Certificate Registrar, the Paying Agent, the Certificate Administrator and the Authenticating Agent. Each of the Trustee’s and Certificate Administrator’s rights to the Trustee/Certificate Administrator Fee may not be transferred in whole or in part except in connection with the transfer of all of the Trustee’s or Certificate Administrator’s, as applicable, responsibilities and obligations under this Agreement.

 

(c)           As compensation for its activities hereunder, the Special Servicer shall be entitled with respect to each Specially Serviced Loan (including each Serviced Companion Loan that is included as part of each Serviced Loan Combination) in respect of each Interest Accrual Period to the Special Servicing Fee, which shall be payable from amounts on deposit in the Collection Account and/or, in the case of a Serviced Loan Combination or portion thereof, the 

 

  

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related Loan Combination Custodial Account as set forth in Section 3.06(a) and Section 3.06A. The Special Servicer’s rights to the Special Servicing Fee may not be transferred in whole or in part except in connection with the transfer of all of the Special Servicer’s responsibilities and obligations under this Agreement. In addition, the Special Servicer shall be entitled to receive, as additional servicing compensation, (i) 50% of any Excess Modification Fees with respect to a modification, waiver, extension or amendment of a Performing Serviced Loan consented to by the Special Servicer pursuant to Section 3.24 of this Agreement, (ii) 100% of any Excess Modification Fees with respect to a modification, waiver, extension or amendment of a Specially Serviced Loan consented to by the Special Servicer pursuant to Section 3.24 of this Agreement, (iii) 100% of any Assumption Fees with respect to a Specially Serviced Loan, (iv) 50% of any Assumption Fees with respect to a Performing Serviced Loan consented to by the Special Servicer, (v) 100% of Ancillary Fees (other than fees for insufficient or returned checks) and assumption application fees actually received from Mortgagors on Specially Serviced Loans, (vi) 100% of Consent Fees with respect to a Specially Serviced Loan, (vii) 50% of any Consent Fees with respect to a Performing Serviced Loan consented to by the Special Servicer, (viii) 100% of Excess Penalty Charges paid by the Mortgagors with respect to any Mortgage Loan (other than an Outside Serviced Trust Loan) accrued during the period such Mortgage Loan is a Specially Serviced Loan, (ix) any interest or other income earned on deposits in the REO Accounts, and (x) in the case of any ARD Mortgage Loan, 50% of any extension fee actually paid by the related Mortgagor in connection with the Mortgagor’s option to exercise the related Anticipated Repayment Date option pursuant to the related Loan Documents, unless the Special Servicer’s consent is not required, then 0% of any such extension fee. The Special Servicer shall not be entitled to any Special Servicing Fees with respect to the Outside Serviced Trust Loans.

 

Except as otherwise provided herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder.

 

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 Mortgage Loan or Serviced Loan Combination for so long as it remains a Corrected Loan. The Special Servicer shall not be entitled to any Workout Fee with respect to any Outside Serviced Trust Loan. The Workout Fee with respect to any Corrected Loan will cease to be payable if such loan again becomes a Specially Serviced Loan; provided that a new Workout Fee will become payable if and when such Specially Serviced Loan again becomes a Corrected Loan. If the Special Servicer is terminated (other than for cause) or resigns: (1) it shall retain the right to receive any and all Workout Fees payable in respect of Mortgage Loans or Serviced Loan Combinations that became Corrected Loans prior to the time of that termination or resignation except the Workout Fees will no longer be payable if any such Mortgage Loan or Serviced Loan Combination subsequently becomes a Specially Serviced Loan; and (2) it will receive any Workout Fees payable in respect of any Mortgage Loan or Serviced Loan Combination that was, at the time of that termination or resignation, a Specially Serviced Loan for which the resigning or terminated Special Servicer had 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 Monthly Payments and which subsequently becomes a Corrected Loan as a result of the Mortgagor making such three consecutive timely Monthly Payments. In either case, 

 

  

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the successor special servicer will not be entitled to any portion of such Workout Fees. The Special Servicer shall also be entitled to additional servicing compensation in the form of a Liquidation Fee (other than with respect to the Outside Serviced Trust Loans) payable out of the Liquidation Proceeds prior to the deposit of the Net Liquidation Proceeds in the Collection Account or the Loan Combination Custodial Account, as applicable. However, no Liquidation Fee will be payable with respect to an Outside Serviced Trust Loan or in connection with, or out of, Liquidation Proceeds as set forth in the final two provisos of the definition of “Liquidation Fee” herein. Notwithstanding anything herein to the contrary, the Special Servicer shall not be entitled to receive both a Liquidation Fee and a Workout Fee with respect to any specific collections or proceeds on any Mortgage Loan or Serviced Loan Combination. For purposes of the foregoing provisions of this Section 3.12(c), a termination and removal of the Special Servicer under Section 6.08 of this Agreement shall be deemed to constitute a termination without cause.

 

If at any time a Mortgage Loan or Serviced Loan Combination becomes a Specially Serviced Loan, the Special Servicer shall use its reasonable efforts to collect the amount of any Special Servicing Fee, Liquidation Fee and/or Workout Fee from the related Mortgagor pursuant to the related Loan Documents, including exercising all remedies available under such Loan Documents that would be in accordance with the Servicing Standard, specifically taking into account the costs or likelihood of success of any such collection efforts and the Realized Loss that would be incurred by Certificateholders in connection therewith as opposed to the Realized Loss that would be incurred as a result of not collecting such amounts from the related Mortgagor.

 

The Special Servicer shall not be entitled to any Liquidation Fee with respect to any Outside Serviced Trust Loan or any Outside Serviced Companion Loan. In addition, the Special Servicer will not be entitled to retain any portion of Excess Interest paid on any Mortgage Loan.

 

Notwithstanding anything herein to the contrary, in the case of a Serviced Loan Combination, in no event shall Special Servicing Compensation with respect to the related Mortgage Loan (including an REO Mortgage Loan) be payable out of payments and other collections with respect to the related Serviced Pari Passu Companion Loan(s), and in no event shall Special Servicing Compensation with respect to the related Serviced Pari Passu Companion Loan(s) (including an REO Companion Loan) be payable out of payments and other collections with respect to the related Mortgage Loan or the Mortgage Pool. In addition, with respect to any Serviced Subordinate Companion Loan, in no event shall Special Servicing Compensation with respect to such Companion Loan (including an REO Companion Loan) be payable out of payments and other collections with respect to any related Serviced Pari Passu Companion Loan(s), the related Mortgage Loan or the Mortgage Pool. This paragraph is in no way intended to limit the rights of the Special Servicer under the related Co-Lender Agreement to seek payment of unpaid Special Servicing Compensation with respect to any Serviced Companion Loan from the related Serviced Companion Loan Holder.

 

(d)           The Master Servicer, Special Servicer, the Certificate Administrator and Trustee shall be entitled to reimbursement from the Trust Fund for the costs and expenses incurred by them in the performance of their duties under this Agreement which are 

 

  

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“unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(iii). Such expenses shall include, by way of example and not by way of limitation, environmental assessments, Appraisals in connection with foreclosure, the fees and expenses of any administrative or judicial proceeding and expenses expressly identified as reimbursable in Section 3.06(a)(vi) of this Agreement.

 

(e)           No provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee to expend or risk their own funds or otherwise incur any financial liability in the performance of any of their duties hereunder or thereunder, or in the exercise of any of their rights or powers, if, in the good faith business judgment of the Master Servicer, Special Servicer, the Certificate Administrator or the Trustee, as the case may be, repayment of such funds would not be ultimately recoverable from late payments, Net Insurance Proceeds, Net Condemnation Proceeds, Net Liquidation Proceeds and other collections on or in respect of the Mortgage Loans or Serviced Loan Combination (to the extent recovery is permitted from a Serviced Loan Combination hereunder) or from adequate indemnity from other assets comprising the Trust Fund against such risk or liability.

 

If the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee receives a request or inquiry from a Mortgagor, any Certificateholder or any other Person the response to which would, in the Master Servicer’s, the Special Servicer’s or the Operating Advisor’s commercially reasonable judgment or the Certificate Administrator’s or the Trustee’s good faith business judgment require the assistance of Independent legal counsel or other consultant to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee the cost of which would not be an expense of the Trust Fund hereunder, then the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee, as the case may be, shall not be required to take any action in response to such request or inquiry unless the Mortgagor or such Certificateholder or such other Person, as applicable, makes arrangements for the payment of the Master Servicer’s, the Special Servicer’s, the Operating Advisor’s, the Certificate Administrator’s or the Trustee’s expenses associated with such counsel (including, without limitation, posting an advance payment for such expenses) satisfactory to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee as the case may be, in its sole discretion. Unless such arrangements have been made, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee as the case may be, shall have no liability to any Person for the failure to respond to such request or inquiry.

 

(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 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.

 

(g)           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 or rebates) from any Person (including, without limitation, 

 

  

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the Trust, any Mortgagor, any Manager, any guarantor or indemnitor in respect of a Serviced Mortgage Loan or Serviced Companion Loan and any purchaser of any Serviced Mortgage Loan, Serviced Companion Loan or REO Property) in connection with the disposition, workout or foreclosure of any Serviced Loan, the management or disposition of any REO Property, or the performance of any other special servicing duties under this Agreement, other than as expressly provided in this Section 3.12; provided that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees or the fees received by any Person acting as an Outside Servicer or Outside Special Servicer as expressly provided for under the applicable Other Pooling and Servicing Agreement with respect to an Outside Serviced Trust Loan, or as master servicer or special servicer as expressly provided for under the applicable Other Pooling and Servicing Agreement governing the securitization of a Serviced Companion Loan.

 

(h)           If the Eastmont Town Center Mortgage Loan becomes a Specially Serviced Mortgage Loan prior to the Eastmont Town Center Controlling Note Securitization Date, the Special Servicer shall service and administer the related Loan Combination and any related REO Property in the same manner as any other Specially Serviced Loan or REO Property and shall be entitled to all rights and compensation earned with respect to such Serviced Loan Combination during the period for which it acts as Special Servicer of such Serviced Loan Combination. With respect to the Eastmont Town Center Mortgage Loan, prior to the Eastmont Town Center Controlling Note Securitization Date, no other special servicer will be entitled to any such compensation or have such rights and obligations. If the Eastmont Town Center Mortgage Loan is still a Specially Serviced Mortgage Loan on the Eastmont Town Center Controlling Note Securitization Date, the related Outside Special Servicer and the Special Servicer shall be entitled to compensation with respect to the related Loan Combination as if the Special Servicer were being terminated as Special Servicer and the related Outside Special Servicer were replacing it as the successor special servicer. Upon receipt of notice of its termination as Special Servicer with respect to the Eastmont Town Center Mortgage Loan, the Special Servicer shall reasonably cooperate with the related Outside Special Servicer in connection with the servicing transition of the Eastmont Town Center Mortgage Loan on and after the Eastmont Town Center Controlling Note Securitization Date.

 

Section 3.13     Compensating Interest Payments. The Master Servicer shall deliver to the Certificate Administrator for deposit in the Lower-Tier Distribution Account on each Master Servicer Remittance Date, without any right of reimbursement therefor, an amount equal to the lesser of (i) the aggregate of all Prepayment Interest Shortfalls incurred in connection with voluntary Principal Prepayments received in respect of the Serviced Mortgage Loans and Serviced Pari Passu Companion Loans (other than the Specially Serviced Loans and Defaulted Loans), other than Principal Prepayments received in connection with the receipt of Insurance Proceeds or Condemnation Proceeds, during the most recently ended Prepayment Period, and (ii) the sum of (A) the aggregate Servicing Fees up to a maximum rate of 0.0025% per annum for the related Distribution Date with respect to each Serviced Mortgage Loan (and related REO Mortgage Loan) and Serviced Pari Passu Companion Loan (and related REO Companion Loan) for which such Servicing Fees are being paid in such Prepayment Period and (B) all Prepayment Interest Excesses received during the related Prepayment Period (and net investment earnings thereon); provided that the Master Servicer shall pay (without regard to clause (ii) above) the aggregate of all Prepayment Interest Shortfalls otherwise described in clause (i) above incurred in connection with Principal Prepayments received in respect of the 

 

  

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Serviced Mortgage Loans during the most recently ended Prepayment Period to the extent such Prepayment Interest Shortfalls were the result of the Master Servicer’s failure to enforce the related Loan Documents. No Compensating Interest Payments shall be made by the Master Servicer for any Outside Serviced Trust Loan, Outside Serviced Companion Loan or Subordinate Companion Loan. Any Compensating Interest Payments made with respect to a Serviced Pari Passu Companion Loan will be paid to the related Companion Loan Holder.

 

Section 3.14     Application of Penalty Charges and Modification Fees.

 

(a)           On or prior to the second Business Day before each Master Servicer Remittance Date, the Master Servicer shall apply all Penalty Charges and Modification Fees (to the extent permitted under any related Co-Lender Agreement (in the case of a Serviced Loan Combination) and not applied pursuant to Section 3.06A(a)(ii) or Section 3.06(a)(ii), as applicable, of this Agreement) received by it with respect to any Mortgage Loan or Serviced Loan Combination, including an Outside Serviced Trust Loan (to the extent allocable to such Outside Serviced Trust Loan pursuant to the related Co-Lender Agreement and remitted to the Master Servicer by the related Outside Servicer) during the related Prepayment Period, as follows:

 

(i)            first, to the extent of all Penalty Charges and Modification Fees (in such order), to pay or reimburse the Master Servicer, the Special Servicer and/or the Trustee, as applicable, for all outstanding Advances (including unreimbursed Advances that have been determined to be Nonrecoverable Advances) and the related Advance Interest Amounts and other outstanding Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) other than Borrower Delayed Reimbursements, in each case, with respect to such Mortgage Loan or Serviced Loan Combination;

 

(ii)           second, to the extent of all remaining Penalty Charges and Modification Fees (in such order), as a reimbursement to the Trust of all Advances (and related Advance Interest Amounts) with respect to such Mortgage Loan or Serviced Loan Combination previously determined to be Nonrecoverable Advances and previously reimbursed to the Master Servicer and/or the Trustee, as applicable, from amounts on deposit in the Collection Account (and such amounts will be retained or deposited in the Collection Account as recoveries of such Nonrecoverable Advances and related Advance Interest Amounts) other than Borrower Delayed Reimbursements;

 

(iii)          third, to the extent of all remaining Penalty Charges and Modification Fees (in such order), as a reimbursement to the Trust of all other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) with respect to such Mortgage Loan or Serviced Loan Combination previously paid from the Collection Account or related Loan Combination Custodial Account (and such amounts will be retained or deposited in the Collection Account or related Loan Combination Custodial Account as recoveries of such Additional Trust Fund Expenses) other than Borrower Delayed Reimbursements; and

 

  

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(iv)          fourth, to the extent of any remaining Penalty Charges and any remaining Modification Fees, to the Master Servicer or the Special Servicer, as applicable, as servicing compensation, pro rata, based on their entitlement set forth in Section 3.12 of this Agreement prior to the applications set forth in clauses (i) through (iii) above;

 

provided that, notwithstanding the foregoing, in the case of a Loan Combination, Penalty Charges shall be allocated for the purposes and in the order set forth in the related Co-Lender Agreement.

 

(b)           In connection with the operation of the provisions of this Section 3.14, not later than the 25th day of the month in which each Distribution Date occurs (beginning with the 25th day of the month following the first Collection Period in which an Additional Trust Fund Expense, Advance or Advance Interest Amount is incurred), the Master Servicer shall deliver to the Special Servicer a report in the form reasonably agreed to by both the Master Servicer and the Special Servicer setting forth information regarding (1) the amount of Penalty Charges, Modification Fees and Assumption Fees collected by the Master Servicer and the Special Servicer, as applicable, and (2) the related loan expenses and other amounts paid to the Trust from such Penalty Charges, Modification Fees and Assumption Fees, in each case for the related Collection Period or other reporting period as agreed to by the Master Servicer and the Special Servicer. The Master Servicer shall respond promptly to any inquiries of the Special Servicer with respect to the contents of any such report and shall provide any supporting information with respect thereto that is reasonably requested by the Special Servicer.

 

Section 3.15     Access to Certain Documentation. The Master Servicer and Special Servicer shall provide to the Trustee, the Certificate Administrator, the Controlling Class Representative (but only prior to the occurrence and continuance of any CCR Consultation Termination Event), the Operating Advisor, the Underwriters, the Initial Purchasers, the Depositor and any Certificateholders and Serviced Companion Loan Holders that are, in the case of any Certificateholder or Serviced Companion Loan Holder, federally insured financial institutions, the Federal Reserve Board, the FDIC and the OCC and the supervisory agents and examiners of such boards and such corporations, and any other governmental or regulatory body to the jurisdiction of which any Certificateholder or Serviced Companion Loan Holder is subject, access to the documentation regarding the Mortgage Loans required by applicable regulations of the Federal Reserve Board, FDIC, OCC or any such governmental or regulatory body, such access being afforded without charge but only upon reasonable request and during normal business hours at the offices of the Master Servicer or Special Servicer (which access shall be limited, in the case of the Serviced Companion Loan Holders or any regulatory authority seeking such access in respect of the Serviced Companion Loan Holders, to records relating to the Serviced Companion Loans). Nothing in this Section 3.15 shall detract from the obligation of the Master Servicer and Special Servicer to observe any applicable law prohibiting disclosure of information with respect to the Mortgagors, and the failure of the Master Servicer and Special Servicer to provide access as provided in this Section 3.15 as a result of such obligation shall not constitute a breach of this Section 3.15.

 

In connection with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder, a Serviced Companion Loan Holder or any regulatory authority that may exercise authority over a Certificateholder or Serviced Companion Loan 

 

  

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Holder, the Master Servicer and the Special Servicer may each require payment from such Certificateholder or Serviced Companion Loan Holder of a sum sufficient to cover the reasonable costs and expenses of providing such information or access, including copy charges and reasonable fees for employee time and for space; provided that no charge may be made if such information or access was required to be given or made available without charge under applicable law. In connection with providing Certificateholders or beneficial owners of Certificates access to the information described in the preceding paragraph, the Master Servicer and the Special Servicer shall require (prior to affording such access) a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer or the Special Servicer, as the case may be, generally to the effect that such Person is a Holder of Certificates or a beneficial holder of book entry Certificates and will keep such information confidential.

 

Upon the reasonable request of any Certifying Certificateholder or Serviced Companion Loan Holder, the Master Servicer may provide (or forward electronically) (at the expense of such Certificateholder or Serviced Companion Loan Holder) copies of any operating statements, rent rolls and financial statements obtained by the Master Servicer or the Special Servicer.

 

In addition, in connection with providing access to information pursuant to this Section 3.15, each of the Master Servicer and the Special Servicer may (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 the execution of a reasonable confidentiality agreement; (iii) withhold access to confidential information or any intellectual property; and (iv) withhold access to items of information contained in the Servicing File for any Mortgage Loan or Serviced Companion Loan if the disclosure of such items would constitute a waiver of the attorney-client privilege.

 

Each of the Master Servicer and the Special Servicer, as appropriate, shall, without charge, make a knowledgeable Servicing Officer available via telephone to verbally answer questions from the Operating Advisor (after the occurrence and during the continuance of an applicable Control Termination Event) and the related Directing Holder (prior to the occurrence and continuance of an applicable Consultation Termination Event), on a monthly basis, during regular business hours at such time and for such duration as the Master Servicer, the Special Servicer, the Operating Advisor (after the occurrence and during the continuance of an applicable Control Termination Event) and the related Directing Holder (prior to the occurrence and continuance of an applicable Consultation Termination Event) shall reasonably agree, regarding the performance and servicing of the applicable Serviced Mortgage Loans and/or related REO Properties for which the Master Servicer or the Special Servicer, as applicable, is responsible. In any event, the Operating Advisor and the related Directing Holder agree to identify for the Master Servicer and the Special Servicer in advance (but at least two (2) Business Days prior to the related monthly conference) the applicable Mortgage Loans (or Serviced Loan Combination) and/or REO Properties it intends to discuss. As a condition to such disclosure, the related Directing Holder shall execute a confidentiality agreement substantially in the form of Exhibit M-4 to this Agreement and an Investor Certification.

 

  

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The Master Servicer may (but shall not be required to), in accordance with such rules and procedures as it may adopt in its sole discretion, make available through the Master Servicer’s website or otherwise, any additional information relating to the Mortgage Loans, the Serviced Companion Loans, the related Mortgaged Properties and/or the related Mortgagors that is not Privileged Information, for review by the Depositor, the Trustee, the Master Servicer, the Special Servicer and the Operating Advisor.

 

After the occurrence and during the continuation of an applicable Control Termination Event, the Special Servicer shall deliver to the Operating Advisor such reports and other information produced or otherwise available to the related Directing Holder or Certificateholders generally, as requested by the Operating Advisor in support of the performance of the Operating Advisor’s obligations under this Agreement in electronic format.

 

The Operating Advisor hereby agrees that it shall use the information provided to it by the Special Servicer solely for purposes of performing its duties as Operating Advisor under this Agreement and shall not disclose such information to any other Person or entity unless pursuant to a Privileged Information Exception.

 

Section 3.16     Title and Management of REO Properties.

 

(a)           In the event that title to any Mortgaged Property (other than a Mortgaged Property with respect to an Outside Serviced Trust Loan) is acquired for the benefit of Certificateholders (or, with respect to a Serviced Loan Combination, for the benefit of the Certificateholders and the related Serviced Companion Loan Holder(s)) (as a collective whole as if such Certificateholders and, if applicable, such Serviced Companion Loan Holder(s) constituted a single lender) (either by the Trust Fund or by a single member limited liability company established for that purpose) in foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale shall be taken in the name of a nominee of the Trustee (which shall not include the Master Servicer), or a separate trustee or co-trustee, on behalf of the Trust Fund and any related Serviced Companion Loan Holders. The Special Servicer, on behalf of the Trust Fund, shall sell any REO Property prior to the close of the third calendar year following the year in which the Lower-Tier REMIC acquires ownership of such REO Property, within the meaning of Treasury Regulations Section 1.856-6(b)(1), for purposes of Code Section 860G(a)(8), unless (i) the IRS grants (or does not deny) an extension of time (an “REO Extension”) to sell such REO Property or (ii) the Special Servicer obtains an Opinion of Counsel for the Special Servicer, the Certificate Administrator and the Trustee, addressed to the Special Servicer, the Certificate Administrator and the Trustee, to the effect that the holding by the Lower-Tier REMIC of such REO Property subsequent to the close of the third calendar year following the year in which such acquisition occurred will not result in the imposition of taxes on “prohibited transactions” (as defined in Code Section 860F) of either Trust REMIC, or cause either Trust REMIC to fail to qualify as a REMIC under the Code for federal income tax purposes at any time that any Lower-Tier Regular Interests or Regular Certificates are outstanding. If the Special Servicer is granted (or is 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 

 

  

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incurred by the Special Servicer in connection with its receiving 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 Fund payable out of the Collection Account pursuant to Section 3.06(a) of this Agreement. The Special Servicer, on behalf of the Trust Fund and any related Serviced Companion Loan Holder, in accordance with the Servicing Standard, shall dispose of any REO Property held by the Trust Fund (i) prior to the last day of such period (taking into account extensions) by which such REO Property is required to be disposed of pursuant to the provisions of the immediately preceding sentence in a manner provided under Section 3.17 of this Agreement and (ii) on the same terms and conditions as if it were the owner of such REO Property. The Special Servicer shall manage, conserve, protect and operate each REO Property for the Certificateholders and, if applicable, the related Serviced Companion Loan Holder, solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as “foreclosure property” within the meaning of Code Section 860G(a)(8) or result in the receipt by the Trust Fund of any “income from non-permitted assets” within the meaning of Code Section 860F(a)(2)(B) or (i) endanger the status of either Trust REMIC as a REMIC or (ii) result in the imposition of a tax upon either Trust REMIC or the Trust Fund.

 

(b)           The Special Servicer shall have full power and authority, subject only to the specific requirements and prohibitions of this Agreement, to do any and all things in connection with any REO Property (other than an REO Property related to an Outside Serviced Trust Loan) as are consistent with the Servicing Standard and the terms of this Agreement, all on such terms and for such period as the Special Servicer deems to be in the best interests of Certificateholders and, if applicable, the related Serviced Companion Loan Holder (as a collective whole as if such Certificateholders and, if applicable, the related Serviced Companion Loan Holder constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion Loan)), and, in connection therewith, the Special Servicer shall only agree to the payment of management fees that are consistent with general market standards or to terms that are more favorable. Consistent with the foregoing, the Special Servicer shall cause or permit to be earned with respect to such REO Property any “net income from foreclosure property,” within the meaning of Code Section 860G(c), which is subject to tax under the REMIC Provisions only if it has determined, and has so advised the Certificate Administrator in writing, that the earning of such income on a net after-tax basis could reasonably be expected to result in a greater recovery on behalf of Certificateholders and, if applicable, the related Serviced Companion Loan Holder (as a collective whole as if such Certificateholders and, if applicable, the related Serviced Companion Loan Holder, constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion Loan)) than an alternative method of operation or rental of such REO Property that would not be subject to such a tax. The Special Servicer shall segregate and hold all revenues received by it with respect to any REO Property separate and apart from its own funds and general assets and shall establish and maintain with respect to any REO Property a segregated custodial account (each, an “REO Account”), each of which shall be an Eligible Account and (subject to any changes in the identities of the Special Servicer and/or the Trustee) shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series

 

  

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2015-GC29, [IN THE CASE OF AN REO PROPERTY RELATED TO A SERVICED LOAN COMBINATION: and the related Serviced Companion Loan Holder, as their interests may appear], REO Account.” The Special Servicer shall be entitled to withdraw for its account any interest or investment income earned on funds deposited in an REO Account to the extent provided in Section 3.07(b) of this Agreement. The Special Servicer shall deposit or cause to be deposited in the REO Account within one (1) Business Day after receipt all revenues and proceeds received by it with respect to any REO Property, and shall withdraw therefrom funds necessary for the proper operation, management and maintenance of such REO Property and for other Property Protection Expenses with respect to such REO Property, including:

 

(i)            all insurance premiums due and payable in respect of any REO Property;

 

(ii)           all real estate taxes and assessments in respect of any REO Property that may result in the imposition of a lien thereon;

 

(iii)         all costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any REO Property including, if applicable, the payments of any ground rents in respect of such REO Property; and

 

(iv)          any taxes imposed on either Trust REMIC in respect of net income from foreclosure property in accordance with Section 4.05 of this Agreement.

 

To the extent that such REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iv) above and the Special Servicer has provided written notice of such shortfall to the Master Servicer at least five (5) Business Days (or, in an emergency situation or on an urgent basis, two (2) Business Days, provided that the written notice sets forth the nature of the emergency or the basis of the urgency) prior to the date that such amounts are due, the Master Servicer shall advance the amount of such shortfall unless the Master Servicer determines, in its good faith business judgment, that such Advance would be a Nonrecoverable Advance (in which case such costs shall be an expense of the Trust Fund and paid by the Master Servicer out of the Collection Account). If the Master Servicer does not make any such Advance in violation of the immediately preceding sentence, the Trustee shall make such Advance unless the Trustee determines that such Advance would be a Nonrecoverable Advance. The Trustee shall be entitled to rely, conclusively, on any determination by the Master Servicer that an Advance, if made, would be a Nonrecoverable Advance. The Trustee, in determining whether or not a proposed Advance would be a Nonrecoverable Advance, shall use its good faith business judgment. The Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement of such Advances (with interest at the Advance Rate) made pursuant to the preceding sentence, to the extent set forth in Section 3.06 and/or, if applicable, Section 3.06A of this Agreement. The Special Servicer shall withdraw from each REO Account and remit to the Master Servicer for deposit into the Collection Account, or, for a Serviced Loan Combination, the related Loan Combination Custodial Account, on a monthly basis prior to the related Master Servicer Remittance Date the Net REO Proceeds, Net Liquidation Proceeds, Net Condemnation Proceeds and Net Insurance Proceeds received or collected from each REO Property during the related Prepayment Period, except that in determining the amount of any such Net REO Proceeds, the Special Servicer may retain in each REO Account reasonable reserves for repairs, replacements 

 

  

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and necessary capital improvements and other related expenses. Notwithstanding the foregoing, the Special Servicer shall not:

 

(i)            permit the Trust Fund to enter into, renew or extend any New Lease, if the New Lease by its terms will give rise to any income that does not constitute Rents from Real Property;

 

(ii)           permit any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real Property;

 

(iii)          authorize or permit any construction on any REO Property, other than the repair or maintenance thereof or the completion of a building or other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement was completed before default on the related Mortgage Loan or Serviced Loan Combination became imminent, all within the meaning of Code Section 856(e)(4)(B); or

 

(iv)           Directly Operate or allow any Person to Directly Operate any REO Property on any date more than 90 days after its date of acquisition by the Trust Fund, unless such Person is an Independent Contractor;

 

unless, in any such case, the Special Servicer has requested and received an Opinion of Counsel addressed to the Special Servicer, any related Serviced Companion Loan Holder, the Certificate Administrator and the Trustee (which opinion shall be an expense of the Trust Fund and, if any related Serviced Companion Loan is part of a REMIC, the related Serviced Companion Loan Holder) to the effect that such action will not cause such REO Property to fail to qualify as “foreclosure property” within the meaning of Code Section 860G(a)(8) (determined without regard to the exception applicable for purposes of Code Section 860D(a)) at any time that it is held by the Trust Fund, in which case the Special Servicer may take such actions as are specified in such Opinion of Counsel.

 

The Special Servicer shall be required to contract with an Independent Contractor, the fees and expenses of which shall be an expense of the Trust Fund and payable out of REO Proceeds, for the operation and management of any REO Property, within 90 days of the Trust Fund’s acquisition thereof (unless the Special Servicer shall have provided the Trustee and the Certificate Administrator with an Opinion of Counsel that the operation and management of any REO Property other than through an Independent Contractor shall not cause such REO Property to fail to qualify as “foreclosure property” within the meaning of Code Section 860G(a)(8)) (which opinion shall be an expense of the Trust Fund), provided that:

 

(i)            the terms and conditions of any such contract shall be reasonable and customary for the area and type of property and shall not be inconsistent herewith;

 

(ii)           any such contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and expenses incurred in connection with the operation and management of such REO Property, including those listed above, and remit all related revenues (net of such costs and expenses) to the Special Servicer as soon as 

 

  

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practicable, but in no event later than thirty days following the receipt thereof by such Independent Contractor;

 

(iii)          none of the provisions of this Section 3.16(b) relating to any such contract or to actions taken through any such Independent Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund or the Trustee on behalf of the Certificateholders and, if applicable, any related Serviced Companion Loan Holder with respect to the operation and management of any such REO Property; and

 

(iv)          the Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations in connection with the operation and management of such REO Property.

 

The Special Servicer shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such indemnification.

 

(c)           When and as necessary, the Special Servicer shall send to the Trustee and the Certificate Administrator and the related Serviced Companion Loan Holder (or the master servicer or special servicer for the related Other Securitization Trust on its behalf) 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 Section 3.16(a) and Section 3.16(b) of this Agreement.

 

(d)           Notwithstanding anything to the contrary, this Section 3.16 shall not apply to any REO Property related to an Outside Serviced Trust Loan.

 

Section 3.17     Sale of Defaulted Loans and REO Properties; Sale of Outside Serviced Trust Loans.

 

(a)           The parties hereto may sell or purchase, or permit the sale or purchase of, a Mortgage Loan (excluding an Outside Serviced Trust Loan) only (i) on the terms and subject to the conditions set forth in this Section 3.17, (ii) as otherwise expressly provided in or contemplated by Sections 2.03 and 9.01 of this Agreement, or (iii) (A) in the case of a Mortgage Loan related to a Serviced Loan Combination in accordance with and subject to the provisions of the related Co-Lender Agreement and Section 3.28 of this Agreement and (B) in the case of a Mortgage Loan with a related mezzanine loan or subordinate mortgage loan, in accordance with and subject to the provisions of the related intercreditor agreement.

 

(b)           Promptly upon a Serviced Loan becoming a Defaulted Loan and if the Special Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the Certificateholders and, in the case of a Serviced Pari Passu Loan Combination, any related Serviced Pari Passu Companion Loan Holder (as a collective whole as if such Certificateholders and, in the case of a Serviced Pari Passu Loan Combination, any 

 

  

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related Serviced Pari Passu Companion Loan Holder, constituted a single lender) to attempt to sell such Defaulted Loan, the Special Servicer shall use reasonable efforts to solicit offers for such Defaulted Loan on behalf of the Certificateholders and, if applicable, any related Serviced Pari Passu Companion Loan Holder in such manner as will be reasonably likely to realize a fair price. Subject to the other subsections of this Section 3.17, the Special Servicer shall accept the first (and, if multiple offers are contemporaneously received, the highest) cash offer received from any Person that constitutes a fair price for such Defaulted Loan. The Special Servicer shall notify the Controlling Class Representative or any related Outside Controlling Note Holder, as applicable depending on whether or not a Serviced Outside Controlled Pari Passu Loan Combination is involved (in any event, prior to the occurrence and continuance of a CCR Consultation Termination Event or a related Outside Consultation Termination Event, as applicable depending on whether or not a Serviced Outside Controlled Pari Passu Loan Combination is involved), and the Operating Advisor (after the occurrence and during the continuance of a CCR Control Termination Event or a related Outside Control Termination Event, as applicable depending on whether or not a Serviced Outside Controlled Pari Passu Loan Combination is involved) of any inquiries or offers received regarding the sale of any Defaulted Loan. Any Serviced Pari Passu Companion Loan that is part of a Defaulted Serviced Loan Combination is to be sold together with the related Mortgage Loan, subject to this Section 3.17 and any additional requirements set forth in the related Co-Lender Agreement.

 

(c)           The Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer, any related Serviced Companion Loan Holder (in the case of a Serviced Pari Passu Loan Combination), the Controlling Class Representative or the Outside Controlling Note Holder, as applicable depending on whether or not a Serviced Outside Controlled Pari Passu Loan Combination is involved (prior to the occurrence and continuance of a CCR Consultation Termination Event or a related Outside Consultation Termination Event, as applicable depending on whether or not a Serviced Outside Controlled Pari Passu Loan Combination is involved), and the Operating Advisor (after the occurrence and during the continuance of a CCR Control Termination Event or a related Outside Control Termination Event, as applicable depending on whether or not a Serviced Outside Controlled Pari Passu Loan Combination is involved) not less than five (5) Business Days’ prior written notice of its intention to sell any Defaulted Loan. No Interested Person shall be obligated to submit an offer to purchase any Defaulted Loan, and notwithstanding anything to the contrary contained herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may offer to purchase, or purchase any Defaulted Loan pursuant hereto.

 

(d)           Whether any cash offer constitutes a fair price for any Defaulted Loan for purposes of Section 3.17(b) of this Agreement shall be determined by the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person (provided that the Trustee may not be an offeror); provided, however, that no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at least two other offers are received from independent third parties. In all cases under this Agreement, in determining whether any offer received from an Interested Person represents a fair price for any Defaulted Loan, the Trustee shall be supplied with and shall rely on the most recent Appraisal or updated Appraisal conducted in accordance with this Agreement within the preceding 9-month period or, in the absence of any such Appraisal, on a new Appraisal. The appraiser conducting any such new Appraisal shall be an 

 

  

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Appraiser selected by (i) the Special Servicer if no Interested Person is offering with respect to a Defaulted Loan and (ii) the Trustee if an Interested Person is so offering. The cost of any such Appraisal shall be covered by, and shall be reimbursable to, the Master Servicer as a Property Advance. In determining whether any such offer from a Person other than an Interested Person constitutes a fair price for any such Defaulted Loan, the Special Servicer shall take into account (in addition to the results of any Appraisal, updated Appraisal or narrative Appraisal that it may have obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person constitutes a fair price for any such Defaulted Loan, any Appraiser shall be instructed to take into account, as applicable, among other factors, the period and amount of any delinquency on such Defaulted Loan, the occupancy level and physical condition of the related Mortgaged Property and the state of the local economy. The Purchase Price for any Defaulted Loan (and any equivalent amount for any related Serviced Companion Loan) shall in all cases be deemed a fair price; provided, however, that with respect to Interested Parties, the requirements of the proviso to the first sentence of this Section 3.17(d) must be satisfied. Notwithstanding anything contained in this Section 3.17(d) to the contrary, if the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price for the subject Defaulted Loan, the Trustee may (at its option and at the expense of the Interested Person) designate an independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuing or investing in mortgage loans similar to such Defaulted Loan that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for such Defaulted Loan. If the Trustee designates such a third party to make such determination, the Trustee will be entitled to rely conclusively upon such third party’s determination. The reasonable costs of all appraisals, inspection reports and broker opinions of value incurred by any such third party pursuant to this Section 3.17(d) will be covered by, and will be reimbursable by the Interested Person; provided that the Trustee will not engage a third party expert whose fees exceed a commercially reasonable amount as determined by the Trustee.

 

(e)           Subject to Section 3.17(a) through Section 3.17(d), Section 3.17(f), Section 3.17(g) and Section 3.17(m), the Special Servicer shall act on behalf of the Trust Fund and any affected Serviced Companion Loan Holder in negotiating and taking any other action necessary or appropriate in connection with the sale of any Defaulted Loan, and the collection of all amounts payable in connection therewith. In connection therewith, the Special Servicer may charge prospective offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining to such sales or exchanging offers without obligation to deposit such amounts into the Collection Account or, if applicable, the Loan Combination Custodial Account. Any sale of any Defaulted Loan shall be final and without recourse to the Trustee, the Certificate Administrator or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties typically given in such transactions, any appropriations applied thereto and any customary closing matters), and if such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor, the Certificate Administrator, the Operating Advisor or the Trustee shall have any liability to any Certificateholder with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(f)            Subject to (x) the rights of a holder of a mezzanine loan, under the respective intercreditor agreement, and (y) the rights of a Subordinate Companion Loan Holder, 

 

  

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under the respective Co-Lender Agreement, to purchase a Mortgage Loan or Serviced Loan Combination (or senior portion thereof), unless and until a Defaulted Loan is sold pursuant to this Section, the Special Servicer shall continue to service and administer such Defaulted Loan in accordance with the Servicing Standard and this Agreement and shall pursue such other resolutions or recovery strategies including workout, foreclosure or sale of such Defaulted Loan, as is consistent with this Agreement and the Servicing Standard.

 

(g)           Any sale of a Defaulted Loan pursuant to this Section 3.17 shall be for cash only. The purchase price for any Defaulted Loan purchased under this Section 3.17 or any Outside Serviced Trust Loan sold in accordance with the related Co-Lender Agreement or Other Pooling and Servicing Agreement, shall be deposited into the Collection Account or the related Loan Combination Custodial Account, as applicable, and the Certificate Administrator, upon receipt of an Officer’s Certificate from the Master Servicer to the effect that such deposit has been made, shall release or cause to be released to the purchaser of the Defaulted Loan the related Mortgage File, and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be necessary to vest in such purchaser ownership of such Defaulted Loan. In connection with any such purchase, the Special Servicer and the Master Servicer shall deliver the related Servicing File (to the extent either has possession of such file) to such purchaser.

 

(h)           The parties hereto may sell or purchase, or permit the sale or purchase of, an REO Property (other than an REO Property related to an Outside Serviced Trust Loan) only on the terms and subject to the conditions set forth in this Section 3.17.

 

(i)            The Special Servicer shall use reasonable efforts to solicit offers for each REO Property (other than an REO Property related to an Outside Serviced Trust Loan) on behalf of the Certificateholders and the related Serviced Companion Loan Holder in such manner as will be reasonably likely to realize a fair price within the time period specified by Section 3.16 of this Agreement. Subject to Section 3.17(m) of this Agreement, the Special Servicer shall accept the first (and, if multiple offers are contemporaneously received, highest) cash offer received from any Person that constitutes a fair price for such REO Property. If the Special Servicer determines, in its good faith and reasonable judgment, that it will be unable to realize a fair price for any REO Property (other than an REO Property related to an Outside Serviced Trust Loan) within the time constraints imposed by Section 3.16 of this Agreement, then the Special Servicer shall dispose of such REO Property upon such terms and conditions as the Special Servicer shall deem necessary and desirable to maximize the recovery thereon under the circumstances and, in connection therewith, shall accept the highest outstanding cash offer, regardless from whom received. The Liquidation Proceeds (net of related Liquidation Expenses) for any REO Property sold hereunder shall be deposited in the Collection Account or, if applicable, the related Loan Combination Custodial Account. The Special Servicer shall notify the Controlling Class Representative or the related Outside Controlling Note Holder, as applicable depending on whether or not a Serviced Outside Controlled Pari Passu Loan Combination is involved (prior to the occurrence and continuance of a CCR Consultation Termination Event or a related Outside Consultation Termination Event, as applicable depending on whether or not a Serviced Outside Controlled Pari Passu Loan Combination is involved), the Operating Advisor (after the occurrence and during the continuance of a CCR Control Termination Event or a related Outside Control Termination Event, as applicable depending on whether or not a Serviced Outside 

 

  

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Controlled Pari Passu Loan Combination is involved) and, in the case of a Serviced Pari Passu Loan Combination, the related Serviced Pari Passu Companion Loan Holder of any inquiries or offers received regarding the sale of any REO Property hereunder.

 

(j)            The Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer, any related Serviced Companion Loan Holder, the related Directing Holder (prior to the occurrence and continuance of a Consultation Termination Event with respect to the related Mortgage Loan) and the Operating Advisor (after the occurrence and during the continuance of a Control Termination Event with respect to the related Mortgage Loan) not less than three (3) Business Days’ prior written notice of its intention to sell any REO Property (other than an REO Property related to an Outside Serviced Trust Loan) hereunder. No Interested Person shall be obligated to submit an offer to purchase any REO Property, and notwithstanding anything to the contrary contained herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may offer to purchase, or purchase, any REO Property pursuant hereto.

 

(k)           Whether any cash offer constitutes a fair price for any REO Property (other than an REO Property related to an Outside Serviced Trust Loan) for purposes of Section 3.17(i) of this Agreement shall be determined by the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person (provided that the Trustee may not be an offeror); provided, however, that no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at least two other offers are received from independent third parties. In determining whether any offer received from an Interested Person represents a fair price for any such REO Property, the Trustee shall be supplied with and shall rely on the most recent Appraisal or updated Appraisal conducted in accordance with this Agreement within the preceding 9-month period or, in the absence of any such Appraisal, on a new Appraisal. The appraiser conducting any such new Appraisal shall be an Appraiser selected by the Special Servicer if no Interested Person is offering with respect to such REO Property and selected by the Trustee if an Interested Person is so offering. The cost of any such Appraisal shall be covered by, and shall be reimbursable to, the Master Servicer as a Property Advance. In determining whether any such offer from a Person other than an Interested Person constitutes a fair price for any such REO Property, the Special Servicer shall take into account (in addition to the results of any Appraisal, updated Appraisal or narrative Appraisal that it may have obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person constitutes a fair price for any such REO Property, any Appraiser shall be instructed to take into account, as applicable, among other factors, the period and amount of any delinquency on the related Mortgage Loan or Serviced Loan Combination, the occupancy level and physical condition of such REO Property, the state of the local economy and the obligation to dispose of such REO Property within the time period specified in Section 3.16 of this Agreement. The Purchase Price for any such REO Property shall in all cases be deemed a fair price; provided, however, that with respect to Interested Parties, the requirements of the proviso to the first sentence of this Section 3.17(k) must be satisfied.

 

(l)            Subject to Section 3.17(a) through Section 3.17(k) and Section 3.17(m) of this Agreement, the Special Servicer shall act on behalf of the Trust Fund and any affected Serviced Companion Loan Holder in negotiating and taking any other action necessary or appropriate in connection with the sale of any Defaulted Loan or REO Property (other than an 

 

  

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REO Property related to an Outside Serviced Trust Loan), and the collection of all amounts payable in connection therewith. In connection therewith, the Special Servicer may charge prospective offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining to such sales or exchanging offers without obligation to deposit such amounts into the Collection Account or, if applicable, the related Loan Combination Custodial Account. Any sale of any Defaulted Loan or REO Property (other than an REO Property related to an Outside Serviced Trust Loan) shall be final and without recourse to the Trustee, the Certificate Administrator or the Trust Fund or any related Serviced Companion Loan Holder (except such recourse to the Trust Fund and the related Serviced Companion Loan Holder imposed by those representations and warranties typically given in such transactions, any appropriations applied thereto and any customary closing matters), and if such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor, the Certificate Administrator, the Operating Advisor or the Trustee shall have any liability to any Certificateholder with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(m)          Notwithstanding any of the foregoing paragraphs of this Section 3.17, the Special Servicer shall not be obligated to accept the highest cash offer for a Defaulted Loan if the Special Servicer determines (in consultation with the Controlling Class Representative (unless a CCR Consultation Termination Event exists or a Serviced Outside Controlled Pari Passu Loan Combination is involved) or the related Outside Controlling Note Holder (if a Serviced Outside Controlled Pari Passu Loan Combination is involved and a related Outside Consultation Termination Event does not exist)), in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of the Certificateholders and, in the case of a Serviced Pari Passu Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, any related Serviced Pari Passu 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 its reasonable and good faith judgment, that acceptance of such offer would be in the best interests of the Certificateholders and, in the case of a Serviced Pari Passu Loan Combination, any related Serviced Pari Passu Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, the related Serviced Pari Passu 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).

 

Notwithstanding any of the foregoing paragraphs of this Section 3.17, the Special Servicer shall not be obligated to accept the highest cash offer for an REO Property (other than an REO Property related to an Outside Serviced Trust Loan) if the Special Servicer determines (in consultation with the related Directing Holder (unless an applicable Consultation Termination Event exists)), in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of the Certificateholders and, in the case of an REO Property that corresponds to a Serviced Loan Combination, the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, any Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan)), and the Special Servicer may accept a lower cash offer (from any Person other than itself or an 

 

  

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Affiliate) if it determines, in its reasonable and good faith judgment, that acceptance of such offer would be in the best interests of the Certificateholders and, in the case of an REO Property that corresponds to a Serviced Loan Combination, any related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, any related Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Serviced Subordinate Companion Loan)) (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).

 

(n)           In no event shall the Trust Fund or the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer on the Trust’s behalf purchase, or pay or advance costs to purchase, any Outside Serviced Trust Loan, or any Companion Loan or any Mortgage Loan.

 

(o)           Notwithstanding anything herein to the contrary, any party identified in the related Co-Lender Agreement or Other Pooling and Servicing Agreement (which, if the identified party is the holder of an Outside Serviced Trust Loan, shall mean the Controlling Class Representative for so long as no Control Termination Event has occurred and is continuing), in its individual capacity and not on behalf of the Trust, shall be entitled to purchase an Outside Serviced Trust Loan in accordance with the terms and conditions set forth in the related Co-Lender Agreement and Other Pooling and Servicing Agreement. In no event shall the Trust Fund or the Trustee, the Master Servicer or the Special Servicer on its behalf purchase, or pay or advance costs to purchase, any Outside Serviced Trust Loan or the related Companion Loan(s) or any other Mortgage Loan.

 

(p)           Notwithstanding anything to the contrary herein, any purchase or sale of a Specially Serviced Loan pursuant to this Section 3.17 will remain subject to the cure, purchase and other rights of, in each case if applicable, any related Subordinate Companion Loan Holder as set forth in the related Co-Lender Agreement and any holder of a related mezzanine loan as set forth in the related intercreditor agreement. The Special Servicer shall determine the price to be paid in accordance with the terms of the related Co-Lender Agreement or the related mezzanine loan intercreditor agreement in connection with any such purchase rights in favor of any related Subordinate Companion Loan Holder or mezzanine loan holder and shall provide such notices to the related Subordinate Companion Loan Holder or the holder of a related mezzanine loan as are required by the related Co-Lender Agreement or the related mezzanine loan intercreditor agreement in connection with each such holders’ purchase rights.

 

(q)           With respect to any Serviced Pari Passu Loan Combination (other than a Serviced Outside Controlled Pari Passu Loan Combination), the parties hereto acknowledge that the related Co-Lender Agreement provides that if such Serviced Pari Passu Loan Combination becomes a Defaulted Serviced Loan Combination, and if the Special Servicer determines to sell the related Serviced Mortgage Loan in accordance with this Section 3.17, then the Special Servicer will be required to sell each related Serviced Pari Passu Companion Loan together with such Serviced Mortgage Loan as a single whole loan in accordance with this Agreement and subject to any rights of the related Directing Holder and/or the holder of any related Serviced Pari Passu Companion Loan hereunder or under the related Co-Lender Agreement. 

 

  

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Notwithstanding anything to the contrary herein, the Special Servicer shall not sell any such Serviced Pari Passu Loan Combination if it becomes a Defaulted Serviced Loan Combination without the written consent of each related Serviced Pari Passu Companion Loan Holder (provided that such consent is not required if the consenting party is the related Mortgagor or an Affiliate of the related Mortgagor) unless the Special Servicer has delivered to such related Serviced Pari Passu Companion Loan Holder: (a) at least 15 Business Days’ prior written notice of any decision to attempt to sell such Defaulted Serviced Loan Combination; (b) at least 10 days prior to the proposed sale date, a copy of each bid package (together with any material amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale; (c) at least 10 days prior to the proposed sale date, a copy of the most recent appraisal for the subject Serviced Pari Passu Loan Combination, and any documents in the Servicing File reasonably requested by such related Serviced Pari Passu Companion Loan Holder that are material to the price of the subject Serviced Pari Passu Loan Combination; and (d) until the sale is completed, and a reasonable period of time (but no less time than is afforded to other offerors) prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale; provided, that a related Serviced Pari Passu Companion Loan Holder may waive as to itself any of the delivery or timing requirements set forth in this sentence. The Controlling Class Representative and each related Serviced Pari Passu Companion Loan Holder will be permitted to submit an offer to purchase, and any such party is permitted to be the purchaser at any sale of, the subject Defaulted Serviced Loan Combination unless such Person is the related Mortgagor or an agent or Affiliate of the related Mortgagor.

 

(r)            With respect to any Serviced Outside Controlled Pari Passu Loan Combination, the parties hereto acknowledge that the related Co-Lender Agreement provides that if such Serviced Outside Controlled Pari Passu Loan Combination becomes a Defaulted Serviced Loan Combination, and if the Special Servicer determines to sell the related Serviced Mortgage Loan in accordance with this Section 3.17, then the Special Servicer will be required to sell the related Serviced Outside Controlled Pari Passu Companion Loan together with such Serviced Mortgage Loan as a single whole loan in accordance with this Agreement and subject to any rights of the related Directing Holder and/or the holder of any related Serviced Pari Passu Companion Loan hereunder or under the related Co-Lender Agreement. Notwithstanding anything to the contrary herein, the Special Servicer shall not sell any Serviced Outside Controlled Pari Passu Loan Combination if it becomes a Defaulted Serviced Loan Combination without the written consent of the Controlling Class Representative (unless a CCR Consultation Termination Event exists) and the related Outside Controlling Note Holder (provided that such consent is not required if the consenting party is the related Mortgagor or an Affiliate of the related Mortgagor) unless the Special Servicer has delivered to the Controlling Class Representative and the related Outside Controlling Note Holder: (a) at least 15 Business Days’ prior written notice of any decision to attempt to sell such Serviced Outside Controlled Pari Passu Loan Combination; (b) at least 10 days prior to the proposed sale date, a copy of each bid package (together with any material amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale; (c) at least 10 days prior to the proposed sale date, a copy of the most recent appraisal for the subject Serviced Outside Controlled Pari Passu Loan Combination, and any documents in the Servicing File reasonably requested by the Controlling Class Representative and the related Outside Controlling Note Holder that are 

 

  

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material to the price of the subject Serviced Outside Controlled Pari Passu Loan Combination; 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) 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; provided, that the Controlling Class Representative and the related Outside Controlling Note Holder may each waive as to itself any of the delivery or timing requirements set forth in this sentence. The Controlling Class Representative and the related Outside Controlling Note Holder shall be permitted to to submit an offer to purchase, and any such party is permitted to be the purchaser at any sale of, the subject Serviced Outside Controlled Pari Passu Loan Combination unless such Person is the related Mortgagor or an agent or Affiliate of the related Mortgagor.

 

With respect to each Serviced AB Loan Combination, if such Serviced AB Loan Combination becomes a Defaulted Serviced Loan Combination, and if the Special Servicer determines to sell the related Serviced Mortgage Loan in accordance with this Section 3.17, then the Special Servicer shall be permitted to sell the related Serviced Subordinate Companion Loan together with such Serviced Mortgage Loan and any related Serviced Pari Passu Companion Loan as one whole loan in accordance with this Agreement and the related Co-Lender Agreement, provided that the Special Servicer has received prior written consent from the holder of such Serviced Subordinate Companion Loan.

 

(s)           With respect to any Outside Serviced Trust Loan upon becoming a “Defaulted Mortgage Loan” (as such term or any analogous term is defined pursuant to the terms of the applicable Other Pooling and Servicing Agreement), and with respect to any REO Property related to an Outside Serviced Trust Loan, the liquidation of such Outside Serviced Trust Loan or such REO Property shall be administered by the related Outside Special Servicer in accordance with the applicable Other Pooling and Servicing Agreement and the related Co-Lender Agreement. Any such sale of an Outside Serviced Trust Loan or any related REO Property pursuant to the applicable Other Pooling and Servicing Agreement and/or the related Co-Lender Agreement shall be final and without recourse to the Trustee or the Trust, and none of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall have any liability to any Certificateholder with respect to the purchase price for such Outside Serviced Trust Loan or such REO Property accepted on behalf of the Trust. Any proceeds of such a sale received by the Trust Fund shall be promptly deposited in the Collection Account.

 

Section 3.18     Additional Obligations of the Master Servicer; Inspections; Obligation to Notify Ground Lessors; Delivery of Certain Reports to the Serviced Companion Loan Holder.

 

(a)           The Master Servicer (or, with respect to Specially Serviced Loans and REO Properties, the Special Servicer) shall inspect or cause to be inspected each Mortgaged Property that secures a Serviced Loan at such times and in such manner as are consistent with the Servicing Standard, but in any event at least once every calendar year with respect to such Mortgaged Property relating to Serviced Mortgage Loans with an outstanding principal balance of $2,000,000 or more and at least once every other calendar year with respect to such Mortgaged Property relating to Serviced Mortgage Loans with an outstanding principal balance 

 

  

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of less than $2,000,000, in each case commencing in 2016; provided that the Master Servicer is not required to inspect any Mortgaged Property that has been inspected by the Special Servicer during the preceding 12 months. If any Serviced Mortgage Loan or Serviced Loan Combination becomes a Specially Serviced Loan, the related Mortgaged Property shall be inspected by the Special Servicer as soon as practicable and thereafter at least every calendar year for so long as such condition exists. The cost of any annual inspection, or bi-annual inspection, as the case may be, shall be borne by the Master Servicer unless the related Serviced Mortgage Loan or Serviced Loan Combination is a Specially Serviced Loan. The Master Servicer shall reimburse the Special Servicer for the cost of any inspection of a Specially Serviced Loan as a Property Advance (or as an expense of the Trust Fund and paid by the Master Servicer out of the Collection Account if such Property Advance would be a Nonrecoverable Advance) and any out-of-pocket costs incurred with respect to such inspection shall be borne by the Trust Fund.

 

(b)           The Master Servicer shall, as to each Mortgage Loan (excluding an Outside Serviced Trust Loan) which is secured by the interest of the related Mortgagor under a Ground Lease, even if the corresponding fee interest is encumbered, promptly (and in any event within 60 days following the later of the Closing Date or its receipt of a copy of the Ground Lease) notify the related ground lessor of the transfer of such Mortgage Loan to the Trust Fund pursuant to this Agreement and inform such ground lessor that any notices of default under the related Ground Lease should thereafter be forwarded to the Master Servicer.

 

(c)           The Master Servicer and the Special Servicer shall each promptly prepare or cause to be prepared and deliver to each Serviced Companion Loan Holder a written report, prepared in the manner set forth in Section 4.02, of each inspection performed by it with respect to the related Mortgaged Property and Serviced Companion Loan related thereto.

 

(d)           The Master Servicer is hereby authorized to exercise any rights granted under the applicable Other Pooling and Servicing Agreement in favor of the Trust (or a party on its behalf) as the holder of each Outside Serviced Trust Loan to obtain information from the related Outside Servicer (or other similar parties with an obligation to make advances) in connection with making nonrecoverability determinations. The Master Servicer shall promptly deliver to any related Outside Servicer, upon request, such information in the Master Servicer’s possession as the related Outside Servicer reasonably requests in order to determine whether an advance similar to a P&I Advance would be “nonrecoverable.”

 

(e)           If required under the related Co-Lender Agreement, the Master Servicer shall promptly deliver to each Serviced Companion Loan Holder or provide electronically: (i) copies of operating statements and rent rolls; (ii) annual CREFC® NOI Adjustment Worksheets (with annual operating statements as exhibits); and (iii) annual CREFC® Operating Statement Analysis Reports, in each case prepared, received or obtained by it pursuant to this Agreement with respect to the Mortgaged Properties securing the related Serviced Companion Loan.

 

Section 3.19     Lock-Box Accounts, Escrow Accounts.

 

Except with respect to the Outside Serviced Trust Loans, the Master Servicer shall administer each Lock-Box Account and Escrow Account in accordance with the related 

 

  

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Mortgage or Loan Agreement or Lock-Box Agreement, if any, and administer any letters of credit pursuant to the related letter of credit agreement and the Loan Documents.

 

Notwithstanding the foregoing, to the extent that any cash amounts are held in an Escrow Account or other cash collateral account and the mortgagee under the related Loan Documents is permitted, but not required, to apply such amounts to prepay the related Mortgage Loan (or Serviced Loan Combination), neither the Master Servicer nor the Special Servicer shall apply such amounts to prepay the Mortgage Loan (or Serviced Loan Combination) until after the occurrence of an event of default under the Mortgage Loan that may result in the Mortgage Loan (or Serviced Loan Combination) being accelerated or becoming a Specially Serviced Loan.

 

Section 3.20     Property Advances.

 

(a)           Except with respect to an Outside Serviced Trust Loan, the Master Servicer (or, to the extent provided in Section 3.20(b) of this Agreement, the Trustee) shall make any Property Advances as and to the extent incidental to the performance of its duties under this Agreement or otherwise required pursuant to the terms hereof. The Special Servicer shall give the Master Servicer, the Trustee and any affected Serviced Companion Loan Holder not less than five (or, in the case of emergency advances pursuant to Section 3.20(e) of this Agreement, two) Business Days’ written notice before the date on which the Master Servicer is requested to make any Property Advance with respect to a given Specially Serviced Loan or REO Property (other than an REO Property related to an Outside Serviced Trust Loan). In addition, the Special Servicer shall provide the Master Servicer, the Trustee and any affected Serviced Companion Loan Holder with such information in its possession as the Master Servicer, the Trustee or such Serviced Companion Loan Holder, as applicable, may reasonably request to enable the Master Servicer or the Trustee, as applicable, to determine whether a requested Property Advance would constitute a Nonrecoverable Advance. Any such notice by the Special Servicer to the Master Servicer of a required Property Advance shall be deemed to be a determination by the Special Servicer that such requested Property Advance is not a Nonrecoverable Advance, and the Master Servicer shall be entitled to conclusively rely on such determination. In the absence of a determination by the Special Servicer that a Property Advance is a Nonrecoverable Advance, all determinations of recoverability with respect to Property Advances to be made (or contemplated to be made) by the Master Servicer or the Trustee will remain with the Master Servicer or the Trustee, as applicable. On the fourth Business Day before each Distribution Date, the Special Servicer shall report to the Master Servicer the Special Servicer’s determination as to whether any Property Advance previously made with respect to a Specially Serviced Loan is a Nonrecoverable Advance promptly after making such determination. The Master Servicer and the Trustee shall be entitled to conclusively rely on and shall be bound by such a determination and shall be bound by a determination by the Special Servicer that a Property Advance previously made or contemplated to be made with respect to a Specially Serviced Loan is or would be a Nonrecoverable Advance. Although the Special Servicer may determine whether a Property Advance is a Nonrecoverable Advance, the Special Servicer will have no right to (i) make an affirmative determination that any Property Advance previously made or to be made (or contemplated to be made) by the Master Servicer or the Trustee is, or would be, recoverable or (ii) reverse any determination that may have been made by the Master Servicer or the Trustee or to prohibit the Master Servicer or the Trustee from making a determination that any Property Advance constitutes or would constitute a Nonrecoverable Advance; provided that this sentence 

 

  

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will not be construed to limit the Special Servicer’s right to make a determination that a Property Advance to be made (or contemplated to be made) would be, or a previously made Advance is, a Nonrecoverable Advance, as described in this Section 3.20. The Master Servicer and the Special Servicer shall consider Unliquidated Advances in respect of prior Property Advances for the purposes of non-recoverability determinations as if such amounts were unreimbursed Property Advances.

 

For purposes of distributions to Certificateholders and Serviced Companion Loan Holders and compensation to the Master Servicer or the Trustee, Property Advances shall not be considered to increase the principal balance of any Mortgage Loan or Serviced Loan Combination, notwithstanding that the terms of such Mortgage Loan or Serviced Loan Combination so provide.

 

(b)           The Master Servicer shall notify the Trustee and any related Serviced Companion Loan Holder in writing promptly upon, and in any event within one (1) Business Day after, becoming aware that it will be unable to make any Property Advance required to be made pursuant to the terms hereof, and in connection therewith, shall set forth in such notice the amount of such Property Advance, the Person to whom it will be paid, and the circumstances and purpose of such Property Advance, and shall set forth therein information and instructions for the payment of such Property Advance, and, on the date specified in such notice for the payment of such Property Advance, or, if the date for payment has passed or if no such date is specified, then within five (5) Business Days following such notice, the Trustee, subject to the provisions of Section 3.20(c) of this Agreement, shall pay the amount of such Property Advance in accordance with such information and instructions. Any notice to the Trustee pursuant to this Section shall be deemed to be given to a Responsible Officer of the Trustee if made in accordance with Section 11.04 of this Agreement.

 

(c)           Neither the Master Servicer nor the Trustee shall be obligated to make a Property Advance as to any Mortgage Loan or Serviced Loan Combination or REO Property if the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that such Advance will be a Nonrecoverable Advance. The determination by any Person with an obligation hereunder to make Property Advances that it has made a Nonrecoverable Advance or that any proposed Property Advance, if made, would constitute a Nonrecoverable Advance or a determination by the Special Servicer that a Property Advance previously made or proposed to be made is or would, if made, constitute a Nonrecoverable Advance, shall be made by such Person (i) in the case of the Master Servicer or the Special Servicer, in accordance with the Servicing Standard and (ii) in the case of the Trustee, in accordance with its good faith business judgment and shall be evidenced by an Officer’s Certificate delivered on or prior to the next Master Servicer Remittance Date to (1) the affected Serviced Companion Loan Holders or their Companion Loan Holder representatives (and the related subsequent master servicer and special servicer, if applicable), in the case of any Serviced Loan Combination, (2) the Trustee (unless it is the Person making the determination), (3) the Controlling Class Representative (prior to the occurrence and continuance of a CCR Control Termination Event), (4) in the case of a Property Advance with respect to any Serviced Outside Controlled Pari Passu Loan Combination, the related Outside Controlling Note Holder (prior to the occurrence and continuance of a related Outside Consultation Termination Event), (5) the Master Servicer (unless it is the Person making the determination), (6) the Special Servicer (unless it is the Person making the determination), 

 

  

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and (7) the Depositor (if the Trustee is making the determination), setting forth the basis for such determination, together with any other information that supports such determination together with a copy of any Appraisal of the related Mortgaged Property or REO Property, as the case may be (which Appraisal shall be an expense of the Trust Fund, shall take into account any material change in circumstances of which such Person is aware or such Person has received new information, either of which has a material effect on the value and shall have been conducted in accordance with the standards of the Appraisal Institute within the twelve months preceding such determination of nonrecoverability), and further accompanied by related Mortgagor operating statements and financial statements, budgets and rent rolls of the related Mortgaged Property (to the extent available and/or in such Person’s possession) and any engineers’ reports, environmental surveys or similar reports that such Person may have obtained and that support such determination. In connection with a determination by the Special Servicer, the Master Servicer or the Trustee as to whether a Property Advance previously made or to be made constitutes or would constitute a Nonrecoverable Advance:

 

(A)         any such Person will be entitled to consider (among other things) the obligations of the Mortgagor under the terms of the related Mortgage Loan or Serviced Loan Combination as it may have been modified, to consider (among other things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified by such party’s assumptions regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate and consider (among other things) future expenses and to estimate and consider (among other things) the timing of recoveries;

 

(B)         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 may obtain at the expense of the Trust Fund any analysis, Appraisals or market value estimates or other information as reasonably may be required for such purposes;

 

(C)          the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any proposed Property Advance, if made, would be a Nonrecoverable Advance or that any outstanding Property Advance is a Nonrecoverable Advance and may deliver to the Master Servicer, the Trustee, the Controlling Class Representative (prior to the occurrence and continuance of a CCR Consultation Termination Event) and, in the case of a Property Advance with respect to a Serviced Outside Controlled Pari Passu Loan Combination, the related Outside Controlling Note Holder (prior to the occurrence and continuance of a related Outside Consultation Termination Event) notice of such determination, which determination shall be conclusive and binding on the Master Servicer and the Trustee (but this statement shall not be construed to entitle the Special Servicer to reverse any other authorized Person’s determination, or to prohibit any such other authorized Person from making a determination, that a Property Advance constitutes or would constitute a Nonrecoverable Advance);

 

  

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(D)         the Trustee shall be entitled to rely, conclusively, on any determination by the Master Servicer or Special Servicer that a Property Advance is or, if made, would be a Nonrecoverable Advance, and the Master Servicer shall be entitled to rely, conclusively, on any determination by the Special Servicer that a Property Advance is or, if made, would be a Nonrecoverable Advance;

 

(E)         any non-recoverability determination by the Master Servicer or the Special Servicer pursuant to this Section 3.20 with respect to the non-recoverability of Property Advances shall be conclusive and binding on the Master Servicer (in the case of such a determination by the Special Servicer) and the Trustee; and

 

(F)          notwithstanding the foregoing, the Trustee may conclusively rely upon any determination by the Master Servicer or the Special Servicer that any Property Advance would be recoverable (unless a non-recoverability determination has been made by the other servicer in accordance with clause (E) above which is binding on the Trustee), and the Master Servicer may conclusively rely upon any determination by the Special Servicer that any Property Advance would be recoverable.

 

(d)           The Master Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Property Advances made by any of them to the extent permitted pursuant to Section 3.06(a)(ii) or Section 3.06A(a)(ii) of this Agreement, together with any related Advance Interest Amount in respect of such Property Advances, and the Master Servicer and the Special Servicer, as applicable, hereby covenant and agree to use efforts consistent with the Servicing Standard to obtain the reimbursement of such Property Advances from the related Mortgagors to the extent permitted by applicable law and the related Loan Documents.

 

(e)           Notwithstanding anything to the contrary contained in this Agreement, if a Property Advance is required to be made under this Agreement with respect to any Specially Serviced Loan or REO Property (other than an REO Property related to an Outside Serviced Trust Loan), the Special Servicer shall request that the Master Servicer make such Property Advance, such request to be made, in writing, at least five (5) Business Days (or, in an emergency situation or on an urgent basis, two (2) Business Days, provided that the written request sets forth the nature of the emergency or the basis of the urgency) in advance of the date on which such Property Advance is required to be made hereunder and to be accompanied by such information and documentation regarding the subject Property Advance as the Master Servicer may reasonably request, subject to the Master Servicer’s right to determine that such Property Advance does not constitute or would not constitute a Nonrecoverable Advance. The Master Servicer shall have the obligation to make any such Property Advance that it is so requested by the Special Servicer to make, within five (5) Business Days (or, in an emergency situation or on an urgent basis, two (2) Business Days) of the Master Servicer’s receipt of such request. The Special Servicer shall have no obligation to make any Property Advance. The Master Servicer shall be entitled to reimbursement for any Advance made by it at the direction of the Special Servicer, together with interest thereon at the same time, in the same manner and to the same extent as the Master Servicer is entitled with respect to any other Advances made thereby.

 

  

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Section 3.21     Appointment of Special Servicer; Asset Status Reports.

 

(a)           Midland Loan Services, a Division of PNC Bank, National Association is hereby appointed as the initial Special Servicer to specially service each of the Mortgage Loans (other than the Outside Serviced Trust Loans) and each Serviced Loan Combination.

 

(b)           The Special Servicer, at the earlier of (x) within 60 days after a Servicing Transfer Event occurs and (y) prior to taking action with respect to any Major Decision (or making a determination not to take action with respect to a Major Decision) with respect to a Specially Serviced Loan, shall prepare a report (the “Asset Status Report”) for the related Mortgage Loan or Serviced Loan Combination. Each Asset Status Report will be delivered in electronic format to the Operating Advisor (after the occurrence and during the continuance of an applicable Control Termination Event), the related Directing Holder (prior to the occurrence and continuance of an applicable Consultation Termination Event), the Certificate Administrator, the related Serviced Companion Loan Holder (in the case of a Serviced Loan Combination) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider; provided, however, the Special Servicer shall not be required to deliver an Asset Status Report to the related Directing Holder if they are the same entity. Such Asset Status Report shall be consistent with the Servicing Standard and set forth the following information to the extent reasonably determinable:

 

(i)            summary of the status of the related Mortgage Loan or Serviced Loan Combination and any negotiations with the Mortgagors;

 

(ii)           if a Servicing Transfer Event has occurred and is continuing:

 

(A)         a discussion of the legal and environmental considerations reasonably known at such time 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 Mortgage Loan or Serviced Loan Combination and whether outside legal counsel has been retained;

 

(B)          the most current rent roll and income or operating statement available for the related Mortgaged Properties;

 

(C)          the Special Servicer’s recommendations on how the related Mortgage Loan might be returned to performing status or otherwise realized upon;

 

(D)          a copy of the last obtained Appraisal of the Mortgaged Property;

 

(E)          the status of any foreclosure actions or other proceedings undertaken with respect thereto, any proposed workouts with respect thereto and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under the related Mortgage Loan or Serviced Loan Combination;

 

  

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(F)          a description of any amendment, modification or waiver of a material term of any ground lease; and

 

(G)          if the Special Servicer elects to proceed with a non-judicial foreclosure, then a statement as to (i) whether there was a violation of a non-recourse carve-out under the related Mortgage Loan or Serviced Loan Combination and (ii) any determination not to pursue a deficiency judgment against the related Mortgagor or guarantor;

 

(iii)         a description of any such proposed or taken actions;

 

(iv)         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 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;

 

(vi)         an analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net present value calculation (including the applicable Calculation Rate used) and all related assumptions; and

 

(vii)        such other information as the Special Servicer deems relevant in light of the proposed or taken action and the Servicing Standard.

 

For so long as an applicable Control Termination Event has not occurred and is not continuing, if within 10 Business Days of receiving an Asset Status Report, the related Directing Holder does not disapprove such Asset Status Report in writing, then such Directing Holder shall be deemed to have approved such Asset Status Report and the Special Servicer shall implement the recommended action as outlined in such Asset Status Report; provided, 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 Loan Documents. If, prior to the occurrence and continuance of any applicable Control Termination Event, the related Directing Holder disapproves such Asset Status Report within 10 Business Days of receipt, the Special Servicer will revise such Asset Status Report and deliver to the Operating Advisor (after the occurrence and during the continuance of an applicable Control Termination Event), related Directing Holder (prior to the occurrence and continuance of an applicable Consultation Termination Event), the Certificate Administrator, any related Serviced Companion Loan Holder(s) (in the case of a Serviced Loan Combination) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider a new Asset Status Report as soon as practicable, but in no event later than 30 days after such disapproval. Prior to the occurrence and continuance of any applicable Control Termination Event, the Special Servicer shall revise such Asset Status Report as described above until the related Directing Holder shall fail to disapprove such revised Asset Status Report in writing within 10 Business Days of receiving such revised Asset Status Report or until the Special 

 

  

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Servicer makes a determination, consistent with the Servicing Standard, that such objection is not in the best interests of all the Certificateholders and, if applicable, the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders, and/or Serviced Companion Loan Holder(s), if applicable, constitute a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan)). The Special Servicer may, from time to time, modify any Asset Status Report it has previously delivered and implement such report, provided such report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section. In any event, for so long as an applicable Control Termination Event has not occurred and is not continuing, if the related Directing Holder does not approve an Asset Status Report within 60 Business Days from the first submission thereof, the Special Servicer shall take such action as directed by the related Directing Holder, provided such action does not violate the Servicing Standard. Notwithstanding the foregoing, if the Special Servicer determines that emergency action is necessary to protect the related Mortgaged Property or the interests of the Certificateholders and any related Serviced Companion Loan Holder(s), or if a failure to take any such action at such time would be inconsistent with the Servicing Standard, the Special Servicer may take actions with respect to the related Mortgaged Property before the expiration of a 10 Business Day period if the Special Servicer reasonably determines in accordance with the Servicing Standard that failure to take such actions before the expiration of a 10 Business Day period would materially and adversely affect the interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (if applicable) and the Special Servicer has made a reasonable effort, prior to the occurrence and continuance of an applicable Control Termination Event, to contact the related Directing Holder. The foregoing shall not relieve the Special Servicer of its duties to comply with the Servicing Standard.

 

After the occurrence and during the continuance of an applicable Control Termination Event, the Special Servicer shall consult on a non-binding basis with the Operating Advisor in connection with each Asset Status Report prior to finalizing and executing such Asset Status Report and the Operating Advisor shall propose, by written notice, alternative courses of action within 10 days of receipt of each Asset Status Report to the extent the Operating Advisor determines such alternatives to be in the best interest of the Certificateholders (including any Certificateholders that were previously included in the Control Eligible Classes), as a collective whole as if such Certificateholders constituted a single lender. In addition, after the occurrence and during the continuance of an applicable Control Termination Event, but prior to the occurrence and continuance of an applicable Consultation Termination Event, the Special Servicer shall also consult on a non-binding basis with the related Directing Holder in connection with each related Asset Status Report prior to finalizing and executing such Asset Status Report and the related Directing Holder shall be permitted to propose alternative courses of action within 10 days of receipt of each Asset Status Report. Furthermore, at all times, with respect to a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder (or its Companion Loan Holder Representative) shall be entitled to consult on a non-binding basis with the Special Servicer and propose alternative courses of action in respect of any Asset Status Report; provided that, in the case of a Serviced Outside Controlled Pari Passu Loan Combination, a related Serviced Pari Passu Companion Loan Holder (or its Companion Loan Holder Representative) may be the related Outside Controlling Note Holder. The Special Servicer shall consider any such proposals from (a) the Operating Advisor (b) the related Directing Holder or (c) with respect to any Serviced Companion Loan, the related Serviced 

 

  

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Companion Loan Holder (or its Companion Loan Holder Representative), as applicable, and determine whether any changes to its proposed Asset Status Report should be made, such determination being made in accordance with the Servicing Standard and the other terms of this Agreement. In the event that the Operating Advisor, the Controlling Class Representative, the related Serviced Companion Loan Holder (or its Companion Loan Holder Representative), or the related Outside Controlling Note Holder, as applicable, does not propose alternative courses of action within 10 days after receipt of such Asset Status Report, the Special Servicer shall implement the Asset Status Report as proposed by the Special Servicer.

 

Notwithstanding anything to the contrary herein, after the occurrence and during the continuance of an applicable Consultation Termination Event, the related Directing Holder shall have no right to receive any Asset Status Report or otherwise consult with the Special Servicer with respect to any matter set forth therein. After the occurrence and during the continuance of an applicable Control Termination Event, the related Directing Holder shall have no right to consent to any Asset Status Report under this Section 3.21(b).

 

Notwithstanding the foregoing or any other provision of this Agreement to the contrary, prior to the Eastmont Town Center Controlling Note Securitization Date, no request for approval of the Controlling Class Representative shall be made on any matter related to the Eastmont Town Center Loan Combination, nor shall the Operating Advisor have the right to consult on any matter related to the Eastmont Town Center Loan Combination, nor shall the Controlling Class Representative have the right to consent on any matter related to the Eastmont Town Center Loan Combination, except that the Controlling Class Representative (prior to the occurrence and continuance of a CCR Consultation Termination Event) shall have the rights set forth in the applicable Co-Lender Agreement. With respect to the Eastmont Town Center Loan Combination and any related REO Property, prior to the Eastmont Town Center Controlling Note Securitization Date, the Outside Controlling Note Holder with respect to the Eastmont Town Center Loan Combination shall exercise all approval rights regarding any Asset Status Report in respect of the Eastmont Town Center Loan Combination or REO Property set forth in the second paragraph of this Section 3.21(b) without regard to the occurrence of any Control Termination Event or Consultation Termination Event.

 

(c)           Subject to Section 3.21(b) of this Agreement, during the continuance of a Servicing Transfer Event, the Special Servicer shall have the authority to meet with the related Mortgagors and take any actions consistent with the Servicing Standard and the most recent Asset Status Report for the related Mortgage Loan.

 

(d)           Upon request of any Certificateholder (or any Beneficial Owner, if applicable, which shall have provided the Certificate Administrator with an Investor Certification), the Certificate Administrator shall mail, without charge, to the address specified in such request a copy of the Final Asset Status Report for each Specially Serviced Loan.

 

(e)           Prior to the occurrence and continuance of an applicable Control Termination Event, the Special Servicer shall deliver to the Operating Advisor only each related Final Asset Status Report.

 

  

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(f)            Notwithstanding the foregoing, the Special Servicer shall not follow any advice, direction or consultation provided by the Operating Advisor, any Serviced Companion Loan Holder, any Companion Loan Holder Representative or the related Directing Holder that would require or cause the Special Servicer to violate any applicable law, be inconsistent with the Servicing Standard, require or cause the Special Servicer to violate provisions of this Agreement, require or cause the Special Servicer to violate the terms of any Mortgage Loan or Serviced Loan Combination, expose any Certificateholder or any party to this Agreement or their Affiliates, officers, directors or agents to any claim, suit or liability, cause either Trust REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes, result in the imposition of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions or materially expand the scope of any Special Servicer’s responsibilities under this Agreement or any Co-Lender Agreement. In addition, the Special Servicer is under no obligation to act upon any recommendation of the Operating Advisor.

 

(g)           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 (for the purposes of this clause (g), “Applicable Laws”), the Special Servicer may be required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Special Servicer. Accordingly, each of the parties hereto agrees to provide to the Special Servicer, upon its reasonable request, from time to time such identifying information and documentation as may be readily available to such party in order to enable the Special Servicer to comply with Applicable Laws; provided that the Special Servicer shall be responsible for all reasonable actual out-of-pocket expenses incurred by such party in connection therewith.

 

Section 3.22     Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping.

 

(a)           Upon determining that any Serviced Loan has become a Specially Serviced Loan, the Master Servicer shall promptly give written notice thereof to the Special Servicer, any related Serviced Companion Loan Holder (in the case of a Serviced Loan Combination), the Operating Advisor, the Certificate Administrator, the Trustee, the related Directing Holder (prior to the occurrence and continuance of a Consultation Termination Event with respect to the related Mortgage Loan) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider and shall deliver a copy of the Servicing File to the Special Servicer and concurrently provide a copy of such Servicing File to the Operating Advisor and shall use its reasonable efforts to provide the Special Servicer with all information, documents (but excluding the original documents constituting the Mortgage File, but including copies thereof) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to such Serviced Loan and reasonably requested by the Special Servicer to enable it to assume its duties hereunder with respect thereto without acting through a Sub-Servicer. The Master Servicer shall use its reasonable efforts to comply with the preceding sentence within five (5) Business Days of the date such Serviced Loan became a Specially Serviced Loan and in any event shall continue to act as Master Servicer and administrator of such Serviced Loan until the 

 

  

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Special Servicer has commenced the servicing of such Serviced Loan, which shall occur upon the receipt by the Special Servicer of the Servicing File. With respect to each such Serviced Loan that becomes a Specially Serviced Loan, the Master Servicer shall instruct the related Mortgagor to continue to remit all payments in respect of such Serviced Loan to the Master Servicer. The Master Servicer shall forward any notices it would otherwise send to the Mortgagor of such a Specially Serviced Loan to the Special Servicer who shall send such notice to the related Mortgagor.

 

Upon determining that a Specially Serviced Loan has become a Corrected Loan, the Special Servicer shall immediately give written notice thereof to the Master Servicer, the Trustee, the Operating Advisor, the Certificate Administrator, any related Serviced Companion Loan Holder, the related Directing Holder (prior to the occurrence and continuance of a Consultation Termination Event with respect to the related Mortgage Loan) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider and, upon giving such notice and the return of the Servicing File to the Master Servicer, such Serviced Loan shall cease to be a Specially Serviced Loan in accordance with the first proviso of the definition of Specially Serviced Loans, the Special Servicer’s obligation to service such Serviced Loan shall terminate and the obligations of the Master Servicer to service and administer such Serviced Loan as a Serviced Loan that is not a Specially Serviced Loan shall resume. In addition, if the related Mortgagor has been instructed, pursuant to the preceding paragraph, to make payments to the Special Servicer, upon such determination, the Special Servicer shall instruct the related Mortgagor to remit all payments in respect of such Specially Serviced Loan directly to the Master Servicer.

 

(b)           In servicing any Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included within the definition of “Mortgage File” for inclusion in the related Mortgage File (to the extent such documents are in the possession of the Special Servicer) and copies of any additional related Serviced Loan information, including correspondence with the related Mortgagor, and the Special Servicer shall promptly provide copies of all of the foregoing to the Master Servicer as well as copies of any analysis or internal review prepared by or for the benefit of the Special Servicer.

 

(c)           Notwithstanding the provisions of subsections (a) and (b) of this Section 3.22, the Master Servicer shall maintain ongoing payment records with respect to each of the Specially Serviced Loans and shall provide the Special Servicer and the Operating Advisor with any information reasonably required by the Special Servicer or the Operating Advisor to perform its duties under this Agreement to the extent such information is within its possession. The Special Servicer shall provide the Master Servicer and the Operating Advisor with any information reasonably required by the Master Servicer to perform its duties under this Agreement to the extent such information is within its possession.

 

Section 3.23     Interest Reserve Account. The Certificate Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2016) (unless, in either such case, the related Distribution Date is the final 

 

  

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Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at the related Mortgage Rate, less the Administrative Cost Rate, on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of each calendar year, the Certificate Administrator shall transfer to the Lower-Tier Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

 

Section 3.24     Modifications, Waivers and Amendments.

 

(a)           (i) With respect to Performing Serviced Loans, the Master Servicer (subject to the Special Servicer’s consent, except as set forth in the last paragraph of this Section 3.24(a)), or (ii) with respect to Specially Serviced Loans, the Special Servicer, in each case subject to any applicable consultation rights of the Operating Advisor, any applicable consent and/or consultation rights of the related Directing Holder (if any) and, to the extent required in accordance with the related Co-Lender Agreement, any applicable consultation rights of any related Serviced Companion Loan Holder (or its Companion Loan Holder Representative), may modify, waive or amend any term of any Serviced Loan if such modification, waiver or amendment (A) is consistent with the Servicing Standard and (B) would not constitute a “significant modification” of such Serviced Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise (1) cause either Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under subpart E, part I of subchapter J of the Code for federal income tax purposes or (2) result in the imposition of a tax upon either Trust REMIC or the Trust Fund (including but not limited to the tax on “prohibited transactions” as defined in Code Section 860F(a)(2) and the tax on contributions to a REMIC set forth in Code Section 860G(d), but not including the tax on “net income from foreclosure property” under Code Section 860G(c)).

 

The Master Servicer shall obtain the consent of the Special Servicer in connection with any defeasance transaction that involves any modification, waiver, consent or amendment of a Serviced Mortgage Loan or Serviced Loan Combination pursuant to Section 3.09(d)(ix) of this Agreement.

 

In addition, with respect to Performing Serviced Loans, to the extent any modification, waiver, amendment or other action (i) constitutes a Major Decision pursuant to Section 6.09(a) of this Agreement and/or (ii) is not the responsibility of the Master Servicer pursuant to the last paragraph of this Section 3.24(a), the Master Servicer shall obtain the consent of the Special Servicer, and, in each case, to the extent any modification, waiver, amendment or other action constitutes a Major Decision pursuant to Section 6.09(a) of this Agreement, the Special Servicer shall, prior to the occurrence and continuance of an applicable Control Termination Event, obtain the consent of the related Directing Holder. Prior to the occurrence and continuance of an applicable Control Termination Event, the Special Servicer shall also 

 

  

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obtain the consent of the related Directing Holder with respect to any modification, waiver, amendment or other action that constitutes a Major Decision pursuant to Section 6.09(a) of this Agreement with regard to any Specially Serviced Loan.

 

No modification, waiver or amendment of any Co-Lender Agreement related to a Serviced Loan, or an action to enforce rights with respect thereto, in each case, in a manner that materially and adversely affects the rights, duties and obligations of the Special Servicer shall be permitted without the prior written consent of the Special Servicer.

 

When the Special Servicer’s consent is required with respect to any modification, waiver, amendment or other action with regard to any Performing Serviced Loan, the Master Servicer shall promptly provide the Special Servicer with written notice of its request for such modification, waiver, amendment or other action, accompanied by the Master Servicer’s written recommendation and analysis and any and all information in the Master Servicer’s possession or reasonably available to it that the Special Servicer or the related Directing Holder may reasonably request in order to withhold or grant its consent, and in all cases the Special Servicer shall be entitled (subject to, in each case if applicable, the consultation rights of the Operating Advisor, the consent and/or consultation rights of the related Directing Holder and/or the consultation rights of any related Serviced Companion Loan Holder or its Companion Loan Holder Representative) to approve or disapprove such modification, waiver, amendment or other action. Subject to Section 3.10 of this Agreement, the Special Servicer shall have 15 Business Days (or, with respect to a Serviced Loan Combination, such longer period as required by the related Co-Lender Agreement for review by any related Serviced Companion Loan Holder or its Companion Loan Holder Representative) (or 60 days with respect to an Acceptable Insurance Default), from the date that the Special Servicer receives the information it requested from the Master Servicer, to analyze and approve such modification, waiver, amendment or other action and, prior to the end of such 15 Business Day period or such longer period if required by the applicable Co-Lender Agreement or 60-day period, as applicable, if and for so long as an applicable Control Termination Event has not occurred and is not continuing, the Special Servicer shall notify the related Directing Holder of such request for approval of each such modification, waiver, amendment or other action that constitutes a Major Decision and provide its written analysis and recommendation with respect thereto. Following such notice, the related Directing Holder shall have 10 Business Days (or, in the case of a determination of an Acceptable Insurance Default, 20 days) from the date it receives from the Special Servicer the recommendation and analysis of the Master Servicer or the Special Servicer, as applicable, and any other information it may reasonably request (or, with respect to a Serviced Loan Combination, such longer time period as may be provided in the related Co-Lender Agreement) to approve any recommendation of the Special Servicer or the Master Servicer relating to any request for approval. In any such event, if the related Directing Holder does not respond to a request for approval by 5:00 p.m. on the 10th Business Day (or, with respect to a Serviced Loan Combination, such longer time period as may be provided in the related Co-Lender Agreement) or 20th day, as applicable, after receipt of the applicable recommendation and analysis and other requested information as set forth in the preceding sentence, the Special Servicer or the Master Servicer, as applicable, may deem its recommendation approved by the related Directing Holder, and if the Special Servicer does not respond to a request for approval within the required 15 Business Days (or, with respect to a Serviced Loan Combination, such longer time period if 

 

  

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required by the related Co-Lender Agreement) or 60 days, as applicable, the Master Servicer may deem its recommendation approved by the Special Servicer.

 

With respect to any Performing Serviced Loan, and subject to the rights of the Special Servicer and the related Directing Holder under Section 6.09 of this Agreement, the Master Servicer, without the consent of the Special Servicer, shall be responsible to determine whether to consent to or approve any request by the related Mortgagor with respect to:

 

(A)         approving routine leasing activity with respect to any lease for less than the lesser of (i) 30,000 square feet and (ii) 30% of the net rentable area of the related Mortgaged Property;

 

(B)         approving any waiver affecting the timing of receipt of financial statements from any Mortgagor; provided that such financial statements are delivered no less often than quarterly and within 60 days after the end of the calendar quarter;

 

(C)         approving annual budgets for the related Mortgaged Property; provided that no such budget (i) provides for the payment of operating expenses in an amount equal to more than 110% of the amounts budgeted therefor for the prior year or (ii) provides for the payment of any material expenses to any Affiliate of the related Mortgagor (other than the payment of a management fee to any property manager if such management fee is no more than the management fee in effect on the Cut-Off Date);

 

(D)         subject to other restrictions in this Agreement regarding Principal Prepayments, waiving any provision of a Serviced Loan requiring a specified number of days’ notice prior to a Principal Prepayment;

 

(E)          approving non-material modifications, consents or waivers (other than modifications, consents or waivers specifically prohibited under this Section 3.24) in connection with a defeasance permitted by the terms of this Agreement, and subject to certain conditions, including in certain cases, delivery of an Opinion of Counsel (which Opinion of Counsel shall be at the expense of the related Mortgagor) to the effect that such modification, waiver or consent would not cause either Trust REMIC to fail to qualify as a REMIC under the Code or result in a “prohibited transaction” under the REMIC Provisions or cause the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes;

 

(F)         approving consents with respect to non-material rights-of-way and non-material easements and consent to subordination of the related Serviced Loan to such non-material rights-of-way or easements; provided, that the Master Servicer has determined in accordance with the Servicing Standard that such right-of-way or easement does not materially interfere with the then-current use of the related Mortgaged Property or the security intended to be provided by the 

 

  

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related Mortgage and will not have a material adverse effect on the value of such Mortgaged Property;

 

(G)          granting waivers of minor covenant defaults (other than financial covenants);

 

(H)         as permitted under the related Loan Documents, payment from any escrow or reserve, except releases of any escrows, reserve accounts or letters of credit held as performance escrows or reserves unless required pursuant to the specific terms of the related Serviced Loan and for which there is no material lender discretion;

 

(I)           approving a change of the property manager at the request of the related Mortgagor so long as (i) the successor property manager is not affiliated with the related Mortgagor and is a nationally or regionally recognized manager of similar properties, and (ii) the subject Serviced Mortgage Loan does not have an outstanding principal balance in excess of the lesser of $5,000,000 or 2% of the then aggregate principal balance of the Mortgage Loans;

 

(J)           for all Serviced Mortgage Loans other than the Specified Serviced Mortgage Loans, subject to the satisfaction of any conditions precedent set forth in the related Loan Documents, approving disbursements of any holdback amounts in accordance with the related Loan Documents provided that such disbursements are required pursuant to the specific terms of the related Serviced Loan and for which there is no lender discretion; and

 

(K)         any non-material modifications, waivers or amendments not provided for in clauses (A) through (J) above, which are necessary to cure any ambiguities or to correct scrivener’s errors in the terms of the related Serviced Loan.

 

(b)           All modifications, waivers or amendments of any Serviced Loan shall be in writing and shall be effected in a manner consistent with the Servicing Standard. The Master Servicer or the Special Servicer, as applicable, shall notify in writing the Trustee, the Certificate Administrator, the Depositor, any related Serviced Companion Loan Holder, the related Directing Holder (prior to the occurrence and continuance of an applicable Consultation Termination Event), the Operating Advisor (after the occurrence and during the continuance of an applicable Control Termination Event) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider, in writing, of any modification, waiver or amendment of any term of any Serviced Loan and the date thereof, and shall deliver a copy to the Trustee, any related Serviced Companion Loan Holder, the related Directing Holder (prior to the occurrence and continuance of an applicable Consultation Termination Event) and the Operating Advisor (after the occurrence and during the continuance of an applicable Control Termination Event) and an original to the Trustee or the Custodian of the recorded agreement relating to such modification, waiver or amendment within 15 Business Days following the execution and recordation thereof. For the avoidance of doubt, the requirement with respect to the delivery of assumption or substitution agreements shall be governed by Section 3.09.

 

  

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(c)           Any modification of any Loan Documents that requires obtaining a Rating Agency Confirmation pursuant to such Loan Documents, or any modification that would eliminate, modify or alter the requirement of obtaining a Rating Agency Confirmation in such Loan Documents, shall not be made without obtaining a Rating Agency Confirmation. The Rating Agency Confirmation shall be obtained at the related Mortgagor’s expense in accordance with the related Loan Agreement or, if not so provided in such Loan Agreement or if such Mortgagor does not pay, at the expense of the Trust Fund.

 

(d)           Promptly after any Mortgage Loan or Serviced Loan Combination becomes a Specially Serviced Loan, the Special Servicer shall request from the Certificate Administrator the name of the current Controlling Class Representative and, if applicable, shall request from the Master Servicer the name of the current related Serviced Companion Loan Holder. Upon receipt of the name of such current Controlling Class Representative from the Certificate Administrator, the Special Servicer shall notify the Controlling Class Representative that such Mortgage Loan became a Specially Serviced Loan. Upon receipt of the name of such current related Serviced Companion Loan Holder from the Master Servicer, the Special Servicer shall notify the related Serviced Companion Loan Holder that the related Serviced Loan Combination became a Specially Serviced Loan. The Certificate Administrator shall be responsible for providing the name of the current Controlling Class Representative only to the extent the Controlling Class Representative has identified itself as such to the Certificate Administrator; provided that if the Controlling Class Representative is determined pursuant to the proviso in the definition of “Controlling Class Representative”, then (i) the Certificate Administrator shall determine which Class is the Controlling Class and (ii) the Special Servicer shall request from the Certificate Administrator, and the Certificate Administrator shall request from the Depository at the expense of the Trust, the list of Beneficial Holders of the Controlling Class, and the Certificate Administrator shall provide such list to the Special Servicer and the Master Servicer at the expense of the Trust Fund.

 

(e)           [Reserved].

 

(f)           The Special Servicer or Master Servicer may, as a condition to granting any request by a Mortgagor for consent to a modification, extension, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant to the terms of the instruments evidencing or securing the related Mortgage Loan or Serviced Loan Combination and, further, pursuant to the terms of this Agreement and applicable law, require that such Mortgagor pay to it a reasonable or customary fee for the additional services performed in connection with such request and any related costs and expenses incurred by it; provided that the charging of such fee would not be a “significant modification” of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b).

 

(g)           Notwithstanding anything set forth in this Agreement, in no event shall the Special Servicer be permitted to:

 

(i)            extend the Maturity Date of a Serviced Loan beyond a date that is 3 years prior to the Rated Final Distribution Date; or

 

  

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(ii)           if the Serviced Loan is secured by a ground lease, extend the Maturity Date of such Serviced Loan beyond a date which is 20 years or, to the extent consistent with the Servicing Standard, giving due consideration to the remaining term of the ground lease, 10 years prior to the end of the current term of such ground lease, plus any options to extend exercisable unilaterally by the related Mortgagor.

 

(h)            In connection with (i) the release of a Mortgaged Property or any portion of a Mortgaged Property from the lien of the related Mortgage or (ii) the taking of a Mortgaged Property or any portion of a Mortgaged Property by exercise of the power of eminent domain or condemnation, if the related Loan Documents require the Master Servicer or the Special Servicer, as applicable, to calculate (or require the Mortgagor to provide such calculation to the Master Servicer or the Special Servicer, as applicable) 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 Serviced Mortgage Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any. In connection with approving any such release or taking, the Master Servicer or Special Servicer, as applicable, shall calculate the loan-to-value ratio in a manner consistent with the prior sentence, and if such calculation is greater than 125%, the Master Servicer or Special Servicer, as applicable, will require a payment of principal in an amount equal to or greater than a “qualified amount” as determined under Revenue Procedure 2010-30 or successor provisions unless the related Mortgagor provides an Opinion of Counsel that if such amount is not paid the related Mortgage Loan will not fail to be a Qualified Mortgage.

 

(i)            If and to the extent that the Trust, as holder of an Outside Serviced Trust Loan, is entitled to exercise any consent and/or consultation rights with respect to modifications, waivers and amendments or certain other major decisions under the applicable Other Pooling and Servicing Agreement, such rights shall be exercised by the Controlling Class Representative or, following a CCR Control Termination Event, the Operating Advisor, in accordance with Section 3.01(i). The Master Servicer and the Special Servicer shall only be obligated to forward any requests received from the related Outside Servicer or the related Outside Special Servicer, as applicable, for such consent and/or consultation to the Controlling Class Representative or, following a CCR Control Termination Event, to the Operating Advisor, and shall have no right or obligation to exercise any such consent or consultation rights.

 

Section 3.25     Additional Obligations With Respect to Certain Mortgage Loans.

 

(a)           With respect to each Mortgage Loan (other than an Outside Serviced Trust Loan) with a Stated Principal Balance in excess of $35,000,000, in connection with any replacement of the Manager for the related Mortgaged Property, the Master Servicer or Special Servicer, as applicable, to the extent permitted by the related Loan Documents, shall require a Rating Agency Confirmation and shall condition its consent to such replacement on the Mortgagor paying for such Rating Agency Confirmation.

 

(b)           With respect to any Mortgage Loan (other than an Outside Serviced Trust Loan), if any mezzanine loan is directly or indirectly secured by any equity interest of the related Mortgagor, the Master Servicer (if the related Mortgage Loan is a Performing Serviced Loan) or 

 

  

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the Special Servicer (if the related Mortgage Loan is a Specially Serviced Loan) shall perform the obligations of the Trust, as holder of the related Mortgage Loan, or its servicer or agent under the related mezzanine loan intercreditor agreement.

 

Section 3.26     Certain Matters Relating to the Outside Serviced Trust Loans.

 

With respect to each Outside Serviced Trust Loan, in the event that any of the related Outside Trustee, the related Outside Servicer or the related Outside Special Servicer shall be replaced in accordance with the terms of the applicable Other Pooling and Servicing Agreement, the Master Servicer and the Special Servicer shall acknowledge its successor as the successor to the related Outside Trustee, the related Outside Servicer or the related Outside Special Servicer, as the case may be, in each case with reasonable promptness following request therefor by a party to the applicable Other Pooling and Servicing Agreement. In addition to the foregoing, with respect to the Eastmont Town Center Loan Combination, after the Eastmont Town Center Controlling Note Securitization Date the related Mortgage Loan shall be an Outside Serviced Trust Loan, and the rights, duties and obligations of the Issuing Entity and the parties to this Agreement shall be as set forth herein with respect to Outside Serviced Trust Loans.

 

Prior to the Eastmont Town Center Controlling Note Securitization Date, the Custodian shall hold the Mortgage File with respect to the Eastmont Town Center Loan Combination. On the Eastmont Town Center Controlling Note Securitization Date, (i) the Custodian shall, upon receipt of a Request for Release, transfer the Mortgage File (other than the Note(s) evidencing the Eastmont Town Center Mortgage Loan, the original of which shall be retained by the Custodian) for the Eastmont Town Center Loan Combination to the related Outside Trustee (provided that the Custodian shall retain a photocopy of the Mortgage File) and (ii) the Master Servicer shall, upon written request, if the Master Servicer is not the related Outside Servicer, transfer the Servicing File along with any escrows or reserve funds held for the Eastmont Town Center Loan Combination to the related Outside Servicer.

 

Section 3.27     Additional Matters Regarding Advance Reimbursement.

 

(a)           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, the Master Servicer or the Trustee, at its own option and in its sole discretion, as applicable, instead of obtaining reimbursement for the remaining amount of such Nonrecoverable Advance pursuant to Section 3.06(a)(ii)(B) of this Agreement immediately, may elect to refrain from obtaining such reimbursement for some or all such portion of the Nonrecoverable Advance during the one-month Prepayment Period ending on the then-current Determination Date, for successive one-month periods for a total not to exceed 12 months; provided that any deferral in excess of 6 months shall be subject to the consent of the Controlling Class Representative (or, in the case of a Property Advance with respect to a Serviced Outside Controlled Pari Passu Loan Combination, the related Outside Controlling Note Holder) unless a CCR Control Termination Event (or, if applicable, a related Outside Control Termination Event) has occurred and is continuing, in which case the Controlling Class Representative (or, if applicable, the related Outside Controlling Note Holder) must be consulted with unless a CCR 

 

  

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Consultation Termination Event (or, if applicable, a related Outside Consultation Termination Event) has occurred and is continuing. If the Master Servicer or the Trustee makes such an election in its sole discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together with interest thereon), then such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to be fully reimbursable in the subsequent Collection Period (subject, again, to the same sole discretion option to defer; it is acknowledged that, in such a subsequent period, such Nonrecoverable Advance shall again be reimbursable pursuant to Section 3.06(a)(ii)(B) of this Agreement). 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 Prepayment 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 to be received before making its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof) until the end of such Prepayment Period; provided, however, if, at any time the Master Servicer or the Trustee, as applicable, determines that the reimbursement of a Nonrecoverable Advance during a one-month Prepayment 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, through a posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, give the Rating Agencies at least 15 days’ notice prior to any reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest on the Mortgage Loans unless (1) the Master Servicer or the Trustee, as applicable, determines in its sole discretion that waiting 15 days after such a notice could jeopardize the Master Servicer’s or the Trustee’s, as applicable, ability to recover such Nonrecoverable Advances, (2) changed circumstances or new or different information becomes known to the Master Servicer or the Trustee, as applicable, that could affect or cause a determination of whether any Advance is a Nonrecoverable Advance, whether to defer reimbursement of a Nonrecoverable Advance or the determination in clause (1) above, or (3) the Master Servicer has not timely received from the Trustee information requested by the Master Servicer to consider in determining whether to defer reimbursement of a Nonrecoverable Advance; provided that, if clause (1), (2) or (3) apply, the Master Servicer or the Trustee, as applicable, shall, through a posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, give Rating Agencies notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest on the Mortgage Loans as soon as reasonably practicable in such circumstances. Subject to Section 11.13 of this Agreement, the Master Servicer or the Trustee, as applicable, shall have no liability for any loss, liability or expense resulting from any notice provided to Rating Agencies contemplated by the immediately preceding sentence. Any election by the Master Servicer or the Trustee to refrain from reimbursing itself for any Nonrecoverable Advance (together with interest thereon) or portion thereof with respect to any Collection Period shall not be construed to impose on the Master Servicer or the Trustee any obligation to make such an election (or any entitlement in favor of any Certificateholder or any other Person to such an election) with respect to any subsequent Collection Period or to constitute a waiver or limitation on the right of the Master Servicer or the Trustee to otherwise be reimbursed for such Nonrecoverable Advance immediately (together with interest thereon). Any such election by the Master Servicer, or the Trustee shall not be construed to impose any duty on the other such party to make such an election (or any 

 

  

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entitlement in favor of any Certificateholder or any other Person to such an election). 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 Prepayment Periods shall not limit the accrual of interest on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. None of the Master Servicer, the Trustee or the other parties to this Agreement will have any liability to one another or to any of the Certificateholders for any such election that such party makes to refrain or not to refrain from reimbursing itself as contemplated by this paragraph or for any losses, damages or other adverse economic or other effects that may arise from such an election nor will such election constitute a violation of the Servicing Standard or any duty under this Agreement. The Master Servicer’s or the Trustee’s, as applicable, election, if any, to defer reimbursement of such Nonrecoverable Advances as set forth above is an accommodation to the Certificateholders and shall not be construed as an obligation on the part of the Master Servicer or the Trustee, as applicable, or a right of the Certificateholders. Nothing herein shall give the Master Servicer or the Trustee the right to defer reimbursement of a Nonrecoverable Advance if there are principal collections then available in the Collection Account pursuant to Section 3.06 of this Agreement or to defer reimbursement of a Nonrecoverable Advance for an aggregate period exceeding 12 months.

 

(b)           If the Master Servicer is required to make a Property Advance, but does not do so within 15 days after the Property Advance is required to be made, then the Trustee will be required: (i) if a Responsible Officer of the Trustee has actual knowledge of the failure, to give the Master Servicer notice of its failure; and (ii) if the failure continues for three more Business Days, to make the Advance unless the Trustee determines such advance to be a Nonrecoverable Advance.

 

Section 3.28     Serviced Companion Loan Intercreditor Matters.

 

(a)           If, pursuant to Section 2.03, Section 3.17 or Section 9.01 of this Agreement, any Mortgage Loan that relates to a Serviced Loan Combination is purchased from, repurchased from or substituted out of, the Trust Fund, the subsequent holder thereof shall be bound by the terms of the related Co-Lender Agreement and shall assume the rights and obligations of the holder of the Note that represents the related Mortgage Loan under such Co-Lender Agreement. All portions of the related Mortgage File and (to the extent provided under the related Loan Purchase Agreement) other documents pertaining to such Mortgage Loan shall be endorsed or assigned to the extent necessary or appropriate to the purchaser of such Mortgage Loan in its capacity as the holder of the Note that represents the related Mortgage Loan (as a result of such purchase, repurchase or substitution) and (except for the actual Note) on behalf of the holder of the Note that represents the Serviced Companion Loan. Thereafter, such Mortgage File shall be held by the holder of the Note that represents the related Mortgage Loan or a custodian appointed thereby for the benefit thereof, on behalf of itself and the holder of the related Serviced Companion Loan as their interests appear under the related Co-Lender Agreement. If the related Servicing File is not already in the possession of such party, it shall be delivered to the master servicer or special servicer, as the case may be, under any separate servicing agreement for the Serviced Loan Combinations.

 

(b)           With respect to each Serviced Companion Loan, notwithstanding any rights the Operating Advisor or the Controlling Class Representative hereunder may have to 

 

  

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consult with respect to any action or other matter with respect to the servicing of such Serviced Companion Loan, to the extent the related Co-Lender Agreement provides that such right is exercisable by the related Serviced Companion Loan Holder or its Companion Loan Holder Representative or is exercisable in conjunction with any related Serviced Companion Loan Holder, then (i) neither the Operating Advisor nor the Controlling Class Representative shall be permitted to exercise such right or (ii) to the extent provided in the related Co-Lender Agreement, the Operating Advisor or the Controlling Class Representative, as applicable, shall be required to exercise such right in conjunction with any related Serviced Companion Loan Holder or its Companion Loan Holder Representative, as applicable. Additionally, notwithstanding anything in this Agreement to the contrary, the Master Servicer or Special Servicer, as applicable, shall consult with, seek the approval of, or obtain the consent of the holder of any Serviced Companion Loan or its Companion Loan Holder Representative with respect to any matters with respect to the servicing of such Serviced Companion Loan to the extent required under related Co-Lender Agreement and shall not take such actions requiring consent of or consultation with the Serviced Companion Loan Holder or its Companion Loan Holder Representative without such consent or consultation. In addition, notwithstanding anything to the contrary, the Master Servicer or Special Servicer, as applicable, shall deliver reports and notices to the Serviced Companion Loan Holder or its Companion Loan Holder Representative (or the master servicer or special servicer for the related Other Securitization Trust on behalf of the Serviced Companion Loan Holder) as required under the Co-Lender Agreement.

 

(c)           With respect to each Serviced Loan Combination, the Master Servicer shall prepare, or cause to be prepared, on an ongoing basis a statement setting forth, to the extent applicable to such Serviced Loan Combination:

 

(i)            (A) the amount of the distribution from the related Loan Combination Custodial Account allocable to principal and (B) separately identifying the amount of scheduled principal payments, balloon payments, principal prepayments made at the option of the Mortgagor or other principal prepayments (specifying the reason therefor), net liquidation proceeds and foreclosure proceeds included therein and information on distributions made with respect to the related Serviced Loan Combination;

 

(ii)           the amount of the distribution from the related Loan Combination Custodial Account allocable to interest and the amount of Default Interest allocable to the related Serviced Loan Combination;

 

(iii)          the amount of the distribution to the related Serviced Companion Loan Holder, separately identifying the non-default interest, principal and other amounts included therein, and if the distribution to a Serviced Companion Loan Holder is less than the full amount that would be distributable to such Serviced Companion Loan Holder if there were sufficient amounts available therefor, the amount of the shortfall and the allocation thereof between interest and principal and the amount of the shortfall, if any, under the related Serviced Loan Combination;

 

  

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(iv)          the principal balance of each of the related Serviced Loan Combination and related Serviced Companion Loan after giving effect to the distribution of principal on the most recent Distribution Date; and

 

(v)          the amount of the servicing fees paid to the Master Servicer and the Special Servicer with respect to the most recent Distribution Date, showing separately the Servicing Fee, the Special Servicing Fee, the Workout Fee and the Liquidation Fee.

Not later than each Distribution Date, the Master Servicer shall make the foregoing statement available to the Serviced Companion Loan Holder (or the master servicer or special servicer for the related Other Securitization Trust on its behalf) by electronic means (which includes posting such information pursuant to the applicable CREFC® reports on the Master Servicer’s website) and by such other means of delivery as required under the related Co-Lender Agreement.

 

Section 3.29     Appointment and Duties of the Operating Advisor.

 

(a)           Situs Holdings, LLC is hereby appointed to serve as the initial Operating Advisor.

 

(b)           The Operating Advisor, as an independent contractor, shall review the Special Servicer’s operational practices in respect of Specially Serviced Loans, consult with the Special Servicer and perform each other obligation of the Operating Advisor as set forth in this Agreement solely on behalf of the Trust Fund and in the best interest of, and for the benefit of, the Certificateholders (as a collective whole as if such Certificateholders (and, with respect to any Serviced Pari Passu Loan Combination, any related Serviced Pari Passu Companion Loan Holder(s)) 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 (the “Operating Advisor Standard”). The Operating Advisor shall not owe any fiduciary duty to the Master Servicer, the Special Servicer or any other Person in connection with this Agreement.

 

(c)           Prior to the occurrence and continuance of an applicable Control Termination Event, 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 and the applicable Specially Serviced Loans and (ii) each related Final Asset Status Report.

 

(d)           (i) After the occurrence and during the continuance of an applicable Control Termination Event, the Operating Advisor shall review the Special Servicer’s operational practices in light of the Servicing Standard and the requirements of this Agreement, with respect to the resolution and/or liquidation of the applicable Specially Serviced Loan(s).

 

(ii)          After the occurrence and during the continuance of an applicable Control Termination Event, based on the Operating Advisor’s review of any annual compliance statement and any assessment of compliance delivered to the Operating Advisor pursuant to Section 10.08 and Section 10.09 of this Agreement, as applicable, any attestation 

 

  

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report delivered to the Operating Advisor pursuant to Section 10.10 of this Agreement, any Asset Status Report and other information (other than any communications between the related Directing Holder or any Serviced Companion Loan Holder (or its Companion Loan Holder Representative), as applicable, and the Special Servicer that would be Privileged Information) delivered to the Operating Advisor by the Special Servicer, the Operating Advisor shall (if any applicable Serviced Mortgage Loan(s) were Specially Serviced Loan(s)s during the prior calendar year) prepare and deliver to the Depositor, the Rule 17g-5 Information Provider (which shall promptly post such Operating Advisor Annual Report on the Rule 17g-5 Information Provider’s Website), the Trustee and the Certificate Administrator (which 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”), substantially in the form of Exhibit R 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, further, that in no event shall the information or any other content included in the Operating Advisor Annual Report contravene any provision of this Agreement) setting forth the Operating Advisor’s assessment of the Special Servicer’s performance of its duties under this Agreement during the prior calendar year on a platform-level basis with respect to the resolution and liquidation of such Specially Serviced Loan(s) and with respect to each Asset Status Report delivered to the Operating Advisor by the Special Servicer during the prior calendar year. Subject to the restrictions in this Agreement, including, without limitation, Section 3.29(b) of 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 the applicable Specially Serviced Loan(s) and (B) comply with all of the confidentiality requirements applicable to the Operating Advisor described in this Agreement. Such Operating Advisor Annual Report shall be delivered to the Trustee, the Certificate Administrator, the Rule 17g-5 Information Provider and the Depositor, and the Certificate Administrator and the Rule 17g-5 Information Provider shall promptly, upon receipt, post such Operating Advisor Annual Report on the Certificate Administrator’s Website and the Rule 17g-5 Information Provider’s Website, respectively; provided, however, that the Operating Advisor shall deliver to the Special Servicer, the Controlling Class Representative (if a Serviced Loan other than a Serviced Outside Controlled Pari Passu Companion Loan is addressed and a CCR Consultation Termination Event does not exist) and the related Outside Controlling Note Holder (if a Serviced Outside Controlled Pari Passu Companion Loan is addressed and a related Outside Consultation Termination Event does not exist), any annual report produced by the Operating Advisor at least ten (10) calendar days prior to its delivery 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 the Controlling Class Representative. Only as used in connection with the Operating Advisor Annual Report, the term “platform-level basis” refers to the Special Servicer’s performance of its duties as they relate to the resolution and liquidation of Specially Serviced Loans, taking into account the Special Servicer’s specific duties under this Agreement as well as the extent 

 

  

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to which those duties were performed in accordance with the Servicing Standard, with reasonable consideration by the Operating Advisor of any annual compliance statement and any assessment of compliance delivered to the Operating Advisor pursuant to Section 10.08 and Section 10.09 of this Agreement, as applicable, any attestation report delivered to the Operating Advisor pursuant to Section 10.10 of this Agreement, any Asset Status Report and other information (other than any communications between the related Directing Holder or any Serviced Companion Loan Holder (or its Companion Loan Holder Representative), as applicable, and the Special Servicer that would be Privileged Information) delivered to the Operating Advisor by the Special Servicer pursuant to this Agreement.

 

(e)           Prior to the occurrence and continuance of an applicable Control Termination Event, the Special Servicer shall forward any Appraisal Reduction Amount with respect to, and net present value calculations used in the Special Servicer’s determination of the course of action to be taken in connection with the workout or liquidation of, a Specially Serviced Loan, to the Operating Advisor after such calculations have been finalized. The Operating Advisor shall review such calculations but may not opine on, or otherwise call into question such Appraisal Reduction Amount and/or net present value calculations; provided, however, if the Operating Advisor discovers a mathematical error contained in such calculations, then the Operating Advisor shall notify the Special Servicer and the related Directing Holder of such error.

 

(f)            After the occurrence and during the continuance of an applicable Control Termination Event, after the calculation but prior to the utilization by the Special Servicer of any of the calculations with respect to an applicable Specially Serviced Loan related to (i) Appraisal Reduction Amounts or (ii) 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 such Specially Serviced Loan, the Special Servicer shall forward such calculations, together with any supporting material or additional information necessary in support thereof (including such additional information reasonably requested by the Operating Advisor to confirm the mathematical accuracy of such calculations, but not including any Privileged Information), to the Operating Advisor promptly, but in any event no later than two (2) Business Days after preparing such calculations, and the Operating Advisor shall promptly, but no later than three (3) Business Days after receipt of such calculations and any supporting or additional materials, recalculate and verify the accuracy of the mathematical calculations and the corresponding application of the non-discretionary portion of the applicable formulas required to be utilized in connection with any such calculation.

 

In connection with this Section 3.29, in the event the Operating Advisor does not agree with the mathematical calculations or 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 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 

 

  

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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.

 

(g)           After the occurrence and during the continuance of an applicable Control Termination Event, the Special Servicer shall consult (on a non-binding basis) with the Operating Advisor in connection with any Major Decision with respect to an applicable Serviced Mortgage Loan and consider alternative actions recommended by the Operating Advisor, but only to the extent consultation with, or consent of, the related Directing Holder would have been required prior to the occurrence and continuance of such Control Termination Event with respect to such Serviced Mortgage Loan.

 

(h)           Subject to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged Information), the Operating Advisor shall respond to Inquiries relating to the Operating Advisor Annual Reports or actions by the Master Servicer or the Special Servicer as to which the Operating Advisor has consultation rights, whether or not referenced in any Operating Advisor Annual Report and made by Privileged Persons from time to time in accordance with the terms of Section 4.02(a) of this Agreement.

 

(i)            Subject to the Privileged Information Exception, the Operating Advisor will be obligated to keep confidential any Privileged Information received from the Special Servicer, the related Directing Holder or any related Serviced Companion Loan Holder (or its Companion Loan Holder Representative) in connection with the exercise of the rights of the related Directing Holder or such related Serviced Companion Loan Holder 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.

 

(j)            The Operating Advisor shall keep all 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 or (2) pursuant to a Privileged Information Exception. 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 an applicable Consultation Termination Event has occurred and is continuing, the related Directing Holder other than pursuant to a Privileged Information Exception.

 

(k)           On each Master Servicer Remittance Date, the Operating Advisor shall be paid the applicable Operating Advisor Fee from amounts on deposit in the Collection Account, pursuant to Section 3.06 of this Agreement. The Operating Advisor Fee shall be payable from funds on deposit in the Collection Account as provided in Section 3.06 of this Agreement.

 

  

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Section 3.30     Rating Agency Confirmation.

 

(a)           Notwithstanding the terms of any related Loan Documents or other provisions of this Agreement, if any action under any Loan Documents or this Agreement requires Rating Agency Confirmation as a condition precedent to such action, if the party (the “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 if, within 10 Business Days of the Rating Agency Confirmation request being posted to the Rule 17g-5 Information Provider’s Website, any Rating Agency has not granted such request, rejected such request or provided a Rating Agency Declination, then (i) such Requesting Party shall promptly request the related Rating Agency Confirmation again, and (ii) if there is no response to such second Rating Agency Confirmation request from the applicable Rating Agency within five (5) Business Days of such second request, whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (x) with respect to any condition in any Loan Document or related intercreditor agreement or Co-Lender Agreement requiring a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable) shall determine (with the consent of the related Directing Holder unless an applicable Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the related Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall not apply; (y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be considered satisfied if: (1) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to the time of determination, if Moody’s is the non-responding Rating Agency; (2) the applicable replacement master servicer has a master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement 

 

  

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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 commercial mortgage-backed securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination.

 

Any Rating Agency Confirmation request made by the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor 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 reasonably necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided in electronic format in accordance with Section 11.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b).

 

Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s, as applicable) determination to take any action discussed in this Section 3.30(a) without receiving any required Rating Agency Confirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable) shall provide electronic written notice in accordance with Section 11.13(b) of the action taken for the particular item at such time and the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b).

 

(b)           Notwithstanding anything to the contrary in this Section 3.30, for purposes of the provisions of any Loan Document relating to defeasance (including without limitation the type of collateral acceptable for use as defeasance collateral), release or substitution of any collateral, any applicable Rating Agency Confirmation requirement in the Loan Documents shall not apply, even without the determination pursuant to Section 3.30(a)(ii)(x) by the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable), provided that the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable, shall in any event review the other conditions required under the related Loan Documents with respect to such defeasance, release or substitution and confirm to its satisfaction in accordance with the Servicing Standard that such conditions (other than the requirement for a Rating Agency Confirmation) have been satisfied.

 

(c)           For all other matters or actions (i) not specifically discussed in clause (ii) (x), (ii) (y) or (ii) (z) of Section 3.30(a) above and (ii) that are not the subject of a Rating Agency Declination, the proposed action shall not be permitted to proceed unless the applicable Requesting Party shall deliver Rating Agency Confirmation from each Rating Agency.

 

(d)           With respect to any Serviced Companion Loan as to which there exists Serviced Companion Loan Securities, if any action relating to the servicing and administration of 

 

  

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any or all of the related Serviced Loans or any related REO Property (the “Relevant Action”) requires delivery of a Rating Agency Confirmation as a condition precedent to such action pursuant to this Agreement, then, except as set forth below in this paragraph, such action 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 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 Serviced Companion Loan Securities will be subject to, will be permitted to be waived by the Master Servicer and the Special Servicer on, and will be deemed satisfied or not to apply on, the same terms and conditions applicable to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided, that the Master Servicer or Special Servicer, as applicable, depending on which is seeking the subject Companion Loan Rating Agency Confirmation, shall forward to one or more of its counterparts (i.e., the master servicer or special servicer, as applicable), the Rule 17g-5 Information Provider’s counterpart for the related Other Securitization Trust, or such other party or parties (as are agreed to by the Master Servicer or the Special Servicer, as applicable, and the applicable parties for the related Other Securitization Trust), at the expense of the related 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 Rule 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 Rule 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.

 

(e)           Each of the Master 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 Rule 17g-5 Information Provider’s counterpart for an Other Securitization Trust, in each case to the extent known to it.

 

Section 3.31     General Acknowledgement Regarding Companion Loan Holders. Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) each Companion Loan Holder may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii) each Companion Loan Holder may act solely in its own interests; (iii) no Companion Loan Holder has any duty to the Holders of any Class of Certificates; and (iv) no Companion Loan Holder shall have any liability whatsoever for having so acted in its own interests, and no Certificateholder may take any action whatsoever against any Companion Loan Holder or any director, officer, employee, agent or principal thereof for such Companion Loan Holder’s having so acted in its own interests.

 

Section 3.32     Outside Control Termination Event Notices and Outside Consultation Termination Event Notices.

 

  

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If any party hereto receives an Outside Control Termination Event Notice or an Outside Consultation Termination Event Notice, or any notice of revocation of either of the foregoing, it shall promptly deliver a copy of such notice to the other parties hereto; provided, however that if a party has delivered a notice to the other parties hereto in accordance with this Section 3.32, such party shall not be required to re-deliver the same notice if such party subsequently receives the same notice again.

 

ARTICLE IV

 

DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

Section 4.01     Distributions.

 

(a)            (i) On each Master Servicer Remittance Date, the Master Servicer shall make the remittances and deposits specified in the first paragraph of Section 4.06(a) of this Agreement. On each Master Servicer Remittance Date in March of any calendar year, the Certificate Administrator shall withdraw from the Interest Reserve Account the related Withheld Amounts pursuant to Section 3.23 of this Agreement, and shall deposit any such amounts in the Lower-Tier Distribution Account. On each Distribution Date, the amounts that have been transferred to the Lower-Tier Distribution Account from the Collection Account or as P&I Advances or Compensating Interest Payments or pursuant to the preceding two sentences shall be deemed distributed on the Lower-Tier Regular Interests to the Upper-Tier REMIC, in accordance with Section 4.01(a)(ii) and Section 4.01(c)(ii) of this Agreement. Thereafter, such amounts shall be considered to be held in the Upper-Tier Distribution Account until distributed to the Certificateholders.

 

(ii)            All distributions made in respect of interest on any Class of Regular Certificates (other than the Class X Certificates) and any Class PEZ Regular Interest on each Distribution Date pursuant to Section 4.01(b), Section 4.01(d) or Section 9.01 shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement hereto. All distributions made in respect of interest on any Class of the Class X Certificates on each Distribution Date pursuant to Section 4.01(b), Section 4.01(d) or Section 9.01, and allocable to any particular Component of such Class of Certificates in accordance with the last paragraph of Section 4.01(b), shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of such Component’s Corresponding Lower-Tier Regular Interest. All distributions made in respect of principal of any Class of Regular Certificates (other than the Class X Certificates) and any Class PEZ Regular Interest on each Distribution Date pursuant to Section 4.01(b), Section 4.01(d) or Section 9.01 shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement hereto. All distributions of reimbursements of Realized Losses made in respect of any Class of Regular Certificates (other than the Class X Certificates) and any Class PEZ Regular Interest on each Distribution Date pursuant to Section 4.01(b), Section 4.01(d) or Section 9.01 shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest. 

 

  

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For the avoidance of doubt, (i) payments of interest and principal, and reimbursements of Realized Losses, on the Class A-S Certificates and the Class PEZ Component A-S of the Class PEZ Certificates under this Section 4.01 shall be deemed to have been first distributed in respect of the Class LA-S Interest to the Upper-Tier REMIC in respect of the Class A-S Regular Interest, (ii) payments of interest and principal, and reimbursements of Realized Losses, on the Class B Certificates and the Class PEZ Component B of the Class PEZ Certificates under this Section 4.01 shall be deemed to have been first distributed in respect of the Class LB Interest to the Upper-Tier REMIC in respect of the Class B Regular Interest and (iii) payments of interest and principal, and reimbursements of Realized Losses, on the Class C Certificates and the Class PEZ Component C of the Class PEZ Certificates under this Section 4.01 shall be deemed to have been first distributed in respect of the Class LC Interest to the Upper-Tier REMIC in respect of the Class C Regular Interest.

 

On each Distribution Date, the Class R Certificates shall receive distributions of any amounts remaining in the Lower-Tier Distribution Account in respect of the Lower-Tier Residual Interest after all payments have been made to the Certificate Administrator as the holder of the Lower-Tier Regular Interests in accordance with this Section 4.01(a)(ii) and Section 4.01(c)(ii).

 

(b)          On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts on deposit in the Upper-Tier Distribution Account in respect of interest, principal and reimbursement of Realized Losses, to the extent of Available Funds, and distribute such amounts to the Holders of each Class of Regular Certificates, to the Holders of the Class S Certificates and Class R Certificates and to the Exchangeable Distribution Account in respect of the Class PEZ Regular Interests in the amounts and in the order of priority set forth below:

 

(i)           to the respective Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A and Class X-B Certificates, in respect of interest, up to an amount equal to, and pro rata in accordance with, the respective Interest Distribution Amounts for those Classes;

 

(ii)          to the respective Holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB Certificates in reduction of the Certificate Principal Amounts thereof in the following priority:

 

(A)           to the Holders of the Class A-AB Certificates, in an amount equal to the lesser of the Principal Distribution Amount for such Distribution Date and the amount necessary to reduce the aggregate Certificate Principal Amount of the Class A-AB Certificates to the Class A-AB Scheduled Principal Balance for such Distribution Date;

 

(B)           to the Holders of the Class A-1 Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date remaining after payments pursuant to clause (A) above until the outstanding Certificate Principal Amount of the Class A-1 Certificates has been reduced to zero;

 

  

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(C)           to the Holders of the Class A-2 Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date remaining after payments pursuant to clauses (A) and (B) above until the outstanding Certificate Principal Amount of the Class A-2 Certificates has been reduced to zero;

 

(D)           to the Holders of the Class A-3 Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date remaining after payments pursuant to clauses (A) through (C) above until the outstanding Certificate Principal Amount of the Class A-3 Certificates has been reduced to zero;

 

(E)           to the Holders of the Class A-4 Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date remaining after payments pursuant to clauses (A) through (D) above until the outstanding Certificate Principal Amount of the Class A-4 Certificates has been reduced to zero; and

 

(F)           to the Holders of the Class A-AB Certificates, in an amount equal to the Principal Distribution Amount for such Distribution Date remaining after payments pursuant to clauses (A) through (E) above until the outstanding Certificate Principal Amount of the Class A-AB Certificates has been reduced to zero;

 

(iii)         to the respective Holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB Certificates, up to an amount equal to, and pro rata based upon, the aggregate unreimbursed Realized Losses previously allocated to reduce the Certificate Principal Amount of each such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(iv)         to the Exchangeable Distribution Account with respect to the Class A-S Regular Interest, in respect of interest, up to an amount equal to the Interest Distribution Amount of the Class A-S Regular Interest;

 

(v)          to the Exchangeable Distribution Account with respect to the Class A-S Regular Interest, in reduction of the Certificate Principal Amount thereof, up to an amount equal to the Principal Distribution Amount for such Distribution Date less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Principal Amount of the Class A-S Regular Interest is reduced to zero;

 

(vi)         to the Exchangeable Distribution Account with respect to the Class A-S Regular Interest, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to reduce the Certificate Principal Amount of the Class A-S Regular Interest, plus interest thereon at the Pass-Through Rate for the Class A-S Regular Interest 

 

  

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compounded monthly from the date the related Realized Loss was allocated to the Class A-S Regular Interest;

 

(vii)          to the Exchangeable Distribution Account with respect to the Class B Regular Interest, in respect of interest, up to an amount equal to the Interest Distribution Amount for the Class B Regular Interest;

 

(viii)         to the Exchangeable Distribution Account with respect to the Class B Regular Interest, in reduction of the Certificate Principal Amount thereof, up to an amount equal to the Principal Distribution Amount for such Distribution Date less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Principal Amount of the Class B Regular Interest is reduced to zero;

 

(ix)           to the Exchangeable Distribution Account with respect to the Class B Regular Interest, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to reduce the Certificate Principal Amount of the Class B Regular Interest, plus interest thereon at the Pass-Through Rate for the Class B Regular Interest compounded monthly from the date the related Realized Loss was allocated to the Class B Regular Interest;

 

(x)            to the Exchangeable Distribution Account with respect to the Class C Regular Interest, in respect of interest, up to an amount equal to the Interest Distribution Amount for the Class C Regular Interest;

 

(xi)           to the Exchangeable Distribution Account with respect to the Class C Regular Interest, in reduction of the Certificate Principal Amount thereof, up to an amount equal to the Principal Distribution Amount for such Distribution Date less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Principal Amount of the Class C Regular Interest is reduced to zero;

 

(xii)          to the Exchangeable Distribution Account with respect to the Class C Regular Interest, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to reduce the Certificate Principal Amount of the Class C Regular Interest, plus interest thereon at the Pass-Through Rate for the Class C Regular Interest compounded monthly from the date the related Realized Loss was allocated to the Class C Regular Interest;

 

(xiii)         to the respective Holders of the Class D and Class X-D 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;

 

(xiv)         to the Holders of the Class D Certificates, in reduction of the Certificate Principal Amount thereof, up to an amount equal to the Principal Distribution Amount for such Distribution Date less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Principal Amount thereof is reduced to zero;

 

  

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(xv)          to the Holders of the Class D Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to reduce the Certificate Principal Amount of such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(xvi)         to the Holders of the Class E Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for such Class;

 

(xvii)        to the Holders of the Class E Certificates, in reduction of the Certificate Principal Amount thereof, up to an amount equal to the Principal Distribution Amount for such Distribution Date less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Principal Amount thereof is reduced to zero;

 

(xviii)       to the Holders of the Class E Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to reduce the Certificate Principal Amount of such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(xix)         to the Holders of the Class F Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for such Class;

 

(xx)          to the Holders of the Class F Certificates, in reduction of the Certificate Principal Amount thereof, up to an amount equal to the Principal Distribution Amount for such Distribution Date less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Principal Amount thereof is reduced to zero;

 

(xxi)         to the Holders of the Class F Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to reduce the Certificate Principal Amount of such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(xxii)        to the Holders of the Class G Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for such Class;

 

(xxiii)       to the Holders of the Class G Certificates, in reduction of the Certificate Principal Amount thereof, up to an amount equal to the Principal Distribution Amount for such Distribution Date less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Principal Amount thereof is reduced to zero;

 

(xxiv)       to the Holders of the Class G Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to reduce the Certificate Principal Amount of such Class, plus interest thereon at the Pass-Through Rate for such 

 

  

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Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(xxv)        to the Holders of the Class H Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for such Class;

 

(xxvi)       to the Holders of the Class H Certificates, in reduction of the Certificate Principal Amount thereof, up to an amount equal to the Principal Distribution Amount for such Distribution Date less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Principal Amount thereof is reduced to zero;

 

(xxvii)      to the Holders of the Class H Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to reduce the Certificate Principal Amount of such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly from the date the related Realized Loss was allocated to such Class; and

 

(xxviii)     to the Holders of the Class R Certificates in respect of the Upper-Tier REMIC Residual Interest, any amounts remaining in the Upper-Tier Distribution Account.

 

Notwithstanding the foregoing, on each Distribution Date occurring on and after the Cross-Over Date, in place of the allocation of principal payments described in priority (ii) above, remaining Available Funds at such level shall be distributed up to an amount equal to the Principal Distribution Amount for such Distribution Date to the respective Holders of Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB Certificates, pro rata, based on their respective Certificate Principal Amounts, in reduction of their respective Certificate Principal Amounts (and the schedule for the Class A-AB principal distributions shall be disregarded). Any remaining Available Funds will then be allocated as provided in priorities (iii) through (xxviii) above.

 

All distributions of interest made in respect of a Class of the Class X Certificates on any Distribution Date pursuant to clause (b)(i) above or Section 4.01(d), shall be deemed to have been made in respect of all the Components of such Class, pro rata in accordance with the respective amounts of interest that would be payable on such Components on such Distribution Date based on one-twelfth of the Class X Strip Rate of such Component multiplied by its respective Component Notional Amount, reduced by its share of any Excess Prepayment Interest Shortfall for such Distribution Date, together with any amounts thereof remaining unpaid from previous Distribution Dates.

 

(c)            (i) On any Distribution Date, any Yield Maintenance Charge collected on the Mortgage Loans as of the related Determination Date (or, in the case of any Outside Serviced Trust Loan(s), received hereunder as of the Business Day immediately preceding the related Master Servicer Remittance Date) and on deposit in the Collection Account as of the close of business on the Business Day immediately preceding the related Master Servicer Remittance Date will be distributed to the Holders of the respective Classes of Certificates (excluding the 

 

  

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Class X-D, Class E, Class F, Class G, Class H, Class S and Class R Certificates) as follows: (A) first such Yield Maintenance charge shall be allocated between (x) the group (the “YM Group A”) of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB and Class X-A Certificates and the Class A-S Regular Interest (and correspondingly the Class A-S and Class PEZ Certificates, pro rata based on their respective percentage interests in the Class A-S Regular Interest) and (y) the group (the “YM Group B” and collectively with the YM Group A, the “YM Groups”) of the Class X-B Certificates, the Class B Regular Interest (and correspondingly the Class B and Class PEZ Certificates, pro rata based on their respective percentage interests in the Class B Regular Interest), the Class C Regular Interest (and correspondingly the Class C and Class PEZ Certificates, pro rata based on their respective percentage interests in the Class C Regular Interest) and the Class D Certificates, pro rata based on the aggregate amount of principal distributed with respect to the Classes of Regular Certificates (other than the Class X Certificates) and Class PEZ Regular Interests in each YM Group on such Distribution Date, and (B) then the portion of such Yield Maintenance Charge allocated to each YM Group shall be further allocated as among the Classes of Regular Certificates and Class PEZ Regular Interests in such YM Group, in the following manner: (1) each Class of Regular Certificates (other than the Class X Certificates) and each Class PEZ Regular Interest in such YM Group shall entitle the applicable Certificateholders to receive on the applicable Distribution Date, on a pro rata basis according to entitlements, that portion 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 Regular Certificates or Class PEZ Regular Interest on such Distribution Date, and the denominator of which is the total amount of principal distributed to all of the Regular Certificates (other than the Class X Certificates) and Class PEZ Regular Interests in such YM Group on such Distribution Date, (y) the Base Interest Fraction for the related Principal Prepayment and such Class of Regular Certificates or Class PEZ Regular Interest and (z) the amount of such Yield Maintenance Charge allocated to such YM Group, and (2) any Yield Maintenance Charges allocated to such YM Group collected during the related Prepayment Period remaining after such distributions will be distributed to the Class of Class X Certificates in such YM Group.

 

On each Distribution Date, any Yield Maintenance Charges distributed in respect of the Class A-S Regular Interest shall be further allocated between and distributed on the Class A-S Certificates and the Class PEZ Component A-S (and correspondingly on the Class PEZ Certificates), pro rata in proportion to the Class A-S Percentage Interest and Class A-S-PEZ Percentage Interest, respectively. On each Distribution Date, any Yield Maintenance Charges distributed in respect of the Class B Regular Interest shall be further allocated between and distributed on the Class B Certificates and the Class PEZ Component B (and correspondingly on the Class PEZ Certificates), pro rata in proportion to the Class B Percentage Interest and Class B-PEZ Percentage Interest, respectively. On each Distribution Date, any Yield Maintenance Charges distributed in respect of the Class C Regular Interest shall be further allocated between and distributed on the Class C Certificates and the Class PEZ Component C (and correspondingly on the Class PEZ Certificates), pro rata in proportion to the Class C Percentage Interest and Class C-PEZ Percentage Interest, respectively.

 

After the Distribution Date on which the Class X-A Notional Amount, the Class X-B Notional Amount and the Certificate Principal Amounts of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB and Class D Certificates and the Class PEZ Regular Interests 

 

  

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have been reduced to zero, all Yield Maintenance Charges collected with respect to the Mortgage Loans will be distributed pro rata to the Holders of the Class X-B Certificates.

 

(ii)           Any Yield Maintenance Charge that is to be distributed to the Regular Certificates or Class PEZ Regular Interests on any Distribution Date shall be deemed distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Lower-Tier Regular Interests then receiving a principal distribution, pro rata, based on the respective amounts of those principal distributions.

 

(d)           On each Distribution Date, the Certificate Administrator shall withdraw amounts from the Excess Liquidation Proceeds Reserve Account and shall distribute such amounts in the following priority:

 

(i)            first, to the Holders of the Regular Certificates and to the Exchangeable Distribution Account with respect to the Class PEZ Regular Interests (in the same order as distributions are made pursuant to Section 4.01(b) of this Agreement) up to an amount equal to all amounts remaining due and payable on the Regular Certificates and Class PEZ Regular Interests, and any Realized Loss allocable to such Certificates or Class PEZ Regular Interests, after application of the Available Funds for such Distribution Date; and

 

(ii)           second, to the Holders of the Class R Certificates, in accordance with the last sentence of Section 3.05(c) of this Agreement.

 

Amounts paid with respect to the Mortgage Loans from the Excess Liquidation Proceeds Reserve Account pursuant to the preceding clause (i) shall first be deemed to have been distributed to reimburse the Lower-Tier REMIC in respect of any Realized Losses or other shortfalls allocated to the Upper-Tier REMIC in respect of the Lower-Tier Regular Interests in reimbursement of Realized Losses previously allocated thereto and payment of other amounts due thereon.

 

(e)           On each Distribution Date, following the deemed distributions of principal or in reimbursement of previously allocated Realized Losses made in respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a)(ii), the Lower-Tier Principal Balance of each Lower-Tier Regular Interest (after taking account of such deemed distributions) shall be reduced as a result of Realized Losses to equal the Certificate Principal Amount of its Corresponding Certificates that will be outstanding immediately following such Distribution Date.

 

(f)            The Certificate Principal Amount of each Class of Regular Certificates (other than the Class X Certificates) and each Class PEZ Regular Interest will be reduced without distribution on any Distribution Date, as a write-off, to the extent of any Realized Loss (for purposes of this calculation 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 3.06 of this Agreement to the extent such Workout-Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable Advances) allocated to such Class of Certificates or Class PEZ Regular Interest on such Distribution Date. On each Distribution Date, any Realized Loss for such Distribution Date will be allocated to the following Classes of Regular Certificates and Class PEZ Regular 

 

  

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Interests in the following order, until the Certificate Principal Amount of each such Class of Certificates or Class PEZ Regular Interest is reduced to zero: first, to the Class H Certificates; second, to the Class G Certificates; third, to the Class F Certificates; fourth, to the Class E Certificates; fifth, to the Class D Certificates; sixth, to the Class C Regular Interest (and correspondingly, the Class C Certificates and the Class PEZ Component C, pro rata based on their respective percentage interests therein); seventh, to the Class B Regular Interest (and correspondingly, the Class B Certificates and the Class PEZ Component B, pro rata based on their respective percentage interests therein); eighth, to the Class A-S Regular Interest (and correspondingly, the Class A-S Certificates and the Class PEZ Component A-S, pro rata based on their respective percentage interests therein); and, finally, pro rata to the (i) Class A-1 Certificates, (ii) Class A-2 Certificates, (iii) Class A-3 Certificates, (iv) Class A-4 Certificates and (v) Class A-AB Certificates based on their respective Certificate Principal Amounts. Any amounts recovered in respect of any amounts previously written off as Realized Losses will be distributed to the Classes of Certificates and Class PEZ Regular Interests to which Realized Losses have been allocated in order of their seniority and shall be deemed to be distributed to the Corresponding Lower-Tier Regular Interests (and any amounts so distributed on any Class PEZ Regular Interest shall be deemed to be distributed on the Class of Class A-S, Class B or Class C Certificates corresponding to that Class PEZ Regular Interest and the corresponding Class PEZ Component of the Class PEZ Certificates, pro rata based on their respective percentage interests in such Class PEZ Regular Interest). 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 Principal Amount of the Class of Principal Balance Certificates or Class PEZ Regular Interest in respect of which any such reimbursement is made. If and to the extent that any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Mortgage Loans (including REO Mortgage Loans) and previously resulted in a reduction of the Principal Distribution Amount are subsequently recovered on the related Mortgage Loan or REO Property, then (on the Distribution Date related to the Prepayment Period during which the recovery occurred) the amount of such recovery will be added to the Certificate Principal Amount(s) of the Class or Classes of Regular Certificates (other than the Class X Certificates) and/or the Class PEZ Regular Interest(s) that previously were allocated Realized Losses, in the same sequential order as distributions pursuant to Section 4.01(b) of this Agreement, in each case up to the lesser of the unallocated portion of such recovery and the amount of the unreimbursed Realized Losses previously allocated to the subject Class of Certificates or Class PEZ Regular Interest, and the Interest Shortfall with respect to each affected Class of Regular Certificates or Class PEZ Regular Interest for the next Distribution Date will be increased by the amount of interest that would have accrued through the then current Distribution Date if the restored write-down for such Class of Regular Certificates or Class PEZ Regular Interest had never been written down (and, to the extent that the Certificate Principal Amount of, and any interest payable on, any Class of Regular Certificates or Class PEZ Regular Interest is so increased, an identical increase shall be deemed made to the Lower-Tier Principal Balance of, and any interest payable on, the Corresponding Lower-Tier Regular Interest). If the Certificate Principal Amount of any Class of Regular Certificates (other than the Class X Certificates) or Class PEZ Regular Interest (or the Lower-Tier Principal Balance of any Lower-Tier Regular Interest) is so increased, the amount of unreimbursed Realized Losses of such Class of Certificates or Class PEZ Regular Interest (or such Lower-Tier Regular Interest, as the case may be) shall be decreased by such amount.

 

  

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The Notional Amount of the Class X-A Certificates and the Component Notional Amounts of the Class X-A Components will be reduced to reflect reductions of the Certificate Principal Amounts of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB Certificates and the Class A-S Regular Interest and of the Lower-Tier Principal Balances of the Lower-Tier Regular Interests designated as the Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-AB and Class LA-S Interests, in any event resulting from allocations of Realized Losses. The Notional Amount of the Class X-B Certificates and the Component Notional Amount of the Class X-B Component will be reduced to reflect reductions of the Certificate Principal Amount of the Class B Regular Interest and of the Lower-Tier Principal Balance of the Lower-Tier Regular Interest designated as the Class LB Interest, in any event resulting from allocations of Realized Losses. The Notional Amount of the Class X-D Certificates and the Component Notional Amount of the Class X-D Component will be reduced to reflect reductions of the Certificate Principal Amount of the Class D Certificates and of the Lower-Tier Principal Balance of the Lower-Tier Regular Interest designated as the Class LD Interest, in any event resulting from allocations of Realized Losses.

 

(g)           All amounts distributable, or reductions allocable on account of Realized Losses, to a Class of Certificates pursuant to this Section 4.01 on each Distribution Date shall be allocated pro rata among the outstanding Certificates in each such Class based on their respective Percentage Interests. Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five (5) Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution. The Certificate Administrator shall be responsible for making all distributions on the Certificates contemplated hereunder.

 

(h)           Except as otherwise provided in Section 9.01 with respect to an Anticipated Termination Date, the Certificate Administrator shall, no later than the fifteenth day of the month preceding the month in which the final distribution with respect to any Class of Certificates is expected to be made (or, if the Certificate Administrator has not received notice of such Anticipated Termination Date by such time, promptly following the Certificate Administrator’s receipt of such notice), 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 will be made on such Distribution Date, but only upon presentation and surrender of such Certificates at the office of the Certificate Administrator therein specified, and

 

  

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(ii)            if such final distribution is made on such Distribution Date, no interest shall accrue on such Class of Certificates, or on the Corresponding Lower-Tier Regular Interest, from and after such Distribution Date;

 

provided, however, that the Class R Certificates shall remain outstanding until there is no other Class of Certificates outstanding.

 

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 4.01(h) 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 Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator hereunder and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held 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 4.01(h). Any funds not distributed on such Distribution Date shall be set aside and held uninvested in trust for the benefit of Certificateholders not presenting and surrendering their Certificates in the aforesaid manner.

 

(i)              [Reserved].

 

(j)             The Excess Prepayment Interest Shortfall, if any, for each Distribution Date will be allocated among the various Classes of Regular Certificates, the Class A-S Regular Interest (and correspondingly, the Class A-S Certificates and the Class PEZ Component A-S, pro rata based on their respective percentage interests therein), the Class B Regular Interest (and correspondingly, the Class B Certificates and the Class PEZ Component B, pro rata based on their respective percentage interests therein) and the Class C Regular Interest (and correspondingly, the Class C Certificates and the Class PEZ Component C, pro rata based on their respective percentage interests therein), pro rata, based upon the respective Interest Accrual Amounts with respect to such Classes of Regular Certificates and Class PEZ Regular Interests for such Distribution Date. The portion of any Excess Prepayment Interest Shortfall for any Distribution Date so allocable to a Class of Class X Certificates shall, in turn, be allocated among the various Components of such Class of Class X Certificates, pro rata, based upon the respective amounts of Accrued Component Interest with respect to such Components for such 

 

  

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Distribution Date. The portion of any Excess Prepayment Interest Shortfall for any Distribution Date so allocated to any Class of Regular Certificates, any Class PEZ Regular Interest or any Component of a Class of Class X Certificates shall be deemed to have first been allocated to the Corresponding Lower-Tier Regular Interest for such Class of Regular Certificates, Class PEZ Regular Interest or Component, as applicable.

 

(k)          Amounts distributed on the Class PEZ Regular Interests pursuant to Section 4.01(b) and Section 4.01(d) shall be further distributed from the Exchangeable Distribution Account to the Holders of the Exchangeable Certificates as set forth below:

 

(i)           On each Distribution Date, simultaneously with the distributions made on the Class A-S Regular Interest under Section 4.01(b), the aggregate amount so distributed on the Class A-S Regular Interest on such Distribution Date shall be further distributed by the Certificate Administrator to the Holders of the Class A-S Certificates and the Class PEZ Certificates in the following amounts and in the following order of priority:

 

(A)           first, concurrently, to the Holders of the Class A-S Certificates in respect of interest, up to an amount equal to the Class A-S Percentage Interest of the amount distributed in respect of interest on the Class A-S Regular Interest under Section 4.01(b)(iv) and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of interest on Class PEZ Component A-S, up to an amount equal to the Class A-S-PEZ Percentage Interest of the amount distributed in respect of interest on the Class A-S Regular Interest under Section 4.01(b)(iv) and Section 4.01(d)(i);

 

(B)           second, concurrently, to the Holders of the Class A-S Certificates in respect of principal, up to an amount equal to the Class A-S Percentage Interest of the amount distributed in respect of principal on the Class A-S Regular Interest under Section 4.01(b)(v) and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of principal on Class PEZ Component A-S, up to an amount equal to the Class A-S-PEZ Percentage Interest of the amount distributed in respect of principal on the Class A-S Regular Interest under Section 4.01(b)(v) and Section 4.01(d)(i); and

 

(C)           third, concurrently, to the Holders of the Class A-S Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the Class A-S Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class A-S Regular Interest under Section 4.01(b)(vi) and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of unreimbursed Realized Losses on Class PEZ Component A-S, up to an amount equal to the Class A-S-PEZ Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class A-S Regular Interest under Section 4.01(b)(vi) and Section 4.01(d)(i).

 

(ii)          On each Distribution Date, simultaneously with the distributions made on the Class B Regular Interest under Section 4.01(b), the aggregate amount so distributed on the Class B Regular Interest on such Distribution Date shall be further distributed by 

 

  

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the Certificate Administrator to the Holders of the Class B Certificates and the Class PEZ Certificates in the following amounts and in the following order of priority:

 

(A)           first, concurrently, to the Holders of the Class B Certificates in respect of interest, up to an amount equal to the Class B Percentage Interest of the amount distributed in respect of interest on the Class B Regular Interest under Section 4.01(b)(vii) and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of interest on Class PEZ Component B, up to an amount equal to the Class B-PEZ Percentage Interest of the amount distributed in respect of interest on the Class B Regular Interest under Section 4.01(b)(vii) and Section 4.01(d)(i);

 

(B)           second, concurrently, to the Holders of the Class B Certificates in respect of principal, up to an amount equal to the Class B Percentage Interest of the amount distributed in respect of principal on the Class B Regular Interest under Section 4.01(b)(viii) and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of principal on Class PEZ Component B, up to an amount equal to the Class B-PEZ Percentage Interest of the amount distributed in respect of principal on the Class B Regular Interest under Section 4.01(b)(viii) and Section 4.01(d)(i); and

 

(C)           third, concurrently, to the Holders of the Class B Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the Class B Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class B Regular Interest under Section 4.01(b)(ix) and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of unreimbursed Realized Losses on Class PEZ Component B, up to an amount equal to the Class B-PEZ Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class B Regular Interest under Section 4.01(b)(ix) and Section 4.01(d)(i).

 

(iii)        On each Distribution Date, simultaneously with the distributions made on the Class C Regular Interest under Section 4.01(b), the aggregate amount so distributed on the Class C Regular Interest on such Distribution Date shall be further distributed by the Certificate Administrator to the Holders of the Class C Certificates and the Class PEZ Certificates in the following amounts and in the following order of priority:

 

(A)           first, concurrently, to the Holders of the Class C Certificates in respect of interest, up to an amount equal to the Class C Percentage Interest of the amount distributed in respect of interest on the Class C Regular Interest under Section 4.01(b)(x) and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of interest on Class PEZ Component C, up to an amount equal to the Class C-PEZ Percentage Interest of the amount distributed in respect of interest on the Class C Regular Interest under Section 4.01(b)(x) and Section 4.01(d)(i);

 

  

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(B)           second, concurrently, to the Holders of the Class C Certificates in respect of principal, up to an amount equal to the Class C Percentage Interest of the amount distributed in respect of principal on the Class C Regular Interest under Section 4.01(b)(xi) and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of principal on Class PEZ Component C, up to an amount equal to the Class C-PEZ Percentage Interest of the amount distributed in respect of principal on the Class C Regular Interest under Section 4.01(b)(xi) and Section 4.01(d)(i); and

 

(C)           third, concurrently, to the Holders of the Class C Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the Class C Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class C Regular Interest under Section 4.01(b)(xii) and Section 4.01(d)(i), and to the Holders of the Class PEZ Certificates in respect of unreimbursed Realized Losses on Class PEZ Component C, up to an amount equal to the Class C-PEZ Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class C Regular Interest under Section 4.01(b)(xii) and Section 4.01(d)(i).

 

(iv)        The various amounts distributable on the Class PEZ Certificates on each Distribution Date under the foregoing subsections of this Section 4.01(k) shall be so distributed in a single, aggregate distribution.

 

(l)          The various amounts distributable on the Class PEZ Certificates on each Distribution Date under Article IV in respect of amounts allocated to any of the Class PEZ Components pursuant to the terms of this Agreement shall be so distributed in a single, aggregate distribution to the Holders of the Class PEZ Certificates on such Distribution Date. In addition, the Class PEZ Certificates shall be allocated the aggregate amount of Realized Losses, Prepayment Interest Shortfalls and other interest shortfalls (including those resulting from Appraisal Reduction Events) that are allocated to the Class PEZ Components pursuant to the terms of this Agreement.

 

(m)        On each Distribution Date, any Excess Interest received during the related Prepayment Period with respect to the ARD Mortgage Loans shall be distributed to the Holders of the Excess Interest Certificates from the Excess Interest Distribution Account.

 

Section 4.02     Statements to Certificateholders; Certain Reports by the Master Servicer and the Special Servicer.

 

(a)          Based on loan-level information received from the Master Servicer and any other applicable Persons, on each Distribution Date, the Certificate Administrator shall provide or make available a report, including reports in substantially the form attached hereto as Exhibit D (the “Distribution Date Statement”), setting forth, among other things, the following information:

 

  

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(A)        the amount of distributions, if any, made on such Distribution Date to the holders of each Class of Principal Balance Certificates and applied to reduce the respective Certificate Principal Amount thereof;

 

(B)        the amount of distributions, if any, made on such Distribution Date to the Holders of each Class of Certificates allocable to (A) Interest Distribution Amount, (B) Yield Maintenance Charges and (C) Excess Interest;

 

(C)        the amount of any distributions made on such Distribution Date to the Holders of the Class R Certificates;

 

(D)        the aggregate amount of outstanding P&I Advances with respect to each Mortgage Loan as of the related Determination Date, and the total outstanding other or miscellaneous advances (excluding P&I Advances and tax and insurance advances) with respect to each Mortgage Loan as of the related Determination Date;

 

(E)        the aggregate amount of Servicing Fees retained by or paid to the Master Servicer and Special Servicing Compensation retained by or paid to the Special Servicer in respect of the related Collection Period, Prepayment Period or Interest Accrual Period, as applicable;

 

(F)        the aggregate Stated Principal Balance of the Mortgage Loans immediately before and after such Distribution Date and the percentage of the Cut-Off Date Principal Balance of the Mortgage Loans which remains outstanding immediately after such Distribution Date;

 

(G)        the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the outstanding Mortgage Loans, at the close of business on the related Determination Date;

 

(H)        as of the Determination Date, the number and aggregate unpaid principal balance of Mortgage Loans (A) delinquent one month, (B) delinquent two months, (C) delinquent three or more months, (D) that are Specially Serviced Loans but are not delinquent or (E) as to which foreclosure proceedings have been commenced;

 

(I)         the aggregate Stated Principal Balance of Mortgage Loans as to which the related Mortgagor is subject or is expected to be subject to a bankruptcy proceeding;

 

(J)         with respect to any Mortgage Loan as to which the related Mortgaged Property became an REO Property (including with respect to the Outside Serviced Trust Loans) during the related Prepayment Period, the Stated Principal Balance and unpaid principal balance of such Mortgage Loan as of the date such Mortgaged Property became an REO Property and the most recently determined Appraised Value and date upon which the Appraisal was performed;

 

  

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(K)        as to any Mortgage Loan repurchased, substituted for or otherwise liquidated or disposed of during the related Prepayment Period, the Loan Number thereof and the amount of any Liquidation Proceeds and/or other amounts, if any, received thereon during the related Prepayment Period and the portion thereof included in the Available Funds for such Distribution Date;

 

(L)         with respect to any REO Property (including with respect to the Outside Serviced Trust Loans) included in the Trust Fund as of the close of business on the last day of the related Prepayment Period, the Loan Number of the related Mortgage Loan, the book value of such REO Property and the amount of any income collected with respect to such REO Property (net of related expenses) and other amounts, if any, received on such REO Property during the related Prepayment Period and the portion thereof included in the Available Funds for such Distribution Date and the most recently determined Appraised Value and date upon which the Appraisal was performed;

 

(M)       with respect to any REO Property (including with respect to the Outside Serviced Trust Loans) sold or otherwise disposed of during the related Prepayment Period, the Loan Number of the related Mortgage Loan, and the amount of Liquidation Proceeds and other amounts, if any, received in respect of such REO Property during the related Prepayment Period, the portion thereof included in the Available Funds for such Distribution Date and the balance of the Excess Liquidation Proceeds Reserve Account for such Distribution Date;

 

(N)        the Interest Distribution Amount in respect of each Class of Regular Certificates and Class PEZ Regular Interest for such Distribution Date;

 

(O)        any unpaid Interest Distribution Amount in respect of each Class of Regular Certificates and Class PEZ Regular Interest after giving effect to the distributions made on such Distribution Date;

 

(P)         the Pass-Through Rate for each Class of Regular Certificates and Class PEZ Regular Interest for such Distribution Date;

 

(Q)         the original Certificate Principal Amount or Notional Amount as of the Closing Date and the Certificate Principal Amount or Notional Amount, as the case may be, of each Class of Regular Certificates and Class PEZ Regular Interest immediately before and immediately after such Distribution Date, separately identifying any reduction in the Certificate Principal Amount or Notional Amount, as the case may be, of each such Class of Regular Certificates and Class PEZ Regular Interest due to Realized Losses;

 

(R)        the Certificate Factor for each Class of Regular Certificates or Class PEZ Regular Interest immediately following such Distribution Date;

 

(S)         the Principal Distribution Amount for such Distribution Date;

 

  

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(T)        the aggregate amount of Principal Prepayments made during the related Prepayment Period, and the aggregate amount of any Prepayment Interest Excesses received and Prepayment Interest Shortfalls incurred in connection therewith;

 

(U)        the aggregate amount of losses on Mortgage Loans and Additional Trust Fund Expenses, if any, incurred with respect to the Trust Fund during the related Prepayment Period, and any Realized Loss for such Distribution Date;

 

(V)        any Appraisal Reduction Amounts on a loan-by-loan basis, and the total Appraisal Reduction Amounts, as of the related Determination Date;

 

(W)       identification of any material modification, extension or waiver of a Mortgage Loan;

 

(X)        identification of any material breach of the representations and warranties given with respect to a Mortgage Loan by the applicable Mortgage Loan Seller;

 

(Y)        the identity of the Operating Advisor;

 

(Z)        the amount of the Operating Advisor Fee, the Trustee/Certificate Administrator Fee and the CREFC® Intellectual Property Royalty License Fee paid with respect to such Distribution Date;

 

(AA)     an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period;

 

(BB)      the identity of the Controlling Class;

 

(CC)      the identity of the Controlling Class Representative;

 

(DD)     such additional information as contemplated by Exhibit D to this Agreement; and

 

(EE)       the information required by Rule 15Ga-1(a), as promulgated under the Exchange Act, concerning all assets of the Trust Fund that were subject of a demand to repurchase or replace for breach of the representations and warranties in any of the Loan Purchase Agreements.

 

In the case of information furnished pursuant to subclauses (A), (B), (C) and (Q) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per single Certificate of a specified minimum denomination. The form of any Distribution Date Statement may change over time.

 

On each Distribution Date, the Certificate Administrator shall make available via the Certificate Administrator’s Website to each Holder of a Class R Certificate a copy of the 

 

  

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reports made available to the other Certificateholders on such Distribution Date and a statement setting forth the amounts, if any, actually distributed with respect to the Class R Certificates in respect of the related Trust REMIC on such Distribution Date. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that it provided substantially comparable information pursuant to any requirements of the Code as from time to time in force. Absent manifest error, none of the Master Servicer or the Special Servicer shall be responsible for the accuracy or completeness of any information supplied to it by a Mortgagor or any Mortgage Loan Seller (including the information in the Prospectus Supplement) or any other third party that is included in any reports, statements, materials or information prepared or provided by the Master Servicer or the Special Servicer, as applicable.

 

The Certificate Administrator shall make available each month via the Certificate Administrator’s Website, to any Privileged Person (or, in the case of item (vii) below, solely to Certificateholders and Beneficial Owners and provided that the Prospectus Supplement, Distribution Date Statements, this Agreement, the Loan Purchase Agreements and the Commission EDGAR filings referred to below (collectively, the “Public Documents”) will be available to the general public), the following items:

 

(i)           the following “deal documents”:

 

(A)       the Prospectus and the Prospectus Supplement;

 

(B)        this Agreement, each Sub-Servicing Agreement delivered to the Certificate Administrator since the Closing Date (if any), the Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)         CREFC® Loan Setup File delivered to the Certificate Administrator by the Master Servicer;

 

(ii)          the following “Commission EDGAR filings”:

 

(A)        any reports on Forms 10-D, 10-K and 8-K that have been filed by the Certificate Administrator with respect to the Trust through the EDGAR system;

 

(iii)         the following “periodic reports”:

 

(A)        the Distribution Date Statements;

 

(B)        the supplemental reports and the CREFC® data files identified as such in the definition of “CREFC® Investor Reporting Package (IRP)” (other than the CREFC® Loan Setup File), to the extent it has received or prepared such report or file; and

 

(C)        all Operating Advisor Annual Reports;

 

(iv)         the following “additional documents”:

 

  

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(A)        the summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format pursuant to Section 3.21 of this Agreement; and

 

(B)        any other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format;

 

(v)          the following “special notices”:

 

(A)        all Special Notices;

 

(B)        notice of any waiver, modification or amendment of any term of any Mortgage Loan;

 

(C)        notice of final payment on the Certificates;

 

(D)        all notices of the occurrence of any Servicer Termination Events received by the Certificate Administrator;

 

(E)        notice of termination or resignation of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, an Outside Servicer, an Outside Special Servicer or an Outside Trustee (and appointments of successors to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, an Outside Servicer, an Outside Special Servicer or an Outside Trustee);

 

(F)         any and all officer’s certificates and other evidence delivered to or by the Certificate Administrator to support its or the Master Servicer’s, the Special Servicer’s, or the Trustee’s as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(G)        notice of the termination of the Trust;

 

(H)        notice of the occurrence and continuance of a CCR Control Termination Event, an Outside Control Termination Event or a Subordinate Companion Loan Control Termination Event;

 

(I)         notice of the occurrence and continuance of a CCR Consultation Termination Event or an Outside Consultation Termination Event;

 

(J)         the annual assessments as to compliance (in the case of the Master Servicer and the Special Servicer) and the officer’s certificates delivered by the Master Servicer and the Special Servicer to the Certificate Administrator since the Closing Date pursuant to Section 10.09 of this Agreement; and

 

(K)       the annual independent public accountants’ servicing report caused to be delivered by the Master Servicer and the Special Servicer to the Certificate 

 

  

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Administrator since the Closing Date pursuant to Section 10.10 of this Agreement;

 

(vi)          the Investor Q&A Forum; and

 

(vii)         solely to Certificateholders and Beneficial Owners, the Investor Registry.

 

The Certificate Administrator makes no representations or warranties as to the accuracy or completeness of information provided pursuant to this Section and assumes no responsibility therefor. In addition, the Certificate Administrator disclaims responsibility for any information distributed by the Certificate Administrator for which it is not the original source. In connection with providing access to the Certificate Administrator’s internet website, the Certificate Administrator may require registration and acceptance of a disclaimer and may require a recipient of any of the information set forth above (other than the Public Documents) to execute a confidentiality agreement (which may be in the form of a web page “click-through”). The Certificate Administrator shall not be liable for the dissemination of information in accordance with this Agreement. The Certificate Administrator shall provide assistance in using the Certificate Administrator’s Website through the Certificate Administrator’s customer service desk at telephone number 1-888-422-2066.

 

The Certificate Administrator may provide such information through means other than (and in lieu of) the Certificate Administrator’s Website; provided that (i) the Depositor shall have consented to such alternative means and (ii) Certificateholders and each of the Serviced Companion Loan Holders shall have received notice of such alternative means (which notice may be given via the Certificate Administrator’s Website).

 

Any Person that is a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of the foregoing, or an agent of any Mortgagor shall be entitled to access only the Prospectus Supplement, Distribution Date Statements, this Agreement, the Loan Purchase Agreements and the Commission EDGAR filings on the Certificate Administrator’s Website which are being made available to the general public. The provisions in this Section shall not limit the Master Servicer’s ability to make accessible certain information regarding the Mortgage Loans at a website maintained by the Master Servicer.

 

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 and requests in writing a statement containing the information as to the applicable Class set forth in clauses (A), (B) and (C) of the description of Distribution Date Statements above aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder, together with such other information as the Certificate Administrator determines to be necessary 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.

 

  

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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 Certificateholders and Beneficial Owners may (i)(a) submit questions to the Certificate Administrator relating to the Distribution Date Statement, (b) submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the servicing reports prepared by that party and being made available pursuant to this Section 4.02(a), the Mortgage Loans (or any Serviced Loan Combination) or the Mortgaged Properties and (c) submit questions to the Operating Advisor relating to the Operating Advisor Annual Reports or actions by the Master Servicer or the Special Servicer as to which the Operating Advisor has consultation rights, whether or not referenced in any Operating Advisor Annual Report (collectively, “Inquiries”), and (ii) view Inquiries that have been previously submitted and answered, together with the answers thereto. Upon receipt of an Inquiry for the Operating Advisor, the Master Servicer or the Special Servicer, the Certificate Administrator shall forward the Inquiry to the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, in each case within a commercially reasonable period following receipt thereof.

 

Within a commercially reasonable time following receipt of an Inquiry, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Operating Advisor, the Master Servicer or Special Servicer shall be by e-mail to the Certificate Administrator. The Certificate Administrator shall post (within a commercially reasonable period following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer to the Certificate Administrator’s Website. If the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer determines, in its respective sole discretion, that (i) any Inquiry is not of a type described above, (ii) answering any Inquiry (A) would not be in the best interests of the Trust and/or the Certificateholders, (B) would be in violation of applicable law, this Agreement or the applicable Loan Documents, (C) would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, or (D) would reasonably be expected to result in the waiver of an attorney client privilege or the disclosure of attorney work product or (iii) it is otherwise, for any reason, not advisable to answer, it shall not be required to answer such Inquiry and, in the case of the Operating Advisor, the Master Servicer or the Special Servicer, shall promptly notify the Certificate Administrator. The Certificate Administrator shall notify the Person who submitted such Inquiry in the event that the Inquiry will not be answered. 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 which are not submitted via the Certificate Administrator’s Website. Answers posted on the Investor Q&A Forum shall be attributable only to the respondent, and no other Person will certify as to the accuracy, or will have any responsibility or liability for the content of any such information. No party to this Agreement shall disclose Privileged Information in the Investor Q&A Forum.

 

The Certificate Administrator shall make available to any Certificateholder and Beneficial Owner (other than a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of any of the foregoing or an agent of any Mortgagor), the Investor Registry. The “Investor 

 

  

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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 will be required to certify that (a) it is a Certificateholder or a Beneficial Owner and (b) it grants authorization to the Certificate Administrator to make its name and contact information available on the Investor Registry for at least 45 days from the date of such certification to other registered Certificateholders and registered Beneficial Owners. Such Person shall then be asked to enter certain mandatory fields such as the individual’s name, the company name and e-mail address, as well as certain optional fields such as address, phone, and Class(es) of Certificates owned. If any Certificateholder or Beneficial Owner notifies the Certificate Administrator that it wishes to be removed from the Investor Registry (which notice may not be within 45 days of its registration), the Certificate Administrator shall promptly remove it from the Investor Registry. The Certificate Administrator will not be responsible for verifying or validating any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. The Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry.

 

Notwithstanding the foregoing, in no event shall any provision of this Agreement be construed to require the Master Servicer, the Special Servicer or the Certificate Administrator to produce any ad hoc or non-standard written reports (in addition to the CREFC® reports, inspection reports, reports required under each Co-Lender Agreement and other specific periodic reports otherwise required). If the Master Servicer, the Special Servicer or the Certificate Administrator elects to provide any ad hoc or non-standard reports, it may require the Person requesting such report to pay a reasonable fee to cover the costs of the preparation thereof.

 

Upon filing with the IRS, the Certificate Administrator shall furnish to the Holders of the Class R Certificates the IRS Form 1066 for each Trust REMIC and shall furnish their respective Schedules Q thereto at the times required by the Code or the IRS, and shall provide from time to time such information and computations with respect to the entries on such forms as any Holder of the Class R Certificates may reasonably request.

 

The specification of information to be furnished by the Certificate Administrator in this Section 4.02 (and any other terms of this Agreement requiring or calling for delivery or reporting of information by the Certificate Administrator to Certificateholders and Beneficial Owners) shall not limit the Certificate Administrator in furnishing, and the Certificate Administrator is hereby authorized to furnish, to any Privileged Person any other information (such other information, collectively, “Additional Information”) with respect to the Mortgage Loans or Serviced Loan Combination, the Mortgaged Properties or the Trust Fund as may be provided to it by the Depositor, the Master Servicer or the Special Servicer or gathered by it in any investigation or other manner from time to time, provided that (A) while there exists any Servicer Termination Event, any such Additional Information shall only be furnished with the consent or at the request of the Depositor (except pursuant to clause (E) below or to the extent such information is requested by a Certifying Certificateholder), (B) the Certificate Administrator shall be entitled to indicate the source of all information furnished by it, and the Certificate Administrator may affix thereto any disclaimer it deems appropriate in its sole discretion (together with any warnings as to the confidential nature and/or the uses of such 

 

  

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information as it may, in its sole discretion, determine appropriate), (C) the Certificate Administrator may notify any Privileged Person of the availability of any such information in any manner as it, in its sole discretion, may determine, (D) the Certificate Administrator shall be entitled (but not obligated) to require payment from each recipient of a reasonable fee for, and its out-of-pocket expenses incurred in connection with, the collection, assembly, reproduction or delivery of any such Additional Information, and (E) the Certificate Administrator shall be entitled to distribute or make available such Additional Information in accordance with such reasonable rules and procedures as it may deem necessary or appropriate (which may include the requirement that an agreement that provides such information shall be used solely for purposes of evaluating the investment characteristics or valuation of the Certificates be executed by the recipient, if and to the extent the Certificate Administrator deems the same to be necessary or appropriate). Nothing herein shall be construed to impose upon the Certificate Administrator any obligation or duty to furnish or distribute any Additional Information to any Person in any instance, and the Certificate Administrator shall neither have any liability for furnishing nor for refraining from furnishing Additional Information in any instance. The Certificate Administrator shall be entitled (but not required) to request and receive direction from the Depositor as to the manner of delivery of any such Additional Information, if and to the extent the Certificate Administrator deems necessary or advisable, and to require that any consent, direction or request given to it pursuant to this Section be made in writing.

 

The Depositor hereby authorizes the Certificate Administrator to, and the Certificate Administrator shall, make available to Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management, Inc., Markit Group Limited, CMBS.com Inc. or such other vendor chosen by the Depositor that submits to the Certificate Administrator a certification in the form of Exhibit M-3 to this Agreement, all the Distribution Date Statements, CREFC® reports and supplemental notices delivered or made available pursuant to this Section 4.02(a) to Privileged Persons.

 

(b)           No later than the Business Day prior to each Distribution Date, subject to the penultimate paragraph of this subsection (b), the Master Servicer shall deliver or cause to be delivered to the Certificate Administrator, the Operating Advisor, the Special Servicer and any master servicer of a securitization of a Companion Loan in electronic form mutually acceptable to the Certificate Administrator, the Operating Advisor, the Special Servicer and the Master Servicer the following reports or information (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): (1) a CREFC® REO Status Report, (2) a CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report, (3) CREFC® Total Loan Report, (4) the CREFC® Servicer Watch List/Portfolio Review Guidelines, (5) the CREFC® Financial File, (6) the CREFC® Property File, (7) except for the first two Distribution Dates, the CREFC® Comparative Financial Status Report, (8) the CREFC® Loan Level Reserve/LOC Report, (9) the CREFC® Advance Recovery Report and (10) the CREFC® Delinquent Loan Status Report.

 

No later than the Business Day prior to each Distribution Date except for the first two Distribution Dates, the Master Servicer shall deliver to the Certificate Administrator and the Operating Advisor (by electronic means) the CREFC® Comparative Financial Status Report for each Mortgage Loan or related Mortgaged Property as of the Determination Date immediately 

 

  

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preceding the preparation of such report for each of the following three periods (but only to the extent the related Mortgagor is required by the Mortgage to deliver and does deliver, or otherwise agrees to provide and does provide, such information): (a) the most current available year-to-date; (b) each of the previous two full fiscal years stated separately (to the extent such information is in the Master Servicer’s possession); and (c) the “base year” (representing the original analysis of information used as of the Cut-Off Date).

 

No later than 2:00 p.m., New York City time, on the second Business Day prior to each Distribution Date, the Master Servicer shall deliver to the Certificate Administrator and the Operating Advisor a CREFC® Loan Periodic Update File setting forth certain information with respect to the Mortgage Loans and Mortgaged Properties.

 

The Master Servicer shall provide to the Certificate Administrator and the Operating Advisor the CREFC® Loan Setup File within 60 days of the first Distribution Date hereunder to the extent it has received from the Mortgage Loan Sellers one or more spreadsheets (with the data fields filled) containing the data necessary for the completion of the aggregate pool-wide CREFC® Loan Setup File.

 

In addition, the Master Servicer or Special Servicer, as applicable, shall prepare with respect to each Mortgaged Property and REO Property, in each case other than with respect to any Outside Serviced Trust Loan:

 

(i)            Within 30 days after receipt of a quarterly operating statement, if any, for each calendar quarter, commencing with the calendar quarter ending September 30, 2015, a CREFC® Operating Statement Analysis Report (but only to the extent the related Mortgagor is required by the Mortgage to deliver and does deliver, or otherwise agrees to provide and does provide, such information) for such Mortgaged Property or REO Property as of the end of such calendar quarter; provided, however, that any analysis or report with respect to the first calendar quarter of each year shall not be required to the extent provided in the then current applicable CREFC® guidelines (it being understood that as of the Closing Date, the applicable CREFC® guidelines provide that such analysis or report with respect to the first calendar quarter (in each year) is not required for a Mortgaged Property unless such Mortgaged Property is analyzed on a trailing 12-month basis, or if the related Serviced Mortgage Loan is on the CREFC® Servicer Watch List). The Master Servicer or Special Servicer, as applicable, shall deliver to the Certificate Administrator, the Operating Advisor and each related Serviced Companion Loan Holder (or the master servicer or special servicer for the related Other Securitization Trust on its behalf) by electronic means the CREFC® Operating Statement Analysis Report upon request; and

 

(ii)           Within 30 days after receipt by the Special Servicer (with respect to Specially Serviced Loans) or the Master Servicer (with respect to Performing Serviced Loans) of an annual operating statement for each calendar year, commencing with the calendar year ending December 31, 2015, a CREFC® NOI Adjustment Worksheet (but only to the extent the related Mortgagor is required by the Mortgage to deliver and does deliver, or otherwise agrees to provide and does provide, such information), presenting the computation to “normalize” the full year net operating income and debt service 

 

  

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coverage numbers used by the Master Servicer in preparing the CREFC® Comparative Financial Status Report above. The Special Servicer or the Master Servicer shall deliver to the Certificate Administrator, the Operating Advisor and each related Serviced Companion Loan Holder (or the master servicer or special servicer for the related Other Securitization Trust on its behalf) by electronic means the CREFC® NOI Adjustment Worksheet upon request. Notwithstanding anything to the contrary contained herein, with respect to any Mortgage Loan related to any Significant Obligor, the Master Servicer shall be required to complete any CREFC files, reports and/or templates necessary in order to comply with the Master Servicer’s obligations under Section 10.11 of this Agreement and the Exchange Act filing obligations of the Depositor and/or any Other Depositor, as applicable, with respect to such Significant Obligor.

 

The Certificate Administrator shall deliver or shall cause to be delivered, upon request, to the Rule 17g-5 Information Provider (for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement), to each Certificateholder, to each party hereto, to any Underwriter and/or to any Initial Purchaser and to each Person that provides the Certificate Administrator with an Investor Certification a copy of the CREFC® Operating Statement Analysis Report and CREFC® NOI Adjustment Worksheet most recently performed by the Master Servicer with respect to any Mortgage Loan or Serviced Loan Combination and delivered to the Certificate Administrator.

 

Upon request (and in any event, not more frequently than once per month), the Master Servicer shall forward to the Certificate Administrator (as to the Collection Account), the Operating Advisor, any related Serviced Companion Loan Holder or the master servicer or special servicer for the related Other Securitization Trust on its behalf (as to the related Loan Combination Custodial Account) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider a statement, setting forth the status of the Collection Account and each Loan Combination Custodial Account as of the close of business on such Master Servicer Remittance Date, stating that all remittances to the Certificate Administrator required by this Agreement to be made by the Master Servicer have been made (or, in the case of any such required remittance that has not been made by the Master Servicer, specifying the nature and status thereof) and showing, for the period from the preceding Master Servicer Remittance Date (or, in the case of the first Master Servicer Remittance Date, from the Cut-Off Date) to such Master Servicer Remittance Date, the aggregate of deposits into and withdrawals from the Collection Account and each Loan Combination Custodial Account for each category of deposit specified in Section 3.05(a) of this Agreement and each category of withdrawal specified in Section 3.06 of this Agreement. The Master Servicer shall also deliver to the Certificate Administrator and (solely as to a Serviced Loan Combination) the related Serviced Companion Loan Holder, upon reasonable request of the Certificate Administrator or any Serviced Companion Loan Holder, any and all additional information relating to the Mortgage Loans or Serviced Loan Combinations in the possession of the Master Servicer (which information shall be based upon reports delivered to the Master Servicer by the Special Servicer with respect to Specially Serviced Loans and REO Properties).

 

Further, the Master Servicer shall cooperate with the Special Servicer and provide the Special Servicer with the information in the possession of the Master Servicer reasonably requested by the Special Servicer, in writing, to the extent required to allow the Special Servicer 

 

  

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to perform its obligations under this Agreement with respect to those Mortgage Loans serviced by the Master Servicer.

 

The obligation of the Master Servicer to deliver the reports required to be delivered by it pursuant to this subsection is subject to the Master Servicer having received from the Special Servicer in a timely manner the related reports and information in the possession of the Special Servicer necessary or required to enable the Master Servicer to prepare and deliver such reports. The Master Servicer shall not be responsible for the accuracy or content of any report, document or information furnished by the Special Servicer to the Master Servicer pursuant to this Agreement and accepted by the Master Servicer in good faith pursuant to this Agreement.

 

The obligation of the Special Servicer to deliver the reports required to be delivered by it pursuant to this subsection is subject to the Special Servicer having received from the Master Servicer in a timely manner the related reports and information in the possession of the Master Servicer necessary or required to enable the Special Servicer to prepare and deliver such reports. The Special Servicer shall not be responsible for the accuracy or content of any report, document or information furnished by the Master Servicer to the Special Servicer pursuant to this Agreement and accepted by the Special Servicer in good faith pursuant to this Agreement.

 

With respect to an Outside Serviced Trust Loan, the Master Servicer shall deliver information comparable to the above-described information to the same Persons as described above in this Section 4.02(b) and according to the same time frames as described above in this Section 4.02(b), with reasonable promptness following such Master Servicer’s receipt of such information from the related Outside Servicer under the applicable Other Pooling and Servicing Agreement.

 

(c)           Not later than 5:00 p.m. New York time on each Determination Date, the Special Servicer shall forward to the Master Servicer, for each Specially Serviced Loan and REO Property (other than an REO Property related to an Outside Serviced Trust Loan), a CREFC® Special Servicer Loan File. The Special Servicer shall also deliver to the Certificate Administrator, upon the reasonable written request of the Certificate Administrator, any and all additional information in the possession of the Special Servicer relating to the Specially Serviced Loans and the REO Properties (other than an REO Property related to an Outside Serviced Trust Loan).

 

The Special Servicer shall cooperate with the Master Servicer and provide the Master Servicer with the information in the possession of the Special Servicer reasonably requested by the Master Servicer, in writing, to the extent required to allow the Master Servicer to perform its obligations under this Agreement with respect to the Specially Serviced Loans and REO Properties (other than an REO Property related to an Outside Serviced Trust Loan).

 

The Master Servicer may make available to Privileged Persons copies of any reports or files prepared by the Master Servicer pursuant to this Agreement. The Master Servicer may make information concerning the Mortgage Loans or Serviced Loan Combination available on any website that it has established.

 

  

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With respect to an Outside Serviced Trust Loan, the Master Servicer shall deliver information comparable to the above-described information to the extent received from the related Outside Servicer or the related Outside Special Servicer, as applicable, to the same Persons as described above in this Section 4.02(c) and according to the same time frames as described above in this Section 4.02(c), with reasonable promptness following such Master Servicer’s receipt of such information from the related Outside Servicer under the related Other Pooling and Servicing Agreement.

 

(d)           The Master Servicer shall withdraw from the Collection Account and pay the CREFC® Intellectual Property Royalty License Fee to CREFC® in accordance with Section 3.06(a)(vi) on a monthly basis, from funds on deposit in the Collection Account.

 

Section 4.03     Compliance With Withholding Requirements.

 

(a)           Notwithstanding any other provision of this Agreement, the Paying Agent shall comply with all federal withholding requirements with respect to payments to Certificateholders of interest or original issue discount that the Paying Agent reasonably believes are applicable under the Code. The consent of Certificateholders shall not be required for any such withholding. In the event the Paying Agent or its agent withholds any amount from interest or original issue discount payments or advances thereof to any Certificateholder pursuant to federal withholding requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder. Any amount so withheld shall be treated as having been distributed to such Certificateholder for all purposes of this Agreement.

 

(b)           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 Paying Agent, with a copy to each of the Trustee and the Certificate Administrator, at the time or times prescribed by the Code and at such time or times reasonably requested by the Paying Agent 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 Paying Agent, 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 

 

  

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agreements entered into pursuant to Code Section 1471(b)(1), and including any amendments made to FATCA after the date of this Agreement.

 

Section 4.04     REMIC Compliance.

 

(a)           The parties intend that each Trust REMIC shall constitute, and that the affairs of each Trust REMIC shall be conducted so as to qualify it as, a “real estate mortgage investment conduit” as defined in, and in accordance with, the REMIC Provisions, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, the Certificate Administrator shall, to the extent permitted by applicable law, act as agent, and is hereby appointed to act as agent, of each Trust REMIC and shall on behalf of each Trust REMIC: (i) prepare, timely deliver to the Trustee for execution (and the Trustee shall timely execute) and file, or cause to be prepared and filed, all required Tax Returns for each Trust REMIC, using a calendar year as the taxable year for each Trust REMIC when and as required by the REMIC Provisions and other applicable federal, state or local income tax laws; (ii) make an election, on behalf of each Trust REMIC, to be treated as a REMIC on IRS Form 1066 for its first taxable year ending December 31, 2015, in accordance with the REMIC Provisions; (iii) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders (other than the Holders of the Excess Interest Certificates) and the IRS and applicable state and local tax authorities all information reports as and when required to be provided to them in accordance with the REMIC Provisions of the Code; (iv) if the filing or distribution of any documents of an administrative nature not addressed in clauses (i) through (iii) of this Section 4.04(a) is then required by the REMIC Provisions in order to maintain the status of each Trust REMIC as a REMIC or is otherwise required by the Code, prepare, sign and file or distribute, or cause to be prepared and signed and filed or distributed, such documents with or to such Persons when and as required by the REMIC Provisions or the Code or comparable provisions of state and local law; (v) obtain a taxpayer identification number for the Upper-Tier REMIC and Lower-Tier REMIC on IRS Form SS-4, and, within thirty days of the Closing Date, 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 Person that the holders of the Certificates may contact for tax information relating thereto (and the Certificate Administrator shall act as the representative of each Trust REMIC for this purpose), together with such additional information as may be required by such IRS Form, and shall update such information at the time or times and in the manner required by the Code (and the Depositor agrees within 10 Business Days of the Closing Date to provide any information reasonably requested by the Master Servicer or the Certificate Administrator and necessary to make such filing); and (vi) maintain such records relating to each Trust REMIC as may be necessary to prepare the foregoing returns, schedules, statements or information, such records, for federal income tax purposes, to be maintained on a calendar year and on an accrual basis.

 

The Holder of the largest Percentage Interest in the Class R Certificates shall be the tax matters person of each Trust REMIC pursuant to Treasury Regulations Section 1.860F-4(d). If more than one Holder should hold an equal Percentage Interest in the Class R Certificates larger than that held by any other Holder, the first such Holder to have acquired such Class R Certificates shall be such tax matters person. The Certificate Administrator shall act as attorney-in-fact and agent for the tax matters person of each Trust REMIC, and each Holder of a Percentage Interest in the Class R Certificates, by acceptance 

 

  

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hereof, is deemed to have consented to the Certificate Administrator’s appointment in such capacity and agrees to execute any documents required to give effect thereto, and any fees and expenses incurred by the Certificate Administrator in connection with any audit or administrative or judicial proceeding shall be paid by the Trust Fund.

 

The Certificate Administrator shall not intentionally take any action or intentionally omit to take any action within its control and the scope of its duties if, in taking or omitting to take such action, the Certificate Administrator knows that such action or omission (as the case may be) would cause the termination of the REMIC status of a Trust REMIC or the imposition of tax on a Trust REMIC (other than a tax on income expressly permitted or contemplated to be received by the terms of this Agreement).

 

Notwithstanding any provision of this paragraph or the three preceding paragraphs to the contrary, the Certificate Administrator shall not be required to take any action that the Certificate Administrator in good faith believes to be inconsistent with any other provision of this Agreement, nor shall the Certificate Administrator be deemed in violation of this paragraph if it takes any action expressly required or authorized by any other provision of this Agreement, and the Certificate Administrator shall have no responsibility or liability with respect to any act or omission of the Depositor or the Master Servicer which does not enable the Certificate Administrator to comply with any of clauses (i) through (vi) of the third preceding paragraph or which results in any action contemplated by clauses (i) through (iii) of the next succeeding sentence. In this regard the Certificate Administrator shall (i) not allow the occurrence of any “prohibited transactions” within the meaning of Code Section 860F(a), unless the party seeking such action shall have delivered to the Certificate Administrator an Opinion of Counsel (at such party’s expense) that such occurrence would not (a) result in a taxable gain, (b) otherwise subject a Trust REMIC to tax (other than a tax at the highest marginal corporate tax rate on net income from foreclosure property), or (c) cause either Trust REMIC to fail to qualify as a REMIC for federal income tax purposes; (ii) not allow a Trust REMIC to receive income from the performance of services or from assets not permitted under the REMIC Provisions to be held by such Trust REMIC (provided, however, that the receipt of any income expressly permitted or contemplated by the terms of this Agreement shall not be deemed to violate this clause); and (iii) not permit the creation of any “interests,” within the meaning of the REMIC Provisions, in the Upper-Tier REMIC other than the Regular Certificates, the Class A-S Regular Interest, the Class B Regular Interest, the Class C Regular Interest and the Upper-Tier REMIC Residual Interest, or in the Lower-Tier REMIC other than the Lower-Tier Regular Interests and the Lower-Tier Residual Interest. None of the Trustee, the Master Servicer, the Special Servicer or the Depositor shall be responsible or liable for any failure by the Certificate Administrator to comply with the provisions of this Section 4.04. The Depositor, the Master Servicer and the Special Servicer shall cooperate in a timely manner with the Certificate Administrator in supplying any information within the Depositor’s, the Master Servicer’s or the Special Servicer’s control (other than any confidential information) that is reasonably necessary to enable the Certificate Administrator to perform its duties under this Section 4.04.

 

(b)           The following assumptions are to be used for purposes of determining the anticipated payments of principal and interest for calculating the original yield to maturity and original issue discount with respect to the Regular Certificates, the Class A-S Regular Interest, the Class B Regular Interest and the Class C Regular Interest: (i) each Mortgage Loan will pay 

 

  

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principal and interest in accordance with its terms and scheduled payments will be timely received on their Due Dates, provided that the Mortgage Loans in the aggregate will prepay in accordance with the Prepayment Assumption; (ii) none of the Master Servicer, the Special Servicer, the Depositor and the Class R Certificateholder will exercise the right described in Section 9.01 of this Agreement to cause early termination of the Trust Fund; and (iii) no Mortgage Loan is repurchased or substituted for by the applicable Mortgage Loan Seller pursuant to Article II of this Agreement.

 

Section 4.05     Imposition of Tax on the Trust REMICs. In the event that any tax, including interest, penalties or assessments, additional amounts or additions to tax, is imposed on a Trust REMIC, such tax shall be charged against amounts otherwise distributable with respect to the Regular Certificates, the Class PEZ Regular Interests and the Class R Certificates; provided that any taxes imposed on any net income from foreclosure property pursuant to Code Section 860G(d) or any similar tax imposed by a state or local jurisdiction shall instead be treated as an expense of the related REO Property in determining Net REO Proceeds with respect to the REO Property (and until such taxes are paid, the Special Servicer from time to time shall withdraw from the REO Account and transfer to the Certificate Administrator for deposit into the Distribution Accounts amounts reasonably determined by the Certificate Administrator to be necessary to pay such taxes, and the Certificate Administrator shall return to the Special Servicer the excess determined by the Certificate Administrator from time to time of the amount in excess of the amount necessary to pay such taxes); provided that any such tax imposed on net income from foreclosure property that exceeds the amount in any such reserve shall be retained from Available Funds as provided in Section 3.06(a)(vii) of this Agreement and the next sentence. Except as provided in the preceding sentence, the Certificate Administrator is hereby authorized to and shall retain or cause to be retained from the Distribution Account in determining the amount of Available Funds sufficient funds to pay or provide for the payment of, and to actually pay, such tax as is legally owed by a Trust REMIC (but such authorization shall not prevent the Certificate Administrator from contesting, at the expense of the Trust Fund, any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The Certificate Administrator is hereby authorized to and shall segregate or cause to be segregated, into a separate non-interest bearing account, (i) the net income from any “prohibited transaction” under Code Section 860F(a) or (ii) the amount of any contribution to a Trust REMIC after the Startup Day that is subject to tax under Code Section 860G(d) and use such income or amount, to the extent necessary, to pay such tax (and return the balance thereof, if any, to the related Distribution Account). To the extent that any such tax is paid to the IRS, the Certificate Administrator shall retain an equal amount from future amounts otherwise distributable to the Holders of the Class R Certificates in respect of the related residual interest and shall distribute such retained amounts to the Holders of Regular Certificates or to the Certificate Administrator in respect of the Lower-Tier Regular Interests and the Class PEZ Regular Interests until they are fully reimbursed and then to the Holders of the Class R Certificates in respect of the related residual interest. None of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall be responsible for any taxes imposed on a Trust REMIC except to the extent such tax is attributable to a breach of a representation or warranty of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee or an act or omission of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee in contravention of this Agreement in both cases, provided, further, that such breach, act or omission could result in liability under Section 6.03, in 

 

  

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the case of the Master Servicer or the Special Servicer, as applicable, or Section 4.04 or Section 8.01, in the case of the Certificate Administrator or the Trustee. Notwithstanding anything in this Agreement to the contrary, in each such case, the Master Servicer or the Special Servicer shall not be responsible for the Certificate Administrator’s, the Authenticating Agent’s, the Certificate Registrar’s, the Paying Agent’s or the Trustee’s breaches, acts or omissions, and the Trustee shall not be responsible for the breaches, acts or omissions of the Certificate Administrator, the Master Servicer, the Special Servicer, the Authenticating Agent, the Certificate Registrar or the Paying Agent, and the Certificate Administrator shall not be responsible for the breaches, acts or omissions of the Trustee, the Master Servicer, the Special Servicer and, in each case if a different entity than the Certificate Administrator, the Authenticating Agent, the Certificate Registrar or the Paying Agent.

 

Section 4.06     Remittances; P&I Advances.

 

(a)           On the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer shall:

 

(i)            remit to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to the Yield Maintenance Charges applicable to the Mortgage Loans (but not a Companion Loan) received by the Master Servicer in the Prepayment Period relating to such Distribution Date (or, in the case of an Outside Serviced Trust Loan, received by the Master Servicer as of the close of business on the Business Day immediately preceding the applicable Master Servicer Remittance Date and not previously so remitted to the Certificate Administrator);

 

(ii)           remit to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to the Available Funds applicable to the Mortgage Loans (other than the amounts referred to in clause (iv) below and clause (d) of the definition of “Available Funds”);

 

(iii)           remit to CREFC® the CREFC® Intellectual Property Royalty License Fee;

 

(iv)          make a P&I Advance by remittance to the Certificate Administrator for deposit into the Lower-Tier Distribution Account, in an amount equal to the sum of the Applicable Monthly Payments for each Mortgage Loan (including any REO Mortgage Loan and any Mortgage Loan related to a Loan Combination, but not a Companion Loan) to the extent such amounts were not received on such Mortgage Loan as of the close of business on the Determination Date (without regard to any grace period) in the same month as such Master Servicer Remittance Date), except that the portion of such P&I Advance equal to the CREFC® Intellectual Property Royalty License Fee for each such Mortgage Loan shall not be remitted to the Certificate Administrator but shall instead be remitted to CREFC®; and

 

(v)           remit to the Certificate Administrator for deposit in the Excess Interest Distribution Account all Excess Interest for the related Distribution Date then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant to Section 3.06(a)(ii) through Section 3.06(a)(ix) of this Agreement.

 

  

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Neither the Master Servicer nor the Trustee shall be required or permitted to make an advance for Balloon Payments, Default Interest, Excess Interest or Yield Maintenance Charges, or delinquent Monthly Payments on the Companion Loans. The amount required to be advanced in respect of delinquent payments of interest on any Mortgage Loan as to which an Appraisal Reduction Amount exists will equal the product of (i) the amount otherwise required to be advanced by the Master Servicer with respect to delinquent payments of interest without giving effect to such Appraisal Reduction Amounts, and (ii) a fraction, the numerator of which is the Stated Principal Balance of such Mortgage Loan as of the last day of the related Collection Period, reduced by such Appraisal Reduction Amount, and the denominator of which is the Stated Principal Balance of such Mortgage Loan as of the last day of the related Collection Period. Appraisal Reduction Amounts shall not affect the principal portion of any P&I Advances.

 

Any amount advanced by the Master Servicer pursuant to Section 4.06(a)(iv) of this Agreement shall constitute a P&I Advance for all purposes of this Agreement and the Master Servicer shall be entitled to reimbursement (with interest at the Advance Rate). The Special Servicer shall have no obligation to make any P&I Advance.

 

The Certificate Administrator shall notify the Master Servicer and the Trustee by telephone if as of 3:00 p.m., New York City time, on the Master Servicer Remittance Date, the Certificate Administrator has not received the amount of a required P&I Advance hereunder. If as of 11:00 a.m., New York City time, on any Distribution Date the Master Servicer shall not have made the P&I Advance required to have been made on the related Master Servicer Remittance Date pursuant to Section 4.06(a)(iv) of this Agreement, the Certificate Administrator shall notify the Trustee and the Trustee shall no later than 1:00 p.m., New York City time, on such Business Day deposit into the Lower-Tier Distribution Account in immediately available funds an amount equal to the P&I Advances otherwise required to have been made by the Master Servicer.

 

Neither the Master Servicer nor the Trustee shall be obligated to make a P&I Advance as to any Monthly Payment on any date on which a P&I Advance is otherwise required to be made by this Section 4.06 if the Master Servicer or the Trustee, as applicable, or the Special Servicer determines that such Advance will be a Nonrecoverable Advance. The determination by any Person with an obligation hereunder to make P&I Advances that it has made (or in the case of a determination by the Special Servicer, that the Master Servicer or the Trustee has made) a Nonrecoverable Advance or the determination by the Special Servicer, the Master Servicer or the Trustee that any proposed P&I Advance, if made, would constitute a Nonrecoverable Advance, shall be made by such Person (i) in the case of the Master Servicer or the Special Servicer, in accordance with the Servicing Standard or (ii) in the case of the Trustee, in its good faith business judgment, and shall be evidenced by an Officer’s Certificate as set forth in Section 4.06(b). In connection with a determination by the Special Servicer, the Master Servicer or the Trustee as to whether a P&I Advance previously made or to be made constitutes or would constitute a Nonrecoverable Advance:

 

(A)        any such Person will be entitled to consider (among other things) the obligations of the Mortgagor under the terms of the related Mortgage Loan or Serviced Loan Combination as it may have been modified, to consider (among 

 

  

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other things) the related Mortgaged Properties in their “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 such Mortgaged Properties, to estimate and consider (among other things) future expenses and to estimate and consider (among other things) the timing of recoveries;

 

(B)        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 may obtain at the expense of the Trust Fund any analysis, Appraisals or market value estimates or other information for such purposes;

 

(C)        the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any proposed P&I Advance, if made, would be a Nonrecoverable Advance or that any outstanding P&I Advance is a Nonrecoverable Advance and may deliver to the Master Servicer, the Trustee and the Controlling Class Representative (prior to the occurrence and continuance of a CCR Consultation Termination Event) notice of such determination, which determination shall be conclusive and binding on the Master Servicer and the Trustee;

 

(D)        although the Special Servicer may determine whether a P&I Advance is a Nonrecoverable Advance, the Special Servicer will have no right to (i) make an affirmative determination that any P&I Advance previously made or to be made (or contemplated to be made) by the Master Servicer or the Trustee is, or would be, recoverable or (ii) reverse any determination that may have been made by the Master Servicer or the Trustee or to prohibit the Master Servicer or the Trustee from making a determination that a P&I Advance constitutes or would constitute a Nonrecoverable Advance; provided that this sentence will not be construed to limit the Special Servicer’s right to make a determination that a P&I Advance to be made (or contemplated to be made) would be, or a previously made Advance is, a Nonrecoverable Advance, as described in this Section 4.06;

 

(E)         any non-recoverability determination by the Master Servicer or the Special Servicer pursuant to this Section 4.06 with respect to the recoverability of P&I Advances shall be conclusive and binding on the Master Servicer (in the case of such a determination by the Special Servicer) and the Trustee;

 

(F)        the Master Servicer shall provide notice to the Trustee on or prior to the Master Servicer Remittance Date of any such non-recoverability determination made by the Master Servicer on or prior to such date;

 

(G)        the Trustee shall be entitled to rely, conclusively, on any determination by the Master Servicer or Special Servicer that a P&I Advance, if made, would be a Nonrecoverable Advance; provided, however, that if the Master Servicer has failed to make a P&I Advance for reasons other than a determination 

 

  

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by the Master Servicer or Special Servicer that such Advance would be a Nonrecoverable Advance, the Trustee shall make such advance within the time periods required by this Section 4.06 unless the Trustee, in its good faith business judgment, or the Special Servicer, in accordance with the Servicing Standard, makes a determination prior to the times specified in this Section 4.06 that such advance would be a Nonrecoverable Advance;

 

(H)        the Special Servicer shall report, promptly upon making a determination contemplated in this paragraph, to the Master Servicer the Special Servicer’s determination as to whether any P&I Advance made with respect to any previous Distribution Date or required to be made with respect to a future Distribution Date with respect to any Specially Serviced Loan is a Nonrecoverable P&I Advance, and the Master Servicer and the Trustee shall be entitled to conclusively rely on such determination; and

 

(I)         notwithstanding the foregoing, the Trustee may conclusively rely upon any determination by the Master Servicer or the Special Servicer that any P&I Advance would be recoverable (unless a non-recoverability determination has been made by the other servicer in accordance with clause (E) above which is binding on the Trustee), and the Master Servicer may conclusively rely upon any determination by the Special Servicer that any P&I Advance would be recoverable.

 

The Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes (together with interest thereon) to the extent permitted pursuant to Section 3.06(a)(ii) of this Agreement and each of the Master Servicer and Special Servicer hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the related Mortgagors to the extent permitted by applicable law and the related Mortgage Loan.

 

With respect to P&I Advances and each Outside Serviced Trust Loan, the Master Servicer and the Trustee shall be entitled to rely on the “appraisal reduction amount” calculated by the related Outside Special Servicer or the related Outside Servicer in accordance with the terms of the applicable Other Pooling and Servicing Agreement.

 

(b)          The determination by the Master Servicer, the Trustee or the Special Servicer that a P&I Advance has become a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made pursuant to this Section 4.06 with respect to any Mortgage Loan (or with respect to any successor REO Mortgage Loan with respect to any of the foregoing), would constitute a Nonrecoverable P&I Advance, shall be evidenced by an Officer’s Certificate delivered on or prior to the next Master Servicer Remittance Date to the Trustee (unless it is the Person making the determination), the Controlling Class Representative (prior to the occurrence and continuance of a CCR Consultation Termination Event), the holder of any related Pari Passu Companion Loan or its Companion Loan Holder Representative (in the case of a Pari Passu Loan Combination), the Master Servicer (unless it is the Person making the determination), the Special Servicer (unless it is the Person making the determination) and, if the Trustee is making the determination, the Depositor, setting forth the basis for such determination, together with any 

 

  

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other information that supports such determination together with a copy of any Appraisal of the related Mortgaged Property or REO Property, as the case may be (which Appraisal shall be an expense of the Trust, shall take into account any material change in circumstances of which such Person is aware or such Person has received new information, either of which has a material effect on the value and shall have been conducted in accordance with the standards of the Appraisal Institute within the twelve months preceding such determination of nonrecoverability), and further accompanied by related Mortgagor operating statements and financial statements, budgets and rent rolls of the related Mortgaged Property (to the extent available and/or in such Person’s possession) and any engineers’ reports, environmental surveys or similar reports that such Person may have obtained and that support such determination. The Master Servicer and the Special Servicer shall consider Unliquidated Advances with respect to prior P&I Advances for the purpose of nonrecoverability determinations as if such amounts were unreimbursed P&I Advances.

 

(c)           With respect to each Outside Serviced Trust Loan, if (1) the related Outside Servicer has determined that a proposed debt service advance with respect to such Outside Serviced Trust Loan or a related Outside Serviced Companion Loan, if made, would be, or any outstanding debt service advance previously made with respect to such Outside Serviced Companion Loan is, as applicable, a “nonrecoverable advance,” and the related Outside Servicer has provided written notice of such determination to the Master Servicer, or (2) if the Master Servicer or the Special Servicer has determined that a P&I Advance with respect to the Outside Serviced Trust Loan related to such related Outside Serviced Companion Loan would be a Nonrecoverable P&I Advance, then neither the Master Servicer nor the Trustee shall make any additional P&I Advance with respect to such Outside Serviced Trust Loan until the Master Servicer or the Special Servicer, as applicable, has consulted with the related Outside Servicer under the applicable Other Pooling and Servicing Agreement and they agree that circumstances with respect to such Mortgage Loans have changed such that a proposed future debt service advance would not be a “nonrecoverable advance.” With respect to each Outside Serviced Trust Loan, if the Master Servicer has determined that a proposed P&I Advance with respect to such mortgage loan would be a Nonrecoverable Advance, the Master Servicer shall provide the related Outside Servicer written notice of such determination within two (2) Business Days after such determination was made.

 

In connection with each Outside Serviced Trust Loan, any determination by the Master Servicer that any P&I Advance made or to be made with respect to such Outside Serviced Trust Loan (or any successor REO Mortgage Loan with respect thereto) is or, if made, would be a Nonrecoverable P&I Advance may be made independently from any determinations (or the absence of any determinations) made under the applicable Other Pooling and Servicing Agreement regarding nonrecoverability of debt service advances on the related Outside Serviced Companion Loan.

 

(d)           If the Trustee, the Master Servicer or the Special Servicer has received written notice from Moody’s, Fitch or KBRA to the effect that continuation of the Master Servicer or the Special Servicer in such capacity would result in the downgrade, qualification or withdrawal of any rating then assigned by Moody’s, Fitch or KBRA, as applicable, to any Class of Certificates and citing servicing concerns with such Master Servicer or Special Servicer, as applicable, as the sole or material factor in such rating action, and such notice is not rescinded 

 

  

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within 60 days, then the Trustee, the Master Servicer or the Special Servicer, as applicable, shall promptly notify the other such parties and the Certificate Administrator, and the Certificate Administrator shall promptly notify the Serviced Companion Loan Holder and the applicable master servicer of any Serviced Companion Loan.

 

Section 4.07     Grantor Trust Reporting.

 

(a)           The Certificate Administrator shall maintain adequate books and records to account for the separate entitlements of the Grantor Trust.

 

(b)           The parties intend that the Grantor Trust shall be treated as a “grantor trust” under the Code, and the provisions thereof shall be interpreted consistently with this intention. In furtherance of such intention, none of the Depositor, the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator shall vary the assets of the Grantor Trust so as to take advantage of market fluctuations or so as to improve the rate of return of the Exchangeable Certificates, and shall otherwise comply with Treasury Regulations Section 301.7701-4(c). The Certificate Administrator shall file or cause to be filed with the IRS Form 1041, Form 1099 or such other form as may be applicable and shall furnish or cause to be furnished to the Holders of the respective Classes of the Grantor Trust Certificates, their allocable share of income and expense with respect to the Class A-S Specific Grantor Trust Assets, the Class B Specific Grantor Trust Assets, the Class C Specific Grantor Trust Assets, the Class PEZ Specific Grantor Trust Assets, the Excess Interest Grantor Trust Assets and proceeds thereof, respectively, as such amounts are received or accrue, as applicable.

 

(c)           (i) The Grantor Trust is a WHFIT that is a WHMT. The Certificate Administrator shall report as required under the WHFIT Regulations to the extent such information as is reasonably necessary to enable the Certificate Administrator to do so is provided to the Certificate Administrator on a timely basis. With respect to each Class of Exchangeable Certificates, the Certificate Administrator is hereby directed to assume that DTC is the only “middleman” as defined by the WHFIT Regulations unless it has actual knowledge to the contrary or the Depositor provides the Certificate Administrator with the identities of the other “middlemen” that are Certificateholders. The Certificate Administrator will not be liable for any tax reporting penalties that may arise under the WHFIT Regulations in the event that the IRS makes a determination that is contrary to the first sentence of this paragraph.

 

(ii)           The Certificate Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual method, except to the extent the WHFIT Regulations specifically require a different method. The Certificate Administrator shall be under no obligation to determine whether any Certificateholder uses the cash or accrual method. The Certificate Administrator shall make available (via the Certificate Administrator’s Website) WHFIT information to Certificateholders annually. In addition, the Certificate Administrator shall not be responsible or liable for providing subsequently amended, revised or updated information to any Certificateholder, unless requested by the Certificateholder.

 

(iii)          The Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for any penalties thereunder if 

 

  

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such failure is due to: (i) the lack of reasonably necessary information that is not in its possession being provided to the Certificate Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator. Each owner of a class of securities representing, in whole or in part, beneficial ownership of an interest in a WHFIT, by acceptance of its interest in such class of securities, will be deemed to have agreed to provide the Certificate Administrator with information regarding any sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt of information regarding any sale of Certificates, including the price, amount of proceeds and date of sale from the beneficial owner thereof or the Depositor, the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.

 

(d)           To the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on the Certificate Administrator’s Website the CUSIP Numbers for the Certificates that represent ownership of a WHFIT. The CUSIP Number so published will represent the Rule 144A CUSIP Numbers. The Certificate Administrator shall make reasonable good faith efforts to keep the website accurate and updated to the extent CUSIP Numbers have been received. Absent the receipt of a CUSIP Number, the Certificate Administrator will use a reasonable identifier number in lieu of a CUSIP Number. The Certificate Administrator shall not be liable for investor reporting delays that result from the receipt of inaccurate or untimely CUSIP Number information.

 

Section 4.08     Calculations.

 

Provided that the Certificate Administrator receives the necessary loan-level information from the Master Servicer and/or the Special Servicer, the Certificate Administrator shall be responsible for performing all calculations necessary in connection with the actual and deemed distributions to be made pursuant to Section 4.01, the preparation of the Distribution Date Statements pursuant to Section 4.02(a) and the actual and deemed allocations of Realized Losses to be made pursuant to Section 4.01. The Certificate Administrator shall calculate the Principal Distribution Amount and Interest Distribution Amounts for each Distribution Date and shall allocate such amounts among Certificateholders in accordance with this Agreement. Absent actual knowledge of an error therein, the Certificate Administrator shall have no obligation to recompute, recalculate or otherwise verify any loan-level information provided to it by the Master Servicer. The calculations by the Certificate Administrator contemplated by this Section 4.08 shall, in the absence of manifest error, be deemed to be correct for all purposes hereunder.

 

ARTICLE V

 

THE CERTIFICATES

 

Section 5.01     The Certificates. (a) The Certificates consist of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class A-AB Certificates, the Class X-A Certificates, the Class X-B Certificates, the Class X-D Certificates, the Class A-S Certificates, the Class B Certificates, the Class PEZ Certificates, the Class C Certificates, the Class D Certificates, the Class E Certificates, the Class F Certificates, 

 

  

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the Class G Certificates, the Class H Certificates, the Class S Certificates and the Class R Certificates.

 

Each Class of Certificates will be substantially in the forms annexed hereto as Exhibits A-1 through A-19 respectively, 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 Public Certificates (other than the Class X-A and Class X-B Certificates) shall be issued in minimum denominations of $10,000 and integral multiples of $1 in excess thereof. However, in connection with an exchange of Class A-S, Class B and Class C Certificates for Class PEZ Certificates and vice versa, each of the Class A-S, Class B, and Class C Certificates exchanged (whether surrendered or received) in such exchange shall be in denominations of at least $10,000 initial Certificate Principal Amount, and the Class PEZ Certificates exchanged shall equal the aggregate Certificate Principal Amount of the Class A-S, Class B and Class C Certificates being exchanged therefor (i.e. in excess of $30,000 initial Certificate Principal Amount). The Private Certificates (other than the Class X-D, Class S and Class R Certificates) shall be issued in minimum denominations of $100,000 and integral multiples of $1 in excess thereof. The Class X-A, Class X-B and Class X-D Certificates shall 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 thereof. If the initial Certificate Principal Amount or initial Notional Amount, as applicable, of any Class of Certificates (exclusive of the Class S and Class R Certificates) does not equal an integral multiple of $1, then a single additional Certificate of such Class may be issued in a minimum denomination of authorized initial Certificate Principal Amount or initial Notional Amount, as applicable, that includes the excess of (i) the initial Certificate Principal Amount or initial Notional Amount, as applicable, of such Class over (ii) the largest integral multiple of $1 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. The Class S Certificates shall be issued, maintained and transferred in minimum percentage interests of 10% of such Class S Certificates and in integral multiples of 1% in excess thereof.

 

(b)           One authorized signatory shall sign the Certificates for the Certificate Administrator 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 Administrator countersigns the Certificate, the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of the Certificate Administrator (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.

 

  

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Section 5.02     Form and Registration.

 

(a)           Each Class of Public Certificates shall be represented by a single, global certificate in definitive, fully registered form without interest coupons, substantially in the applicable form set forth as an exhibit hereto, 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 Principal Amount of a 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.

 

(b)           Unless and until Definitive Certificates are issued in respect of a Class of Global Certificates, beneficial ownership interests in such 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 Holder thereof, for distribution to the related registered Holders of Certificates through the Depository Participants in accordance with the Depository’s procedures.

 

(c)           No transfer of any Private 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 is to be made in reliance upon an exemption from the Securities Act, and under the applicable state securities laws, then:

 

(i)            The Certificates of each Class of the Private Certificates (other than the Class S and Class R Certificates) sold in offshore transactions in reliance on Regulation S under the Act shall initially be represented by a temporary global certificate in definitive, fully registered form without interest coupons, substantially in the applicable form set forth as an exhibit hereto (each a “Temporary Regulation S Global Certificate”), which shall be deposited on the Closing Date on behalf of the purchasers of the Private 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 40-day period commencing on the later of the commencement of the offering and the Closing Date (the “Restricted Period”), beneficial interests in each Temporary Regulation S Global Certificate may be held only through Euroclear or Clearstream. After the expiration of the Restricted Period, a beneficial interest in a Temporary Regulation S Global Certificate may be exchanged for an interest in the related permanent global certificate of the same Class of Private Certificates (a “Regulation S Global Certificate”) in the applicable form set forth as an exhibit hereto in accordance with the procedures set forth in Section 5.03(f) of this Agreement. During the Restricted Period, distributions due in respect of a beneficial 

 

  

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interest in a Temporary Regulation S Global Certificate shall only be made upon delivery to the Certificate Registrar by Euroclear or Clearstream, as applicable, of a Non-U.S. Beneficial Ownership Certification. After the expiration of the Restricted Period, distributions due in respect of any beneficial interests in a Temporary Regulation S Global Certificate shall not be made to the holders of such beneficial interests unless exchange for a beneficial interest in the Regulation S Global Certificate of the same Class is improperly withheld or refused. The aggregate Certificate Principal Amount 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.

 

(ii)           The Certificates of each Class of Private Certificates (other than the Class S and Class R Certificates) offered and sold to Qualified Institutional Buyers in reliance on Rule 144A shall be represented by a single, global certificate in definitive, fully registered form without interest coupons, substantially in the applicable form set forth as an exhibit hereto (each, a “Rule 144A Global Certificate”), 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 Principal Amount 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.

 

(iii)          The Certificates of each Class of Private Certificates offered and sold in the United States to investors that are Institutional Accredited Investors that are not Qualified Institutional Buyers, the Class S Certificates and the Class R Certificates (collectively, the “Non-Book Entry Certificates”) shall be in the form of Definitive Certificates, substantially in the applicable form set forth as an exhibit hereto, and shall be registered in the name of such investors or their nominees by the Certificate Registrar who shall deliver the certificates for such Non-Book Entry Certificates to the respective beneficial owners or owners.

 

(d)           Owners of beneficial interests in Global Certificates of any Class shall not be entitled to receive physical delivery of certificated Certificates unless: (i) the Depository advises the Certificate Registrar in writing that the Depository is no longer willing or able to discharge properly its responsibilities as depository with respect to the Global Certificates of such Class or ceases to be a Clearing Agency, and the Certificate Administrator and the Depositor are unable to locate a qualified successor within 90 days of such notice; (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 Trustee to obtain possession of the Certificates of such Class; or (iii) in the case of a Private Certificate, all of the 

 

  

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applicable requirements of Section 5.03 of this Agreement are satisfied; provided, however, that under no circumstances will certificated Private 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 5.03(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 5.03(h) of this Agreement applicable to transfers of Non-Book Entry Certificates. Upon acceptance for exchange or transfer of a beneficial interest in a Global Certificate for a Non-Book Entry Certificate, as provided herein, the Certificate Registrar shall endorse on the schedule affixed to the related Global Certificate (or on a continuation of such schedule affixed to such Global Certificate and made a part thereof) an appropriate notation evidencing the date of such exchange or transfer and a decrease in the denomination of such Global Certificate equal to the denomination of such Non-Book Entry Certificate issued in exchange therefor or upon transfer thereof.

 

Section 5.03     Registration of Transfer and Exchange of Certificates.

 

(a)           The Certificate Administrator shall keep or cause to be kept at its principal offices 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 Private Certificates represented by a Temporary Regulation S Global Certificate, a Regulation S Global Certificate and a Rule 144A Global Certificate and accepting Certificates for exchange and registration of transfer and (ii) transmitting to the Depositor, the 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 Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or 

 

  

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more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

(c)           Rule 144A Global Certificate to Temporary Regulation S Global Certificate. If a holder of a beneficial interest in the Rule 144A Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time during the Restricted Period to exchange its interest in such Rule 144A Global Certificate for an interest in the Temporary Regulation S Global Certificate of the same Class, or to transfer its interest in such Rule 144A Global Certificate to an institution that is required to take delivery thereof in the form of an interest in the Temporary Regulation S Global Certificate of the same Class, such holder may, subject to the rules and procedures of the Depository, exchange or cause the exchange of such interest for an equivalent beneficial interest in such Temporary Regulation S Global Certificate. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.11 of this Agreement, of (1) instructions given in accordance with the Depository’s procedures from a Depository Participant directing the Certificate Registrar to credit, or cause to be credited, a beneficial interest in the Temporary Regulation S Global Certificate in an amount equal to the beneficial interest in the Rule 144A Global Certificate to be exchanged, (2) a written order given in accordance with the Depository’s procedures containing information regarding the Euroclear or Clearstream account to be credited with such increase and the name of such account and (3) a certificate in the form of Exhibit E to this Agreement 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 Principal Amount of the Rule 144A Global Certificate and to increase, or cause to be increased, the Certificate Principal Amount of the Temporary Regulation S Global Certificate by the aggregate Certificate Principal Amount of the beneficial interest in the Rule 144A Global Certificate to be exchanged, to credit or cause to be credited to the account of the Person specified in such instructions (who shall be the agent member of Euroclear or Clearstream, or both) a beneficial interest in the Temporary Regulation S Global Certificate equal to the reduction in the Certificate Principal Amount 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 following the Restricted Period to exchange its interest in such Rule 144A Global Certificate for an interest in the Regulation S Global Certificate of the same Class, or to transfer its interest in such Rule 144A Global Certificate to an institution that is required to take delivery thereof in the form of an interest in a Regulation S Global Certificate, such holder may, subject to the rules and procedures of the Depository, exchange, or cause the exchange of, such interest for an equivalent beneficial interest in such Regulation S Global Certificate. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.11 of this Agreement, 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 

 

  

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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 F to this Agreement given by the holder of such beneficial interest, then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Principal Amount of the Rule 144A Global Certificate and to increase, or cause to be increased, the Certificate Principal Amount of the Regulation S Global Certificate by the aggregate Certificate Principal Amount 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 Principal Amount of the Rule 144A Global Certificate, and to debit, or cause to be debited, from the account of the Person making such exchange or transfer the beneficial interest in the Rule 144A Global Certificate that is being exchanged or transferred.

 

(e)           Temporary Regulation S Global Certificate or Regulation S Global Certificate to Rule 144A Global Certificate. If a holder of a beneficial interest in a Temporary Regulation S Global Certificate or Regulation S Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Temporary Regulation S Global Certificate or Regulation S Global Certificate for an interest in the Rule 144A Global Certificate of the same Class, or to transfer its interest in such Temporary Regulation S Global Certificate or Regulation S Global Certificate to a Person who is required to take delivery thereof in the form of an interest in the Rule 144A Global Certificate, such holder may, subject to the rules and procedures of Euroclear or Clearstream, as the case may be, and the Depository, exchange or cause the exchange of such interest for an equivalent beneficial interest in the Rule 144A Global Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.11 of this Agreement, 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 at any time during the Restricted Period, a certificate in the form of Exhibit G to this Agreement 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 Qualified Institutional Buyer 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 Principal Amount of the Temporary Regulation S Global Certificate or Regulation S Global Certificate and to increase, or cause to be increased, the Certificate Principal Amount of the Rule 144A Global Certificate by the aggregate Certificate Principal Amount 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 

 

  

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beneficial interest in the Rule 144A Global Certificate equal to the reduction in the Certificate Principal Amount 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 H to this Agreement 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 or Private Certificates. 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 Principal Amount of interests in the Temporary Regulation S Global Certificate initially exchanged for interests in the Regulation S Global Certificate. The delivery to the Certificate Registrar by Euroclear or Clearstream of the certificate or certificates referred to above may be relied upon by the Depositor and the Certificate Registrar as conclusive evidence that the certificate or certificates referred to therein has or have been delivered to Euroclear or Clearstream pursuant to the terms of this Agreement and the Temporary Regulation S Global Certificate. Upon any exchange of interests in the Temporary Regulation S Global Certificate for interests in the Regulation S Global Certificate, the Certificate Registrar shall endorse the Temporary Regulation S Global Certificate to reflect the reduction in the Certificate Principal Amount 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 that is a Private Certificate (other than a Class S or 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 an institution that 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 5.11 of this Agreement, 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 Principal Amount 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 

 

  

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Exhibit I to this Agreement (in the event that the applicable Global Certificate is the Temporary Regulation S Global Certificate), in the form of Exhibit J to this Agreement (in the event that the applicable Global Certificate is the Regulation S Global Certificate) or in the form of Exhibit K to this Agreement (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, and shall, if applicable, direct the Certificate Administrator to execute, authenticate and deliver to the transferor a new Non-Book Entry Certificate equal to the aggregate Certificate Principal Amount 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 Principal Amount 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 institution specified in such instructions a beneficial interest in the applicable Global Certificate equal to the Certificate Principal Amount of the portion of the Non-Book Entry Certificate so canceled.

 

(h)           Exchanges of Non-Book Entry Certificates. If a holder of a Rule 144A Global Certificate, Regulation S Global Certificate or Non-Book Entry Certificate (other than a Public Certificate) wishes at any time to transfer its interest in such Rule 144A Global Certificate, Regulation S Global Certificate or Non-Book Entry Certificate to a Person who is required to take delivery thereof in the form of a Non-Book Entry Certificate, then the Certificate Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon): (i) an investment representation letter from the proposed transferee substantially in the form attached as Exhibit L-4 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 Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee or the Certificate Registrar in their respective capacities as such).

 

(i)            Other Exchanges. In the event that a Global Certificate is exchanged for a Definitive Certificate (other than as otherwise set forth in Section 5.02(d) of this Agreement), such Certificates may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of clauses (c) through (f) and (h) above (including the certification requirements intended to ensure that such transfers comply with Rule 144A or Regulation S under the 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 Global Certificate to U.S. persons (as defined in Regulation S) shall be limited to transfers made pursuant to the provisions of clause (e) above.

 

(k)          If Private 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 Private Certificates so issued shall bear the restrictive legend, or such legend shall not be removed, as the case may be, unless there 

 

  

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is delivered to the Certificate Registrar such satisfactory evidence, which may include an Opinion of Counsel that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A, Rule 144 or Regulation S under the Act or, with respect to Non-Book Entry Certificates, that such Certificates are not “restricted” within the meaning of Rule 144 under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall authenticate and deliver Certificates that do not bear such legend.

 

(l)             All Certificates surrendered for registration of transfer and exchange shall be canceled and subsequently destroyed by the Certificate Registrar in accordance with the Certificate Registrar’s customary procedures.

 

(m)           No Class S Certificate or Class R Certificate may be purchased by or transferred to any prospective purchaser or transferee that is or will be (i) an employee benefit plan or other plan subject to the fiduciary responsibility or prohibited transaction provisions of ERISA or Code Section 4975 (each, a “Plan”), or (ii) any entity or collective investment fund the assets of which are considered Plan assets under U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA, an insurance company that is using the assets of separate accounts or general accounts which include Plan assets (or which are deemed to include assets of Plans) or other Person acting on behalf of any such Plan or using the assets of a Plan (each, a “Plan Investor”) 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 Plan Investor, 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 ERISA Restricted Certificate, Class S Certificate or Class R Certificate or 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 the fiduciary responsibility or prohibited transaction provisions 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 or interest therein unless, in the case of an ERISA Restricted Certificate, its acquisition, holding and disposition of such Certificate or an interest therein would not constitute or otherwise result in a non-exempt violation of Similar Law. Except in connection with the transfer thereof by an Initial Purchaser or the Depositor, each prospective transferee of an ERISA Restricted Certificate, a Class S Certificate or a Class R Certificate in Non-Book Entry Certificate form shall deliver to the transferor, the Depositor, the Certificate Registrar, the Certificate Administrator and the Trustee representation letters, substantially in the form of Exhibit L-3 and Exhibit L-4 to this Agreement. Each beneficial owner of a Certificate (other than a Class S or Class R 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 Plan Investor, (ii) in the case of a Certificate other than 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 rating agency that meets the requirements of the 

 

  

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Underwriter Exemption and that such Certificate is so rated and that it is an Institutional Accredited Investor or (iii) (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 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 or an interest therein 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.

 

(n)           Each Person who has or acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual Ownership Interest to have agreed to be bound by the following provisions and the rights of each Person acquiring any Residual Ownership Interest are expressly subject to the following provisions:

 

(i)            Each Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such Residual Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted Transferee. Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or the status of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition 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, other than in connection with the initial Transfer thereof to the Initial Purchasers, 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 L-1 to this 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 tax 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 

 

  

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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 comply with the provisions of this Section 5.03(n) and (y) other than in connection with the initial issuance of a Class R Certificate or the Transfer of any Class R Certificate by any Initial Purchaser in connection with the initial offering of the Certificates, require a statement from the proposed transferor substantially in the form attached as Exhibit L-2 to this 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 (n)(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 Code Section 860E(e) 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 represented by Definitive Certificates and may only be transferred to and owned by Qualified Institutional Buyers.

 

(v)           The Class S Certificates may only be represented by Definitive Certificates and may only be transferred to and owned by Qualified Institutional Buyers or Institutional Accredited Investors.

 

(o)           Any attempted or purported transfer in violation of the transfer restrictions set forth in this Article V shall be null and void ab initio and shall vest no rights in any purported 

 

  

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transferee and shall not relieve the transferor of any obligations with respect to the applicable 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, the Trustee and the Certificate Administrator such security or indemnity as may be required by it to save it harmless, then, in the absence of actual notice that such Certificate has been acquired by a bona fide purchaser, the Certificate Registrar shall direct the Certificate Administrator to 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 5.04, the Certificate Registrar and the Certificate Administrator 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 Fund, 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 Operating Advisor, the Trustee, the Certificate Administrator 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 Operating Advisor, the Trustee, the Certificate Registrar, nor any agent of any of them shall be affected by any notice to the contrary; provided, however, that to the extent that a party to this Agreement responsible for distributing any report, statement or other information required to be distributed to Certificateholders has been provided an Investor Certification, such party to this Agreement shall distribute such report, statement or other information to such Beneficial Owner (or prospective transferee).

 

Section 5.06      Appointment of Paying Agent. The Certificate Administrator may appoint (and, if it does not so appoint, shall act as) a paying agent for the purpose of making distributions to Certificateholders pursuant to Section 4.01 of this Agreement. The Certificate Administrator shall cause such Paying Agent, if other than the Certificate Administrator or the Master Servicer, to execute and deliver to the Master Servicer and the Certificate Administrator an instrument that is consistent in all material respects with this Agreement and in which such Paying Agent shall agree with the Master Servicer and the Certificate Administrator that such Paying Agent will hold all sums held by it for the payment to Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums have been paid to the Certificateholders or disposed of as otherwise provided herein. The initial Paying Agent shall be the Certificate Administrator. The Paying Agent shall at all times be an entity having a long-term unsecured debt rating of at least “BBB+” by Fitch and “Baa1” by Moody’s, or shall be otherwise acceptable to each Rating Agency.

 

  

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Section 5.07     Access to Certificateholders’ Names and Addresses; Special Notices.

 

(a)           If any Certifying Certificateholder, any Serviced Companion Loan Holder or the Master Servicer (for purposes of this Section 5.07, an “Applicant”) applies or requests in writing to the Certificate Registrar, and such application or request states that the Applicant desires to communicate with the Certificateholders, the Certificate Registrar shall promptly furnish or cause to be furnished to such Applicant a list of the names and addresses of the Certificateholders as of the most recent Record Date as they appear in the Certificate Register, at the expense of the Applicant.

 

(b)           Every Certificateholder, by receiving and holding its Certificate, agrees with the Certificate Administrator that the Certificate Administrator and the Certificate Registrar shall not be held accountable in any way by reason of the disclosure of any information as to the names and addresses of the Certificateholders hereunder, regardless of the source from which such information was derived.

 

(c)           Upon the written request of any Certifying Certificateholder or Serviced Companion Loan Holder that (a) states that such Certificateholder or Serviced Companion Loan Holder desires the Certificate Administrator to transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted by other Certificateholders, setting forth the relevant contact information and briefly stating the reason for the requested contact and (b) provides a copy of the Special Notice which such Certifying Certificateholder or Serviced Companion Loan Holder proposes to transmit, the Certificate Administrator shall post such Special Notice to the Certificate Administrator’s Website and shall mail such Special Notice to all Certificateholders at their respective addresses appearing on the Certificate Register. The costs and expenses of the Certificate Administrator associated with delivering with any such Special Notice shall be borne by the party requesting such Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees that neither the Certificate Administrator nor the Certificate Registrar shall be held accountable by reason of the disclosure of any such Special Notice to Certificateholders, regardless of the information set forth in such Special Notice.

 

Section 5.08     Actions of Certificateholders.

 

(a)           Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Certificate Administrator and, when required, to the Depositor, the Master Servicer or the Special Servicer. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the Trustee, the Certificate Administrator, the Depositor, the Special Servicer and the Master Servicer, if made in the manner provided in this Section.

 

  

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(b)           The fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable manner which the Certificate Administrator deems sufficient.

 

(c)           Any request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every Holder of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, or omitted to be done, by the Trustee, the Certificate Administrator, the Depositor, the Special Servicer or the Master Servicer in reliance thereon, whether or not notation of such action is made upon such Certificate.

 

(d)           The Certificate Administrator or Certificate Registrar may require such additional proof of any matter referred to in this Section 5.08 as it shall deem necessary.

 

Section 5.09     Authenticating Agent. The Certificate Administrator may appoint an Authenticating Agent to execute and to authenticate Certificates. The Authenticating Agent must be acceptable to the Depositor and must be an entity organized and doing business under the laws of the United States of America or any state, having a principal office and place of business in a state and city acceptable to the Depositor, having a combined capital and surplus of at least $15,000,000, authorized under such laws to do a trust business and subject to supervision or examination by federal or state authorities. The Certificate Administrator shall serve as the initial Authenticating Agent and the Certificate Administrator hereby accepts such appointment.

 

Any entity into which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Authenticating Agent shall be party, or any entity succeeding to the corporate agency business of the Authenticating Agent, shall be the Authenticating Agent without the execution or filing of any paper or any further act on the part of the Certificate Administrator or the Authenticating Agent.

 

The Authenticating Agent may at any time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator and the Depositor. The Certificate Administrator may at any time terminate the agency of the Authenticating Agent by giving written notice of termination to the Authenticating Agent and the Depositor. Upon receiving a notice of resignation or upon such a termination, or in case at any time the Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 5.09, the Certificate Administrator promptly shall appoint a successor Authenticating Agent, which shall be acceptable to the Depositor, and shall mail notice of such appointment to all Certificateholders. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 5.09.

 

The Authenticating Agent shall have no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator. Any compensation paid to 

 

  

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the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator. The appointment of an Authenticating Agent 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 Authenticating Agent.

 

Section 5.10   Appointment of Custodian. The Trustee may appoint one or more Custodians to hold all or a portion of the Mortgage Files as agent for the Trustee, by entering into a Custodial Agreement (in the event the Trustee is not the Custodian) that is consistent in all material respects with this Agreement. The Trustee shall give prompt written notice to the Depositor of any appointment of a Custodian. The Trustee agrees to comply with the terms of each Custodial Agreement and to enforce the terms and provisions thereof against the Custodian for the benefit of the Certificateholders and Serviced Companion Loan Holders. 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 “BBB+” by Fitch and “Baa1” from Moody’s, and shall be qualified to do business in the jurisdiction in which it holds any Mortgage File. Each Custodial Agreement may be amended only as provided in Section 11.07 of this Agreement. Any compensation paid to the Custodian shall be an unreimbursable expense of the Trustee. The Trustee 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 5.10. The Custodian, if the Custodian is not the Trustee, 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 Trustee 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 this Agreement, with the Trustee named as loss payee. All fidelity bonds and policies of errors and omissions insurance obtained under this Section 5.10 shall be issued by a Qualified Insurer, or by any other insurer with respect to which the Rating Agencies have provided to the Trustee a Rating Agency Confirmation. The appointment of a Custodian shall not relieve the Trustee from any of its obligations hereunder, and the Trustee shall remain responsible for all acts and omissions of the Custodian. In the event the Trustee is the Custodian, the Custodian may self-insure.

 

Section 5.11   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 - Citibank Agency & Trust, CGCMT 2015-GC29, as its office for such purposes. The Certificate Registrar shall give prompt written notice to the Certificateholders of any change in the location of the Certificate Register or any such office or agency.

 

  

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Section 5.12   Exchanges of Exchangeable Certificates.

 

(a)            At all times, the Class A-S, Class B and Class C Certificates shall represent beneficial ownership interests in the Class A-S Percentage Interest, the Class B Percentage Interest and the Class C Percentage Interest, respectively, in the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest, respectively. At all times, the Class PEZ Certificates shall represent beneficial ownership interests in the Class PEZ Components.

 

(b)           On the Closing Date, the Grantor Trust shall issue the several Classes of Exchangeable Certificates. Each Class of Exchangeable Certificates shall be initially issued on the Closing Date with the respective aggregate Certificate Principal Amount set forth for such Class in the Preliminary Statement.

 

(c)           Following the Closing Date and subject to the conditions set forth in Section 5.12(d), (i) if a Certificateholder holds Class A-S Certificates, the Class B Certificates and the Class C Certificates in an Exchangeable Proportion, then those Exchangeable Certificates may be exchanged on the books of the Depository for Class PEZ Certificates that represent the same Tranche Percentage Interest in each Class PEZ Regular Interest as the Certificates to be surrendered and (ii) a Certificateholder that holds Class PEZ Certificates may exchange its Certificates on the books of the Depository for Class A-S Certificates, Class B Certificates and Class C Certificates that evidence the same Tranche Percentage Interest in the Class PEZ Regular Interests as the Class PEZ Certificates being surrendered.

 

(d)           An exchange of Exchangeable Certificates may only occur if the Class A-S, Class B and Class C Certificates being surrendered or received in such exchange have denominations no smaller than the minimum Denominations set forth in Section 5.01. No exchange of Exchangeable Certificates may occur pursuant to this Section 5.12 after the date when the then-current Certificate Principal Amount of the Class A-S Regular Interest (and correspondingly, the Class A-S Certificates and, to the extent evidencing an interest in the Class A-S Regular Interest, the Class PEZ Certificates) has been reduced to zero as a result of the payment in full of all interest and principal thereon. There shall be no limitation on the number of exchanges of Exchangeable Certificates authorized pursuant to this Section 5.12. In addition, the Depositor shall have the right to make or cause exchanges on the Closing Date pursuant to instructions delivered to the Certificate Administrator on the Closing Date.

 

(e)           At the request of the Holder of a Class or Classes of Exchangeable Certificates, and upon the surrender of such Exchangeable Certificates (in the case of an exchange of Class A-S, Class B and Class C Certificates for Class PEZ Certificates, in the applicable Exchangeable Proportion), the Certificate Administrator, on behalf of the Trustee, shall deliver (by the means set forth in the penultimate sentence of Section 5.12(h)) the corresponding Exchangeable Certificates to which such Certificateholder is entitled as set forth in Section 5.12(c).

 

(f)            In connection with any exchange of Exchangeable Certificates, the Certificate Registrar shall reduce the outstanding aggregate Certificate Principal Amount of the Class or Classes of Exchangeable Certificates surrendered by the applicable Holder on the 

 

  

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Certificate Register and shall increase the outstanding aggregate Certificate Principal Amount of the related Class or Classes of Exchangeable Certificates received by such Holder in such exchange on the Certificate Register, and the Certificate Registrar or the Certificate Administrator, as applicable, shall approve the instructions at the Depository and make appropriate notations on the Global Certificate for each Class of Exchangeable Certificates to reflect such reductions and increases.

 

(g)           In order to effect an exchange of Exchangeable Certificates, the Certificateholder shall notify the Certificate Administrator by e-mail at “ctssfexchanges@citi.com” and setting forth the proposed Exchange Date) no later than three (3) Business Days before the proposed exchange date (the “Exchange Date”). The Exchange Date may be any Business Day other than the first or last Business Day of the month. An exchange notice must (i) be set forth on the applicable Certificateholder’s letterhead, (ii) carry a medallion stamp guarantee and (iii) set forth the following information: the CUSIP Number of each Exchangeable Certificate to be exchanged and each Exchangeable Certificate to be received; the original and outstanding Certificate Principal Amount of the Exchangeable Certificates to be exchanged and the original and outstanding Certificate Principal Amount of the Exchangeable Certificates to be received; the Certificateholder’s Depository participant number; and the proposed Exchange Date. After receiving the notice, the Certificate Administrator shall e-mail the Certificateholder (at such address specified in writing by such Certificateholder) with wire payment instructions relating to the exchange fee and expenses set forth in Section 5.12(h). The Certificateholder and the Certificate Registrar shall utilize the “deposit and withdrawal system” at the Depository to effect the exchange of the applicable Exchangeable Certificates. A notice shall become irrevocable on the second (2nd) Business Day before the proposed Exchange Date. Exchangeable Certificates shall be exchangeable on the books of the Depository for the corresponding Exchangeable Certificates on and after the Closing Date, by notice to the Certificate Administrator substantially in the form of Exhibit EE.

 

(h)          In connection with each exchange (other than any exchanges on the Closing Date pursuant to instructions from the Depositor), the Certificateholder shall pay the Certificate Administrator an exchange fee of $5,000 (together with any other expenses related to such exchange (including fees charged by Depository)) and such fee and expenses must be received by the Certificate Administrator prior to the Exchange Date or the Certificate Administrator shall not be required to complete the requested exchange. The Certificate Administrator shall make the first distribution on an Exchangeable Certificate received by a Certificateholder in any exchange on the Distribution Date in the month following the month of exchange to the Certificateholder of record as of the applicable Record Date for such Certificate and Distribution Date. If an Exchange Date occurs in any month before the Distribution Date in such month, then any distributions to be made on such Distribution Date on any Certificates surrendered in the exchange shall be so made to the Certificateholder of record as of the applicable Record Date for such Certificates and such Distribution Date. Neither the Certificate Administrator, the Trustee nor the Depositor shall have any obligation to ensure the availability of the applicable Certificates in the market to accomplish any exchange.

 

  

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ARTICLE VI

 

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE 

OPERATING ADVISOR AND THE CONTROLLING CLASS REPRESENTATIVE

 

Section 6.01     Liability of the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor. The Depositor, the Master Servicer, the Special Servicer and the Operating Advisor each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement. Each of the Master Servicer, the Special Servicer and the Operating Advisor shall indemnify the Depositor (and any employee, director or officer of the Depositor), the Trust Fund and the Serviced Companion Loan Holders and hold the Depositor (and any employee, director or officer of the Depositor), the Trust Fund and the Serviced Companion Loan Holders harmless against any loss, liability or reasonable expense (including, without limitation, reasonable attorneys’ fees and expenses) incurred by such parties (i) as a result of any willful misconduct, bad faith, fraud or negligence in the performance of duties of the Master Servicer, the Special Servicer or the Operating Advisor, as the case may be, or by reason of negligent disregard of the Master Servicer’s, the Special Servicer’s or the Operating Advisor’s, as the case may be, obligations or duties hereunder, or (ii) as a result of the breach by the Master Servicer, the Special Servicer or the Operating Advisor, as the case may be, of any of its representations or warranties contained herein. The Depositor shall indemnify the Trust Fund and the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor, and any member, manager, employee, director or officer of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor and hold the Trust Fund and the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor and any member, manager, employee, director or officer of either the Master Servicer, the Special Servicer, the Trustee or the Operating Advisor harmless against any loss, liability or reasonable expense (including, without limitation, reasonable attorneys’ fees and expenses) incurred by such parties (i) in connection with any willful misconduct, bad faith, fraud and/or negligence in the performance of duties of the Depositor or by reason of negligent disregard of the Depositor obligations or duties hereunder, or (ii) as a result of the breach by the Depositor of any of its representations or warranties contained herein.

 

Section 6.02     Merger or Consolidation of the Master Servicer, the Special Servicer and the Operating Advisor. Subject to the following paragraph, each of the Master Servicer, the Special Servicer and the Operating Advisor shall keep in full effect its existence, rights and good standing as a national banking association, a corporation or a limited liability company, as applicable, under the laws of the state of its organization and shall not jeopardize its ability to do business in each jurisdiction in which the Mortgaged Properties are located, to the extent necessary to perform its obligations under this Agreement, or to protect the validity and enforceability of this Agreement, the Certificates or any of the Mortgage Loans and to perform its respective duties under this Agreement.

 

Each of the Master Servicer, the Special Servicer and the Operating Advisor 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, in the case of the Operating Advisor, may be limited to all or substantially all of its 

 

  

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assets related to acting as a trust advisor or operating advisor for commercial mortgage securitizations) to any Person, in which case any Person resulting from any merger or consolidation to which it shall be a party, or any Person succeeding to its business, shall be the successor of the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, hereunder, and shall be deemed to have assumed all of the liabilities of the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, hereunder, if each of the Rating Agencies has provided a Rating Agency Confirmation; provided that if the Master Servicer, the Special Servicer or the Operating Advisor enters into a merger and the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, is the surviving entity under applicable law, then the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, shall not, as a result of the merger, be required to provide a Rating Agency Confirmation.

 

Section 6.03     Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and Others. None of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or any of the directors, members, managers, officers, employees or agents of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor shall be under any liability to the Trust Fund, the Certificateholders, the Companion Loan Holders or any other Person 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 Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or any such Person against liability which would be imposed by reason of (i) any breach of warranty or representation by such respective party in this Agreement or (ii) any willful misconduct, bad faith, fraud or negligence on the part of such respective party in the performance of its obligations and duties hereunder or by reason of negligent disregard on the part of such respective party of its obligations or duties hereunder. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and any director, member, manager, officer, employee or agent of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by any appropriate Person respecting any matters arising hereunder. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and any director, member, manager, officer, employee or agent of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor shall be indemnified and held harmless by the Trust Fund (which indemnification amounts shall be payable out of the Collection Account or the applicable Loan Combination Custodial Account if and to the extent with respect to a Serviced Loan Combination and then out of the Collection Account, provided that, to the extent that the amount relates to a Serviced Loan Combination, is required under the related Co-Lender Agreement to be borne by the holder of a related Serviced Companion Loan and is paid from the Collection Account because funds on deposit in the applicable Loan Combination Custodial Account are insufficient to pay such indemnification, then the Master Servicer shall from time to time thereafter use amounts otherwise payable to the holder of such Serviced Companion Loan to deposit into the Collection Account the amount so paid from the Collection Account) against any loss, liability, penalty, fine, forfeiture, claim, judgment or expense (including reasonable legal fees and expenses) incurred in connection with, or relating to, this Agreement or the Certificates, other than any loss, liability, penalty, fine, forfeiture, claim, judgment or expense (including reasonable legal fees and expenses) (i) incurred by reason of willful misconduct, bad faith, fraud or negligence in the performance of obligations or duties hereunder or by reason of negligent disregard of obligations or duties hereunder, in each case by the Person being 

 

  

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indemnified, (ii) with respect to any such party, resulting from the breach by such party of any of its representations or warranties contained herein, (iii) specifically required to be borne by the party seeking indemnification without right of reimbursement pursuant to the terms hereof or (iv) which constitutes an Advance that is otherwise reimbursable hereunder. None of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor shall be under any obligation to appear in, prosecute or defend any legal action unless such action is related to its respective duties under this Agreement and in its opinion does not expose it to any expense or liability for which reimbursement is not reasonably assured; provided, however, that each of the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor may in its discretion undertake any such action related to its obligations hereunder which it may deem necessary or desirable with respect to this Agreement and the rights and duties of the parties hereto and the interests of the Certificateholders hereunder. In such event, the reasonable legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund (payable out of the Collection Account or the applicable Loan Combination Custodial Account if and to the extent with respect to a Serviced Loan Combination and then out of the Collection Account, provided that to the extent that the amount relates to a Serviced Loan Combination, is required under the related Co-Lender Agreement to be borne by the holder of a related Serviced Companion Loan and is paid from the Collection Account because funds on deposit in the applicable Loan Combination Custodial Account are insufficient to pay such indemnification, then the Master Servicer shall from time to time thereafter use amounts otherwise payable to the holder of such Serviced Companion Loan to deposit into the Collection Account the amount so paid from the Collection Account), and the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor shall be entitled to be reimbursed therefor from the Collection Account or the applicable Loan Combination Custodial Account, as applicable, as provided in Section 3.06 and Section 3.06A of this Agreement.

 

Each of the related Outside Servicer, the related Outside Special Servicer or the related Outside Trustee, as applicable, shall be entitled to reimbursement out of general collections in the Collection Account for the Trust’s pro rata share of any fees, costs or expenses incurred in connection with the servicing and administration of an Outside Serviced Loan Combination as to which the securitization trust created under the applicable Other Pooling and Servicing Agreement or any of the parties thereto are entitled to be reimbursed pursuant to the terms of the applicable Other Pooling and Servicing Agreement and the related Co-Lender Agreement (to the extent amounts on deposit in the related “Serviced Whole Loan Custodial Account” (as defined in the applicable Other Pooling and Servicing Agreement) are insufficient for reimbursement of such amounts).

 

Section 6.04     Limitation on Resignation of the Master Servicer, the Special Servicer or the Operating Advisor.

 

(a)           Each of the Master Servicer, the Special Servicer and the Operating Advisor may assign its respective rights and delegate its respective duties and obligations under this Agreement; provided that, with respect to any of the Master Servicer, the Special Servicer or the Operating Advisor: (i) the successor accepting such assignment and delegation (A) shall be an established mortgage finance entity, bank or other entity regularly engaged in the servicing of commercial mortgage loans (or, in the case of the Operating Advisor, an Eligible Operating 

 

  

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Advisor), organized and doing business under the laws of any state of the United States, the District of Columbia or the United States, authorized under such laws to perform the duties of a servicer of mortgage loans or of an operating advisor, as applicable, or a Person resulting from a merger, consolidation or succession that is permitted under Section 6.02 of this Agreement and, in the case of a Serviced Loan Combination, under the related Co-Lender Agreement, and (B) shall execute and deliver to the Trustee and the Certificate Administrator an agreement which contains an assumption by such Person of the due and punctual performance and observance of each covenant and condition to be performed or observed by the Master Servicer, the Special Servicer or the Operating Advisor, as the case may be, under this Agreement from and after the date of such agreement; (ii) each Rating Agency has delivered to the Trustee a Rating Agency Confirmation; (iii) the Master Servicer, the Special Servicer or the Operating Advisor shall not be released from its obligations under this Agreement that arose prior to the effective date of such assignment and delegation under this Section 6.04; (iv) the rate at which the Operating Advisor Fee, the Servicing Fee or Special Servicing Compensation, as applicable (or any component thereof) is calculated shall not exceed the rate then in effect; (v) for so long as no CCR Control Termination Event has occurred and is continuing, the successor Special Servicer is acceptable to the Controlling Class Representative (and, if a Serviced Outside Controlled Pari Passu Loan Combination is affected and no related Outside Control Termination Event has occurred and is continuing, the successor Special Servicer is acceptable to the related Outside Controlling Note Holder); and (vi) the resigning Master Servicer, Special Servicer or Operating Advisor, as applicable, shall be responsible for the reasonable costs and expenses of each other party hereto, the Trust and the Rating Agencies in connection with such transfer. Upon acceptance of such assignment and delegation, the purchaser or transferee shall be the successor Master Servicer, Special Servicer or Operating Advisor, as applicable, hereunder.

 

(b)           Except as provided in this Section 6.04, the Master Servicer, the Special Servicer and the Operating Advisor shall not resign from their respective obligations and duties hereby imposed on them except upon determination that such duties hereunder are no longer permissible under applicable law; provided that, on and after the time the Trustee receives notice of resignation by the Master Servicer or the Special Servicer upon determination that such duties hereunder are no longer permissible under applicable law, the Trustee (solely with respect to the Master Servicer or the Special Servicer) shall, subject to the terms and provisions of Section 7.02 of this Agreement as if the resigning party was a Terminated Party, be its successor in all respects in its capacity as Master Servicer or Special Servicer, as applicable, as though the Master Servicer or the Special Servicer, as the case may be, had received a notice of termination. Any such determination permitting the resignation of the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, shall be evidenced by an Opinion of Counsel (obtained at the resigning Master Servicer’s, Special Servicer’s or Operating Advisor’s expense) to such effect delivered to the Trustee and the Certificate Administrator. Notwithstanding the foregoing, at any time after the Certificate Principal Amounts of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-S, Class B, Class PEZ, Class C and Class D Certificates have been reduced to zero, the Operating Advisor may resign from its obligations and duties hereunder, without payment of any penalty, and no replacement Operating Advisor shall be required to be appointed in connection with, or as a condition to, such resignation.

 

Except as provided in the immediately preceding paragraph, no resignation or removal of the Master Servicer, the Special Servicer or the Operating Advisor as contemplated 

 

  

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herein shall become effective until the Trustee (solely with respect to the Master Servicer or the Special Servicer) or a successor Master Servicer, Special Servicer or Operating Advisor shall have assumed the Master Servicer’s, the Special Servicer’s or the Operating Advisor’s, as applicable, responsibilities, duties, liabilities and obligations hereunder. If no successor Master Servicer, Special Servicer or Operating Advisor can be obtained to perform such obligations for the same compensation to which the terminated Master Servicer, Special Servicer or Operating Advisor would have been entitled, additional amounts payable to such successor Master Servicer, Special Servicer or Operating Advisor shall be treated as a shortfall resulting in Realized Losses; provided that, for so long as no CCR Consultation Termination Event has occurred and is continuing, the Trustee shall consult with the Controlling Class Representative prior to the appointment of a successor Master Servicer, Special Servicer or Operating Advisor at a servicing or operating advisor compensation in excess of that permitted to the terminated Master Servicer, Special Servicer or Operating Advisor, as applicable.

 

If the Trustee or an Affiliate acts pursuant to this Section 6.04 as successor to the resigning Master Servicer, it may reduce the Excess Servicing Fee Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the resigning Master Servicer other than itself or an Affiliate pursuant to this Section 6.04, 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 Master Servicer that meets the requirements of this Section 6.04.

 

Section 6.05     Rights of the Depositor, the Trustee and the Certificate Administrator in Respect of the Master Servicer and Special Servicer. The Master Servicer and the Special Servicer shall afford the Depositor, the Trustee, the Certificate Administrator and, subject to Section 11.13 of this Agreement, each Rating Agency, upon reasonable notice, during normal business hours access to all records maintained by it in respect of its rights and obligations hereunder and access to its officers responsible for such obligations, if reasonably related to the performance of the obligations of such Person under this Agreement. Upon request, if reasonably related to the performance of the obligations of such Person under this Agreement, the Master Servicer and the Special Servicer shall furnish to the Depositor, each of the Underwriters, the Initial Purchasers, the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator its most recent publicly available annual financial statements or those of its public parent. The Depositor may, but is not obligated to, enforce the obligations of the Master Servicer or the Special Servicer hereunder which are in default and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of such Person hereunder or exercise its rights hereunder, provided that the Master Servicer and the Special Servicer shall not be relieved of any of its obligations hereunder by virtue of such performance by the Depositor or its designee. In the event the Depositor or its designee undertakes any such action it will be reimbursed by the Trust Fund from the Collection Account as provided in Section 3.06 and Section 6.03 of this Agreement to the extent not recoverable from the Master Servicer or the Special Servicer, as applicable. None of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer (with respect to the Special Servicer) or the Special Servicer (with respect to the Master Servicer) shall have any responsibility or liability for any action or failure to act by the Master Servicer or the Special Servicer, and no such Person is obligated to monitor or supervise the performance of the Master Servicer or the Special Servicer 

 

  

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under this Agreement or otherwise. Neither the Master Servicer nor the Special Servicer shall have any responsibility or liability for any action or failure to act by the Depositor, the Trustee or the Certificate Administrator and neither such Person is obligated to monitor or supervise the performance of the Depositor, the Trustee or the Certificate Administrator under this Agreement or otherwise.

 

Each of the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, and the Special Servicer shall furnish such reports, certifications and information as are reasonably requested by the Trustee, the Certificate Administrator, the Depositor, the Master Servicer or the Special Servicer, as applicable, in order to enable such requesting party to perform its duties hereunder, provided that for the avoidance of doubt, this shall not require any Person to prepare any reports, Certificates and information not required to be prepared hereunder.

 

Neither the Master Servicer nor the Special Servicer shall be under any obligation to disclose confidential or proprietary information pursuant to this Section.

 

Section 6.06     Master Servicer, Special Servicer as Owner of a Certificate. The Master Servicer or an Affiliate of the Master Servicer or the Special Servicer or an Affiliate of the Special Servicer may become the Holder (or with respect to a Global Certificate, Beneficial Owner) of any Certificate with the same rights it would have if it were not the Master Servicer or the Special Servicer or an Affiliate thereof, except as otherwise expressly provided herein. If, at any time during which the Master Servicer or the Special Servicer or an Affiliate of the Master Servicer or the Special Servicer is the Holder or Beneficial Owner of any Certificate, the Master Servicer or the Special Servicer proposes to take action (including for this purpose, omitting to take action) that (i) is not expressly prohibited by the terms hereof and would not, in the Master Servicer’s or the Special Servicer’s good faith judgment, violate the Servicing Standard, and (ii) if taken, might nonetheless, in the Master Servicer’s or the Special Servicer’s good faith judgment, be considered by other Persons to violate the Servicing Standard, the Master Servicer or the Special Servicer may seek the approval of the Certificateholders and any affected Serviced Companion Loan Holder to such action by delivering to the Trustee and the Certificate Administrator a written notice that (i) states that it is delivered pursuant to this Section 6.06, (ii) identifies the Percentage Interest in each Class of Certificates beneficially owned by the Master Servicer or the Special Servicer or an Affiliate of the Master Servicer or the Special Servicer, and (iii) describes in reasonable detail the action that the Master Servicer or the Special Servicer proposes to take. The Certificate Administrator, upon receipt of such notice, shall forward it to the Certificateholders (other than the Master Servicer and its Affiliates or the Special Servicer and its Affiliates, as appropriate) together with such instructions for response as the Certificate Administrator shall reasonably determine. If at any time Certificateholders holding greater than 50% of the Voting Rights of all Certificateholders (calculated without regard to the Certificates beneficially owned by the Master Servicer or its Affiliates or the Special Servicer or its Affiliates) and any affected Serviced Companion Loan Holder shall have consented in writing to the proposal described in the written notice, and if the Master Servicer or the Special Servicer shall act as proposed in the written notice, such action shall be deemed to comply with the Servicing Standard. The Certificate Administrator shall be entitled to reimbursement from the Master Servicer or the Special Servicer, as applicable, of the reasonable expenses of the Certificate Administrator incurred pursuant to this paragraph. It is not the intent 

 

  

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of the foregoing provision that the Master Servicer or the Special Servicer be permitted to invoke the procedure set forth herein with respect to routine servicing matters arising hereunder, except in the case of unusual circumstances.

 

Section 6.07     Rating Agency Fees. The Depositor shall pay (or cause to be paid) the annual fees of each Rating Agency including, but not limited to, surveillance fees.

 

Section 6.08     Termination of the Special Servicer Without Cause.

 

(a)           At any time prior to the occurrence and continuance of a CCR Control Termination Event or a related Outside Control Termination Event (or if a CCR Control Termination Event or a related Outside Control Termination Event has occurred but is no longer continuing), the Controlling Class Representative (in the case of the Serviced Loans other than a Serviced Outside Controlled Pari Passu Loan Combination) or the related Outside Controlling Note Holder (in the case of a Serviced Outside Controlled Pari Passu Loan Combination), as applicable, shall be entitled to terminate the rights (subject to Section 3.12, Section 6.03 and Section 6.08(g) of this Agreement) and obligations of the Special Servicer under this Agreement with respect to the Serviced Loans (exclusive of any Serviced Outside Controlled Pari Passu Loan Combination) or the related Serviced Outside Controlled Pari Passu Loan Combination, as the case may be, with or without cause, upon ten (10) Business Days’ notice to the Special Servicer, the Master Servicer, the Certificate Administrator and the Trustee and, in the case of a termination of the Special Servicer with respect to a Serviced Loan Combination, the related Companion Loan Holder. Upon a termination (pursuant to the prior sentence) or a resignation (pursuant to Section 6.04(b) of this Agreement) of the Special Servicer with respect to the applicable Serviced Loan(s), the Controlling Class Representative or the related Outside Controlling Note Holder, as applicable, shall appoint a successor Special Servicer with respect to the Serviced Loans (exclusive of any Serviced Outside Controlled Pari Passu Loan Combination) or the related Serviced Outside Controlled Pari Passu Loan Combination, as the case may be; provided, however, that (i) such successor will meet the requirements set forth in Section 7.02 of this Agreement, (ii) the Controlling Class Representative or the related Outside Controlling Note Holder, as applicable, shall (at no expense to the Trust) obtain and deliver to the Certificate Administrator and the Trustee a Rating Agency Confirmation with respect to such proposed successor acting as a Special Servicer and (iii) in the case of the appointment of a successor Special Servicer with respect to a Serviced Loan Combination, the Controlling Class Representative or the related Outside Controlling Note Holder, as applicable, shall (at no expense to the Trust or the related Other Securitization Trust) obtain and deliver to the certificate administrator (if any) and the trustee for the related Other Securitization Trust (with a copy to the Certificate Administrator and the Trustee) a Companion Loan Rating Agency Confirmation with respect to such proposed successor acting as a Special Servicer for the related Serviced Companion Loan.

 

Following the occurrence and during the continuance of a CCR Control Termination Event, upon (i) the written direction of Holders of Certificates evidencing not less than 25% of the Voting Rights of the Certificates (other than the Class S and Class R Certificates) requesting a vote to terminate and replace the Special Servicer (with respect to all of the Serviced Loans other than any Serviced Outside Controlled Pari Passu Loan Combination) with a proposed successor Special Servicer, (ii) payment by such Holders to the Certificate 

 

  

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Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote and (iii) delivery by such Holders to the Certificate Administrator and the Trustee of a Rating Agency Confirmation with respect to the termination of the existing Special Servicer and the replacement thereof with the proposed successor (with the reasonable fees and out-of-pocket costs and expenses associated with obtaining such Rating Agency Confirmation to be an expense of such Holders), the Certificate Administrator shall promptly provide written notice thereof to all Certificateholders by posting such notice on its internet website and by mailing at their addresses appearing in the Certificate Register. Upon the written direction of (a) Holders of Certificates (other than the Class S and Class R Certificates) evidencing at least 75% of the Voting Rights of the Certificates (other than the Class S and Class R Certificates) or (b) Holders of Non-Reduced Certificates evidencing more than 50% of the Voting Rights of each Class of Non-Reduced Certificates (considering each Class of the Class A-S, Class B and Class C Certificates together with the Class PEZ Component with the same alphabetical designation as a single “Class” for such purpose), the Trustee shall terminate all of the rights (subject to Section 3.12, Section 6.03 and Section 6.08(g) of this Agreement) and obligations of the Special Servicer under this Agreement with respect to the Serviced Loans (other than any Serviced Outside Controlled Pari Passu Loan Combination), and the proposed successor Special Servicer shall succeed to the duties of the Special Servicer with respect to the Serviced Loans (other than any Serviced Outside Controlled Pari Passu Loan Combination) all as if a removal and replacement were occurring pursuant to Section 7.01 and Section 7.02 of this Agreement; provided that if such written direction is not provided 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 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 Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner may access notices on the Certificate Administrator’s Website and each Certificateholder and Beneficial Owner may register to receive e-mail notifications when such notices are posted on the Certificate Administrator’s Website; provided that the Certificate Administrator shall be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting such notices.

 

(b)           At any time after the occurrence and during the continuance of a CCR Consultation Termination Event (in the case of the Serviced Loans other than any Serviced Outside Controlled Pari Passu Loan Combination) or a related Outside Consultation Termination Event (in the case of a Serviced Outside Controlled Pari Passu Loan Combination), if the Operating Advisor determines that the Special Servicer is not performing its duties as required hereunder or is otherwise not acting in accordance with the Servicing Standard, 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 T 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 

 

  

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Agreement; provided that in no event shall the information or any other content included in such written recommendation contravene any provision of this Agreement) detailing the reasons supporting its position (along with relevant information justifying its recommendation) and recommending a replacement special servicer with respect to (i) the Serviced Loans other than any Serviced Outside Controlled Pari Passu Loan Combination or (ii) the related Serviced Outside Controlled Pari Passu Loan Combination, as applicable, meeting the applicable requirements of this Agreement, which recommended special servicer has agreed to succeed the then-current Special Servicer if appointed in accordance herewith. In any 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 with respect to the applicable Serviced Loan(s). Upon (i) the written direction (as evidenced by votes cast) of Holders of each Class of Non-Reduced Certificates evidencing greater than 50% of the aggregate Voting Rights of each Class of Non-Reduced Certificates (considering each Class of the Class A-S, Class B and Class C Certificates together with the Class PEZ Component with the same alphabetical designation as a single “Class” for such purpose) 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) receipt of Rating Agency Confirmation from each Rating Agency by the Certificate Administrator following satisfaction of the foregoing clause (i), the Trustee shall (x) terminate all of the rights (subject to Section 3.12, Section 6.03 and Section 6.08(g) of this Agreement) and obligations of the Special Servicer under this Agreement with respect to the applicable Serviced Loan(s), (y) appoint the recommended successor Special Servicer and (z) promptly notify such outgoing Special Servicer of the effective date of such termination. The reasonable fees and out-of-pocket costs and expenses associated with obtaining such Rating Agency Confirmation and administering such vote shall be an Additional Trust Fund Expense. If the Certificate Administrator does not receive the required written direction contemplated by clause (i) of the second preceding sentence 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 with respect to the applicable Serviced Loan(s), and to act as the Special Servicer’s successor hereunder. No penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section 6.08(b).

 

(c)           In no event may a successor Special Servicer be a current or former Operating Advisor or any Affiliate of such current or former Operating Advisor. Further, such successor must be a Person that (i) satisfies all of the eligibility requirements applicable to special servicers contained in this Agreement and, in the case of a Serviced Loan Combination, in the related Co-Lender Agreement, (ii) is not obligated or allowed to pay the Operating Advisor (x) any fees or otherwise compensate the Operating Advisor in respect of its obligations under this Agreement or (y) for the appointment of the successor Special Servicer or the recommendation by the Operating Advisor for the replacement Special Servicer to become the Special Servicer, (iii) is not entitled to waive any compensation from the Operating Advisor and (iv) 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.

 

  

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(d)           The appointment of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective obligations to make Advances as set forth herein; provided, however, the initial Special Servicer specified in Section 3.21(a) of this Agreement shall not be liable for any actions or any inaction of such successor Special Servicer. Any termination fee payable to the terminated Special Servicer and any costs incurred by the Trust or the terminated Special Servicer in connection with the replacement of a Special Servicer shall be paid by the Controlling Class Representative, the Certificateholders or the Serviced Companion Loan Holder so terminating the Special Servicer and shall not in any event be an expense of the Trust Fund.

 

(e)            No termination of the Special Servicer and appointment of a successor Special Servicer shall be effective until (i) the successor Special Servicer shall have executed and delivered to the Trustee and the Certificate Administrator an agreement which contains an assumption by such Person of the due and punctual performance and observance of each covenant and condition to be performed or observed by the Special Servicer under this Agreement from and after the date of such agreement, (ii) the Depositor and, if applicable, each related Other Depositor shall have received the written notice and information with respect to the successor Special Servicer as set forth in Section 10.02(a) and (iii) subject to Section 11.13 of this Agreement, each Rating Agency has delivered to the Trustee and the Certificate Administrator a Rating Agency Confirmation and, if required pursuant to Section 6.08(a), each Companion Loan Rating Agency has delivered to the Trustee and the Certificate Administrator and their respective counterparts with respect to the Other Securitization Trust a Companion Loan Rating Agency Confirmation, in each case with respect to such termination and appointment of a successor.

 

(f)            Any successor Special Servicer shall be deemed to make the representations and warranties provided for in Section 2.06(a) of this Agreement mutatis mutandis as of the date of its succession.

 

(g)           In the event that the Special Servicer is terminated pursuant to this Section 6.08, the Trustee shall, by notice in writing to the Special Servicer, terminate all of its rights and obligations under this Agreement and in and to the applicable Mortgage Loan(s) and/or Serviced Loan Combinations and the proceeds thereof, other than any rights the Special Servicer may have hereunder as a Certificateholder and any rights or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued or owing to it under this Agreement, plus interest at the Advance Rate on such amounts until received to the extent such amounts bear interest as provided in this Agreement, with respect to periods prior to the date of such termination and the right to the benefits of Section 6.03 of this Agreement and the right to receive ongoing Workout Fees in accordance with the terms hereof).

 

(h)           If a replacement special servicer is appointed with respect to a Serviced Loan Combination or any related REO Property in accordance with Article VII or this Section 6.08 such that there are multiple parties acting as Special Servicer hereunder, then, unless the context clearly requires otherwise: (i) when used in the context of imposing duties and obligations on the Special Servicer hereunder or the performance of such duties and obligations, the term “Special Servicer” shall mean the applicable Loan Combination Special Servicer, insofar as such duties and obligations relate to the subject Serviced Loan Combination 

 

  

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or any related REO Property, and shall mean the General Special Servicer, in all other cases (provided, that in Section 3.15 and Article VII of this Agreement, the term “Special Servicer” shall mean each of the Loan Combination Special Servicers and the General Special Servicer); (ii) when used in the context of identifying the recipient of any information, funds, documents, instruments and/or other items, the term “Special Servicer” shall mean the applicable Loan Combination Special Servicer, insofar as such information, funds, documents, instruments and/or other items relate to the subject Serviced Loan Combination or any related REO Property, and shall mean the General Special Servicer, in all other cases; (iii) when used in the context of granting the Special Servicer the right to purchase all of the Mortgage Loans and all other property held by the Trust Fund pursuant to Section 9.01 of this Agreement, the term “Special Servicer” shall mean the General Special Servicer only; (iv) when used in the context of the Special Servicer being replaced pursuant to this Section 6.08 by the Controlling Class Representative or the applicable Certificateholders, the term “Special Servicer” shall mean the General Special Servicer or the applicable Loan Combination Special Servicer, if applicable; (v) when used in the context of granting the Special Servicer any protections, limitations on liability, immunities and/or indemnities hereunder, the term “Special Servicer” shall mean each of the Loan Combination Special Servicers and the General Special Servicer; and (vi) when used in the context of requiring indemnification from, imposing liability on, or exercising any remedies against, the Special Servicer for any breach of a representation, warranty or covenant hereunder or for any negligence, bad faith or willful misconduct in the performance of duties and obligations hereunder or any negligent disregard of such duties and obligations or otherwise holding the Special Servicer responsible for any of the foregoing, the term “Special Servicer” shall mean the applicable Loan Combination Special Servicer or the General Special Servicer, as applicable.

 

(i)            References in this Agreement to “General Special Servicer” mean the Person performing the duties and obligations of special servicer with respect to the Mortgage Pool (exclusive of any Serviced Loan Combination or related REO Property as to which a different Loan Combination Special Servicer has been appointed with respect thereto).

 

Section 6.09     The Directing Holder and the Controlling Class Representative.

 

(a)           For so long as no Control Termination Event has occurred and is continuing, the related Directing Holder shall be entitled to advise the Special Servicer (1) with respect to the applicable Serviced Loan(s) that are Specially Serviced Loan(s) and (2) with respect to the applicable Serviced Loan(s) that are Performing Serviced Loan(s), as to all matters for which the Master Servicer must obtain the consent or deemed consent of the Special Servicer for a Major Decision. In addition, notwithstanding anything herein to the contrary, except as set forth in, and in any event subject to Section 6.09(b) and the second and third paragraphs of this Section 6.09(a), (a) the Master Servicer shall not be permitted to take any of the actions constituting a Major Decision unless it has obtained the consent of the Special Servicer, who shall have 15 Business Days (or 60 days with respect to the determination of an Acceptable Insurance Default) (from the date that the Special Servicer receives the information from the Master Servicer) to analyze and make a recommendation regarding such Major Decision (provided that if the Special Servicer does not consent, or notify the Master Servicer that it will not consent, to such Major Decision within the required 15 Business Days or 60 days, as applicable, the Special Servicer shall be deemed to have consented to such Major Decision), and 

 

  

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(b) for so long as no applicable Control Termination Event has occurred and is continuing, the Special Servicer shall not be permitted to consent to the Master Servicer’s taking any of the actions constituting a Major Decision nor will the Special Servicer itself be permitted to take any of the actions constituting a Major Decision as to which the related Directing Holder has objected in writing within ten (10) Business Days (or in the case of a determination of an Acceptable Insurance Default, twenty (20) days) after receipt of the written recommendation and analysis from the Special Servicer (provided that if such written objection has not been received by the Special Servicer within such ten (10) Business Day period or twenty (20) day period, as applicable, then the related Directing Holder will be deemed to have approved such action); and provided, further, that, as to both clause (a) and clause (b) above, 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 a Major Decision, or any other matter requiring consent of the related Directing Holder prior to the occurrence and continuance of an applicable Control Termination Event, is necessary to protect the interests of the Certificateholders and, with respect to any Serviced Loan Combination, the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, with respect to any Serviced Loan Combination, the related Serviced Companion Loan Holder(s) constituted a single lender (and, with respect to a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan)), the Special Servicer or Master Servicer, as applicable, may take any such action without waiting for the Directing Holder’s (or, if applicable, the Special Servicer’s) response. The Special Servicer is not required to obtain the consent of the related Directing Holder for any Major Decision following the occurrence and during the continuance of an applicable Control Termination Event; provided that, after the occurrence and during the continuance of an applicable Control Termination Event, the Special Servicer shall consult (on a non-binding basis) with the related Directing Holder (until the occurrence and continuance of an applicable Consultation Termination Event) and the Operating Advisor in connection with any Major Decision and consider alternative actions recommended by the related Directing Holder and the Operating Advisor, but only to the extent such consultation with, or consent of, the related Directing Holder would have been required prior to the occurrence and continuance of such applicable Control Termination Event. For the avoidance of doubt, with respect to any Serviced AB Loan Combination, the Special Servicer shall be responsible for obtaining any consent or deemed consent of the related Directing Holder for “Major Decisions” (as such term is defined in the related Co-Lender Agreement) to the extent such consent is required under this Agreement or under the terms of the related Co-Lender Agreement.

 

In addition, unless an applicable Control Termination Event has occurred and is continuing, each of (x) the Controlling Class Representative (with respect to each Serviced Loan other than a Serviced Outside Controlled Pari Passu Loan Combination and, in the case of any Serviced AB Loan Combination, after the occurrence of an applicable Subordinate Companion Loan Control Termination Event) and (y) the related Outside Controlling Note Holder (with respect to a Serviced Outside Controlled Pari Passu Loan Combination) may direct the Special Servicer to take, or to refrain from taking, such other actions with respect to the applicable Serviced Loan(s) as such party may reasonably deem advisable or as to which provision is otherwise made herein. Notwithstanding anything herein to the contrary, no such direction, and no objection, advice or consultation contemplated by the preceding paragraph or this paragraph, may require or cause the Master Servicer or the Special Servicer to violate any provision of any 

 

  

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related Loan Documents, any related Co-Lender Agreement, any intercreditor agreement, applicable law, this Agreement or the REMIC Provisions, including without limitation each of the Master Servicer’s and the Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special Servicer, the Certificate Administrator, the Trust Fund or the Trustee to liability, or materially expand the scope of the Master Servicer’s or the Special Servicer’s responsibilities under this Agreement or any Co-Lender Agreement or cause the Master Servicer or the Special Servicer to act, or fail to act, in a manner which in the reasonable judgment of the Master Servicer or the Special Servicer is not in the best interests of the Certificateholders and/or the Serviced Companion Loan Holders.

 

In the event the Special Servicer or Master Servicer, as applicable, determines that a refusal to consent by a Directing Holder or any advice from a Directing Holder would otherwise cause the Special Servicer or Master Servicer, as applicable, to violate the terms of any Loan Documents, any related Co-Lender Agreement or mezzanine intercreditor agreement, applicable law, the REMIC Provisions or this Agreement, including without limitation, the Servicing Standard, the Special Servicer or Master Servicer, as applicable, shall disregard such refusal to consent or advise and notify in writing such Directing Holder, the Trustee and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider of its determination, including a reasonably detailed explanation of the basis therefor. The taking of, or refraining from taking, any action by the Master Servicer or Special Servicer in accordance with the direction of or approval of a Directing Holder that does not violate any 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.

 

For so long as no CCR Control Termination Event has occurred and is continuing, the Controlling Class Representative shall be entitled to, with respect to each Outside Serviced Trust Loan, exercise the consent or approval rights set forth in Section 3.01(i) of this Agreement, exercise consultation rights in respect of “Major Decisions” (or any analogous concept) under, and within the meaning of, the applicable Other Pooling and Servicing Agreement and attend an annual meeting with the related Outside Servicer and the related Outside Special Servicer, in each case, to the extent the holder of such Outside Serviced Trust Loan is entitled to such rights pursuant to the related Co-Lender Agreement.

 

The Directing Holder will have no liability to the Trust Fund or Certificateholders for any action taken, or for refraining from the taking of any action, pursuant to this Agreement, or for error in judgment; provided, however, that the Controlling Class Representative will not be protected against any liability to any Controlling Class Certificateholder that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of negligent disregard of obligations or duties.

 

By its acceptance of a Certificate, each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) a Directing Holder may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii) a Directing Holder may act solely in its own interests (or, in the case of the Controlling Class Representative, in the interests of the Holders of the Controlling Class); (iii) a Directing Holder does not have any liability or duties to the Holders of any Class of Certificates 

 

  

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(other than, in the case of the Controlling Class Representative, the Controlling Class); (iv) a Directing Holder may take actions that favor its own interests (or in the case of the Controlling Class Representative, the interests of the Holders of the Controlling Class) over the interests of the Holders of one or more other Classes of Certificates; and (v) a Directing Holder shall have no liability whatsoever (other than, in the case of the Controlling Class Representative, to a Controlling Class Certificateholder) for having so acted as set forth in clauses (i)-(iv) of this paragraph, and that no Certificateholder may take any action whatsoever against any Directing Holder or any affiliate, director, officer, employee, shareholder, member, partner, agent or principal thereof for having so acted; provided, however, that the rights of a Directing Holder are subject to any related mezzanine intercreditor agreement.

 

(b)           Notwithstanding anything to the contrary contained herein:

 

(i)            after the occurrence and during the continuance of a CCR Control Termination Event or a related Outside Control Termination Event, as applicable, the Controlling Class Representative or an Outside Controlling Note Holder, as applicable, shall have no right to consent to any action taken or not taken by any party to this Agreement;

 

(ii)           after the occurrence and during the continuance of a CCR Control Termination Event or a related Outside Control Termination Event, as applicable, but prior to the occurrence and continuance of a CCR Consultation Termination Event or a related Outside Consultation Termination Event, as applicable, the Controlling Class Representative or an Outside Controlling Note Holder, as applicable, shall remain entitled to receive any notices, reports or information to which it is entitled pursuant to this Agreement, and the Master Servicer, Special Servicer and any other applicable party shall consult with the Controlling Class Representative or such Outside Controlling Note Holder, as applicable, in connection with any action to be taken or refrained from taking with respect to the applicable Serviced Loan(s) to the extent set forth herein; provided, however, that the Controlling Class Representative shall not be permitted to consult with respect to any Serviced AB Loan Combination prior to the occurrence and continuance of an applicable Subordinate Companion Loan Control Termination Event;

 

(iii)          after the occurrence and during the continuance of a CCR Consultation Termination Event or a related Outside Consultation Termination Event, as applicable, the Controlling Class Representative or an Outside Controlling Note Holder, as applicable, shall have no consultation or consent rights hereunder and no right to receive any notices, reports or information (other than notices, reports or information required to be delivered to all Certificateholders) or any other rights as Directing Holder; and

 

(iv)          in the case of an AB Loan Combination, after the occurrence and during the continuance of an applicable Subordinate Companion Loan Control Termination Event, (x) any consent and/or consultation rights of the related Subordinate Companion Loan Holder with respect to the related AB Loan Combination shall terminate and (y) so long as a CCR Control Termination Event does not exist, the Controlling Class Representative shall be entitled to exercise the rights of the Directing Holder with respect to the related Serviced AB Loan Combination.

 

  

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(c)           Notwithstanding anything to the contrary herein, neither the Master Servicer nor the Special Servicer shall take or refrain from taking any action pursuant to instructions from a Serviced Companion Loan Holder (or its Companion Loan Holder Representative) that would cause any one of them to violate applicable law, the terms of the related Serviced Loan Combination, the related Co-Lender Agreement, this Agreement, including the Servicing Standard, or the REMIC Provisions or that would (i) expose the Master Servicer, the Special Servicer, the Depositor, a Mortgage Loan Seller, the Trust Fund, the Trustee, the Operating Advisor, the Certificate Administrator or their respective Affiliates, officers, directors, employees or agents to any claim, suit or liability, (ii) materially expand the scope of the Master Servicer’s or the Special Servicer’s responsibilities, or (iii) cause the Master Servicer or the Special Servicer to act, or fail to act, in a manner that is not in the best interests of the Certificateholders or the Servicing Standard.

 

(d)           Each Certificateholder and Beneficial Owner of a Control Eligible Certificate is hereby deemed to have agreed by virtue of its purchase of such Certificate (or beneficial ownership interest in such Certificate) to provide its name and address to the Certificate Administrator and to notify the Certificate Administrator of the transfer of any Control Eligible Certificate (or the beneficial ownership of any Control Eligible Certificate), the selection of a Controlling Class Representative or the resignation or removal thereof. Any such Certificateholder (or Beneficial Owner) or its designee at any time appointed Controlling Class Representative is hereby deemed to have agreed by virtue of its purchase of a Control Eligible Certificate (or the beneficial ownership interest in a Control Eligible Certificate) to notify the Certificate Administrator when such Certificateholder (or Beneficial Owner) or designee is appointed Controlling Class Representative and when it is removed or resigns. Upon receipt of such notice, the Certificate Administrator shall notify the Special Servicer, the Master Servicer, the Operating Advisor and the Trustee of the identity of the Controlling Class Representative, any resignation or removal thereof and/or any new Holder or Beneficial Owner of a Control Eligible Certificate. In addition, upon the request of the Master Servicer, the Special Servicer, the Operating Advisor or the Trustee, as applicable, the Certificate Administrator shall provide the identity of the then-current Controlling Class and a list of the Certificateholders (or Beneficial Owners, if applicable, at the expense of the Trust if such expense arises in connection with an event as to which the Controlling Class Representative or the Controlling Class has consent or consultation rights pursuant to this Agreement or in connection with a request made by the Operating Advisor in connection with its obligation under Section 3.29(d)(ii) of this Agreement to deliver a copy of the Operating Advisor Annual Report to the Controlling Class Representative, and otherwise at the expense of the requesting party) of the Controlling Class to such requesting party, and each of the Master Servicer, Special Servicer, Operating Advisor and the Trustee shall be entitled to rely on the information so provided by the Certificate Administrator.

 

In the event of a change in the Controlling Class, the Certificate Administrator shall promptly contact the current Holder of the Controlling Class (or its designee) or one of its affiliates or, if applicable, any successor Controlling Class Representative or Controlling Class Certificateholder(s), and determine whether such entity is the Holder (or Beneficial Owner) of at least a majority of the Controlling Class (in effect after such change in Controlling Class) by Certificate Principal Amount. If at any time the current Holder of the Controlling Class (or its designee) or one of its Affiliates, or any successor Controlling Class Representative 

 

  

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or Controlling Class Certificateholder(s) is no longer the Holder (or Beneficial Owner) of at least a majority of the Controlling Class by Certificate Principal Amount and the Certificate Administrator has neither (i) received notice of the then-current Controlling Class Certificateholders of at least a majority of the Controlling Class by Certificate Principal Amount nor (ii) received notice of a replacement Controlling Class Representative pursuant to this Agreement, then a CCR Control Termination Event and a CCR Consultation Termination Event shall be deemed to have occurred and shall be deemed to continue until such time as the Certificate Administrator receives either such notice.

 

Upon receipt of notice of a change in Controlling Class Representative, the Certificate Administrator shall promptly forward notice thereof to each other party to this Agreement.

 

(e)           Once a Controlling Class Representative has been selected, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Depositor, the Certificate Administrator, the Trustee and each other Certificateholder (or Beneficial Owner, if applicable) shall be entitled to rely on such selection unless a majority of the Certificateholders of the Controlling Class, by Certificate Principal Amount, or such Controlling Class Representative shall have notified the Certificate Administrator, the Master Servicer 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. Upon receipt of written notice of, or other knowledge of, the resignation of a Controlling Class Representative, the Certificate Administrator shall request the Certificateholders of the Controlling Class to select a new Controlling Class Representative.

 

(f)             If at any time a book-entry certificate belongs to the Controlling Class, the Certificate Administrator shall notify the related Beneficial Owner or Beneficial Owners (through the Depository, unless the Certificate Administrator shall have been previously provided with the name and address of such Beneficial Owner or Beneficial Owners) of such event and shall request that it be informed of any change in the identity of the related Beneficial Owner from time to time.

 

(g)           Until it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Depositor and the Trustee and the Certificate Administrator shall be entitled to rely on the most recent notification with respect to the identity of the Certificateholders of the Controlling Class and the Controlling Class Representative.

 

(h)           Notwithstanding anything to the contrary contained herein, at any time when the Class E Certificates are the Controlling Class Certificates, the Holder of more than 50% of the Controlling Class Certificates (by Certificate Principal Amount) 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, Certificate Administrator, Trustee, Master Servicer, Special Servicer and Operating Advisor (any such Holder or group of affiliated Holders that makes such an election, the “Opting-Out Party”). Any such waiver shall remain effective, and a CCR Control Termination Event and a CCR Consultation Termination Event shall be deemed to have occurred and shall be 

 

  

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deemed to continue, with respect to such Holder and such Class until such time as either (x) the Class E Certificates are no longer the Controlling Class of Certificates or (y) the Opting-Out Party has (i) sold a majority of the Class E Certificates (by Certificate Principal Amount) to an unaffiliated third party and (ii) certified to the Depositor, Certificate Administrator, Trustee, Master Servicer, Special Servicer and Operating Advisor that (a) the Opting-Out Party retains no direct or indirect voting rights with respect to the Class E Certificates that it does not own, (b) there is no voting agreement between the Opting-Out Party and the transferee and (c) the Opting-Out Party retains no direct or indirect economic interest in the Class E Certificates (such sale and certification, a “Class E Transfer”). Following any such Class E Transfer, or if the Class E Certificates are no longer the Controlling Class of Certificates, the successor holder of more than 50% of the Controlling Class of Certificates (by Certificate Principal Amount) shall again have the rights of a Controlling Class Representative as set forth herein without regard to any prior waiver by the predecessor Certificateholder. Such successor Certificateholder shall also have the right as provided in this Section 6.09(h) 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 to cause the exercise of any of the rights of the Controlling Class Representative as set forth in this Agreement. No successor Certificateholder described above in this paragraph shall have any consent rights with respect to any Serviced Mortgage Loan that became a Specially Serviced Loan prior to the Class E Transfer and had not also become a Corrected Loan prior to such Class E Transfer until such time as such Serviced Mortgage Loan becomes a Corrected Loan.

 

ARTICLE VII

 

DEFAULT

 

Section 7.01     Servicer Termination Events.

 

(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 or payment required to be made by the Master Servicer to the Collection Account or Loan Combination Custodial Account or to any Serviced Companion Loan Holder on the day and by the time such deposit or remittance is 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, the Distribution Account, the Excess Interest Distribution Account or the Exchangeable 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

 

(ii)          any failure by the Special Servicer to deposit into any 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 the Loan Combination Custodial Account, as applicable, any amount required to be so deposited or remitted by the Special 

 

  

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Servicer pursuant to, and within one (1) Business Day after the time specified by, the terms of this Agreement; or

 

(iii)          any failure on the part of the Master Servicer or the Special Servicer, as applicable, 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 30 days (10 days in the case of the Master Servicer’s failure to make a Property Advance or 20 days in the case of a failure to pay the premium for any insurance policy required to be maintained under this Agreement or such shorter period (not less than two (2) Business Days) as may be required to avoid the commencement of foreclosure proceedings for unpaid real estate taxes or the lapse of insurance, as applicable) after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Master Servicer or the Special Servicer, as the case may be, by any other party hereto, or 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 Holders of Certificates of any Class evidencing, as to such Class, not less than 25% of the Voting Rights allocable thereto (considering each Class of the Class A-S, Class B and Class C Certificates together with the Class PEZ Component with the same alphabetical designation as a single “Class” for such purpose) or, if affected thereby, by a Serviced Companion Loan Holder; provided, however, if any such failure with a 30-day cure period is capable of being cured and the Master Servicer or Special Servicer, as applicable, is diligently pursuing such cure, such 30-day period will be extended an additional 60 days (provided that the Master Servicer, or Special Servicer, as applicable, has commenced to cure such failure within the initial 30-day period and has certified that it has diligently pursued, and is continuing to pursue, a full cure); or

 

(iv)          any breach on the part of the Master Servicer or the Special Servicer of any representation or warranty contained in this Agreement, which materially and adversely affects the interests of any Class of Certificateholders or any Serviced Companion Loan Holder and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be remedied, has 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 Holders of Certificates entitled to not less than 25% of the Voting Rights or, if affected thereby, by a Serviced Companion Loan Holder; provided, however, 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 60 days (provided that the Master Servicer, or Special Servicer, as applicable, has commenced to cure such failure within the initial 30-day period and has certified that it has diligently pursued, and is continuing to pursue, a full cure); or

 

  

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(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, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer or the Special Servicer, as applicable, and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days; or

 

(vi)          the Master Servicer or the Special Servicer, as applicable, shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Master Servicer or the Special Servicer or of or relating to all or substantially all of its property; or

 

(vii)         the Master 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 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)        any of Moody’s, Fitch or KBRA (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency) has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or one or more classes of Serviced Companion Loan Securities, or (B) placed one or more Classes of Certificates or one or more classes of Serviced Companion Loan Securities on “watch status” in contemplation of rating downgrade or withdrawal and, in the case of either of clauses (A) or (B), publicly 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 Rating Agency (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency), within 60 days of such event); or

 

(ix)          with respect to the Master Servicer, the Master Servicer ceases to have a commercial master servicer rating of at least “CMS3” from Fitch and that rating is not reinstated within 60 days or, with respect to the Special Servicer, the Special Servicer ceases to have a commercial special servicer rating of at least “CSS3” from Fitch and that rating is not reinstated within 60 days, as the case may be; or

 

(x)           the Master Servicer or the Special Servicer, as applicable, or any primary servicer or Sub-Servicer appointed by the Master Servicer or the Special Servicer after the Closing Date (but excluding any Sub-Servicer set forth on Exhibit S), shall (A) for so long as the Trust is subject to the reporting requirements of Regulation AB or the Exchange Act, fail to deliver the items required to be delivered by this Agreement to enable the Certificate Administrator or Depositor to comply with the reporting obligations of the Trust under the Exchange Act or (B) for so long as any Other Securitization Trust is subject to the reporting requirements of Regulation AB or the 

 

  

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Exchange Act, fail to deliver any Exchange Act reporting items required to be delivered by such servicer to the related Other Depositor or related Other Exchange Act Reporting Party pursuant to Article X of this Agreement, in the case of each of clauses (A) and (B), within (a) with respect to the delivery of any item relating to a Reportable Event, two (2) Business Days of such failure to comply with Article X or (b) with respect to the delivery of any other item, five (5) Business Days of such failure to comply with Article X (any primary servicer or Sub-Servicer that defaults in accordance with this Section 7.01(a)(xi) shall be terminated at the direction of the Depositor);

 

then, and in each and every such case, so long as a Servicer Termination Event shall not have been remedied, either (i) the Trustee may or (ii) upon the written direction of the Holders of at least 25% of the aggregate Voting Rights of all Certificates (or, solely in the case of a Serviced Loan Combination, upon the written direction of an affected Serviced Companion Loan Holder) to the Trustee, then the Trustee shall, terminate the Master Servicer or the Special Servicer, as applicable. Notwithstanding anything to the contrary, it shall not be a Servicer Termination Event with respect to the pool of Mortgage Loans under clauses (i), (ii), (iii), (iv), (viii) or (ix) above if the failure, default or event only has an adverse effect on a Serviced Companion Loan, a Serviced Companion Loan Holder or a rating on any Serviced Companion Loan Securities, but shall be a Servicer Termination Event with respect to the related Serviced Companion Loan and any related Serviced Companion Loan Holder shall: (i) in the case of any such failure, default or event on the part of the Master Servicer, have the remedies set forth in Section 7.01(d) with respect to the Servicer Termination Event with respect to the related Serviced Companion Loan; and (ii) with respect to any such failure, default or event on the part of the Special Servicer, be able to require termination of the Special Servicer with respect to, but only with respect to, the related Serviced Loan Combination.

 

In the event that the Master Servicer is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01, the Master Servicer shall also be terminated as Special Servicer.

 

(b)           If the Master Servicer receives notice of termination under Section 7.01(c) solely due to a Servicer Termination Event under Section 7.01(a)(viii) or Section 7.01(a)(ix) and if the Master Servicer to be terminated pursuant to Section 7.01(c) provides the Trustee with the appropriate “request for proposal” materials within five (5) Business Days following such termination notice, then the Master Servicer shall continue to service as Master Servicer hereunder until a successor Master Servicer is selected in accordance with this Section 7.01(b). Upon receipt of the “request for proposal” materials, Trustee shall promptly thereafter (using such “request for proposal” materials provided by the Master Servicer pursuant to Section 7.01(c)) solicit good faith bids for the rights to service the Mortgage Loans and the Serviced Loan Combinations under this Agreement from at least three (3) Persons qualified to act as a successor Master Servicer hereunder in accordance with Section 6.04 (any such Person so qualified, a “Qualified Bidder”) or, if three (3) Qualified Bidders cannot be located, then from as many persons as the Trustee can determine are Qualified Bidders; provided that, the Master Servicer shall supply the Trustee with the names of Persons from whom to solicit such bids; and provided, further, that the Trustee shall not be responsible if less than three (3) or no Qualified Bidders submit bids for the right to service the Mortgage Loans under this Agreement. The bid proposal shall require any Successful Bidder (as defined below), as a condition of such bid, to 

 

  

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enter into this Agreement as successor Master Servicer, and to agree to be bound by the terms hereof, within 45 days after the notice of termination of the Master Servicer. The Trustee shall select the Qualified Bidder with the highest cash bid (the “Successful Bidder”) to act as successor Master Servicer hereunder; provided, however, that if the Trustee does not receive a Rating Agency Confirmation from each Rating Agency within 10 days after the selection of such Successful Bidder, then the Trustee shall repeat the bid process described above (but subject to the above-described 45-day time period) until such confirmation is obtained. The Trustee shall request the Successful Bidder to enter into this Agreement as successor Master Servicer pursuant to the terms hereof no later than 45 days after notice of the termination of the Master Servicer.

 

Upon the assignment and acceptance of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement) to and by the Successful Bidder, the Trustee shall remit or cause to be remitted to the Master Servicer to be terminated pursuant to Section 7.01(c) of this Agreement, 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).

 

The Master Servicer to be terminated pursuant to Section 7.01(c) of this Agreement shall be responsible for all out-of-pocket expenses incurred in connection with the attempt to sell its rights to service the Mortgage Loans and the Serviced Loan Combinations, which expenses are not reimbursed to the party that incurred such expenses pursuant to the preceding paragraph.

 

If the Successful Bidder has not entered into this Agreement as successor Master Servicer within the above-described time period or no Successful Bidder was identified within the above-described time period, the Master Servicer to be terminated pursuant to Section 7.01(c) shall reimburse the Trustee for all reasonable “out-of-pocket” expenses incurred by the Trustee in connection with such bid process and the Trustee shall have no further obligations under this Section 7.01(b). The Trustee thereafter may act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02.

 

(c)           In the event that the Master Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee shall, by notice in writing to the Master Servicer or the Special Servicer, as the case may be (the “Terminated Party”), terminate all of its rights and obligations under this Agreement and in and to the Mortgage Loans and Serviced Loan Combination and the proceeds thereof, other than any rights the Master Servicer or Special Servicer may have hereunder as a Certificateholder and any rights or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued or owing to it under this Agreement, plus interest at the Advance Rate on such amounts until received to the extent such amounts bear interest as provided in this Agreement, with respect to periods prior to the date of such termination and the right to the benefits of Section 6.03 and subsection (b) above notwithstanding any such termination). On or after the receipt by the Terminated Party of such written notice, all of its authority and power under this Agreement, whether with respect to the Certificates (except that the Terminated Party shall retain its rights as a Certificateholder in the event and to the extent that it is a Certificateholder) or the Mortgage Loans and Serviced Loan Combination or otherwise, shall pass to and be vested in the Trustee pursuant to and under this Section and, without limitation, the Trustee is hereby authorized and empowered to execute 

 

  

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and deliver, on behalf of and at the expense of the Terminated Party, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and Serviced Loan Combination and related documents, or otherwise. The Master Servicer and the Special Servicer each agrees that, in the event it is terminated pursuant to this Section 7.01, to promptly (and in any event no later than ten Business Days subsequent to such notice) provide, at its own expense, the Trustee (or the successor Master Servicer selected by the Trustee pursuant to Section 7.01(b) of this Agreement or the successor Master Servicer or Special Servicer, as applicable, otherwise appointed pursuant to Section 7.02 of this Agreement) with all documents and records requested by the Trustee (or the successor Master Servicer selected by the Trustee pursuant to Section 7.01(b) of this Agreement or the successor Master Servicer or Special Servicer, as applicable, otherwise appointed pursuant to Section 7.02 of this Agreement) to enable the Trustee or other successor to its responsibilities hereunder to assume its functions hereunder, and to cooperate with the Trustee and the successor to its responsibilities hereunder in effecting the termination and transfer of its responsibilities and rights hereunder, including, without limitation, the transfer to the successor Master Servicer or successor Special Servicer or the Trustee, as applicable, for administration by it of all cash amounts which shall at the time be or should have been credited by the Master Servicer or the Special Servicer to the Collection Account, any Loan Combination Custodial Account, any REO Account or Lock-Box Account shall thereafter be received with respect to the Mortgage Loans and Serviced Loan Combination, and shall promptly provide the Trustee or such successor Master Servicer or Special Servicer (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 Trustee or such successor Master Servicer or Special Servicer shall reasonably request (including electromagnetic form), to enable it to assume the Master Servicer’s or Special Servicer’s function hereunder. All reasonable costs and expenses actually incurred by the Trustee, the Certificate Administrator or the successor Master Servicer or successor Special Servicer in connection with transferring Mortgage Files, Servicing Files and related information, records and reports to the successor Master Servicer or Special Servicer and amending this Agreement to reflect (as well as providing appropriate notices to Mortgagors, ground lessors, insurers and other applicable third parties regarding) such succession as successor Master Servicer or successor Special Servicer pursuant to this Section 7.01 shall be paid by the predecessor Master Servicer or the Special Servicer, as applicable, upon presentation of reasonable documentation of such costs and expenses. If the predecessor Master Servicer or Special Servicer (as the case may be) has not reimbursed the Trustee, the Certificate Administrator or the successor Master Servicer or Special Servicer for such expenses within 90 days after the presentation of reasonable documentation, such expense shall be reimbursed by the Trust Fund; provided that the Terminated Party shall not thereby be relieved of its liability for such expenses.

 

(d)           Notwithstanding Sections 7.01(a) and Section 7.01(c), if (1) any Servicer Termination Event on the part of the Master Servicer affects a Serviced Companion Loan, the related Serviced Companion Loan Holder or the rating on a class of the related Serviced Companion Loan Securities and the Master Servicer is not otherwise terminated in accordance with Section 7.01(c), or (2) a Servicer Termination Event on the part of the Master Servicer occurs that affects only a Serviced Companion Loan, the related Serviced Companion Loan Holder or the rating on a class of the related Serviced Companion Loan Securities, the Master 

 

  

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Servicer may not be terminated in accordance with Section 7.01(c), but, at the written direction of the related Serviced Companion Loan Holder, the Master Servicer shall appoint, within 30 days of such direction, a sub-servicer (or, if the related Serviced Loan Combination is currently being sub-serviced, to replace, within 30 days of such direction, the then current sub-servicer with a new sub-servicer). In connection with the Master Servicer’s appointment of any sub-servicer at the direction of a Serviced Companion Loan Holder in accordance with this Section 7.01(d), the Master Servicer shall obtain a Rating Agency Confirmation from each Rating Agency. The related sub-servicing agreement shall provide that any sub-servicer appointed by the Master Servicer at the direction of a Serviced Companion Loan Holder in accordance with this Section 7.01(d) shall be responsible for all duties, and shall be entitled to all compensation (other than the Excess Servicing Fee Right), of the Master Servicer under this Agreement with respect to the related Serviced Loan Combination, except that the Master Servicer shall be entitled to retain a portion of the Servicing Fee for the Mortgage Loan that is part of the related Serviced Loan Combination calculated at 0.0025% per annum with respect to such Mortgage Loan (and any related REO Mortgage Loan). Such sub-servicing agreement (a) may be terminated without cause and without payment of any fee and (b) shall also provide that such sub-servicer shall agree to become the master servicer under a separate servicing agreement for the applicable Serviced Loan Combination in the event that such Serviced Loan Combination is no longer to be serviced and administered hereunder, which separate servicing agreement shall contain servicing and administration, limitation of liability, indemnification and servicing compensation provisions substantially similar to the corresponding provisions of this Agreement, except for the fact that the applicable Serviced Loan Combination and the related Mortgaged Properties shall be the sole assets serviced and administered thereunder and the sole source of funds thereunder. If any sub-servicer appointed by the Master Servicer at the direction of a Serviced Companion Loan Holder in accordance with this Section 7.01(d) shall at any time resign or be terminated, the Master Servicer shall be required to promptly appoint a substitute sub-servicer and obtain a Rating Agency Confirmation. In the event a successor Master Servicer is acting hereunder and that successor Master Servicer desires to terminate the sub-servicer appointed under this Section 7.01(d), the terminated Master Servicer that was responsible for the Servicer Termination Event that led to the appointment of such sub-servicer shall be responsible for all costs incurred in connection with such termination, including the payment of any termination fee.

 

(e)           If the Trustee, the Certificate Administrator or the Master Servicer has received written notice (which, for the purposes of this clause (e), shall include any publications by Moody’s, Fitch or KBRA of which the Trustee, the Certificate Administrator or any Servicing Officer of the Master Servicer, as the case may be, has actual knowledge) from Moody’s, Fitch or KBRA that the Master Servicer no longer is an approved master servicer then such party shall promptly notify the others and the Special Servicer, and the Certificate Administrator shall notify the related Serviced Companion Loan Holder of the same.

 

Section 7.02     Trustee to Act; Appointment of Successor. On and after the time the Master Servicer or the Special Servicer receives a notice of termination pursuant to Section 7.01, the Trustee shall, subject to the following provisions of this Section 7.02, be its successor in all respects in its capacity as Master Servicer or Special Servicer under this Agreement and the transactions set forth or provided for herein and, except as provided herein, shall be subject to all the responsibilities, duties, limitations on liability and liabilities relating 

 

  

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thereto and arising thereafter placed on the Master Servicer or Special Servicer by the terms and provisions hereof; provided, however, that (i) the Trustee shall have no responsibilities, duties, liabilities or obligations with respect to any act or omission of the Master Servicer or Special Servicer and (ii) any failure to perform, or delay in performing, such duties or responsibilities caused by the Terminated Party’s failure to provide, or delay in providing, records, tapes, disks, information or moneys shall not be considered a default by such successor hereunder. The Trustee, as successor Master Servicer or successor Special Servicer, shall be indemnified to the full extent provided the Master Servicer or Special Servicer, as applicable, under this Agreement prior to the Master Servicer’s or the Special Servicer’s termination. The appointment of a successor Master Servicer or successor Special Servicer shall not affect any liability of the predecessor Master Servicer or Special Servicer which may have arisen prior to its termination as Master Servicer or Special Servicer. The Trustee shall not be liable for any of the representations, liabilities or warranties of the Master Servicer or Special Servicer herein or in any related document or agreement, for any acts or omissions of the predecessor Master Servicer or predecessor Special Servicer or for any losses incurred in respect of any Permitted Investment by the Master Servicer pursuant to Section 3.07 of this Agreement nor shall the Trustee be required to purchase any Mortgage Loan or Serviced Loan Combination hereunder. As compensation therefor, the Trustee as successor Master Servicer or successor Special Servicer shall be entitled to the Servicing Fee or Special Servicing Compensation, as applicable, and all funds relating to the Mortgage Loans and Serviced Companion Loans that accrue after the date of the Trustee’s succession to which the Master Servicer or Special Servicer would have been entitled if the Master Servicer or Special Servicer, as applicable, had continued to act hereunder. In the event any Advances made by the Master Servicer and the Trustee shall at any time be outstanding, or any amounts of interest thereon shall be accrued and unpaid, all amounts available to repay Advances and interest hereunder shall be applied entirely to the Advances made by the Trustee (and the accrued and unpaid interest thereon), until such Advances and interest shall have been repaid in full. Notwithstanding the above and subject to Section 6.08, the Trustee may, if it shall be unwilling to so act, or shall, if it is unable to so act, or if the Holders of Certificates entitled to at least 25% of the aggregate Voting Rights so request in writing to the Trustee, or if the Rating Agencies do not provide Rating Agency Confirmations with respect to the Trustee so acting, promptly appoint, or petition a court of competent jurisdiction to appoint, any established mortgage loan servicing institution for which a Rating Agency Confirmation from each Rating Agency has been obtained (at the expense of the terminated Master Servicer or Special Servicer, as applicable, or, if the expense is not so recovered, at the expense of the Trust Fund), 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 Special Servicer hereunder; provided that, prior to the occurrence and continuance of a CCR Control Termination Event, the Controlling Class Representative shall have the right (and prior to the occurrence and continuance of a related Outside Control Termination Event, an Outside Controlling Note Holder shall have the right) to approve any such successor Special Servicer with respect to the applicable Serviced Loan(s) for which it is the Directing Holder. No appointment of a successor to the Master Servicer or Special Servicer hereunder shall be effective until (i) the assumption by such successor of all the Master Servicer’s or Special Servicer’s responsibilities, duties and liabilities hereunder and (ii) the Depositor and, if applicable, each related Other Depositor shall have received the written notice and information with respect to the successor Special Servicer as 

 

  

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set forth in Section 10.02(a). Pending appointment of a successor to the Master Servicer (or the Special Servicer if the Special Servicer is also the Master Servicer) hereunder, unless the Trustee shall be prohibited by law from so acting, the Trustee shall act in such capacity as herein above provided. Pending the appointment of a successor to the Special Servicer, unless the Master Servicer is also the Special Servicer, the Master Servicer shall act in such capacity. In connection with such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans and Serviced Companion Loans as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the Terminated Party hereunder; provided, further, that if no successor to the Terminated Party can be obtained to perform the obligations of such Terminated Party hereunder, additional amounts shall be paid to such successor and such amounts in excess of that permitted the Terminated Party shall be treated as Realized Losses; provided, further that, for so long as no CCR Consultation Termination Event has occurred and is continuing, the Trustee shall consult with the Controlling Class Representative (and, if a Serviced Outside Controlled Pari Passu Loan Combination is affected and no related Outside Consultation Termination Event has occurred and is continuing, the Trustee shall consult with the related Outside Controlling Note Holder) prior to the appointment of a successor to the Terminated Party at such amounts in excess of that permitted the Terminated Party. The Depositor, the Trustee, the Master Servicer or Special Servicer and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession.

 

If the Trustee or an Affiliate acts pursuant to this Section 7.02 as successor to the terminated Master Servicer, it may reduce the Excess Servicing Fee Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the terminated Master Servicer other than itself or an Affiliate pursuant to this Section 7.02, 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 Master Servicer that meets the requirements of this Section 7.02.

 

Section 7.03     Notification to Certificateholders.

 

(a)           Upon any termination pursuant to Section 7.01 above or appointment of a successor to the Master Servicer or the Special Servicer, the Certificate Administrator shall give prompt written notice thereof to Certificateholders at their respective addresses appearing in the Certificate Register, to the Serviced Companion Loan Holders, and electronically, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, to the Rule 17g-5 Information Provider.

 

(b)           Within 30 days after the occurrence of any Servicer Termination Event or Operating Advisor Termination Event of which a Responsible Officer of the Certificate Administrator has actual knowledge, the Certificate Administrator shall transmit by mail to all Holders of Certificates and any affected Serviced Companion Loan Holder (to the extent the Certificate Administrator has received the notice information for such Serviced Companion Loan Holder after a request therefor) and electronically, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, to the Rule 17g-5 Information 

 

  

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Provider notice of such Servicer Termination Event or Operating Advisor Termination Event, unless such Servicer Termination Event or Operating Advisor Termination Event shall have been cured or waived.

 

Section 7.04     Other Remedies of Trustee. During the continuance of any Servicer Termination Event, so long as such Servicer Termination Event shall not have been remedied, the Trustee, in addition to the rights specified in Section 7.01, shall have the right, in its own name as trustee of an express trust, to take all actions now or hereafter existing at law, in equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of the Certificateholders and the Serviced Companion Loan Holders (including the institution and prosecution of all judicial, administrative and other proceedings and the filing of proofs of claim and debt in connection therewith). In such event, the legal fees, expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the defaulting Master Servicer or Special Servicer, as applicable. If the Master Servicer or Special Servicer, as applicable, fails to remedy, after the presentation of reasonable documentation, the Trustee shall be entitled to be reimbursed for such expenses, costs and liability from the Collection Account or the Loan Combination Custodial Account, as applicable, as provided in Section 3.06 and Section 3.06A of this Agreement; provided that the Master Servicer or the Special Servicer, as applicable, shall not be relieved of such liability for such expenses, costs and liabilities. 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 of the Master Servicer or the Special Servicer.

 

Section 7.05     Waiver of Past Servicer Termination Events and Operating Advisor Termination Events; Termination. The Holders of Certificates evidencing not less than 66-2/3% of the aggregate Voting Rights of the Certificates (and, if such Servicer Termination Event is on the part of a Special Servicer, with respect to the related Serviced Loan Combination only, by each affected Serviced Companion Loan Holder) may, on behalf of all Holders of Certificates, waive any Servicer Termination Event on the part of the Master Servicer, Special Servicer or any Operating Advisor Termination Event on the part of the Operating Advisor in the performance of its obligations hereunder and its consequences, except a Servicer Termination Event in connection with making any required deposits (including, with respect to the Master Servicer, P&I Advances) to or payments from the Collection Account, a Loan Combination Custodial Account or the Lower-Tier Distribution Account or in remitting payments as received, in each case in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Termination Event or Operating Advisor Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon. Any costs and expenses incurred by the Certificate Administrator in connection with such default and prior to such waiver shall be reimbursed by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, promptly upon demand therefor and if not reimbursed to the Certificate Administrator within 90 days of such demand, from the Trust Fund; provided that the Trust Fund shall be reimbursed by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, to the extent such amounts are reimbursed to the Certificate Administrator from the Trust Fund. Notwithstanding the foregoing, 

 

  

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(a) a Servicer Termination Event under any of Section 7.01(a)(i) and Section 7.01(a)(ii) of this Agreement may be waived only by all of the Certificateholders of the affected Classes (considering each Class of the Class A-S, Class B and Class C Certificates together with the Class PEZ Component of the same alphabetical designation as a single “Class” for such purpose), and (b) a Servicer Termination Event under Section 7.01(a)(x) of this Agreement may be waived only with the consent of the Depositor, together with (in the case of each of clauses (a) and (b)) the consent of each Serviced Companion Loan Holder, if any, that is affected by such Servicer Termination Event.

 

The foregoing paragraph notwithstanding, if the Holders representing at least the requisite percentage of the Voting Rights allocated to each affected Class of Certificates desire to waive a Servicer Termination Event by the Master Servicer, but a Serviced Companion Loan Holder related to a Serviced Loan Combination (if adversely affected thereby) does not wish to waive that Servicer Termination Event, then those Certificateholders may still waive that Servicer Termination Event, and the applicable Serviced Companion Loan Holder will be entitled to request that the Master Servicer appoint, within 60 days of the applicable Serviced Companion Loan Holder’s request, a sub-servicer (or, if the applicable Serviced Loan Combination is currently being subserviced, to replace, within 60 days of the applicable Serviced Companion Loan Holder’s request, the then current sub-servicer with a new sub-servicer) with respect to the applicable Serviced Loan Combination. In connection with the Master Servicer’s appointment of a sub-servicer at the request of a Serviced Companion Loan Holder in accordance with this Section 7.05, the Master Servicer shall obtain a Rating Agency Confirmation from each Rating Agency at the expense of the Serviced Companion Loan Holder. The related sub-servicing agreement shall provide that any sub-servicer appointed by the Master Servicer at the request of a Serviced Companion Loan Holder in accordance with this Section 7.05 shall be responsible for all duties, and shall be entitled to all compensation (other than the Excess Servicing Fee Right), of the Master Servicer under this Agreement with respect to the applicable Serviced Loan Combination, except that the Master Servicer shall be entitled to retain a portion of the Servicing Fee for the related Mortgage Loan calculated at 0.0025% per annum. Such Sub-Servicing Agreement (a) may be terminated without cause and without the payment of any fee and (b) shall also provide that such sub-servicer shall become the master servicer under a separate servicing agreement for the applicable Serviced Loan Combination in the event that the Serviced Loan Combination is no longer to be serviced and administered hereunder, which separate servicing agreement shall contain servicing and administration, limitation of liability, indemnification and servicing compensation provisions substantially similar to the corresponding provisions of this Agreement, except for the fact that the applicable Serviced Loan Combination and the related Mortgaged Properties shall be the sole assets serviced and administered thereunder and the sole source of funds thereunder. Such sub-servicer (a) may be terminated without cause and without the payment of any fee and (b) shall meet the requirements of Section 3.01 of this Agreement. If any sub-servicer appointed by the Master Servicer at the request of a Serviced Companion Loan Holder in accordance with this Section 7.05 shall at any time resign or be terminated, the Master Servicer shall be required to promptly appoint a substitute sub-servicer with respect to which a Rating Agency Confirmation has been obtained at the expense of the applicable resigning or terminated sub-servicer (and any applicable Sub-Servicing Agreement shall so provide), and if the resigning or terminated sub-servicer fails to cover such expense, the Master Servicer shall do so. In the event a successor Master Servicer is acting hereunder and that successor Master Servicer desires to terminate the 

 

  

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sub-servicer appointed under this Section 7.05, the terminated Master Servicer that was responsible for the Servicer Termination Event that led to the appointment of such sub-servicer shall be responsible for all costs incurred in connection with such termination, including the payment of any termination fee.

 

Section 7.06     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 shall have been given to the Operating Advisor by the Trustee or to the Operating Advisor 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;

 

(iii)          any failure by the Operating Advisor to be an Eligible Operating Advisor, which failure shall continue unremedied for a period of 30 days;

 

(iv)          a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator 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 

 

  

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insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations.

 

Upon receipt by the Certificate Administrator of notice of the occurrence of any Operating Advisor Termination Event, the Certificate Administrator shall promptly provide written notice to all Certificateholders by posting such notice on 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 the Trustee (i) 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 Certificates evidencing not less than 15% of the Voting Rights of the Non-Reduced Certificates requesting a vote to terminate and replace the Operating Advisor with a proposed successor Operating Advisor that is an Eligible Operating Advisor and (ii) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate Administrator shall promptly provide written notice thereof to the Operating Advisor and to all Certificateholders by (i) posting such notice on its internet website, and (ii) mailing such notice to all Certificateholders at their addresses appearing in the Certificate Register and to the Operating Advisor. Upon the written direction of holders of Certificates evidencing more than 50% of the Voting Rights of the Non-Reduced Certificates that exercise their right to vote (provided that Holders of at least 50% of the Voting Rights of the Non-Reduced Certificates exercise their right to vote), the Trustee shall terminate all of the rights and obligations of the Operating Advisor under this Agreement by notice in writing to the Operating Advisor. The provisions set forth in the foregoing sentences of this Section 7.06(b) shall be binding upon and inure to the benefit of solely the Certificateholders and the Trustee as between each other. The Operating Advisor shall not have any cause of action based upon or arising from any breach or alleged breach of such provisions. As between the Operating Advisor, on the one hand, and the Certificateholders, on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the termination of the Operating Advisor. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner may access notices on the Certificate Administrator’s Website and each Certificateholder and Beneficial Owner may register to receive e-mail notifications when such notices are posted on the Certificate Administrator’s Website; provided that the Certificate Administrator shall be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting such notices.

 

  

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(c)           On or after the receipt by the Operating Advisor of such written notice of termination, subject to the foregoing, all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Operating Advisor shall execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 15 Business Days after (1) the Operating Advisor resigns pursuant to Section 6.04 of this Agreement (excluding resignation under the circumstances contemplated in Section 6.04(b) where no successor Operating Advisor is required to be appointed) or (2) the Trustee delivers such written notice of termination to the Operating Advisor, the Trustee shall appoint a successor Operating Advisor that is an Eligible Operating Advisor, which successor Operating Advisor may be an Affiliate of the Trustee and shall be the proposed Operating Advisor in the case of a termination pursuant to Section 7.06(b) of this Agreement; provided, however, that if the Trustee is the successor Master Servicer or successor Special Servicer, neither the Trustee nor any of its Affiliates shall be the successor Operating Advisor. The Trustee shall provide written notice of the appointment of an Operating Advisor to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Depositor and, with respect to each Serviced Loan as to which a Consultation Termination Event does not exist, the related Directing Holder within one Business Day of such appointment, and the Certificate Administrator shall provide written notice of such appointment to each Certificateholder within one Business Day of the receipt of such notice of appointment from the Trustee. Except as contemplated by Section 7.06(b) of this Agreement, 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 Master Servicer, the Special Servicer, a Sponsor or an Affiliate of any of them. If any of such entities becomes the Operating Advisor, including by means of an Affiliation arising after the date hereof, the Operating Advisor shall immediately resign or cause an assignment under Section 6.04 of this Agreement and the Trustee shall appoint a successor Operating Advisor subject to and in accordance with this Section 7.06(c), which successor Operating Advisor may be an Affiliate of the Trustee. 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 Depositor shall be permitted to find a replacement. Unless and until a replacement Operating Advisor is appointed, no party shall act as the Operating Advisor and the provisions in this Agreement relating to consultation with respect to the Operating Advisor shall not be applicable until a replacement Operating Advisor is appointed hereunder.

 

(d)           Upon any resignation or termination of the Operating Advisor and, if applicable, appointment of a successor to the Operating Advisor, the Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders), the Depositor and, prior to the occurrence and continuance of an applicable Consultation Termination Event, the related Directing Holder and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider. In the event that the Operating Advisor resigns or 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 resignation or termination (including the right to receive all 

 

  

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amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising out of events occurring prior to such resignation or termination).

 

ARTICLE VIII

 

CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR

 

Section 8.01     Duties of the Trustee and the Certificate Administrator.

 

(a)           The Trustee, prior to the occurrence of a Servicer Termination Event of which a Responsible Officer of the Trustee has actual knowledge and after the curing or waiver of all Servicer Termination Events which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Agreement and no permissive right of the Trustee shall be construed as a duty. During the continuance of a Servicer Termination Event of which a Responsible Officer of the Trustee has actual knowledge, the Trustee, subject to the provisions of Section 7.02 and Section 7.04 of this Agreement, shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 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.

 

(b)           Each of the Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee or the Certificate Administrator, as applicable, which are specifically required to be furnished pursuant to any provision of this Agreement, shall examine them to determine whether they conform on their face to the requirements of this Agreement to the extent specifically set forth herein; provided, however, that neither the Trustee nor the Certificate Administrator shall be responsible for the accuracy or content of any such resolution, certificate, statement, opinion, report, document, order or other instrument provided to it hereunder if accepted in good faith. If any such instrument is found not to conform on its face to the requirements of this Agreement in a material manner, the Trustee or the Certificate Administrator, as applicable, shall request a corrected instrument, and if the instrument is not corrected to the Trustee’s or the Certificate Administrator’s, as applicable, reasonable satisfaction, the Certificate Administrator (if the Certificate Administrator requested the corrected instrument or upon direction from the Trustee if the Trustee requested the corrected instrument) will provide notice thereof to the Certificateholders.

 

  

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(c)           Neither the Trustee, the Certificate Administrator nor any of their respective officers, directors, employees, agents or “control” persons within the meaning of the Act shall have any liability arising out of or in connection with this Agreement, provided that, subject to Section 8.02 of this Agreement, no provision of this Agreement shall be construed to relieve the Trustee or the Certificate Administrator, as applicable, or any such person, from liability for its own negligent action, its own negligent failure to act or its own willful misconduct or its own bad faith; and provided, further, that:

 

(i)            Prior to the occurrence of a Servicer Termination Event or Operating Advisor Termination Event of which a Responsible Officer of the Trustee has actual knowledge, and after the curing or waiver of all such Servicer Termination Events which may have occurred, the duties and obligations of the Trustee shall be determined solely by the express provisions of this Agreement, neither the Trustee nor the Certificate Administrator shall be liable except for the performance of such duties and obligations as are specifically set forth in this Agreement, no implied covenants or obligations shall be read into this Agreement against the Trustee or the Certificate Administrator and, in the absence of bad faith on the part of the Trustee or the Certificate Administrator, the Trustee or 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 resolutions, certificates, statements, reports, opinions, documents, orders or other instruments furnished to the Trustee or the Certificate Administrator, as applicable, that conform on their face to the requirements of this Agreement without responsibility for investigating the contents thereof;

 

(ii)           Neither the Trustee nor the Certificate Administrator shall be personally liable for an error of judgment made in good faith by a Responsible Officer or Responsible Officers, unless it shall be proved that the Trustee or the Certificate Administrator, as applicable, was negligent in ascertaining the pertinent facts;

 

(iii)          Neither the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than 50% of the Percentage Interests (or such other percentage as is specified herein) of each affected Class, or of the aggregate Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee or the Certificate Administrator, as applicable, or exercising any trust or power conferred upon the Trustee or the Certificate Administrator, as applicable, under this Agreement;

 

(iv)          Neither the Trustee, the Certificate Administrator nor any of their respective directors, officers, employees, agents or control persons shall be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not the same Person as, or an Affiliate of, the Trustee or the Certificate Administrator, as applicable, and that is selected other than by the Trustee or the Certificate Administrator, as applicable, performed or omitted in compliance with any custodial or other agreement, or any act or omission of the Master Servicer, Special Servicer, the Depositor, the Operating Advisor, any Serviced Companion Loan Holder, the Directing Holder or the 

 

  

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Controlling Class Representative or any other third Person, including, without limitation, in connection with actions taken pursuant to this Agreement;

 

(v)           Neither the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any legal action unless such action is incidental to its respective duties as Trustee or Certificate Administrator, as applicable, in accordance with this Agreement (and, if it does, all reasonable legal expenses and costs of such action shall be expenses and costs of the Trust Fund) and in its opinion does not expose it to any expense or liability for which reimbursement is not reasonably assured, and the Trustee or the Certificate Administrator, as applicable, shall be entitled to be reimbursed therefor from the Collection Account, unless such legal action arises (i) as a result of any willful misconduct, bad faith, fraud or negligence in the performance of duties of the Trustee or the Certificate Administrator, as the case may be, or by reason of negligent disregard of the Trustee’s or the Certificate Administrator’s, as the case may be, obligations or duties hereunder, or (ii) as a result of the breach by the Trustee or the Certificate Administrator, as the case may be, of any of its representations or warranties contained herein; provided, however, that the Trustee or the Certificate Administrator may in its discretion undertake any such action related to its obligations hereunder which it may deem necessary or desirable with respect to this Agreement and the rights and duties of the parties hereto and the interests of the Certificateholders hereunder;

 

(vi)          Neither the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach of any Person unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, obtains actual knowledge of such failure or receives written notice of such act, failure to act or breach from any other party to this Agreement, any Certificateholder or Beneficial Owner, a Serviced Companion Loan Holder, the Directing Holder or the Controlling Class Representative; and

 

(vii)         Except in the event of the Trustee’s or Certificate Administrator’s, as applicable, willful misconduct, bad faith or fraud, in no event shall the Trustee or the Certificate Administrator be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee or the Certificate Administrator has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

None of the provisions contained in this Agreement shall require the Trustee or the Certificate Administrator, in its capacity as Trustee or the Certificate Administrator, as applicable, to expend or risk its own funds, or otherwise incur financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the Trustee or the Certificate Administrator, as applicable, the repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. None of the provisions contained in this Agreement shall in any event require the Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Master Servicer (other than the obligations to make Advances under Sections 3.20 and 4.06 of this Agreement), the Special Servicer or the Certificate Administrator under this Agreement, except during such time, if any, as the Trustee shall be the successor to, and be vested with the rights, duties, powers 

 

  

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and privileges of, the Master Servicer, the Special Servicer or the Certificate Administrator in accordance with the terms of this Agreement. None of the provisions contained in this Agreement shall in any event require the Certificate Administrator to perform, or be responsible for the manner of performance of, any of the obligations of the Master Servicer, the Special Servicer, the Trustee or the Operating Advisor under this Agreement. Neither the Trustee nor the Certificate Administrator shall be required to post any surety or bond of any kind in connection with its performance of its obligations under this Agreement and neither the Trustee nor the Certificate Administrator shall be liable for any loss on any investment of funds pursuant to this Agreement (other than any funds invested with it in its commercial capacity or at its discretion).

 

(d)           The Operating Advisor, the Master Servicer, the Special Servicer or the Trustee may at any time request from the Certificate Administrator written confirmation of whether a CCR Control Termination Event occurred during the previous calendar year and the Certificate Administrator shall deliver such confirmation, based on information in its possession, to the requesting party within 10 Business Days of such request.

 

Section 8.02     Certain Matters Affecting the Trustee and the Certificate Administrator.

 

(a)           Except as otherwise provided in Section 8.01 of this Agreement:

 

(i)           Each of the Trustee and the Certificate Administrator may request and/or 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 and neither the Trustee nor the Certificate Administrator shall have any responsibility to ascertain or confirm the genuineness of any such party or parties;

 

(ii)          Each of the Trustee and the Certificate Administrator may consult with counsel and any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such Opinion of Counsel;

 

(iii)         (A)           Neither the Trustee nor the Certificate Administrator shall be under any obligation to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to the provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator, as applicable, security or indemnity reasonably satisfactory to the Trustee or the Certificate Administrator, as applicable, against the costs, expenses and liabilities which may be incurred therein or thereby; and

 

 (B)           the right of the Trustee or the Certificate Administrator, as applicable, to perform any discretionary act enumerated in this Agreement shall not be construed as a duty, and neither the Trustee nor the Certificate 

 

  

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Administrator shall be answerable for other than its negligence or willful misconduct in the performance of any such act;

 

provided that subject to the foregoing clause (A), nothing contained herein shall relieve the Trustee of the obligations, upon the occurrence of a Servicer Termination Event (which has not been cured or waived) of which a Responsible Officer of the Trustee has actual knowledge, to exercise such of the rights and powers vested in it by this Agreement, and to use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs;

 

(iv)          Neither the Trustee, the Certificate Administrator nor any of their respective directors, officers, employees, Affiliates, agents or “control” persons within the meaning of the Act shall be personally liable for any action taken, suffered or omitted by it in good faith and reasonably believed by the Trustee or the Certificate Administrator, as applicable, to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

 

(v)           Neither the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by Holders of Certificates entitled to at least 25% (or such other percentage as is specified herein) of the Percentage Interests of any affected Class; provided, however, that if the payment within a reasonable time to the Trustee or the Certificate Administrator, as applicable, of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator, as applicable, not reasonably assured to the Trustee or the Certificate Administrator, as applicable, by the security afforded to it by the terms of this Agreement, the Trustee or the Certificate Administrator, as applicable, may require reasonable indemnity against such expense or liability as a condition to taking any such action. The reasonable expense of every such investigation shall be paid by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, if a Servicer Termination Event or Operating Advisor Termination Event shall have occurred and be continuing relating to the Master Servicer, the Special Servicer or the Operating Advisor, respectively and if such investigation results from such Servicer Termination Event or Operating Advisor Termination Event, and otherwise by the Certificateholders requesting the investigation;

 

(vi)          Each of the Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys but shall not be relieved of its obligations hereunder; and

 

(vii)         For purposes of this Agreement, the Trustee or the Certificate Administrator, as applicable, shall have notice of an event only when a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has received written notice or obtains actual knowledge of such event.

 

  

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(b)           Following the Startup Day, neither the Trustee nor the Certificate Administrator shall, except as expressly required by any provision of this Agreement, accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator, as applicable, shall have received an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting such contribution) to the effect that the inclusion of such assets in the Trust Fund will not cause either Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust, at any time that any Certificates are outstanding or subject a Trust REMIC to any tax under the REMIC Provisions or other applicable provisions of federal, state and local law or ordinances.

 

(c)           All rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee or the Certificate Administrator, as applicable, may be enforced by it without the possession of any of the Certificates, or the production thereof at the trial or other proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee shall be brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.

 

Neither the Trustee nor the Certificate Administrator shall have any duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase of any Mortgage Loan by the Depositor pursuant to this Agreement or the eligibility of any Mortgage Loan for purposes of this Agreement.

 

(d)           Neither the Trustee nor the Certificate Administrator shall be responsible for delays or failures in performance resulting from acts beyond its control (such acts include but are not limited to acts of God, strikes, lockouts, riots and acts of war).

 

(e)            Each of the Certificate Administrator, Custodian, Rule 17g-5 Information Provider, Authenticating Agent, Paying Agent and Certificate Registrar shall be entitled to the same rights, indemnities, immunities, benefits (other than compensation), privileges and protections afforded to the Trustee hereunder in the same manner as if such party were the named Trustee herein mutatis mutandis.

 

(f)           Notwithstanding anything to the contrary herein, any and all e-mail communications (both text and attachments) by or from the Trustee or the Certificate Administrator that the Trustee or the Certificate Administrator, as applicable, deems to contain confidential, proprietary, and/or sensitive information may be encrypted. The recipient (the “E-mail Recipient”) of the encrypted e-mail communication will be required to complete a registration process. Instructions on how to register and/or retrieve an encrypted message will be included in the first secure e-mail sent by the Trustee or the Certificate Administrator, as applicable, to the E-mail Recipient.

 

(g)           No provision of this Agreement or any Loan Document shall be deemed to impose any duty or obligation on the Trustee or the Certificate Administrator to take or omit to take any action, or suffer any action to be taken or omitted, in the performance of its duties or obligations under the Loan Documents, or to exercise any right or power thereunder, to the extent that taking or omitting to take such action or suffering such action to be taken or omitted 

 

  

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would violate applicable law binding upon it (which determination may be based on Opinion of Counsel).

 

(h)           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 (for purposes of this clause (h), “Applicable Law”), each of the Trustee and the Certificate Administrator is required to obtain, verify, record and update certain information relating to individuals and entities that maintain a business relationship with the Trustee or the Certificate Administrator, as applicable. Accordingly, each of the parties hereto 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 or the Certificate Administrator, as applicable, to comply with Applicable Law.

 

Section 8.03     Neither the Trustee Nor the Certificate Administrator Is Liable for Certificates or Mortgage Loans. The recitals contained herein and in the Certificates (other than the signature and authentication of the Certificate Administrator on the Certificates) shall not be taken as the statements of the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer or the Operating Advisor, and the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Operating Advisor assume no responsibility for their correctness. The Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Operating Advisor make no representations or warranties as to the validity or sufficiency of this Agreement, of the Certificates or any prospectus used to offer the Certificates for sale or the validity, enforceability or sufficiency of any Mortgage Loan or related document. Neither the Trustee nor the Certificate Administrator shall at any time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Mortgage, any Mortgage Loan, or the perfection and priority of any Mortgage or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Fund or its ability to generate the payments to be distributed to Certificateholders under this Agreement. Without limiting the foregoing, neither the Trustee nor the Certificate Administrator shall be liable or responsible for: the existence, condition and ownership of any Mortgaged Property; the existence of any hazard or other insurance thereon (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer) or the enforceability thereof; the existence of any Mortgage Loan or the contents of the related Mortgage File on any computer or other record thereof (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer); the validity of the assignment of any Mortgage Loan to the Trust Fund or of any intervening assignment; the completeness of any Mortgage File (except for its review thereof pursuant to Section 2.02); the performance or enforcement of any Mortgage Loan (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer); the compliance by the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor with any warranty or representation made under this Agreement or in any related document or the accuracy of any such warranty or representation prior to the Trustee’s receipt of notice or other discovery of any non-compliance therewith or any breach 

 

  

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thereof; any investment of moneys by or at the direction of the Master Servicer or any loss resulting therefrom (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer), it being understood that the Trustee shall remain responsible for any Trust Fund property that it may hold in its individual capacity; the acts or omissions of any of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer) or any Sub-Servicer or any Mortgagor; any action of the Master Servicer, the Special Servicer or the Operating Advisor (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer) or any Sub-Servicer taken in the name of the Trustee except to the extent such action is taken at the express written direction of the Trustee; the failure of the Master Servicer or the Special Servicer or any Sub-Servicer to act or perform any duties required of it on behalf of the Trust Fund or the Trustee as applicable hereunder; or any action by or omission of the Trustee taken at the instruction of the Master Servicer or the Special Servicer (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer) unless the taking of such action is not permitted by the express terms of this Agreement; provided, however, that the foregoing shall not relieve the Trustee or the Certificate Administrator, as applicable, of its obligation to perform its duties as specifically set forth in this Agreement. 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, the Master Servicer or the Special Servicer in respect of the assignment of the Mortgage Loans or deposited in or withdrawn from the Collection Account, the Lower-Tier Distribution Account, the Upper-Tier Distribution Account, the Lock Box Account, the Escrow Accounts, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, the Excess Interest Distribution Account or any other account maintained by or on behalf of the Master Servicer or the Special Servicer, other than any funds held by the Trustee or the Certificate Administrator, as applicable. Neither the Trustee nor the Certificate Administrator shall have responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder (unless in the case of the Trustee, the Trustee shall have become the successor Master Servicer) or to record this Agreement. In making any calculation hereunder which includes as a component thereof the payment or distribution of interest for a stated period at a stated rate “to the extent permitted by applicable law,” the Trustee or the Certificate Administrator, as applicable, shall assume that such payment is so permitted unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has actual knowledge, or receives an Opinion of Counsel (at the expense of the Person asserting the impermissibility) to the effect that such payment is not permitted by applicable law.

 

Section 8.04     Trustee and Certificate Administrator May Own Certificates. The Trustee, the Certificate Administrator and any agent of the Trustee or the Certificate Administrator, each, in its individual capacity or any other capacity, may become the owner or pledgee of Certificates, and may deal with the Depositor and the Master Servicer in banking 

 

  

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transactions, with the same rights it would have if it were not Trustee, the Certificate Administrator or such agent, as the case may be.

 

Section 8.05     Payment of Trustee/Certificate Administrator Fees and Expenses; Indemnification.

 

(a)           As compensation for the performance of its duties hereunder, the Trustee shall be paid its portion of the Trustee/Certificate Administrator Fee, which shall cover recurring and otherwise reasonably anticipated expenses of the Trustee. As compensation for the performance of its duties hereunder, the Certificate Administrator shall be paid its portion of the Trustee/Certificate Administrator Fee, which shall cover recurring and otherwise reasonably anticipated expenses of the Certificate Administrator. The Certificate Administrator shall pay the Trustee the Trustee’s portion of the Trustee/Certificate Administrator Fee. The Trustee/Certificate Administrator Fee shall be paid monthly on a Mortgage Loan-by-Mortgage Loan basis. The Trustee/Certificate Administrator Fee (which in each case shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) shall constitute the Trustee’s and the Certificate Administrator’s sole form of compensation for all services rendered by each of them in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties of the Trustee or the Certificate Administrator, as applicable, hereunder. No Trustee/Certificate Administrator Fee shall be payable with respect to any Companion Loan. In the event that the Trustee assumes the servicing responsibilities of the Master Servicer or the Special Servicer hereunder pursuant to or otherwise arising from the resignation or removal of the Master Servicer or the Special Servicer, the Trustee shall be entitled to the compensation to which the Master Servicer or the Special Servicer, as the case may be, would have been entitled.

 

(b)           Each of the Trustee and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request for all reasonable expenses, disbursements and, except for Advances otherwise reimbursable hereunder, advances incurred or made by the Trustee or the Certificate Administrator, as applicable, pursuant to and in accordance with any of the provisions of this Agreement (including the reasonable compensation and the expenses and disbursements of its counsel and of all persons not regularly in its employ) to the extent such payments are “unanticipated expenses” as described in clause (d) below, except any such expense, disbursement or advance as may arise from its negligence, bad faith or willful misconduct; provided, however, that, subject to Section 8.01 and Section 8.02 of this Agreement, neither the Trustee nor the Certificate Administrator shall refuse to perform any of its duties hereunder solely as a result of the failure to be paid the Trustee/Certificate Administrator Fee or the Trustee’s expenses or the Certificate Administrator’s expenses, as applicable.

 

The Master Servicer and the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable out-of-pocket expenses incurred or made by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer or the Special Servicer, respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Master Servicer or the Special Servicer, in accordance with any of the provisions of this Agreement (and including the reasonable fees and expenses and disbursements of its counsel and all other persons not regularly in its employ), except any such expenses as may arise from the negligence or bad faith of the Trustee.

 

  

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(c)           Each of the Paying Agent, the Authenticating Agent, the Certificate Administrator, the Certificate Registrar, the Custodian, the Trustee, the Depositor, the Master Servicer and the Special Servicer (each, an “Indemnifying Party”) shall indemnify the Trustee, the Paying Agent, the Authenticating Agent, the Certificate Administrator, the Certificate Registrar, the Custodian and their respective Affiliates and each of the directors, officers, employees and agents of the Paying Agent, the Authenticating Agent, the Trustee, the Certificate Administrator, the Certificate Registrar, the Custodian and their respective Affiliates (each, an “Indemnified Party”), and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise) resulting from each such Indemnifying Party’s respective willful misconduct, bad faith, fraud and/or negligence in the performance of each of its respective obligations or duties hereunder or by reason of negligent disregard of its respective obligations and duties hereunder. Each of the Paying Agent, the Authenticating Agent, the Trustee, the Certificate Registrar, the Custodian and the Certificate Administrator shall indemnify each of the Master Servicer and the Special Servicer and its Affiliates and each of the directors, officers, employees and agents of each of the Master Servicer and the Special Servicer and its Affiliates (each, a “Servicer Indemnified Party”), and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that the Servicer Indemnified Party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred by the Servicer Indemnified Party in any action or proceeding between the Trustee, the Paying Agent, the Authenticating Agent, the Certificate Registrar, the Custodian or the Certificate Administrator, as applicable, and the Servicer Indemnified Party or between the Servicer Indemnified Party and any third party or otherwise) related to the Trustee’s, the Authenticating Agent’s, the Paying Agent’s, the Certificate Registrar’s, the Custodian’s or the Certificate Administrator’s respective willful misconduct, bad faith, fraud and/or negligence in the performance of each of its respective duties hereunder or by reason of negligent disregard of its respective obligations and duties hereunder. Each of the Authenticating Agent, the Paying Agent, the Certificate Registrar, the Custodian, the Certificate Administrator and the Trustee shall indemnify the Depositor, any employee, director or officer of the Depositor, and the Trust Fund and hold the Depositor, any employee, director or officer of the Depositor, and the Trust Fund harmless against any loss, liability or reasonable expense (including, without limitation, reasonable attorneys’ fees and expenses) incurred by such parties (i) as a result of any willful misconduct, bad faith, fraud or negligence in the performance of duties of the Authenticating Agent, the Paying Agent, the Certificate Registrar, the Custodian, the Certificate Administrator or the Trustee, as the case may be, or by reason of negligent disregard of the Authenticating Agent, the Paying Agent’s, the Certificate Registrar’s, the Custodian’s, the Certificate Administrator’s or the Trustee’s, as the case may be, obligations or duties hereunder, or (ii) as a result of the breach by the Authenticating Agent, the Paying Agent, the Certificate Registrar, the Custodian, the Certificate Administrator or the Trustee, as the case may be, of any of its representations or warranties contained herein.

 

  

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(d)           The Trust Fund shall indemnify each Indemnified Party from, and hold it harmless against, any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel and of all persons not regularly in its employ incurred by the Indemnified Party in any action or proceeding between the Trust Fund and the Indemnified Party or between the Indemnified Party and any third party or otherwise) arising in respect of this Agreement or the Certificates, in each case to the extent and only to the extent, such payments are expressly reimbursable under this Agreement, or are unanticipated expenses (as defined below), other than (i) those resulting from the negligence, fraud, bad faith or willful misconduct, or negligent disregard of obligations and duties hereunder, of the Indemnified Party and (ii) except to the extent such amounts are not paid pursuant to this Section 8.05, those as to which such Indemnified Party is entitled to indemnification pursuant to Section 8.05(c). The term “unanticipated expenses” shall include any fees, expenses and disbursements of the Trustee or the Certificate Administrator or any separate trustee or co-trustee or certificate administrator appointed hereunder, only to the extent such fees, expenses and disbursements were not reasonably anticipated as of the Closing Date, and the losses, liabilities, damages, claims or incremental expenses (including reasonable attorneys’ fees) incurred or, except in the case of an Advance otherwise reimbursable hereunder, advanced by an Indemnified Party in connection with (i) a default under any Mortgage Loan and (ii) any litigation arising out of this Agreement, including, without limitation, under Section 2.03, Section 3.10, the third paragraph of Section 3.11, Section 4.05 and Section 7.01 of this Agreement. The right of reimbursement of the Indemnified Parties under this Section 8.05(d) shall be senior to the rights of all Certificateholders.

 

(e)           Notwithstanding anything herein to the contrary, this Section 8.05 shall survive the termination or maturity of this Agreement or the resignation or removal of the Trustee or the Certificate Administrator, as applicable, as regards rights accrued prior to such resignation or removal and (with respect to any acts or omissions during their respective tenures) the resignation, removal or termination of the Master Servicer, the Special Servicer, the Paying Agent, the Authenticating Agent, the Certificate Registrar or the Custodian.

 

(f)             This Section 8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation, expenses, disbursements, advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law or environmental matter.

 

Section 8.06     Eligibility Requirements for the Trustee and the Certificate Administrator. Each of the Trustee and the Certificate Administrator hereunder shall at all times be a corporation or association 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 $50,000,000, and subject to supervision or examination by federal or state authority, and the Trustee shall not be an Affiliate of any other member of the Restricted Group (other than an Underwriter and, during any period when the Trustee has assumed the duties of the Master Servicer pursuant to Section 7.02 , the Master Servicer). Further, (i) the Trustee is required to maintain a rating on its unsecured long term debt of at least (A) “A” by Fitch and (B) “A1” by 

 

  

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Moody’s (or “A2” by Moody’s if the Trustee has a short term debt rating of at least “P-1” from Moody’s; provided, however, that solely with respect to Deutsche Bank Trust Company Americas as the initial Trustee, for so long as the Master Servicer maintains a rating on its unsecured long term debt of at least “A2” by Moody’s and a short term debt rating of at least “P-1” from Moody’s, the initial Trustee will be deemed to have met the eligibility requirement in this clause (i)(B) if it maintains a rating on its unsecured long term debt of at least “Baa2” by Moody’s and a short term debt rating of at least “P-2” from Moody’s) (or such other rating with respect to which the Rating Agencies have provided a Rating Agency Confirmation), and (ii) the Certificate Administrator is required to maintain a rating on its unsecured long term debt of at least (A) “BBB+” by Fitch and (B) “Baa2” by Moody’s (or such other rating with respect to which the Rating Agencies have provided a Rating Agency Confirmation). 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. If a corporation or association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for purposes of this Section the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 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 Fund or the net income of a Trust REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions) 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 8.07, (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, the Trustee or the Certificate Administrator, as applicable, shall resign immediately in the manner and with the effect specified in Section 8.07.

 

Section 8.07     Resignation and Removal of the Trustee or the Certificate Administrator. Each of the Trustee and the Certificate Administrator may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the other such party, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificateholders, the Serviced Companion Loan Holders and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider. Upon such notice of resignation, the Master Servicer shall promptly appoint a successor Trustee or the Certificate Administrator, as applicable, with respect to which the Rating Agencies have provided a Rating Agency Confirmation to the resigning Trustee or Certificate Administrator, as applicable, and the successor Trustee or Certificate Administrator, as applicable. If no successor Trustee or Certificate Administrator, as applicable, shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Certificate Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor Trustee or Certificate Administrator, as applicable. The Trustee or the Certificate Administrator, as applicable, will bear all reasonable costs and expenses of each other party hereto and each Rating Agency in connection with its resignation (including, but not limited to, the costs of assigning Mortgage Loans by reason of change in Trustee).

 

  

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If at any time either the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or Master Servicer, or if at any time either the Trustee or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or the Certificate Administrator, as applicable, or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Certificate Administrator, as applicable, or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor may remove the Trustee or the Certificate Administrator, as applicable, and promptly appoint a successor Trustee or the Certificate Administrator, as applicable, by written instrument, which shall be delivered to the Trustee or the Certificate Administrator, as applicable, so removed and to the successor Trustee or Certificate Administrator, as applicable. The Holders of Certificates entitled to more than 50% of the Voting Rights of all of the Certificates may at any time remove the Trustee or the Certificate Administrator and appoint a successor Trustee or the Certificate Administrator, as applicable, by written instrument or instruments, in five originals, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Depositor, one complete set to the Master Servicer, one complete set to the Trustee (in connection with the removal of the Certificate Administrator), one complete set to the Certificate Administrator (in connection with the removal of the Trustee), one complete set to the Trustee or Certificate Administrator, as applicable, so removed and one complete set to the successor Trustee or Certificate Administrator, as applicable, so appointed, and a copy thereof shall be delivered to the Serviced Companion Loan Holders.

 

In the event that the Trustee or the Certificate Administrator is terminated or removed pursuant to this Section 8.07, all of its rights and obligations under this Agreement and in and to the Mortgage Loans or Serviced Loan Combination shall be terminated, other than any rights or obligations that accrued prior to the date of such termination or removal (including the right to receive all fees, expenses and other amounts (including Advances and any accrued interest thereon) accrued or owing to it under this Agreement, with respect to periods prior to the date of such termination or removal, and no termination without cause shall be effective until the payment of such amounts to the Trustee or the Certificate Administrator, as applicable). The Trustee or the Certificate Administrator, as applicable, will bear all reasonable costs and expenses of each other party hereto and each Rating Agency in connection with its termination or removal; provided that if the Trustee or the Certificate Administrator, as applicable, is terminated without cause by the Holders of Certificates evidencing more than 50% of the Voting Rights of all Certificates as provided in the immediately preceding paragraph, then such Holders will be required to pay all the reasonable costs and expenses of the Trustee or the Certificate Administrator, as applicable, necessary to effect the transfer of the rights and obligations (including, if applicable, custody of the Mortgage Files) of the Trustee or Certificate Administrator, as applicable, to a successor trustee or certificate administrator.

 

Any resignation or removal of the Trustee or the Certificate Administrator and appointment of a successor Trustee or Certificate Administrator, as applicable, pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee or successor Certificate Administrator, as applicable, as provided in Section 8.08.

 

  

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Upon the resignation or upon the termination of the Trustee, the outgoing Trustee shall (subject to the terms of the third paragraph of this Section 8.07), at its own expense, ensure that prior to its transfer of duties to any successor (to the extent such Loan Document was assigned or endorsed to the Trustee), (A) the original executed Note for each Mortgage Loan, is endorsed (without recourse, representation or warranty, express or implied) to the order of the successor, as trustee for the registered holders of Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass Through Certificates, Series 2015-GC29” or in blank, and (B) in the case of the other Loan Documents, are assigned (and, other than in connection with the removal of the Trustee without cause, recorded as appropriate) to such successor, and such successor shall review the documents delivered to it or 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. The outgoing Trustee shall provide copies of the documentation provided for in items (A) and (B) above to the Master Servicer, in each case to the extent such copies are not already in the Master Servicer’s possession. If the Trustee is removed without cause, the Loan Documents identified in clause (B) of the preceding sentence shall, if appropriate, be recorded by the successor trustee if so required by the Master Servicer or the Special Servicer and at the expense of the Trust (for so long as no CCR Control Termination Event is continuing, with the consent of the Controlling Class Representative, and during the continuance of a CCR Control Termination Event but prior to the occurrence and continuance of a CCR Consultation Termination Event, after consultation with the Controlling Class Representative).

 

Section 8.08     Successor Trustee or Successor Certificate Administrator.

 

(a)           Any successor Trustee or Certificate Administrator appointed as provided in Section 8.07 of this Agreement shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer and to the predecessor Trustee or Certificate Administrator, as applicable, as the case may be, instruments accepting their appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee or Certificate Administrator, as applicable, shall become effective and such successor 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, as applicable, herein, provided that a Rating Agency Confirmation shall be obtained from each Rating Agency with respect to the appointment of such successor Trustee or Certificate Administrator. The predecessor Certificate Administrator shall deliver to the successor Certificate Administrator all Mortgage Files and related documents and statements held by it hereunder. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the predecessor Trustee or Certificate Administrator, as applicable, shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor Trustee or Certificate Administrator, as applicable, all such rights, powers, duties and obligations. No successor Trustee or Certificate Administrator shall accept appointment as provided in this Section 8.08 unless at the time of such acceptance such successor Trustee or Certificate Administrator, as applicable, shall be eligible under the provisions of Section 8.06.

 

  

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Upon acceptance of appointment by a successor Trustee or Certificate Administrator, as applicable, as provided in this Section 8.08, the Depositor shall mail notice of the succession of such Trustee or Certificate Administrator, as applicable, hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Companion Loan Holders. If the Depositor fails to mail such notice within 10 days after acceptance of appointment by the successor Trustee or Certificate Administrator, the successor Trustee or Certificate Administrator, as applicable, shall cause such notice to be mailed at the expense of the Depositor.

 

(b)           Any successor Trustee or Certificate Administrator appointed pursuant to this Agreement shall satisfy the eligibility requirements set forth in Section 8.06 hereof.

 

Section 8.09     Merger or Consolidation of the Trustee or the Certificate Administrator. Any entity into which the Trustee or the Certificate Administrator may be merged or converted, or with which the Trustee or the Certificate Administrator, as applicable, may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee or the Certificate Administrator, as applicable, shall be a party, or any entity succeeding to the corporate trust business of the Trustee or the Certificate Administrator, as applicable, shall be the successor of the Trustee or the Certificate Administrator, as applicable, hereunder, provided such entity 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.

 

Section 8.10     Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund, the assets thereof or any property securing the same may at the time be located, the Depositor and the Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons to act (at the expense of (i) the Trustee, if the need to appoint such co-trustee(s) arises from any change in the identity, organization, status, power, conflicts, internal policy or other development with respect to the Trustee, and/or (ii) the Trust Fund, if the need to appoint such co-trustee(s) arises from a change in applicable law or the identity, status or power of the Trust Fund; provided, however, that in the event the need to appoint such co-trustee(s) arises from a combination of or none of the events described in clause (i) and clause (ii), the expense will be split evenly between the Trustee and the Trust Fund) as co-trustee or co-trustees, jointly with the Trustee, or separate trustee or separate trustees, of all or any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such title to the Trust Fund, or any part thereof, and, subject to the other provisions of this Section 8.10, such powers, duties, obligations, rights and trusts as the Depositor and the Trustee may consider necessary or desirable. If the Depositor shall not be in existence or shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, or in case a Servicer Termination Event shall have occurred and be continuing, the Trustee alone shall have the power to make such appointment. Except as required by applicable law, the appointment of a co-trustee or separate trustee shall not relieve the Trustee of its responsibilities, obligations and liabilities hereunder. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor Trustee under Section 8.06 hereunder and no notice to Holders of Certificates of the appointment of co-trustee(s) or separate trustee(s) shall be required under Section 8.08 hereof.

 

  

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In the case of any appointment of a co-trustee or separate trustee pursuant to this Section 8.10, all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by such separate trustee or co-trustee solely at the direction of the Trustee.

 

The Depositor and the Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee, or if the separate trustee or co-trustee is an employee of the Trustee, the Trustee acting alone may accept the resignation of or remove any separate trustee or co-trustee.

 

Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article VIII. Every such instrument shall be filed with the Trustee. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. In no event shall any such separate trustee or co-trustee be entitled to any provision relating to the conduct of, affecting the liability of, or affording protection to, such separate trustee or co-trustee that imposes a standard of conduct less stringent than that imposed on the Trustee hereunder, affording greater protection than that afforded to the Trustee hereunder or providing a greater limit on liability than that provided to the Trustee hereunder.

 

Any separate trustee or co-trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

 

Section 8.11     Access to Certain Information.

 

(a)           The Certificate Administrator and the Custodian shall afford to any Privileged Person (including the Operating Advisor and the related Directing Holder) access to any documentation (other than any Privileged Information) regarding the Mortgage Loans or the other assets of the Trust Fund that are in its possession or within its control. 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 or the Custodian.

 

  

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(b)           The Certificate Administrator (or, in the case of the Mortgage Files, the Trustee) shall maintain at its offices (and, upon reasonable prior written request and during normal business hours, shall make available, or cause to be made available) for review by any Privileged Person originals and/or copies of the following items (to the extent such items were prepared by or delivered to the Certificate Administrator (or the Trustee, as applicable) in electronic format):

 

(i)            the Prospectus and the Prospectus Supplement;

 

(ii)           this Agreement, each Sub-Servicing Agreement delivered to the Certificate Administrator since the Closing Date (if any), the Loan Purchase Agreements and any amendments and exhibits hereto or thereto;

 

(iii)          all Certificate Administrator reports made available to holders of each relevant class of Certificates since the Closing Date;

 

(iv)          all Distribution Date Statements and all CREFC® reports actually delivered or otherwise made available to Certificateholders pursuant to Section 4.02 of this Agreement since the Closing Date;

 

(v)          the annual assessments as to compliance (in the case of the Master Servicer and the Special Servicer) and the Officer’s Certificates delivered by the Master Servicer and the Special Servicer to the Certificate Administrator since the Closing Date pursuant to Section 10.10 of this Agreement;

 

(vi)          the annual independent public accountants’ servicing report caused to be delivered by the Master Servicer and the Special Servicer to the Certificate Administrator since the Closing Date pursuant to Section 10.10 of this Agreement;

 

(vii)         the most recent inspection report prepared by or on behalf of the Master Servicer or the Special Servicer, as applicable, and delivered to the Certificate Administrator in respect of each Mortgaged Property pursuant to Section 3.18 of this Agreement;

 

(viii)        any and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to which the environmental testing contemplated by Section 3.10(e) of this Agreement revealed that neither of the conditions set forth in clauses (i) and (ii) thereof was satisfied;

 

(ix)          the Mortgage Files, including any and all modifications, waivers and amendments of the terms of the Mortgage Loans (or the Serviced Loan Combinations) entered into or consented to by the Master Servicer, the Special Servicer, any Outside Servicer or any Outside Special Servicer and delivered to the Trustee (or a Custodian on its behalf) pursuant to Section 3.24 of this Agreement;

 

(x)           the summary of each Final Asset Status Report delivered to the Certificate Administrator pursuant to Section 3.21(b) of this Agreement and the annual, quarterly and monthly operating statements, if any, collected by or on behalf of the Master Servicer 

 

  

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or the Special Servicer, as applicable, and delivered to the Certificate Administrator for each Mortgaged Property, together with the other information specified in Section 4.02(b) of this Agreement;

 

(xi)           any and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support its or the Master Servicer’s, as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(xii)         notice of termination or resignation of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, any Outside Servicer, any Outside Special Servicer or any Outside Trustee (and appointments of successors thereto);

 

(xiii)         all Special Notices;

 

(xiv)        any Third Party Reports (or updates of Third Party Reports) delivered to the Certificate Administrator in electronic format; and

 

(xv)         any other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A.

 

The Certificate Administrator shall provide, or cause to be provided, copies of any and all of the foregoing items upon reasonable written request of any of the parties set forth in the previous sentence.

 

The Certificate Administrator shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.

 

ARTICLE IX

 

TERMINATION; OPTIONAL MORTGAGE LOAN PURCHASE

 

Section 9.01     Termination; Optional Mortgage Loan Purchase.

 

(a)           The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created hereby with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as hereinafter set forth and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to subsection (c), (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to subsection (h) and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or 

 

  

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REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created hereby continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date hereof. All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

(b)           In connection with a termination contemplated by Section 9.01(a) of this Agreement, the Trust REMICs outstanding shall be terminated and the assets of the Lower-Tier REMIC shall be sold or otherwise disposed of in connection therewith, pursuant to a “plan of complete liquidation” within the meaning of Code Section 860F(a)(4)(A) providing for the actions contemplated by the provisions hereof pursuant to which the applicable Notice of Termination is given and requiring that the assets of the Lower-Tier REMIC shall be sold for cash and that each such Trust REMIC shall terminate on a Distribution Date occurring not more than 90 days following the date of adoption of the plan of complete liquidation. For purposes of this Section 9.01(b), the Notice of Termination given pursuant to Section 9.01(c) shall constitute the adoption of the plan of complete liquidation as of the date such notice is given, which date shall be specified by the Certificate Administrator in the final federal income tax returns of each Trust REMIC. Notwithstanding the termination of the Trust REMICs, or the Trust Fund, the Certificate Administrator shall be responsible for filing the final Tax Returns for the Trust REMICs and for the Grantor Trust for the period ending with such termination, and shall maintain books and records with respect to the Trust REMICs and the Grantor Trust for the period for which it maintains its own tax returns or other reasonable period.

 

(c)           The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to this Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price (excluding the amount described in clause (g) of the definition of “Purchase Price”) of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer 

 

  

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is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to this Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to this Section 9.01(c) shall be borne by the party exercising its purchase rights hereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to this subsection (c).

 

(d)    If the Trust Fund has not been previously terminated pursuant to subsection (c) or subsection (h) of this Section 9.01, the Certificate Administrator shall determine as soon as practicable the Distribution Date on which the Certificate Administrator reasonably anticipates, based on information with respect to the Mortgage Loans previously provided to it, that the final distribution will be made (i) to the Holders of outstanding Regular Certificates, and to the Trustee in respect of the Lower-Tier Regular Interests, notwithstanding that such distribution may be insufficient to distribute in full an amount equal to the remaining Certificate Principal Amount or Lower-Tier Principal Balance, as applicable, of each such Class of Certificates and Lower Tier Regular Interest, together with amounts required to be distributed on such Distribution Date pursuant to Section 4.01 of this Agreement (or, if no such Regular Certificates or any Class PEZ Regular Interests are then outstanding, to the Holders of the Class R Certificates) and (ii) to the Holders of the Grantor Trust Certificates, of any amount remaining in the Collection Account, the Lower-Tier Distribution Account, the Upper-Tier Distribution Account, the Excess Interest Distribution Account, the Exchangeable Distribution Account and/or the Excess Liquidation Proceeds Reserve Account, as applicable, in any case, following the later to occur of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund or (b) the liquidation or disposition pursuant to Section 3.17 of this Agreement of the last asset held by the Trust Fund.

 

(e)    Notice of any termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate Administrator to affected Certificateholders at their addresses shown in the Certificate Register (with a copy to the Master Servicer, the Special Servicer and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider) as soon as practicable after the Certificate Administrator shall have received, given or been deemed to have received a Notice of Termination but in any event not more than thirty days, and not less than ten days, prior to the Anticipated Termination Date. The notice mailed by the Certificate Administrator to affected Certificateholders shall:

 

  

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(i)            specify the Anticipated Termination Date on which the final distribution is anticipated to be made to Holders of Certificates of the Classes specified therein;

 

(ii)           specify the amount of any such final distribution, if known; and

 

(iii)          state that the final distribution to Certificateholders will be made only upon presentation and surrender of Certificates at the office of the Paying Agent therein specified.

 

If the Trust Fund is not terminated on any Anticipated Termination Date for any reason, the Certificate Administrator shall promptly mail notice thereof to each affected Certificateholder.

 

(f)           Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to this Section 9.01 shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with this Section 9.01.

 

(g)           For purposes of this Section 9.01, the Remaining Certificateholder shall have the first option to terminate the Trust Fund pursuant to subsection (h), and then the Holders of the Controlling Class representing more than 50% of the Certificate Principal Amount of the Controlling Class, and then the Special Servicer, and then the Master Servicer, and then the Holders of Class R Certificates representing more than 50% of the Percentage Interests in such Class, in each of the last four cases, pursuant to subsection (c).

 

(h)           Following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Principal Amount of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB and Class D Certificates and the Class PEZ Regular Interests are reduced to zero, the Remaining Certificateholder shall have the right to exchange all of its Certificates (but excluding the Class S and Class R Certificates) for all of the Mortgage Loans and each REO Property (and including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) by 

 

  

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giving written notice to all the parties hereto no later than 60 days prior to the anticipated date of exchange; provided that such Remaining Certificateholder shall pay the Master Servicer an amount equal to (i) the product of (A) the Prime Rate, (B) the aggregate Certificate Principal Amount of the then-outstanding Sequential Pay Certificates as of the day of the exchange and (C) three, divided by (ii) 360. In the event that the Remaining Certificateholder elects to exchange all of the Certificates (other than the Class S and Class R Certificates) for all of the Mortgage Loans and each REO Property (and including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) remaining in the Trust Fund in accordance with the preceding sentence, such Remaining Certificateholder, not later than the Termination Date, 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 Operating Advisor, the Certificate Administrator and the Trustee hereunder through the date of the liquidation of the Trust Fund that may be withdrawn from the Collection Account, the Exchangeable Distribution Account or a Distribution Account, but only to the extent that such amounts are not already on deposit in the Collection Account. Upon confirmation that such final deposits have been made and following the surrender of all remaining Certificates (other than the Class S and Class R Certificates) by the Remaining Certificateholder on the Termination Date, the Custodian shall, upon receipt of a Request for Release from the Master Servicer, release or cause to be released to the Remaining Certificateholder or any designee thereof, the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished to it by the Remaining Certificateholder as shall be necessary to effectuate transfer of the Mortgage Loans and REO Properties (and including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) remaining in the Trust Fund, and the Trust Fund shall be liquidated in accordance with this Section 9.01. Thereafter, the Trust Fund and the respective obligations and responsibilities under this Agreement of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee (other than the making of certain payments to Certificateholders and Serviced Companion Loan Holders, sending of certain notices, the maintenance of books and records and the preparation and filing of final tax returns), shall terminate. Such transfers shall be subject to any rights of any Sub-Servicers to service (or to perform select servicing functions with respect to) the Mortgage Loans. For federal income tax purposes, the Remaining Certificateholder shall be deemed to have purchased the assets of the Lower-Tier REMIC for an amount equal to the remaining Certificate Principal Amount of its remaining Certificates (other than the Class S and Class R Certificates), plus accrued and unpaid interest with respect thereto, and the Certificate Administrator shall credit such amounts against amounts distributed in respect of the Lower-Tier Regular Interests and such Certificates. The remaining Mortgage Loans and REO Properties (or the Trust’s interests therein) are deemed distributed to the Remaining Certificateholder in liquidation of the Trust Fund pursuant to this Section 9.01.

 

ARTICLE X

 

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section 10.01     Intent of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of Article X of this Agreement is to facilitate 

 

  

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compliance by the Depositor and any Other Depositor with the provisions of Regulation AB and the related rules and regulations of the Commission. 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 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, and any Serviced Companion Loan Securities, each of the parties to this Agreement shall cooperate fully with the Depositor, the Certificate Administrator, any Other Depositor and any Other Exchange Act Reporting Party, as applicable, to deliver to the Depositor or Other Depositor, as applicable (including any of its assignees or designees), any and all statements, reports, certifications, records and any other information in its possession or reasonably available to it and necessary in the reasonable good faith determination of the Depositor, the Certificate Administrator, any Other Depositor or any Other Exchange Act Reporting Party, as applicable, to permit the Depositor or any Other Depositor, as applicable, to comply with the provisions of Regulation AB, together with such disclosures relating to the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, as applicable, and any Sub-Servicer, or the servicing of the Mortgage Loans, reasonably believed by the Depositor or any Other Depositor, as applicable, to be necessary in order to effect such compliance.

 

Section 10.02     Succession; Sub-Servicers; Subcontractors.

 

(a)           For so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act (in addition to any requirements contained in Section 10.07 of this Agreement), in connection with the succession to the Master 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 Master Servicer, 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, the Special Servicer or any such Sub-Servicer, the Master Servicer (other than if pursuant to an appointment under Section 7.01 or Section 7.02 of this Agreement) or the Special Servicer, as applicable, shall provide to the Depositor, as well as 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 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 the Depositor and each such Other Depositor, all information relating to such successor servicer reasonably requested by the Depositor or 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).

 

  

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(b)           For so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, if the Master Servicer, the Special Servicer, any Sub-Servicer, the Custodian, the Trustee and the Certificate Administrator (each of the Master Servicer, the Special Servicer, the Custodian, the Trustee and the Certificate Administrator and each Sub-Servicer, for purposes of this Section 10.02(b), Section 10.02(c), Section 10.02(d) and Section 10.17, a “Servicer”) utilizes one or more Subcontractors to perform certain of its obligations hereunder, such Servicer shall promptly upon request provide to the Depositor, as well as any Other Depositor as to which the applicable Serviced Companion Loan is affected, a written description (in form and substance satisfactory to the Depositor and each such Other Depositor) of the role and function of each Subcontractor that is a Servicing Function Participant utilized by such Servicer during the preceding calendar year, specifying (i) the identity of such Subcontractor, and (ii) which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each such Subcontractor. Each Servicer shall cause any Subcontractor determined to be a Servicing Function Participant used by such Servicer for the benefit of the Depositor to comply with the provisions of Section 10.09 and Section 10.10 of this Agreement to the same extent as if such Subcontractor were such Servicer. Such Servicer shall obtain from each such Subcontractor (or, in the case of each Sub-Servicer set forth on Exhibit S, shall use commercially reasonable efforts to cause 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 10.09 and Section 10.10 of this Agreement, in each case, as and when required to be delivered.

 

(c)           For so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding the foregoing, if a Servicer engages a Subcontractor 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 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 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 Master 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 S hereto) (with respect to the Master Servicer or the Special Servicer) or sub-servicing agreement (with respect to any other Servicer) 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 the Certificate Administrator, as well as any Other Exchange Act Reporting Party as to which the applicable Serviced Companion Loan is affected, to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to Section 10.07 of this Agreement (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

  

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(d)           For so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding the foregoing and subject to Section 3.01(c) of this Agreement, if the Master Servicer or the Special Servicer engages a Sub-Servicer or if any other Servicer engages a sub-servicer, in each case, in connection with the performance of any of the duties of the Master Servicer, the Special Servicer or such other Servicer, as applicable, under this Agreement and the related Sub-Servicing Agreement (with respect to the Master Servicer or the Special Servicer) or sub-servicing agreement (with respect to any other Servicer) is either (i) assigned (other than, in the case of a Sub-Servicer engaged by the Master Servicer, an assignment to the Master Servicer) or (ii) amended or modified and the Master Servicer, the Special Servicer or such other Servicer, as applicable, determines that, as a result of such amendment or modification, the Sub-Servicer or sub-servicer, as applicable, would become a “servicer” within the meaning of Item 1101 of Regulation AB that (1) meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB or (2) meets the criteria in Item 1108(a)(2)(iii) of Regulation AB and services 20% or more of the pool assets, then the Master Servicer, the Special Servicer or such other Servicer, as applicable, shall provide written notice of such amendment, modification or assignment to the Depositor and the Certificate Administrator, as well as 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 amendment, modification or assignment (or if such prior notice would be violative of applicable law or any applicable confidentiality agreement, no later than the time required under Section 10.07 of this Agreement). Such notice shall contain all information reasonably necessary, and in such form as may be necessary, to enable the Certificate Administrator, as well as any Other Exchange Act Reporting Party as to which the applicable Serviced Companion Loan is affected, to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to Section 10.07 of this Agreement (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

(e)           For so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, in connection with the succession to the Trustee or Certificate Administrator under this Agreement by any Person (i) into which the Trustee or Certificate Administrator may be merged or consolidated, or (ii) which may be appointed as a successor to the Trustee or Certificate Administrator, the Trustee or Certificate Administrator, as applicable, shall notify the Depositor and each Other Depositor, at least ten (10) Business Days prior to the effective date of such succession or appointment (or if such prior notice would be violative of applicable law or any applicable confidentiality agreement, no later than the time required under Section 10.07 of this Agreement) and shall furnish pursuant to Section 10.07 of this Agreement to the Depositor and each Other Depositor in writing and in form and substance reasonably satisfactory to the Depositor and each Other Depositor, all information reasonably necessary for the Certificate Administrator, the Trustee and each Other Exchange Act Reporting Party to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to Section 10.07 of this Agreement or otherwise (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

Section 10.03     Filing Obligations.

 

(a)           The Master Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee shall (and shall cause (or, in the case of 

 

  

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a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause) each Additional Servicer and Servicing Function Participant utilized thereby to) reasonably cooperate with the Depositor and each Other Depositor in connection with the satisfaction of the Trust’s and each Other Securitization Trust’s reporting requirements under the Exchange Act. Pursuant to Section 10.04, Section 10.05 and Section 10.07, the Certificate Administrator shall prepare for execution by the Depositor any Forms 10-D, 10-K and 8-K required by the Exchange Act with respect to the Trust, in order to permit the timely filing thereof, and the Certificate Administrator shall file (via the Commission’s Electronic Data Gathering and Retrieval System) such Forms executed by the Depositor.

 

(b)           In the event that the Certificate Administrator is unable to timely file with the Commission or deliver to any Other Depositor or Other Exchange Act Reporting Party as to which the applicable Companion Loan is affected, all or any required portion of any Form 8-K, 10-D 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 as soon as practicable, but in no event later than twenty-four (24) hours after determination (but if the next calendar day is not a Business Day, then in no event later than 10:00 a.m., New York time, on the next Business Day), notify the Depositor, such Other Depositor or Other Exchange Act Reporting Party thereof. In the case of Forms 10-D and 10-K, the Depositor and the Certificate Administrator will thereupon cooperate to prepare and file a Form 12b-25 and a Form 10-D/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, 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 or Form 10-K needs to be amended, the Certificate Administrator will notify the Depositor thereof, and such other parties as needed and the parties hereto will cooperate with the Certificate Administrator to prepare any necessary Form 8-K/A or Form 10-K/A. In the event that any previously filed Form 10-D needs to be amended, the Certificate Administrator shall notify the Depositor thereof, and such other parties as needed, and the parties hereto shall cooperate to prepare any necessary Form 10-D/A. Any Form 12b-25 or any amendment to Form 8-K, Form 10-D 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 10.03 related to the timely preparation and filing of Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K is contingent upon such parties observing all applicable deadlines in the performance of their duties under this Article X. The Certificate Administrator shall have no liability for any loss, expense, damage, or claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or timely file any such Form 12b-25 or any amendments to Form 8-K, Form 10-D or Form 10-K, where such failure results from the Certificate Administrator’s inability or failure to receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for execution or file such Form 12b-25 or any amendments to Forms 8-K, Form 10-D or Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.

 

Section 10.04     Form 10-D Filings.

 

(a)           Within 15 calendar days after each Distribution Date (subject to permitted extensions under the Exchange Act), the Certificate Administrator shall prepare and file on 

 

  

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behalf of the Trust any Form 10-D then required by the Exchange Act, in form and substance as then 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; provided that the Certificate Administrator shall redact from such Distribution Date Statement any information relating to the ratings of the Certificates and the identity of the Rating Agencies. Any disclosure in addition to the Distribution Date Statement that is required to be included on Form 10-D (“Additional Form 10-D Disclosure”) shall, pursuant to the following paragraph, be (i) reported by the parties set forth on Exhibit U to this Agreement to the Depositor, the Certificate Administrator and each Other Depositor and Other Exchange Act Reporting Party to which such Additional Form 10-D Disclosure is relevant for Exchange Act reporting purposes and (ii) approved by the Depositor and each such Other 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.

 

For so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, within one (1) 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) certain parties to this Agreement, as set forth on Exhibit U to this Agreement, shall be required to provide to the Certificate Administrator, the Depositor, and each Other Exchange Act Reporting Party and 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 the Certificate Administrator, the Depositor and 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, (ii) the parties listed on Exhibit U to this Agreement shall include with such Additional Form 10-D Disclosure application to such party and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer set forth on Exhibit S, 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 W to this Agreement 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 with respect to the Trust; provided that any Depositor’s approval pursuant to this clause (iii) shall not relieve any parties listed on Exhibit U of its obligations to provide Additional Form 10-D Disclosure that is true and accurate in all material respects and in compliance with all applicable requirements of the Securities Act and the Exchange Act, and the rules and regulations promulgated thereunder. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit U to this Agreement of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information. The Depositor will be responsible for any reasonable fees assessed or expenses incurred by the Certificate Administrator in connection with including any Additional Form 10-D Disclosure on Form 10-D with respect to the Trust pursuant to this paragraph.

 

  

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The Certificate Administrator shall include in any Form 10-D filed by it with respect to the Trust (i) the information required by Rule 15Ga-1(a) of the Exchange Act concerning all assets of 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(a) of this Agreement, (ii) a reference to the most recent Form ABS-15G filed by the Depositor and the Commission’s assigned “Central Index Key” for the Depositor, which information the Depositor shall deliver to the Certificate Administrator, and (iii) a reference to the most recent Form ABS-15G filed by each Mortgage Loan Seller and the Commission’s assigned “Central Index Key” for each such filer, which information each Mortgage Loan Seller is required to deliver to the Certificate Administrator pursuant to Section 6(i) of the applicable Loan Purchase Agreement.

 

(b)           After preparing a Form 10-D with respect to the Trust, the Certificate Administrator shall forward electronically a copy of such Form 10-D to the Depositor for review. Within two (2) Business Days after receipt of such copy, but no later than the 9th calendar day after the related Distribution Date or, if the 9th calendar day after the related Distribution Date is not a Business Day, the immediately preceding Business Day, 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. Within two (2) Business Days after receipt of such copy, but no later than two (2) Business Days prior to the 15th calendar day after the related Distribution Date, an officer of the Depositor shall sign the Form 10-D with respect to the Trust and return an electronic or fax copy of such signed Form 10-D (with an original executed hard copy to follow by overnight mail) to the Certificate Administrator. Upon receipt of such signed Form 10-D (in electronic form or by fax copy), the Certificate Administrator shall deem such report to be approved by the Depositor and shall proceed with filing such report with the Commission. If a Form 10-D with respect to the Trust cannot be filed on time or if a previously filed Form 10-D with respect to the Trust needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.03(b) of this Agreement. Promptly after filing with the Commission, the Certificate Administrator will make available on its internet website a final executed copy of each Form 10-D with respect to the Trust prepared and filed by the Certificate Administrator. The signing party at the Depositor can be contacted at Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, telecopy number: (212) 723-8599, e-mail: paul.t.vanderslice@citi.com, with a copy to Citigroup Global Markets Inc., 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, telecopy number: (646) 328-2943, e-mail: richard.simpson@citi.com, and with a copy to Citigroup Global Markets Inc., 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail: ryan.m.oconnor@citi.com, or such other address as the Depositor may direct. The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.04 related to the timely preparation and filing of Form 10-D with respect to the Trust is contingent upon such parties observing all applicable deadlines in the performance of their duties under this Section 10.04. The Certificate Administrator shall have no liability for any loss, expense, damage, or claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or timely file any Form 10-D with respect to the Trust, where such failure results because required disclosure information was either not delivered to the Certificate Administrator 

 

  

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or delivered to the Certificate Administrator after the delivery deadlines set forth in this Agreement, not resulting from its own negligence, bad faith or willful misconduct.

 

(c)           Form 10-D requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.” The Depositor hereby instructs the Certificate Administrator, with respect to each Form 10-D with respect to the Trust, to check “yes” for each item unless the Certificate Administrator has received prior written notice (which may be furnished electronically) from the Depositor that the answer should be “no” for an item which notice shall be delivered to the Certificate Administrator no later than the day on which the Depositor provided its signature for such filing pursuant to Section 10.04(b) of this Agreement.

 

Section 10.05     Form 10-K Filings. (a) Within 90 days after the end of each fiscal year of the Trust (it being understood that the fiscal year of 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 within 90 days after December 31, 2015, the Certificate Administrator shall prepare and file on behalf of the Trust any Form 10-K then required by the Exchange Act, in form and substance as then required by the Exchange Act. Each such Form 10-K with respect to the Trust shall include the following items, in each case to the extent they have been delivered to the Certificate Administrator (in the form required by this Agreement) within the applicable time frames set forth in this Agreement:

 

(i)           an annual compliance statement for each Certifying Servicer and each Additional Servicer engaged by each Certifying Servicer, as described under Section 10.08;

 

(ii)          (A) the annual reports on assessment of compliance with Servicing Criteria for each Reporting Servicer, as described under Section 10.09; and

 

(B)           if any such report on assessment of compliance with Servicing Criteria described under Section 10.09 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 10.09 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 each Reporting Servicer, as described under Section 10.10; and

 

(B)           if any registered public accounting firm attestation report described under Section 10.10 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

 

  

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(iv)        a certification in the form attached to this Agreement as Exhibit X, 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 second following paragraph, be (i) reported by the parties set forth on Exhibit V to this Agreement to the Depositor, the Certificate Administrator and any Other Depositor and Other Exchange Act Reporting Party to which such Additional Form 10-K Disclosure is relevant for Exchange Act reporting purposes and (ii) approved by the Depositor and such Other 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.

 

Not later than the end of each fiscal year for which the Trust is required to file a Form 10-K, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor and the Trustee shall provide the other parties to this Agreement and the Mortgage Loan Sellers with written notice of the name and address of each Servicing Function Participant retained by such party, if any, during such fiscal year. Not later than the end of each fiscal year for which the Trust is required to file a Form 10-K, the Certificate Administrator shall, upon request (which can be in the form of electronic mail and which may be continually effective), provide to each Mortgage Loan Seller written notice of any change in the identity of any party to this Agreement, including the name and address of any new party to this Agreement.

 

For so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, no later than March 1, commencing in March 2015, (i) the parties listed on Exhibit V to this Agreement shall be required to provide (and (i) with respect to any Servicing Function Participant of such party that is a Mortgage 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 Certificate Administrator, the Depositor and each Other Exchange Act Reporting Party and Other Depositor to which the particular Additional Form 10-K Disclosure is relevant for Exchange Act reporting purposes, to the extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge (other than information required by Item 1117 of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may be or any lawyer in the in-house legal department of such party), in EDGAR-compatible format (to the extent available to such party in such format) or in such other format as otherwise agreed upon by the Certificate Administrator, the Depositor, 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 V to this Agreement applicable to such party, (ii) the parties listed on Exhibit V 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 S, 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 

 

  

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received, include, an Additional Disclosure Notification in the form attached as Exhibit W to this Agreement, 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 with respect to the Trust; provided that any Depositor’s approval pursuant to this clause (iii) shall not relieve any parties listed on Exhibit V of its obligations to provide Additional Form 10- K Disclosure that is true and accurate in all material respects and in compliance with all applicable requirements of the Securities Act and the Exchange Act, and the rules and regulations promulgated thereunder. 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-K Disclosure information. The Depositor will be responsible for any reasonable fees assessed and expenses incurred by the Certificate Administrator in connection with including any Additional Form 10-K Disclosure on Form 10-K with respect to the Trust pursuant to this paragraph.

 

After preparing a Form 10-K with respect to the Trust, the Certificate Administrator shall forward electronically a preliminary copy of such Form 10-K to the Depositor for review no later than March 15 in the year immediately following the year as to which such Form 10-K relates, or, if March 15 is not a Business Day, on the immediately following Business Day. Within three (3) Business Days after receipt of such copy, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes or approval to such preliminary Form 10-K. The Certificate Administrator shall provide a complete Form 10-K with respect to the Trust to the Depositor for review no later than March 21 in the year immediately following the year as to which such Form 10-K relates, or if March 21 is not a Business Day, on the immediately following Business Day. Within three (3) Business Days after receipt of such complete Form 10-K, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes or approval to such complete Form 10-K. No later than 5:00 p.m. (New York City time) on the third Business Day prior to the 10-K Filing Deadline, a senior officer of the Depositor shall sign the Form 10-K with respect to the Trust 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. Upon receipt of such signed Form 10-K (in electronic form or by fax copy), the Certificate Administrator shall deem such report to be approved by the Depositor and shall proceed with filing such report with the Commission. If a Form 10-K with respect to the Trust cannot be filed on time or if a previously filed Form 10-K with respect to the Trust needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.03(b). Promptly after filing with the Commission, the Certificate Administrator will make available on the Certificate Administrator’s Website a final executed copy of each Form 10-K prepared and filed by the Certificate Administrator. The signing party at the Depositor can be contacted at Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, telecopy number: (212) 723-8599, e-mail: paul.t.vanderslice@citi.com, with a copy to Citigroup Global Markets Inc., 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, telecopy number: (646) 328-2943, e-mail: richard.simpson@citi.com, and with a copy to Citigroup Global Markets Inc., 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail: ryan.m.oconnor@citi.com, or such other address as the Depositor may direct. The parties to this 

 

  

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Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.05 related to the timely preparation and filing of Form 10-K with respect to the Trust is contingent upon the parties to this Agreement (and any 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 10.05. 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 Form 10-K with respect to the Trust, where such failure results because required disclosure information was either not delivered to the Certificate Administrator or delivered to the Certificate Administrator after the delivery deadlines set forth in this Agreement, not resulting from its own negligence, bad faith or willful misconduct.

 

(b)           Form 10-K requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.” The Depositor hereby instructs the Certificate Administrator, with respect to each Form 10-K with respect to the Trust, to check “yes” for each item unless the Certificate Administrator has received prior written notice (which may be furnished electronically) from the Depositor that the answer should be “no” for an item which notice shall be delivered to the Certificate Administrator no later than the day on which the Depositor provided its signature for such filing pursuant to Section 10.05(a) of this Agreement.

 

Section 10.06     Sarbanes-Oxley Certification. Each Form 10-K with respect to the Trust shall include a Sarbanes-Oxley Certification in the form attached to this Agreement as Exhibit X required to be included therewith pursuant to the Sarbanes-Oxley Act. The Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian and the Trustee shall provide (and (i) with respect to any Servicing Function Participant of such party that is a Mortgage 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 Person who signs the Sarbanes-Oxley Certification for the Trust or any Other Securitization Trust (the “Certifying Person”) no later than March 15 in the year immediately following the year as to which such Form 10-K relates or, if March 15 is not a Business Day, on the immediately following Business Day, a certification in the form attached to this Agreement as Exhibit Y-1, Exhibit Y-2, Exhibit Y-3, Exhibit Y-4, Exhibit Y-5 and Exhibit Y-6, 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. With respect to each Outside Serviced Trust Loan serviced under the applicable Other Pooling and Servicing Agreement, the Master Servicer will use commercially reasonable efforts to procure, and upon receipt deliver to the Certifying Person, a Sarbanes-Oxley back-up certification similar in form and substance to the applicable certification from the related Outside Servicer, the related Outside Special Servicer, the related Outside Paying Agent and the related Outside Trustee. 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 

 

  

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pursuant to this Section 10.06 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.

 

Section 10.07     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, 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 with respect to the Trust 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”) that is approved by the Depositor shall, pursuant to the following paragraph, be reported by the applicable parties set forth on Exhibit Z to this Agreement to the Depositor, the Certificate Administrator and each Other Depositor and Other Exchange Act Reporting Party to which such Form 8-K Disclosure Information is relevant for Exchange Act reporting purposes, 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 with respect to the Trust, absent such reporting, direction and approval.

 

For so long as the Trust or 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 (1) Business Day after the occurrence of a Reportable Event (using commercially reasonable efforts), but in no event later than 1:00 p.m. (New York City time) on the second Business Day after the occurrence of a Reportable Event, (i) the parties set forth on Exhibit Z to this Agreement shall be required to provide (and (i) with respect to any Servicing Function Participant of such party that is a Mortgage 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, the Certificate Administrator and each Other Depositor and 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 the Depositor, the Certificate Administrator, each such Other Depositor, each such Other Exchange Act Reporting Party and such providing parties any Form 8-K Disclosure Information described on Exhibit Z to this Agreement as applicable to such party, if applicable (ii) the parties listed on Exhibit Z 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 S, 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 W, 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 with respect to the Trust; provided that any Depositor’s approval pursuant to this clause (iii) shall not relieve any parties listed on Exhibit Z of its obligations to provide Form 8 K Disclosure Information that is true and accurate in all material respects and in 

 

  

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compliance with all applicable requirements of the Securities Act and the Exchange Act and the rules and regulations promulgated thereunder. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit Z 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 fees assessed or expenses incurred by the Certificate Administrator in connection with including any Form 8-K Disclosure Information on Form 8-K with respect to the Trust pursuant to this paragraph.

 

Upon receipt of any notice of execution of an Other Pooling and Servicing Agreement with respect to an Outside Serviced Trust Loan or notice of any Reportable Event with respect to any Outside Service Provider of an Outside Serviced Trust Loan, the Trustee or the Certificate Administrator, as the case may be, shall promptly notify the Depositor of such notice and cooperate with the Depositor to prepare and file on behalf of the Trust any Form 8-K, as required by the Exchange Act.

 

After preparing any Form 8-K with respect to the Trust, the Certificate Administrator shall forward electronically a copy of the Form 8-K to the Depositor for review no later than 1:00 p.m. (New York City time) on the third Business Day after the related Reportable Event (but in no event earlier than 24 hours after having received approved Form 8-K Disclosure Information pursuant to the immediately preceding paragraph). Promptly, but no later than the close of business on the third Business Day after the related 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 on the fourth Business Day after the related Reportable Event, a duly authorized representative of the Depositor shall sign the Form 8-K with respect to the Trust 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 with respect to the Trust cannot be filed on time or if a previously filed Form 8-K with respect to the Trust needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.03(b) of this Agreement. Promptly after filing with the Commission, the Certificate Administrator will, make available on its internet website a final executed copy of each Form 8-K with respect to the Trust, to the extent such Form 8-K has been prepared and filed by the Certificate Administrator. The signing party at the Depositor can be contacted at Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, telecopy number: (212) 723-8599, e-mail: paul.t.vanderslice@citi.com, with a copy to Citigroup Global Markets Inc., 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, telecopy number: (646) 328-2943, e-mail: richard.simpson@citi.com, and with a copy to Citigroup Global Markets Inc., 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail: ryan.m.oconnor@citi.com, or such other address as the Depositor may direct. The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.07 related to the timely preparation and filing of Form 8-K with respect to the Trust is contingent upon such parties observing all applicable deadlines in the performance of their duties under this Section 10.07. 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 and/or timely file any Form 8-K with respect to the Trust, where such failure results from the Certificate Administrator’s inability or failure to receive, on a timely basis, any information from the parties 

 

  

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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.

 

In the case of a Form 8-K that is filed by or on behalf of the Trust as a result of the termination, removal, resignation or any other replacement of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this Agreement, the proposed successor Master Servicer, Special Servicer, Trustee or Certificate Administrator, 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 Certificate Administrator and the Depositor on or before the date of such proposed succession the following: (i) any information (including, but not limited to, disclosure information) required for the 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 Master 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 Prospectus Supplement and/or any other disclosure materials relating to this Trust.

 

Section 10.08     Annual Compliance Statements. The Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian and, if it has made an Advance during the applicable calendar year, the Trustee shall furnish (and each of the Master Servicer, the Special Servicer, the Custodian and the Certificate Administrator (i) with respect to any Additional Servicer of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such Additional Servicer to furnish, and (ii) with respect to any other Additional Servicer of such party (other than any party to this Agreement), shall cause such Additional Servicer to furnish) (each such Additional Servicer and each of the Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator and the Trustee (if applicable), a “Certifying Servicer”) to the Certificate Administrator, the Serviced Companion Loan Holders (or, in the case of a Serviced Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), the Operating Advisor (only in the case of an Officer’s Certificate furnished by the Special Servicer and after the occurrence and during the continuance of a Control Termination Event) and the Depositor on or before March 15 of each year, commencing in March 2016, an Officer’s Certificate stating, as to the signer thereof, that (A) a review of such Certifying Servicer’s activities during the preceding calendar year or portion thereof and of such Certifying Servicer’s performance under this Agreement, or the applicable Sub-Servicing Agreement 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. The Master Servicer and the Special Servicer shall, and the Master Servicer and the Special Servicer shall cause (or, in the case of an Additional Servicer that is a Mortgage Loan Seller Sub-Servicer, shall use its commercially reasonable efforts to cause) each Additional Servicer hired by it to, forward a copy of each such statement to, prior to 

 

  

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the occurrence and continuance of a CCR Consultation Termination Event, the Controlling Class Representative and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13, the Rule 17g-5 Information Provider. Promptly after receipt of each such Officer’s Certificate, the Depositor (and, in the case of a Serviced Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party) may review each such Officer’s Certificate and, if applicable, consult with the Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer, respectively, or any related Additional Servicer with which the Master Servicer or the Special Servicer, as applicable, has entered into a servicing relationship with respect to the Mortgage Loans or the Companion Loans in the fulfillment of any Certifying Servicer’s obligations hereunder or under the applicable sub-servicing or primary servicing agreement. The obligations of each Certifying Servicer under this Section apply to each Certifying Servicer that serviced a Mortgage Loan or 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.

 

With respect to each Outside Serviced Trust Loan serviced under the applicable Other Pooling and Servicing Agreement, the Certificate Administrator shall request, and upon receipt deliver to the Depositor, from a “Servicing Officer” or “Responsible Officer” (as such terms are defined in the applicable Other Pooling and Servicing Agreement), as applicable, of the related Outside Servicer, Outside Special Servicer, Outside Custodian, Outside Trustee and Outside Paying Agent or Outside Certificate Administrator an Officer’s Certificate in form and substance similar to the Officer’s Certificate described in this Section or such other form as is set forth in the Other Pooling and Servicing Agreement.

 

Section 10.09     Annual Reports on Assessment of Compliance With Servicing Criteria.

 

(a)           On or before March 15 of each year commencing in March 2016, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor and, if it has made (or is required to make) an Advance during the applicable calendar year, the Trustee, each at its own expense, shall furnish (and each of the preceding parties, as applicable, (i) with respect to any Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, 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 Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor, 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, the Trustee, the Serviced Companion Loan Holders (or, in the case of a Serviced Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), the Operating Advisor (only in the case of a report furnished by the Special Servicer and only after the occurrence and during the continuance of a Control Termination Event) and the Depositor, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such Reporting Servicer of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such Reporting Servicer 

 

  

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used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of the end of and for the preceding calendar year, including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. Copies of all compliance reports delivered pursuant to this Section 10.09 shall be provided to any Certificateholder, upon the written request thereof, 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 Relevant Servicing Criteria specified on a certification substantially in the form of Exhibit O to this Agreement delivered to the Depositor on the Closing Date. Promptly after receipt of each such report, (i) the Depositor and each Other Depositor may review each such report and, if applicable, consult with the each Reporting Servicer as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria, 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 O to this Agreement and notify the Depositor of any exceptions. For the avoidance of doubt, the Trustee shall have no obligation or duty to determine whether any such report (other than any such report furnished by the Trustee or any Servicing Function Participant of the Trustee) is in form and substance in compliance with the requirements of Regulation AB.

 

(b)           On the Closing Date, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee and the Operating Advisor each acknowledge and agree that Exhibit O to this Agreement sets forth the Relevant Servicing Criteria for such party.

 

(c)           No later than the end of each fiscal year for the Trust, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor 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, and the Certificate Administrator shall notify the Depositor and each Other Depositor as to the name of each Servicing Function Participant utilized by it, during such fiscal year, 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 Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if applicable), the Operating Advisor and any Servicing Function Participant submit their assessments pursuant to Section 10.09(a) of this Agreement, such parties will also at such time include the assessment (and related attestation pursuant to Section 10.10 of this Agreement) of each Servicing Function Participant engaged by it. The fiscal year for the Trust shall be January 1 through and including December 31 of each calendar year.

 

(d)           In the event the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if it has made, or is required to make, an Advance 

 

  

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during the applicable period) or the Operating Advisor is terminated or resigns pursuant to the terms of this Agreement, such party shall provide, and each such party shall cause (or, if the Servicing Function Participant is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause) any Servicing Function Participant of such party to provide (and the Master Servicer, the Special Servicer and the Certificate Administrator shall, with respect to any Servicing Function Participant that resigns or is terminated under any applicable servicing agreement, cause such Servicing Function Participant (or, in the case of each Servicing Function Participant that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such Servicing Function Participant) to provide) an annual assessment of compliance pursuant to this Section 10.09, coupled with an attestation as required in Section 10.10 of this Agreement with respect to the period of time that the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if it has made, or is required to make, an Advance during such period of time) or the Operating Advisor was subject to this Agreement or the period of time that the applicable Servicing Function Participant was subject to such other servicing agreement.

 

With respect to each Outside Serviced Trust Loan serviced under the applicable Other Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts to obtain, and upon receipt deliver to the Depositor, an annual report on assessment of compliance as described in this Section and an attestation as described in Section 10.10 from the related Outside Servicer, Outside Special Servicer, Outside Custodian, Outside Trustee and Outside Paying Agent or Outside Certificate Administrator and in form and substance similar to the annual report on assessment of compliance described in this Section 10.09 and the attestation described in Section 10.10.

 

Section 10.10     Annual Independent Public Accountants’ Servicing Report. On or before March 15 of each year, commencing in March 2016, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor and, if it has made (or is required to make) an Advance during the applicable calendar year, the Trustee, each at its own expense, shall cause (and each of the preceding parties, as applicable, (i) with respect to any Servicing Function Participant of such party that is a Mortgage 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 Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, 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 Certificate Administrator, the Serviced Companion Loan Holders (or, in the case of a Serviced Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), the Operating Advisor (only in the case of a report furnished on behalf of the Special Servicer and after the occurrence and during the continuance of a CCR Control Termination Event) and the Depositor, and, prior to the occurrence and continuance of a CCR Consultation Termination Event, the Controlling Class Representative and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider, to the effect that (i) it has obtained a representation regarding certain matters from the management of such Reporting Servicer, which includes an assertion 

 

  

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that such Reporting Servicer has complied with the Relevant Servicing Criteria and (ii) on the basis of an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted by the Public Company Accounting Oversight Board, it is expressing an opinion as to whether such Reporting Servicer’s compliance with the Relevant Servicing Criteria was fairly stated in all material respects, or it is not expressing an overall opinion regarding such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria. In the event that an overall opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such an opinion. Each 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 Act and the Exchange Act. Such report must be available for general use and not contain restricted use language. Copies of such statement will be provided to any Certificateholder, upon the written request thereof, by the Certificate Administrator.

 

Promptly after receipt of such report from the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if applicable), the Operating Advisor or any Servicing Function Participant, (i) the Depositor and each Other Depositor may review the report and, if applicable, consult with the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if applicable) or the Operating Advisor as to the nature of any defaults by the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if applicable), the Operating Advisor or any Servicing Function Participant with which it has entered into a servicing relationship with respect to the Mortgage Loans or the Companion Loans, as the case may be, in the fulfillment of any of the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s, the Custodian’s, the Trustee’s (if applicable), the Operating Advisor’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 relates to an assessment of compliance meeting the requirements of Section 10.09 of this Agreement and notify the Depositor of any exceptions.

 

Section 10.11     Significant Obligors

 

(a)           It is hereby acknowledged the portfolio of Mortgaged Properties related to the Selig Office Portfolio Mortgage Loan is a Significant Obligor, and, accordingly, Item 6 of Form 10-D and Item 1112(b)(1) of Form 10-K provide for the inclusion of updated net operating income for such Mortgaged Properties, as required by Item 1112(b)(1) of Regulation AB, on each Form 10-D to be filed with respect to the Trust with respect to a Distribution Date immediately following the date in which each financial statement or other financial information (to the extent such financial information relates to updated net operating income) of the Significant Obligor is required to be delivered to the lender under the related Loan Documents (which, for the avoidance of doubt, is 45 calendar days following the end of each fiscal quarter of the related Mortgagor or 85 calendar days following the end of each fiscal year of the related Mortgagor, as applicable, as set forth in Sections 5.12 and 5.13 of the related loan agreement), or on each Form 10-K filed with respect to the Trust, as applicable. After receipt of the updated net operating income information, the Master Servicer shall update the following columns of the CREFC® Loan Periodic Update File for (i) the next applicable Distribution Date if the Master 

 

  

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Servicer receives such updated net operating income information at least ten (10) Business Days prior to the Determination Date related to such Distribution Date or (ii) the second succeeding Distribution Date if the Master Servicer does not receive such updated net operating income information prior to the date set forth in clause (i): BB, BP, BT and BU (corresponding fields 54 – “Preceding Fiscal Year NOI,” 68 – “Most Recent NOI,” 72 – “Most Recent Financial As of Start Date” and 73 – “Most Recent Financial As of End Date”), as such column references and field numbers may change from time to time.

 

If the Master Servicer does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the case may be, of the Significant Obligor with respect to the Selig Office Portfolio Mortgage Loan within ten (10) Business Days after the date such financial information is required to be delivered under the related Loan Documents, the Master Servicer shall notify the Depositor (and the Master Servicer shall cause each applicable Sub-Servicing Agreement to require any related Sub-Servicer to notify the Depositor) that it has not received them. The Master Servicer shall use efforts consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations of the Depositor under the Exchange Act) to obtain the periodic financial statements of the related Mortgagor under the related Loan Documents.

 

The Master Servicer shall (and shall cause each applicable Sub-Servicing Agreement to require any related Sub-Servicer to) retain written evidence of each instance in which it (or a Sub-Servicer) attempts to contact the Mortgagor related to the Selig Office Portfolio Mortgage Loan to obtain the required financial information and is unsuccessful and, within five (5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is required to be filed with respect to the Trust, shall forward an Officer’s Certificate evidencing its attempts to obtain this information to the Certificate Administrator and the Depositor.

 

If the Certificate Administrator has not received 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, it shall include the following statement with respect to Item 6 on the related Form 10-D with respect to the Trust or Item 1112(b)(1) on the related Form 10-K with respect to the Trust: “The information required for this [Item 6] [Item 1112(b)(1)] rests with a person or entity which is not affiliated with the registrant. Oral and written requests have been made on behalf of the registrant, to the extent required under the related pooling and servicing agreement, to obtain the information required for this [Item 6] [Item 1112(b)(1)], and the registrant has been unable to obtain such information to include on this [Form 10-D] [Form 10-K] by the related filing deadline. The information is therefore being omitted herefrom in reliance on Rule 12b-21 under the Securities Exchange Act of 1934, as amended” or such other statement as directed by the Depositor.

 

(b)           With respect to any Mortgaged Property that secures a Serviced Companion Loan that the applicable Other Depositor has notified the Master Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other Securitization Trust that includes such Serviced Companion Loan, the Master Servicer shall, after receipt of updated net operating income information, (x) promptly deliver the financial statements of such “significant obligor” to the Other Depositor and Other Exchange Act 

 

  

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Reporting Party of such Other Securitization Trust and (y) update the following columns of the CREFC® Loan Periodic Update File related to such “significant obligor” for (i) the next applicable Distribution Date if the Master Servicer receives such updated net operating income information at least ten (10) Business Days prior to the Determination Date related to such Distribution Date or (ii) the second succeeding Distribution Date if the Master Servicer does not receive such updated net operating income information prior to the date set forth in clause (i): BB, BP, BT and BU (corresponding fields 54 – “Preceding Fiscal Year NOI,” 68 – “Most Recent NOI,” 72 – “Most Recent Financial As of Start Date” and 73 – “Most Recent Financial As of End Date”), as such column references and field numbers may change from time to time.

 

If the Master Servicer does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the case may be, of such “significant obligor” within ten Business Days after the date such financial information is required to be delivered under the related Loan Documents, the Master Servicer shall notify the applicable Other Depositor with respect to such Other Securitization Trust that includes the related Serviced Companion Loan (and shall cause each applicable Sub-Servicing Agreement to require any related Sub-Servicer to notify such Other Depositor) that it has not received them. The Master Servicer shall use efforts consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations of such Other Depositor under the Exchange Act) to obtain the periodic financial statements of the related Mortgagor under the related Loan Documents.

 

The Master Servicer shall (and shall cause each applicable Sub-Servicing Agreement to require any related Sub-Servicer to) retain written evidence of each instance in which it (or a Sub-Servicer) attempts to contact the Mortgagor related to such “significant obligor” to obtain the required financial information and is unsuccessful and, within five (5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is required to be filed with respect to the related Other Securitization Trust, shall forward an Officer’s Certificate evidencing its attempts to obtain this information to the Other Exchange Act Reporting Party and Other Depositor related to such Other Securitization Trust. This Officer’s Certificate should be addressed to the certificate administrator at its corporate trust office, as specified in the related Other Pooling and Servicing Agreement.

 

Section 10.12     Indemnification. Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian and the Trustee (each an “Indemnifying Party”) shall 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 claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses (including without limitation 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 X; (ii) the failure of any Servicing Function Participant or Additional Servicer retained by it (other than a Mortgage Loan Seller Sub-Servicer) to perform its obligations under this Article X; (iii) any untrue statement of a material fact contained in any information (x) regarding the Indemnifying Party or any Servicing 

 

  

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Function Participant, Additional Servicer or Subcontractor engaged by it (other than any Mortgage Loan Seller Sub-Servicer), (y) prepared by any such party described in clause (x) or any registered public accounting firm, attorney or other agent retained by such party to prepare such information and (z) delivered by or on behalf of such Indemnifying Party in connection with the performance of such Indemnifying Party’s obligations described in this Article X, 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 willful misconduct on the part of the Master 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 Master 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 Mortgage 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 as necessary for the 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 Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, 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 Master Servicer, the Master Servicer shall receive copies of all material communications pursuant to this paragraph. If such election 

 

  

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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 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 Master 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 Master 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 Mortgage Loan Seller Sub-Servicer (and with respect to any Servicing Function Participant of such party that is a Mortgage 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 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 Servicer (as defined in Section 10.02(b)) to identify a Servicing Function Participant pursuant to Section 10.02(c), or (iv) any Deficient Exchange Act Deliverable with respect to such Servicing Function Participant.

 

  

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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 any Certification Party, 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 Master 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 X (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 Special Servicer, the Operating Advisor, the Trustee and the Certificate Administrator shall cause each Servicing Function Participant of such party that is not a Mortgage Loan Seller Sub-Servicer (and with respect to any Servicing Function Participant of such party that is a Mortgage 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 10.12 shall survive the termination of this Agreement or the earlier resignation or removal of the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee or the Certificate Administrator.

 

Section 10.13     Amendments. This Article X may be amended by the parties hereto pursuant to Section 11.07 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 or for purposes of designating the Certifying Person without any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement.

 

Section 10.14     Regulation AB Notices. With respect to any notice required to be delivered by the Certificate Administrator to the Depositor pursuant to this Article X, the Certificate Administrator may deliver such notice, notwithstanding any contrary provision in this Agreement, via facsimile and electronic mail to Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, telecopy number: (212) 723-8599, e-mail: paul.t.vanderslice@citi.com, with a copy to Citigroup Global Markets Inc., 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, telecopy number: (646) 328-2943 e-mail: richard.simpson@citi.com, and with a copy to Citigroup Global Markets Inc., 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail: ryan.m.oconnor@citi.com, or to such other address(es), facsimile numbers and/or electronic mail addresses as may be designated by the Depositor.

 

Section 10.15     Termination of the Certificate Administrator. Notwithstanding anything to the contrary contained in this Agreement, the Depositor may terminate the Certificate 

 

  

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Administrator upon five (5) Business Days’ notice if the Certificate Administrator fails to comply with any of its obligations under this Article X; provided that (a) such termination shall not be effective until a successor Certificate Administrator shall have accepted the appointment, (b) the Certificate Administrator may not be terminated if (i) it cannot perform its obligations due to its failure to properly prepare or file on a timely basis, on behalf of the Trust, any Form 8-K, Form 10-K or Form 10-D or any amendments to such forms or any Form 12b-25 where such failure results from the Certificate Administrator’s inability or failure to receive, within the exact time frames set forth in this Agreement any information, approval, direction or signature from any other party hereto needed to prepare, arrange for execution or file any such Form 8-K, Form 10-K or Form 10-D or any amendments to such forms or any Form 12b-25 not resulting from its own negligence, bad faith or willful misconduct, or (ii) following the Certificate Administrator’s failure to comply with any of such obligations under this Article X on or prior to the dates by which such obligations are to be performed pursuant to, and as set forth in, such Sections, the Certificate Administrator subsequently complies with such obligations before the Depositor gives written notice to it that it is terminated in accordance with this Section 10.15, and (c) if the Certificate Administrator’s failure to comply does not cause it to fail in its obligations to timely file, on behalf of the Trust, the related Form 8-K, Form 10-D or Form 10-K, as the case may be, by the related deadline for filing such Form 8-K, Form 10-D or Form 10-K, then the Depositor shall cease to have the right to terminate the Certificate Administrator under this Section 10.15 on the date on which such Form 8-K, Form 10-D or Form 10-K is so filed.

 

Section 10.16     Termination of the Master Servicer or the Special Servicer. Notwithstanding anything to the contrary contained in this Agreement, the Depositor may terminate the Master Servicer or the Special Servicer upon five (5) Business Days’ notice if the Master Servicer or the Special Servicer, as applicable, fails to comply with any of its respective obligations under this Article X; provided that such termination shall not be effective until a successor master servicer or special servicer, as applicable, shall have accepted the appointment.

 

Section 10.17     Termination of Sub-Servicing Agreements. For so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, each of the Master 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 Master 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 X 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 X. 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 Master Servicer or the Special Servicer) or sub-servicing agreement (with respect to any other Servicer) as aforesaid shall not limit any right Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as 

 

  

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applicable, may have to terminate such Sub-Servicing Agreement or sub-servicing agreement, as applicable.

 

Section 10.18     Notification Requirements and Deliveries in Connection With Securitization of a Serviced Companion Loan.

 

(a)           Any other provision of this Article X to the contrary notwithstanding, including, without limitation, any deadlines for delivery set forth in this Article X, in connection with the requirements contained in this Article X that provide for the delivery of information and other items to, and the cooperation with, the Other Depositor and Other Exchange Act Reporting Party of any Other Securitization Trust that includes a Serviced 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 10.08, Section 10.09 and Section 10.10 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 Serviced Companion Loan that is included in any Other Securitization as of the Closing Date. Any reasonable cost and expense of the Master 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 X 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 X in connection therewith and (i) upon such confirmation, the parties shall comply with the deadlines for delivery set forth in this Article X with respect to such Other Securitization Trust or (ii) in the absence of such confirmation, the parties shall not be required to deliver such items; provided that no such confirmation will be required in connection with any delivery of the items contemplated by Section 10.08, Section 10.09 and Section 10.10 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 

 

  

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such Other Depositor provide them with the contact details of such Other Depositor, Other Exchange Act Reporting Party and any other parties to the Other Pooling and Servicing Agreement relating to such Other Securitization Trust.

 

(b)           Each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable prior written request given in accordance with the terms of Section 10.18(a) above, and subject to a right of the Master Servicer, Special Servicer, the Certificate Administrator or Trustee, as the case may be, to review and approve such disclosure materials, permit a holder of a related Serviced Companion Loan to use such party’s description contained in the Prospectus Supplement (updated as appropriate by the Master Servicer, the Special Servicer, Certificate Administrator or Trustee, as applicable, at the reasonable cost of the Other Depositor or the holder of such Serviced Companion Loan) for inclusion in the disclosure materials relating to any securitization of a Serviced Companion Loan.

 

(c)           The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request given in accordance with the terms of Section 10.18(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 Serviced Companion Loan) to the Other Depositor and any underwriters with respect to any securitization transaction that includes a Serviced Companion Loan such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect to the updated description referred to in Section 10.18(b) with respect to such party, substantially identical to those, if any, delivered by the Master 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 Prospectus Supplement and/or any other disclosure materials relating to this Trust (updated as deemed appropriate by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, or their respective legal counsel, as the case may be). None of the Master 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 Serviced Companion Loan if it did not deliver a corresponding item with respect to this Trust.

 

(d)           Each of the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator, upon reasonable prior written request given in accordance with the terms of Section 10.18(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 10.18(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 Master 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 Prospectus Supplement and/or any other disclosure materials relating to this Trust.

 

  

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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 2015-GC29 securitization transaction, the reasonable cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, pursuant to this Section 10.18(d) shall be paid or caused to be paid by the related Other Depositor or the applicable Serviced Companion Loan Holder that transferred the related Serviced 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 of the Master 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 Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, pursuant to this Section 10.18(d) shall be paid or caused to be paid by the same party or parties required to pay the costs and expenses relating to such termination, removal, resignation or other replacement pursuant to this Agreement.

 

Section 10.19     Termination of Exchange Act Filings With Respect to the Trust. 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 with respect to the Trust, the Certificate Administrator shall prepare and file a Form 15 Suspension Notification relating to the automatic suspension of reporting in respect of the Trust under the Exchange Act or any other 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 10.04, Section 10.05, Section 10.06 and Section 10.07, solely insofar as they relate to the Trust, shall be suspended. 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 or other applicable form, the Depositor shall provide notice to the Certificate Administrator that it is required to resume its Exchange Act filings with respect to the Trust, the Certificate Administrator shall recommence preparing and filing reports on Forms 10-K, 10-D and 8-K with respect to the Trust as required pursuant to Section 10.04, Section 10.05, Section 10.06 and Section 10.07, and all parties’ obligations under this Article X shall recommence.

 

ARTICLE XI

 

MISCELLANEOUS PROVISIONS

 

Section 11.01     Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of this Agreement.

 

  

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Section 11.02     Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust Fund, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

 

No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, 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 Certificateholder be under any liability to any third person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof.

 

No Certificateholder shall have any right to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, any Mortgage Loan or Serviced Loan Combination, unless such Holder previously shall have given to the Trustee a written notice of default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of at least 25% of the Voting Rights of any Class of Certificates affected thereby (considering each Class of the Class A-S, Class B and Class C Certificates together with the Class PEZ Component of the same alphabetical designation as a single “Class” for such purpose) shall have made written request upon the Trustee (with a copy to the Certificate Administrator) 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 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 of any Class shall have any right in any manner whatever by virtue of any provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Certificates of such Class. For the protection and enforcement of the provisions of this Section, each and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Section 11.03     Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

  

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Section 11.04     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 electrionic 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), to: (i) in the case of the Depositor, Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, fax number (212) 723-8599, and 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, fax number (646) 328-2943, and 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, fax number (646) 862-8988, and with an electronic copy e-mailed 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 the Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, 10851 Mastin Street, Suite 700, Overland Park, Kansas 66210, Attention: Executive Vice President – Division Head, fax number: (913) 253-9001, with a copy to Stinson Leonard Street LLP, 1201 Walnut Street, Suite 2900, Kansas City, Missouri 64106-2150, Attention: Kenda K. Tomes, fax number: (816) 412-9338, and with respect to e-mail pursuant to this Agreement, at NoticeAdmin@midlandls.com; (iii) in the case of the Special Servicer, Midland Loan Services, a Division of PNC Bank, National Association, 10851 Mastin Street, Suite 700, Overland Park, Kansas 66210, Attention: Executive Vice President – Division Head, fax number: (913) 253-9001, with a copy to Stinson Leonard Street LLP, 1201 Walnut Street, Suite 2900, Kansas City, Missouri 64106-2150, Attention: Kenda K. Tomes, fax number: (816) 412-9338, and with respect to e-mail pursuant to this Agreement, at NoticeAdmin@midlandls.com; (iv) in the case of the Certificate Administrator, Citibank, N.A., 388 Greenwich Street, 14th Floor, New York, New York 10013, Attention: Citibank Agency & Trust - CGCMT 2015-GC29, fax number: (212) 816-5527, and with respect to e-mail pursuant to this Agreement, at ratingagencynotice@citi.com; (v) in the case of the Trustee, Deutsche Bank Trust Company Americas, 1761 East St. Andrew Place, Santa Ana, California, 92705-4934, Attention: Trust Administration – CI1529, fax number (714) 247-6022, and with respect to e-mail pursuant to Section 11.06 and Section 11.13 of this Agreement, at holder.inquiry@db.com and with respect to any notice or delivery of information under Article X of this Agreement, by facsimile to (714) 656-2631 and by e-mail to dbsec.notifications@db.com; (vi) in the case of the Operating Advisor, Situs Holdings, LLC, 2 Embarcadero, Suite 1300, San Francisco, California 94111, Attention: Stacey Ciarlanti, Vice President, with a copy to Situs Holdings, LLC, 5065 Westheimer Suite 700E, Houston, Texas 77052, Attention: Legal Department, and with respect to e-mail pursuant to this Agreement, at Stacey.Ciarlanti@situs.com with a copy to legal@situs.com; (vii) in the case of the Rating Agencies: (a) Moody’s Investors Service, Inc., 7 World Trade Center, New York, New York 10007, Attention: Commercial Mortgage Surveillance Group, fax number: (212) 553 0300, (b) Kroll Bond Rating Agency, Inc., 845 Third Avenue, 4th Floor, New York, New York 10022, Attention: CMBS Surveillance, fax 

 

  

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number: (646) 731 2395, and (c) Fitch Ratings, Inc., One State Street Plaza, 31st Floor, New York, New York 10004, Attention: Commercial Mortgage Surveillance Group, fax number: (212) 635 0295; (viii) in the case of the Mortgage Loan Sellers, (a) Citigroup Global Markets Realty Corp., 390 Greenwich Street, 5th Floor, New York, New York 10013, to the attention of Paul Vanderslice, fax number (212) 723-8599, and 390 Greenwich Street, 7th Floor, New York, New York 10013, to the attention of Richard Simpson, fax number (646) 328-2943, 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 Rule 15Ga-1 Notice, cmbs.notice@citi.com, (b) Goldman Sachs Mortgage Company, 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: Peter Morreale, fax number: (212) 902-3000, e-mail: peter.morreale@gs.com and Joe Osborne, fax number: 212-291-5318, e-mail: joe.osborne@gs.com, (c) Rialto Mortgage Finance, LLC, 299 Park Avenue, 6th Floor, New York, New York 10171, Attention: Kenneth M. Gorsuch, Executive Director, and (d) FCRE REL, LLC, 623 Fifth Avenue, 24th Floor, New York, New York 10022, Attention: Mary F. Davenport, Executive Vice President, Mary.Davenport@FreedomMortgage.com, facsimile number (212) 702-8703; with a copy sent via overnight mail, hand delivered, couriered or sent by facsimile transmission or electronic mail to FCRE REL, LLC, c/o Freedom Mortgage Corporation, Attention: Chief Corporate Counsel, 907 Pleasant Valley Avenue, Mount Laurel, New Jersey 08054, David.Altman@FreedomMortgage.com, facsimile number 866-656-3365; (ix) in the case of the Underwriters, (a) Goldman, Sachs & Co., 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: Peter Morreale, fax number: (212) 902-3000, e-mail: peter.morreale@gs.com and Joe Osborne, fax number: 212-291-5318, e-mail: joe.osborne@gs.com; (b) Citigroup Global Markets Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, fax number: (212) 723-8599, and 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, fax number: (646) 328-2943, with copies by electronic mail to Richard Simpson at richard.simpson@citi.com and Ryan M. O’Connor at ryan.m.oconnor@citi.com; (c) Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10005, Attention: Lainie Kaye, e-mail: lainie.kaye@db.com, facsimile number: (212) 797-4487; and (d) Drexel Hamilton, LLC, 77 Water Street, New York, New York 10005, Attention: John D. Kerin, Director of Debt Syndicate, fax number: (646) 412-1500; (x) in the case of the Initial Purchasers, (a) Goldman, Sachs & Co., 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: Peter Morreale, fax number: (212) 902-3000, e-mail: peter.morreale@gs.com and Joe Osborne, fax number: 212-291-5318, e-mail: joe.osborne@gs.com; (b) Citigroup Global Markets Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, fax number: (212) 723-8599, and 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, fax number: (646) 328-2943, with copies by electronic mail to Richard Simpson at richard.simpson@citi.com and Ryan M. O’Connor at ryan.m.oconnor@citi.com; (c) Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10005, Attention: Lainie Kaye, e-mail: lainie.kaye@db.com, facsimile number: (212) 797-4487; and (d) Drexel Hamilton, LLC, 77 Water Street, New York, New York 10005, Attention: John D. Kerin, Director of Debt Syndicate, fax number: (646) 412-1500; and (xi) in the case of the initial Controlling Class Representative, Eightfold Real Estate Capital, L.P., 1111 Lincoln Road, Suite 802, Miami Beach, Florida 33139, Attention: Brian Tageson, email: 

 

  

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btageson@eightfold.com; 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. 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 communication required or permitted to be delivered to a Beneficial Owner shall be deemed to have been duly given to the extent delivered through the Depository. 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. Notwithstanding anything contained in this Section 11.04 to the contrary, nothing in this Section 11.04 shall constitute consent by any party hereto to service of process upon such party by facsimile transmission, electronic mail or any other type of electronic transmission.

 

Section 11.05     Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then, to the extent permitted by applicable law, such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof.

 

Section 11.06     Notice to the Rule 17g-5 Information Provider, Depositor and Each Rating Agency.

 

(a)           The Certificate Administrator shall use its best efforts to promptly prepare a written notice, and provide such notice by e-mail to the Rule 17g-5 Information Provider (if the Certificate Administrator is for any reason not the Rule 17g-5 Information Provider) and the Depositor, with respect to each of the following items of which a Responsible Officer of the Certificate Administrator has actual knowledge, and the Rule 17g-5 Information Provider shall promptly upload such notice to the Rule 17g-5 Information Provider’s Website within two (2) Business Days and shall, promptly following the posting of such notice to the Rule 17g-5 Information Provider’s Website, notify, or cause the notification of, each Registered Rating Agency (other than any Registered Rating Agency that has indicated to the Rule 17g-5 Information Provider of its election to not receive such notification) by electronic mail of the posting of such notice, which electronic mail may be automatically generated by the Rule 17g-5 Information Provider’s Website:

 

(i)            any material change or amendment to this Agreement;

 

(ii)           the occurrence of any Servicer Termination Event that has not been cured;

 

(iii)          the merger, consolidation, resignation or termination of the Master Servicer, Special Servicer, the Trustee or the Certificate Administrator or any Outside Servicer, Outside Special Servicer or Outside Trustee;

 

(iv)          the repurchase of, or substitution of, Mortgage Loans pursuant to Section 2.03;

 

(v)           the final payment to any Class of Certificateholders;

 

  

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(vi)          any change in the location of the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account or any Distribution Account;

 

(vii)         any event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer; and

 

(viii)        any change in the lien priority of a Mortgage Loan.

 

(b)           The Master Servicer or the Special Servicer shall promptly furnish by e-mail (or any other form of electronic delivery reasonably acceptable to the Master Servicer or the Special Servicer, as applicable, and the Rule 17g-5 Information Provider) to the Rule 17g-5 Information Provider and the Depositor copies of the following (to the extent not already delivered or made available pursuant to the terms of this Agreement), and the Rule 17g-5 Information Provider shall promptly upload such documents to the Rule 17g-5 Information Provider’s Website within two (2) Business Days, and the Rule 17g-5 Information Provider shall, promptly following the posting of such documents to the Rule 17g-5 Information Provider’s Website, notify, or cause the notification of, each Registered Rating Agency (other than any Registered Rating Agency that has indicated to the Rule 17g-5 Information Provider of its election to not receive such notification) by electronic mail of the posting of such documents, which electronic mail may be automatically generated by the Rule 17g-5 Information Provider’s Website:

 

(i)            each of its annual statements as to compliance described in Section 10.09 of this Agreement;

 

(ii)           each of its annual independent public accountants’ servicing reports described in Section 10.10 of this Agreement;

 

(iii)          a copy of each operating and other financial statements, rent rolls, occupancy reports, and sales reports to the extent such information is required to be delivered under a Mortgage Loan, in each case to the extent collected pursuant to Section 4.02; and

 

(iv)          upon request, each inspection report prepared in connection with any inspection conducted pursuant to Section 3.18 of this Agreement.

 

(c)           The Certificate Administrator shall promptly furnish by e-mail (or any other form of electronic delivery reasonably acceptable to the Certificate Administrator and the Rule 17g-5 Information Provider) to the Rule 17g-5 Information Provider (if the Certificate Administrator is for any reason not the Rule 17g-5 Information Provider) and the Depositor copies of the items set forth in Section 8.11(b) of this Agreement (to the extent not already delivered or made available pursuant to the terms of this Agreement and to the extent such items were prepared by or delivered to the Certificate Administrator in electronic format), and the Rule 17g-5 Information Provider shall promptly upload such documents to the Rule 17g-5 Information Provider’s Website within five (5) Business Days.

 

  

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(d)           After any notice, document or item has been posted by the Rule 17g-5 Information Provider to the Rule 17g-5 Information Provider’s Website pursuant to Sections 11.06(a), 11.06(b) or 11.06(c), the Rule 17g-5 Information Provider may send such posted notice, document or item to a Registered Rating Agency.

 

Section 11.07     Amendment. This Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

(i)            to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

(ii)           to correct or supplement any of its provisions which may be inconsistent with any other provisions of this Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

(iii)          to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

(iv)          to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations;

 

(v)           to make any other provisions with respect to matters or questions arising under this Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

  

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(vi)          to modify the procedures herein relating to Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under this Agreement); provided, further that notice of such modification is provided to all parties to this Agreement;

 

(vii)         to amend or supplement any provision of this Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

(viii)        in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of this Agreement (A) to the extent necessary to effect the qualification of this Agreement under the TIA or under any similar federal statute hereafter enacted and to add to this Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of this Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided, further that no amendment pursuant to any of clauses (i)-(viii) above may be made that would:  (i) reduce the consent or consultation rights or the right to receive information under this Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under this Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under this Agreement or the applicable Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

This Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment 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 Certificateholders; provided, however, that no such amendment shall:

 

(i)            reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of 

 

  

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any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable;

 

(ii)           reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding;

 

(iii)          change in any manner the obligations or rights of any Mortgage Loan Seller under this Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller;

 

(iv)          change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation;

 

(v)           without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under this Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to this Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to this Agreement;

 

(vi)          adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders;

 

(vii)         adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent; or

 

(viii)        change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

In the event that neither the Depositor nor any successor thereto, if any, is in existence, any amendment under this Section 11.07 shall be effective with the consent of the Trustee, the Operating Advisor, the Certificate Administrator, the Custodian (if the Trustee is then acting as Custodian), the Special Servicer, the Master Servicer, in writing, and to the extent required by this Section, the Certificateholders, the Serviced Companion Loan Holders, the Mortgage Loan Sellers, the Underwriters and/or the Initial Purchasers, as applicable. Promptly after the execution of any amendment, the Master Servicer shall forward a copy thereof to the Trustee, the Operating Advisor, the Certificate Administrator, the Custodian (if the Trustee is then acting as Custodian), the Special Servicer, each Serviced Companion Loan Holder, each Mortgage Loan Seller, each Underwriter, each Initial Purchaser and the Certificate Administrator and shall furnish written notification of the substance of such amendment to each Certificateholder, as applicable, and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, the Rule 17g-5 Information Provider. It shall not be necessary for the consent of Certificateholders or the Serviced Companion Loan Holders, the Mortgage Loan Sellers, Underwriters or the Initial Purchasers, as applicable, under this Section 11.07 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The method of obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholders or the 

 

  

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Serviced Companion Loan Holders, the Mortgage Loan Sellers, Underwriters or the Initial Purchasers, as applicable, shall be subject to such reasonable regulations as the Trustee may prescribe; provided, however, that such method shall always be by affirmation and in writing.

 

Notwithstanding any contrary provision of this Agreement, no amendment shall be made to this Agreement or any Custodial Agreement unless, if requested by the Master Servicer, the Special Servicer, the Trustee, the Custodian (if the Trustee is then acting as Custodian), and/or the Certificate Administrator, such party shall have received an Opinion of Counsel, at the expense of the party requesting such amendment (or, if such amendment is required by any Rating Agency to maintain the rating issued by it or requested by the Trustee or the Certificate Administrator for any purpose described in clause (i) or (ii) of the first sentence of this Section, then at the expense of the Trust Fund), to the effect that such amendment will not cause either Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes at any time that any Certificates are outstanding, and will not cause a tax to be imposed on the Trust Fund (other than a tax at the highest marginal corporate tax rate on net income from foreclosure property pursuant to Code Section 860G(c)). Prior to the execution of any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the Custodian (if the Trustee is then acting as Custodian), the Special Servicer and the Master Servicer may request and shall be entitled to rely conclusively upon an Opinion of Counsel, at the expense of the party requesting such amendment (or, if such amendment is required by any Rating Agency to maintain the rating issued by it or requested by the Trustee or the Certificate Administrator for any purpose described in clause (i), (ii), (iii) or (v) (which do not modify or otherwise relate solely to the obligations, duties or rights of the Trustee or the Certificate Administrator, as applicable) of the first sentence of this Section, then at the expense of the Trust Fund) stating that the execution of such amendment is authorized or permitted by this Agreement, and that all conditions precedent to such amendment are satisfied. Each of the Trustee, the Custodian (if the Trustee is then acting as Custodian) and the Certificate Administrator may, but shall not be obligated to, enter into any such amendment which affects the Trustee’s, the Custodian’s (if the Trustee is then acting as Custodian) or the Certificate Administrator’s, as applicable, own rights, duties or immunities under this Agreement. The party requesting an amendment to this Agreement shall provide to the Rule 17g-5 Information Provider, for posting on the Rule 17g-5 Information Provider’s Website pursuant to Section 11.13 of this Agreement, prior written notice of such proposed amendment.

 

Section 11.08     Confirmation of Intent. 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, each Distribution Account, 

 

  

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the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account and, if established, the Excess Liquidation Proceeds Reserve Account and the REO Account, and all reinvestment earnings on such amounts, and all of the Depositor’s right, title and interest in and to any Insurance Proceeds related to such Mortgage Loans and (ii) this Agreement shall constitute a security agreement under applicable law. This Section 11.08 shall constitute notice to the Trustee pursuant to any of the requirements of the applicable UCC.

 

Section 11.09     Third-Party Beneficiaries. Except as provided in the next sentence, no Persons other than a party to this Agreement, any Serviced Companion Loan Holder (unless it is the Mortgagor under the applicable Serviced Companion Loan or an Affiliate thereof) and any Certificateholder, shall have any rights with respect to the enforcement of any of the rights or obligations hereunder. Any Underwriter or Initial Purchaser (with respect to its rights to receive any documents, certifications, information and/or indemnification hereunder and its rights under Section 2.02, Section 5.03 and Section 11.07 of this Agreement), any Serviced Companion Loan Holder, any Mortgage Loan Seller (with respect to its rights under Section 2.03(a), Section 2.03(b), Section 2.03(c), Section 3.09(d)(i), Section 11.07 and Section 11.16 of this Agreement and its rights as a Privileged Person), any Other Depositor and Other Exchange Act Reporting Party (with respect to its rights under Article X of this Agreement) and, subject to Section 11.02 of this Agreement, any Certificateholder (which are intended third-party beneficiaries of this Agreement) shall have the right to enforce their respective rights and obligations hereunder (in the case of any Serviced Companion Loan Holder, to the extent they affect the related Serviced Companion Loan and provided that such Serviced Companion Loan Holder is not the Mortgagor under the related Companion Loan or an Affiliate thereof) as if each such Person was a party hereto.

 

Without limiting the foregoing, the parties to this Agreement specifically state that no Mortgagor, property manager or other party to a Mortgage Loan is an intended third-party beneficiary of this Agreement.

 

Section 11.10     Request by Certificateholders or the Serviced Companion Loan Holder. Where information or reports are required to be delivered to a Certificateholder or a Serviced Companion Loan Holder, as applicable, upon request pursuant to the terms of this Agreement, such request can be in the form of a single blanket request by a Certificateholder or a Serviced Companion Loan Holder, as applicable, to the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, and, with respect to such Certificateholder or a Serviced Companion Loan Holder, as applicable, such request shall be deemed to relate to each date such report or information may be requested. The notice shall set forth the applicable Sections where such reports and information are requested.

 

Section 11.11     Waiver of Jury Trial. 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 11.12     Submission to Jurisdiction. EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF THE COURTS OF 

 

  

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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 SUCH ACTION OR PROCEEDING RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER AND AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY MANNER PERMITTED BY LAW.

 

Section 11.13     Exchange Act Rule 17g-5 Procedures.

 

(a)           Except as otherwise provided in Section 11.06 of this Agreement or this Section 11.13 or otherwise in this Agreement or as required by law, none of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian shall provide any information directly to, or communicate with, either orally or in writing, any Rating Agency regarding the Certificates or the Mortgage Loans relevant to the Rating Agencies’ surveillance of the Certificates or the Mortgage Loans, including, but not limited to, providing responses to inquiries from a Rating Agency regarding the Certificates or the Mortgage Loans relevant to such Rating Agency’s surveillance of the Certificates. To the extent that a Rating Agency makes an inquiry or initiates communications with the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian regarding the Certificates or the Mortgage Loans relevant to such Rating Agency’s surveillance of the Certificates, all responses to such inquiries or communications from such Rating Agency shall be made in writing by the responding party and shall be provided to the Rule 17g-5 Information Provider as provided in Section 11.13(h), whereupon the Rule 17g-5 Information Provider shall post such written response to the Rule 17g-5 Information Provider’s Website within two (2) Business Days of receipt (or, if the responding party is the Rule 17g-5 Information Provider, within two (2) Business Days of preparation) of such response, and the Rule 17g-5 Information Provider shall, promptly after such response has been posted to the Rule 17g-5 Information Provider’s Website, notify, or cause the notification of, each Registered Rating Agency by electronic mail of the posting of such response.

 

(b)           To the extent that any of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian is required to provide any information to, or communicate with, any Rating Agency in accordance with its obligations under this Agreement, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian, as applicable, shall do so in writing and shall provide such written information or communication to the Rule 17g-5 Information Provider electronically as provided in Section 11.13(h), whereupon the Rule 17g-5 Information Provider shall upload such information or communication to the Rule 17g-5 Information Provider’s Website within two (2) Business Days of receipt (or, if the applicable party is the Rule 17g-5 Information Provider, within two (2) Business Days of preparation) of 

 

  

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such written information or communication, and the Rule 17g-5 Information Provider shall, promptly after such written information or communication has been uploaded to the Rule 17g-5 Information Provider’s Website, notify, or cause the notification of, each Registered Rating Agency by electronic mail of the posting of such written information or communication. The foregoing shall include any Rating Agency Confirmation request made pursuant to this Agreement, which shall be in writing, with a cover letter indicating the nature of the request and shall include all information the requesting party believes is reasonably necessary for the applicable Rating Agency to make its decision.

 

(c)           Notwithstanding the provisions of Section 11.13(a) or Section 11.13(b)of this Agreement, the Depositor may authorize, in its sole discretion, any of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian to provide information directly to, or communicate with, a Rating Agency (including, but not limited to, responses to inquiries from such Rating Agency). Any such authorization shall be in writing (which writing may be electronic mail) by a Responsible Officer of the Depositor, and shall set forth the procedures that the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian, as applicable, shall follow if it elects (in its sole discretion) to provide information directly to the applicable Rating Agency, which procedures shall be reasonable and customary as is necessary to allow compliance with Rule 17g-5.

 

(d)           Each of the Rule 17g-5 Information Provider, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and the Custodian (each, an “Indemnifying Party”) hereby expressly agrees to indemnify and hold harmless the Depositor and its respective officers, directors, shareholders, members, managers, employees, agents, Affiliates and controlling persons, and the Trust Fund (each, an “Indemnified Party”), from and against any and all losses, liabilities, damages, claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses (including reasonable legal fees and expenses), joint or several, to which any such Indemnified Party may become subject, under the Act, the Exchange Act or otherwise, pursuant to a third-party claim, insofar as such losses, liabilities, damages, claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses (including reasonable legal fees and expenses) arise out of or are based upon (i) such Indemnifying Party’s breach of Section 11.06, Section 11.13(a), Section 11.13(b), Section 11.13(c), Section 11.13(g) or Section 11.13(h) of this Agreement or (ii) a determination by any Rating Agency that it cannot reasonably rely on representations made by the Depositor or any Affiliate thereof pursuant to Exchange Act Rule 17g-5(a)(3), to the extent caused by any such breach referred to in clause (i) above by the applicable Indemnifying Party, and will reimburse such Indemnified Party for any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim, as such expenses are incurred. The Depositor shall notify each of the Master Servicer and the Special Servicer in writing of any change in the identity or contact information of the Rule 17g-5 Information Provider (if it is not also the Certificate Administrator).

 

(e)           None of the Master Servicer, the Special Servicer, the Certificate Administrator (unless the Certificate Administrator is acting in the capacity of the Rule 17g-5 Information Provider), the Trustee, the Operating Advisor or the Custodian shall have any liability for (i) the Rule 17g-5 Information Provider’s failure to post information provided by the 

 

  

-388-

  

 

Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian in accordance with the terms of this Agreement, (ii) any malfunction or disabling of the Rule 17g-5 Information Provider’s Website or (iii) such party’s failure to perform any of its obligations under this Agreement regarding providing information or communication to the Rating Agencies that are required to be performed after the Rule 17g-5 Information Provider posts the related information or communication if the Rule 17g-5 Information Provider fails to notify such party that it has posted such information or communication on the Rule 17g-5 Information Provider’s Website.

 

(f)            None of the foregoing restrictions in this Section 11.13 prohibit or restrict oral or written communications, or providing information, between the Master Servicer or the Special Servicer, on the one hand, and any Rating Agency, on the other hand, with regard to (i) such Rating Agency’s review of the ratings it assigns to the Master Servicer or the Special Servicer, as applicable, (ii) such Rating Agency’s approval of the Master Servicer or the Special Servicer, as applicable, as a commercial mortgage master, special or primary servicer or (iii) such Rating Agency’s evaluation of the Master Servicer’s or the Special Servicer’s, as applicable, servicing operations in general; provided, however, that the Master Servicer or the Special Servicer, as applicable, shall not provide any information relating to the Certificates or the Mortgage Loans to such Rating Agency in connection with such review and evaluation by such Rating Agency unless: (x) borrower, property or deal specific identifiers are redacted; or (y) such information has already been provided to the Rule 17g-5 Information Provider and has been uploaded on to the Rule 17g-5 Information Provider’s Website.

 

(g)           The Rule 17g-5 Information Provider shall establish and maintain the Rule 17g-5 Information Provider’s Website in the form of a password-protected Internet Website in accordance with this Section 11.13 and Section 11.06 of this Agreement.

 

(h)           The Rule 17g-5 Information Provider shall post on the Rule 17g-5 Information Provider’s Website and make available solely to the Rating Agencies and other NRSROs, the following items, to the extent such items are delivered to it in an electronic document format suitable for website posting (and the parties required to deliver the following information to the Rule 17g-5 Information Provider agree to do so in such format) via electronic mail at ratingagencynotice@citi.com, specifically with a subject reference of “CGCMT 2015-GC29” 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 Rule 17g-5 Information Provider if or as may be necessary or beneficial):

 

(A)          all items delivered to the Rule 17g-5 Information Provider pursuant to Section 11.06;

 

(B)          all information and communications delivered to the Rule 17g-5 Information Provider pursuant to Section 11.13(a) and (b); and

 

(C)          any other information delivered to the Rule 17g-5 Information Provider pursuant to this Agreement.

 

  

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The Rule 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be. If any information is delivered or posted in error, the Rule 17g-5 Information Provider may remove it from the Rue 17g-5 Information Provider’s Website. The Certificate Administrator and the Rule 17g-5 Information Provider have not obtained and shall not be deemed to have obtained actual knowledge of any information only by receipt and posting to the Rule 17g-5 Information Provider’s Website. Access will be provided by the Rule 17g-5 Information Provider to (i) the Rating Agencies upon registration at the Rule 17g-5 Information Provider’s Website as a user thereof and (ii) other NRSROs upon registration at the Rule 17g-5 Information Provider’s Website as a user thereof and receipt by the Rule 17g-5 Information Provider of an NRSRO Certification (which certification may be submitted via e-mail to the Rule 17g-5 Information Provider). Questions regarding delivery of information to the Rule 17g-5 Information Provider may be directed to (800) 422-2066 and ratingagencynotice@citi.com (or to such other telephone number or e-mail address as the Rule 17g-5 Information Provider may designate).

 

In connection with providing access to the Rule 17g-5 Information Provider’s Website, the Rule 17g-5 Information Provider may require registration and the acceptance of a disclaimer. The Rule 17g-5 Information Provider shall not be liable for the dissemination of information in accordance with the terms of this Agreement, makes no representations or warranties as to the accuracy or completeness of such information being made available, and assumes no responsibility for such information. The Rule 17g-5 Information Provider shall not be liable for its failure to make any information available to the Rating Agencies or other NRSROs unless such information was delivered to the Rule 17g-5 Information Provider at the e-mail address set forth herein (or by any other form of electronic delivery reasonably acceptable to Rule 17g-5 Information Provider pursuant to the terms of this Agreement), with a subject heading of “CGCMT 2015-GC29” and sufficient detail to indicate that such information is required to be posted on the Rule 17g-5 Information Provider’s Website. In connection with notifying a Registered Rating Agency of any information posted to the Rule 17g-5 Information Provider’s Website, the Rule 17g-5 Information Provider shall only be responsible for sending such notices to the electronic mail address of such Registered Rating Agency as provided by such Registered Rating Agency upon its registration as user of the Rule 17g-5 Information Provider’s Website or upon any subsequent update of such electronic mail address made by such Registered Rating Agency through the Rule 17g-5 Information Provider’s Website, and the Rule 17g-5 Information Provider shall not be responsible for sending any notices to any electronic mail address of any Registered Rating Agency that is not provided to the Rule 17g-5 Information in the manner described in this sentence.

 

(i)            In connection with the delivery by the Master Servicer to the Rule 17g-5 Information Provider of any information, report, notice or document for posting to the Rule 17g-5 Information Provider’s Website, the Rule 17g-5 Information Provider shall notify the Master Servicer of when such information, report, notice or other document has been posted to the Rule 17g-5 Information Provider’s Website, and the Master Servicer may (but is not obligated to) send such information, report, notice or other document to the applicable Rating Agency promptly following the earlier of (a) receipt of notification from the Rule 17g-5 Information Provider that such information, report, notice or other document has been posted to the 

 

  

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Rule 17g-5 Information Provider’s Website and (b) the second Business Day after it has provided such information, report, notice or other document to the Rule 17g-5 Information Provider.

 

Section 11.14     Precautionary Trust Indenture Act Provisions.

 

In the event that the Depositor, upon consultation with the Trustee, notifies the parties to this Agreement that it has determined that the TIA applies to this Agreement or that that qualification under the Trust Indenture Act of 1939, as amended (the “TIA”), or any similar federal statute hereafter enacted is required (any such determination by the Depositor, a “TIA Applicability Determination”), then, (i) in the case of the TIA, pursuant to Section 318 of the TIA (assuming such section is then in effect), the provisions of Sections 310 to and including Section 317 of the TIA that impose duties on any person shall be part of and govern this Agreement, whether or not physically contained herein, as and to the extent provided in Section 318 of the TIA; provided, however, that it shall be deemed that the parties to this Agreement have agreed that, to the extent permitted under the TIA, this Agreement shall expressly exclude any non-mandatory provisions that (x) conflict with the provisions of this Agreement or would otherwise alter the provisions of this Agreement or (y) increase the obligations, liabilities or scope of responsibility of any party hereto; (ii) the parties agree to cooperate in good faith with the Depositor to make such amendments to modify, eliminate or add to the provisions of this Agreement to such extent as shall be necessary to effect the qualification of this Agreement under the TIA or such similar statute and to add to this Agreement such other provisions as may be expressly required by the TIA or as may be determined by the parties to be beneficial for compliance with the TIA; and (iii) upon the direction of the Depositor, the Trustee shall file a Form T-1 or such other form as the Depositor informs the Trustee is required, with the Commission or other appropriate institution.

 

Section 11.15     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 Loan Documents, it is expressly intended that the Mortgage Loan Sellers are entitled to the benefit of any securitization indemnification provisions that specifically run to the benefit of the lenders in the Loan Documents. Therefore, the Depositor, Master Servicer, Special Servicer and Trustee hereby agree to reasonably cooperate with any Mortgage Loan Seller, at the sole expense of such Mortgage Loan Seller, with respect to obtaining the benefits of the provisions of any section of a Loan Agreement or securitization cooperation agreement providing for indemnification of the lender and/or its loan seller affiliates with respect to the current 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 Loan Documents, to permit the related Mortgage Loan Seller to enforce such provisions for its benefit; 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 Loan Documents, would adversely affect any Certificateholder, would cause either Trust REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes, or would result in the imposition of a “prohibited transaction” or “prohibited contribution” tax under the REMIC 

 

  

-391-

  

 

Provisions. To the extent that the Trustee is required to execute any document facilitating an assignment under this Section 11.15, such document shall be in form and substance reasonably acceptable to the Trustee.

 

Section 11.16     PNC Bank, National Association.

 

PNC Bank, National Association, by execution hereof by its division, Midland Loan Services, a Division of PNC Bank, National Association, acknowledges and agrees that this Agreement is binding upon and enforceable against PNC Bank, National Association to the full extent of the obligations set forth herein with respect to Midland Loan Services, a Division of PNC Bank, National Association.

 

[Signature Pages Follow]

  

-392-

  

 

IN WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized all as of the day and year first above written.

	 	 	 
	 	
CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC., as Depositor

	 	 	 
	 	
By:

	/s/ Richard W. Simpson
	 	 	
Name: Richard W. Simpson

	 	 	
Title: Authorized Signatory

	 	 	 
	 	
MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Master Servicer

	 	 	 
	 	
By:

	/s/ David A. Eckels
	 	 	
Name: David A. Eckels

	 	 	
Title: Senior Vice President

	 	 	 
	 	
MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Special Servicer

	 	 	 
	 	
By:

	/s/ David A. Eckels
	 	 	
Name: David A. Eckels

	 	 	
Title: Senior Vice President

CGCMT 2015-GC29 - Pooling and Servicing Agreement

 

  

  

  

 

	 	

SITUS HOLDINGS, LLC, as Operating Advisor

	 	 	 
	 	
By:

	/s/ George Wisniewski
	 	 	

Name: George Wisniewski

	 	 	

Title: Senior Managing Director

	 	 	 
	 	

CITIBANK, N.A., as Certificate Administrator

	 	 	 
	 	
By:

	
/s/ Cirino Emanuele

	 	 	

Name: Cirino Emanuele

	 	 	

Title: Vice President

	 	 	 
	 	

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee

	 	 	 
	 	
By:

	/s/ Gisselle Picard
	 	 	

Name: Gisselle Picard

	 	 	

Title: Associate

	 	 	 
	 	
By:

	/s/ Karlene Benvenuto
	 	 	
Name: Karlene Benvenuto

	 	 	
Title: Assistant Vice President

 

CGCMT 2015-GC29 - Pooling and Servicing Agreement

 

  

  

  

 

	STATE OF	)	 
	 	) ss:	 
	COUNTY OF 	)	 

 

On this 13 day of April 2015, before me, the undersigned, a Notary Public in and for the State of NY, duly commissioned and sworn, personally appeared Richard Simpson, to me known who, by me duly sworn, did depose and acknowledge before me and say that s/he is the VP of CCMSI, a NY LLC, the entity described in and that executed the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed the day and year first above written.

 

	 	 	/s/ Nannette L. Edwards	 
	 	 	Notary Public in and for the 

State of New York	 

 

	
My Commission expires:

	
Nannette L. Edwards

	
  

	
Notary Public, State of New York

	
  

	
No. 01ED6158862

	
  

	
Qualified in Queens County

	
  

	
Commission Expires Jan. 08, 2019

 

[NOTARIAL SEAL]

 

CGCMT 2015-GC29 - Pooling and Servicing Agreement

 

  

  

  

 

	STATE OF KANSAS  	)	 
	 	) ss.:	 
	COUNTY OF JOHNSON  	)	 

 

On this 9th day of April 2015, before me, the undersigned, a Notary Public in and for the State of Kansas, duly commissioned and sworn, personally appeared David A. Eckels, to me known who, by me duly sworn, did depose and acknowledge before me and say that he is a Senior Vice President of Midland Loan Services, a Division of PNC Bank, National Association, the entity described in and that executed the foregoing instrument; and that he signed his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed the day and year first above written.

 

	 	 	/s/ Brent Kinder	 
	 	 	Notary Public in and for the 

State of Kansas	 
	 	 	 	 
	 	 	
BRENT KINDER 

NOTARY PUBLIC – State of Kansas 

My Appt. Exp. January 30, 2018

	 

 

CGCMT 2015-GC29 - Pooling and Servicing Agreement

 

  

  

  

 

	CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT	 CIVIL CODE §1189

 

	
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

 

	State of California 	)	 
	 	)	 
	County of San Francisco 	)	 

 

On 4/8/2015 before me, Ana Sanz, Notary Public, personally appeared George Wisniewski, 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 executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

	 	 
	 	
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

	 	 
	 	
WITNESS my hand and official seal.

	 	 
	 	Signature: 	     /s/ Ana Sanz	 
	 	 	Signature of Notary Public

 

CGCMT 2015-GC29 - Pooling and Servicing Agreement

 

  

  

  

 

	STATE OF NEW YORK	)	 
	 	) ss.:	 
	COUNTY OF NEW YORK 	)	 

 

On this 7th day of April 2015, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned and sworn, personally appeared Cirino Emanuele, to me known who, by me duly sworn, did depose and acknowledge before me and say that he is the Vice President of Citibank, N.A., a National Association, the entity described in and that executed the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed the day and year first above written.

 

	 	 	  /s/ Noreen Santos	 
	 	 	
Notary Public in and for the 

State of New York

	 
	 	 	 	 
	 	
NOREEN SANTOS

	 
	 	
Notary Public, State of New York

	 
	 	
Registration #01SA6228750

	 
	 	
Qualified in Nassau County

	 
	 	
Certificate Filed in New York County

	 
	 	
Commission Expires September 27, 2018

	 

 

My Commission expires:

 

[NOTARIAL SEAL]

 

CGCMT 2015-GC29 - Pooling and Servicing Agreement

 

  

  

  

 

	
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

 

	STATE OF CALIFORNIA	 	 
	
COUNTY OF ORANGE

	 	 

 

On April 8, 2015 before me, Melinda A. Pilcher a Notary Public, personally appeared Gisselle Picard & Karlene Benvenuto, who proved to me on the basis of satisfactory evidence to be the persons whose names are subscribed to the within instrument and acknowledged to me that they executed that same in their authorized capacities, and that by their signatures on the instrument the persons, or the entity upon behalf of which the persons acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

 

	 	WITNESS my hand and official seal.
	 	(SEAL)

 

	 	 	/s/ Melinda A. Pilcher 	 
	 	 	
Signature of Notary Public

	 

 

MELINDA A. PILCHER

Commission # 2067159

Notary Public – California

Orange County

My Comm. expires May 4, 2018

 

CGCMT 2015-GC29 - Pooling and Servicing Agreement

 

  

  

  

 

EXHIBIT A-1

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, 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 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE 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 PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT 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 INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

1      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2      Global Certificate legend.

 

  

A-1-1

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC29, CLASS A-1

	 	 
	
Pass-Through Rate:  1.450% per annum

	  
	  	  
	
First Distribution Date: May 12, 2015

	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  	  
	
Aggregate Initial Certificate Principal Amount of the Class A-1 Certificates:  $29,302,000

	
Scheduled Final Distribution Date: the Distribution Date in January 2020

	
CUSIP:  17323V AW5

	
Initial Certificate Principal Amount of this Certificate: $[_____]

	 	 
	
ISIN:  US17323VAW54

	  
	 	 
	
Common Code:  122025497

	 
	 	 
	
No.:  [1]

	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-1 Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G, Class H, Class R and Class S Certificates (together with the Class A-1 Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

  

A-1-2

  

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-1 Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class A-1 Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related 

 

  

A-1-3

  

 

REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, 

 

  

A-1-4

  

 

	
  

	
 

	
provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or 

 

  

A-1-5

  

 

eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in 

 

  

A-1-6

  

 

respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-1-7

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class A-1 Certificate to be duly executed.

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class A-1 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

	 	 	 
	 	

CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	

Authorized Signatory

 

  

A-1-8

  

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________ ______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within Class A-1 Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class A-1 Certificate of the entire Percentage Interest represented by the within Class A-1 Certificates to the above-named Assignee(s) and to deliver such Class A-1 Certificate to the following address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	

Signature by or on behalf of Assignor(s)

	 	 	 
	 	

Taxpayer Identification Number

 

  

A-1-9

  

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee(s) should include the following for purposes of distribution:

 

Address of the Assignee(s) for the purpose of receiving notices and distributions: ___________________________________________________________ ______________________________________________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of __________________________ account number ____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their) agent.

  

	 	 	 	 
	
 

	
By: 

	 	 
	 	 	[Please print or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	
Taxpayer Identification Number

 

  

A-1-10

  

 

EXHIBIT A-2

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS A-2

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE 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 PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT 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 INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

3      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

4      Global Certificate legend.

 

  

A-2-1

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS A-2

	 	 
	
Pass-Through Rate:  2.674% per annum

	  
	  	  
	
First Distribution Date: May 12, 2015

	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  	  
	
Aggregate Initial Certificate Principal Amount of the Class A-2 Certificates:  $146,427,000

	
Scheduled Final Distribution Date: the Distribution Date in April 2020

	
CUSIP:  17323V AX3

 

	
Initial Certificate Principal Amount of this Certificate: $[_____]

	
ISIN:      US17323VAX38

 

Common Code:  122025535

 

	  
	
No.:  [1]

	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-2 Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G, Class H, Class R and Class S Certificates (together with the Class A-2 Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

  

A-2-2

  

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-2 Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class A-2 Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related 

 

  

A-2-3

  

 

REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, 

 

  

A-2-4

  

 

	
  

	
 

	
provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or 

 

  

A-2-5

  

 

eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in 

 

  

A-2-6

  

 

respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-2-7

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class A-2 Certificate to be duly executed.

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class A-2 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

	 	 	 
	 	

CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	

Authorized Signatory

 

  

A-2-8

  

 

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 Class A-2 Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class A-2 Certificate of the entire Percentage Interest represented by the within Class A-2 Certificates to the above-named Assignee(s) and to deliver such Class A-2 Certificate to the following address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	

Signature by or on behalf of Assignor(s)

	 	 	 
	 	

Taxpayer Identification Number

 

  

A-2-9

  

 

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

 

  

A-2-10

  

EXHIBIT A-3

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS A-3

 

[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.]5

 

[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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]6

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE 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 PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT 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 INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

5      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

6      Global Certificate legend.

 

  

A-3-1

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS A-3

	 	 
	
Pass-Through Rate:  2.935% per annum

	  
	  	  
	
First Distribution Date: May 12, 2015

	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  	  
	
Aggregate Initial Certificate Principal Amount of the Class A-3 Certificates:  $220,000,000

	
Scheduled Final Distribution Date: the Distribution Date in March 2025

	
CUSIP:  17323V AY1

 

	
Initial Certificate Principal Amount of this Certificate: $[_____]

	
ISIN:      US17323VAY11

 

Common Code:  122025560

 

	  
	
No.:  [1]

	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-3 Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G, Class H, Class R and Class S Certificates (together with the Class A-3 Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

  

A-3-2

  

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-3 Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class A-3 Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related 

 

  

A-3-3

  

 

REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, 

 

  

A-3-4

  

 

	
  

	
 

	
provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or 

 

  

A-3-5

  

 

eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in 

 

  

A-3-6

  

 

respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-3-7

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class A-3 Certificate to be duly executed.

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class A-3 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

	 	 	 
	 	

CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	

Authorized Signatory

 

  

A-3-8

  

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________ ______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within Class A-3 Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class A-3 Certificate of the entire Percentage Interest represented by the within Class A-3 Certificates to the above-named Assignee(s) and to deliver such Class A-3 Certificate to the following address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	

Signature by or on behalf of Assignor(s)

	 	 	 
	 	

Taxpayer Identification Number

 

  

A-3-9

  

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee(s) should include the following for purposes of distribution:

 

Address of the Assignee(s) for the purpose of receiving notices and distributions: ___________________________________________________________ ______________________________________________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of __________________________ account number ____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their) agent.

  

	 	 	 	 
	
 

	
By: 

	 	 
	 	 	[Please print or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	
Taxpayer Identification Number

 

  

A-3-10

  

 

EXHIBIT A-4

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, 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.]7

 

[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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]8

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE 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 PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT 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 INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

7      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

8      Global Certificate legend.

 

  

A-4-1

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS A-4

	 	 
	
Pass-Through Rate:  3.192% per annum

	  
	  	  
	
First Distribution Date: May 12, 2015

	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  	  
	
Aggregate Initial Certificate Principal Amount of the Class A-4 Certificates:  $334,415,000

	
Scheduled Final Distribution Date: the Distribution Date in April 2025

	
CUSIP:  17323V AZ8

 

	
Initial Certificate Principal Amount of this Certificate: $[_____]

	
ISIN:      US17323VAZ85

 

Common Code:  121656418

	  
	 	 
	
No.:  [1]

	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-4 Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G, Class H, Class R and Class S Certificates (together with the Class A-4 Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

  

A-4-2

  

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-4 Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class A-4 Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related 

 

  

A-4-3

  

 

REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, 

 

  

A-4-4

  

 

	
  

	
 

	
provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or 

 

  

A-4-5

  

 

eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in 

 

  

A-4-6

  

 

respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-4-7

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class A-4 Certificate to be duly executed.

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class A-4 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

	 	 	 
	 	

CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	

Authorized Signatory

 

  

A-4-8

  

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________ ______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within Class A-4 Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class A-4 Certificate of the entire Percentage Interest represented by the within Class A-4 Certificates to the above-named Assignee(s) and to deliver such Class A-4 Certificate to the following address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	

Signature by or on behalf of Assignor(s)

	 	 	 
	 	

Taxpayer Identification Number

 

  

A-4-9

  

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee(s) should include the following for purposes of distribution:

 

Address of the Assignee(s) for the purpose of receiving notices and distributions: ___________________________________________________________ ______________________________________________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of __________________________ account number ____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their) agent.  

	 	 	 	 
	
 

	
By: 

	 	 
	 	 	[Please print or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	
Taxpayer Identification Number

 

  

A-4-10

  

 

EXHIBIT A-5

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, 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.]9

 

[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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]10

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE 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 PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT 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 INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

9      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

10     Global Certificate legend.

 

  

A-5-1

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS A-AB

	 	 
	
Pass-Through Rate:  2.984% per annum

	  
	  	  
	
First Distribution Date: May 12, 2015

	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  	  
	
Aggregate Initial Certificate Principal Amount of the Class A-AB Certificates:  $52,822,000

	
Scheduled Final Distribution Date: the Distribution Date in August 2024

	
CUSIP:  17323V BB0

 

	
Initial Certificate Principal Amount of this Certificate: $[_____]

	
ISIN:      US17323VBB09

 

Common Code:  122025594

	  
	 	 
	
No.:  [1]

	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-AB Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G, Class H, Class R and Class S Certificates (together with the Class A-AB Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

  

A-5-2

  

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-AB Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class A-AB Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related 

 

  

A-5-3

  

 

REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, 

 

  

A-5-4

  

 

	
  

	
 

	
provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or 

 

  

A-5-5

  

 

eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in 

 

  

A-5-6

  

 

respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-5-7

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class A-AB Certificate to be duly executed.

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class A-AB Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

	 	 	 
	 	

CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	

Authorized Signatory

 

  

A-5-8

  

 

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 Class A-AB Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class A-AB Certificate of the entire Percentage Interest represented by the within Class A-AB Certificates to the above-named Assignee(s) and to deliver such Class A-AB Certificate to the following address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	

Signature by or on behalf of Assignor(s)

	 	 	 
	 	

Taxpayer Identification Number

 

  

A-5-9

  

 

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

 

  

A-5-10

  

 

EXHIBIT A-6

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, 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 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE PRINCIPAL AMOUNTS OF THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-4 AND CLASS A-AB CERTIFICATES AND THE CLASS A-S REGULAR INTEREST.  ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

THIS CLASS X-A 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 INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

1      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2      Global Certificate legend.

 

  

A-6-1

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS X-A

	 	 	 
	
Pass-Through Rate:  Variable IO3

	 	  
	  	 	  
	
First Distribution Date: May 12, 2015

	 	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  	 	  
	
Aggregate Initial Notional Amount of the Class X-A Certificates:  $838,892,000

	 	
Scheduled Final Distribution Date:  the Distribution Date in April 2025

	
CUSIP:  17323V BF1

 

	 	
Initial Notional Amount of this Certificate: $[_____]

	
ISIN:     US17323VBF13

 

	 	  
	
Common Code:  122100391

	 	  
	
 

No.:  [1]

	 	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class X-A Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G, Class H, Class R and Class S Certificates (together with the Class X-A Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

 

3 The approximate Pass-Through Rate as of the Closing Date is 1.178% per annum.

 

  

A-6-2

  

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-A Certificates for such Distribution Date, all as more fully described the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class X-A Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan 

 

  

A-6-3

  

 

Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of

 

  

A-6-4

  

 

	
  

	
 

	
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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	 	
(viii)

	

in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or 

 

  

A-6-5

  

 

eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	

(viii)

	

change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in 

 

  

A-6-6

  

 

respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-6-7

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class X-A Certificate to be duly executed.

 

	 	

CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class X-A Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

 

	 	

CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

  

A-6-8

  

 

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 Class X-A Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class X-A Certificate of the entire Percentage Interest represented by the within Class X-A Certificates to the above-named Assignee(s) and to deliver such Class X-A Certificate to the following address:

 

	Date:  	 	 

 

	
  

	
Signature by or on behalf of Assignor(s)

 

	
  

	
Taxpayer Identification Number

 

  

A-6-9

  

 

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

 

  

A-6-10

  

 

EXHIBIT A-7

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS X-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 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE PRINCIPAL AMOUNT OF THE CLASS B REGULAR INTEREST. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

THIS CLASS X-B 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 INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

1      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2      Global Certificate legend.

 

  

A-7-1

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS X-B

 

	
Pass-Through Rate:  Variable IO3

	 	  
	  	 	  
	
First Distribution Date: May 12, 2015

	 	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  	 	  
	
Aggregate Initial Notional Amount of the Class X-B Certificates:  $72,704,000

	 	
Scheduled Final Distribution Date:  the Distribution Date in April 2025

	  	 	  

	
CUSIP:  17323V BG9

 

	 	
Initial Notional Amount of this Certificate: $[_____]

	
ISIN:      US17323VBG95

	 	  
	
 

Common Code:  122100421

	 	  
	  	 	  
	
No.:  [1]

	 	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class X-B Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G, Class H, Class R and Class S Certificates (together with the Class X-B Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

 

3 The approximate Pass-Through Rate as of the Closing Date is 0.398% per annum.

 

  

A-7-2

  

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-B Certificates for such Distribution Date, all as more fully described the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class X-B Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan 

 

  

A-7-3

  

 

Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of 

 

  

A-7-4

  

 

	
  

	 	
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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	 	

(viii)

	

in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller;  (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or 

 

  

A-7-5

  

 

eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in 

 

  

A-7-6

  

 

respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans  and the Serviced Companion Loans(other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-7-7

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class X-B Certificate to be duly executed.

 

	 	

CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class X-B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

	 	 
	 	

CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

  

A-7-8

  

 

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 Class X-B Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class X-B Certificate of the entire Percentage Interest represented by the within Class X-B Certificates to the above-named Assignee(s) and to deliver such Class X-B Certificate to the following address:

 

	Date:  	 	 

 

	
  

	
Signature by or on behalf of Assignor(s)

 

	
  

	
Taxpayer Identification Number

 

  

A-7-9

  

 

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

 

  

A-7-10

  

 

EXHIBIT A-8

 

CITIGROUP COMMERCIAL MORTAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, 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 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE 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 PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS PEZ CERTIFICATES, PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT (INCLUDING, WITHOUT LIMITATION, PAYMENT OF THE APPLICABLE EXCHANGE FEE).

 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

 

THIS CERTIFICATE REPRESENTS BENEFICIAL OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

1      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2      Global Certificate legend.

 

  

A-8-1

  

 

CITIGROUP COMMERCIAL MORTAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS A-S

 

	
Pass-Through Rate:  3.457% per annum

	 	  
	  	 	  
	
First Distribution Date: May 12, 2015

	 	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  	 	  
	
Aggregate Initial Certificate Principal Amount of the Class A-S Certificates:  $55,926,000.  The Aggregate Initial Certificate Principal Amount of the Class A-S Certificates represents the maximum aggregate Certificate Principal Amount of the Class A-S Certificates (without giving effect to any exchanges for other Exchangeable Certificates or any issuance of the Class PEZ Certificates).

	 	
Scheduled Final Distribution Date: the Distribution Date in April 2025

	
CUSIP:  17323V BC8

 

	 	
Initial Certificate Principal Amount of this Certificate: $[_____] (subject to exchanges for Exchangeable Certificates on or after the Closing Date)

	
ISIN:     US17323VBC81

 

Common Code:  122025608

 

	 	  
	
No.:  [1]

	 	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-S Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G, Class H, Class R and Class S Certificates (together with the Class A-S Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company 

 

  

A-8-2

  

 

Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents beneficial ownership of 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.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-S Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class A-S Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

  

A-8-3

  

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

Subject to the conditions set forth in the Pooling and Servicing Agreement, this Certificate, together with certain other Exchangeable Certificates set forth in the Pooling and Servicing Agreement, may be exchanged for the Class PEZ Certificates, pursuant to the procedures set forth in the Pooling and Servicing Agreement (including, without limitation, payment of the applicable exchange fee).

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

  

A-8-4

  

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement 

 

  

A-8-5

  

 

without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan 

 

  

A-8-6

  

 

Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-8-7

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class A-S Certificate to be duly executed.

 

	 	

CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class A-S Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

 

	 	

CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

  

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 Class A-S Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class A-S Certificate of the entire Percentage Interest represented by the within Class A-S Certificates to the above-named Assignee(s) and to deliver such Class A-S Certificate to the following address:

 

	Date:  	 	 

 

	
  

	
Signature by or on behalf of Assignor(s)

 

	
  

	
Taxpayer Identification Number

 

  

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

 

  

A-8-10

  

 

EXHIBIT A-9

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, 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 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE 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 PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS PEZ CERTIFICATES, PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT (INCLUDING, WITHOUT LIMITATION, PAYMENT OF THE APPLICABLE EXCHANGE FEE).

 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

 

THIS CERTIFICATE REPRESENTS BENEFICIAL OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

1      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2      Global Certificate legend.

 

  

A-9-1

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS B

 

	
Pass-Through Rate:  The lesser of 3.758% per annum and the WAC Rate

	 	  
	  	 	  
	
First Distribution Date: May 12, 2015

	 	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  	 	  
	
Aggregate Initial Certificate Principal Amount of the Class B Certificates:  $72,704,000.  The Aggregate Initial Certificate Principal Amount of the Class B Certificates represents the maximum aggregate Certificate Principal Amount of the Class B Certificates (without giving effect to any exchanges for other Exchangeable Certificates or any issuance of the Class PEZ Certificates).

	 	
Scheduled Final Distribution Date: the Distribution Date in April 2025

	  	 	  
	
CUSIP:  17323V BD6

	 	
Initial Certificate Principal Amount of this Certificate: $[_____] (subject to exchange for Exchangeable Certificates on or after the Closing Date)

	
ISIN:      US17323VBD64

 

Common Code:  122025624

	 	  
	  	 	  
	
No.:  [1]

	 	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class B Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G, Class H, Class R and Class S Certificates (together with the Class B Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company 

 

  

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Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents beneficial ownership of 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.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class B Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

  

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This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

Subject to the conditions set forth in the Pooling and Servicing Agreement, this Certificate, together with certain other Exchangeable Certificates set forth in the Pooling and Servicing Agreement, may be exchanged for the Class PEZ Certificates, pursuant to the procedures set forth in the Pooling and Servicing Agreement (including, without limitation, payment of the applicable exchange fee).

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

  

A-9-4

  

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement 

 

  

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without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan 

 

  

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Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

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IN WITNESS WHEREOF, the Certificate Administrator has caused this Class B Certificate to be duly executed.

 

	 	

CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

 

	 	

CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

  

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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 Class B Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class B Certificate of the entire Percentage Interest represented by the within Class B Certificates to the above-named Assignee(s) and to deliver such Class B Certificate to the following address:

 

	Date:  	 	 

 

	
  

	
Signature by or on behalf of Assignor(s)

 

	
  

	
Taxpayer Identification Number

 

  

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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

 

  

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EXHIBIT A-10

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS PEZ

 

[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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE 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 PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE MAY BE EXCHANGED FOR OTHER EXCHANGEABLE CERTIFICATES, PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT (INCLUDING, WITHOUT LIMITATION, PAYMENT OF THE APPLICABLE EXCHANGE FEE).

 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

 

THIS CERTIFICATE REPRESENTS BENEFICIAL OWNERSHIP OF MULTIPLE “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

1      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2      Global Certificate legend.

 

  

A-10-1

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS PEZ

 

	
Pass-Through Rate:  The Class PEZ Certificates will be entitled to receive the sum of the interest distributable on the percentage interests of the Class A-S, Class B and Class C Regular Interests represented by the Class PEZ Certificates.

	 	  
	  	 	  
	
First Distribution Date: May 12, 2015

	 	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  	 	  
	
Aggregate Initial Certificate Principal Amount of the Class PEZ Certificates: $180,362,000.  The Aggregate Initial Certificate Principal Amount of the Class PEZ Certificates is equal to the aggregate of the maximum initial Certificate Principal Amounts of the Class A-S, Class B and Class C Certificates (without giving effect to any exchanges for other Exchangeable Certificates), representing the maximum Certificate Principal Amount of the Class PEZ Certificates that could be issued in an exchange.

	 	
Scheduled Final Distribution Date: the Distribution Date in April 2025

	  	 	  

	
CUSIP:  17323V BH7

	 	
Initial Certificate Principal Amount of this Certificate: $[_____] (subject to exchanges for Exchangeable Certificates on or after the Closing Date)

	
ISIN:      US17323VBH78

 

Common Code: 122100588

	 	  
	  	 	  
	
No.:  [1]

	 	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class PEZ Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class C, Class D, Class X-D, Class E, Class F, Class G, Class H, Class R and Class S Certificates (together with the Class PEZ Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

  

A-10-2

  

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents beneficial ownership of multiple “regular interests” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class PEZ Certificates for such Distribution Date, all as more fully described the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class PEZ Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to 

 

  

A-10-3

  

 

surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

Subject to the conditions set forth in the Pooling and Servicing Agreement, this Certificate may be exchanged for other Exchangeable Certificates, pursuant to the procedures set forth in the Pooling and Servicing Agreement (including, without limitation, payment of the applicable exchange fee).

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

  

A-10-4

  

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the 

 

  

A-10-5

  

 

Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if 

 

  

A-10-6

  

 

applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-10-7

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class PEZ Certificate to be duly executed.

 

	 	

CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class PEZ Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

 

	 	

CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

  

A-10-8

  

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________ _________________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within Class PEZ Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class PEZ Certificate of the entire Percentage Interest represented by the within Class PEZ Certificates to the above-named Assignee(s) and to deliver such Class PEZ Certificate to the following address:

 

	Date:  	 	 

 

	
  

	
Signature by or on behalf of Assignor(s)

 

	
  

	
Taxpayer Identification Number

 

  

A-10-9

  

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee(s) should include the following for purposes of distribution:

 

Address of the Assignee(s) for the purpose of receiving notices and distributions: ___________________________________________________________ ______________________________________________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of __________________________ account number ____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their) agent.

	 	 	 
	 	
By:

	 
	 	 	
[Please print or type name(s)]

	 	 	 
	 	 	
Title

	 	 	 
	 	 	
Taxpayer Identification Number

 

  

A-10-10

  

 

 

 

EXHIBIT A-11

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, 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 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE 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 PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS PEZ CERTIFICATES, PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT (INCLUDING, WITHOUT LIMITATION, PAYMENT OF THE APPLICABLE EXCHANGE FEE).

 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

 

THIS CERTIFICATE REPRESENTS BENEFICIAL OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

1      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2      Global Certificate legend.

 

  

A-11-1

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS C

 

	
Pass-Through Rate:  The WAC Rate3

	  
	  	  
	
First Distribution Date: May 12, 2015

	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  	  
	
Aggregate Initial Certificate Principal Amount of the Class C Certificates:  $51,732,000.  The Aggregate Initial Certificate Principal Amount of the Class C Certificates represents the maximum aggregate Certificate Principal Amount of the Class C Certificates (without giving effect to any exchanges for other Exchangeable Certificates or any issuance of the Class PEZ Certificates).

	
Scheduled Final Distribution Date: the Distribution Date in April 2025

	  	  
	
CUSIP:  17323V BE4

	
Initial Certificate Principal Amount of this Certificate: $[_____] (subject to exchange for Exchangeable Certificates on or after the Closing Date)

	
ISIN:      US17323VBE48

 

Common Code:  122025659

	  
	  	  
	
No.:  [1]

	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class C Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class D, Class X-D, Class E, Class F, Class G, Class H, Class R and Class S Certificates (together with the Class C Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company 

 

 

3 The initial approximate Pass-Through Rate as of the Closing Date is 4.156% per annum.

 

 

A-11-2

 

 

Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents beneficial ownership of 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.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class C Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class C Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

  

A-11-3

  

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

Subject to the conditions set forth in the Pooling and Servicing Agreement, this Certificate, together with certain other Exchangeable Certificates set forth in the Pooling and Servicing Agreement, may be exchanged for the Class PEZ Certificates, pursuant to the procedures set forth in the Pooling and Servicing Agreement (including, without limitation, payment of the applicable exchange fee).

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

  

A-11-4

  

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement 

 

  

A-11-5

  

 

without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan 

 

  

A-11-6

  

 

Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-11-7

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class C Certificate to be duly executed.

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class C Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	

Authorized Signatory

 

  

A-11-8

  

 

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 Class C Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class C Certificate of the entire Percentage Interest represented by the within Class C Certificates to the above-named Assignee(s) and to deliver such Class C Certificate to the following address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	

Signature by or on behalf of Assignor(s)

	 	 	 
	 	

Taxpayer Identification Number

 

  

A-11-9

  

 

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

 

  

A-11-10

  

 

EXHIBIT A-12

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, 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 POOLING 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 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 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE 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 PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

 

1      Temporary Regulation S Global Certificate legend.

 

2      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

3      Global Certificate legend.

 

  

A-12-1

  

 

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) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”, 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 AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND 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 INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

  

A-12-2

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC29, CLASS D

 

	
Pass-Through Rate:  3.110% per annum

	  
	  	  
	
First Distribution Date: May 12, 2015

	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  	  
	
Aggregate Initial Certificate Principal Amount of the Class D Certificates:  $65,713,000

	
Scheduled Final Distribution Date: the Distribution Date in April 2025

	  	  

	
CUSIP:  17323V AA34

               U1745E AA25

               17323V AB16

 

	
Initial Certificate Principal Amount of this Certificate: $[_____]

	
ISIN:      US17323VAA357

               USU1745EAA208

               US17323VAB189

	  
	  	  
	
Common Code: 122100685

	  
	  	  
	
No.:  [1]

	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class D Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class X-D, Class E, Class F, Class G, Class H, 

 

 

4 For Rule 144A Certificates

 

5 For Regulation S Certificates

 

6 For IAI Certificates

 

7 For Rule 144A Certificates

 

8 For Regulation S Certificates

 

9 For IAI Certificates

 

  

A-12-3

  

 

Class R and Class S Certificates (together with the Class D Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class D Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class D Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying 

 

  

A-12-4

  

 

Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

  

A-12-5

  

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement 

 

  

A-12-6

  

 

without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan 

 

  

A-12-7

  

 

Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-12-8

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class D Certificate to be duly executed.

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

  

A-12-9

  

 

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 Class D Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class D Certificate of the entire Percentage Interest represented by the within Class D Certificates to the above-named Assignee(s) and to deliver such Class D Certificate to the following address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	

Signature by or on behalf of Assignor(s)

	 	 	 
	 	

Taxpayer Identification Number

 

  

A-12-10

  

 

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

 

  

A-12-11

  

 

EXHIBIT A-13

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS X-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 POOLING 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 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 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE PRINCIPAL AMOUNT OF THE CLASS D CERTIFICATES.  ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

THIS CLASS X-D CERTIFICATE WILL NOT BE ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN 

 

 

1     Temporary Regulation S Global Certificate legend.

 

2      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

3      Global Certificate legend.

 

  

A-13-1

  

 

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) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”, 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 AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND 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 INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

  

A-13-2

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS X-D

 

	
Pass-Through Rate:  Variable IO4

	  
	  	  
	
First Distribution Date: May 12, 2015

	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  	  
	
Aggregate Initial Notional Amount of the Class X-D Certificates:  $65,713,000

	
Scheduled Final Distribution Date: the Distribution Date in April 2025

	  	  

	
CUSIP:   17323V AL95

U1745E AF16

17323V AM77

 

	
Initial Notional Amount of this Certificate: $[_____]

	
ISIN:       US17323VAL998

USU1745EAF179

                US17323VAM7210

	  
	  	  
	
Common Code:  122105008

	  
	  	  
	
No.:  [1]

	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class X-D Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, 

 

4 The approximate Pass-Through Rate as of the Closing Date is 1.046% per annum. 

5 For Rule 144A Certificates  

6 For Regulation S Certificates  

7 For IAI Certificates  

8 For Rule 144A Certificates  

9 For Regulation S Certificates  

10 For IAI S Certificates

 

  

A-13-3

  

 

Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D, Class E, Class F, Class G, Class H, Class R and Class S Certificates (together with the Class X-D Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-D Certificates for such Distribution Date, all as more fully described the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class X-D Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying 

 

  

A-13-4

  

 

Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

  

A-13-5

  

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement 

 

  

A-13-6

  

 

without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan 

 

  

A-13-7

  

 

Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-13-8

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class X-D Certificate to be duly executed.

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class X-D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	

Authorized Signatory

 

  

A-13-9

  

 

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 Class X-D Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class X-D Certificate of the entire Percentage Interest represented by the within Class X-D Certificates to the above-named Assignee(s) and to deliver such Class X-D Certificate to the following address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	

Signature by or on behalf of Assignor(s)

	 	 	 
	 	

Taxpayer Identification Number

 

  

A-13-10

  

 

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

 

 

A-13-11

 

  

EXHIBIT A-14

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, 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 POOLING 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 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 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE 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 PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

 

 

1      Temporary Regulation S Global Certificate legend.

 

2      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

3      Global Certificate legend.

 

  

A-14-1

  

 

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) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”, 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 AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH 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 (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION 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 (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHER 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 GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL 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 INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

  

A-14-2

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS E

 

	
Pass-Through Rate:  The WAC Rate4

	  
	  	  
	
First Distribution Date: May 12, 2015

	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  	  
	
Aggregate Initial Certificate Principal Amount of the Class E Certificates:  $23,769,000

	
Scheduled Final Distribution Date: the Distribution Date in April 2025

	  	  

	
CUSIP:    17323V AC95

                 U1745E AB06

                 17323V AD77

	
Initial Certificate Principal Amount of this Certificate: $[_____]

	  	  
	
ISIN:       US17323VAC908

                 USU1745EAB039

                 US17323VAD7310

	  
	  	  
	
Common Code: 122101789

	  
	  	  
	
No.:  [1]

	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class E Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, 

 

 

4 The initial approximate Pass-Through Rate as of the Closing Date is 4.156% per annum.

  

5 For Rule 144A Certificates

  

6 For Regulation S Certificates

  

7 For IAI Certificates

  

8 For Rule 144A Certificates

  

9 For Regulation S Certificates

  

10 For IAI Certificates

 

  

A-14-3

  

 

Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class F, Class G, Class H, Class R and Class S Certificates (together with the Class E Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class E Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class E Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying 

 

  

A-14-4

  

 

Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

  

A-14-5

  

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement 

 

  

A-14-6

  

 

without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan 

 

  

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Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-14-8

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class E Certificate to be duly executed.

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class E Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	

Authorized Signatory

 

  

A-14-9

  

 

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 Class E Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class E Certificate of the entire Percentage Interest represented by the within Class E Certificates to the above-named Assignee(s) and to deliver such Class E Certificate to the following address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	

Signature by or on behalf of Assignor(s)

	 	 	 
	 	

Taxpayer Identification Number

 

  

A-14-10

  

 

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

 

  

A-14-11

  

 

EXHIBIT A-15

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS F

 

[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 POOLING 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 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 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE 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 PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

 

 

1      Temporary Regulation S Global Certificate legend. 

 

2      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

3      Global 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) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”, 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 AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH 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 (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION 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 (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHER 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 GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL 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 INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

  

A-15-2

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS F

 

	
Pass-Through Rate:  The WAC Rate4

	  
	  	  
	
First Distribution Date: May 12, 2015

	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  	  
	
Aggregate Initial Certificate Principal Amount of the Class F Certificates:  $11,185,000

	
Scheduled Final Distribution Date: the Distribution Date in April 2025

	  	  

	
CUSIP:   17323V AE55

U1745E AC86

17323V AF27

 

	
Initial Certificate Principal Amount of this Certificate: $[_____]

	
ISIN:       US17323VAE568

                USU1745EAC859

                US17323VAF2210

	  
	  	  
	
Common Code: 122101851

	  
	  	  
	
No.:  [1]

	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class F Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, 

 

  

4 The initial approximate Pass-Through Rate as of the Closing Date is 4.156% per annum.

  

5 For Rule 144A Certificates

  

6 For Regulation S Certificates

  

7 For IAI Certificates

  

8 For Rule 144A Certificates

  

9 For Regulation S Certificates

  

10 For IAI Certificates

 

  

A-15-3

  

 

Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class G, Class H, Class R and Class S Certificates (together with the Class F Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class F Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class F Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying 

 

  

A-15-4

  

 

Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

  

A-15-5

  

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement 

 

  

A-15-6

  

 

without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan 

 

  

A-15-7

  

 

Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-15-8

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class F Certificate to be duly executed.

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class F Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	

Authorized Signatory

 

  

A-15-9

  

 

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 Class F Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class F Certificate of the entire Percentage Interest represented by the within Class F Certificates to the above-named Assignee(s) and to deliver such Class F Certificate to the following address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	

Signature by or on behalf of Assignor(s)

	 	 	 
	 	

Taxpayer Identification Number

 

  

A-15-10

  

 

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

 

  

A-15-11

  

 

EXHIBIT A-16

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS G

 

[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 POOLING 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 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 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE 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 PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

 

 

1      Temporary Regulation S Global Certificate legend.

 

2      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

3      Global Certificate legend.

 

  

A-16-1

  

 

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) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”, 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 AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH 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 (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION 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 (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHER 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 GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL 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 INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

  

A-16-2

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS G

 

	
Pass-Through Rate:  The WAC Rate4

	 	  
	  	 	  
	
First Distribution Date: May 12, 2015

	 	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  	 	  
	
Aggregate Initial Certificate Principal Amount of the Class G Certificates:  $15,380,000

	 	
Scheduled Final Distribution Date: the Distribution Date in April 2025

	  	 	  

	
CUSIP:  

	

17323V AG05

U1745E AD66

17323V AH87

	 	
Initial Certificate Principal Amount of this Certificate: $[_____]

	ISIN:	
US17323VAG058

USU1745EAD689

US17323VAH8710

 

	 	  
	  	 	  
	
Common Code: 122102998

	 	  
	  	 	  
	
No.:  [1]

	 	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class G Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class H, 

 

 

4 The initial approximate Pass-Through Rate as of the Closing Date is 4.156% per annum.

  

5 For Rule 144A Certificates

  

6 For Regulation S Certificates

  

7 For IAI Certificates

  

8 For Rule 144A Certificates

  

9 For Regulation S Certificates

  

10 For IAI Certificates

 

  

A-16-3

  

 

Class R and Class S Certificates (together with the Class G Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class G Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class G Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall 

 

  

A-16-4

  

 

accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

  

A-16-5

  

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement 

 

  

A-16-6

  

 

without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan 

 

  

A-16-7

  

 

Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-16-8

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class G Certificate to be duly executed.

 

	 	

CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	

Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class G Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

 

	 	

CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	

Authorized Signatory

 

  

A-16-9

  

 

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 Class G Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class G Certificate of the entire Percentage Interest represented by the within Class G Certificates to the above-named Assignee(s) and to deliver such Class G Certificate to the following address:

 

	Date:  	 	 

 

	
  

	
Signature by or on behalf of Assignor(s)

 

	
  

	
Taxpayer Identification Number

 

  

A-16-10

  

 

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

 

  

A-16-11

  

EXHIBIT A-17

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS H

 

[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 POOLING 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 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 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 POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE 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 PRINCIPAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE PRINCIPAL AMOUNT SET FORTH BELOW.

 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

 

 

1      Temporary Regulation S Global Certificate legend.

 

2      Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

3      Global Certificate legend.

 

  

A-17-1

  

 

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) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”, 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 AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH 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 (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION 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 (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHER 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 GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL 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 INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

  

A-17-2

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-GC29, CLASS H

 

	
Pass-Through Rate: The WAC Rate4

	 	 
	 	 	 
	
First Distribution Date: May 12, 2015

	 	
Cut-Off Date: With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	 	 	 
	
Aggregate Initial Certificate Principal Amount of the Class H Certificates: $39,148,505

	 	
Scheduled Final Distribution Date: the Distribution Date in April 2025

	 	 	 

	CUSIP:  	
17323V AJ45

U1745E AE46

17323V AK17

 

	 	
Initial Certificate Principal Amount of this Certificate: $[_____]

	ISIN: 	
US17323VAJ448

USU1745EAE429

US17323VAK1710

	 	  
	  	 	  
	
Common Code: 122103994

	 	  
	  	 	  
	
No.:  [1]

	 	  

 

This certifies that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class H Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G, 

 

 

4 The initial approximate Pass-Through Rate as of the Closing Date is 4.156% per annum.

  

5 For Rule 144A Certificates

  

6 For Regulation S Certificates

  

7 For IAI Certificates

  

8 For Rule 144A Certificates

  

9 For Regulation S Certificates

  

10 For IAI Certificates

 

 

A-17-3

 

 

Class R and Class S Certificates (together with the Class H Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class H Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class H Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying 

 

  

A-17-4

  

 

Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

  

A-17-5

  

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement 

 

  

A-17-6

  

 

without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan 

 

  

A-17-7

  

 

Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-17-8

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class H Certificate to be duly executed.

 

	 	

CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	

Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class H Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

 

	 	

CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	

Authorized Signatory

 

  

A-17-9

  

 

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 Class H Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class H Certificate of the entire Percentage Interest represented by the within Class H Certificates to the above-named Assignee(s) and to deliver such Class H Certificate to the following address:

 

	Date:  	 	 

 

	
  

	
Signature by or on behalf of Assignor(s)

 

	
  

	
Taxpayer Identification Number

 

  

A-17-10

  

 

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

 

 

A-17-11

 

 

EXHIBIT A-18

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS R

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE 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) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY ONLY BE TRANSFERRED TO AND OWNED BY A QIB.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION 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 (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (INCLUDING AN INSURANCE COMPANY THAT IS USING THE ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR SIMILAR LAW TO INCLUDE ASSETS OF PLANS)), OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.  EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS, NON-U.S. PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTIONS 5.02 AND 5.03 OF THE POOLING AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN 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 

 

  

A-18-1

  

 

TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT.  ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE.  THIS CERTIFICATE REPRESENTS 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.

 

TRANSFERS OF THIS CERTIFICATE AND/OR INTERESTS HEREIN ARE SUBJECT TO THE DELIVERY OF SUCH CERTIFICATIONS, OPINIONS, AND OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE TRANSFER RESTRICTIONS, AND ARE FURTHER SUBJECT TO SUCH DEEMED REPRESENTATIONS AND WARRANTIES ON THE PART OF THE TRANSFEROR AND/OR TRANSFEREE, AS ARE SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

  

A-18-2

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS R

 

	
Percentage Interest:  [     ]%

	  
	  	  
	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  
	  	  

	
CUSIP:  17323V AS4

 

	  
	
ISIN:      US17323VAS43

	  
	  	  
	
No.:  [1]

	  

 

This certifies that [           ] is the registered owner of an interest in a Trust Fund, including the distributions to be made with respect to the Class R Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Trust Loans, serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans (other than the Outside Serviced Trust Loans) are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G, Class H and Class S Certificates (together with the Class R Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents the “residual interest” in two “real estate mortgage investment conduits,” as those terms are defined, respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in 

 

  

A-18-3

  

 

each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of the aggregate amount, if any, with respect to the Class R Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

  

A-18-4

  

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have 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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will 

 

  

A-18-5

  

 

	
  

	
 

	
not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian (if the Trustee is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

  

A-18-6

  

 

	
  

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

  

A-18-7

  

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-18-8

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class R Certificate to be duly executed.

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class R Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

	 	 	 
	 	

CITIBANK, N.A., not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	
By:

	 
	 	 	

Authorized Signatory

 

  

A-18-9

  

 

 

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 Class R Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class R Certificate of the entire Percentage Interest represented by the within Class R Certificates to the above-named Assignee(s) and to deliver such Class R Certificate to the following address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	

Signature by or on behalf of Assignor(s)

	 	 	 
	 	

Taxpayer Identification Number

 

  

A-18-10

  

 

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

 

  

A-18-11

  

 

EXHIBIT A-19

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS S

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR,  THE CONTROLLING CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE 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, OR (2) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY ONLY BE TRANSFERRED TO AND OWNED BY A PERSON THAT IS EITHER (A) A QIB OR (B) OTHER INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION 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 (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (INCLUDING AN INSURANCE COMPANY THAT IS USING THE ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR SIMILAR LAW TO INCLUDE ASSETS OF PLANS)), OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

TRANSFERS OF THIS CERTIFICATE AND/OR INTERESTS HEREIN ARE SUBJECT TO THE DELIVERY OF SUCH CERTIFICATIONS, OPINIONS, AND OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE TRANSFER RESTRICTIONS, AND ARE FURTHER SUBJECT TO SUCH DEEMED REPRESENTATIONS AND WARRANTIES ON THE PART OF THE TRANSFEROR AND/OR TRANSFEREE, AS ARE SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

  

A-19-1

  

 

CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC29

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-GC29, CLASS S

 

	
Percentage Interest:  [     ]%

	  
	  	  
	
Cut-Off Date:  With respect to each Mortgage Loan, the Due Date in April 2015 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first Due Date in May 2015, the date that would have been its Due Date in April 2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

	  
	  	  

	
CUSIP:  17323V AU91

       17323V AV72

 

	  
	
ISIN:      US17323VAU983

               US17323VAV714

	  
	  	  
	
No.:  [1]

	  

 

This certifies that [           ] [as nominee] is the registered owner of an interest in a Trust Fund, including the distributions to be made with respect to the Class S Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and, other than in the case of the Outside Serviced Trust Loan, serviced by the Master Servicer and the Special Servicer.  The Trust Fund was created, and the Mortgage Loans (other than the Outside Serviced Trust Loan) are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.  Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D, Class X-D, Class E, Class F, Class G, Class H and Class R Certificates (together with the Class S Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Situs Holdings, LLC, as Operating Advisor, and U.S. Bank National Association, as Certificate Administrator and Trustee.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

 

1 For Rule 144A Certificates

  

2 For IAI CertificatesFor

  

3 For Rule 144A Certificates

  

4 For IAI Certificates

 

  

A-19-2

  

 

This Certificate represents a beneficial ownership interest in certain assets of a grantor trust consisting primarily of any collections of Excess Interest and the Excess Interest Distribution Account.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in May 2015 (each such date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of the aggregate amount then distributable, if any, with respect to the Class S Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

 

All distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately preceding Business Day.  Distributions are required to be made (a) 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, if such Certificateholder provides the Certificate Administrator with wiring instructions no less than five Business Days prior to the related Record Date, or otherwise (b) by check mailed to such Certificateholder.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.  If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.  If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.  The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held.  If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.  No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited in right of payment to, among other things, Excess Interest actually collected in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans (excluding the CCRE Strip) due after the Cut-Off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of the substitution); (iii) any REO Property (but in the case of each Loan Combination, only to the extent of the Trust’s interest in the related REO Property); (iv) all revenues received in respect of any REO Property (but in 

 

  

A-19-2

  

 

the case of each Loan Combination, only to the extent of the Trust’s interest in the revenues received in respect of such REO Property); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account and the Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the FMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; and (xi) the Lower-Tier Regular Interests.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

	
  

	
(i)

	
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

	
  

	
(ii)

	
to correct or supplement any of its provisions which may be inconsistent with any other provisions of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or the Prospectus Supplement or to correct any error;

 

	
  

	
(iii)

	
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeabile Distribution Account, the Excess Interest Distribution Account, the Distribution Account 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) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

	
  

	
(iv)

	
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of 

 

  

A-19-3

  

 

	
  

	
 

	
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 such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

	
  

	
(v)

	
to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an opinion of counsel;

 

	
  

	
(vi)

	
to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5; provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;

 

	
  

	
(vii)

	
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder; and

 

	
  

	
(viii)

	
in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of the Pooling and Servicing Agreement (A) to the extent necessary to effect the qualification of the Pooling and Servicing Agreement under the TIA or under any similar federal statute hereafter enacted and to add to the Pooling and Servicing Agreement such other provisions as may be expressly required by the TIA, and (B) to modify such other provisions of the Pooling and Servicing Agreement to the extent necessary to make those provisions consistent with, and conform to, the modifications made pursuant to the preceding clause (A);

 

provided that no amendment pursuant to any of clauses (i)-(viii) above may be made that would (i) reduce the consent or consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser ; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent.  Expenses incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, Special Servicer or Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and 

 

  

A-19-4

  

 

Servicing Agreement or of modifying in any manner the rights of the Certificateholders; 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 (or Serviced Loan Combinations, if applicable) which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

	
  

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

	
  

	
(iii)

	
change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

	
  

	
(iv)

	
change the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2) Rating Agency Confirmation,

 

	
  

	
(v)

	
without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

	
  

	
(vi)

	
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders,

 

	
  

	
(vii)

	
adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent, or

 

	
  

	
(viii)

	
change in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling Class representing greater than 50% of the Certificate Principal Amount of the Controlling Class may (or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if neither such Holders nor the Special Servicer nor the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Trust Loans) in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, 

 

  

A-19-5

  

 

together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date.  All costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.  The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling 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 Pooling and Servicing Agreement.  All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

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 Pooling and Servicing Agreement or be valid for any purpose.

 

  

A-19-6

  

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class S Certificate to be duly executed.

	 	 	 
	 	
CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	
Authorized Signatory

 

Dated:  April 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class S Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  April 15, 2015

	 	 	 
	 	

CITIBANK, N.A., not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	
By:

	 
	 	 	

Authorized Signatory

 

  

A-19-7

  

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________ ______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within Class S Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I (we) further direct the Certificate Registrar to issue a new Class S Certificate of the entire Percentage Interest represented by the within Class S Certificates to the above-named Assignee(s) and to deliver such Class S Certificate to the following address:

 

	Date: 	 	 	 	 
	 	 	 	 	 
	 	

Signature by or on behalf of Assignor(s)

	 	 	 
	 	

Taxpayer Identification Number

  

A-19-8

  

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee(s) should include the following for purposes of distribution:

 

Address of the Assignee(s) for the purpose of receiving notices and distributions: ___________________________________________________________ ______________________________________________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account of __________________________ account number ____________________________. This information is provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their) agent.  

	 	 	 	 
	
 

	
By: 

	 	 
	 	 	[Please print or type name(s)]
	 	 	 	 
	 	 	Title
	 	 	 	 
	 	 	
Taxpayer Identification Number

 

  

A-19-9

  

 

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

  

B-1

  

 

	
CGCMT 2015-GC29 Mortgage Loan Schedule

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	
Original

	  	
Remaining

	  	  
	
Control

	  	  	  	
Loan

	  	  	  	  	  	  	  	  	  	  	  	
Cut-Off Date

	  	
Mortgage

	  	
Term To

	  	  
	
Number

	  	
Footnotes

	  	
Number

	  	
Property Name

	  	
Address

	  	
City

	  	
State

	  	
Zip Code

	  	
Balance ($)

	  	
Rate

	  	
Maturity Date / ARD

	  	
Maturity Date / ARD

	
1

	  	
(1), (2)

	  	
7NA2C0

	  	
Selig Office Portfolio

	  	  	  	  	  	  	  	  	  	
125,000,000

	  	
3.9085%

	  	
120

	  	
4/6/2025

	
1.01

	  	  	  	
7NA2C0-1

	  	
1000 Second Avenue

	  	
1000 Second Avenue

	  	
Seattle

	  	
Washington

	  	
98104

	  	  	  	  	  	  	  	  
	
1.02

	  	  	  	
7NA2C0-2

	  	
2901 Third Avenue

	  	
2901 Third Avenue

	  	
Seattle

	  	
Washington

	  	
98121

	  	  	  	  	  	  	  	  
	
1.03

	  	  	  	
7NA2C0-3

	  	
3101 Western Avenue

	  	
3101 Western Avenue

	  	
Seattle

	  	
Washington

	  	
98121

	  	  	  	  	  	  	  	  
	
1.04

	  	  	  	
7NA2C0-4

	  	
300 Elliott Avenue West

	  	
300 Elliott Avenue West

	  	
Seattle

	  	
Washington

	  	
98119

	  	  	  	  	  	  	  	  
	
1.05

	  	  	  	
7NA2C0-5

	  	
3131 Elliott Avenue

	  	
3131 Elliott Avenue

	  	
Seattle

	  	
Washington

	  	
98121

	  	  	  	  	  	  	  	  
	
1.06

	  	  	  	
7NA2C0-6

	  	
2615 Fourth Avenue

	  	
2615 Fourth Avenue

	  	
Seattle

	  	
Washington

	  	
98121

	  	  	  	  	  	  	  	  
	
1.07

	  	  	  	
7NA2C0-7

	  	
190 Queen Anne Avenue North

	  	
190 Queen Anne Avenue North

	  	
Seattle

	  	
Washington

	  	
98109

	  	  	  	  	  	  	  	  
	
1.08

	  	  	  	
7NA2C0-8

	  	
200 First Avenue West

	  	
200 First Avenue West

	  	
Seattle

	  	
Washington

	  	
98119

	  	  	  	  	  	  	  	  
	
1.09

	  	  	  	
7NA2C0-9

	  	
18 West Mercer Street

	  	
18 West Mercer Street

	  	
Seattle

	  	
Washington

	  	
98119

	  	  	  	  	  	  	  	  
	
2

	  	  	  	
8111

	  	
160 Fifth Avenue

	  	
160 Fifth Avenue

	  	
New York

	  	
New York

	  	
10010

	  	
110,000,000

	  	
4.1450%

	  	
120

	  	
4/6/2025

	
3

	  	
(3)

	  	
8304

	  	
3 Columbus Circle

	  	
3 Columbus Circle

	  	
New York

	  	
New York

	  	
10019

	  	
100,000,000

	  	
3.6100%

	  	
119

	  	
3/6/2025

	
4

	  	  	  	
599L06

	  	
Apollo Education Group Headquarters

	  	
4015, 4025, 4035, 4045, 4050 and 4055 South Riverpoint Parkway

	  	
Phoenix

	  	
Arizona

	  	
85040

	  	
91,500,000

	  	
3.7365%

	  	
59

	  	
3/1/2020

	
5

	  	  	  	
8260

	  	
Parkchester Commercial

	  	
1386 Metropolitan Avenue

	  	
Bronx

	  	
New York

	  	
10462

	  	
65,000,000

	  	
3.9200%

	  	
119

	  	
3/1/2025

	
6

	  	  	  	
8049

	  	
170 Broadway

	  	
170 Broadway

	  	
New York

	  	
New York

	  	
10012

	  	
50,000,000

	  	
4.1500%

	  	
120

	  	
4/6/2025

	
7

	  	  	  	
9P8SZ0

	  	
Papago Arroyo

	  	
1255, 1275, 1295 West Washington Street

	  	
Tempe

	  	
Arizona

	  	
85281

	  	
29,250,000

	  	
4.2300%

	  	
118

	  	
2/6/2025

	
8

	  	  	  	
15011401

	  	
Ansley Walk

	  	
1200 Robley Drive

	  	
Lafayette

	  	
Louisiana

	  	
70503

	  	
25,000,000

	  	
4.3600%

	  	
119

	  	
3/6/2025

	
9

	  	  	  	
7918

	  	
400 Plaza Drive

	  	
400 Plaza Drive

	  	
Secaucus

	  	
New Jersey

	  	
07094

	  	
22,000,000

	  	
4.2700%

	  	
119

	  	
3/6/2025

	
10

	  	  	  	
14111908

	  	
Stone Manor

	  	
5001 West Stoney Brook Road

	  	
Rogers

	  	
Arkansas

	  	
72758

	  	
21,980,000

	  	
4.3550%

	  	
119

	  	
3/6/2025

	
11

	  	  	  	
7124

	  	
Beverly Hills Hotel Portfolio

	  	  	  	  	  	  	  	  	  	
19,000,000

	  	
4.4800%

	  	
60

	  	
4/6/2020

	
11.01

	  	  	  	
7124-1

	  	
Mosaic Beverly Hills

	  	
125 South Spalding Drive

	  	
Beverly Hills

	  	
California

	  	
90212

	  	  	  	  	  	  	  	  
	
11.02

	  	  	  	
7124-2

	  	
Maison 140

	  	
140 South Lasky Drive

	  	
Beverly Hills

	  	
California

	  	
90212

	  	  	  	  	  	  	  	  
	
12

	  	  	  	
8238

	  	
Residence Inn Orangeburg

	  	
3 Stevens Way

	  	
Orangeburg

	  	
New York

	  	
10962

	  	
17,700,000

	  	
4.5100%

	  	
120

	  	
4/6/2025

	
13

	  	  	  	
14120504

	  	
Kentucky Self Storage Portfolio

	  	  	  	  	  	  	  	  	  	
17,265,845

	  	
4.8200%

	  	
119

	  	
3/6/2025

	
13.01

	  	  	  	
14120504.01

	  	
Safe Storage 910 Enterprise Court - Lexington

	  	
910 Enterprise Court

	  	
Lexington

	  	
Kentucky

	  	
40510

	  	  	  	  	  	  	  	  
	
13.02

	  	  	  	
14120504.02

	  	
Safe Storage Industry Parkway - Nicholasville

	  	
112 Industry Parkway

	  	
Nicholasville

	  	
Kentucky

	  	
40356

	  	  	  	  	  	  	  	  
	
13.03

	  	  	  	
14120504.03

	  	
Safe Storage Etter Drive - Nicholasville

	  	
251 Etter Drive

	  	
Nicholasville

	  	
Kentucky

	  	
40356

	  	  	  	  	  	  	  	  
	
13.04

	  	  	  	
14120504.04

	  	
The Storeroom Mobile Storage - Lexington

	  	
2278 Frankfort Court

	  	
Lexington

	  	
Kentucky

	  	
40510

	  	  	  	  	  	  	  	  
	
14

	  	  	  	
14121102

	  	
Solaire Apartments

	  	
15700-15800 Providence Drive

	  	
Southfield

	  	
Michigan

	  	
48075

	  	
16,480,000

	  	
4.7300%

	  	
59

	  	
3/6/2020

	
15

	  	  	  	
596AB2

	  	
Sherman Plaza

	  	
1150-1170 Broadway

	  	
Saugus

	  	
Massachusetts

	  	
01906

	  	
14,250,000

	  	
4.1050%

	  	
119

	  	
3/6/2025

	
16

	  	
(4)

	  	
7996

	  	
Crowne Plaza Bloomington

	  	
3 Appletree Square

	  	
Bloomington

	  	
Minnesota

	  	
55425

	  	
13,962,227

	  	
4.6500%

	  	
118

	  	
2/6/2025

	
17

	  	  	  	
8245

	  	
Waldon Lakes Apartments

	  	
2000 Elmhurst Circle

	  	
Orion

	  	
Michigan

	  	
48359

	  	
13,050,000

	  	
4.4200%

	  	
118

	  	
2/6/2025

	
18

	  	  	  	
59TS98

	  	
Doubletree Charleston

	  	
7401 Northwoods Boulevard

	  	
North Charleston

	  	
South Carolina

	  	
29406

	  	
12,750,000

	  	
4.5290%

	  	
120

	  	
4/6/2025

	
19

	  	
(5), (6)

	  	  	  	
Eastmont Town Center

	  	
7200 Bancroft Avenue

	  	
Oakland

	  	
California

	  	
94605

	  	
12,325,000

	  	
5.1100%

	  	
60

	  	
4/1/2020

	
20

	  	  	  	
15012101

	  	
Victory Crossing

	  	
4000-4020 Victory Boulevard

	  	
Portsmouth

	  	
Virginia

	  	
23701

	  	
11,100,000

	  	
4.1200%

	  	
118

	  	
2/6/2025

	
21

	  	  	  	
27

	  	
Ashton Arlington Heights Apartments

	  	
2302-2416 South Goebbert Road

	  	
Arlington Heights

	  	
Illinois

	  	
60005

	  	
10,959,500

	  	
4.4600%

	  	
120

	  	
4/6/2025

	
22

	  	  	  	
8200

	  	
Continuum Tower Retail

	  	
40 South Pointe Drive

	  	
Miami Beach

	  	
Florida

	  	
33139

	  	
10,100,000

	  	
4.4500%

	  	
119

	  	
3/6/2025

	
23

	  	  	  	
1WF460

	  	
Triad Apartment Portfolio

	  	  	  	  	  	  	  	  	  	
10,050,000

	  	
4.3800%

	  	
120

	  	
4/6/2025

	
23.01

	  	  	  	
1WF460-1

	  	
Lawndale Apartments

	  	
719 and 721 Lawndale Drive

	  	
Reidsville

	  	
North Carolina

	  	
27320

	  	  	  	  	  	  	  	  
	
23.02

	  	  	  	
1WF460-2

	  	
Cypress Pointe

	  	
1110 Cook Road

	  	
Gibsonville

	  	
North Carolina

	  	
27249

	  	  	  	  	  	  	  	  
	
23.03

	  	  	  	
1WF460-3

	  	
Riverbend Apartments

	  	
1030, 1032, 1034, 1036, and 1038 Sycamore Road

	  	
Graham

	  	
North Carolina

	  	
27253

	  	  	  	  	  	  	  	  
	
23.04

	  	  	  	
1WF460-4

	  	
British Manor

	  	
423, 424, 425, 426, 429, 430, 506, and 507 Kernodle Drive

	  	
Graham

	  	
North Carolina

	  	
27253

	  	  	  	  	  	  	  	  
	
23.05

	  	  	  	
1WF460-5

	  	
Villas Way

	  	
102, 106, 110, 112, 202, 206, 210, 212, 302, 310, 312, 402, 406, 410, 412, 506, 510, and 512 Villas Way

	  	
Elon

	  	
North Carolina

	  	
27244

	  	  	  	  	  	  	  	  
	
23.06

	  	  	  	
1WF460-6

	  	
The Oaks

	  	
135, 137, & 139 Graham Street and 415, 417, 419, 421, 423, 435, 437, 439, 441, 443, 455, 457, 459, 461, & 463 North Fifth Street

	  	
Mebane

	  	
North Carolina

	  	
27302

	  	  	  	  	  	  	  	  
	
23.07

	  	  	  	
1WF460-7

	  	
Brown Apartments

	  	
1009 Lorraine Drive

	  	
Graham

	  	
North Carolina

	  	
27253

	  	  	  	  	  	  	  	  
	
24

	  	  	  	  	  	
Elizabeth Street Portfolio

	  	  	  	  	  	  	  	  	  	
9,489,472

	  	
4.8200%

	  	
119

	  	
3/6/2025

	
24.01

	  	  	  	  	  	
1030 Elizabeth Street

	  	
1030 Elizabeth Street

	  	
Nicholasville

	  	
Kentucky

	  	
40356

	  	  	  	  	  	  	  	  
	
24.02

	  	  	  	  	  	
1040 Elizabeth Street

	  	
1040-1060 Elizabeth Street

	  	
Nicholasville

	  	
Kentucky

	  	
40356

	  	  	  	  	  	  	  	  
	
24.03

	  	  	  	  	  	
1070 Elizabeth Street

	  	
1070 Elizabeth Street

	  	
Nicholasville

	  	
Kentucky

	  	
40356

	  	  	  	  	  	  	  	  
	
25

	  	  	  	
8054

	  	
Mansell Shops

	  	
10779 Alpharetta Highway

	  	
Roswell

	  	
Georgia

	  	
30076

	  	
9,200,000

	  	
4.4600%

	  	
119

	  	
3/6/2025

	
26

	  	  	  	
8187

	  	
Lafayette Place

	  	
3111 Mahan Drive

	  	
Tallahassee

	  	
Florida

	  	
32308

	  	
9,000,000

	  	
4.1200%

	  	
118

	  	
2/6/2025

	
27

	  	  	  	
8282

	  	
Shops of Flint Creek

	  	
500 North Hough Street

	  	
Barrington

	  	
Illinois

	  	
60010

	  	
9,000,000

	  	
4.1000%

	  	
118

	  	
2/6/2025

	
28

	  	  	  	
1WV5A8

	  	
Extra Space Arapahoe & Holly

	  	
6800 South Holly Circle

	  	
Centennial

	  	
Colorado

	  	
80112

	  	
9,000,000

	  	
3.9000%

	  	
118

	  	
2/6/2025

	
29

	  	  	  	
14100386

	  	
Oaks Business Center

	  	
2967 Sidco Drive

	  	
Nashville

	  	
Tennessee

	  	
37204

	  	
9,000,000

	  	
4.4600%

	  	
119

	  	
3/6/2025

	
30

	  	  	  	
8237

	  	
Palmdale Corporate Center

	  	
39115 Trade Center Drive

	  	
Palmdale

	  	
California

	  	
93551

	  	
8,750,000

	  	
4.1500%

	  	
118

	  	
2/6/2025

	
31

	  	  	  	
45

	  	
Parkwest Crossing

	  	
4834 NC Highway 55

	  	
Durham

	  	
North Carolina

	  	
27713

	  	
7,837,500

	  	
4.2000%

	  	
118

	  	
2/6/2025

	
32

	  	  	  	
59S6E3

	  	
Marple Commons

	  	
2000, 2002, 2004 Sproul Road

	  	
Broomall

	  	
Pennsylvania

	  	
19008

	  	
7,500,000

	  	
4.1630%

	  	
120

	  	
4/6/2025

	
33

	  	  	  	
8123

	  	
Pine Woods Village Apartments

	  	
34200 Pine Woods Circle

	  	
Romulus

	  	
Michigan

	  	
48174

	  	
7,400,000

	  	
4.1500%

	  	
119

	  	
3/6/2025

	
34

	  	  	  	
1WV3L6

	  	
Six Flags Village

	  	
1301 North Collins Street

	  	
Arlington

	  	
Texas

	  	
76011

	  	
7,137,750

	  	
4.4570%

	  	
119

	  	
3/6/2025

	
35

	  	  	  	
943K09

	  	
Greens at Fort Mill

	  	
114 East Elliott Street

	  	
Fort Mill

	  	
South Carolina

	  	
29715

	  	
7,100,000

	  	
4.3200%

	  	
119

	  	
3/6/2025

	
36

	  	  	  	
14103010

	  	
Zinc Mill Terrace

	  	
815 Tennessee Street

	  	
Greencastle

	  	
Indiana

	  	
46135

	  	
7,000,000

	  	
4.4200%

	  	
119

	  	
3/6/2025

	
37

	  	  	  	
8266

	  	
12001 East Freeway

	  	
12001 East Freeway

	  	
Houston

	  	
Texas

	  	
77029

	  	
6,990,492

	  	
3.9000%

	  	
119

	  	
3/6/2025

	
38

	  	  	  	
14120307

	  	
Crossview Courts Apartments

	  	
2929 Crossview Drive

	  	
Houston

	  	
Texas

	  	
77063

	  	
6,900,000

	  	
4.4500%

	  	
119

	  	
3/6/2025

	
39

	  	  	  	
59VOT3

	  	
Whitehall Tech Center VI

	  	
2520 Whitehall Park Drive

	  	
Charlotte

	  	
North Carolina

	  	
28273

	  	
6,800,000

	  	
4.1595%

	  	
120

	  	
4/6/2025

	
40

	  	  	  	
49

	  	
Port St Lucie Retail Portfolio

	  	  	  	  	  	  	  	  	  	
6,600,000

	  	
4.1700%

	  	
120

	  	
4/1/2025

	
40.01

	  	  	  	
49.01

	  	
Lakeside Shopping Center

	  	
259 Southeast Port St Lucie Boulevard

	  	
Port St. Lucie

	  	
Florida

	  	
34984

	  	  	  	  	  	  	  	  
	
40.02

	  	  	  	
49.02

	  	
Morningside Shoppes

	  	
1720-1788 Southeast Port St Lucie Boulevard

	  	
Port St. Lucie

	  	
Florida

	  	
34952

	  	  	  	  	  	  	  	  
	
41

	  	  	  	
15012201

	  	
Spring Branch Estates

	  	
7901 Amelia Road

	  	
Houston

	  	
Texas

	  	
77055

	  	
6,500,000

	  	
4.5400%

	  	
119

	  	
3/6/2025

 

  

  

  

 

	
CGCMT 2015-GC29 Mortgage Loan Schedule

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	
Original

	  	
Remaining

	  	  
	
Control

	  	  	  	
Loan

	  	  	  	  	  	  	  	  	  	  	  	
Cut-Off Date

	  	
Mortgage

	  	
Term To

	  	  
	
Number

	  	
Footnotes

	  	
Number

	  	
Property Name

	  	
Address

	  	
City

	  	
State

	  	
Zip Code

	  	
Balance ($)

	  	
Rate

	  	
Maturity Date / ARD

	  	
Maturity Date / ARD

	
42

	  	  	  	
14111704

	  	
Fall River Apartments Portfolio

	  	  	  	  	  	  	  	  	  	
5,993,243

	  	
4.7500%

	  	
119

	  	
3/6/2025

	
42.01

	  	  	  	
14111704.01

	  	
The Residences at 1710

	  	
1710 North Main Street, 201 Cove Street and 45, 50, 60 and 65 Pickering Street

	  	
Fall River

	  	
Massachusetts

	  	
02720

	  	  	  	  	  	  	  	  
	
42.02

	  	  	  	
14111704.02

	  	
The Residences at 680

	  	
680 North Main Street, 696 North Main Street, 26 Odd Street and 671 Durfee Street

	  	
Fall River

	  	
Massachusetts

	  	
02720

	  	  	  	  	  	  	  	  
	
43

	  	  	  	
8251

	  	
Superior Storage

	  	
825 Center Road

	  	
Avon

	  	
Ohio

	  	
44011

	  	
5,992,785

	  	
4.4600%

	  	
119

	  	
3/6/2025

	
44

	  	  	  	
61

	  	
Caxton Building

	  	
812 Huron Road

	  	
Cleveland

	  	
Ohio

	  	
44115

	  	
5,767,040

	  	
4.5000%

	  	
117

	  	
1/6/2025

	
45

	  	  	  	
8148

	  	
Holiday Inn Express Bellevue

	  	
10804 South 15th Street

	  	
Bellevue

	  	
Nebraska

	  	
68123

	  	
5,440,906

	  	
4.5500%

	  	
119

	  	
3/6/2025

	
46

	  	  	  	
1WU3W4

	  	
Azalea Ridge Apartments

	  	
3212 and 3917 Valley Bluff Drive and 3538 Pleasantdale Road

	  	
Doraville

	  	
Georgia

	  	
30340

	  	
5,210,165

	  	
4.1045%

	  	
116

	  	
12/6/2024

	
47

	  	  	  	
14121701

	  	
Dames Point Retail

	  	
6999 and 7001 Merrill Road

	  	
Jacksonville

	  	
Florida

	  	
32277

	  	
5,100,000

	  	
4.2950%

	  	
119

	  	
3/6/2025

	
48

	  	
(7)

	  	
14081583

	  	
Commerce Point I & II

	  	
3800 and 3850 North Wilke Road

	  	
Arlington Heights

	  	
Illinois

	  	
60004

	  	
5,000,000

	  	
4.8700%

	  	
119

	  	
3/6/2025

	
49

	  	  	  	
71

	  	
500 Murray Road

	  	
400-500 Murray Road

	  	
Saint Bernard

	  	
Ohio

	  	
45217

	  	
4,978,431

	  	
4.0300%

	  	
117

	  	
1/6/2025

	
50

	  	  	  	
14120306

	  	
Tara Hall Apartments

	  	
1717 & 1601 College Avenue

	  	
Houston

	  	
Texas

	  	
77017

	  	
4,800,000

	  	
4.3500%

	  	
119

	  	
3/6/2025

	
51

	  	  	  	
74

	  	
Northwood & Gypsy Lane Apartments

	  	
461, 465, 475 and 483 Gypsy Lane

	  	
Youngstown

	  	
Ohio

	  	
44504

	  	
4,753,673

	  	
4.8290%

	  	
112

	  	
8/6/2024

	
52

	  	  	  	
94AA46

	  	
Summerlyn Apartments

	  	
4101 East Rancier Avenue

	  	
Killeen

	  	
Texas

	  	
76543

	  	
4,720,383

	  	
5.3500%

	  	
59

	  	
3/6/2020

	
53

	  	  	  	
8246

	  	
Five Points Shopping Center

	  	
4201-4209 University Boulevard East

	  	
Tuscaloosa

	  	
Alabama

	  	
35404

	  	
4,712,500

	  	
4.4100%

	  	
120

	  	
4/6/2025

	
54

	  	  	  	
14100677

	  	
Bordeaux Apartments

	  	
3600 Scroggins Drive

	  	
Bellmead

	  	
Texas

	  	
76705

	  	
4,650,000

	  	
4.5700%

	  	
120

	  	
4/6/2025

	
55

	  	  	  	
79

	  	
Scarsdale Medical Center

	  	
257-259 Heathcote Road

	  	
Scarsdale

	  	
New York

	  	
10583

	  	
4,425,000

	  	
4.4800%

	  	
115

	  	
11/6/2024

	
56

	  	  	  	
8227

	  	
Red Mountain Shopping Center

	  	
2733 North Power Road

	  	
Mesa

	  	
Arizona

	  	
85215

	  	
4,025,550

	  	
4.2500%

	  	
117

	  	
1/6/2025

	
57

	  	  	  	
14090983

	  	
Walgreens - Raleigh

	  	
4309 Wake Forest Road

	  	
Raleigh

	  	
North Carolina

	  	
27609

	  	
4,015,000

	  	
4.6500%

	  	
119

	  	
3/6/2025

	
58

	  	  	  	
14102203

	  	
Mercer Crossing

	  	
3555 Mercer University Drive

	  	
Macon

	  	
Georgia

	  	
31204

	  	
3,893,504

	  	
4.5600%

	  	
119

	  	
3/6/2025

	
59

	  	  	  	
03OZJ6

	  	
Woods Townhomes

	  	
165 Coleman Avenue

	  	
Asheville

	  	
North Carolina

	  	
28801

	  	
3,795,213

	  	
4.2500%

	  	
119

	  	
3/6/2025

	
60

	  	  	  	
15010505

	  	
Forest Hill Mini Storage

	  	
16 Newport Drive

	  	
Forest Hill

	  	
Maryland

	  	
21050

	  	
3,745,709

	  	
4.6800%

	  	
119

	  	
3/6/2025

	
61

	  	  	  	
14110601

	  	
Campus Walk Apartments

	  	
810 Wadsworth Street

	  	
Tallahassee

	  	
Florida

	  	
32304

	  	
3,695,339

	  	
4.2500%

	  	
119

	  	
3/6/2025

	
62

	  	  	  	  	  	
103rd Street Family Center

	  	
6733 103rd Street

	  	
Jacksonville

	  	
Florida

	  	
32210

	  	
3,600,000

	  	
4.6550%

	  	
119

	  	
3/1/2025

	
63

	  	  	  	
77

	  	
DaVita Dialysis - Bronx

	  	
1940 Webster Avenue

	  	
Bronx

	  	
New York

	  	
10457

	  	
3,590,000

	  	
4.4000%

	  	
118

	  	
2/6/2025

	
64

	  	  	  	
92

	  	
Chester Square

	  	
35840 Chester Road

	  	
Avon

	  	
Ohio

	  	
44011

	  	
3,487,172

	  	
4.6700%

	  	
118

	  	
2/6/2025

	
65

	  	  	  	
8280

	  	
BMI Self Storage

	  	
2582 South Brannon Stand Road

	  	
Dothan

	  	
Alabama

	  	
36305

	  	
3,395,670

	  	
4.2000%

	  	
119

	  	
3/6/2025

	
66

	  	  	  	
14111404

	  	
Bay Plaza

	  	
5531-5537 Sheldon Road

	  	
Tampa

	  	
Florida

	  	
33615

	  	
3,271,140

	  	
4.5500%

	  	
119

	  	
3/6/2025

	
67

	  	  	  	  	  	
University Landing

	  	
1600 East Washington Street

	  	
Greensboro

	  	
North Carolina

	  	
27401

	  	
3,250,000

	  	
4.8000%

	  	
120

	  	
4/1/2025

	
68

	  	  	  	
8314

	  	
Amsdell - Sentinel Self Storage

	  	
10925 Hamilton Avenue

	  	
Cincinnati

	  	
Ohio

	  	
45231

	  	
3,235,000

	  	
4.3500%

	  	
119

	  	
3/6/2025

	
69

	  	  	  	
7999

	  	
Glen Valley Apartments

	  	
840 Broadway Avenue

	  	
Bedford

	  	
Ohio

	  	
44146

	  	
2,996,698

	  	
4.8500%

	  	
119

	  	
3/6/2025

	
70

	  	  	  	
100

	  	
Belleview Shopping Center

	  	
58440 Belleview Drive

	  	
Plaquemine

	  	
Louisiana

	  	
70764

	  	
2,946,523

	  	
4.5500%

	  	
119

	  	
3/6/2025

	
71

	  	  	  	
14121577

	  	
South Elgin Commons

	  	
472 Randall Road

	  	
South Elgin

	  	
Illinois

	  	
60177

	  	
2,850,000

	  	
4.3000%

	  	
118

	  	
2/6/2025

	
72

	  	  	  	
102

	  	
12285 McNulty Road

	  	
12285 McNulty Road

	  	
Philadelphia

	  	
Pennsylvania

	  	
19154

	  	
2,825,000

	  	
4.3600%

	  	
117

	  	
1/6/2025

	
73

	  	  	  	  	  	
La Paz Gateway

	  	
26051 La Paz Road

	  	
Mission Viejo

	  	
California

	  	
92691

	  	
2,800,000

	  	
4.3800%

	  	
119

	  	
3/1/2025

	
74

	  	  	  	
104

	  	
Lumen Dental

	  	
3222 Hillcroft Street

	  	
Houston

	  	
Texas

	  	
77057

	  	
2,736,191

	  	
5.0500%

	  	
57

	  	
1/6/2020

	
75

	  	  	  	
92

	  	
324-328 Louisa Avenue

	  	
324-328 Louisa Avenue

	  	
Virginia Beach

	  	
Virginia

	  	
23454

	  	
2,500,000

	  	
4.1000%

	  	
118

	  	
2/6/2025

	
76

	  	  	  	
107

	  	
Audubon Plaza

	  	
2845 West Parrish Avenue

	  	
Owensboro

	  	
Kentucky

	  	
42301

	  	
2,495,908

	  	
4.6600%

	  	
119

	  	
3/6/2025

	
77

	  	  	  	
109

	  	
Maple Highlands

	  	
5900-6300 Lee Road

	  	
Maple Heights

	  	
Ohio

	  	
44137

	  	
2,492,975

	  	
4.4000%

	  	
118

	  	
2/1/2025

	
78

	  	  	  	
94

	  	
Rite Aid - Toledo

	  	
1525 Cherry Street

	  	
Toledo

	  	
Ohio

	  	
43608

	  	
2,343,266

	  	
4.2800%

	  	
118

	  	
2/6/2025

	
79

	  	  	  	
8231

	  	
Delta Self Storage

	  	
746 Knights Inn Drive

	  	
Lansing

	  	
Michigan

	  	
48917

	  	
2,140,000

	  	
4.9600%

	  	
120

	  	
4/6/2025

	
80

	  	  	  	
96

	  	
Niagara & Ontario Plaza

	  	
2209 Niagara Street

	  	
Buffalo

	  	
New York

	  	
14207

	  	
2,016,358

	  	
4.3700%

	  	
115

	  	
11/6/2024

	
81

	  	  	  	
97

	  	
DaVita Dialysis - Detroit

	  	
4145 Cass Avenue

	  	
Detroit

	  	
Michigan

	  	
48201

	  	
1,793,160

	  	
4.4000%

	  	
118

	  	
2/6/2025

	
82

	  	  	  	
114

	  	
Terrace Glen Estates

	  	
13545 Woodin Road

	  	
Chardon

	  	
Ohio

	  	
44024

	  	
1,722,898

	  	
4.4000%

	  	
119

	  	
3/6/2025

	
83

	  	  	  	
115

	  	
Whispering Willow

	  	
4250 State Route 307 East

	  	
Geneva

	  	
Ohio

	  	
44041

	  	
1,630,000

	  	
4.7100%

	  	
120

	  	
4/6/2025

	
84

	  	  	  	
8293

	  	
Safe and Secure Self Storage

	  	
23366 West Wall Street

	  	
Lake Villa

	  	
Illinois

	  	
60046

	  	
1,615,665

	  	
4.7000%

	  	
118

	  	
2/6/2025

	
85

	  	  	  	
15010676

	  	
USA Safe Storage

	  	
874 County Street

	  	
Taunton

	  	
Massachusetts

	  	
02780

	  	
1,528,289

	  	
4.7800%

	  	
119

	  	
3/6/2025

	
86

	  	  	  	
121

	  	
Chase Bank - Mentor on the Lake

	  	
6081 Andrews Road

	  	
Mentor on the Lake

	  	
Ohio

	  	
44060

	  	
619,367

	  	
5.1700%

	  	
119

	  	
3/6/2025

 

  

  

  

 

	
CGCMT 2015-GC29 Mortgage Loan Schedule

	  	  	  	  	  	  	  	  	  	  	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	  	  	  	  	  	  	  	
Remaining

	  	  	  	  	  	  	  	
Crossed With

	  	  	  	  	  	  
	
Control

	  	  	  	
Loan

	  	  	  	
Amortization Term

	  	
Servicing

	  	
Subservicing

	  	
Mortgage

	  	
Other Loans

	  	
ARD

	  	
Final

	  	
ARD

	
Number

	  	
Footnotes

	  	
Number

	  	
Property Name

	  	
(Mos.)

	  	
Fee Rate (%)

	  	
Fee Rate (%)

	  	
Loan Seller

	  	
(Crossed Group)

	  	
(Yes/No)

	  	
Maturity Date

	  	
Revised Rate

	
1

	  	
(1), (2)

	  	
7NA2C0

	  	
Selig Office Portfolio

	  	
0

	  	
0.00500%

	  	
0.000%

	  	
GSMC

	  	
NAP

	  	
No

	  	  	  	  
	
1.01

	  	  	  	
7NA2C0-1

	  	
1000 Second Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.02

	  	  	  	
7NA2C0-2

	  	
2901 Third Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.03

	  	  	  	
7NA2C0-3

	  	
3101 Western Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.04

	  	  	  	
7NA2C0-4

	  	
300 Elliott Avenue West

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.05

	  	  	  	
7NA2C0-5

	  	
3131 Elliott Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.06

	  	  	  	
7NA2C0-6

	  	
2615 Fourth Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.07

	  	  	  	
7NA2C0-7

	  	
190 Queen Anne Avenue North

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.08

	  	  	  	
7NA2C0-8

	  	
200 First Avenue West

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.09

	  	  	  	
7NA2C0-9

	  	
18 West Mercer Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
2

	  	  	  	
8111

	  	
160 Fifth Avenue

	  	
0

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
3

	  	
(3)

	  	
8304

	  	
3 Columbus Circle

	  	
0

	  	
0.00250%

	  	
0.0025%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
4

	  	  	  	
599L06

	  	
Apollo Education Group Headquarters

	  	
0

	  	
0.00250%

	  	
0.010%

	  	
GSMC

	  	
NAP

	  	
No

	  	  	  	  
	
5

	  	  	  	
8260

	  	
Parkchester Commercial

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
6

	  	  	  	
8049

	  	
170 Broadway

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
7

	  	  	  	
9P8SZ0

	  	
Papago Arroyo

	  	
360

	  	
0.00250%

	  	
0.030%

	  	
GSMC

	  	
NAP

	  	
No

	  	  	  	  
	
8

	  	  	  	
15011401

	  	
Ansley Walk

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
9

	  	  	  	
7918

	  	
400 Plaza Drive

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
10

	  	  	  	
14111908

	  	
Stone Manor

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
11

	  	  	  	
7124

	  	
Beverly Hills Hotel Portfolio

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
11.01

	  	  	  	
7124-1

	  	
Mosaic Beverly Hills

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
11.02

	  	  	  	
7124-2

	  	
Maison 140

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
12

	  	  	  	
8238

	  	
Residence Inn Orangeburg

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
13

	  	  	  	
14120504

	  	
Kentucky Self Storage Portfolio

	  	
359

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
13.01

	  	  	  	
14120504.01

	  	
Safe Storage 910 Enterprise Court - Lexington

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13.02

	  	  	  	
14120504.02

	  	
Safe Storage Industry Parkway - Nicholasville

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13.03

	  	  	  	
14120504.03

	  	
Safe Storage Etter Drive - Nicholasville

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13.04

	  	  	  	
14120504.04

	  	
The Storeroom Mobile Storage - Lexington

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
14

	  	  	  	
14121102

	  	
Solaire Apartments

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
15

	  	  	  	
596AB2

	  	
Sherman Plaza

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
GSMC

	  	
NAP

	  	
No

	  	  	  	  
	
16

	  	
(4)

	  	
7996

	  	
Crowne Plaza Bloomington

	  	
358

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
17

	  	  	  	
8245

	  	
Waldon Lakes Apartments

	  	
360

	  	
0.00250%

	  	
0.050%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
18

	  	  	  	
59TS98

	  	
Doubletree Charleston

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
GSMC

	  	
NAP

	  	
No

	  	  	  	  
	
19

	  	
(5), (6)

	  	  	  	
Eastmont Town Center

	  	
360

	  	
0.00250%

	  	
0.010%

	  	
CGMRC

	  	
NAP

	  	
Yes

	  	
10/1/2022

	  	
see FN (6)

	
20

	  	  	  	
15012101

	  	
Victory Crossing

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
21

	  	  	  	
27

	  	
Ashton Arlington Heights Apartments

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
FCRE REL, LLC

	  	
NAP

	  	
No

	  	  	  	  
	
22

	  	  	  	
8200

	  	
Continuum Tower Retail

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
23

	  	  	  	
1WF460

	  	
Triad Apartment Portfolio

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
GSMC

	  	
NAP

	  	
No

	  	  	  	  
	
23.01

	  	  	  	
1WF460-1

	  	
Lawndale Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.02

	  	  	  	
1WF460-2

	  	
Cypress Pointe

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.03

	  	  	  	
1WF460-3

	  	
Riverbend Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.04

	  	  	  	
1WF460-4

	  	
British Manor

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.05

	  	  	  	
1WF460-5

	  	
Villas Way

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.06

	  	  	  	
1WF460-6

	  	
The Oaks

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.07

	  	  	  	
1WF460-7

	  	
Brown Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24

	  	  	  	  	  	
Elizabeth Street Portfolio

	  	
359

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
24.01

	  	  	  	  	  	
1030 Elizabeth Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24.02

	  	  	  	  	  	
1040 Elizabeth Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24.03

	  	  	  	  	  	
1070 Elizabeth Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
25

	  	  	  	
8054

	  	
Mansell Shops

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
26

	  	  	  	
8187

	  	
Lafayette Place

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
27

	  	  	  	
8282

	  	
Shops of Flint Creek

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
28

	  	  	  	
1WV5A8

	  	
Extra Space Arapahoe & Holly

	  	
0

	  	
0.00500%

	  	
0.000%

	  	
GSMC

	  	
NAP

	  	
No

	  	  	  	  
	
29

	  	  	  	
14100386

	  	
Oaks Business Center

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
30

	  	  	  	
8237

	  	
Palmdale Corporate Center

	  	
360

	  	
0.00500%

	  	
0.030%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
31

	  	  	  	
45

	  	
Parkwest Crossing

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
32

	  	  	  	
59S6E3

	  	
Marple Commons

	  	
360

	  	
0.00500%

	  	
0.040%

	  	
GSMC

	  	
NAP

	  	
No

	  	  	  	  
	
33

	  	  	  	
8123

	  	
Pine Woods Village Apartments

	  	
360

	  	
0.00250%

	  	
0.050%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
34

	  	  	  	
1WV3L6

	  	
Six Flags Village

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
GSMC

	  	
NAP

	  	
No

	  	  	  	  
	
35

	  	  	  	
943K09

	  	
Greens at Fort Mill

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
GSMC

	  	
NAP

	  	
No

	  	  	  	  
	
36

	  	  	  	
14103010

	  	
Zinc Mill Terrace

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
37

	  	  	  	
8266

	  	
12001 East Freeway

	  	
359

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
38

	  	  	  	
14120307

	  	
Crossview Courts Apartments

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
39

	  	  	  	
59VOT3

	  	
Whitehall Tech Center VI

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
GSMC

	  	
NAP

	  	
No

	  	  	  	  
	
40

	  	  	  	
49

	  	
Port St Lucie Retail Portfolio

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
FCRE REL, LLC

	  	
NAP

	  	
No

	  	  	  	  
	
40.01

	  	  	  	
49.01

	  	
Lakeside Shopping Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
40.02

	  	  	  	
49.02

	  	
Morningside Shoppes

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
41

	  	  	  	
15012201

	  	
Spring Branch Estates

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  

 

  

  

  

 

	
CGCMT 2015-GC29 Mortgage Loan Schedule

	  	  	  	  	  	  	  	  	  	  	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	  	  	  	  	  	  	  	
Remaining

	  	  	  	  	  	  	  	
Crossed With

	  	  	  	  	  	  
	
Control

	  	  	  	
Loan

	  	  	  	
Amortization Term

	  	
Servicing

	  	
Subservicing

	  	
Mortgage

	  	
Other Loans

	  	
ARD

	  	
Final

	  	
ARD

	
Number

	  	
Footnotes

	  	
Number

	  	
Property Name

	  	
(Mos.)

	  	
Fee Rate (%)

	  	
Fee Rate (%)

	  	
Loan Seller

	  	
(Crossed Group)

	  	
(Yes/No)

	  	
Maturity Date

	  	
Revised Rate

	
42

	  	  	  	
14111704

	  	
Fall River Apartments Portfolio

	  	
359

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
42.01

	  	  	  	
14111704.01

	  	
The Residences at 1710

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
42.02

	  	  	  	
14111704.02

	  	
The Residences at 680

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
43

	  	  	  	
8251

	  	
Superior Storage

	  	
359

	  	
0.00500%

	  	
0.020%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
44

	  	  	  	
61

	  	
Caxton Building

	  	
357

	  	
0.00250%

	  	
0.060%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
45

	  	  	  	
8148

	  	
Holiday Inn Express Bellevue

	  	
299

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
46

	  	  	  	
1WU3W4

	  	
Azalea Ridge Apartments

	  	
296

	  	
0.00250%

	  	
0.070%

	  	
GSMC

	  	
NAP

	  	
No

	  	  	  	  
	
47

	  	  	  	
14121701

	  	
Dames Point Retail

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
48

	  	
(7)

	  	
14081583

	  	
Commerce Point I & II

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
49

	  	  	  	
71

	  	
500 Murray Road

	  	
357

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
50

	  	  	  	
14120306

	  	
Tara Hall Apartments

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
51

	  	  	  	
74

	  	
Northwood & Gypsy Lane Apartments

	  	
352

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
52

	  	  	  	
94AA46

	  	
Summerlyn Apartments

	  	
359

	  	
0.00500%

	  	
0.000%

	  	
GSMC

	  	
NAP

	  	
No

	  	  	  	  
	
53

	  	  	  	
8246

	  	
Five Points Shopping Center

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
54

	  	  	  	
14100677

	  	
Bordeaux Apartments

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
55

	  	  	  	
79

	  	
Scarsdale Medical Center

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
56

	  	  	  	
8227

	  	
Red Mountain Shopping Center

	  	
360

	  	
0.00500%

	  	
0.030%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
57

	  	  	  	
14090983

	  	
Walgreens - Raleigh

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
58

	  	  	  	
14102203

	  	
Mercer Crossing

	  	
299

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
59

	  	  	  	
03OZJ6

	  	
Woods Townhomes

	  	
359

	  	
0.00500%

	  	
0.000%

	  	
GSMC

	  	
NAP

	  	
No

	  	  	  	  
	
60

	  	  	  	
15010505

	  	
Forest Hill Mini Storage

	  	
359

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
61

	  	  	  	
14110601

	  	
Campus Walk Apartments

	  	
359

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
62

	  	  	  	  	  	
103rd Street Family Center

	  	
324

	  	
0.00250%

	  	
0.100%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
63

	  	  	  	
77

	  	
DaVita Dialysis - Bronx

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
FCRE REL, LLC

	  	
NAP

	  	
No

	  	  	  	  
	
64

	  	  	  	
92

	  	
Chester Square

	  	
298

	  	
0.00250%

	  	
0.060%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
65

	  	  	  	
8280

	  	
BMI Self Storage

	  	
359

	  	
0.00500%

	  	
0.050%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
66

	  	  	  	
14111404

	  	
Bay Plaza

	  	
359

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
67

	  	  	  	  	  	
University Landing

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
68

	  	  	  	
8314

	  	
Amsdell - Sentinel Self Storage

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
69

	  	  	  	
7999

	  	
Glen Valley Apartments

	  	
359

	  	
0.00500%

	  	
0.050%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
70

	  	  	  	
100

	  	
Belleview Shopping Center

	  	
359

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
71

	  	  	  	
14121577

	  	
South Elgin Commons

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
72

	  	  	  	
102

	  	
12285 McNulty Road

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
73

	  	  	  	  	  	
La Paz Gateway

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
74

	  	  	  	
104

	  	
Lumen Dental

	  	
297

	  	
0.00500%

	  	
0.040%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
75

	  	  	  	
92

	  	
324-328 Louisa Avenue

	  	
300

	  	
0.00500%

	  	
0.000%

	  	
FCRE REL, LLC

	  	
NAP

	  	
No

	  	  	  	  
	
76

	  	  	  	
107

	  	
Audubon Plaza

	  	
299

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
77

	  	  	  	
109

	  	
Maple Highlands

	  	
358

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
78

	  	  	  	
94

	  	
Rite Aid - Toledo

	  	
358

	  	
0.00500%

	  	
0.000%

	  	
FCRE REL, LLC

	  	
NAP

	  	
No

	  	  	  	  
	
79

	  	  	  	
8231

	  	
Delta Self Storage

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
80

	  	  	  	
96

	  	
Niagara & Ontario Plaza

	  	
295

	  	
0.00500%

	  	
0.000%

	  	
FCRE REL, LLC

	  	
NAP

	  	
No

	  	  	  	  
	
81

	  	  	  	
97

	  	
DaVita Dialysis - Detroit

	  	
298

	  	
0.00500%

	  	
0.000%

	  	
FCRE REL, LLC

	  	
NAP

	  	
No

	  	  	  	  
	
82

	  	  	  	
114

	  	
Terrace Glen Estates

	  	
359

	  	
0.00250%

	  	
0.065%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
83

	  	  	  	
115

	  	
Whispering Willow

	  	
360

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
84

	  	  	  	
8293

	  	
Safe and Secure Self Storage

	  	
358

	  	
0.00500%

	  	
0.050%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  
	
85

	  	  	  	
15010676

	  	
USA Safe Storage

	  	
359

	  	
0.00500%

	  	
0.000%

	  	
RMF

	  	
NAP

	  	
No

	  	  	  	  
	
86

	  	  	  	
121

	  	
Chase Bank - Mentor on the Lake

	  	
359

	  	
0.00500%

	  	
0.000%

	  	
CGMRC

	  	
NAP

	  	
No

	  	  	  	  

 

  

  

  

 

	
CGCMT 2015-GC29 Mortgage Loan Schedule

	  	 	  	  	  	 	  	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Companion Loan

	 	 	 	
Companion Loan

	 	 
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	
Remaining

	  	
Companion Loan

	  	
Remaining

	  	
Companion Loan

	
Control

	  	  	  	
Loan

	  	  	  	
Companion Loan

	  	
Companion Loan

	  	
Companion Loan

	  	
Term To

	  	
Maturity

	  	
Amortization Term

	  	
Servicing

	
Number

	  	
Footnotes

	  	
Number

	  	
Property Name

	  	
Flag

	  	
Cut-off Balance

	  	
Interest Rate

	  	
Maturity / ARD (Mos.)

	  	
Date / ARD

	  	
(Mos.)

	  	
Fees

	
1

	  	
(1), (2)

	  	
7NA2C0

	  	
Selig Office Portfolio

	  	
Yes

	  	
220,000,000

	  	
3.9085%

	  	
120

	  	
4/6/2025

	  	
0

	  	
0.0025%

	
1.01

	  	  	  	
7NA2C0-1

	  	
1000 Second Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.02

	  	  	  	
7NA2C0-2

	  	
2901 Third Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.03

	  	  	  	
7NA2C0-3

	  	
3101 Western Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.04

	  	  	  	
7NA2C0-4

	  	
300 Elliott Avenue West

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.05

	  	  	  	
7NA2C0-5

	  	
3131 Elliott Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.06

	  	  	  	
7NA2C0-6

	  	
2615 Fourth Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.07

	  	  	  	
7NA2C0-7

	  	
190 Queen Anne Avenue North

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.08

	  	  	  	
7NA2C0-8

	  	
200 First Avenue West

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.09

	  	  	  	
7NA2C0-9

	  	
18 West Mercer Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
2

	  	  	  	
8111

	  	
160 Fifth Avenue

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
3

	  	
(3)

	  	
8304

	  	
3 Columbus Circle

	  	
Yes

	  	
250,000,000

	  	
3.6100%

	  	
119

	  	
3/6/2025

	  	
0

	  	
0.0025%

	
4

	  	  	  	
599L06

	  	
Apollo Education Group Headquarters

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
5

	  	  	  	
8260

	  	
Parkchester Commercial

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
6

	  	  	  	
8049

	  	
170 Broadway

	  	
Yes

	  	
170,000,000

	  	
4.1500%

	  	
120

	  	
4/6/2025

	  	
360

	  	
0.0025%

	
7

	  	  	  	
9P8SZ0

	  	
Papago Arroyo

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
8

	  	  	  	
15011401

	  	
Ansley Walk

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
9

	  	  	  	
7918

	  	
400 Plaza Drive

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
10

	  	  	  	
14111908

	  	
Stone Manor

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
11

	  	  	  	
7124

	  	
Beverly Hills Hotel Portfolio

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
11.01

	  	  	  	
7124-1

	  	
Mosaic Beverly Hills

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
11.02

	  	  	  	
7124-2

	  	
Maison 140

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
12

	  	  	  	
8238

	  	
Residence Inn Orangeburg

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
13

	  	  	  	
14120504

	  	
Kentucky Self Storage Portfolio

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
13.01

	  	  	  	
14120504.01

	  	
Safe Storage 910 Enterprise Court - Lexington

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13.02

	  	  	  	
14120504.02

	  	
Safe Storage Industry Parkway - Nicholasville

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13.03

	  	  	  	
14120504.03

	  	
Safe Storage Etter Drive - Nicholasville

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13.04

	  	  	  	
14120504.04

	  	
The Storeroom Mobile Storage - Lexington

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
14

	  	  	  	
14121102

	  	
Solaire Apartments

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
15

	  	  	  	
596AB2

	  	
Sherman Plaza

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
16

	  	
(4)

	  	
7996

	  	
Crowne Plaza Bloomington

	  	
Yes

	  	
26,250,000

	  	
4.6500%

	  	
118

	  	
2/6/2025

	  	
358

	  	
0.0025%

	
17

	  	  	  	
8245

	  	
Waldon Lakes Apartments

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
18

	  	  	  	
59TS98

	  	
Doubletree Charleston

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
19

	  	
(5), (6)

	  	  	  	
Eastmont Town Center

	  	
Yes

	  	
41,325,000

	  	
5.1100%

	  	
60

	  	
4/1/2020

	  	
360

	  	
0.0025%

	
20

	  	  	  	
15012101

	  	
Victory Crossing

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
21

	  	  	  	
27

	  	
Ashton Arlington Heights Apartments

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
22

	  	  	  	
8200

	  	
Continuum Tower Retail

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
23

	  	  	  	
1WF460

	  	
Triad Apartment Portfolio

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
23.01

	  	  	  	
1WF460-1

	  	
Lawndale Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.02

	  	  	  	
1WF460-2

	  	
Cypress Pointe

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.03

	  	  	  	
1WF460-3

	  	
Riverbend Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.04

	  	  	  	
1WF460-4

	  	
British Manor

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.05

	  	  	  	
1WF460-5

	  	
Villas Way

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.06

	  	  	  	
1WF460-6

	  	
The Oaks

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.07

	  	  	  	
1WF460-7

	  	
Brown Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24

	  	  	  	  	  	
Elizabeth Street Portfolio

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
24.01

	  	  	  	  	  	
1030 Elizabeth Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24.02

	  	  	  	  	  	
1040 Elizabeth Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24.03

	  	  	  	  	  	
1070 Elizabeth Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
25

	  	  	  	
8054

	  	
Mansell Shops

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
26

	  	  	  	
8187

	  	
Lafayette Place

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
27

	  	  	  	
8282

	  	
Shops of Flint Creek

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
28

	  	  	  	
1WV5A8

	  	
Extra Space Arapahoe & Holly

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
29

	  	  	  	
14100386

	  	
Oaks Business Center

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
30

	  	  	  	
8237

	  	
Palmdale Corporate Center

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
31

	  	  	  	
45

	  	
Parkwest Crossing

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
32

	  	  	  	
59S6E3

	  	
Marple Commons

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
33

	  	  	  	
8123

	  	
Pine Woods Village Apartments

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
34

	  	  	  	
1WV3L6

	  	
Six Flags Village

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
35

	  	  	  	
943K09

	  	
Greens at Fort Mill

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
36

	  	  	  	
14103010

	  	
Zinc Mill Terrace

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
37

	  	  	  	
8266

	  	
12001 East Freeway

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
38

	  	  	  	
14120307

	  	
Crossview Courts Apartments

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
39

	  	  	  	
59VOT3

	  	
Whitehall Tech Center VI

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
40

	  	  	  	
49

	  	
Port St Lucie Retail Portfolio

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
40.01

	  	  	  	
49.01

	  	
Lakeside Shopping Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
40.02

	  	  	  	
49.02

	  	
Morningside Shoppes

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
41

	  	  	  	
15012201

	  	
Spring Branch Estates

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  

 

  

  

  

 

 

	
CGCMT 2015-GC29 Mortgage Loan Schedule

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	
 

	  	  	  	  	
Companion Loan

	  	  	  	
Companion Loan

	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	
Remaining

	  	
Companion Loan

	  	
Remaining

	  	
Companion Loan

	
Control

	  	  	  	
Loan

	  	  	  	
Companion Loan

	  	
Companion Loan

	  	
Companion Loan

	  	
Term To

	  	
Maturity

	  	
Amortization Term

	  	
Servicing

	
Number

	  	
Footnotes

	  	
Number

	  	
Property Name

	  	
Flag

	  	
Cut-off Balance

	  	
Interest Rate

	  	
Maturity / ARD (Mos.)

	  	
Date / ARD

	  	
(Mos.)

	  	
Fees

	
42

	  	  	  	
14111704

	  	
Fall River Apartments Portfolio

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
42.01

	  	  	  	
14111704.01

	  	
The Residences at 1710

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
42.02

	  	  	  	
14111704.02

	  	
The Residences at 680

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
43

	  	  	  	
8251

	  	
Superior Storage

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
44

	  	  	  	
61

	  	
Caxton Building

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
45

	  	  	  	
8148

	  	
Holiday Inn Express Bellevue

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
46

	  	  	  	
1WU3W4

	  	
Azalea Ridge Apartments

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
47

	  	  	  	
14121701

	  	
Dames Point Retail

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
48

	  	
(7)

	  	
14081583

	  	
Commerce Point I & II

	  	
Yes

	  	
10,000,000

	  	
4.8700%

	  	
119

	  	
3/6/2025

	  	
360

	  	
0.0025%

	
49

	  	  	  	
71

	  	
500 Murray Road

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
50

	  	  	  	
14120306

	  	
Tara Hall Apartments

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
51

	  	  	  	
74

	  	
Northwood & Gypsy Lane Apartments

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
52

	  	  	  	
94AA46

	  	
Summerlyn Apartments

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
53

	  	  	  	
8246

	  	
Five Points Shopping Center

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
54

	  	  	  	
14100677

	  	
Bordeaux Apartments

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
55

	  	  	  	
79

	  	
Scarsdale Medical Center

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
56

	  	  	  	
8227

	  	
Red Mountain Shopping Center

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
57

	  	  	  	
14090983

	  	
Walgreens - Raleigh

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
58

	  	  	  	
14102203

	  	
Mercer Crossing

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
59

	  	  	  	
03OZJ6

	  	
Woods Townhomes

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
60

	  	  	  	
15010505

	  	
Forest Hill Mini Storage

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
61

	  	  	  	
14110601

	  	
Campus Walk Apartments

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
62

	  	  	  	  	  	
103rd Street Family Center

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
63

	  	  	  	
77

	  	
DaVita Dialysis - Bronx

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
64

	  	  	  	
92

	  	
Chester Square

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
65

	  	  	  	
8280

	  	
BMI Self Storage

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
66

	  	  	  	
14111404

	  	
Bay Plaza

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
67

	  	  	  	  	  	
University Landing

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
68

	  	  	  	
8314

	  	
Amsdell - Sentinel Self Storage

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
69

	  	  	  	
7999

	  	
Glen Valley Apartments

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
70

	  	  	  	
100

	  	
Belleview Shopping Center

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
71

	  	  	  	
14121577

	  	
South Elgin Commons

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
72

	  	  	  	
102

	  	
12285 McNulty Road

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
73

	  	  	  	  	  	
La Paz Gateway

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
74

	  	  	  	
104

	  	
Lumen Dental

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
75

	  	  	  	
92

	  	
324-328 Louisa Avenue

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
76

	  	  	  	
107

	  	
Audubon Plaza

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
77

	  	  	  	
109

	  	
Maple Highlands

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
78

	  	  	  	
94

	  	
Rite Aid - Toledo

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
79

	  	  	  	
8231

	  	
Delta Self Storage

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
80

	  	  	  	
96

	  	
Niagara & Ontario Plaza

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
81

	  	  	  	
97

	  	
DaVita Dialysis - Detroit

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
82

	  	  	  	
114

	  	
Terrace Glen Estates

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
83

	  	  	  	
115

	  	
Whispering Willow

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
84

	  	  	  	
8293

	  	
Safe and Secure Self Storage

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
85

	  	  	  	
15010676

	  	
USA Safe Storage

	  	
No

	  	  	  	  	  	  	  	  	  	  	  	  
	
86

	  	  	  	
121

	  	
Chase Bank - Mentor on the Lake

	  	
No

	  	  	  	  	  	  	  	  	  	  	  

 

	
(1)

	  	
The Cut-off Date Balance of $125,000,000 represents the note A-1 of a $345,000,000 whole loan evidenced by three pari passu notes. The companion loans have an aggregate principal balance of $220,000,000 as of the Cut-off Date, are held outside the issuing entity and are expected to be contributed to one or more future securitizations. Cut-off Date LTV Ratio, LTV Ratio at Maturity/ARD, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $345,000,000.

	
(2)

	  	
The “Companion Loan Servicing Fee” (0.0025%) is included in the “Servicing Fee Rate” shown for the Selig Office Portfolio mortgage loan.

	
(3)

	  	
The Cut-off Date Balance of $100,000,000 is evidenced by note A-2 (non-controlling note in the principal amount of $50,000,000) and note A-5 (non-controlling note in the principal amount of $50,000,000), which notes are part of a $350,000,000 loan combination evidenced by six pari passu notes. A non-controlling pari passu companion loan evidenced by note A-4 has a principal balance of $85,000,000 as of the Cut-off Date, is held outside the Issuing Entity and was contributed to the COMM 2015-CCRE22 transaction. The controlling note A-1, non-controlling note A-3 and non-controlling note A-6 have principal balances of $90,000,000, $45,000,000 and $30,000,000, respectively, and are expected to be included in future securitizations.

	
(4)

	  	
The Cut-off Date Principal Balance of $13,962,227 represents the controlling note A-1 of a $26,250,000 loan combination evidenced by two pari passu notes.  The companion loan is evidenced by the non-controlling note A-2 with a principal balance of $12,216,949 as of the Cut-off Date, which is held outside the Issuing Entity and is expected to be contributed to a future securitization transaction.

	
(5)

	  	
The Cut-off Date Principal Balance of $12,325,000 represents the non-controlling Note A-1 of a $41,325,000 whole loan evidenced by two par-passu notes. The pari-passu companion loan is the controlling Note A-2, with a principal balance of $29,000,000, which is expected to be contributed to a future securitization.

	
(6)

	  	
Commencing on the ARD, the outstanding principal balance will accrue interest on and after that date until the final maturity date of October 1, 2022 at an increased interest rate equal to 3.0000% per annum plus the greater of (i) 5.1100% per annum, or (ii) the five-year swap yield as determined on the first business day after the anticipated repayment date.

	
(7)

	  	
The Cut-off Date Balance of $5,000,000 represents the non-controlling Note A-2 of a $15,000,000 whole loan evidenced by two pari passu notes.  The pari-passu companion loan with a principal balance of $10,000,000 as of the Cut-off Date is held outside the issuing entity and is expected to be contributed to a future transaction.  Cut-off Date LTV Ratio, LTV Ratio at Maturity/ARD, Underwritten NOI DSCR, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $15,000,000.

 

  

  

  

 

EXHIBIT C

 

FORM OF REQUEST FOR RELEASE

(for Custodian/Trustee)

 

Loan Information:

Name of Mortgagor: __________________

Master Servicer Loan No.: __________________

Custodian

Name: __________________

Address:            __________________

  __________________

  __________________

Custodian Mortgage File No.: __________________

[Seller]

Name: __________________

Address: __________________

 

__________________

 

	
Certificates:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, Class [____]

 

The undersigned [Master Servicer][Special Servicer] hereby acknowledges that it has received from Deutsche Bank Trust Company Americas, as Custodian, for the Holders of Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, 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 April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Citibank, N.A., as Certificate Administrator and Deutsche Bank Trust Company Americas, as Trustee.

 

( )           Note dated _________, _____, in the original principal sum of $_____, made by _______, payable to, or endorsed to the order of, the Trustee.

 

( )           Mortgage 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 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.

 

  

C-1

  

 

( )           Assignment of Mortgage or Deed of Trust to the Trustee, 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 Mortgage.

 

( )            ___________________________

 

( )            ___________________________

 

( )            ___________________________

 

( )            ___________________________

 

The undersigned [Master Servicer][Special Servicer] hereby acknowledges and agrees as follows:

 

(i)            The [Master Servicer][Special Servicer] shall hold and retain possession of the Documents in trust for the benefit of the Trustee, solely for the purposes provided in the Agreement.

 

(ii)           The [Master Servicer][Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by, any claim, liens, security interest, charges, writs of attachment or other impositions nor shall the [Master Servicer][Special Servicer] assert or seek to assert any claims or rights of set-off to or against the Documents or any proceeds thereof.

 

(iii)          The [Master Servicer][Special Servicer] shall return the Documents to the Custodian when the need therefor no longer exists, unless the Mortgage Loan relating to the Documents has been liquidated and the proceeds thereof have been remitted to the Collection Account and except as expressly provided in the Agreement.

 

(iv)           The Documents and any proceeds thereof, including any 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 and any proceeds separate and distinct from all other property in the [Master Servicer][Special Servicer]’s possession, custody or control.

 

	 	
[MASTER SERVICER/SPECIAL SERVICER]

	 	 	 
	 	
By: 

	 
	 	 	
Name:

	 	 	
Title:

	
cc: Deutsche Bank Trust Company Americas

	 	 
	 	 	 
	
Dated:

	 	 

 

  

C-2

  

 

EXHIBIT D

 

FORM OF DISTRIBUTION DATE STATEMENT

  

D-1

  

 

 

	
Distribution Date:

	 	

Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	

Commercial Mortgage Pass-Through Certificates

	  	  	

Series 2015-GC29

 

	  	  	  	  	  	  
	
CONTACT INFORMATION

	  	
CONTENTS

	  	  
	 	  	 	  	  
	  	  	  	 	 	  
	
Depositor

	

Citigroup Commercial Mortgage Securities Inc.

	  	
Distribution Summary

	
2

	  
	  	

 

	  	 	 	  
	  	

 

	  	
Distribution Summary (Factors)

	
3

	  
	  	  	  	 	 	  
	  	  	  	
Interest Distribution Detail

	
4

	  
	
Master Servicer

	

Midland Loan Services

	  	 	 	  
	  	  	
Principal Distribution Detail

	
5

	  
	  	

 

	  	
 

	
 

	  
	 	
 

	 	
Reconciliation Detail

	
6

	 
	 	 	  	 	 	  
	
 

	
 

	  	
Stratification Detail

	
7

	  
	
Operating Advisor

	

Situs Holdings, LLC

	  	 	 	  
	  	

 

	  	
Mortgage Loan Detail

	
11

	  
	  	

 

	  	 	 	  
	 	
 

	 	
NOI Detail 

	12	 
	 	 	 	 	 	 
	

Trustee / Custodian

	

Deutsche Bank Trust Company Americas

	  	
Delinquency Loan Detail

	
13

	  
	 	

 

	  	 	 	  
	  	

 

	  	
Appraisal Reduction Detail

	
15

	  
	  	

 

	  	 	 	  
	
 

	 	  	
Loan Modification Detail

	
17

	  
	
Special Servicer

	
Midland Loan Services

	  	 	 	  
	
 

	  	
Specially Serviced Loan Detail

	
19

	  
	  	
 

	  	 	 	  
	  	
 

	  	
Unscheduled Principal Detail

	
21

	  
	 	
 

	 	 	 	 
	 	 	 	
Liquidated Loan Detail

	
23

	 
	  	  	  	 	
 

 

	  

 

	  	  	  	  	  
	  	  	  	  	  
	  	
 Deal Contact:

	
John Hannon

	  	
Citibank, N.A.

	  	  	

john.hannon@citi.com

	  	

Agency and Trust

	  	  	

Tel: (212) 816-5693

	  	

388 Greenwich Street, 14th Floor

	  	  	

Fax: (212) 816-5527

	  	

New York, NY  10013

	  	  

 

	
Reports Available at www.sf.citidirect.com

	

Page 1 of 24

	
© Copyright 2015 Citigroup

 

  

 

  

	
Distribution Date:

	 	

Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	

Commercial Mortgage Pass-Through Certificates

	  	  	

Series 2015-GC29

 

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	 	 	 	 	 	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

	
Reports Available at www.sf.citidirect.com

	

Page 2 of 24

	
© Copyright 2015 Citigroup

 

  

 

  

	
Distribution Date:

	 	

Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	

Commercial Mortgage Pass-Through Certificates

	  	  	

Series 2015-GC29

 

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)

	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
Reports Available at www.sf.citidirect.com

	

Page 3 of 24

	
© Copyright 2015 Citigroup

 

  

 

  

	
Distribution Date:

	 	

Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	

Commercial Mortgage Pass-Through Certificates

	  	  	

Series 2015-GC29

 

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	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
Reports Available at www.sf.citidirect.com

	

Page 4 of 24

	
© Copyright 2015 Citigroup

 

  

 

  

	
Distribution Date:

	 	

Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	

Commercial Mortgage Pass-Through Certificates

	  	  	

Series 2015-GC29

 

Principal Distribution Detail

 

DISTRIBUTION IN DOLLARS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

Class 

(1)

	

Original

Balance

(2)

	

Prior

Principal

Balance

(3)

	

Scheduled

Principal

Distribution

(4)

	

 Unscheduled 

Principal

Distribution

(5)

	

Accreted

Principal

(6)

	

Current

Realized

Loss

(7)

	

Current

Principal

Recoveries

(8)

	

Current

Principal

Balance

 (9)=(3)-(4)-(5)+(6)-(7)+(8) 

	

Cumulative

Realized

Loss

(10)

	

Original

Class

(%)

(11)

	
Current

Class

(%)

(12)

	

Original

Credit

Support

(13)

	

Current

Credit

Support

(14)

	  	  	  	  	  	  	  	  	  	  	 	 	  	  
	  	  	  	  	  	  	  	  	  	  	 	 	  	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
Reports Available at www.sf.citidirect.com

	

Page 5 of 24

	
© Copyright 2015 Citigroup

 

  

 

  

	
Distribution Date:

	 	

Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	

Commercial Mortgage Pass-Through Certificates

	  	  	

Series 2015-GC29

 

Reconciliation Detail

 

	  	  	  	  	  	  	  	  	  	  	  
	
SOURCE OF FUNDS

	  	  	
ALLOCATION OF FUNDS

	  	  	  	  	  	  	  	  	  	  	  
	 	 	 	 	 	 	 	 	 	 	 
	
Interest Funds Available

	  	  	  	  	  	

Scheduled Fees

	  	  	  	  
	
Scheduled Interest

	  	 	  	  	  	

Sub-Servicing Fee

	  	
 

	  	  
	
Prepayment Interest Shortfall

	  	
 

	  	  	  	

Master Servicing Fee

	  	
 

	  	  
	
Interest Adjustments

	  	
 

	  	  	  	

Trustee Fee

	  	  	
 

	  
	
Realized Loss in Excess of Principal Balance

	  	
 

	  	  	  	

Operating Advisor Fee

	  	  	  	  
	

Total Interest Funds Available:

	  	
 

	  	  	  	

Total Scheduled Fees:

	  	
 

	  	  
	

Principal Funds Available

	  	  	  	  	  	

Additional Fees, Expenses, etc.

	  	
 

	  	  
	

Scheduled Principal

	  	
 

	  	  	  	

Special Servicing Fee

	  	
 

	  	  
	

Curtailments

	  	
 

	  	  	  	

Workout Fee

	  	
 

	  	  
	

Principal Prepayments

	  	
 

	  	  	  	

Liquidation Fee

	  	
 

	  	  
	
Net Liquidation Proceeds

	  	  	  	  	  	
Additional Trust Fund Expenses

	  	  	  	  
	
Repurchased Principal

	 	 	 	 	 	
Reimbursement for Interest on Advances

	 	 	 	 
	
Substitution Principal

	 	 	 	 	 	
Other Expenses

	 	 	 	 
	
Other Principal

	 	 	 	 	 	
Total Additional Fees, Expenses, etc.:

	 	 	 	 
	
Total Principal Funds Available:

	 	 	 	 	 	
Distribution to Certificateholders

	 	 	 	 
	
Other Funds Available

	 	 	 	 	 	
Interest Distribution

	 	 	 	 
	
Yield Maintenance Charges

	 	 	 	 	 	
Principal Distribution

	 	 	 	 
	
Prepayment Premiums

	 	 	 	 	 	
Yield Maintenance Charges Distribution

	 	 	 	 
	
Other Charges

	 	 	 	 	 	
Prepayment Premiums Distribution

	 	 	 	 
	
Total Other Funds Available:

	 	 	 	 	 	
Total Distribution to Certificateholders:

	 	 	 	 
	
Total Funds Available

	 	 	 	 	 	
Total Funds Allocated

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  

 

 

	
Reports Available at www.sf.citidirect.com

	

Page 6 of 24

	
© Copyright 2015 Citigroup

 

  

 

  

	
Distribution Date:

	 	

Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	

Commercial Mortgage Pass-Through Certificates

	  	  	

Series 2015-GC29

	 	 	
 

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

	  	  	  	  	  
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

	
Reports Available at www.sf.citidirect.com

	

Page 7 of 24

	
© Copyright 2015 Citigroup

 

  

 

  

	
Distribution Date:

	 	

Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	

Commercial Mortgage Pass-Through Certificates

	  	  	

Series 2015-GC29

	 	 	
 

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

	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
Reports Available at www.sf.citidirect.com

	

Page 8 of 24

	
© Copyright 2015 Citigroup

 

  

 

  

	
Distribution Date:

	 	

Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	

Commercial Mortgage Pass-Through Certificates

	  	  	

Series 2015-GC29

	 	 	
 

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

	  	  	  	  	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
Reports Available at www.sf.citidirect.com

	

Page 9 of 24

	
© Copyright 2015 Citigroup

 

  

 

  

	
Distribution Date:

	 	

Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	

Commercial Mortgage Pass-Through Certificates

	  	  	

Series 2015-GC29

	 	 	
 

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

	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

 

 

 

 

	
Reports Available at www.sf.citidirect.com

	

Page 10 of 24

	
© Copyright 2015 Citigroup

 

  

 

  

	
Distribution Date:

	 	

Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	

Commercial Mortgage Pass-Through Certificates

	  	  	

Series 2015-GC29

 

Mortgage Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	  	  	  	  	  	  	  	  	  	  	  	
Neg

	
Beginning

	
Ending

	Paid 	
 Apprasial

	
Apprasial

	
Payment

	
Workout

	
Mod.

	  	  	  	  	
Property

	  	  	
Interest

	
Principal

	
Gross

	  	
Maturity

	
Am

	
Scheduled

	
Scheduled

	Through	
 Reduction

	
Reduction

	
Status of

	
Strategy

	
Code

	
Loan

	  	
OMCR

	  	
Type

	
City

	
State

	
Payment

	
Payment

	
Coupon

	  	
Date

	
Flag

	
Balance

	
Balance

	Date	
 Date

	
Amount

	
Loan (1)

	
(2)

	
(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

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
Reports Available at  www.sf.citidirect.com

	

Page 11 of 24

	
© Copyright  2015 Citigroup

 

  

  

  

	
Distribution Date:

	 	

Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	

Commercial Mortgage Pass-Through Certificates

	  	  	

Series 2015-GC29

 

NOI Detail

 

	 	 	 	 	 	 	 	 	 	 
	  	  	  	  	  	
Ending

	
Most

	

Most

	

Most Recent

	

Most Recent

	Loan	  	 	  	  	
Scheduled

	
Recent

	

Recent

	

NOI

	

NOI

	
Number

	
OMCR

	

Property Type

	
City

	
State

	
Balance

	
Fiscal NOI

	

NOI

	

Start Date

	

End Date

	 	 	 	 	 	 	 	 	 	 
	  	  	  	  	  	  	 	  	  	  
	
Totals

	  	  	  	  	  	 	  	  	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
Reports Available at  www.sf.citidirect.com

	

Page 12 of 24

	
© Copyright  2015 Citigroup

 

  

 

  

 

	
Distribution Date:

	

 

	
Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	
Commercial Mortgage Pass-Through Certificates

	  	  	
Series 2015-GC29

	  	  	  	  
	  	  	
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

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
Reports Available at  www.sf.citidirect.com

	

Page 13 of 24

	
© Copyright 2015 Citigroup

 

  

  

  

 

	
Distribution Date:

	

 

	
Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	
Commercial Mortgage Pass-Through Certificates

	  	  	
Series 2015-GC29

 

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%  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
Reports Available at www.sf.citidirect.com

	

Page 14 of 24

	
© Copyright 2015 Citigroup

 

  

 

  

 

	
Distribution Date:

	

 

	
Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	
Commercial Mortgage Pass-Through Certificates

	  	  	
Series 2015-GC29

 

Appraisal Reduction Detail

 

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	
Loan Number

	  	
OMCR

	  	
Property Name

	  	
Appraisal

Reduction Amount

	  	
Appraisal

Reduction Date

	  	
Most Recent

ASER Amount

	  	
Cumulative

ASER Amount

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
There is no Appraisal Reduction activity for the current distribution period.

	 
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	
Totals

	  	  	  	  	  	  	  	  	  	  	  	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
Reports Available at www.sf.citidirect.com

	

Page 15 of 24

	
© Copyright 2015 Citigroup

 

  

 

  

 

	
Distribution Date:

	

 

	
Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	
Commercial Mortgage Pass-Through Certificates

	  	  	
Series 2015-GC29

 

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 www.sf.citidirect.com

	

Page 16 of 24

	
© Copyright 2015 Citigroup

 

  

  

  

	
Distribution Date:

	

 

	
Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	
Commercial Mortgage Pass-Through Certificates

	  	  	
Series 2015-GC29

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

	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
Reports Available at www.sf.citidirect.com

	

Page 17 of 24

	
© Copyright 2015 Citigroup

 

  

  

  

 

	
Distribution Date:

	

 

	
Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	
Commercial Mortgage Pass-Through Certificates

	  	  	
Series 2015-GC29

 

	  	  	
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 www.sf.citidirect.com

	

Page 18 of 24

	
© Copyright 2015 Citigroup

 

  

  

  

 

	
Distribution Date:

	

 

	
Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	
Commercial Mortgage Pass-Through Certificates

	  	  	
Series 2015-GC29

 

	  	  	
Specially Serviced Loan  Detail

	  

 

	  	  	  	  	  	  	  	  	  
	  	  	
Workout

	
Most Recent

	
Most Recent

	  	  	  	  
	  	  	
Strategy

	
Inspection

	
Specially Serviced

	
Most Recent

	
Most Recent

	
Other REO

	  
	
Loan

	
OMCR

	
(1)

	
Date

	
Transfer Date

	
Appraisal Date

	
Appraisal Value

	
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 www.sf.citidirect.com

	

Page 19 of 24

	
© Copyright 2015 Citigroup

 

  

  

  

 

	
Distribution Date:

	

 

	
Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	
Commercial Mortgage Pass-Through Certificates

	  	  	
Series 2015-GC29

 

	
Historical Specially Serviced Loan Detail

 

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	
Spec.

	
Workout

	
Spec.

	  	  	
Property

	  	  	  	
Net

	
Net

	  	  	  	  
	
Distribution

	
Loan

	  	
Serviced

	
Strategy

	
Serviced

	
Scheduled

	
Actual

	
Type

	  	
Interest

	
Note

	
Operating

	
Operating

	
 DSC 

	
DSC

	
   Maturity  

	  
	
Date

	
Number

	
OMCR

 

	Transfer Date	
(1)

	
Loan to MS

	
Balance

	
Balance

	
(2)

	
State

	
Rate

	Date	
Income

	
Income Date

	
   Ratio   

	Date	
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

	  	 	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
Reports Available at www.sf.citidirect.com

	

Page 20 of 24

	
© Copyright 2015 Citigroup

 

  

  

  

 

	
Distribution Date:

	

 

	
Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	
Commercial Mortgage Pass-Through Certificates

	  	  	
Series 2015-GC29

 

	
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

	  	  	  	  	  	  	  	  	  

	  	
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 www.sf.citidirect.com

	

Page 21 of 24

	
© Copyright 2015 Citigroup

 

  

  

  

 

	
Distribution Date:

	

 

	
Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	
Commercial Mortgage Pass-Through Certificates

	  	  	
Series 2015-GC29

 

	 Historical Unscheduled Principal Detail

 

	  	  	  	  	  	  	  	  	  	  	  
	
Distribution

	
Loan

	  	
Liquidation /

	
Liquidation /

	
Unscheduled

	
Unscheduled

	
Other

	
Prepayment Interest

	
Prepayment

	
Yield Maintenance

	
Date

	
Number

	
OMCR

	
Prepayment Date

	
Prepayment Code

	
Principal Collections

	
Principal Adjustments

	
Interest Adjustment

	
Excess (Shortfall)

	
Penality

	
Premium

	 	 	 	 	 	 	 	 	 	 	 
	
Totals

	  	  	  	  	  	  	  	  	  	  

	  	
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 www.sf.citidirect.com

	

Page 22 of 24

	
© Copyright 2015 Citigroup

 

  

  

  

 

	
Distribution Date:

	

 

	
Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	
Commercial Mortgage Pass-Through Certificates

	  	  	
Series 2015-GC29

 

	 Liquidated Loan Detail

 

	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Loan

	  	
Final Recovery

	
Most Recent

	
Most Recent

	
Actual

	
Gross

	
Proceeds

	
Liquidation

	
Net Liquidation

	
Net Proceeds

	
Realized

	
Repurchased by

	
Number

	
OMCR

	
Determ Date

	
Appraisal Date

	
Appraisal Value

	
Balance

	
Proceeds

	
as a % of Act Bal

	
Expenses

	
Proceeds

	
as a % of Act Bal

	
Loss

	
Seller (Y/N)

	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	
There is no Liquidated Loan activity for the current distribution period.

	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Totals

	  	  	  	  	  	  	  	  	  	  	  	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
Reports Available at www.sf.citidirect.com

	

Page 23 of 24

	
© Copyright 2015 Citigroup

 

  

 

  

 

	
Distribution Date:

	

 

	
Citigroup Commercial Mortgage Trust 2015-GC29

	
	
Determination Date:

	
 

	
Commercial Mortgage Pass-Through Certificates

	  	  	
Series 2015-GC29

 

	
Historical Liquidated Loan Detail

 

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
 Distribution 

	
Loan

	
 

	

Final Recovery

	

Most Recent

	

Most Recent

	

Actual

	

Gross

	

Gross Proceeds

	

Liquidation

	

Net Liquidation

	

Net Proceeds

	

Realized

	
 Repurchased by 

	
Date

	
Number

	
OMCR

	
Determ Date

	
Appraisal Date

	
Appraisal Value

	
Balance

	
Proceeds

	
as a % of Act Bal

	
Expenses

	
Proceeds

	
 as a % of Act Bal 

	
Loss

	
Seller (Y/N) 

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
There is no historical Liquidated Loan activity.

	 
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Totals

	  	  	  	  	  	  	  	  	  	  	  	  	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
Reports Available at www.sf.citidirect.com

	

Page 24 of 24

	
© Copyright 2015 Citigroup

 

  

  

  

 

EXHIBIT E

 

FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

 

(Exchanges or transfers pursuant to

Section 5.03(c) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-GC29

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, Class [__]

	      

 

Reference is hereby made to the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  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 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 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” (as defined in Regulation S);

 

 

*      Select appropriate depository.

 

  

E-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;

 

(4)          the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

 

(5)          the transferee is an institution.

 

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, Trustee, Operating Advisor, Certificate Administrator, Master Servicer, Special Servicer and the Underwriters.

 

	 	

[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.

 

  

E-2

  

 

EXHIBIT F

 

FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.03(d) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-GC29

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, Class [__]

	      

 

Reference is hereby made to the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  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 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 Pooling and Servicing Agreement and, (i) with respect to transfers made in reliance on Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), the Transferor does hereby certify that:

 

(1)          the offer of the Certificates was not made to a person in the “United States” (as defined in Regulation S),

 

  

F-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; and

 

(5)          the transferee is an institution.

 

or (ii) with respect to transfers made in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates are being transferred in a transaction permitted by Rule 144 under the Securities Act.**

 

We understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master Servicer, Special Servicer and the Underwriters.

 

	 	

[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.  

**    Select (i) or (ii), as applicable.

 

  

F-2

  

 

EXHIBIT G

 

FORM OF TRANSFER CERTIFICATE

FOR TEMPORARY REGULATION S GLOBAL CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE DURING RESTRICTED PERIOD

 

(Exchange or transfers pursuant to

Section 5.03(e) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-GC29

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, Class [__]

	      

 

Reference is hereby made to the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  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 Global Certificate of such Class (CINS No. [______] and ISIN No. [______]) with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest for a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]).

 

In connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account, or for one or more accounts with respect to which the transferee exercises sole investment discretion, and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A in each case in a transaction meeting the requirements of 

 

 

*      Select appropriate depository.

 

  

G-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, Trustee, Operating Advisor, Certificate Administrator, Master Servicer, Special Servicer and the Underwriters.

 

	 	

[Insert Name of Transferor]

	 	 	 
	 	
By: 

	 
	 	 	
Name:

	 	 	
Title:

	
Dated:

	 	

 

	 	 
	 	 	 
	

cc: Citigroup Commercial Mortgage Securities Inc.

	 	 

 

  

G-2

  

 

EXHIBIT H

 

FORM OF CERTIFICATION TO BE GIVEN BY

BENEFICIAL OWNER OF TEMPORARY

REGULATION S GLOBAL CERTIFICATE

 

(Exchanges pursuant to

Section 5.03(f) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-GC29

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, Class [__]

	      

 

Reference is hereby made to the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  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 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 Pooling and Servicing Agreement certifies that it is an institution that 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.

 

  

H-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, Trustee, Operating Advisor, Certificate Administrator, Master Servicer, Special Servicer and the Underwriters.

	 	 	 	 	 	 
	 	Dated:	 	 	 
	 	
By:

	 	 	 	 
	 	 	
as, or as agent for, the holder of a beneficial interest in the Certificates to which this certificate relates.

 

  

H-2

  

EXHIBIT I

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

 

(Exchanges or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-GC29

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, Class [__]

	      

 

Reference is hereby made to the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  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 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 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” (as defined in Regulation S);

 

 

*      Select appropriate depository.

 

  

I-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;

 

(4)          the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

 

(5)          the transferee is an institution.

 

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, Trustee, Operating Advisor, Certificate Administrator, Master Servicer, Special Servicer and the Underwriters.

 

	 	

[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.

 

  

I-2

  

 

EXHIBIT J

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-GC29

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, Class [__]

	      

 

Reference is hereby made to the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  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 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 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” (as defined in Regulation S);

 

  

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” (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;

 

(4)          the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

 

(5)          the transferee is an institution.

 

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, Trustee, Operating Advisor, Certificate Administrator, Master Servicer, Special Servicer and the Underwriters.

 

	 	

[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.

 

  

J-2

  

 

EXHIBIT K

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-GC29

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, Class [__]

	      

 

Reference is hereby made to the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  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 Global Certificate of such Class (CUSIP No. [______]).

 

In connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account, or for one or more accounts with respect to which the transferee exercises sole investment discretion, and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or other applicable jurisdiction.

 

We understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are 

 

  

K-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, Trustee, Operating Advisor, Certificate Administrator, Master Servicer, Special Servicer and the Underwriters.

 

	 	

[Insert Name of Transferor]

	 	 	 
	 	
By: 

	 
	 	 	
Name:

	 	 	
Title:

	
Dated:

	 	

 

	 	 
	 	 	 
	

cc: Citigroup Commercial Mortgage Securities Inc.

	 	 

 

  

K-2

  

 

EXHIBIT L-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 Administrator

388 Greenwich Street, 14th Floor

New York, New York 10013

Attention:      Global Transaction Services –

 CGCMT Commercial Mortgage Trust 2015-GC29

 

	 	
Re:

	

Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29 (the “Certificates”) issued pursuant to the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.

	           

 

	STATE OF	)
	 	
)           ss.:

	COUNTY OF 	)

 

Capitalized terms not defined herein shall have the meaning ascribed to them in the Pooling and Servicing Agreement.

 

I, [______], under penalties of perjury, declare that, to the best of my knowledge and belief, the following representations are true, correct and complete, and being first sworn, depose and say that:

 

1.           I am a [______] of [______] (the “Purchaser”), on behalf of which I have the authority to make this affidavit.

 

2.           The Purchaser is acquiring Class R Certificates representing [__]% of the residual interest in each of the real estate mortgage investment conduits (each, a “REMIC”) designated as the “Lower-Tier REMIC” and “Upper-Tier REMIC,” respectively, relating to the Certificates for which an election is to be or has been 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 

 

  

L-1-1

  

 

thereof, to a Disqualified Organization. For the purposes hereof, a Disqualified Organization is any of the following: (i) the United States, a State or any political subdivision of a State, 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 the Federal Home Loan Mortgage Corporation, a majority of its board of directors is not selected by any such governmental unit), (ii) a foreign government, International Organization or agency or instrumentality of either of the foregoing, (iii) an organization that is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed by Code Section 511 on unrelated business taxable income) on any excess inclusions (as defined in Code Section 860E(c)(1)) with respect to the Class R Certificates (except certain farmers’ cooperatives described in Code Section 521), (iv) rural electric and telephone cooperatives described in Code Section 1381(a)(2) or (v) any other Person so designated by the Certificate Registrar based upon an opinion of counsel to the effect that any transfer to such Person may cause either Trust REMIC to be subject to tax or to fail to qualify as a REMIC at any time that the Certificates are outstanding. The terms “United States”, “State” and “international organization” shall have the meanings set forth in Section 7701 of the Code.

 

4.           The Purchaser acknowledges that Section 860E(e) of the Code would impose a substantial tax on the transferor or, in certain circumstances, on an agent for the transferee, with respect to any transfer of any interest in any Class R Certificates to a Disqualified Organization.

 

5.           The Purchaser is a Permitted Transferee. For the purpose hereof, a “Permitted Transferee” is any Person or agent of such Person other than (a) a Disqualified Organization, (b) any other Person so designated by the Certificate Registrar who is unable to provide an Opinion of Counsel (provided at the expense of such Person or the Person requesting the transfer) to the effect that the transfer of an ownership interest in any Class R Certificate to such Person will not cause either Trust REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding, (c) a Disqualified Non-U.S. Tax Person, (d) 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 or (e) 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.

 

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:

 

o          The present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed the sum of:

 

  

L-1-2

  

 

(i)          the present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

(ii)         the present value of the expected future distributions on such Class R Certificate; and

 

(iii)        the present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.

 

For purposes of this calculation, (i) the Purchaser is assumed to pay tax at the highest rate currently specified in Section 11(b) of the Code (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in Section 11(b) of the Code if the Purchaser has been subject to the alternative minimum tax under Section 55 of the Code in the preceding two years and will compute its taxable income in the current taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount rate equal to the short-term Federal rate prescribed by Section 1274(d) of the Code for the month of the transfer and the compounding period used by the Purchaser.

 

o          The transfer of the Class R Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

 

(i)          the Purchaser is an “eligible corporation”, as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which income from the Class R Certificate will only be taxed in the United States;

 

(ii)         at the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser had gross assets for financial reporting purposes (excluding any obligation of a Person related to the Purchaser within the meaning of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

(iii)        the Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in Treasury Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Treasury Regulations Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Treasury Regulations Section 1.860E-1(c)(5); and

 

(iv)        the Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including, but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax rates and other factors specific to the Purchaser) that it has determined in good faith.

 

o           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.

 

  

L-1-3

  

 

10.         The Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flows generated by such Certificate.

 

11.         The Purchaser is aware that the Certificate Registrar will not register any transfer of a Class R Certificate by the Transferor unless the Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, an affidavit and agreement in substantially the same form as this affidavit and agreement. The Purchaser expressly agrees that it will not consummate any such transfer to any Person that does not provide an affidavit and agreement in substantially the same form as this affidavit and agreement or as to which the Purchaser has actual knowledge that such Person is not a Permitted Transferee or is acting as an agent (including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee.

 

12.         The Purchaser represents that it is not acquiring the Class R Certificate as a nominee, trustee or agent for any Person that is not a Permitted Transferee and that for so long as it retains its interest in the Class R Certificate, it will endeavor to remain a Permitted Transferee.

 

13.         The Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute a reasonable arrangement to ensure that the Class R Certificate will only be owned, directly or indirectly, by a Permitted Transferee.

 

14.         The Purchaser has reviewed the provisions of Section 5.03 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 agent of the tax matters person of the Lower-Tier REMIC and Upper-Tier REMIC pursuant to Section 4.04 of the Pooling and Servicing Agreement.

 

Capitalized terms used but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

  

L-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:

	 	 
	 	 	 	 

 

  

L-1-5

  

 

EXHIBIT L-2

 

FORM OF TRANSFEROR LETTER

 

[Date]

 

Citibank, N.A.,

as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-GC29

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, 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 Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  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 Transfer Affidavit and Agreement in the form attached to the Pooling and Servicing Agreement as Exhibit L-1. The Transferor has no actual knowledge that the Transferee is not a Permitted Transferee (as defined in such Transfer Affidavit and Agreement) and has no actual knowledge or reason to know that the Transferee’s representations in clause (9) of such Transfer Affidavit and Agreement are false.

 

(3)           The Transferor has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee as contemplated by Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor has determined that the Transferee has historically paid its debts as they became due and has found no significant 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 

 

  

L-2-1

  

 

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:

 

  

L-2-2

  

 

EXHIBIT L-3

 

FORM OF TRANSFEREE LETTER

 

[Date]

 

Citibank, N.A.,

as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-GC29

Citibank, N.A.,

as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, New York 10013

Attention:        Global Transaction Services –

 CGCMT Commercial Mortgage Trust 2015-GC29

Deutsche Bank Trust Company Americas, as Trustee

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI1529

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor,

New York, New York 10013

Attention: Paul Vanderslice

[Transferor]

[______]

[______]

Attention: [______]

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29

	      

 

Ladies and Gentlemen:

 

The undersigned (the “Purchaser”) proposes to purchase [$_____________ initial aggregate [principal amount] [notional amount]] [_____% Percentage Interest] of Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, Class [_], CUSIP No. [____], in certificated fully registered form (such registered interest, the “Certificate”), issued pursuant to that certain pooling and servicing agreement, dated as of April 1, 2015  (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a 

 

  

L-3-1

  

 

Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  Capitalized terms used and not otherwise defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

[FOR TRANSFERS OF CLASS E, CLASS F, CLASS G OR CLASS H CERTIFICATES: In connection with such transfer, the Purchaser hereby represents and warrants to you that the Purchaser (A) either (i) is not and will not be an employee benefit plan or other plan subject to the fiduciary responsibility or prohibited transaction 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”, and any such employee benefit plan or other plan, a “Plan”) or an entity or collective investment fund the assets of which are considered Plan assets under U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA, or other person acting on behalf of any such Plan or using assets of any such Plan, or (ii) (1) is an insurance company, (2) the source of funds used to acquire or hold the Certificate or an interest therein is an “insurance company general account,” as such term is defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60 and (3) the conditions in Sections I and III of PTCE 95-60 have been satisfied and (B) is not and will not be a governmental plan (as defined in Section 3(32) of ERISA) subject to any federal, state or local law that is, to a material extent, similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Code Section 4975 (“Similar Law”) or any Person acting on behalf of any such governmental plan or using the assets of such governmental plan to acquire the Certificate unless its acquisition, holding and disposition of the Certificate would not constitute or otherwise result in a non-exempt violation of Similar Law.]

 

[FOR TRANSFERS OF CLASS R OR CLASS S CERTIFICATES: In connection with such transfer, the Purchaser hereby represents and warrants to you that the Purchaser (A) is not and will not be an employee benefit plan or other plan subject to the fiduciary responsibility or prohibited transaction 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”, and any such employee benefit plan or other plan, a “Plan”) or an entity or collective investment fund the assets of which are considered Plan assets under U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA, or other person acting on behalf of any such Plan or using assets of any such Plan and (B) is not and will not be a governmental plan subject to any federal, state or local law that is, to a material extent, similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Code Section 4975 (“Similar Law”) or any Person acting on behalf of any such governmental plan or using the assets of such governmental plan to acquire the Certificate.]

 

[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.]

 

[FOR TRANSFERS OF CLASS S CERTIFICATES: The Purchaser hereby represents and warrants to you that the Purchaser is (1) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, or (2) an entity that 

 

  

L-3-2

  

 

qualifies as an “accredited investor” within the meaning of Rule 501(a) (1), (2), (3) or (7) under the Securities Act of 1933, as amended, or an entity in which all of the equity owners qualify as “accredited investors” within the meaning of Rule 501(a) (1), (2), (3) or (7) under the Securities Act of 1933, as amended.]

 

  

L-3-3

  

 

IN WITNESS WHEREOF, the Purchaser hereby executes this Representation Letter on the ___ day of _____, ____.

 

	 	

Very truly yours,

	 	 	 
	 	[The Purchaser]
	 	 	 
	 	
By: 

	 
	 	 	
Name:

	 	 	
Title:

 

  

L-3-4

  

EXHIBIT L-4

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

[Date]

 

 

Citibank, N.A.,

as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ 07310

Attention: Citibank Agency & Trust, CGCMT 2015-GC29

Citibank, N.A.,

as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, New York 10013

Attention:        Global Transaction Services –

 CGCMT Commercial Mortgage Trust 2015-GC29

Deutsche Bank Trust Company Americas, as Trustee

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI1529

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29, Class [__] (the “Class [___] Certificates”)

 

Ladies and Gentlemen:

 

This letter is delivered pursuant to Section 5.03 of the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Situs Holdings, LLC, as operating advisor, Deutsche Bank Trust Company Americas, as trustee, and Citibank, N.A., as certificate administrator, on behalf of the holders of Commercial Mortgage Pass Through Certificates, Series 2015-GC29 (the “Certificates”), in connection with the transfer by [             ] (the “Seller”) to the undersigned (the “Purchaser”) of $______ aggregate [Certificate Principal Amount] [Notional Amount] of Class [   ] Certificates [representing a ___% Percentage Interest

 

  

L-4-1

  

 

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 Pooling and Servicing Agreement.

 

In connection with such transfer, the undersigned hereby represents and warrants to you as follows:

 

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 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. [FOR TRANSFERS OF CLASS R CERTIFICATES: Furthermore, the Purchaser and any such account are each a “qualified institutional buyer” (within the meaning of Rule 144A under the Securities Act).]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.

 

  

L-4-2

  

 

4.           The Purchaser has reviewed the applicable Offering Circular dated April 1, 2015, relating to the Private Certificates (the “Offering Circular”) and the agreements and other materials referred to therein and has had the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions contemplated by the Offering Circular.

 

5.           The Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling 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 5.03 of the Pooling and Servicing Agreement.

 

7.           Check one of the following:

 

o            The Purchaser is a “U.S. Tax Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9 (or successor form).

 

o            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 a citizen or resident of the United States, a corporation, partnership (except to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of the United States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source, or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax Persons).

 

  

L-4-3

  

 

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:

______________________________________________

______________________________________________

______________________________________________

 

	 	

Very truly yours,

	 	 	 
	 	[Insert Name of Purchaser]
	 	 	 
	 	
By: 

	 
	 	 	
Name:

	 	 	
Title:

 

Dated: ________________, 20__

 

**      Please select (a) or (b).

 

  

L-4-4

  

 

EXHIBIT M-1

 

FORM OF INVESTOR CERTIFICATION FOR OBTAINING

INFORMATION AND NOTICES

 

[Date]

 

[Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street

Suite 700, Overland Park

Kansas 66210

Attention: Executive Vice President – Division Head]

 

[Citibank, N.A., as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –CGCMT 2015-GC29]

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29

	      

 

In accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of April 1, 2015  (the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator, 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][Serviced Companion Loan Holder][Companion Loan Holder Representative].

 

2.          The undersigned has received a copy of the Prospectus Supplement and the Prospectus.1

 

3.           The undersigned is not a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of any of the foregoing or an agent, principal, partner, member, joint venturer, limited partner, employee, representative, director, trustee, advisor of or investor in or of any of the foregoing.

 

4.           The undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the [Master Servicer’s website][Certificate Administrator’s

 

1 Only required for a Certificateholder or a Beneficial Owner.

 

  

M-1-1

  

 

Website] and/or is requesting the information identified on the schedule attached hereto (also, the “Information”) pursuant to the provisions of the Agreement.

 

In consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential (except from such outside persons as are assisting it in making an evaluation in connection with its holding or purchasing the related Certificates or the related Companion Loan (as and if applicable), from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject and, if they execute and deliver a certification substantially similar to this, except from holders, beneficial owners and prospective purchasers of any related Companion Loan Securities (if applicable), and such Information will not, without the prior written consent of the Trustee, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part, unless required to do so by law.

 

The undersigned will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.           The undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor, the Operating Advisor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.           The undersigned agrees that each time it accesses the [Master Servicer’s website][Certificate Administrator’s Website], the undersigned is deemed to have recertified that the representations and covenants contained herein remain true and correct.

 

7.           Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

IN WITNESS WHEREOF, the undersigned has caused its name to be signed hereto by its duly authorized signatory, as of the day and year written above.

	 	 	 	 
	 	
[Certificateholder][Beneficial 

Owner][Prospective Purchaser][Serviced 

Companion Loan Holder][Companion Loan 

Holder Representative]

	 	 
	 	
By:

	 	 
	 	 	 	 
	 	
Name:

	 
	 	 	 
	 	
Title:

	 

	 	 	 	 
	 	
Company:

	 
	 	 	 
	 	
Phone:

	 	 

 

  

M-1-2

  

 

EXHIBIT M-2

 

FORM OF INVESTOR CERTIFICATION FOR EXERCISING VOTING RIGHTS

 

[Date]

Citibank, N.A., as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –CGCMT 2015-GC29

	
Attention:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29

	      

 

In accordance with the requirements for the exercise of Voting Rights pursuant to the Pooling and Servicing Agreement, dated as of April 1, 2015  (the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator, with respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.            The undersigned is a [Certificateholder][Beneficial Owner] of the Class ___ Certificates.

 

2.           The undersigned has received a copy of the Prospectus Supplement and the Prospectus.

 

3.             The undersigned is not a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of any of the foregoing or an agent of any Mortgagor.

 

4.           The undersigned intends to exercise Voting Rights under the Agreement and certifies that (please check one of the following):

 

	
  

	
___

	
The undersigned is the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor.

 

	
  

	
___

	
The undersigned is an Affiliate of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor and hereby certifies to the existence of an Affiliate Ethical Wall between it and the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor, as applicable.

 

  

M-2-1

  

 

	
  

	
___

	
The undersigned is not the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or an Affiliate of any of the foregoing.

 

5.           The undersigned shall be fully liable for any breach of this agreement by itself or any of its officers, directors, employees, agents or other authorized representatives (“Representatives”) and shall indemnify the Depositor, the Operating Advisor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.           Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

IN WITNESS WHEREOF, the undersigned has caused its name to be signed hereto by its duly authorized signatory, as of the day and year written above.

	 	 	 	 	 
	 	

[Certificateholder] [Beneficial Owner]

	 	 
	 	
By:

	 	 
	 	 	 	 
	 	
Name:

	 
	 	 	 
	 	
Title:

	 
	 	 	 
	 	
Company:

	 
	 	 	 
	 	
Phone:

	 

 

  

M-2-2

  

 

EXHIBIT M-3

 

FORM OF ONLINE VENDOR CERTIFICATION

 

This Certification has been prepared for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor. If you represent a Vendor Provider not listed herein and would like access to the information, please contact [the Certificate Administrator’s customer service desk at 866-252-4360]

 

In connection with the Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates Series 2015-GC29 (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.           The undersigned is an employee or agent of Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management Inc. or Markit Group Limited, CMBS.com Inc. or a market data provider that has been given access to the Distribution Date Statements, CREFC reports and supplemental notices on [www.sf.citidirect.com (“CitiDirect”)] by request of the Depositor.

 

2.           The undersigned agrees that each time it accesses [CitiDirect], 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 [CitiDirect] is for its own use only, and agrees that it will not disseminate or otherwise make such information available to any other person without the written consent of the Depositor, and any confidentiality agreement applicable to the undersigned with respect to information obtained from the Rule 17g-5 Information Provider’s Website shall also be applicable to information obtained from [CitiDirect].

 

4.           Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement, dated as of April 1, 2015, between Citigroup Commercial Mortgage Securities Inc., as depositor (the “Depositor”), Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Situs Holdings, LLC, as operating advisor, Citibank, N.A., as certificate administrator and Deutsche Bank Trust Company Americas, as trustee.

 

  

M-3-1

  

 

BY ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

	 	 	 	 	 
	 	

[                       ]

	 	 
	 	
By:

	 	 
	 	 	 	 
	 	
Name:

	 
	 	 	 
	 	
Title:

	 
	 	 	 
	 	
Company:

	 
	 	 	 
	 	
Phone:

	 

 

  

M-3-2

  

 

EXHIBIT M-4

 

FORM OF CONFIDENTIALITY AGREEMENT

 

[Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street

Suite 700, Overland Park

Kansas 66210

Attention: Executive Vice President – Division Head]

[Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street

Suite 700, Overland Park

Kansas 66210

Attention: Executive Vice President – Division Head]

Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California, 92705-4934

Attention: Trust Administration – GI1429

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29 Commercial Mortgage Pass-Through Certificates, Series 2015-GC29

	      

 

Ladies and Gentlemen:

 

In connection with the Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29 (the “Certificates”), we acknowledge that we will be furnished by Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, and Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer (and may have been previously furnished) with certain information (the “Information”).  For the purposes of this letter agreement (this “Agreement”), “Representative” of a Person refers to such Person’s directors, officers, employees, and agents; and “Person” refers to any individual, group or entity.

 

In connection with and in consideration of our being provided with Information, we hereby acknowledge and agree that we are requesting and will use the Information solely for purposes of making investment decisions and/or exercising the rights of the Directing Holder with respect to the above-referenced Certificates and the related Mortgage Loans and will not disclose such Information to any Person other than (i) our Representatives, (ii) our auditors and regulators and (iii) any Person contemplating the purchase of any Certificate held by the

 

  

M-4-1

  

 

undersigned or of an interest therein (or such outside Persons as are assisting it in making an evaluation in connection with purchasing the related Certificates (but only if such Persons confirm in writing such contemplation of a prospective ownership interest and agree in writing to keep such Information confidential)), (iv) our accountants and attorneys, and (v) 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 Master Servicer or the Special Servicer, as applicable, and the Trustee, be otherwise disclosed by the undersigned or by its Representatives in any manner whatsoever, in whole or in part, unless required to do so by law.

 

The undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor, the Operating Advisor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

This Agreement shall not apply to any of the Information which: (i) is or becomes generally available and known to the public other than as a result of a disclosure directly or indirectly by us or any of our Representatives; (ii) becomes lawfully available to us on a non-confidential basis from a source other than you or one of your Representatives, which source is not bound by a contractual or other obligation of confidentiality to any Person; or (iii) was lawfully known to us on a non-confidential basis prior to its disclosure to us by you.

 

Capitalized terms used but not defined herein shall have the meanings assigned thereto in that certain Pooling and Servicing Agreement, dated as of April 1, 2015, between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Citibank, N.A., as Certificate Administrator and Deutsche Bank Trust Company Americas, as Trustee.

 

This Agreement, when signed by us, will constitute our agreement with respect to the subject matter contained herein.

	 	 	 	 	 
	 	

Very truly yours,

	 	 
	 	
[NAME OF ENTITY]

	 	 
	 	
By:

	 	 
	 	
Name:

	 
	 	
Title:

	 
	 	
Company:

	 
	 	
Phone:

	 

 

	
cc:

	
Citigroup Commercial Mortgage Securities Inc.

	
  

	
Trustee

 

  

M-4-2

  

 

EXHIBIT M-5

FORM OF NRSRO CERTIFICATION

 

Citibank, N.A., as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –CGCMT 2015-GC29

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29

	 

Ladies and Gentlemen:

In accordance with the requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of April 1, 2015  (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator, with respect to the Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29 (the “Certificates”), the undersigned hereby certifies and agrees as follows:

1.         The undersigned, a nationally recognized statistical rating organization, has provided the Depositor with the appropriate certifications under Exchange Act Rule 17g-5(e); and

2.         The undersigned has access to the Depositor’s Rule 17g-5 website relating to the Certificates.

3.         The undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”) on the Rule 17g-5 Information Provider’s Website 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, and such Information will not, without the prior written consent of the Certificate Administrator, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents, or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part.

 

  

M-5-1

  

 

4.         The undersigned agrees that each time it accesses the Rule 17g-5 Information Provider’s Website, it is deemed to have recertified that the representations herein contained remain true and correct.

Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the 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 day and year first written above.

	 	 	 	 	 
	 	

Very truly yours,

	 	 
	 	

[NRSRO Name]

	 	 
	 	
By:

	 	 
	 	
Name:

	 
	 	
Title:

	 
	 	
Phone:

	 
	 	
Email:

	 

Dated:

  

M-5-2

  

 

EXHIBIT N

CUSTODIAN CERTIFICATION

[DATE]

 

[All Parties to Pooling and Servicing Agreement]

[Applicable Mortgage Loan Seller]

[Each Underwriter]

[Each Initial Purchaser]

[The related Serviced Companion Loan Holder (upon request, in the case of a Serviced Loan Combination)]

 

	
  

	
Re:

	
Pooling and Servicing Agreement (“Pooling and Servicing Agreement”) relating to Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC29

	 

 

Ladies and Gentlemen:

 

In accordance with the provisions of Section 2.02(b) of the Pooling and Servicing Agreement, the undersigned hereby certifies that, with respect to each Mortgage Loan, and subject to the exceptions noted in the schedule of exceptions attached hereto, (i) all documents specified in clauses (1), (2), (3), (4) (other than with respect to an Outside Serviced Trust Loan), (5), (7), (15) and (20) (for any Mortgage Loan that is part of a Loan Combination) of the definition of “Mortgage File” are in its possession or the related Mortgage Loan Seller has otherwise satisfied the delivery requirements in accordance with the related Loan Purchase Agreement; (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.

 

The undersigned makes no representations as to: (i) the validity, legality, sufficiency, enforceability or genuineness of any such documents contained in each Mortgage File or any of the Mortgage Loans identified in the Mortgage Loan Schedule, or (ii) the collectability, insurability, effectiveness or suitability of any such Mortgage Loan.

 

  

N-1

  

 

Capitalized words and phrases used herein and not otherwise defined herein shall have the respective meanings assigned to them in the Pooling and Servicing Agreement. This Certificate is subject in all respects to the terms of the Pooling and Servicing Agreement.

 

	 	

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Custodian

	 	 	 
	 	
By: 

	 
	 	 	
Name:

	 	 	
Title:

  

N-2

  

 

SCHEDULE OF EXCEPTIONS

 

[           ]

 

  

N-3

  

 

EXHIBIT O

 

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). For the avoidance of doubt, for purposes of this Exhibit O, other than with respect to Item 1122(d)(2)(iii), references to Master Servicer below shall include any Sub-Servicer engaged by a Master Servicer or Special Servicer.

 

	 	
SERVICING CRITERIA

	
APPLICABLE 

SERVICING 

CRITERIA

	
Reference

	
Criteria

	  
	  	
General Servicing Considerations

	  
	
1122(d)(1)(i)

	
Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.

	
Master Servicer

Special Servicer

	
1122(d)(1)(ii)

	
If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.

	
Master Servicer

Special Servicer

Certificate Administrator

	
1122(d)(1)(iii)

	
Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.

	
N/A

	
1122(d)(1)(iv)

	
A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.

	
Master Servicer

Special Servicer

Custodian (if such entity is not also the Trustee)

	
1122(d)(1)(v)

	
Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.1

	
Master Servicer

Special Servicer

Certificate Administrator

	  	
Cash Collection and Administration

	  
	
1122(d)(2)(i)

	
Payments on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.

	
Master Servicer

Special Servicer

Certificate Administrator

	
1122(d)(2)(ii)

	
Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.

	
Certificate Administrator

 

	
1122(d)(2)(iii)

	
Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.

	
Master Servicer

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.

	
Master Servicer

Special Servicer

Certificate Administrator

 

 

1 The servicing criteria in Item 1122(d)(1)(v) of Regulation AB shall be applicable on and after November 23, 2015.

 

 

O-1

 

 

 

	
                  SERVICING CRITERIA

	
APPLICABLE 

SERVICING 

CRITERIA

	
Reference

	
Criteria

	  

	
1122(d)(2)(v)

	
Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.

	
Master Servicer

Special Servicer

Certificate Administrator

	
1122(d)(2)(vi)

	
Unissued checks are safeguarded so as to prevent unauthorized access.

	
Master 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.

	
Master Servicer

Special Servicer

Certificate Administrator

	  	
Investor Remittances and Reporting

	  
	
1122(d)(3)(i)

	
Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced by the Reporting Servicer.

	
Certificate Administrator

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 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.

	
Master Servicer

Special Servicer

Custodian

	
1122(d)(4)(ii)

	
Mortgage loan and related documents are safeguarded as required by the transaction agreements

	
Custodian

	
1122(d)(4)(iii)

	
Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.

	
Master 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 Master Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan documents.

	
Master Servicer

	
1122(d)(4)(v)

	
The Master Servicer’s records regarding the mortgage loans agree with the Master Servicer’s records with respect to an obligor’s unpaid principal balance.

	
Master Servicer

 

  

O-2

  

 

	
                  SERVICING CRITERIA

	
APPLICABLE 

SERVICING 

CRITERIA

	
Reference

	
Criteria

	  

	
1122(d)(4)(vi)

	
Changes with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.

	
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

 

  

O-3

  

 

EXHIBIT P

 

SUPPLEMENTAL SERVICER SCHEDULE

 

  

P-1

  

 

	
CGCMT 2015-GC29 Supplemental Servicer Schedule

	  
	 	 
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	
Original

	  	
Remaining

	  	  
	
Control

	  	  	  	
Loan

	  	
Mortgage

	  	  	  	  	  	
General

	  	
 Original

	  	
Origination

	  	
Amortization Term

	  	
Amortization Term

	  	  
	
Number

	  	
Footnotes

	  	
Number

	  	
Loan Seller

	  	
Property Name

	  	
Borrower Name

	  	
Property Type

	  	
 Balance ($)

	  	
Date

	  	
(Mos.)

	  	
(Mos.)

	  	
Carve-out Guarantor

	
1

	  	  	  	
7NA2C0

	  	
GSMC

	  	
Selig Office Portfolio

	  	
Selig Holdings Company L.L.C.

	  	  	  	
125,000,000

	  	
3/19/2015

	  	
0

	  	
0

	  	
Selig Family Holdings, LLC and Martin Selig

	
1.01

	  	  	  	
7NA2C0-1

	  	  	  	
1000 Second Avenue

	  	  	  	
Office

	  	  	  	  	  	  	  	  	  	  
	
1.02

	  	  	  	
7NA2C0-2

	  	  	  	
2901 Third Avenue

	  	  	  	
Office

	  	  	  	  	  	  	  	  	  	  
	
1.03

	  	  	  	
7NA2C0-3

	  	  	  	
3101 Western Avenue

	  	  	  	
Office

	  	  	  	  	  	  	  	  	  	  
	
1.04

	  	  	  	
7NA2C0-4

	  	  	  	
300 Elliott Avenue West

	  	  	  	
Office

	  	  	  	  	  	  	  	  	  	  
	
1.05

	  	  	  	
7NA2C0-5

	  	  	  	
3131 Elliott Avenue

	  	  	  	
Office

	  	  	  	  	  	  	  	  	  	  
	
1.06

	  	  	  	
7NA2C0-6

	  	  	  	
2615 Fourth Avenue

	  	  	  	
Office

	  	  	  	  	  	  	  	  	  	  
	
1.07

	  	  	  	
7NA2C0-7

	  	  	  	
190 Queen Anne Avenue North

	  	  	  	
Office

	  	  	  	  	  	  	  	  	  	  
	
1.08

	  	  	  	
7NA2C0-8

	  	  	  	
200 First Avenue West

	  	  	  	
Office

	  	  	  	  	  	  	  	  	  	  
	
1.09

	  	  	  	
7NA2C0-9

	  	  	  	
18 West Mercer Street

	  	  	  	
Office

	  	  	  	  	  	  	  	  	  	  
	
2

	  	  	  	
8111

	  	
CGMRC

	  	
160 Fifth Avenue

	  	
RFL 160 Fifth LLC

	  	
Mixed Use

	  	
110,000,000

	  	
3/12/2015

	  	
0

	  	
0

	  	
Aby Rosen and Michael Fuchs

	
3

	  	  	  	
8304

	  	
CGMRC

	  	
3 Columbus Circle

	  	
3 Columbus Circle LLC

	  	
Office

	  	
100,000,000

	  	
3/6/2015

	  	
0

	  	
0

	  	
SL Green Realty Corp. and Joseph Moinian

	
4

	  	  	  	
599L06

	  	
GSMC

	  	
Apollo Education Group Headquarters

	  	
Epic Apollo LLC

	  	
Office

	  	
91,500,000

	  	
2/24/2015

	  	
0

	  	
0

	  	
Steven Elghanayan

	
5

	  	  	  	
8260

	  	
CGMRC

	  	
Parkchester Commercial

	  	
PPC Commercial, LLC

	  	
Mixed Use

	  	
65,000,000

	  	
2/19/2015

	  	
360

	  	
360

	  	
Parkchester Preservation Company, L.P.

	
6

	  	  	  	
8049

	  	
CGMRC

	  	
170 Broadway

	  	
170 Broadway Retail Owner, LLC

	  	
Retail

	  	
50,000,000

	  	
3/11/2015

	  	
360

	  	
360

	  	
PPF Retail, LLC and Crown Atlantic Retail I, LLC

	
7

	  	
4

	  	
9P8SZ0

	  	
GSMC

	  	
Papago Arroyo

	  	
Papago Arroyo Associates, LLC

	  	
Office

	  	
29,250,000

	  	
1/22/2015

	  	
360

	  	
360

	  	
KDI Investments, Inc.

	
8

	  	  	  	
15011401

	  	
RMF

	  	
Ansley Walk

	  	
AMG Ansley Walk, LLC

	  	
Multifamily

	  	
25,000,000

	  	
2/26/2015

	  	
360

	  	
360

	  	
Anthony J. Iarocci III, Brian C. Gibbs and Gary N. Solomon

	
9

	  	  	  	
7918

	  	
CGMRC

	  	
400 Plaza Drive

	  	
400 Success LLC

	  	
Office

	  	
22,000,000

	  	
2/19/2015

	  	
360

	  	
360

	  	
Andrew Zafir

	
10

	  	  	  	
14111908

	  	
RMF

	  	
Stone Manor

	  	
Plutus Stone Manor, LLC

	  	
Multifamily

	  	
21,980,000

	  	
2/19/2015

	  	
360

	  	
360

	  	
Scott Dew and RPD Catalyst, LLC

	
11

	  	  	  	
7124

	  	
CGMRC

	  	
Beverly Hills Hotel Portfolio

	  	
Boutique 140 Hotel, LLC and Boutique Hotel Company-Beverly Hills, LLC

	  	  	  	
19,000,000

	  	
3/11/2015

	  	
360

	  	
360

	  	
Sandip Chadha, Krishan Kumar Chadha and Beena Chadha

	
11.01

	  	  	  	
7124-1

	  	  	  	
Mosaic Beverly Hills

	  	  	  	
Hospitality

	  	  	  	  	  	  	  	  	  	  
	
11.02

	  	  	  	
7124-2

	  	  	  	
Maison 140

	  	  	  	
Hospitality

	  	  	  	  	  	  	  	  	  	  
	
12

	  	  	  	
8238

	  	
CGMRC

	  	
Residence Inn Orangeburg

	  	
FB Orangetown Hotel LLC

	  	
Hospitality

	  	
17,700,000

	  	
3/10/2015

	  	
360

	  	
360

	  	
Richard Birdoff

	
13

	  	  	  	
14120504

	  	
RMF

	  	
Kentucky Self Storage Portfolio

	  	
Commando Industry LLC, Commando Etter LLC, Commando Enterprise LLC and Commando Kentucky LLC

	  	  	  	
17,285,000

	  	
3/10/2015

	  	
360

	  	
359

	  	
Robert Moser and Robert Morgan

	
13.01

	  	  	  	
14120504.01

	  	  	  	
Safe Storage 910 Enterprise Court - Lexington

	  	  	  	
Self Storage

	  	  	  	  	  	  	  	  	  	  
	
13.02

	  	  	  	
14120504.02

	  	  	  	
Safe Storage Industry Parkway - Nicholasville

	  	  	  	
Self Storage

	  	  	  	  	  	  	  	  	  	  
	
13.03

	  	  	  	
14120504.03

	  	  	  	
Safe Storage Etter Drive - Nicholasville

	  	  	  	
Self Storage

	  	  	  	  	  	  	  	  	  	  
	
13.04

	  	  	  	
14120504.04

	  	  	  	
The Storeroom Mobile Storage - Lexington

	  	  	  	
Self Storage

	  	  	  	  	  	  	  	  	  	  
	
14

	  	  	  	
14121102

	  	
RMF

	  	
Solaire Apartments

	  	
Providence Drive LLC

	  	
Multifamily

	  	
16,480,000

	  	
3/9/2015

	  	
360

	  	
360

	  	
Yechiel Lopiansky a/k/a Michael Lopiansky, Shmuel Nayman, Gershon Bassman and Yakov Bodenstein

	
15

	  	  	  	
596AB2

	  	
GSMC

	  	
Sherman Plaza

	  	
New Saugus, LLC

	  	
Retail

	  	
14,250,000

	  	
3/2/2015

	  	
360

	  	
360

	  	
Roger N. Sherman and Keith D. Sherman

	
16

	  	
5

	  	
7996

	  	
CGMRC

	  	
Crowne Plaza Bloomington

	  	
Bloomington Hotel Ventures L.L.C.

	  	
Hospitality

	  	
14,000,000

	  	
1/20/2015

	  	
360

	  	
358

	  	
Myron Kaeding, Dr. Ambrish Gupta, Dr. Vimla Bhooshan and Dr. Yudh Gupta

	
17

	  	  	  	
8245

	  	
CGMRC

	  	
Waldon Lakes Apartments

	  	
Waldon Lakes Acquisition LLC

	  	
Multifamily

	  	
13,050,000

	  	
1/30/2015

	  	
360

	  	
360

	  	
Robert Stone and Ira Mondry

	
18

	  	
6

	  	
59TS98

	  	
GSMC

	  	
Doubletree Charleston

	  	
Homecourt Hospitality North Charleston, LLC

	  	
Hospitality

	  	
12,750,000

	  	
3/9/2015

	  	
360

	  	
360

	  	
Josh D. Williams, Joseph Ross and James W. Turner

	
19

	  	  	  	  	  	
CGMRC

	  	
Eastmont Town Center

	  	
Eastmont Office Owner, LLC

	  	
Office

	  	
12,325,000

	  	
3/6/2015

	  	
360

	  	
360

	  	
Vertical Ventures Capital, LLC and Hamid Rezapour

	
20

	  	
7

	  	
15012101

	  	
RMF

	  	
Victory Crossing

	  	
Portsmouth Associates, LLC

	  	
Retail

	  	
11,100,000

	  	
2/5/2015

	  	
360

	  	
360

	  	
William S. Harvin and Howard E. Bowen

	
21

	  	  	  	
27

	  	
FCRE REL, LLC

	  	
Ashton Arlington Heights Apartments

	  	
Brightwater Properties, LLC

	  	
Multifamily

	  	
10,959,500

	  	
3/9/2015

	  	
360

	  	
360

	  	
Heidi Lawton

	
22

	  	
8

	  	
8200

	  	
CGMRC

	  	
Continuum Tower Retail

	  	
SBOP Retail Property LLC

	  	
Retail

	  	
10,100,000

	  	
2/27/2015

	  	
360

	  	
360

	  	
Ian Bruce Eichner

	
23

	  	  	  	
1WF460

	  	
GSMC

	  	
Triad Apartment Portfolio

	  	
Riverbend Apartments, LLC, Lawndale Apartments, LLC, Phoenix in Elon, LLC, British Manor Apartments, LLC and SW Printing, LLC

	  	  	  	
10,050,000

	  	
3/19/2015

	  	
360

	  	
360

	  	
Andy Albright and David Hancock

	
23.01

	  	  	  	
1WF460-1

	  	  	  	
Lawndale Apartments

	  	  	  	
Multifamily

	  	  	  	  	  	  	  	  	  	  
	
23.02

	  	  	  	
1WF460-2

	  	  	  	
Cypress Pointe

	  	  	  	
Multifamily

	  	  	  	  	  	  	  	  	  	  
	
23.03

	  	  	  	
1WF460-3

	  	  	  	
Riverbend Apartments

	  	  	  	
Multifamily

	  	  	  	  	  	  	  	  	  	  
	
23.04

	  	  	  	
1WF460-4

	  	  	  	
British Manor

	  	  	  	
Multifamily

	  	  	  	  	  	  	  	  	  	  
	
23.05

	  	  	  	
1WF460-5

	  	  	  	
Villas Way

	  	  	  	
Multifamily

	  	  	  	  	  	  	  	  	  	  
	
23.06

	  	  	  	
1WF460-6

	  	  	  	
The Oaks

	  	  	  	
Multifamily

	  	  	  	  	  	  	  	  	  	  
	
23.07

	  	  	  	
1WF460-7

	  	  	  	
Brown Apartments

	  	  	  	
Multifamily

	  	  	  	  	  	  	  	  	  	  
	
24

	  	  	  	  	  	
RMF

	  	
Elizabeth Street Portfolio

	  	
Curcio KY. 1030, LLC, Curcio KY. 1040, LLC and Curcio KY. 1070, LLC

	  	  	  	
9,500,000

	  	
3/10/2015

	  	
360

	  	
359

	  	
Robert Moser and Robert Morgan

	
24.01

	  	  	  	  	  	  	  	
1030 Elizabeth Street

	  	  	  	
Self Storage

	  	  	  	  	  	  	  	  	  	  
	
24.02

	  	  	  	  	  	  	  	
1040 Elizabeth Street

	  	  	  	
Industrial

	  	  	  	  	  	  	  	  	  	  
	
24.03

	  	  	  	  	  	  	  	
1070 Elizabeth Street

	  	  	  	
Self Storage

	  	  	  	  	  	  	  	  	  	  
	
25

	  	  	  	
8054

	  	
CGMRC

	  	
Mansell Shops

	  	
Mansell Shops, LLC

	  	
Retail

	  	
9,200,000

	  	
3/5/2015

	  	
360

	  	
360

	  	
Jeffrey B. Kerker and Jan R. Saperstein

	
26

	  	
9

	  	
8187

	  	
CGMRC

	  	
Lafayette Place

	  	
Lafayette Place OMV, LLC

	  	
Retail

	  	
9,000,000

	  	
1/30/2015

	  	
360

	  	
360

	  	
Dharma Malempati

	
27

	  	  	  	
8282

	  	
CGMRC

	  	
Shops of Flint Creek

	  	
Shops at Flint Creek Propco, LLC

	  	
Retail

	  	
9,000,000

	  	
1/30/2015

	  	
360

	  	
360

	  	
Andrew S. Hochberg and Marc J. Blum

	
28

	  	  	  	
1WV5A8

	  	
GSMC

	  	
Extra Space Arapahoe & Holly

	  	
Arapahoe & Holly Self-Storage, L.L.C.

	  	
Self Storage

	  	
9,000,000

	  	
1/27/2015

	  	
0

	  	
0

	  	
Harvey L. Saipe and David J. Burry

	
29

	  	  	  	
14100386

	  	
RMF

	  	
Oaks Business Center

	  	
2967 Sidco Drive Holdings LLC

	  	
Office

	  	
9,000,000

	  	
3/6/2015

	  	
360

	  	
360

	  	
Andrew M. Stone

	
30

	  	  	  	
8237

	  	
CGMRC

	  	
Palmdale Corporate Center

	  	
RBL Palmdale Center LLC

	  	
Office

	  	
8,750,000

	  	
1/22/2015

	  	
360

	  	
360

	  	
Joseph Blum and Ari Blum

	
31

	  	
10

	  	
45

	  	
CGMRC

	  	
Parkwest Crossing

	  	
ECA Buligo Parkwest Crossing, LP

	  	
Retail

	  	
7,837,500

	  	
1/30/2015

	  	
360

	  	
360

	  	
Elliot Sasson, Christpoher Wild and Abraham Reichbach

	
32

	  	  	  	
59S6E3

	  	
GSMC

	  	
Marple Commons

	  	
Hudson Ventures, LP

	  	
Office

	  	
7,500,000

	  	
3/11/2015

	  	
360

	  	
360

	  	
John M. Hudson and Eric J. Hunter

	
33

	  	  	  	
8123

	  	
CGMRC

	  	
Pine Woods Village Apartments

	  	
Pine Woods Village Holdings Group LLC

	  	
Multifamily

	  	
7,400,000

	  	
2/27/2015

	  	
360

	  	
360

	  	
Meshulam Martin

	
34

	  	  	  	
1WV3L6

	  	
GSMC

	  	
Six Flags Village

	  	
HPC Collins Investors, LP

	  	
Retail

	  	
7,137,750

	  	
3/6/2015

	  	
360

	  	
360

	  	
Jeffrey Seltzer

	
35

	  	  	  	
943K09

	  	
GSMC

	  	
Greens at Fort Mill

	  	
The Greens at Fort Mill, LLC

	  	
Multifamily

	  	
7,100,000

	  	
2/18/2015

	  	
360

	  	
360

	  	
Faison S. Kuester, Jr., John Allen and Shaw Kuester

	
36

	  	  	  	
14103010

	  	
RMF

	  	
Zinc Mill Terrace

	  	
Zinc Mill Terrace, LLC

	  	
Multifamily

	  	
7,000,000

	  	
3/11/2015

	  	
360

	  	
360

	  	
Bradley J. Emmert and Kimberly A. Emmert-O’Dell

	
37

	  	  	  	
8266

	  	
CGMRC

	  	
12001 East Freeway

	  	
12001 East Freeway Inc.

	  	
Retail

	  	
7,000,000

	  	
2/13/2015

	  	
360

	  	
359

	  	
Mark Seelig

	
38

	  	  	  	
14120307

	  	
RMF

	  	
Crossview Courts Apartments

	  	
Crossview Partners, LTD.

	  	
Multifamily

	  	
6,900,000

	  	
2/26/2015

	  	
360

	  	
360

	  	
Charles G. Nickson

	
39

	  	
11

	  	
59VOT3

	  	
GSMC

	  	
Whitehall Tech Center VI

	  	
Whitehall Tech Center VI, LLC

	  	
Industrial

	  	
6,800,000

	  	
3/13/2015

	  	
360

	  	
360

	  	
Riprand Count Arco

	
40

	  	  	  	
49

	  	
FCRE REL, LLC

	  	
Port St Lucie Retail Portfolio

	  	
Lakeside Shopping Center, LLC and Morningside Shoppes, LLC

	  	  	  	
6,600,000

	  	
3/19/2015

	  	
360

	  	
360

	  	
James L. Case

	
40.01

	  	  	  	
49.01

	  	  	  	
Lakeside Shopping Center

	  	  	  	
Retail

	  	  	  	  	  	  	  	  	  	  
	
40.02

	  	  	  	
49.02

	  	  	  	
Morningside Shoppes

	  	  	  	
Retail

	  	  	  	  	  	  	  	  	  	  
	
41

	  	  	  	
15012201

	  	
RMF

	  	
Spring Branch Estates

	  	
Starpac Spring Grove, LLC

	  	
Multifamily

	  	
6,500,000

	  	
3/6/2015

	  	
360

	  	
360

	  	
Kylie Schischka and Curtis Haines

 

  

  

  

 

	
CGCMT 2015-GC29 Supplemental Servicer Schedule

	  
	 	 
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	
Original

	  	
Remaining

	  	  
	
Control

	  	  	  	
Loan

	  	
Mortgage

	  	  	  	  	  	
General

	  	
 Original

	  	
Origination

	  	
Amortization Term

	  	
Amortization Term

	  	  
	
Number

	  	
Footnotes

	  	
Number

	  	
Loan Seller

	  	
Property Name

	  	
Borrower Name

	  	
Property Type

	  	
 Balance ($)

	  	
Date

	  	
(Mos.)

	  	
(Mos.)

	  	
Carve-out Guarantor

	
42

	  	  	  	
14111704

	  	
RMF

	  	
Fall River Apartments Portfolio

	  	
The Residences at Fall River LLC

	  	  	  	
6,000,000

	  	
3/6/2015

	  	
360

	  	
359

	  	
Dan Botwinik and Derek Santini

	
42.01

	  	  	  	
14111704.01

	  	  	  	
The Residences at 1710

	  	  	  	
Multifamily

	  	  	  	  	  	  	  	  	  	  
	
42.02

	  	  	  	
14111704.02

	  	  	  	
The Residences at 680

	  	  	  	
Multifamily

	  	  	  	  	  	  	  	  	  	  
	
43

	  	  	  	
8251

	  	
CGMRC

	  	
Superior Storage

	  	
Superior Self Storage II, LLC

	  	
Mixed Use

	  	
6,000,000

	  	
3/6/2015

	  	
360

	  	
359

	  	
Herman R. Kopf and Herman R. Kopf, Trustee of the Herman R. Kopf Revocable Trust Dated January 5, 2006

	
44

	  	  	  	
61

	  	
CGMRC

	  	
Caxton Building

	  	
Property Operations, LLC

	  	
Office

	  	
5,790,000

	  	
1/6/2015

	  	
360

	  	
357

	  	
William Bolton

	
45

	  	  	  	
8148

	  	
CGMRC

	  	
Holiday Inn Express Bellevue

	  	
Yaway, L.L.C.

	  	
Hospitality

	  	
5,450,000

	  	
3/4/2015

	  	
300

	  	
299

	  	
Steven Slowey and Wayne Ibarolle

	
46

	  	  	  	
1WU3W4

	  	
GSMC

	  	
Azalea Ridge Apartments

	  	
Checkmate Investors, Ltd.

	  	
Multifamily

	  	
5,250,000

	  	
11/20/2014

	  	
300

	  	
296

	  	
Andrew Alexander and Pete Alexander

	
47

	  	  	  	
14121701

	  	
RMF

	  	
Dames Point Retail

	  	
Dames Center, LLC

	  	
Retail

	  	
5,100,000

	  	
2/26/2015

	  	
360

	  	
360

	  	
Daniel Halberstein

	
48

	  	  	  	
14081583

	  	
RMF

	  	
Commerce Point I & II

	  	
3800-3850 Wilke L.L.C.

	  	
Office

	  	
5,000,000

	  	
3/11/2015

	  	
360

	  	
360

	  	
Ronald J. Benach and Wayne Moretti

	
49

	  	  	  	
71

	  	
CGMRC

	  	
500 Murray Road

	  	
OH MIE, LLC

	  	
Industrial

	  	
5,000,000

	  	
12/10/2014

	  	
360

	  	
357

	  	
Gerald Wendel and Barry Lang

	
50

	  	  	  	
14120306

	  	
RMF

	  	
Tara Hall Apartments

	  	
Tara Partners, Ltd.

	  	
Multifamily

	  	
4,800,000

	  	
2/24/2015

	  	
360

	  	
360

	  	
Charles G. Nickson

	
51

	  	  	  	
74

	  	
CGMRC

	  	
Northwood & Gypsy Lane Apartments

	  	
Gander Properties, Ltd.

	  	
Multifamily

	  	
4,800,000

	  	
8/1/2014

	  	
360

	  	
352

	  	
Michael G. Anderson

	
52

	  	  	  	
94AA46

	  	
GSMC

	  	
Summerlyn Apartments

	  	
Summerlyn Investors LLC

	  	
Multifamily

	  	
4,725,000

	  	
2/27/2015

	  	
360

	  	
359

	  	
Glenn Gonzales and Shravan Parsi

	
53

	  	  	  	
8246

	  	
CGMRC

	  	
Five Points Shopping Center

	  	
H&R Tuscaloosa LLC

	  	
Retail

	  	
4,712,500

	  	
3/9/2015

	  	
360

	  	
360

	  	
Joseph Eisenberger

	
54

	  	  	  	
14100677

	  	
RMF

	  	
Bordeaux Apartments

	  	
TBA Associates, L.P.

	  	
Multifamily

	  	
4,650,000

	  	
3/18/2015

	  	
360

	  	
360

	  	
Philip E. Haight

	
55

	  	  	  	
79

	  	
CGMRC

	  	
Scarsdale Medical Center

	  	
Heathcote 259 Partners LLC

	  	
Office

	  	
4,425,000

	  	
10/22/2014

	  	
360

	  	
360

	  	
David Luski, Douglas Brout and L. Bradford Perkins

	
56

	  	  	  	
8227

	  	
CGMRC

	  	
Red Mountain Shopping Center

	  	
WOA Red Mountain LLC

	  	
Retail

	  	
4,025,550

	  	
12/22/2014

	  	
360

	  	
360

	  	
Howard S. Banchik and Steven J. Fogel

	
57

	  	  	  	
14090983

	  	
RMF

	  	
Walgreens - Raleigh

	  	
Kirk Dunitz Raleigh, LLC

	  	
Retail

	  	
4,015,000

	  	
2/20/2015

	  	
360

	  	
360

	  	
Lynn G. Kirk and Frank W. Kirk

	
58

	  	  	  	
14102203

	  	
RMF

	  	
Mercer Crossing

	  	
Mercer Crossing Shopping Center, LLC

	  	
Retail

	  	
3,900,000

	  	
3/4/2015

	  	
300

	  	
299

	  	
Rafat Shaikh

	
59

	  	  	  	
03OZJ6

	  	
GSMC

	  	
Woods Townhomes

	  	
Mad Coleman Investment, LLC

	  	
Multifamily

	  	
3,800,000

	  	
3/6/2015

	  	
360

	  	
359

	  	
Edward O. Dewey, James S. Anderson, and John S. Minor

	
60

	  	  	  	
15010505

	  	
RMF

	  	
Forest Hill Mini Storage

	  	
Curatolo Forest Hills, LLC

	  	
Self Storage

	  	
3,750,000

	  	
3/4/2015

	  	
360

	  	
359

	  	
Robert Moser and Robert Morgan

	
61

	  	  	  	
14110601

	  	
RMF

	  	
Campus Walk Apartments

	  	
Campus Walk Limited Partnership

	  	
Multifamily

	  	
3,700,000

	  	
2/27/2015

	  	
360

	  	
359

	  	
Nathan S. Collier

	
62

	  	
12

	  	  	  	
CGMRC

	  	
103rd Street Family Center

	  	
Jacksonville Family Center, LLC

	  	
Retail

	  	
3,600,000

	  	
2/27/2015

	  	
324

	  	
324

	  	
Yale I. Paprin

	
63

	  	  	  	
77

	  	
FCRE REL, LLC

	  	
DaVita Dialysis - Bronx

	  	
Bronx Webster, LLC

	  	
Office

	  	
3,590,000

	  	
1/30/2015

	  	
360

	  	
360

	  	
Vincent Curran, Jr.

	
64

	  	  	  	
92

	  	
CGMRC

	  	
Chester Square

	  	
Chester Square, Ltd.

	  	
Retail

	  	
3,500,000

	  	
1/30/2015

	  	
300

	  	
298

	  	
George Voutsiotis, George Papaioannides and Nicholas Diamantis

	
65

	  	  	  	
8280

	  	
CGMRC

	  	
BMI Self Storage

	  	
BMI Storage, LLC

	  	
Self Storage

	  	
3,400,000

	  	
2/25/2015

	  	
360

	  	
359

	  	
David Kipling Smith

	
66

	  	  	  	
14111404

	  	
RMF

	  	
Bay Plaza

	  	
ATS Bay Plaza, LLC

	  	
Retail

	  	
3,275,000

	  	
2/25/2015

	  	
360

	  	
359

	  	
Amos T. Shoshan

	
67

	  	  	  	  	  	
CGMRC

	  	
University Landing

	  	
Gang of Five Guys, LLC

	  	
Multifamily

	  	
3,250,000

	  	
3/11/2015

	  	
360

	  	
360

	  	
Paul V. Hinshaw and Aaron Akers

	
68

	  	  	  	
8314

	  	
CGMRC

	  	
Amsdell - Sentinel Self Storage

	  	
Amsdell Storage Ventures XIX, LLC

	  	
Self Storage

	  	
3,235,000

	  	
2/24/2015

	  	
360

	  	
360

	  	
Robert J. Amsdell and Barry L. Amsdell

	
69

	  	  	  	
7999

	  	
CGMRC

	  	
Glen Valley Apartments

	  	
Glen Valley Apartments, LLC

	  	
Multifamily

	  	
3,000,000

	  	
2/25/2015

	  	
360

	  	
359

	  	
Lee A. Miller and Mark R. Miller

	
70

	  	  	  	
100

	  	
CGMRC

	  	
Belleview Shopping Center

	  	
Belleview Property LLC

	  	
Retail

	  	
2,950,000

	  	
3/4/2015

	  	
360

	  	
359

	  	
Carnegie Properties, Inc.

	
71

	  	  	  	
14121577

	  	
RMF

	  	
South Elgin Commons

	  	
South Elgin Commons South Elgin, IL. LLC

	  	
Retail

	  	
2,850,000

	  	
2/6/2015

	  	
360

	  	
360

	  	
Lakeview Crossing Shopping Center Dallas, TX. Limited Partnership

	
72

	  	  	  	
102

	  	
CGMRC

	  	
12285 McNulty Road

	  	
Onyx Glentov LLC and Onyx Glentov LG LLC

	  	
Industrial

	  	
2,825,000

	  	
12/16/2014

	  	
360

	  	
360

	  	
Leah Rieder and Jeremy Rieder

	
73

	  	
13, 14

	  	  	  	
CGMRC

	  	
La Paz Gateway

	  	
Rubicon LLC

	  	
Retail

	  	
2,800,000

	  	
2/18/2015

	  	
360

	  	
360

	  	
Robert W. Diel

	
74

	  	  	  	
104

	  	
CGMRC

	  	
Lumen Dental

	  	
SSFP Investments, LLC

	  	
Office

	  	
2,750,000

	  	
12/19/2014

	  	
300

	  	
297

	  	
Dr. Varnaz Dini, Dr. Shahrzad Jamea, Dr. Saeed Ahmadi and Pejman Jamea

	
75

	  	  	  	
92

	  	
FCRE REL, LLC

	  	
324-328 Louisa Avenue

	  	
KAS, LLC

	  	
Office

	  	
2,500,000

	  	
1/30/2015

	  	
300

	  	
300

	  	
Edward R. Sadler

	
76

	  	  	  	
107

	  	
CGMRC

	  	
Audubon Plaza

	  	
PDQ Audubon, LLC and PDQ 9604 Audubon, LLC

	  	
Retail

	  	
2,500,000

	  	
2/25/2015

	  	
300

	  	
299

	  	
Daniel Abramson

	
77

	  	  	  	
109

	  	
CGMRC

	  	
Maple Highlands

	  	
Lee Road Apartments, LLC

	  	
Multifamily

	  	
2,500,000

	  	
1/14/2015

	  	
360

	  	
358

	  	
Ernest Tschannen

	
78

	  	  	  	
94

	  	
FCRE REL, LLC

	  	
Rite Aid - Toledo

	  	
HG-Toledo, LLC

	  	
Retail

	  	
2,350,000

	  	
1/28/2015

	  	
360

	  	
358

	  	
John Ashley and Charles Ashley

	
79

	  	  	  	
8231

	  	
CGMRC

	  	
Delta Self Storage

	  	
Delta Site, LLC

	  	
Self Storage

	  	
2,140,000

	  	
3/11/2015

	  	
360

	  	
360

	  	
Claire Barto and Julie K. Lawton-Essa

	
80

	  	
15

	  	
96

	  	
FCRE REL, LLC

	  	
Niagara & Ontario Plaza

	  	
Niagara & Ontario Plaza Associates

	  	
Retail

	  	
2,035,000

	  	
10/9/2014

	  	
300

	  	
295

	  	
Penny D. Cipolla and Joseph A. Cipolla

	
81

	  	  	  	
97

	  	
FCRE REL, LLC

	  	
DaVita Dialysis - Detroit

	  	
Detroit Cass, LLC

	  	
Office

	  	
1,800,000

	  	
2/3/2015

	  	
300

	  	
298

	  	
Vincent Curran, Jr.

	
82

	  	  	  	
114

	  	
CGMRC

	  	
Terrace Glen Estates

	  	
Terrace Glen MHP LLC

	  	
Manufactured Housing

	  	
1,725,000

	  	
2/23/2015

	  	
360

	  	
359

	  	
Adam T. Schwerin

	
83

	  	  	  	
115

	  	
CGMRC

	  	
Whispering Willow

	  	
Whispering Willow MHC, LLC

	  	
Manufactured Housing

	  	
1,630,000

	  	
3/9/2015

	  	
360

	  	
360

	  	
David M. Ruby and Richard L. Ruby

	
84

	  	  	  	
8293

	  	
CGMRC

	  	
Safe and Secure Self Storage

	  	
Safe & Secure Self Storage, Inc.

	  	
Self Storage

	  	
1,620,000

	  	
2/6/2015

	  	
360

	  	
358

	  	
Mark Haufe and Danette Haufe

	
85

	  	  	  	
15010676

	  	
RMF

	  	
USA Safe Storage

	  	
Curatolo Taunton, LLC

	  	
Self Storage

	  	
1,530,000

	  	
2/24/2015

	  	
360

	  	
359

	  	
Robert Moser and Robert Morgan

	
86

	  	  	  	
121

	  	
CGMRC

	  	
Chase Bank - Mentor on the Lake

	  	
Transworld Properties

	  	
Retail

	  	
620,000

	  	
3/6/2015

	  	
360

	  	
359

	  	
Michael Sorotzkin

 

  

  

  

 

	
CGCMT 2015-GC29 Supplemental Servicer Schedule

	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control

	  	  	  	
Loan

	  	
Mortgage

	  	  	  	  	  	
Upfront RE

	  	
Ongoing RE

	  	
Upfront

	  	
Ongoing

	  	
Upfront

	  	
Ongoing

	
Number

	  	
Footnotes

	  	
Number

	  	
Loan Seller

	  	
Property Name

	  	
Letter of Credit

	  	
Tax Reserve ($)

	  	
Tax Reserve ($)

	  	
 Insurance Reserve ($)

	  	
 Insurance Reserve ($)

	  	
Replacement Reserve ($)

	  	
Replacement Reserve ($)

	
1

	  	  	  	
7NA2C0

	  	
GSMC

	  	
Selig Office Portfolio

	  	
No

	  	
255,019

	  	
255,019

	  	
0

	  	
0

	  	
0

	  	
33,989

	
1.01

	  	  	  	
7NA2C0-1

	  	  	  	
1000 Second Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.02

	  	  	  	
7NA2C0-2

	  	  	  	
2901 Third Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.03

	  	  	  	
7NA2C0-3

	  	  	  	
3101 Western Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.04

	  	  	  	
7NA2C0-4

	  	  	  	
300 Elliott Avenue West

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.05

	  	  	  	
7NA2C0-5

	  	  	  	
3131 Elliott Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.06

	  	  	  	
7NA2C0-6

	  	  	  	
2615 Fourth Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.07

	  	  	  	
7NA2C0-7

	  	  	  	
190 Queen Anne Avenue North

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.08

	  	  	  	
7NA2C0-8

	  	  	  	
200 First Avenue West

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.09

	  	  	  	
7NA2C0-9

	  	  	  	
18 West Mercer Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
2

	  	  	  	
8111

	  	
CGMRC

	  	
160 Fifth Avenue

	  	
No

	  	
435,627

	  	
108,907

	  	
0

	  	
0

	  	
0

	  	
2,358

	
3

	  	  	  	
8304

	  	
CGMRC

	  	
3 Columbus Circle

	  	
No

	  	
1,260,386

	  	
420,129

	  	
0

	  	
0

	  	
0

	  	
0

	
4

	  	  	  	
599L06

	  	
GSMC

	  	
Apollo Education Group Headquarters

	  	
No

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
9,995

	
5

	  	  	  	
8260

	  	
CGMRC

	  	
Parkchester Commercial

	  	
No

	  	
715,977

	  	
260,355

	  	
0

	  	
0

	  	
0

	  	
14,122

	
6

	  	  	  	
8049

	  	
CGMRC

	  	
170 Broadway

	  	
No

	  	
43,213

	  	
8,643

	  	
0

	  	
0

	  	
24,200

	  	
0

	
7

	  	
4

	  	
9P8SZ0

	  	
GSMC

	  	
Papago Arroyo

	  	
No

	  	
0

	  	
0

	  	
8,193

	  	
4,096

	  	
0

	  	
6,054

	
8

	  	  	  	
15011401

	  	
RMF

	  	
Ansley Walk

	  	
No

	  	
73,510

	  	
17,502

	  	
8,960

	  	
8,533

	  	
0

	  	
5,042

	
9

	  	  	  	
7918

	  	
CGMRC

	  	
400 Plaza Drive

	  	
No

	  	
170,045

	  	
85,022

	  	
18,901

	  	
6,300

	  	
0

	  	
4,308

	
10

	  	  	  	
14111908

	  	
RMF

	  	
Stone Manor

	  	
No

	  	
0

	  	
16,990

	  	
15,538

	  	
7,399

	  	
883,100

	  	
4,958

	
11

	  	  	  	
7124

	  	
CGMRC

	  	
Beverly Hills Hotel Portfolio

	  	
No

	  	
95,666

	  	
23,917

	  	
79,749

	  	
8,861

	  	
0

	  	
22,904

	
11.01

	  	  	  	
7124-1

	  	  	  	
Mosaic Beverly Hills

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
11.02

	  	  	  	
7124-2

	  	  	  	
Maison 140

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
12

	  	  	  	
8238

	  	
CGMRC

	  	
Residence Inn Orangeburg

	  	
No

	  	
114,069

	  	
22,814

	  	
0

	  	
0

	  	
0

	  	
8,828

	
13

	  	  	  	
14120504

	  	
RMF

	  	
Kentucky Self Storage Portfolio

	  	
No

	  	
39,257

	  	
9,347

	  	
25,768

	  	
2,231

	  	
0

	  	
3,128

	
13.01

	  	  	  	
14120504.01

	  	  	  	
Safe Storage 910 Enterprise Court - Lexington

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13.02

	  	  	  	
14120504.02

	  	  	  	
Safe Storage Industry Parkway - Nicholasville

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13.03

	  	  	  	
14120504.03

	  	  	  	
Safe Storage Etter Drive - Nicholasville

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13.04

	  	  	  	
14120504.04

	  	  	  	
The Storeroom Mobile Storage - Lexington

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
14

	  	  	  	
14121102

	  	
RMF

	  	
Solaire Apartments

	  	
No

	  	
332,913

	  	
39,633

	  	
35,995

	  	
11,427

	  	
0

	  	
6,953

	
15

	  	  	  	
596AB2

	  	
GSMC

	  	
Sherman Plaza

	  	
No

	  	
0

	  	
17,549

	  	
22,464

	  	
2,042

	  	
0

	  	
1,248

	
16

	  	
5

	  	
7996

	  	
CGMRC

	  	
Crowne Plaza Bloomington

	  	
No

	  	
355,285

	  	
71,057

	  	
0

	  	
14,260

	  	
0

	  	
0

	
17

	  	  	  	
8245

	  	
CGMRC

	  	
Waldon Lakes Apartments

	  	
No

	  	
69,392

	  	
11,565

	  	
7,037

	  	
3,518

	  	
50,000

	  	
4,167

	
18

	  	
6

	  	
59TS98

	  	
GSMC

	  	
Doubletree Charleston

	  	
No

	  	
60,907

	  	
15,227

	  	
0

	  	
0

	  	
0

	  	
8,655

	
19

	  	  	  	  	  	
CGMRC

	  	
Eastmont Town Center

	  	
No

	  	
169,755

	  	
84,878

	  	
29,313

	  	
9,771

	  	
0

	  	
8,571

	
20

	  	
7

	  	
15012101

	  	
RMF

	  	
Victory Crossing

	  	
No

	  	
44,550

	  	
14,143

	  	
26,851

	  	
2,131

	  	
0

	  	
1,800

	
21

	  	  	  	
27

	  	
FCRE REL, LLC

	  	
Ashton Arlington Heights Apartments

	  	
No

	  	
0

	  	
19,571

	  	
0

	  	
2,688

	  	
0

	  	
4,075

	
22

	  	
8

	  	
8200

	  	
CGMRC

	  	
Continuum Tower Retail

	  	
No

	  	
4,763

	  	
4,763

	  	
32,705

	  	
10,902

	  	
0

	  	
301

	
23

	  	  	  	
1WF460

	  	
GSMC

	  	
Triad Apartment Portfolio

	  	
No

	  	
44,685

	  	
11,171

	  	
47,964

	  	
7,838

	  	
0

	  	
6,091

	
23.01

	  	  	  	
1WF460-1

	  	  	  	
Lawndale Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.02

	  	  	  	
1WF460-2

	  	  	  	
Cypress Pointe

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.03

	  	  	  	
1WF460-3

	  	  	  	
Riverbend Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.04

	  	  	  	
1WF460-4

	  	  	  	
British Manor

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.05

	  	  	  	
1WF460-5

	  	  	  	
Villas Way

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.06

	  	  	  	
1WF460-6

	  	  	  	
The Oaks

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.07

	  	  	  	
1WF460-7

	  	  	  	
Brown Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24

	  	  	  	  	  	
RMF

	  	
Elizabeth Street Portfolio

	  	
No

	  	
23,519

	  	
5,600

	  	
16,900

	  	
1,463

	  	
0

	  	
1,953

	
24.01

	  	  	  	  	  	  	  	
1030 Elizabeth Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24.02

	  	  	  	  	  	  	  	
1040 Elizabeth Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24.03

	  	  	  	  	  	  	  	
1070 Elizabeth Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
25

	  	  	  	
8054

	  	
CGMRC

	  	
Mansell Shops

	  	
No

	  	
61,496

	  	
10,249

	  	
8,663

	  	
2,166

	  	
0

	  	
935

	
26

	  	
9

	  	
8187

	  	
CGMRC

	  	
Lafayette Place

	  	
No

	  	
57,212

	  	
14,303

	  	
32,500

	  	
3,250

	  	
350,000

	  	
0

	
27

	  	  	  	
8282

	  	
CGMRC

	  	
Shops of Flint Creek

	  	
No

	  	
88,353

	  	
12,622

	  	
0

	  	
0

	  	
0

	  	
742

	
28

	  	  	  	
1WV5A8

	  	
GSMC

	  	
Extra Space Arapahoe & Holly

	  	
No

	  	
0

	  	
8,568

	  	
7,724

	  	
966

	  	
0

	  	
0

	
29

	  	  	  	
14100386

	  	
RMF

	  	
Oaks Business Center

	  	
No

	  	
8,049

	  	
3,833

	  	
2,360

	  	
1,124

	  	
0

	  	
722

	
30

	  	  	  	
8237

	  	
CGMRC

	  	
Palmdale Corporate Center

	  	
No

	  	
27,487

	  	
13,743

	  	
0

	  	
0

	  	
0

	  	
774

	
31

	  	
10

	  	
45

	  	
CGMRC

	  	
Parkwest Crossing

	  	
No

	  	
28,313

	  	
9,438

	  	
1,475

	  	
1,475

	  	
100,000

	  	
1,070

	
32

	  	  	  	
59S6E3

	  	
GSMC

	  	
Marple Commons

	  	
No

	  	
34,332

	  	
11,444

	  	
11,927

	  	
2,385

	  	
0

	  	
1,272

	
33

	  	  	  	
8123

	  	
CGMRC

	  	
Pine Woods Village Apartments

	  	
No

	  	
35,731

	  	
17,866

	  	
8,339

	  	
4,169

	  	
0

	  	
3,575

	
34

	  	  	  	
1WV3L6

	  	
GSMC

	  	
Six Flags Village

	  	
No

	  	
42,108

	  	
14,036

	  	
0

	  	
0

	  	
35,000

	  	
0

	
35

	  	  	  	
943K09

	  	
GSMC

	  	
Greens at Fort Mill

	  	
No

	  	
3,737

	  	
1,246

	  	
14,443

	  	
1,444

	  	
0

	  	
1,333

	
36

	  	  	  	
14103010

	  	
RMF

	  	
Zinc Mill Terrace

	  	
No

	  	
46,940

	  	
8,941

	  	
14,103

	  	
1,919

	  	
0

	  	
1,958

	
37

	  	  	  	
8266

	  	
CGMRC

	  	
12001 East Freeway

	  	
No

	  	
42,506

	  	
14,169

	  	
86,471

	  	
8,647

	  	
0

	  	
1,383

	
38

	  	  	  	
14120307

	  	
RMF

	  	
Crossview Courts Apartments

	  	
No

	  	
27,424

	  	
8,706

	  	
81,958

	  	
7,096

	  	
0

	  	
3,451

	
39

	  	
11

	  	
59VOT3

	  	
GSMC

	  	
Whitehall Tech Center VI

	  	
No

	  	
16,246

	  	
5,415

	  	
5,760

	  	
0

	  	
0

	  	
2,265

	
40

	  	  	  	
49

	  	
FCRE REL, LLC

	  	
Port St Lucie Retail Portfolio

	  	
No

	  	
0

	  	
25,429

	  	
0

	  	
4,842

	  	
0

	  	
1,001

	
40.01

	  	  	  	
49.01

	  	  	  	
Lakeside Shopping Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
40.02

	  	  	  	
49.02

	  	  	  	
Morningside Shoppes

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
41

	  	  	  	
15012201

	  	
RMF

	  	
Spring Branch Estates

	  	
No

	  	
22,685

	  	
7,202

	  	
18,561

	  	
5,892

	  	
685,000

	  	
2,979

 

  

  

  

 

	
CGCMT 2015-GC29 Supplemental Servicer Schedule

	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control

	  	  	  	
Loan

	  	
Mortgage

	  	  	  	  	  	
Upfront RE

	  	
Ongoing RE

	  	
Upfront

	  	
Ongoing

	  	
Upfront

	  	
Ongoing

	
Number

	  	
Footnotes

	  	
Number

	  	
Loan Seller

	  	
Property Name

	  	
Letter of Credit

	  	
Tax Reserve ($)

	  	
Tax Reserve ($)

	  	
 Insurance Reserve ($)

	  	
 Insurance Reserve ($)

	  	
Replacement Reserve ($)

	  	
Replacement Reserve ($)

	
42

	  	  	  	
14111704

	  	
RMF

	  	
Fall River Apartments Portfolio

	  	
No

	  	
0

	  	
6,004

	  	
3,907

	  	
3,721

	  	
0

	  	
2,188

	
42.01

	  	  	  	
14111704.01

	  	  	  	
The Residences at 1710

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
42.02

	  	  	  	
14111704.02

	  	  	  	
The Residences at 680

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
43

	  	  	  	
8251

	  	
CGMRC

	  	
Superior Storage

	  	
No

	  	
16,718

	  	
8,359

	  	
3,086

	  	
1,543

	  	
0

	  	
1,469

	
44

	  	  	  	
61

	  	
CGMRC

	  	
Caxton Building

	  	
No

	  	
62,500

	  	
20,834

	  	
97,531

	  	
8,103

	  	
0

	  	
3,366

	
45

	  	  	  	
8148

	  	
CGMRC

	  	
Holiday Inn Express Bellevue

	  	
No

	  	
6,193

	  	
6,193

	  	
28,043

	  	
2,337

	  	
0

	  	
6,155

	
46

	  	  	  	
1WU3W4

	  	
GSMC

	  	
Azalea Ridge Apartments

	  	
No

	  	
13,365

	  	
6,683

	  	
6,656

	  	
11,444

	  	
0

	  	
7,353

	
47

	  	  	  	
14121701

	  	
RMF

	  	
Dames Point Retail

	  	
No

	  	
9,186

	  	
8,749

	  	
34,588

	  	
2,306

	  	
0

	  	
1,898

	
48

	  	  	  	
14081583

	  	
RMF

	  	
Commerce Point I & II

	  	
No

	  	
209,614

	  	
66,544

	  	
0

	  	
0

	  	
0

	  	
3,127

	
49

	  	  	  	
71

	  	
CGMRC

	  	
500 Murray Road

	  	
No

	  	
48,729

	  	
7,452

	  	
20,530

	  	
2,053

	  	
0

	  	
5,944

	
50

	  	  	  	
14120306

	  	
RMF

	  	
Tara Hall Apartments

	  	
No

	  	
28,413

	  	
9,020

	  	
91,973

	  	
7,963

	  	
0

	  	
3,777

	
51

	  	  	  	
74

	  	
CGMRC

	  	
Northwood & Gypsy Lane Apartments

	  	
No

	  	
0

	  	
8,444

	  	
24,108

	  	
6,027

	  	
0

	  	
3,786

	
52

	  	  	  	
94AA46

	  	
GSMC

	  	
Summerlyn Apartments

	  	
No

	  	
33,874

	  	
8,469

	  	
0

	  	
0

	  	
282,000

	  	
5,000

	
53

	  	  	  	
8246

	  	
CGMRC

	  	
Five Points Shopping Center

	  	
No

	  	
17,475

	  	
4,369

	  	
3,523

	  	
352

	  	
0

	  	
735

	
54

	  	  	  	
14100677

	  	
RMF

	  	
Bordeaux Apartments

	  	
No

	  	
31,707

	  	
7,549

	  	
10,950

	  	
2,607

	  	
51,818

	  	
3,040

	
55

	  	  	  	
79

	  	
CGMRC

	  	
Scarsdale Medical Center

	  	
No

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
56

	  	  	  	
8227

	  	
CGMRC

	  	
Red Mountain Shopping Center

	  	
No

	  	
24,981

	  	
4,163

	  	
0

	  	
0

	  	
35,175

	  	
0

	
57

	  	  	  	
14090983

	  	
RMF

	  	
Walgreens - Raleigh

	  	
No

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
58

	  	  	  	
14102203

	  	
RMF

	  	
Mercer Crossing

	  	
No

	  	
27,912

	  	
4,431

	  	
5,488

	  	
1,742

	  	
0

	  	
1,855

	
59

	  	  	  	
03OZJ6

	  	
GSMC

	  	
Woods Townhomes

	  	
No

	  	
8,488

	  	
2,829

	  	
2,479

	  	
2,479

	  	
0

	  	
3,295

	
60

	  	  	  	
15010505

	  	
RMF

	  	
Forest Hill Mini Storage

	  	
No

	  	
10,146

	  	
2,416

	  	
5,619

	  	
487

	  	
0

	  	
608

	
61

	  	  	  	
14110601

	  	
RMF

	  	
Campus Walk Apartments

	  	
No

	  	
6,725

	  	
6,725

	  	
11,010

	  	
2,622

	  	
0

	  	
4,525

	
62

	  	
12

	  	  	  	
CGMRC

	  	
103rd Street Family Center

	  	
No

	  	
27,411

	  	
5,482

	  	
14,933

	  	
1,659

	  	
60,000

	  	
473

	
63

	  	  	  	
77

	  	
FCRE REL, LLC

	  	
DaVita Dialysis - Bronx

	  	
No

	  	
0

	  	
2,955

	  	
1,963

	  	
1,963

	  	
464

	  	
464

	
64

	  	  	  	
92

	  	
CGMRC

	  	
Chester Square

	  	
No

	  	
44,427

	  	
8,675

	  	
13,849

	  	
1,095

	  	
0

	  	
508

	
65

	  	  	  	
8280

	  	
CGMRC

	  	
BMI Self Storage

	  	
No

	  	
12,249

	  	
1,750

	  	
3,275

	  	
1,637

	  	
0

	  	
817

	
66

	  	  	  	
14111404

	  	
RMF

	  	
Bay Plaza

	  	
No

	  	
4,583

	  	
4,583

	  	
9,077

	  	
4,323

	  	
0

	  	
640

	
67

	  	  	  	  	  	
CGMRC

	  	
University Landing

	  	
No

	  	
19,312

	  	
3,862

	  	
5,164

	  	
1,721

	  	
0

	  	
1,100

	
68

	  	  	  	
8314

	  	
CGMRC

	  	
Amsdell - Sentinel Self Storage

	  	
No

	  	
15,286

	  	
3,821

	  	
0

	  	
0

	  	
0

	  	
702

	
69

	  	  	  	
7999

	  	
CGMRC

	  	
Glen Valley Apartments

	  	
No

	  	
36,049

	  	
9,012

	  	
3,620

	  	
1,810

	  	
0

	  	
2,600

	
70

	  	  	  	
100

	  	
CGMRC

	  	
Belleview Shopping Center

	  	
No

	  	
7,728

	  	
1,876

	  	
20,864

	  	
2,981

	  	
0

	  	
1,402

	
71

	  	  	  	
14121577

	  	
RMF

	  	
South Elgin Commons

	  	
No

	  	
49,698

	  	
6,762

	  	
4,397

	  	
419

	  	
0

	  	
179

	
72

	  	  	  	
102

	  	
CGMRC

	  	
12285 McNulty Road

	  	
No

	  	
46,677

	  	
4,456

	  	
11,404

	  	
998

	  	
0

	  	
938

	
73

	  	
13, 14

	  	  	  	
CGMRC

	  	
La Paz Gateway

	  	
No

	  	
4,870

	  	
4,870

	  	
1,007

	  	
503

	  	
0

	  	
75

	
74

	  	  	  	
104

	  	
CGMRC

	  	
Lumen Dental

	  	
No

	  	
40,898

	  	
3,510

	  	
1,505

	  	
298

	  	
0

	  	
0

	
75

	  	  	  	
92

	  	
FCRE REL, LLC

	  	
324-328 Louisa Avenue

	  	
No

	  	
5,905

	  	
1,968

	  	
344

	  	
344

	  	
150

	  	
150

	
76

	  	  	  	
107

	  	
CGMRC

	  	
Audubon Plaza

	  	
No

	  	
7,853

	  	
1,963

	  	
2,653

	  	
2,653

	  	
0

	  	
1,049

	
77

	  	  	  	
109

	  	
CGMRC

	  	
Maple Highlands

	  	
No

	  	
7,494

	  	
3,745

	  	
12,825

	  	
1,069

	  	
0

	  	
3,137

	
78

	  	  	  	
94

	  	
FCRE REL, LLC

	  	
Rite Aid - Toledo

	  	
No

	  	
0

	  	
0

	  	
1,513

	  	
1,513

	  	
0

	  	
0

	
79

	  	  	  	
8231

	  	
CGMRC

	  	
Delta Self Storage

	  	
No

	  	
21,105

	  	
3,015

	  	
1,991

	  	
664

	  	
0

	  	
404

	
80

	  	
15

	  	
96

	  	
FCRE REL, LLC

	  	
Niagara & Ontario Plaza

	  	
No

	  	
0

	  	
4,188

	  	
8,400

	  	
842

	  	
0

	  	
1,288

	
81

	  	  	  	
97

	  	
FCRE REL, LLC

	  	
DaVita Dialysis - Detroit

	  	
No

	  	
2,015

	  	
2,015

	  	
1,217

	  	
1,217

	  	
194

	  	
194

	
82

	  	  	  	
114

	  	
CGMRC

	  	
Terrace Glen Estates

	  	
No

	  	
15,300

	  	
3,825

	  	
680

	  	
340

	  	
0

	  	
417

	
83

	  	  	  	
115

	  	
CGMRC

	  	
Whispering Willow

	  	
No

	  	
8,441

	  	
2,814

	  	
766

	  	
383

	  	
0

	  	
425

	
84

	  	  	  	
8293

	  	
CGMRC

	  	
Safe and Secure Self Storage

	  	
No

	  	
17,533

	  	
2,505

	  	
4,318

	  	
540

	  	
0

	  	
375

	
85

	  	  	  	
15010676

	  	
RMF

	  	
USA Safe Storage

	  	
No

	  	
19,562

	  	
4,658

	  	
4,997

	  	
433

	  	
0

	  	
432

	
86

	  	  	  	
121

	  	
CGMRC

	  	
Chase Bank - Mentor on the Lake

	  	
No

	  	
3,802

	  	
1,267

	  	
0

	  	
0

	  	
0

	  	
52

 

  

  

  

 

	
CGCMT 2015-GC29 Supplemental Servicer Schedule

	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control

	  	  	  	
Loan

	  	
Mortgage

	  	  	  	  	
Replacement

	  	
Upfront

	  	
Ongoing

	  	  	  	
Upfront Debt

	  	
Ongoing Debt

	  	
Upfront Deferred

	
Number

	  	
Footnotes

	  	
Number

	  	
Loan Seller

	  	
Property Name

	  	  	
Reserve Caps ($)

	  	
TI/LC Reserve ($)

	  	
TI/LC Reserve ($)

	  	
TI/LC Caps ($)

	  	
Service Reserve ($)

	  	
Service Reserve ($)

	  	
 Maintenance Reserve ($)

	
1

	  	  	  	
7NA2C0

	  	
GSMC

	  	
Selig Office Portfolio

	  	  	
0

	  	
0

	  	
203,932

	  	
0

	  	
0

	  	
0

	  	
337,524

	
1.01

	  	  	  	
7NA2C0-1

	  	  	  	
1000 Second Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.02

	  	  	  	
7NA2C0-2

	  	  	  	
2901 Third Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.03

	  	  	  	
7NA2C0-3

	  	  	  	
3101 Western Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.04

	  	  	  	
7NA2C0-4

	  	  	  	
300 Elliott Avenue West

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.05

	  	  	  	
7NA2C0-5

	  	  	  	
3131 Elliott Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.06

	  	  	  	
7NA2C0-6

	  	  	  	
2615 Fourth Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.07

	  	  	  	
7NA2C0-7

	  	  	  	
190 Queen Anne Avenue North

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.08

	  	  	  	
7NA2C0-8

	  	  	  	
200 First Avenue West

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.09

	  	  	  	
7NA2C0-9

	  	  	  	
18 West Mercer Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
2

	  	  	  	
8111

	  	
CGMRC

	  	
160 Fifth Avenue

	  	  	
0

	  	
0

	  	
16,667

	  	
0

	  	
0

	  	
0

	  	
30,563

	
3

	  	  	  	
8304

	  	
CGMRC

	  	
3 Columbus Circle

	  	  	
0

	  	
4,405,062

	  	
0

	  	
0

	  	
0

	  	
0

	  	
3,500,000

	
4

	  	  	  	
599L06

	  	
GSMC

	  	
Apollo Education Group Headquarters

	  	  	
0

	  	
0

	  	
49,972

	  	
0

	  	
0

	  	
0

	  	
0

	
5

	  	  	  	
8260

	  	
CGMRC

	  	
Parkchester Commercial

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
6

	  	  	  	
8049

	  	
CGMRC

	  	
170 Broadway

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
7

	  	
4

	  	
9P8SZ0

	  	
GSMC

	  	
Papago Arroyo

	  	  	
145,295

	  	
0

	  	
25,000

	  	
500,000

	  	
0

	  	
0

	  	
0

	
8

	  	  	  	
15011401

	  	
RMF

	  	
Ansley Walk

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
9

	  	  	  	
7918

	  	
CGMRC

	  	
400 Plaza Drive

	  	  	
0

	  	
1,000,000

	  	
21,538

	  	
1,500,000

	  	
0

	  	
0

	  	
0

	
10

	  	  	  	
14111908

	  	
RMF

	  	
Stone Manor

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
11,563

	
11

	  	  	  	
7124

	  	
CGMRC

	  	
Beverly Hills Hotel Portfolio

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
9,313

	
11.01

	  	  	  	
7124-1

	  	  	  	
Mosaic Beverly Hills

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
11.02

	  	  	  	
7124-2

	  	  	  	
Maison 140

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
12

	  	  	  	
8238

	  	
CGMRC

	  	
Residence Inn Orangeburg

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
121,430

	  	
0

	  	
8,063

	
13

	  	  	  	
14120504

	  	
RMF

	  	
Kentucky Self Storage Portfolio

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
21,469

	
13.01

	  	  	  	
14120504.01

	  	  	  	
Safe Storage 910 Enterprise Court - Lexington

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13.02

	  	  	  	
14120504.02

	  	  	  	
Safe Storage Industry Parkway - Nicholasville

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13.03

	  	  	  	
14120504.03

	  	  	  	
Safe Storage Etter Drive - Nicholasville

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13.04

	  	  	  	
14120504.04

	  	  	  	
The Storeroom Mobile Storage - Lexington

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
14

	  	  	  	
14121102

	  	
RMF

	  	
Solaire Apartments

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
138,125

	
15

	  	  	  	
596AB2

	  	
GSMC

	  	
Sherman Plaza

	  	  	
44,917

	  	
0

	  	
3,119

	  	
220,000

	  	
0

	  	
0

	  	
271,350

	
16

	  	
5

	  	
7996

	  	
CGMRC

	  	
Crowne Plaza Bloomington

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
23,750

	
17

	  	  	  	
8245

	  	
CGMRC

	  	
Waldon Lakes Apartments

	  	  	
150,000

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
26,625

	
18

	  	
6

	  	
59TS98

	  	
GSMC

	  	
Doubletree Charleston

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
19

	  	  	  	  	  	
CGMRC

	  	
Eastmont Town Center

	  	  	
0

	  	
0

	  	
42,853

	  	
0

	  	
0

	  	
0

	  	
505,480

	
20

	  	
7

	  	
15012101

	  	
RMF

	  	
Victory Crossing

	  	  	
43,200

	  	
0

	  	
4,139

	  	
150,000

	  	
0

	  	
0

	  	
0

	
21

	  	  	  	
27

	  	
FCRE REL, LLC

	  	
Ashton Arlington Heights Apartments

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
22

	  	
8

	  	
8200

	  	
CGMRC

	  	
Continuum Tower Retail

	  	  	
0

	  	
0

	  	
2,917

	  	
175,000

	  	
0

	  	
0

	  	
0

	
23

	  	  	  	
1WF460

	  	
GSMC

	  	
Triad Apartment Portfolio

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
80,297

	
23.01

	  	  	  	
1WF460-1

	  	  	  	
Lawndale Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.02

	  	  	  	
1WF460-2

	  	  	  	
Cypress Pointe

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.03

	  	  	  	
1WF460-3

	  	  	  	
Riverbend Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.04

	  	  	  	
1WF460-4

	  	  	  	
British Manor

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.05

	  	  	  	
1WF460-5

	  	  	  	
Villas Way

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.06

	  	  	  	
1WF460-6

	  	  	  	
The Oaks

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.07

	  	  	  	
1WF460-7

	  	  	  	
Brown Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24

	  	  	  	  	  	
RMF

	  	
Elizabeth Street Portfolio

	  	  	
0

	  	
50,000

	  	
1,871

	  	
75,000

	  	
0

	  	
0

	  	
0

	
24.01

	  	  	  	  	  	  	  	
1030 Elizabeth Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24.02

	  	  	  	  	  	  	  	
1040 Elizabeth Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24.03

	  	  	  	  	  	  	  	
1070 Elizabeth Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
25

	  	  	  	
8054

	  	
CGMRC

	  	
Mansell Shops

	  	  	
0

	  	
350,000

	  	
0

	  	
350,000

	  	
0

	  	
0

	  	
0

	
26

	  	
9

	  	
8187

	  	
CGMRC

	  	
Lafayette Place

	  	  	
350,000

	  	
97,000

	  	
4,348

	  	
200,000

	  	
0

	  	
0

	  	
0

	
27

	  	  	  	
8282

	  	
CGMRC

	  	
Shops of Flint Creek

	  	  	
0

	  	
100,000

	  	
3,343

	  	
125,000

	  	
0

	  	
0

	  	
0

	
28

	  	  	  	
1WV5A8

	  	
GSMC

	  	
Extra Space Arapahoe & Holly

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
29

	  	  	  	
14100386

	  	
RMF

	  	
Oaks Business Center

	  	  	
0

	  	
126,000

	  	
5,148

	  	
247,080

	  	
0

	  	
0

	  	
0

	
30

	  	  	  	
8237

	  	
CGMRC

	  	
Palmdale Corporate Center

	  	  	
0

	  	
0

	  	
7,414

	  	
0

	  	
0

	  	
0

	  	
15,000

	
31

	  	
10

	  	
45

	  	
CGMRC

	  	
Parkwest Crossing

	  	  	
0

	  	
100,000

	  	
2,853

	  	
200,000

	  	
0

	  	
0

	  	
0

	
32

	  	  	  	
59S6E3

	  	
GSMC

	  	
Marple Commons

	  	  	
0

	  	
0

	  	
7,083

	  	
340,000

	  	
0

	  	
0

	  	
0

	
33

	  	  	  	
8123

	  	
CGMRC

	  	
Pine Woods Village Apartments

	  	  	
128,700

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
3,450

	
34

	  	  	  	
1WV3L6

	  	
GSMC

	  	
Six Flags Village

	  	  	
35,000

	  	
0

	  	
1,667

	  	
100,000

	  	
0

	  	
0

	  	
14,531

	
35

	  	  	  	
943K09

	  	
GSMC

	  	
Greens at Fort Mill

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
36

	  	  	  	
14103010

	  	
RMF

	  	
Zinc Mill Terrace

	  	  	
47,000

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
469

	
37

	  	  	  	
8266

	  	
CGMRC

	  	
12001 East Freeway

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
67,563

	
38

	  	  	  	
14120307

	  	
RMF

	  	
Crossview Courts Apartments

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
39

	  	
11

	  	
59VOT3

	  	
GSMC

	  	
Whitehall Tech Center VI

	  	  	
0

	  	
50,000

	  	
8,333

	  	
200,000

	  	
0

	  	
0

	  	
28,215

	
40

	  	  	  	
49

	  	
FCRE REL, LLC

	  	
Port St Lucie Retail Portfolio

	  	  	
0

	  	
0

	  	
3,336

	  	
45,000

	  	
0

	  	
0

	  	
9,250

	
40.01

	  	  	  	
49.01

	  	  	  	
Lakeside Shopping Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
40.02

	  	  	  	
49.02

	  	  	  	
Morningside Shoppes

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
41

	  	  	  	
15012201

	  	
RMF

	  	
Spring Branch Estates

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
215,125

 

  

  

  

 

	
CGCMT 2015-GC29 Supplemental Servicer Schedule

	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Control

	  	  	  	
Loan

	  	
Mortgage

	  	  	  	  	
Replacement

	  	
Upfront

	  	
Ongoing

	  	  	  	
Upfront Debt

	  	
Ongoing Debt

	  	
Upfront Deferred

	
Number

	  	
Footnotes

	  	
Number

	  	
Loan Seller

	  	
Property Name

	  	  	
Reserve Caps ($)

	  	
TI/LC Reserve ($)

	  	
TI/LC Reserve ($)

	  	
TI/LC Caps ($)

	  	
Service Reserve ($)

	  	
Service Reserve ($)

	  	
 Maintenance Reserve ($)

	
42

	  	  	  	
14111704

	  	
RMF

	  	
Fall River Apartments Portfolio

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
42.01

	  	  	  	
14111704.01

	  	  	  	
The Residences at 1710

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
42.02

	  	  	  	
14111704.02

	  	  	  	
The Residences at 680

	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
43

	  	  	  	
8251

	  	
CGMRC

	  	
Superior Storage

	  	  	
0

	  	
0

	  	
1,160

	  	
30,000

	  	
0

	  	
0

	  	
0

	
44

	  	  	  	
61

	  	
CGMRC

	  	
Caxton Building

	  	  	
0

	  	
475,000

	  	
0

	  	
394,309

	  	
0

	  	
0

	  	
0

	
45

	  	  	  	
8148

	  	
CGMRC

	  	
Holiday Inn Express Bellevue

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
2,500

	
46

	  	  	  	
1WU3W4

	  	
GSMC

	  	
Azalea Ridge Apartments

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
150,203

	
47

	  	  	  	
14121701

	  	
RMF

	  	
Dames Point Retail

	  	  	
0

	  	
0

	  	
4,111

	  	
197,340

	  	
0

	  	
0

	  	
16,875

	
48

	  	  	  	
14081583

	  	
RMF

	  	
Commerce Point I & II

	  	  	
0

	  	
500,000

	  	
31,273

	  	
0

	  	
0

	  	
0

	  	
24,688

	
49

	  	  	  	
71

	  	
CGMRC

	  	
500 Murray Road

	  	  	
0

	  	
0

	  	
7,727

	  	
0

	  	
0

	  	
0

	  	
26,250

	
50

	  	  	  	
14120306

	  	
RMF

	  	
Tara Hall Apartments

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
51

	  	  	  	
74

	  	
CGMRC

	  	
Northwood & Gypsy Lane Apartments

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
146,300

	
52

	  	  	  	
94AA46

	  	
GSMC

	  	
Summerlyn Apartments

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
102,111

	
53

	  	  	  	
8246

	  	
CGMRC

	  	
Five Points Shopping Center

	  	  	
0

	  	
100,000

	  	
0

	  	
100,000

	  	
0

	  	
0

	  	
0

	
54

	  	  	  	
14100677

	  	
RMF

	  	
Bordeaux Apartments

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
48,183

	
55

	  	  	  	
79

	  	
CGMRC

	  	
Scarsdale Medical Center

	  	  	
0

	  	
0

	  	
531

	  	
26,000

	  	
0

	  	
0

	  	
7,850

	
56

	  	  	  	
8227

	  	
CGMRC

	  	
Red Mountain Shopping Center

	  	  	
10,603

	  	
100,000

	  	
1,965

	  	
194,296

	  	
0

	  	
0

	  	
0

	
57

	  	  	  	
14090983

	  	
RMF

	  	
Walgreens - Raleigh

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
58

	  	  	  	
14102203

	  	
RMF

	  	
Mercer Crossing

	  	  	
0

	  	
300,000

	  	
4,167

	  	
0

	  	
0

	  	
0

	  	
33,750

	
59

	  	  	  	
03OZJ6

	  	
GSMC

	  	
Woods Townhomes

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
25,982

	
60

	  	  	  	
15010505

	  	
RMF

	  	
Forest Hill Mini Storage

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
61

	  	  	  	
14110601

	  	
RMF

	  	
Campus Walk Apartments

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
11,250

	
62

	  	
12

	  	  	  	
CGMRC

	  	
103rd Street Family Center

	  	  	
0

	  	
0

	  	
3,150

	  	
151,200

	  	
0

	  	
0

	  	
17,763

	
63

	  	  	  	
77

	  	
FCRE REL, LLC

	  	
DaVita Dialysis - Bronx

	  	  	
0

	  	
1,100,000

	  	
0

	  	
0

	  	
52,727

	  	
0

	  	
0

	
64

	  	  	  	
92

	  	
CGMRC

	  	
Chester Square

	  	  	
0

	  	
85,000

	  	
2,233

	  	
80,388

	  	
0

	  	
0

	  	
0

	
65

	  	  	  	
8280

	  	
CGMRC

	  	
BMI Self Storage

	  	  	
19,618

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
66

	  	  	  	
14111404

	  	
RMF

	  	
Bay Plaza

	  	  	
0

	  	
100,000

	  	
0

	  	
100,000

	  	
0

	  	
0

	  	
0

	
67

	  	  	  	  	  	
CGMRC

	  	
University Landing

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
68

	  	  	  	
8314

	  	
CGMRC

	  	
Amsdell - Sentinel Self Storage

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
69

	  	  	  	
7999

	  	
CGMRC

	  	
Glen Valley Apartments

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
143,994

	
70

	  	  	  	
100

	  	
CGMRC

	  	
Belleview Shopping Center

	  	  	
0

	  	
0

	  	
3,506

	  	
126,219

	  	
0

	  	
0

	  	
0

	
71

	  	  	  	
14121577

	  	
RMF

	  	
South Elgin Commons

	  	  	
6,449

	  	
10,000

	  	
1,030

	  	
54,000

	  	
0

	  	
0

	  	
7,984

	
72

	  	  	  	
102

	  	
CGMRC

	  	
12285 McNulty Road

	  	  	
0

	  	
150,000

	  	
0

	  	
150,000

	  	
0

	  	
0

	  	
2,300

	
73

	  	
13, 14

	  	  	  	
CGMRC

	  	
La Paz Gateway

	  	  	
2,700

	  	
0

	  	
1,256

	  	
45,000

	  	
0

	  	
0

	  	
0

	
74

	  	  	  	
104

	  	
CGMRC

	  	
Lumen Dental

	  	  	
0

	  	
0

	  	
1,043

	  	
37,559

	  	
0

	  	
0

	  	
5,625

	
75

	  	  	  	
92

	  	
FCRE REL, LLC

	  	
324-328 Louisa Avenue

	  	  	
0

	  	
3,682

	  	
3,682

	  	
150,000

	  	
0

	  	
0

	  	
0

	
76

	  	  	  	
107

	  	
CGMRC

	  	
Audubon Plaza

	  	  	
0

	  	
0

	  	
2,622

	  	
94,386

	  	
0

	  	
0

	  	
0

	
77

	  	  	  	
109

	  	
CGMRC

	  	
Maple Highlands

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
78

	  	  	  	
94

	  	
FCRE REL, LLC

	  	
Rite Aid - Toledo

	  	  	
0

	  	
1,173

	  	
1,173

	  	
0

	  	
0

	  	
0

	  	
0

	
79

	  	  	  	
8231

	  	
CGMRC

	  	
Delta Self Storage

	  	  	
14,526

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
80

	  	
15

	  	
96

	  	
FCRE REL, LLC

	  	
Niagara & Ontario Plaza

	  	  	
0

	  	
0

	  	
2,068

	  	
50,000

	  	
0

	  	
0

	  	
0

	
81

	  	  	  	
97

	  	
FCRE REL, LLC

	  	
DaVita Dialysis - Detroit

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
82

	  	  	  	
114

	  	
CGMRC

	  	
Terrace Glen Estates

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
83

	  	  	  	
115

	  	
CGMRC

	  	
Whispering Willow

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
84

	  	  	  	
8293

	  	
CGMRC

	  	
Safe and Secure Self Storage

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	
85

	  	  	  	
15010676

	  	
RMF

	  	
USA Safe Storage

	  	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
14,194

	
86

	  	  	  	
121

	  	
CGMRC

	  	
Chase Bank - Mentor on the Lake

	  	  	
0

	  	
0

	  	
153

	  	
0

	  	
0

	  	
0

	  	
0

 

  

  

  

 

	
CGCMT 2015-GC29 Supplemental Servicer Schedule

	  	  	  	  	  	  	  
	 	 	 	 	 	 	 	 
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	
Grace

	
Control

	  	  	  	
Loan

	  	
Mortgage

	  	  	  	
Ongoing Deferred

	  	
Upfront

	  	
Ongoing

	  	
Upfront

	  	
Ongoing

	  	
Other Reserve

	  	
Period-

	
Number

	  	
Footnotes

	  	
Number

	  	
Loan Seller

	  	
Property Name

	  	
 Maintenance Reserve ($)

	  	
Environmental Reserve ($)

	  	
Environmental Reserve ($)

	  	
 Other Reserve ($)

	  	
 Other Reserve ($)

	  	
Description

	  	
Default

	
1

	  	  	  	
7NA2C0

	  	
GSMC

	  	
Selig Office Portfolio

	  	
0

	  	
0

	  	
0

	  	
7,278,662

	  	
0

	  	
Unexecuted Lease Holdback ($3,900,807); Unfunded Obligations ($3,377,855)

	  	
0

	
1.01

	  	  	  	
7NA2C0-1

	  	  	  	
1000 Second Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.02

	  	  	  	
7NA2C0-2

	  	  	  	
2901 Third Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.03

	  	  	  	
7NA2C0-3

	  	  	  	
3101 Western Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.04

	  	  	  	
7NA2C0-4

	  	  	  	
300 Elliott Avenue West

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.05

	  	  	  	
7NA2C0-5

	  	  	  	
3131 Elliott Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.06

	  	  	  	
7NA2C0-6

	  	  	  	
2615 Fourth Avenue

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.07

	  	  	  	
7NA2C0-7

	  	  	  	
190 Queen Anne Avenue North

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.08

	  	  	  	
7NA2C0-8

	  	  	  	
200 First Avenue West

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
1.09

	  	  	  	
7NA2C0-9

	  	  	  	
18 West Mercer Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
2

	  	  	  	
8111

	  	
CGMRC

	  	
160 Fifth Avenue

	  	
0

	  	
0

	  	
0

	  	
870,175

	  	
0

	  	
Unfunded Obligations Reserve

	  	
0

	
3

	  	  	  	
8304

	  	
CGMRC

	  	
3 Columbus Circle

	  	
0

	  	
0

	  	
0

	  	
4,915,084

	  	
0

	  	
Signage Conversion ($2,524,836); Signage Rent ($1,550,000); Rent Concession ($840,248)

	  	
0

	
4

	  	  	  	
599L06

	  	
GSMC

	  	
Apollo Education Group Headquarters

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
 

	  	
0

	
5

	  	  	  	
8260

	  	
CGMRC

	  	
Parkchester Commercial

	  	
0

	  	
0

	  	
0

	  	
228,017

	  	
0

	  	
Violations Work Reserve ($115,000); Free Rent Reserve ($113,017)

	  	
5

	
6

	  	  	  	
8049

	  	
CGMRC

	  	
170 Broadway

	  	
0

	  	
0

	  	
0

	  	
5,379

	  	
0

	  	
Condo Assessment Reserve

	  	
0

	
7

	  	
4

	  	
9P8SZ0

	  	
GSMC

	  	
Papago Arroyo

	  	
0

	  	
0

	  	
0

	  	
0

	  	
51,190

	  	
Ground Rent

	  	
0

	
8

	  	  	  	
15011401

	  	
RMF

	  	
Ansley Walk

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
9

	  	  	  	
7918

	  	
CGMRC

	  	
400 Plaza Drive

	  	
0

	  	
0

	  	
0

	  	
276,461

	  	
0

	  	
Hexaware Lease Reserve ($95,374); Aruba TI Reserve ($90,725); Aruba Lease Reserve ($90,362)

	  	
0

	
10

	  	  	  	
14111908

	  	
RMF

	  	
Stone Manor

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
11

	  	  	  	
7124

	  	
CGMRC

	  	
Beverly Hills Hotel Portfolio

	  	
0

	  	
0

	  	
0

	  	
2,541,435

	  	
0

	  	
Mosaic Renovation Reserve

	  	
0

	
11.01

	  	  	  	
7124-1

	  	  	  	
Mosaic Beverly Hills

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
11.02

	  	  	  	
7124-2

	  	  	  	
Maison 140

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
12

	  	  	  	
8238

	  	
CGMRC

	  	
Residence Inn Orangeburg

	  	
0

	  	
0

	  	
0

	  	
2,500

	  	
0

	  	
Marriott Comfort Letter Transfer Fee Reserve

	  	
0

	
13

	  	  	  	
14120504

	  	
RMF

	  	
Kentucky Self Storage Portfolio

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
13.01

	  	  	  	
14120504.01

	  	  	  	
Safe Storage 910 Enterprise Court - Lexington

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13.02

	  	  	  	
14120504.02

	  	  	  	
Safe Storage Industry Parkway - Nicholasville

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13.03

	  	  	  	
14120504.03

	  	  	  	
Safe Storage Etter Drive - Nicholasville

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13.04

	  	  	  	
14120504.04

	  	  	  	
The Storeroom Mobile Storage - Lexington

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
14

	  	  	  	
14121102

	  	
RMF

	  	
Solaire Apartments

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
15

	  	  	  	
596AB2

	  	
GSMC

	  	
Sherman Plaza

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
16

	  	
5

	  	
7996

	  	
CGMRC

	  	
Crowne Plaza Bloomington

	  	
0

	  	
0

	  	
0

	  	
4,654,443

	  	
0

	  	
PIP Reserve ($4,612,308); Parking Rent Reserve ($42,135)

	  	
0

	
17

	  	  	  	
8245

	  	
CGMRC

	  	
Waldon Lakes Apartments

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
18

	  	
6

	  	
59TS98

	  	
GSMC

	  	
Doubletree Charleston

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
 

	  	
0

	
19

	  	  	  	  	  	
CGMRC

	  	
Eastmont Town Center

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
5

	
20

	  	
7

	  	
15012101

	  	
RMF

	  	
Victory Crossing

	  	
0

	  	
0

	  	
0

	  	
17,500

	  	
0

	  	
Simply Fashion Rent Reserve

	  	
0

	
21

	  	  	  	
27

	  	
FCRE REL, LLC

	  	
Ashton Arlington Heights Apartments

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
22

	  	
8

	  	
8200

	  	
CGMRC

	  	
Continuum Tower Retail

	  	
0

	  	
0

	  	
0

	  	
181,819

	  	
0

	  	
CIBO Leasing Reserve ($150,000); Free Rent Reserve ($20,819); CAM Reserve ($11,000)

	  	
0

	
23

	  	  	  	
1WF460

	  	
GSMC

	  	
Triad Apartment Portfolio

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
 

	  	
0

	
23.01

	  	  	  	
1WF460-1

	  	  	  	
Lawndale Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.02

	  	  	  	
1WF460-2

	  	  	  	
Cypress Pointe

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.03

	  	  	  	
1WF460-3

	  	  	  	
Riverbend Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.04

	  	  	  	
1WF460-4

	  	  	  	
British Manor

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.05

	  	  	  	
1WF460-5

	  	  	  	
Villas Way

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.06

	  	  	  	
1WF460-6

	  	  	  	
The Oaks

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
23.07

	  	  	  	
1WF460-7

	  	  	  	
Brown Apartments

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24

	  	  	  	  	  	
RMF

	  	
Elizabeth Street Portfolio

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
24.01

	  	  	  	  	  	  	  	
1030 Elizabeth Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24.02

	  	  	  	  	  	  	  	
1040 Elizabeth Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24.03

	  	  	  	  	  	  	  	
1070 Elizabeth Street

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
25

	  	  	  	
8054

	  	
CGMRC

	  	
Mansell Shops

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
26

	  	
9

	  	
8187

	  	
CGMRC

	  	
Lafayette Place

	  	
0

	  	
0

	  	
0

	  	
300,724

	  	
0

	  	
Big Lots Reserve ($219,960); Unfunded Obligations Reserve ($80,764.06)

	  	
0

	
27

	  	  	  	
8282

	  	
CGMRC

	  	
Shops of Flint Creek

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
28

	  	  	  	
1WV5A8

	  	
GSMC

	  	
Extra Space Arapahoe & Holly

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
 

	  	
0

	
29

	  	  	  	
14100386

	  	
RMF

	  	
Oaks Business Center

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
30

	  	  	  	
8237

	  	
CGMRC

	  	
Palmdale Corporate Center

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
31

	  	
10

	  	
45

	  	
CGMRC

	  	
Parkwest Crossing

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
32

	  	  	  	
59S6E3

	  	
GSMC

	  	
Marple Commons

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
 

	  	
0

	
33

	  	  	  	
8123

	  	
CGMRC

	  	
Pine Woods Village Apartments

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
34

	  	  	  	
1WV3L6

	  	
GSMC

	  	
Six Flags Village

	  	
0

	  	
172,000

	  	
0

	  	
250,000

	  	
0

	  	
OfficeMax Reserve

	  	
0

	
35

	  	  	  	
943K09

	  	
GSMC

	  	
Greens at Fort Mill

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
 

	  	
0

	
36

	  	  	  	
14103010

	  	
RMF

	  	
Zinc Mill Terrace

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
37

	  	  	  	
8266

	  	
CGMRC

	  	
12001 East Freeway

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
38

	  	  	  	
14120307

	  	
RMF

	  	
Crossview Courts Apartments

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
39

	  	
11

	  	
59VOT3

	  	
GSMC

	  	
Whitehall Tech Center VI

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
 

	  	
0

	
40

	  	  	  	
49

	  	
FCRE REL, LLC

	  	
Port St Lucie Retail Portfolio

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
5

	
40.01

	  	  	  	
49.01

	  	  	  	
Lakeside Shopping Center

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
40.02

	  	  	  	
49.02

	  	  	  	
Morningside Shoppes

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
41

	  	  	  	
15012201

	  	
RMF

	  	
Spring Branch Estates

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

 

  

  

  

 

	
CGCMT 2015-GC29 Supplemental Servicer Schedule

	  	  	  	  	  	  	  
	 	 	 	 	 	 	 	 
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	  	
Grace

	
Control

	  	  	  	
Loan

	  	
Mortgage

	  	  	  	
Ongoing Deferred

	  	
Upfront

	  	
Ongoing

	  	
Upfront

	  	
Ongoing

	  	
Other Reserve

	  	
Period-

	
Number

	  	
Footnotes

	  	
Number

	  	
Loan Seller

	  	
Property Name

	  	
 Maintenance Reserve ($)

	  	
Environmental Reserve ($)

	  	
Environmental Reserve ($)

	  	
 Other Reserve ($)

	  	
 Other Reserve ($)

	  	
Description

	  	
Default

	
42

	  	  	  	
14111704

	  	
RMF

	  	
Fall River Apartments Portfolio

	  	
0

	  	
0

	  	
0

	  	
37,500

	  	
0

	  	
201 Cove Reserve

	  	
0

	
42.01

	  	  	  	
14111704.01

	  	  	  	
The Residences at 1710

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
42.02

	  	  	  	
14111704.02

	  	  	  	
The Residences at 680

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
43

	  	  	  	
8251

	  	
CGMRC

	  	
Superior Storage

	  	
0

	  	
0

	  	
0

	  	
17,122

	  	
0

	  	
Unfunded Obligations Reserve

	  	
0

	
44

	  	  	  	
61

	  	
CGMRC

	  	
Caxton Building

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
45

	  	  	  	
8148

	  	
CGMRC

	  	
Holiday Inn Express Bellevue

	  	
0

	  	
0

	  	
0

	  	
1,179,257

	  	
0

	  	
PIP Reserve

	  	
0

	
46

	  	  	  	
1WU3W4

	  	
GSMC

	  	
Azalea Ridge Apartments

	  	
0

	  	
0

	  	
0

	  	
557

	  	
0

	  	
Tax Service Fee ($535); Flood Certification Fee ($22)

	  	
0

	
47

	  	  	  	
14121701

	  	
RMF

	  	
Dames Point Retail

	  	
0

	  	
62,500

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
48

	  	  	  	
14081583

	  	
RMF

	  	
Commerce Point I & II

	  	
0

	  	
0

	  	
0

	  	
370,349

	  	
0

	  	
Paylocity Suite 220 Reserve Funds ($252,847.98); Paylocity Suite 350 Reserve Funds ($66,688.08); Paylocity Suite 350 Free Rent Reserve Funds ($41,580); Paylocity Suite 220 Free Rent Reserve Funds ($9,233.24)

	  	
0

	
49

	  	  	  	
71

	  	
CGMRC

	  	
500 Murray Road

	  	
0

	  	
0

	  	
0

	  	
156,250

	  	
0

	  	
Demolition Work Deposit

	  	
0

	
50

	  	  	  	
14120306

	  	
RMF

	  	
Tara Hall Apartments

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
51

	  	  	  	
74

	  	
CGMRC

	  	
Northwood & Gypsy Lane Apartments

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
52

	  	  	  	
94AA46

	  	
GSMC

	  	
Summerlyn Apartments

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
53

	  	  	  	
8246

	  	
CGMRC

	  	
Five Points Shopping Center

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
54

	  	  	  	
14100677

	  	
RMF

	  	
Bordeaux Apartments

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
55

	  	  	  	
79

	  	
CGMRC

	  	
Scarsdale Medical Center

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
56

	  	  	  	
8227

	  	
CGMRC

	  	
Red Mountain Shopping Center

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
57

	  	  	  	
14090983

	  	
RMF

	  	
Walgreens - Raleigh

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
58

	  	  	  	
14102203

	  	
RMF

	  	
Mercer Crossing

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
59

	  	  	  	
03OZJ6

	  	
GSMC

	  	
Woods Townhomes

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	
 

	  	
0

	
60

	  	  	  	
15010505

	  	
RMF

	  	
Forest Hill Mini Storage

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
61

	  	  	  	
14110601

	  	
RMF

	  	
Campus Walk Apartments

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
62

	  	
12

	  	  	  	
CGMRC

	  	
103rd Street Family Center

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
5

	
63

	  	  	  	
77

	  	
FCRE REL, LLC

	  	
DaVita Dialysis - Bronx

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
64

	  	  	  	
92

	  	
CGMRC

	  	
Chester Square

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
65

	  	  	  	
8280

	  	
CGMRC

	  	
BMI Self Storage

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
66

	  	  	  	
14111404

	  	
RMF

	  	
Bay Plaza

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
67

	  	  	  	  	  	
CGMRC

	  	
University Landing

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
5

	
68

	  	  	  	
8314

	  	
CGMRC

	  	
Amsdell - Sentinel Self Storage

	  	
0

	  	
0

	  	
0

	  	
135,000

	  	
0

	  	
Property Costs Holdback

	  	
0

	
69

	  	  	  	
7999

	  	
CGMRC

	  	
Glen Valley Apartments

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
70

	  	  	  	
100

	  	
CGMRC

	  	
Belleview Shopping Center

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
71

	  	  	  	
14121577

	  	
RMF

	  	
South Elgin Commons

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
72

	  	  	  	
102

	  	
CGMRC

	  	
12285 McNulty Road

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
73

	  	
13, 14

	  	  	  	
CGMRC

	  	
La Paz Gateway

	  	
0

	  	
0

	  	
0

	  	
65,726

	  	
0

	  	
Prepaid Rent Reserve

	  	
5

	
74

	  	  	  	
104

	  	
CGMRC

	  	
Lumen Dental

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
75

	  	  	  	
92

	  	
FCRE REL, LLC

	  	
324-328 Louisa Avenue

	  	
0

	  	
0

	  	
0

	  	
59,422

	  	
0

	  	
Dr. Hugo Termination Reserve

	  	
0

	
76

	  	  	  	
107

	  	
CGMRC

	  	
Audubon Plaza

	  	
0

	  	
0

	  	
0

	  	
368,898

	  	
0

	  	
Unfunded Obligations Reserve ($289,250); Free Rent Reserve ($79,648)

	  	
0

	
77

	  	  	  	
109

	  	
CGMRC

	  	
Maple Highlands

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
78

	  	  	  	
94

	  	
FCRE REL, LLC

	  	
Rite Aid - Toledo

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
79

	  	  	  	
8231

	  	
CGMRC

	  	
Delta Self Storage

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
80

	  	
15

	  	
96

	  	
FCRE REL, LLC

	  	
Niagara & Ontario Plaza

	  	
0

	  	
0

	  	
0

	  	
35,000

	  	
0

	  	
Family Dollar Reserve

	  	
0

	
81

	  	  	  	
97

	  	
FCRE REL, LLC

	  	
DaVita Dialysis - Detroit

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
82

	  	  	  	
114

	  	
CGMRC

	  	
Terrace Glen Estates

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
83

	  	  	  	
115

	  	
CGMRC

	  	
Whispering Willow

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
84

	  	  	  	
8293

	  	
CGMRC

	  	
Safe and Secure Self Storage

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
85

	  	  	  	
15010676

	  	
RMF

	  	
USA Safe Storage

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

	
86

	  	  	  	
121

	  	
CGMRC

	  	
Chase Bank - Mentor on the Lake

	  	
0

	  	
0

	  	
0

	  	
0

	  	
0

	  	  	  	
0

 

  

  

  

 

	
CGCMT 2015-GC29 Supplemental Servicer Schedule

	  	  	  	  	  
	 	 	 	 	 	 
	  	  	  	  	  	  	  	  	  	  	
Grace

	  	  	  	  	  	  	  	  	  	  	  	  
	
Control

	  	  	  	
Loan

	  	
Mortgage

	  	  	  	
Period-

	  	
Residual Value

	  	
Lease Enhancement

	  	
Environmental

	  	
O&M

	  	
Cash

	  	  
	
Number

	  	
Footnotes

	  	
Number

	  	
Loan Seller

	  	
Property Name

	  	
Late Fee

	  	
Insurance

	  	
Insurance

	  	
Insurance

	  	
Required

	  	
Management

	  	
Lockbox

	
1

	  	  	  	
7NA2C0

	  	
GSMC

	  	
Selig Office Portfolio

	  	
0

	  	
No

	  	
No

	  	
No

	  	  	  	
In Place

	  	
Hard

	
1.01

	  	  	  	
7NA2C0-1

	  	  	  	
1000 Second Avenue

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
1.02

	  	  	  	
7NA2C0-2

	  	  	  	
2901 Third Avenue

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
1.03

	  	  	  	
7NA2C0-3

	  	  	  	
3101 Western Avenue

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
1.04

	  	  	  	
7NA2C0-4

	  	  	  	
300 Elliott Avenue West

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
1.05

	  	  	  	
7NA2C0-5

	  	  	  	
3131 Elliott Avenue

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
1.06

	  	  	  	
7NA2C0-6

	  	  	  	
2615 Fourth Avenue

	  	  	  	
No

	  	
No

	  	
No

	  	
ACM

	  	  	  	  
	
1.07

	  	  	  	
7NA2C0-7

	  	  	  	
190 Queen Anne Avenue North

	  	  	  	
No

	  	
No

	  	
No

	  	
ACM

	  	  	  	  
	
1.08

	  	  	  	
7NA2C0-8

	  	  	  	
200 First Avenue West

	  	  	  	
No

	  	
No

	  	
No

	  	
ACM

	  	  	  	  
	
1.09

	  	  	  	
7NA2C0-9

	  	  	  	
18 West Mercer Street

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
2

	  	  	  	
8111

	  	
CGMRC

	  	
160 Fifth Avenue

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
In Place

	  	
Hard

	
3

	  	  	  	
8304

	  	
CGMRC

	  	
3 Columbus Circle

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Hard

	
4

	  	  	  	
599L06

	  	
GSMC

	  	
Apollo Education Group Headquarters

	  	
5

	  	
No

	  	
No

	  	
No

	  	
None

	  	
In Place

	  	
Hard

	
5

	  	  	  	
8260

	  	
CGMRC

	  	
Parkchester Commercial

	  	
5

	  	
No

	  	
No

	  	
Yes

	  	
None

	  	
Springing

	  	
Hard

	
6

	  	  	  	
8049

	  	
CGMRC

	  	
170 Broadway

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Hard

	
7

	  	
4

	  	
9P8SZ0

	  	
GSMC

	  	
Papago Arroyo

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Hard

	
8

	  	  	  	
15011401

	  	
RMF

	  	
Ansley Walk

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
9

	  	  	  	
7918

	  	
CGMRC

	  	
400 Plaza Drive

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Hard

	
10

	  	  	  	
14111908

	  	
RMF

	  	
Stone Manor

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
11

	  	  	  	
7124

	  	
CGMRC

	  	
Beverly Hills Hotel Portfolio

	  	
0

	  	
No

	  	
No

	  	
No

	  	  	  	
Springing

	  	
Hard

	
11.01

	  	  	  	
7124-1

	  	  	  	
Mosaic Beverly Hills

	  	  	  	
No

	  	
No

	  	
No

	  	
ACM

	  	  	  	  
	
11.02

	  	  	  	
7124-2

	  	  	  	
Maison 140

	  	  	  	
No

	  	
No

	  	
No

	  	
ACM

	  	  	  	  
	
12

	  	  	  	
8238

	  	
CGMRC

	  	
Residence Inn Orangeburg

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
13

	  	  	  	
14120504

	  	
RMF

	  	
Kentucky Self Storage Portfolio

	  	
0

	  	
No

	  	
No

	  	
No

	  	  	  	
Springing

	  	
Springing

	
13.01

	  	  	  	
14120504.01

	  	  	  	
Safe Storage 910 Enterprise Court - Lexington

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
13.02

	  	  	  	
14120504.02

	  	  	  	
Safe Storage Industry Parkway - Nicholasville

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
13.03

	  	  	  	
14120504.03

	  	  	  	
Safe Storage Etter Drive - Nicholasville

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
13.04

	  	  	  	
14120504.04

	  	  	  	
The Storeroom Mobile Storage - Lexington

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
14

	  	  	  	
14121102

	  	
RMF

	  	
Solaire Apartments

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	
Springing

	  	
Springing

	
15

	  	  	  	
596AB2

	  	
GSMC

	  	
Sherman Plaza

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
16

	  	
5

	  	
7996

	  	
CGMRC

	  	
Crowne Plaza Bloomington

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Hard

	
17

	  	  	  	
8245

	  	
CGMRC

	  	
Waldon Lakes Apartments

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
18

	  	
6

	  	
59TS98

	  	
GSMC

	  	
Doubletree Charleston

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
19

	  	  	  	  	  	
CGMRC

	  	
Eastmont Town Center

	  	
5

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Hard

	
20

	  	
7

	  	
15012101

	  	
RMF

	  	
Victory Crossing

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
21

	  	  	  	
27

	  	
FCRE REL, LLC

	  	
Ashton Arlington Heights Apartments

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Soft

	
22

	  	
8

	  	
8200

	  	
CGMRC

	  	
Continuum Tower Retail

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
In Place

	  	
Hard

	
23

	  	  	  	
1WF460

	  	
GSMC

	  	
Triad Apartment Portfolio

	  	
0

	  	
No

	  	
No

	  	
No

	  	  	  	
None

	  	
None

	
23.01

	  	  	  	
1WF460-1

	  	  	  	
Lawndale Apartments

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
23.02

	  	  	  	
1WF460-2

	  	  	  	
Cypress Pointe

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
23.03

	  	  	  	
1WF460-3

	  	  	  	
Riverbend Apartments

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
23.04

	  	  	  	
1WF460-4

	  	  	  	
British Manor

	  	  	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	  	  	  
	
23.05

	  	  	  	
1WF460-5

	  	  	  	
Villas Way

	  	  	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	  	  	  
	
23.06

	  	  	  	
1WF460-6

	  	  	  	
The Oaks

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
23.07

	  	  	  	
1WF460-7

	  	  	  	
Brown Apartments

	  	  	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	  	  	  
	
24

	  	  	  	  	  	
RMF

	  	
Elizabeth Street Portfolio

	  	
0

	  	
No

	  	
No

	  	
No

	  	  	  	
Springing

	  	
Springing

	
24.01

	  	  	  	  	  	  	  	
1030 Elizabeth Street

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
24.02

	  	  	  	  	  	  	  	
1040 Elizabeth Street

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
24.03

	  	  	  	  	  	  	  	
1070 Elizabeth Street

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
25

	  	  	  	
8054

	  	
CGMRC

	  	
Mansell Shops

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Springing

	
26

	  	
9

	  	
8187

	  	
CGMRC

	  	
Lafayette Place

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Springing

	
27

	  	  	  	
8282

	  	
CGMRC

	  	
Shops of Flint Creek

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
28

	  	  	  	
1WV5A8

	  	
GSMC

	  	
Extra Space Arapahoe & Holly

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
None

	  	
None

	
29

	  	  	  	
14100386

	  	
RMF

	  	
Oaks Business Center

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Hard

	
30

	  	  	  	
8237

	  	
CGMRC

	  	
Palmdale Corporate Center

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Hard

	
31

	  	
10

	  	
45

	  	
CGMRC

	  	
Parkwest Crossing

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
32

	  	  	  	
59S6E3

	  	
GSMC

	  	
Marple Commons

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
33

	  	  	  	
8123

	  	
CGMRC

	  	
Pine Woods Village Apartments

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
34

	  	  	  	
1WV3L6

	  	
GSMC

	  	
Six Flags Village

	  	
0

	  	
No

	  	
No

	  	
Yes

	  	
None

	  	
Springing

	  	
Springing

	
35

	  	  	  	
943K09

	  	
GSMC

	  	
Greens at Fort Mill

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
36

	  	  	  	
14103010

	  	
RMF

	  	
Zinc Mill Terrace

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
37

	  	  	  	
8266

	  	
CGMRC

	  	
12001 East Freeway

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Hard

	
38

	  	  	  	
14120307

	  	
RMF

	  	
Crossview Courts Apartments

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	
Springing

	  	
Springing

	
39

	  	
11

	  	
59VOT3

	  	
GSMC

	  	
Whitehall Tech Center VI

	  	
15

	  	
No

	  	
No

	  	
No

	  	
None

	  	
In Place

	  	
Hard

	
40

	  	  	  	
49

	  	
FCRE REL, LLC

	  	
Port St Lucie Retail Portfolio

	  	
5

	  	
No

	  	
No

	  	
No

	  	  	  	
Springing

	  	
Springing

	
40.01

	  	  	  	
49.01

	  	  	  	
Lakeside Shopping Center

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
40.02

	  	  	  	
49.02

	  	  	  	
Morningside Shoppes

	  	  	  	
No

	  	
No

	  	
No

	  	
None

	  	  	  	  
	
41

	  	  	  	
15012201

	  	
RMF

	  	
Spring Branch Estates

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	
Springing

	  	
Springing

 

  

  

  

 

	
CGCMT 2015-GC29 Supplemental Servicer Schedule

	  	  	  	  	  
	 	 	 	 	 	 
	  	  	  	  	  	  	  	  	  	  	
Grace

	  	  	  	  	  	  	  	  	  	  	  	  
	
Control

	  	  	  	
Loan

	  	
Mortgage

	  	  	  	
Period-

	  	
Residual Value

	  	
Lease Enhancement

	  	
Environmental

	  	
O&M

	  	
Cash

	  	  
	
Number

	  	
Footnotes

	  	
Number

	  	
Loan Seller

	  	
Property Name

	  	
Late Fee

	  	
Insurance

	  	
Insurance

	  	
Insurance

	  	
Required

	  	
Management

	  	
Lockbox

	
42

	  	  	  	
14111704

	  	
RMF

	  	
Fall River Apartments Portfolio

	  	
0

	  	
No

	  	
No

	  	
No

	  	  	  	
Springing

	  	
Springing

	
42.01

	  	  	  	
14111704.01

	  	  	  	
The Residences at 1710

	  	  	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	  	  	  
	
42.02

	  	  	  	
14111704.02

	  	  	  	
The Residences at 680

	  	  	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	  	  	  
	
43

	  	  	  	
8251

	  	
CGMRC

	  	
Superior Storage

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Hard

	
44

	  	  	  	
61

	  	
CGMRC

	  	
Caxton Building

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Springing

	
45

	  	  	  	
8148

	  	
CGMRC

	  	
Holiday Inn Express Bellevue

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Hard

	
46

	  	  	  	
1WU3W4

	  	
GSMC

	  	
Azalea Ridge Apartments

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	
None

	  	
None

	
47

	  	  	  	
14121701

	  	
RMF

	  	
Dames Point Retail

	  	
0

	  	
No

	  	
No

	  	
Yes

	  	
ACM

	  	
Springing

	  	
Hard

	
48

	  	  	  	
14081583

	  	
RMF

	  	
Commerce Point I & II

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Springing

	
49

	  	  	  	
71

	  	
CGMRC

	  	
500 Murray Road

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Springing

	
50

	  	  	  	
14120306

	  	
RMF

	  	
Tara Hall Apartments

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	
Springing

	  	
Springing

	
51

	  	  	  	
74

	  	
CGMRC

	  	
Northwood & Gypsy Lane Apartments

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	
Springing

	  	
Springing

	
52

	  	  	  	
94AA46

	  	
GSMC

	  	
Summerlyn Apartments

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	
Springing

	  	
Springing

	
53

	  	  	  	
8246

	  	
CGMRC

	  	
Five Points Shopping Center

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Hard

	
54

	  	  	  	
14100677

	  	
RMF

	  	
Bordeaux Apartments

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
None

	  	
None

	
55

	  	  	  	
79

	  	
CGMRC

	  	
Scarsdale Medical Center

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Springing

	
56

	  	  	  	
8227

	  	
CGMRC

	  	
Red Mountain Shopping Center

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Hard

	
57

	  	  	  	
14090983

	  	
RMF

	  	
Walgreens - Raleigh

	  	
15

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
58

	  	  	  	
14102203

	  	
RMF

	  	
Mercer Crossing

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Springing

	
59

	  	  	  	
03OZJ6

	  	
GSMC

	  	
Woods Townhomes

	  	
15

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	
None

	  	
None

	
60

	  	  	  	
15010505

	  	
RMF

	  	
Forest Hill Mini Storage

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
61

	  	  	  	
14110601

	  	
RMF

	  	
Campus Walk Apartments

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	
Springing

	  	
Springing

	
62

	  	
12

	  	  	  	
CGMRC

	  	
103rd Street Family Center

	  	
5

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Springing

	
63

	  	  	  	
77

	  	
FCRE REL, LLC

	  	
DaVita Dialysis - Bronx

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Hard

	
64

	  	  	  	
92

	  	
CGMRC

	  	
Chester Square

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
65

	  	  	  	
8280

	  	
CGMRC

	  	
BMI Self Storage

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Springing

	
66

	  	  	  	
14111404

	  	
RMF

	  	
Bay Plaza

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Hard

	
67

	  	  	  	  	  	
CGMRC

	  	
University Landing

	  	
15

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
68

	  	  	  	
8314

	  	
CGMRC

	  	
Amsdell - Sentinel Self Storage

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
69

	  	  	  	
7999

	  	
CGMRC

	  	
Glen Valley Apartments

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	
Springing

	  	
Springing

	
70

	  	  	  	
100

	  	
CGMRC

	  	
Belleview Shopping Center

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Springing

	
71

	  	  	  	
14121577

	  	
RMF

	  	
South Elgin Commons

	  	
10

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
72

	  	  	  	
102

	  	
CGMRC

	  	
12285 McNulty Road

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Springing

	
73

	  	
13, 14

	  	  	  	
CGMRC

	  	
La Paz Gateway

	  	
5

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
74

	  	  	  	
104

	  	
CGMRC

	  	
Lumen Dental

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
In Place

	  	
Hard

	
75

	  	  	  	
92

	  	
FCRE REL, LLC

	  	
324-328 Louisa Avenue

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Soft

	
76

	  	  	  	
107

	  	
CGMRC

	  	
Audubon Plaza

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Springing

	
77

	  	  	  	
109

	  	
CGMRC

	  	
Maple Highlands

	  	
3

	  	
No

	  	
No

	  	
No

	  	
ACM & LBP

	  	
Springing

	  	
Springing

	
78

	  	  	  	
94

	  	
FCRE REL, LLC

	  	
Rite Aid - Toledo

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Hard

	
79

	  	  	  	
8231

	  	
CGMRC

	  	
Delta Self Storage

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
80

	  	
15

	  	
96

	  	
FCRE REL, LLC

	  	
Niagara & Ontario Plaza

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Soft

	
81

	  	  	  	
97

	  	
FCRE REL, LLC

	  	
DaVita Dialysis - Detroit

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Hard

	
82

	  	  	  	
114

	  	
CGMRC

	  	
Terrace Glen Estates

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Springing

	
83

	  	  	  	
115

	  	
CGMRC

	  	
Whispering Willow

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Springing

	
84

	  	  	  	
8293

	  	
CGMRC

	  	
Safe and Secure Self Storage

	  	
0

	  	
No

	  	
No

	  	
No

	  	
None

	  	
Springing

	  	
Springing

	
85

	  	  	  	
15010676

	  	
RMF

	  	
USA Safe Storage

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Springing

	
86

	  	  	  	
121

	  	
CGMRC

	  	
Chase Bank - Mentor on the Lake

	  	
0

	  	
No

	  	
No

	  	
No

	  	
ACM

	  	
Springing

	  	
Springing

 

  

  

  

 

	
CGCMT 2015-GC29 Supplemental Servicer Schedule

	  
	 	 
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	
Monthly

	  	
Interest

	  	  	  	  	  	  
	
Control

	  	  	  	
Loan

	  	
Mortgage

	  	  	  	
Units, Pads,

	  	
Unit

	  	
Debt

	  	
Accrual

	  	
Administrative

	  	
Ground

	  	  
	
Number

	  	
Footnotes

	  	
Number

	  	
Loan Seller

	  	
Property Name

	  	
Rooms, Sq Ft

	  	
Description

	  	
Service ($) (1)

	  	
Method

	  	
Fee Rate (%) (2)

	  	
Lease Y/N

	  	
Prepayment Provision (3)

	
1

	  	  	  	
7NA2C0

	  	
GSMC

	  	
Selig Office Portfolio

	  	
1,631,457

	  	
SF

	  	
412,790.08

	  	
Actual/360

	  	
0.0095%

	  	  	  	
Lockout/24_Defeasance/92_0%/4

	
1.01

	  	  	  	
7NA2C0-1

	  	  	  	
1000 Second Avenue

	  	
447,792

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
1.02

	  	  	  	
7NA2C0-2

	  	  	  	
2901 Third Avenue

	  	
269,862

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
1.03

	  	  	  	
7NA2C0-3

	  	  	  	
3101 Western Avenue

	  	
187,035

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
1.04

	  	  	  	
7NA2C0-4

	  	  	  	
300 Elliott Avenue West

	  	
226,159

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
1.05

	  	  	  	
7NA2C0-5

	  	  	  	
3131 Elliott Avenue

	  	
189,849

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
1.06

	  	  	  	
7NA2C0-6

	  	  	  	
2615 Fourth Avenue

	  	
124,276

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
1.07

	  	  	  	
7NA2C0-7

	  	  	  	
190 Queen Anne Avenue North

	  	
84,582

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
1.08

	  	  	  	
7NA2C0-8

	  	  	  	
200 First Avenue West

	  	
66,470

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
1.09

	  	  	  	
7NA2C0-9

	  	  	  	
18 West Mercer Street

	  	
35,432

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
2

	  	  	  	
8111

	  	
CGMRC

	  	
160 Fifth Avenue

	  	
141,497

	  	
SF

	  	
385,235.53

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	
3

	  	  	  	
8304

	  	
CGMRC

	  	
3 Columbus Circle

	  	
525,807

	  	
SF

	  	
305,011.57

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/88_0%/7

	
4

	  	  	  	
599L06

	  	
GSMC

	  	
Apollo Education Group Headquarters

	  	
599,664

	  	
SF

	  	
288,865.18

	  	
Actual/360

	  	
0.0170%

	  	
No

	  	
Lockout/25_Defeasance/32_0%/3

	
5

	  	  	  	
8260

	  	
CGMRC

	  	
Parkchester Commercial

	  	
541,232

	  	
SF

	  	
307,329.58

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_>YM or 1%/92_0%/3

	
6

	  	  	  	
8049

	  	
CGMRC

	  	
170 Broadway

	  	
16,134

	  	
SF

	  	
243,051.66

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/24_Defeasance/90_0%/6

	
7

	  	
4

	  	
9P8SZ0

	  	
GSMC

	  	
Papago Arroyo

	  	
279,411

	  	
SF

	  	
143,550.15

	  	
Actual/360

	  	
0.0370%

	  	
Yes

	  	
Lockout/26_Defeasance/90_0%/4

	
8

	  	  	  	
15011401

	  	
RMF

	  	
Ansley Walk

	  	
242

	  	
Units

	  	
124,600.23

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
9

	  	  	  	
7918

	  	
CGMRC

	  	
400 Plaza Drive

	  	
258,459

	  	
SF

	  	
108,484.52

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
10

	  	  	  	
14111908

	  	
RMF

	  	
Stone Manor

	  	
238

	  	
Units

	  	
109,483.77

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
11

	  	  	  	
7124

	  	
CGMRC

	  	
Beverly Hills Hotel Portfolio

	  	
93

	  	
Rooms

	  	
96,044.55

	  	
Actual/360

	  	
0.0095%

	  	  	  	
Lockout/24_Defeasance/32_0%/4

	
11.01

	  	  	  	
7124-1

	  	  	  	
Mosaic Beverly Hills

	  	
49

	  	
Rooms

	  	  	  	  	  	  	  	
No

	  	  
	
11.02

	  	  	  	
7124-2

	  	  	  	
Maison 140

	  	
44

	  	
Rooms

	  	  	  	  	  	  	  	
No

	  	  
	
12

	  	  	  	
8238

	  	
CGMRC

	  	
Residence Inn Orangeburg

	  	
129

	  	
Rooms

	  	
89,788.50

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	
13

	  	  	  	
14120504

	  	
RMF

	  	
Kentucky Self Storage Portfolio

	  	
250,275

	  	
SF

	  	
90,897.48

	  	
Actual/360

	  	
0.0095%

	  	  	  	
Lockout/25_Defeasance/91_0%/4

	
13.01

	  	  	  	
14120504.01

	  	  	  	
Safe Storage 910 Enterprise Court - Lexington

	  	
94,900

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
13.02

	  	  	  	
14120504.02

	  	  	  	
Safe Storage Industry Parkway - Nicholasville

	  	
70,375

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
13.03

	  	  	  	
14120504.03

	  	  	  	
Safe Storage Etter Drive - Nicholasville

	  	
56,100

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
13.04

	  	  	  	
14120504.04

	  	  	  	
The Storeroom Mobile Storage - Lexington

	  	
28,900

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
14

	  	  	  	
14121102

	  	
RMF

	  	
Solaire Apartments

	  	
382

	  	
Units

	  	
85,768.92

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/24_>YM or 1%/32_0%/4

	
15

	  	  	  	
596AB2

	  	
GSMC

	  	
Sherman Plaza

	  	
74,862

	  	
SF

	  	
68,897.11

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
16

	  	
5

	  	
7996

	  	
CGMRC

	  	
Crowne Plaza Bloomington

	  	
430

	  	
Rooms

	  	
72,189.15

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/26_Defeasance/92_0%/2

	
17

	  	  	  	
8245

	  	
CGMRC

	  	
Waldon Lakes Apartments

	  	
200

	  	
Units

	  	
65,503.56

	  	
Actual/360

	  	
0.0570%

	  	
No

	  	
Lockout/26_Defeasance/90_0%/4

	
18

	  	
6

	  	
59TS98

	  	
GSMC

	  	
Doubletree Charleston

	  	
149

	  	
Rooms

	  	
64,822.26

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/24_Defeasance/91_0%/5

	
19

	  	  	  	  	  	
CGMRC

	  	
Eastmont Town Center

	  	
514,236

	  	
SF

	  	
66,994.31

	  	
Actual/360

	  	
0.0170%

	  	
No

	  	
Lockout/24_Defeasance/32_0%/4

	
20

	  	
7

	  	
15012101

	  	
RMF

	  	
Victory Crossing

	  	
107,973

	  	
SF

	  	
53,763.88

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/26_Defeasance/89_0%/5

	
21

	  	  	  	
27

	  	
FCRE REL, LLC

	  	
Ashton Arlington Heights Apartments

	  	
163

	  	
Units

	  	
55,270.01

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	
22

	  	
8

	  	
8200

	  	
CGMRC

	  	
Continuum Tower Retail

	  	
24,044

	  	
SF

	  	
50,875.59

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/88_0%/7

	
23

	  	  	  	
1WF460

	  	
GSMC

	  	
Triad Apartment Portfolio

	  	
277

	  	
Units

	  	
50,207.81

	  	
Actual/360

	  	
0.0095%

	  	  	  	
Lockout/24_Defeasance/92_0%/4

	
23.01

	  	  	  	
1WF460-1

	  	  	  	
Lawndale Apartments

	  	
44

	  	
Units

	  	  	  	  	  	  	  	
No

	  	  
	
23.02

	  	  	  	
1WF460-2

	  	  	  	
Cypress Pointe

	  	
60

	  	
Units

	  	  	  	  	  	  	  	
No

	  	  
	
23.03

	  	  	  	
1WF460-3

	  	  	  	
Riverbend Apartments

	  	
42

	  	
Units

	  	  	  	  	  	  	  	
No

	  	  
	
23.04

	  	  	  	
1WF460-4

	  	  	  	
British Manor

	  	
84

	  	
Units

	  	  	  	  	  	  	  	
No

	  	  
	
23.05

	  	  	  	
1WF460-5

	  	  	  	
Villas Way

	  	
18

	  	
Units

	  	  	  	  	  	  	  	
No

	  	  
	
23.06

	  	  	  	
1WF460-6

	  	  	  	
The Oaks

	  	
18

	  	
Units

	  	  	  	  	  	  	  	
No

	  	  
	
23.07

	  	  	  	
1WF460-7

	  	  	  	
Brown Apartments

	  	
11

	  	
Units

	  	  	  	  	  	  	  	
No

	  	  
	
24

	  	  	  	  	  	
RMF

	  	
Elizabeth Street Portfolio

	  	
156,246

	  	
SF

	  	
49,958.12

	  	
Actual/360

	  	
0.0095%

	  	  	  	
Lockout/25_Defeasance/91_0%/4

	
24.01

	  	  	  	  	  	  	  	
1030 Elizabeth Street

	  	
62,510

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
24.02

	  	  	  	  	  	  	  	
1040 Elizabeth Street

	  	
64,136

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
24.03

	  	  	  	  	  	  	  	
1070 Elizabeth Street

	  	
29,600

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
25

	  	  	  	
8054

	  	
CGMRC

	  	
Mansell Shops

	  	
56,124

	  	
SF

	  	
46,396.65

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
26

	  	
9

	  	
8187

	  	
CGMRC

	  	
Lafayette Place

	  	
94,875

	  	
SF

	  	
43,592.34

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/26_Defeasance or >YM or 1%/90_0%/4

	
27

	  	  	  	
8282

	  	
CGMRC

	  	
Shops of Flint Creek

	  	
59,325

	  	
SF

	  	
43,487.85

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/26_Defeasance/90_0%/4

	
28

	  	  	  	
1WV5A8

	  	
GSMC

	  	
Extra Space Arapahoe & Holly

	  	
90,750

	  	
SF

	  	
29,656.25

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/26_Defeasance/90_0%/4

	
29

	  	  	  	
14100386

	  	
RMF

	  	
Oaks Business Center

	  	
61,770

	  	
SF

	  	
45,388.02

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
30

	  	  	  	
8237

	  	
CGMRC

	  	
Palmdale Corporate Center

	  	
58,017

	  	
SF

	  	
42,534.04

	  	
Actual/360

	  	
0.0395%

	  	
No

	  	
Lockout/26_Defeasance/90_0%/4

	
31

	  	
10

	  	
45

	  	
CGMRC

	  	
Parkwest Crossing

	  	
85,602

	  	
SF

	  	
38,326.72

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/26_Defeasance/91_0%/3

	
32

	  	  	  	
59S6E3

	  	
GSMC

	  	
Marple Commons

	  	
57,760

	  	
SF

	  	
36,514.51

	  	
Actual/360

	  	
0.0495%

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	
33

	  	  	  	
8123

	  	
CGMRC

	  	
Pine Woods Village Apartments

	  	
156

	  	
Units

	  	
35,971.65

	  	
Actual/360

	  	
0.0570%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
34

	  	  	  	
1WV3L6

	  	
GSMC

	  	
Six Flags Village

	  	
76,904

	  	
SF

	  	
35,983.79

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/24_>YM or 1%/89_0%/7

	
35

	  	  	  	
943K09

	  	
GSMC

	  	
Greens at Fort Mill

	  	
64

	  	
Units

	  	
35,219.30

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
36

	  	  	  	
14103010

	  	
RMF

	  	
Zinc Mill Terrace

	  	
94

	  	
Units

	  	
35,136.01

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
37

	  	  	  	
8266

	  	
CGMRC

	  	
12001 East Freeway

	  	
110,675

	  	
SF

	  	
33,016.77

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/92_0%/3

	
38

	  	  	  	
14120307

	  	
RMF

	  	
Crossview Courts Apartments

	  	
167

	  	
Units

	  	
34,756.59

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
39

	  	
11

	  	
59VOT3

	  	
GSMC

	  	
Whitehall Tech Center VI

	  	
80,686

	  	
SF

	  	
33,092.63

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	
40

	  	  	  	
49

	  	
FCRE REL, LLC

	  	
Port St Lucie Retail Portfolio

	  	
80,066

	  	
SF

	  	
32,159.67

	  	
Actual/360

	  	
0.0095%

	  	  	  	
Lockout/24_Defeasance/92_0%/4

	
40.01

	  	  	  	
49.01

	  	  	  	
Lakeside Shopping Center

	  	
47,969

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
40.02

	  	  	  	
49.02

	  	  	  	
Morningside Shoppes

	  	
32,097

	  	
SF

	  	  	  	  	  	  	  	
No

	  	  
	
41

	  	  	  	
15012201

	  	
RMF

	  	
Spring Branch Estates

	  	
143

	  	
Units

	  	
33,089.21

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

 

  

  

  

 

	
CGCMT 2015-GC29 Supplemental Servicer Schedule

	  
	 	 
	  	  	  	  	  	  	  	  	  	  	  	  	  	  	
Monthly

	  	
Interest

	  	  	  	  	  	  
	
Control

	  	  	  	
Loan

	  	
Mortgage

	  	  	  	
Units, Pads,

	  	
Unit

	  	
Debt

	  	
Accrual

	  	
Administrative

	  	
Ground

	  	  
	
Number

	  	
Footnotes

	  	
Number

	  	
Loan Seller

	  	
Property Name

	  	
Rooms, Sq Ft

	  	
Description

	  	
Service ($) (1)

	  	
Method

	  	
Fee Rate (%) (2)

	  	
Lease Y/N

	  	
Prepayment Provision (3)

	
42

	  	  	  	
14111704

	  	
RMF

	  	
Fall River Apartments Portfolio

	  	
105

	  	
Units

	  	
31,298.84

	  	
Actual/360

	  	
0.0095%

	  	  	  	
Lockout/25_Defeasance/91_0%/4

	
42.01

	  	  	  	
14111704.01

	  	  	  	
The Residences at 1710

	  	
66

	  	
Units

	  	  	  	  	  	  	  	
No

	  	  
	
42.02

	  	  	  	
14111704.02

	  	  	  	
The Residences at 680

	  	
39

	  	
Units

	  	  	  	  	  	  	  	
No

	  	  
	
43

	  	  	  	
8251

	  	
CGMRC

	  	
Superior Storage

	  	
117,512

	  	
SF

	  	
30,258.68

	  	
Actual/360

	  	
0.0295%

	  	
No

	  	
Lockout/25_Defeasance/92_0%/3

	
44

	  	  	  	
61

	  	
CGMRC

	  	
Caxton Building

	  	
147,549

	  	
SF

	  	
29,337.08

	  	
Actual/360

	  	
0.0670%

	  	
No

	  	
Lockout/27_Defeasance/89_0%/4

	
45

	  	  	  	
8148

	  	
CGMRC

	  	
Holiday Inn Express Bellevue

	  	
87

	  	
Rooms

	  	
30,447.75

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
46

	  	  	  	
1WU3W4

	  	
GSMC

	  	
Azalea Ridge Apartments

	  	
281

	  	
Units

	  	
28,015.26

	  	
Actual/360

	  	
0.0770%

	  	
No

	  	
Lockout/28_Defeasance/88_0%/4

	
47

	  	  	  	
14121701

	  	
RMF

	  	
Dames Point Retail

	  	
75,900

	  	
SF

	  	
25,223.47

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
48

	  	  	  	
14081583

	  	
RMF

	  	
Commerce Point I & II

	  	
187,638

	  	
SF

	  	
26,445.24

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
49

	  	  	  	
71

	  	
CGMRC

	  	
500 Murray Road

	  	
356,610

	  	
SF

	  	
23,957.32

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/27_Defeasance/87_0%/6

	
50

	  	  	  	
14120306

	  	
RMF

	  	
Tara Hall Apartments

	  	
166

	  	
Units

	  	
23,894.97

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
51

	  	  	  	
74

	  	
CGMRC

	  	
Northwood & Gypsy Lane Apartments

	  	
148

	  	
Units

	  	
25,268.14

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/32_Defeasance/85_0%/3

	
52

	  	  	  	
94AA46

	  	
GSMC

	  	
Summerlyn Apartments

	  	
200

	  	
Units

	  	
26,385.05

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/10_0%/25

	
53

	  	  	  	
8246

	  	
CGMRC

	  	
Five Points Shopping Center

	  	
58,834

	  	
SF

	  	
23,626.20

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/24_Defeasance/93_0%/3

	
54

	  	  	  	
14100677

	  	
RMF

	  	
Bordeaux Apartments

	  	
120

	  	
Units

	  	
23,754.67

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/24_Defeasance/89_0%/7

	
55

	  	  	  	
79

	  	
CGMRC

	  	
Scarsdale Medical Center

	  	
8,982

	  	
SF

	  	
22,368.27

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/29_Defeasance/87_0%/4

	
56

	  	  	  	
8227

	  	
CGMRC

	  	
Red Mountain Shopping Center

	  	
17,671

	  	
SF

	  	
19,803.29

	  	
Actual/360

	  	
0.0395%

	  	
No

	  	
Lockout/27_Defeasance/89_0%/4

	
57

	  	  	  	
14090983

	  	
RMF

	  	
Walgreens - Raleigh

	  	
14,820

	  	
SF

	  	
20,702.82

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
58

	  	  	  	
14102203

	  	
RMF

	  	
Mercer Crossing

	  	
111,324

	  	
SF

	  	
21,810.50

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
59

	  	  	  	
03OZJ6

	  	
GSMC

	  	
Woods Townhomes

	  	
112

	  	
Units

	  	
18,693.72

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
60

	  	  	  	
15010505

	  	
RMF

	  	
Forest Hill Mini Storage

	  	
48,600

	  	
SF

	  	
19,403.86

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
61

	  	  	  	
14110601

	  	
RMF

	  	
Campus Walk Apartments

	  	
181

	  	
Units

	  	
18,201.78

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
62

	  	
12

	  	  	  	
CGMRC

	  	
103rd Street Family Center

	  	
37,800

	  	
SF

	  	
19,538.07

	  	
Actual/360

	  	
0.1070%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
63

	  	  	  	
77

	  	
FCRE REL, LLC

	  	
DaVita Dialysis - Bronx

	  	
19,979

	  	
SF

	  	
17,977.32

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/26_Defeasance/90_0%/4

	
64

	  	  	  	
92

	  	
CGMRC

	  	
Chester Square

	  	
40,600

	  	
SF

	  	
19,793.40

	  	
Actual/360

	  	
0.0670%

	  	
No

	  	
Lockout/26_Defeasance/90_0%/4

	
65

	  	  	  	
8280

	  	
CGMRC

	  	
BMI Self Storage

	  	
98,092

	  	
SF

	  	
16,626.58

	  	
Actual/360

	  	
0.0595%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
66

	  	  	  	
14111404

	  	
RMF

	  	
Bay Plaza

	  	
38,419

	  	
SF

	  	
16,691.38

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
67

	  	  	  	  	  	
CGMRC

	  	
University Landing

	  	
132

	  	
Beds

	  	
17,051.62

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	
68

	  	  	  	
8314

	  	
CGMRC

	  	
Amsdell - Sentinel Self Storage

	  	
56,195

	  	
SF

	  	
16,104.21

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
69

	  	  	  	
7999

	  	
CGMRC

	  	
Glen Valley Apartments

	  	
104

	  	
Units

	  	
15,830.75

	  	
Actual/360

	  	
0.0595%

	  	
No

	  	
Lockout/25_Defeasance/92_0%/3

	
70

	  	  	  	
100

	  	
CGMRC

	  	
Belleview Shopping Center

	  	
84,146

	  	
SF

	  	
15,034.99

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
71

	  	  	  	
14121577

	  	
RMF

	  	
South Elgin Commons

	  	
13,436

	  	
SF

	  	
14,103.84

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/24_>YM or 1%/89_0%/7

	
72

	  	  	  	
102

	  	
CGMRC

	  	
12285 McNulty Road

	  	
75,000

	  	
SF

	  	
14,079.83

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/27_Defeasance/89_0%/4

	
73

	  	
13, 14

	  	  	  	
CGMRC

	  	
La Paz Gateway

	  	
6,028

	  	
SF

	  	
13,988.25

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/88_0%/7

	
74

	  	  	  	
104

	  	
CGMRC

	  	
Lumen Dental

	  	
17,150

	  	
SF

	  	
16,156.44

	  	
Actual/360

	  	
0.0495%

	  	
No

	  	
Lockout/27_Defeasance/29_0%/4

	
75

	  	  	  	
92

	  	
FCRE REL, LLC

	  	
324-328 Louisa Avenue

	  	
20,085

	  	
SF

	  	
13,334.35

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/26_Defeasance/90_0%/4

	
76

	  	  	  	
107

	  	
CGMRC

	  	
Audubon Plaza

	  	
62,924

	  	
SF

	  	
14,123.83

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
77

	  	  	  	
109

	  	
CGMRC

	  	
Maple Highlands

	  	
104

	  	
Units

	  	
12,519.02

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/26_Defeasance/91_0%/3

	
78

	  	  	  	
94

	  	
FCRE REL, LLC

	  	
Rite Aid - Toledo

	  	
11,093

	  	
SF

	  	
11,601.90

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/26_Defeasance/90_0%/4

	
79

	  	  	  	
8231

	  	
CGMRC

	  	
Delta Self Storage

	  	
48,418

	  	
SF

	  	
11,435.72

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	
80

	  	
15

	  	
96

	  	
FCRE REL, LLC

	  	
Niagara & Ontario Plaza

	  	
42,675

	  	
SF

	  	
11,161.56

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/29_Defeasance/87_0%/4

	
81

	  	  	  	
97

	  	
FCRE REL, LLC

	  	
DaVita Dialysis - Detroit

	  	
11,413

	  	
SF

	  	
9,903.09

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/26_Defeasance/90_0%/4

	
82

	  	  	  	
114

	  	
CGMRC

	  	
Terrace Glen Estates

	  	
100

	  	
Pads

	  	
8,638.13

	  	
Actual/360

	  	
0.0720%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
83

	  	  	  	
115

	  	
CGMRC

	  	
Whispering Willow

	  	
102

	  	
Pads

	  	
8,463.60

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/24_Defeasance/92_0%/4

	
84

	  	  	  	
8293

	  	
CGMRC

	  	
Safe and Secure Self Storage

	  	
30,002

	  	
SF

	  	
8,401.93

	  	
Actual/360

	  	
0.0595%

	  	
No

	  	
Lockout/26_Defeasance/90_0%/4

	
85

	  	  	  	
15010676

	  	
RMF

	  	
USA Safe Storage

	  	
34,550

	  	
SF

	  	
8,008.89

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/91_0%/4

	
86

	  	  	  	
121

	  	
CGMRC

	  	
Chase Bank - Mentor on the Lake

	  	
3,120

	  	
SF

	  	
3,393.01

	  	
Actual/360

	  	
0.0095%

	  	
No

	  	
Lockout/25_Defeasance/92_0%/3

 

  

  

  

 

	
CGCMT 2015-GC29 Supplemental Servicer Schedule

	  
	 	 
	  	  	  	  	  	  	  	  	  	  	  	  	
Companion Loan

	  	
Companion Loan

	
Control

	  	  	  	
Loan

	  	
Mortgage

	  	  	  	
Companion

	  	
Monthly Debt

	  	
Interest Accrual

	
Number

	  	
Footnotes

	  	
Number

	  	
Loan Seller

	  	
Property Name

	  	
Loan Flag

	  	
Service ($)

	  	
Method

	
1

	  	  	  	
7NA2C0

	  	
GSMC

	  	
Selig Office Portfolio

	  	
Yes

	  	
726,510.53

	  	
Actual/360

	
1.01

	  	  	  	
7NA2C0-1

	  	  	  	
1000 Second Avenue

	  	  	  	  	  	  
	
1.02

	  	  	  	
7NA2C0-2

	  	  	  	
2901 Third Avenue

	  	  	  	  	  	  
	
1.03

	  	  	  	
7NA2C0-3

	  	  	  	
3101 Western Avenue

	  	  	  	  	  	  
	
1.04

	  	  	  	
7NA2C0-4

	  	  	  	
300 Elliott Avenue West

	  	  	  	  	  	  
	
1.05

	  	  	  	
7NA2C0-5

	  	  	  	
3131 Elliott Avenue

	  	  	  	  	  	  
	
1.06

	  	  	  	
7NA2C0-6

	  	  	  	
2615 Fourth Avenue

	  	  	  	  	  	  
	
1.07

	  	  	  	
7NA2C0-7

	  	  	  	
190 Queen Anne Avenue North

	  	  	  	  	  	  
	
1.08

	  	  	  	
7NA2C0-8

	  	  	  	
200 First Avenue West

	  	  	  	  	  	  
	
1.09

	  	  	  	
7NA2C0-9

	  	  	  	
18 West Mercer Street

	  	  	  	  	  	  
	
2

	  	  	  	
8111

	  	
CGMRC

	  	
160 Fifth Avenue

	  	  	  	  	  	  
	
3

	  	  	  	
8304

	  	
CGMRC

	  	
3 Columbus Circle

	  	
Yes

	  	
762,528.94

	  	
Actual/360

	
4

	  	  	  	
599L06

	  	
GSMC

	  	
Apollo Education Group Headquarters

	  	  	  	  	  	  
	
5

	  	  	  	
8260

	  	
CGMRC

	  	
Parkchester Commercial

	  	  	  	  	  	  
	
6

	  	  	  	
8049

	  	
CGMRC

	  	
170 Broadway

	  	
Yes

	  	
97,220.67

	  	
Actual/360

	
7

	  	
4

	  	
9P8SZ0

	  	
GSMC

	  	
Papago Arroyo

	  	  	  	  	  	  
	
8

	  	  	  	
15011401

	  	
RMF

	  	
Ansley Walk

	  	  	  	  	  	  
	
9

	  	  	  	
7918

	  	
CGMRC

	  	
400 Plaza Drive

	  	  	  	  	  	  
	
10

	  	  	  	
14111908

	  	
RMF

	  	
Stone Manor

	  	  	  	  	  	  
	
11

	  	  	  	
7124

	  	
CGMRC

	  	
Beverly Hills Hotel Portfolio

	  	  	  	  	  	  
	
11.01

	  	  	  	
7124-1

	  	  	  	
Mosaic Beverly Hills

	  	  	  	  	  	  
	
11.02

	  	  	  	
7124-2

	  	  	  	
Maison 140

	  	  	  	  	  	  
	
12

	  	  	  	
8238

	  	
CGMRC

	  	
Residence Inn Orangeburg

	  	  	  	  	  	  
	
13

	  	  	  	
14120504

	  	
RMF

	  	
Kentucky Self Storage Portfolio

	  	  	  	  	  	  
	
13.01

	  	  	  	
14120504.01

	  	  	  	
Safe Storage 910 Enterprise Court - Lexington

	  	  	  	  	  	  
	
13.02

	  	  	  	
14120504.02

	  	  	  	
Safe Storage Industry Parkway - Nicholasville

	  	  	  	  	  	  
	
13.03

	  	  	  	
14120504.03

	  	  	  	
Safe Storage Etter Drive - Nicholasville

	  	  	  	  	  	  
	
13.04

	  	  	  	
14120504.04

	  	  	  	
The Storeroom Mobile Storage - Lexington

	  	  	  	  	  	  
	
14

	  	  	  	
14121102

	  	
RMF

	  	
Solaire Apartments

	  	  	  	  	  	  
	
15

	  	  	  	
596AB2

	  	
GSMC

	  	
Sherman Plaza

	  	  	  	  	  	  
	
16

	  	
5

	  	
7996

	  	
CGMRC

	  	
Crowne Plaza Bloomington

	  	
Yes

	  	
63,165.51

	  	
Actual/360

	
17

	  	  	  	
8245

	  	
CGMRC

	  	
Waldon Lakes Apartments

	  	  	  	  	  	  
	
18

	  	
6

	  	
59TS98

	  	
GSMC

	  	
Doubletree Charleston

	  	  	  	  	  	  
	
19

	  	  	  	  	  	
CGMRC

	  	
Eastmont Town Center

	  	
Yes

	  	
157,633.68

	  	
Actual/360

	
20

	  	
7

	  	
15012101

	  	
RMF

	  	
Victory Crossing

	  	  	  	  	  	  
	
21

	  	  	  	
27

	  	
FCRE REL, LLC

	  	
Ashton Arlington Heights Apartments

	  	  	  	  	  	  
	
22

	  	
8

	  	
8200

	  	
CGMRC

	  	
Continuum Tower Retail

	  	  	  	  	  	  
	
23

	  	  	  	
1WF460

	  	
GSMC

	  	
Triad Apartment Portfolio

	  	  	  	  	  	  
	
23.01

	  	  	  	
1WF460-1

	  	  	  	
Lawndale Apartments

	  	  	  	  	  	  
	
23.02

	  	  	  	
1WF460-2

	  	  	  	
Cypress Pointe

	  	  	  	  	  	  
	
23.03

	  	  	  	
1WF460-3

	  	  	  	
Riverbend Apartments

	  	  	  	  	  	  
	
23.04

	  	  	  	
1WF460-4

	  	  	  	
British Manor

	  	  	  	  	  	  
	
23.05

	  	  	  	
1WF460-5

	  	  	  	
Villas Way

	  	  	  	  	  	  
	
23.06

	  	  	  	
1WF460-6

	  	  	  	
The Oaks

	  	  	  	  	  	  
	
23.07

	  	  	  	
1WF460-7

	  	  	  	
Brown Apartments

	  	  	  	  	  	  
	
24

	  	  	  	  	  	
RMF

	  	
Elizabeth Street Portfolio

	  	  	  	  	  	  
	
24.01

	  	  	  	  	  	  	  	
1030 Elizabeth Street

	  	  	  	  	  	  
	
24.02

	  	  	  	  	  	  	  	
1040 Elizabeth Street

	  	  	  	  	  	  
	
24.03

	  	  	  	  	  	  	  	
1070 Elizabeth Street

	  	  	  	  	  	  
	
25

	  	  	  	
8054

	  	
CGMRC

	  	
Mansell Shops

	  	  	  	  	  	  
	
26

	  	
9

	  	
8187

	  	
CGMRC

	  	
Lafayette Place

	  	  	  	  	  	  
	
27

	  	  	  	
8282

	  	
CGMRC

	  	
Shops of Flint Creek

	  	  	  	  	  	  
	
28

	  	  	  	
1WV5A8

	  	
GSMC

	  	
Extra Space Arapahoe & Holly

	  	  	  	  	  	  
	
29

	  	  	  	
14100386

	  	
RMF

	  	
Oaks Business Center

	  	  	  	  	  	  
	
30

	  	  	  	
8237

	  	
CGMRC

	  	
Palmdale Corporate Center

	  	  	  	  	  	  
	
31

	  	
10

	  	
45

	  	
CGMRC

	  	
Parkwest Crossing

	  	  	  	  	  	  
	
32

	  	  	  	
59S6E3

	  	
GSMC

	  	
Marple Commons

	  	  	  	  	  	  
	
33

	  	  	  	
8123

	  	
CGMRC

	  	
Pine Woods Village Apartments

	  	  	  	  	  	  
	
34

	  	  	  	
1WV3L6

	  	
GSMC

	  	
Six Flags Village

	  	  	  	  	  	  
	
35

	  	  	  	
943K09

	  	
GSMC

	  	
Greens at Fort Mill

	  	  	  	  	  	  
	
36

	  	  	  	
14103010

	  	
RMF

	  	
Zinc Mill Terrace

	  	  	  	  	  	  
	
37

	  	  	  	
8266

	  	
CGMRC

	  	
12001 East Freeway

	  	  	  	  	  	  
	
38

	  	  	  	
14120307

	  	
RMF

	  	
Crossview Courts Apartments

	  	  	  	  	  	  
	
39

	  	
11

	  	
59VOT3

	  	
GSMC

	  	
Whitehall Tech Center VI

	  	  	  	  	  	  
	
40

	  	  	  	
49

	  	
FCRE REL, LLC

	  	
Port St Lucie Retail Portfolio

	  	  	  	  	  	  
	
40.01

	  	  	  	
49.01

	  	  	  	
Lakeside Shopping Center

	  	  	  	  	  	  
	
40.02

	  	  	  	
49.02

	  	  	  	
Morningside Shoppes

	  	  	  	  	  	  
	
41

	  	  	  	
15012201

	  	
RMF

	  	
Spring Branch Estates

	  	  	  	  	  	  

 

  

  

  

 

	
CGCMT 2015-GC29 Supplemental Servicer Schedule

	  
	 	 
	  	  	  	  	  	  	  	  	  	  	  	  	
Companion Loan

	  	
Companion Loan

	
Control

	  	  	  	
Loan

	  	
Mortgage

	  	  	  	
Companion

	  	
Monthly Debt

	  	
Interest Accrual

	
Number

	  	
Footnotes

	  	
Number

	  	
Loan Seller

	  	
Property Name

	  	
Loan Flag

	  	
Service ($)

	  	
Method

	
42

	  	  	  	
14111704

	  	
RMF

	  	
Fall River Apartments Portfolio

	  	  	  	  	  	  
	
42.01

	  	  	  	
14111704.01

	  	  	  	
The Residences at 1710

	  	  	  	  	  	  
	
42.02

	  	  	  	
14111704.02

	  	  	  	
The Residences at 680

	  	  	  	  	  	  
	
43

	  	  	  	
8251

	  	
CGMRC

	  	
Superior Storage

	  	  	  	  	  	  
	
44

	  	  	  	
61

	  	
CGMRC

	  	
Caxton Building

	  	  	  	  	  	  
	
45

	  	  	  	
8148

	  	
CGMRC

	  	
Holiday Inn Express Bellevue

	  	  	  	  	  	  
	
46

	  	  	  	
1WU3W4

	  	
GSMC

	  	
Azalea Ridge Apartments

	  	  	  	  	  	  
	
47

	  	  	  	
14121701

	  	
RMF

	  	
Dames Point Retail

	  	  	  	  	  	  
	
48

	  	  	  	
14081583

	  	
RMF

	  	
Commerce Point I & II

	  	
Yes

	  	
52,890.48

	  	
Actual/360

	
49

	  	  	  	
71

	  	
CGMRC

	  	
500 Murray Road

	  	  	  	  	  	  
	
50

	  	  	  	
14120306

	  	
RMF

	  	
Tara Hall Apartments

	  	  	  	  	  	  
	
51

	  	  	  	
74

	  	
CGMRC

	  	
Northwood & Gypsy Lane Apartments

	  	  	  	  	  	  
	
52

	  	  	  	
94AA46

	  	
GSMC

	  	
Summerlyn Apartments

	  	  	  	  	  	  
	
53

	  	  	  	
8246

	  	
CGMRC

	  	
Five Points Shopping Center

	  	  	  	  	  	  
	
54

	  	  	  	
14100677

	  	
RMF

	  	
Bordeaux Apartments

	  	  	  	  	  	  
	
55

	  	  	  	
79

	  	
CGMRC

	  	
Scarsdale Medical Center

	  	  	  	  	  	  
	
56

	  	  	  	
8227

	  	
CGMRC

	  	
Red Mountain Shopping Center

	  	  	  	  	  	  
	
57

	  	  	  	
14090983

	  	
RMF

	  	
Walgreens - Raleigh

	  	  	  	  	  	  
	
58

	  	  	  	
14102203

	  	
RMF

	  	
Mercer Crossing

	  	  	  	  	  	  
	
59

	  	  	  	
03OZJ6

	  	
GSMC

	  	
Woods Townhomes

	  	  	  	  	  	  
	
60

	  	  	  	
15010505

	  	
RMF

	  	
Forest Hill Mini Storage

	  	  	  	  	  	  
	
61

	  	  	  	
14110601

	  	
RMF

	  	
Campus Walk Apartments

	  	  	  	  	  	  
	
62

	  	
12

	  	  	  	
CGMRC

	  	
103rd Street Family Center

	  	  	  	  	  	  
	
63

	  	  	  	
77

	  	
FCRE REL, LLC

	  	
DaVita Dialysis - Bronx

	  	  	  	  	  	  
	
64

	  	  	  	
92

	  	
CGMRC

	  	
Chester Square

	  	  	  	  	  	  
	
65

	  	  	  	
8280

	  	
CGMRC

	  	
BMI Self Storage

	  	  	  	  	  	  
	
66

	  	  	  	
14111404

	  	
RMF

	  	
Bay Plaza

	  	  	  	  	  	  
	
67

	  	  	  	  	  	
CGMRC

	  	
University Landing

	  	  	  	  	  	  
	
68

	  	  	  	
8314

	  	
CGMRC

	  	
Amsdell - Sentinel Self Storage

	  	  	  	  	  	  
	
69

	  	  	  	
7999

	  	
CGMRC

	  	
Glen Valley Apartments

	  	  	  	  	  	  
	
70

	  	  	  	
100

	  	
CGMRC

	  	
Belleview Shopping Center

	  	  	  	  	  	  
	
71

	  	  	  	
14121577

	  	
RMF

	  	
South Elgin Commons

	  	  	  	  	  	  
	
72

	  	  	  	
102

	  	
CGMRC

	  	
12285 McNulty Road

	  	  	  	  	  	  
	
73

	  	
13, 14

	  	  	  	
CGMRC

	  	
La Paz Gateway

	  	  	  	  	  	  
	
74

	  	  	  	
104

	  	
CGMRC

	  	
Lumen Dental

	  	  	  	  	  	  
	
75

	  	  	  	
92

	  	
FCRE REL, LLC

	  	
324-328 Louisa Avenue

	  	  	  	  	  	  
	
76

	  	  	  	
107

	  	
CGMRC

	  	
Audubon Plaza

	  	  	  	  	  	  
	
77

	  	  	  	
109

	  	
CGMRC

	  	
Maple Highlands

	  	  	  	  	  	  
	
78

	  	  	  	
94

	  	
FCRE REL, LLC

	  	
Rite Aid - Toledo

	  	  	  	  	  	  
	
79

	  	  	  	
8231

	  	
CGMRC

	  	
Delta Self Storage

	  	  	  	  	  	  
	
80

	  	
15

	  	
96

	  	
FCRE REL, LLC

	  	
Niagara & Ontario Plaza

	  	  	  	  	  	  
	
81

	  	  	  	
97

	  	
FCRE REL, LLC

	  	
DaVita Dialysis - Detroit

	  	  	  	  	  	  
	
82

	  	  	  	
114

	  	
CGMRC

	  	
Terrace Glen Estates

	  	  	  	  	  	  
	
83

	  	  	  	
115

	  	
CGMRC

	  	
Whispering Willow

	  	  	  	  	  	  
	
84

	  	  	  	
8293

	  	
CGMRC

	  	
Safe and Secure Self Storage

	  	  	  	  	  	  
	
85

	  	  	  	
15010676

	  	
RMF

	  	
USA Safe Storage

	  	  	  	  	  	  
	
86

	  	  	  	
121

	  	
CGMRC

	  	
Chase Bank - Mentor on the Lake

	  	  	  	  	  	  

 

	
(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 Administrative Fee Rate includes the Servicing Fee Rate, the Operating Advisor Fee Rate, the Trustee/Certificate Administrator Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate applicable to each Mortgage Loan.

	
(3)

	
The open period is inclusive of the Maturity Date or Anticipated Repayment Date.

	
(4)

	
Ongoing TI/LC reserve is $25,000.00 in the first year of the loan term, $16,666.66 in the second year of the loan term and $23,333.33 thereafter.

	
(5)

	
Ongoing FF&E payments will be required commencing on the due date occurring in August 2016, in an amount equal to the greater of (a) one-twelfth of 4% of the greater of (i) the gross income for the Crowne Plaza Bloomington Property in the preceding calendar year or (ii) the projected gross income for the Crowne Plaza Bloomington Property for the current calendar year or (b) the amount required by the franchisor under the franchise agreement.

	
(6)

	
On each monthly Due Date, the borrower is required to fund Ongoing Replacement Reserves in an amount equal to the greater of (a) the monthly amount required to be reserved pursuant to the franchise agreement or (b) (i) during the 2015 calendar year, 2% of the borrower’s gross revenues over the trailing 12-month period, (ii) during the 2016 calendar year, 3% of the borrower’s gross revenues over the trailing 12-month period and (iii) during each calendar year thereafter, 4% of the borrower’s gross revenues over the trailing 12-month period.

	
(7)

	
The replacement reserve is capped at $43,200.

	
(8)

	
Ongoing TI/LC payments in the amount of $2,916.67 will be required beginning on the due date occuring in March 2016 and continuing the for remainder of the loan term.

	
(9)

	
Following the completion of the roof replacement work, the Replacement Reserve Cap falls to $100,000.

	
(10)

	
The TI/LC Reserve account is capped at $200,000. The Borrower is not required to make the monthly TI/LC Reserve account deposit of $2,853 unless the TI/LC Reserve account balance falls below $150,000. In the event the TI/LC Reserve account balance falls below $150,000, the Borrower shall make the TI/LC Reserve monthly deposits until the balance meets the cap of $200,000.

	
(11)

	
Ongoing TI/LC Reserve is (i) for the Due Dates occurring in May 2015 through April 2016, $8,333.33, and (ii) for each subsequent Due Date, $4,500.00.

	
(12)

	
The borrower is required to fund an Ongoing TI/LC Reserve in the amount of $3,150 per month until such time that the amount on deposit equals or exceeds $151,200.  If at any time (i) the reserve balance is less than or equal to $94,500 or (ii) an event of default exists, the borrower shall resume making the monthly deposits until the amount on deposit reaches the cap or until an event of default no longer exists.

	
(13)

	
The borrower is required to fund an Ongoing Replacement Reserve in the amount of $75.35 on each monthly payment date. The borrower’s obligations to make monthly deposits may be suspended once (i) the Replacement Reserve balance is greater than or equal to $2,700, or (ii) an event of default exists.

	
(14)

	
The borrower is required to fund an Ongoing TI/LC Reserve in the amount of $1,255.83 on each monthly payment date.  The borrower’s obligations to make monthly deposits may be suspended once (i) the reserve balance is greater than or equal to $45,000, or (ii) an event of default exists.

	
(15)

	
The amount held as TI/LC Reserve excludes the initial deposit of $35,000.00 into the Family Dollar Reserve.

 

  

  

  

 

EXHIBIT Q

 

[RESERVED]

 

  

Q-1

  

 

EXHIBIT R

 

FORM OF OPERATING ADVISOR ANNUAL REPORT1

Report Date: Report will be delivered annually (after the occurrence and during the continuance of an applicable Control Termination Event) no later than [INSERT DATE].

Transaction: Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-GC29

Operating Advisor: [                             ]

Special Servicer: [                             ]

Directing Holder: [                             ]

 

I.                 Population of Mortgage Loans that Were Considered in Compiling This Report

 

[   ] Specially Serviced Loans were transferred to special servicing in the prior calendar year [INSERT YEAR].

 

(a)           [   ] of those Specially Serviced Loans are still being analyzed by the Special Servicer as part of the development of an Asset Status Report.

 

(b)           [   ] of such Specially Serviced Loans had executed Final Asset Status Reports. 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 dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator, as well as the items listed below, the Operating Advisor has undertaken a limited review of the Special Servicer’s operational activities to service certain Specially Serviced Loans in accordance with the Servicing Standard in accordance with the Operating Advisor’s requirements outlined in the Pooling and Servicing Agreement.  Based on such review, the Operating Advisor [believes, does not believe] there are material deviations [(i)] from the Servicing Standard [and/or (ii)] from the Special Servicer’s obligations under the 

 

 

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 compliance with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to Privileged Information.

 

  

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Pooling and Servicing Agreement with respect to the resolution or liquidation of Specially Serviced Loans. In addition, the Operating Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

In connection with the assessment set forth in this report, the Operating Advisor:

 

Reviewed any assessment of compliance and/or attestation report delivered to the Operating Advisor pursuant to the Pooling and Servicing Agreement with respect to the Special Servicer, and the Asset Status Reports, net present value calculations and Appraisal Reduction calculations and [LIST OTHER REVIEWED INFORMATION] for the following [ ] Specially Serviced Loans: [LIST APPLICABLE MORTGAGE LOANS]

 

III.               Specific Items of Review

 

1.           The Operating Advisor reviewed the following items in connection with the generation of this report: [LIST MATERIAL ITEMS].

 

2.           During the prior year, the Operating Advisor consulted with the Special Servicer regarding its strategy plan for a limited number of issues related to the following Specially Serviced Loans: [LIST]. The Operating Advisor participated in discussions and made strategic observations and recommended alternative courses of action to the extent it deemed such observations and recommendations appropriate. The Special Servicer [agreed with/did not agree with] the recommendations made by the Operating Advisor. Such recommendations generally included the following: [LIST].

 

3.           Appraisal Reduction calculations and net present value calculations:

 

(a)         The Operating Advisor [received/did not receive] information necessary to recalculate and verify the accuracy of the mathematical calculations and the corresponding application of the non-discretionary portions of the applicable formulas required to be utilized in connection with any Appraisal Reduction or net present value calculations used in the Special Servicer’s determination of the course of action to be taken in connection with the workout or liquidation of a Specially Serviced Loan prior to the utilization by the Special Servicer.

 

(b)         The Operating Advisor [agrees/does not agree] with the [mathematical calculations] [and/or] [the application of the applicable non-discretionary portions of the formula] required to be utilized for such calculation.

 

(c)         After consultation with the Special Servicer to resolve any inaccuracy in the mathematical calculations or the application of the non discretionary portions of the related formula in arriving at those mathematical calculations, such inaccuracy [has been/ has not been] resolved.

 

4.           The following is a general discussion of certain concerns raised by the Operating Advisor discussed in this report: [LIST CONCERNS].

 

  

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5.           In addition to the other information presented herein, the Operating Advisor notes the following additional items: [LIST ADDITIONAL ITEMS].

 

IV.              Qualifications Related to the Work Product Undertaken and Opinions Related to this Report

 

1.           In accordance with the terms of the Pooling and Servicing Agreement, the Operating Advisor did not participate in, or have access to, the Special Servicer’s and the applicable Directing Holder’s discussion(s) regarding any Specially Serviced Loan. The Operating Advisor does not have authority to speak with the applicable Directing Holder directly pursuant to the Pooling and Servicing Agreement. As such, the Operating Advisor generally relied upon its interaction with the Special Servicer in gathering the relevant information to generate this report.

 

2.           The Special Servicer has the legal authority and responsibility to service the Specially Serviced Loans pursuant to the Pooling and Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards set forth therein.

 

3.           Confidentiality and other contractual limitations limit the Operating Advisor’s ability to outline the details or substance of 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.

 

4.           The Operating Advisor is not empowered to directly communicate with investors pursuant to the Pooling and Servicing Agreement. If investors have questions regarding this report, they should address such questions to the Certificate Administrator through the Certificate Administrator’s Website.

 

Terms used but not defined herein have the meaning set forth in the Pooling and Servicing Agreement.

 

[                         ]

 

	By:	 	 
	
Name:

	 
	
Title:

	 

 

  

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EXHIBIT S

 

SUBSERVICING AGREEMENTS

 

	
Mortgage Loan/ Property Name

	
Sub-Servicer Name

	
Caxton Building

	
Bellwether Enterprise Real Estate Capital, LLC

	
Chester Square

	
Bellwether Enterprise Real Estate Capital, LLC

	
Terrace Glen Estates

	
Bellwether Enterprise Real Estate Capital, LLC

	
Waldon Lakes Apartments

	
Berkadia Commercial Morgtgage LLC

	
Pine Woods Village Apartments

	
Berkadia Commercial Mortgage LLC

	
Apollo Education Group Headquarters

	
GEMSA Loan Services, L.P.

	
Papago Arroyo

	
GEMSA Loan Services, L.P.

	
Eastmont Town Center Loan Combination

	
NorthMarq Capital, LLC

	
Azalea Ridge Apartments

	
NorthMarq Capital, LLC

	
103rd Street Family Center

	
NorthMarq Capital, LLC

	
Palmdale Corporate Center

	
Holliday Fenoglio Fowler, L.P.

	
Marple Commons

	
Holliday Fenoglio Fowler, L.P.

	
Red Mountain Shopping Center

	
Holliday Fenoglio Fowler, L.P.

	
Lumen Dental

	
Holliday Fenoglio Fowler, L.P.

	
Superior Storage

	
PFG Servicing Corporation

 

  

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EXHIBIT T

FORM OF RECOMMENDATION OF SPECIAL SERVICER TERMINATION

Deutsche Bank Trust Company Americas,

as Trustee

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention: Trust Administration – CI1529

Citibank, N.A.,

as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention:  Global Transaction Services –

CGCMT 2015-GC29

Midland Loan Services, a Division of PNC Bank, National Association,

  as Special Servicer

10851 Mastin Street

Suite 700, Overland Park

Kansas 66210

Attention: Executive Vice President – Division Head

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29

	 

 

Ladies and Gentlemen:

 

This letter is delivered pursuant to Section 6.08(b) of the Pooling and Servicing Agreement, dated as of April 1, 2015  (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator, on behalf of the holders of Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29 (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 Pooling and Servicing Agreement.

 

Based upon our review of the operational practices of the Special Servicer [with respect to the Serviced Loans other than any Serviced Outside Controlled Pari Passu Loan Combination] [with respect to the [NAME OF SERVICED OUTSIDE CONTROLLED PARI PASSU LOAN COMBINATION] Loan Combination] conducted pursuant to and in accordance with the Pooling and Servicing Agreement, it is our assessment that [________], in its current capacity as Special Servicer [with respect to the Serviced Loans other than any Serviced Outside 

 

  

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Controlled Pari Passu Loan Combination] [with respect to the [NAME OF SERVICED OUTSIDE CONTROLLED PARI PASSU LOAN COMBINATION] Loan Combination], is not [performing its duties under the Pooling and Servicing Agreement][acting in accordance with the Servicing Standard].  The following factors support our assessment: [________].

 

  

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Based upon such assessment, 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:

	 	 

 

  

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EXHIBIT U

 

ADDITIONAL FORM 10-D DISCLOSURE

 

The parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.04 of the Pooling and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other Depositor and 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 Pooling 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 Master Servicer and the Special Servicer shall be entitled to rely on the accuracy of the Prospectus Supplement (other than information with respect to itself that is set forth in or omitted from the Prospectus Supplement), in the absence of specific written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor” other than a party identified as such in the Prospectus Supplement. For this CGCMT 2015-GC29 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 other than a party identified as such in the Prospectus Supplement.

	 	
Item on Form 10-D

	 	 	
Party Responsible

	 
	 	
Item 1: Distribution and Pool Performance Information

 

Any information required by Item 1121 of Regulation AB which is NOT included on the Distribution Date Statement

	 	 	
Certificate Administrator

Depositor

Master Servicer (only with respect to Item 1121(a)(12) of Regulation AB as to Performing Serviced Loans)

Special Servicer (only with respect to Item 1121(a)(12) of Regulation AB as to Specially Serviced Loans)

Each Mortgage Loan Seller (only with respect to Item 1121(c)(2) of Regulation AB as to itself)

	 
	 	
Item 2: Legal Proceedings

 

per Item 1117 of Regulation AB

	 	 	
(i) All parties to the Pooling and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, in each case as to the Trust (in the case of the 

	 

 

  

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Item on Form 10-D

	 	 	
Party Responsible

	 
	 	 	 	 	Master Servicer and the Special Servicer, to be reported by the party controlling such litigation), (iv) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110(b) originator and Regulation AB Item 1100(d)(1) party relating to a Mortgage Loan sold by such Mortgage Loan Seller to the Depositor	 
	 	
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 Holders1

	 	 	
Certificate Administrator

Trustee

	 
	 	
Item 6: Significant Obligors of Pool Assets

	 	 	
Master Servicer (excluding information for which the Special Servicer is the “Party Responsible”)

Special Servicer (as to REO Properties)

	 
	 	
Item 7: Significant Enhancement Provider Information

	 	 	
Depositor

	 
	 	
Item 8: Other Information

	 	 	
Any party responsible for disclosure items on Form 8-K to the extent of such items

	 
	 	
Item 9: Exhibits

	 	 	
Certificate Administrator

Depositor

	 

 

 

1    No disclosure is required for so long as Item 5 of Form 10-D requires the inclusion of information related to mine safety disclosures.

 

  

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EXHIBIT V

 

ADDITIONAL FORM 10-K DISCLOSURE

 

The parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.05 of the Pooling and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other Depositor and 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 Pooling 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 Master Servicer and the Special Servicer shall be entitled to rely on the accuracy of the Prospectus Supplement (other than information with respect to itself that is set forth in or omitted from the Prospectus Supplement), in the absence of specific written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor” other than a party identified as such in the Prospectus Supplement. For this CGCMT 2015-GC29 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 other than a party identified as such in the Prospectus Supplement.

	
Item on Form 10-K

	 	 	
Party Responsible

	 
	
Item 1B: Unresolved Staff Comments

 

 

	 	 	
Depositor

	 
	
Item 9B: Other Information

	 	 	
Any party responsible for disclosure items on Form 8-K to the extent of such items

	 
	
Item 15: Exhibits, Financial Statement Schedules

	 	 	
Certificate Administrator

Depositor

	 
	
Additional Item:

 

Disclosure per Item 1117 of Regulation AB

	 	 	
(i) All parties to the Pooling and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Certificate Administrator, the Master Servicer, the Depositor and the Special Servicer, in each case as to the Trust (in the case of the Master Servicer, the Depositor and the Special Servicer, to be reported by the party controlling such 

	 

 

  

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Item on Form 10-K

	 	 	
Party Responsible

	 
	 	 	 	litigation), (iv) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110(b) originator and Regulation AB Item 1100(d)(1) party relating to a Mortgage Loan sold by such Mortgage Loan Seller to the Depositor	 
	
Additional Item:

Disclosure per Item 1119 of Regulation AB

	 	 	
(i) All parties to the Pooling and Servicing Agreement as to themselves (in the case of the Master Servicer, only as to 1119(a) affiliations with Significant Obligors identified in the Pooling and Servicing Agreement, the Trustee, the Certificate Administrator, the Special Servicer or a sub-servicer described in 1108(a)(3) and, in the case of the Special Servicer, only as to 1119(a) affiliations with Significant Obligors identified in the Pooling and Servicing Agreement, the Trustee, the Certificate Administrator, the Master

Servicer or a sub-servicer described in 1108(a)(3)), (ii) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110 originator and Regulation AB Item 1100(d)(1) party relating to a Mortgage Loan sold by such Mortgage Loan Seller to the Depositor, (iii) the Depositor as to the enhancement or support provider

	 
	
Additional Item:

Disclosure per Item 1112(b) of Regulation AB

	 	 	
Master Servicer (excluding information for which the Special Servicer is the “Party Responsible”)

Special Servicer (as to REO Properties)

	 
	
Additional Item:

Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB

	 	 	
Depositor

	 

 

  

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EXHIBIT W

FORM OF ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO [                   ] AND VIA EMAIL TO [                                                                    ] AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

Citibank, N.A.,

as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Global Transaction Services –CGCMT 2015-GC29

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

RE: **Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies and Gentlemen:

 

In accordance with Section [  ] of the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Situs Holdings, LLC, as operating advisor, Deutsche Bank Trust Company Americas, as trustee, and Citibank, N.A., as certificate administrator, 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: [                  ].

 

  

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[NAME OF PARTY],

	 	 	 	
as [role]

	 	 	 	 
	 	 	

By:

	 
	 	 	 	

Name:

	 	 	 	

Title:

	 

 

  

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EXHIBIT X

 

FORM OF CERTIFICATION TO BE PROVIDED WITH FORM 10-K

 

CERTIFICATIONS

 

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 Citigroup Commercial Mortgage Trust 2015-GC29 (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 statement(s) required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act Periodic Reports, the servicers have fulfilled their obligations under the servicing agreement(s) 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: [Master Servicer][Special Servicer][Certificate Administrator][Trustee][Custodian][Operating Advisor][Outside Servicer][Outside Special Servicer]

 

	
Date: 

	 	 

 

 

	

[Signature]

[Title]

	 

 

  

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EXHIBIT Y-1

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY THE CERTIFICATE ADMINISTRATOR

 

	
  

	
Re:

	

Citigroup Commercial Mortgage Trust 2015-GC29 (the “Trust”), Commercial Mortgage Pass-Through Certificates, Series 2015-GC29 (the “Certificates”), issued pursuant to the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Situs Holdings, LLC, as operating advisor, Citibank, N.A., as certificate administrator (the “Certificate Administrator”), and Deutsche Bank Trust Company Americas, as trustee.

	 

 

I, [identifying the certifying individual], a [title] of [CERTIFICATE ADMINISTRATOR], certify to Citigroup Commercial Mortgage Securities Inc. and its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

1.           I have reviewed the annual report on Form 10-K for the fiscal year 20__, and all reports on Form 10-D required to be filed in respect of periods covered by that annual report on Form 10-K, of the Trust (the “Exchange Act Periodic Reports”);

 

2.          Based on my knowledge, the distribution information in Exchange Act Periodic 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 that report on Form 10-K;

 

3.           Based on my knowledge, all of the distribution, servicing and other information required to be provided by the Certificate Administrator pursuant to the Pooling and Servicing Agreement for inclusion in the Exchange Act Periodic Reports is included in such reports; 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 by the Certificate Administrator in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant Servicing Criteria.

 

  

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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: 

	 	 	 
	 	
[Name]

	 

 

  

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EXHIBIT Y-2

 

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE MASTER SERVICER

 

	
  

	
Re:

	

Citigroup Commercial Mortgage Trust 2015-GC29 (the “Trust”), Commercial Mortgage Pass-Through Certificates, Series 2015-GC29 (the “Certificates”), issued pursuant to the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Situs Holdings, LLC, as operating advisor, Citibank, N.A., as certificate administrator (the “Certificate Administrator”), and Deutsche Bank Trust Company Americas, as trustee

	 

 

I, [identify the certifying individual], a [title] of [MASTER SERVICER], certify to Citigroup Commercial Mortgage Securities Inc. 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 Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

 

	
(1)

	

I have (or a Servicing Officer under my supervision has) reviewed the servicing reports relating to the Trust delivered by the Master Servicer to the Certificate Administrator covering the fiscal year 20__;

 

	
(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 Master 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 Master Servicer), the servicing information required to be provided in these servicing reports to the Certificate Administrator by the Master Servicer under the Pooling and Servicing Agreement is included in the servicing reports delivered by the Master Servicer to the Certificate Administrator;

 

	
(4)

	
I am, or an employee under my supervision is, responsible for reviewing the activities performed by the Master Servicer under the Pooling and Servicing Agreement and based 

 

  

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upon my knowledge and the compliance review conducted in preparing the servicer compliance statement required under Section 10.08 of the Pooling and Servicing Agreement with respect to the Master Servicer, and except as disclosed in such compliance statement delivered by the Master Servicer under Section 10.08 of the Pooling and Servicing Agreement, the Master Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects in the year to which such 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 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant Servicing Criteria.

 

Further, notwithstanding the foregoing certifications, the Master 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 Master Servicer entered into in connection with the issuance of the Certificates, 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 Master Servicer with respect to the information that is subject of such certification.

 

	
Date: 

	 	 
	 	 	 	 
	
[                              ]

	 
	 	 	 	 
	
By: 

	 	 	 
	[Name]	 

 

  

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EXHIBIT Y-3

 

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE SPECIAL SERVICER

 

	
  

	
Re:

	

Citigroup Commercial Mortgage Trust 2015-GC29 (the “Trust”), Commercial Mortgage Pass-Through Certificates, Series 2015-GC29 (the “Certificates”), issued pursuant to the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Situs Holdings, LLC, as operating advisor, Citibank, N.A., as certificate administrator (the “Certificate Administrator”), and Deutsche Bank Trust Company Americas, as trustee

	 

 

I, [identify the certifying individual], a [title] of [SPECIAL SERVICER], certify to Citigroup Commercial Mortgage Securities Inc. 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 Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

 

1.      Based on my knowledge, the servicing information in the servicing reports or information relating to the Trust delivered by the Special Servicer to the Master Servicer covering the fiscal year 20__, 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 Master Servicer by the Special Servicer under the Pooling and Servicing Agreement for inclusion in the reports to be filed by the Certificate Administrator is included in the servicing reports delivered by the Special Servicer to the Master Servicer;

 

3.      I am, or an employee under my supervision is, responsible for reviewing the activities performed by the Special Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the compliance review conducted in preparing the servicer compliance statement required under Section 10.08 of the Pooling and Servicing Agreement with respect to the Special Servicer, and except as disclosed in such compliance statement delivered by the Special Servicer under Section 10.08 of the Pooling and Servicing Agreement, the Special Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects in the year to which such review applies; and

 

  

Y-3-1

  

 

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 for asset-backed securities required to be delivered in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant Servicing Criteria.

 

	
Date: 

	 	 
	 	 	 	 
	
[                              ]

	 
	 	 	 	 
	
By: 

	 	 	 
	[Name]	 
	[Title]	 

 

  

Y-3-2

  

 

EXHIBIT Y-4

 

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE OPERATING ADVISOR

 

	
  

	
Re:

	

Citigroup Commercial Mortgage Trust 2015-GC29 (the “Trust”), Commercial Mortgage Pass-Through Certificates, Series 2015-GC29 (the “Certificates”), issued pursuant to the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Situs Holdings, LLC, as operating advisor (the “Operating Advisor”), Citibank, N.A., as certificate administrator (the “Certificate Administrator”), and Deutsche Bank Trust Company Americas, as trustee

	 

 

I, [identify the certifying individual], a [title] of [OPERATING ADVISOR], certify to Citigroup Commercial Mortgage Securities Inc. and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley Certification required by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

 

1.      Based on my knowledge, the information required by the Pooling and Servicing Agreement to be provided to the Certificate Administrator by the Operating Advisor covering the fiscal year 20__, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by these reports;

 

2.      Based on my knowledge, the information required to be provided to the Certificate Administrator by the Operating Advisor under the Pooling and Servicing Agreement for inclusion in the Exchange Act reports to be filed by the Certificate Administrator is included in the reports delivered by the Operating Advisor to the Certificate Administrator;

 

3.      I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Operating Advisor under the Pooling and Servicing Agreement and based upon my knowledge the Operating Advisor has, except as described in any information provided to the Certificate Administrator by the Operating Advisor covering the fiscal year 20[__], fulfilled its obligations under the Pooling 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 

 

  

Y-4-1

  

 

criteria for asset-backed securities required to be delivered in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant 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: 

	 	 	 
	[Name]	 
	[Title]	 

 

  

Y-4-2

  

 

EXHIBIT Y-5

 

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE CUSTODIAN

 

	
  

	
Re:

	

Citigroup Commercial Mortgage Trust 2015-GC29 (the “Trust”), Commercial Mortgage Pass-Through Certificates, Series 2015-GC29 (the “Certificates”), issued pursuant to the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Situs Holdings, LLC, as operating advisor (the “Operating Advisor”), Citibank, N.A., as certificate administrator (the “Certificate Administrator”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”) and as custodian (the “Custodian”)

	 

 

I, [identify the certifying individual], a [title] of [CUSTODIAN], certify to Citigroup Commercial Mortgage Securities Inc. and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley Certification required by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

 

1.      Based on my knowledge, the information required by the Pooling and Servicing Agreement to be provided to the Certificate Administrator by the Custodian covering the fiscal year 20__, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by these reports;

 

2.      Based on my knowledge, the information required to be provided to the Certificate Administrator by the Custodian under the Pooling and Servicing Agreement for inclusion in the Exchange Act reports to be filed by the Certificate Administrator is included in the reports delivered by the Custodian to the Certificate Administrator;

 

3.      I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Custodian under the Pooling and Servicing Agreement and based upon my knowledge the Custodian has, except as described in any information provided to the Certificate Administrator by the Custodian covering the fiscal year 20[__], fulfilled its obligations under the Pooling 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 

 

  

Y-5-1

  

 

criteria for asset-backed securities required to be delivered in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant 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: 

	 	 	 
	[Name]	 
	[Title]	 

 

  

Y-5-2

  

 

EXHIBIT Y-6

 

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE TRUSTEE

 

	
  

	
Re:

	

Citigroup Commercial Mortgage Trust 2015-GC29 (the “Trust”), Commercial Mortgage Pass-Through Certificates, Series 2015-GC29 (the “Certificates”), issued pursuant to the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Situs Holdings, LLC, as operating advisor (the “Operating Advisor”), Citibank, N.A., as certificate administrator (the “Certificate Administrator”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”)

	 

 

I, [identify the certifying individual], a [title] of [TRUSTEE], certify to Citigroup Commercial Mortgage Securities Inc. and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley Certification required by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

 

1.      Based on my knowledge, the information required by the Pooling and Servicing Agreement to be provided to the Certificate Administrator by the Trustee covering the fiscal year 20__, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by these reports;

 

2.      Based on my knowledge, the information required to be provided to the Certificate Administrator by the Trustee under the Pooling and Servicing Agreement for inclusion in the Exchange Act reports to be filed by the Certificate Administrator is included in the reports delivered by the Trustee to the Certificate Administrator;

 

3.      I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Trustee under the Pooling and Servicing Agreement and based upon my knowledge the Trustee has, except as described in any information provided to the Certificate Administrator by the Trustee covering the fiscal year 20[__], fulfilled its obligations under the Pooling and Servicing Agreement in all material respects in the year to which such review applies; and

 

  

Y-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 for asset-backed securities required to be delivered in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant 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: 

	 	 	 
	[Name]	 
	[Title]	 

 

  

Y-6-2

  

 

EXHIBIT Z

FORM 8-K DISCLOSURE INFORMATION

The parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.07 of the Pooling and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other Depositor and Other Exchange Act Reporting Party 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 Pooling 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 Master Servicer and the Special Servicer shall be entitled to rely on the accuracy of the Prospectus Supplement (other than information with respect to itself that is set forth in or omitted from the Prospectus Supplement), in the absence of specific written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor” other than a party identified as such in the Prospectus Supplement.  For this CGCMT 2015-GC29 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 other than a party identified as such in the Prospectus Supplement.

	 	
Item on Form 8-K

	 	 	
Party Responsible

	 
	 	
Item 1.01- Entry into a Material Definitive Agreement

	 	 	
Master Servicer, Special Servicer and the Trustee (in the case of the Master Servicer, Special Servicer and the Trustee, only as to agreements it is a party to or entered into on behalf of the Trust)

Certificate Administrator (other than as to agreements to which the Depositor (and no other party to the Pooling and Servicing Agreement) is a party)

Depositor

	 
	 	
Item 1.02- Termination of a Material Definitive Agreement

	 	 	
Master Servicer, Special Servicer and the Trustee (in the case of the Master Servicer, Special Servicer and the Trustee, only as to agreements it is a party to or entered into on behalf of the Trust)

Certificate Administrator (other than as to agreements to which the Depositor (and no other party to the Pooling and Servicing 

	 

 

  

Z-1

  

 

	 	
Item on Form 8-K

	 	 	
Party Responsible

	 
	 	 	 	 	Agreement) is a party) Depositor	 
	 	
Item 1.03- Bankruptcy or Receivership

	 	 	
Depositor

Each Mortgage Loan Seller as to itself

Each other party to the Pooling and Servicing Agreement (as to itself)

	 
	 	
Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

	 	 	
Depositor

Certificate Administrator

	 
	 	
Item 3.03- Material Modification to Rights of Security Holders

	 	 	
Certificate Administrator

	 
	 	
Item 5.03- Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

	 	 	
Depositor

	 
	 	
Item 5.07: Submission of Matters to a Vote of Security Holders

	 	 	
Certificate Administrator

Trustee

	 
	 	
Item 6.01- ABS Informational and Computational Material

	 	 	
Depositor

	 
	 	
Item 6.02- Change of Master Servicer, Special Servicer or Trustee

	 	 	
Master Servicer (as to itself or a servicer retained by it)

Special Servicer (as to itself or a servicer retained by it)

Trustee

Certificate Administrator

Depositor

	 
	 	
Item 6.03- Change in Credit Enhancement or Other 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 – Financial Statements and Exhibits

	 	 	
Depositor

	 

 

  

Z-2

  

EXHIBIT AA-1

FORM OF POWER OF ATTORNEY FOR MASTER SERVICER

 

LIMITED POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that Deutsche Bank Trust Company Americas, a New York banking corporation, incorporated and existing under the laws of the State of New York, having its usual place of business at 1761 East St. Andrew Place, Santa Ana, California, 92705, as Trustee (the “Trustee”) for Citigroup Commercial Mortgage Trust 2015-GC29  pursuant to that Pooling and Servicing Agreement dated as of April 1, 2015 (the “Agreement”) by and among Citigroup Commercial Mortgage Securities Inc. as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Situs Holdings, LLC, as  operating advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as certificate administrator, hereby constitutes and appoints Midland Loan Services, a Division of PNC Bank, National Association (the “Servicer”), by and through the Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s benefit, in connection with all mortgage loans (the “Mortgage Loans”) serviced by the Servicer and all properties (“REO Properties”) administered by the 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 such Attorneys-in-Fact if such documents are required or permitted under the Agreement.  Capitalized terms used herein and not otherwise defined herein have the meanings set forth in the Agreement.

	
  

	

1.

	

The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing 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 such 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 or 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 of requests to trustees to accomplish same.

 

  

AA-1-1

  

 

	
  

	
4.

	
The conveyance of any property to the mortgage insurer, or the closing of title to any mortgaged property (a “Mortgaged Property”) to be acquired as REO Property, or conveyance of title to any REO Property.

 

	
  

	

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 full conveyance upon payment and discharge of all sums secured thereby, including, without limitation, cancellation of the related promissory note.

	
  

	
7.

	
The assignment of any Mortgage or Deed of Trust and the related promissory note and other loan documents, 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 upon payment and discharge of all sums secured thereby in conjunction with the refinancing thereof, including, without limitation, the assignment of the related promissory note and other loan documents.

	
  

	
9.

	
The full enforcement of and preservation of the Trustee’s interests in any Mortgage or Deed of Trust or the related promissory note, 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 such Deed of Trust;

	
  

	
b.

	
the preparation and issuance of statements of breach or non-performance;

	
  

	
c.

	
the preparation and filing of notices of default and/or notices of sale;

	
  

	
d.

	
the cancellation/rescission of notices of default and/or notices of sale;

	
  

	
e.

	
the filing, prosecution and defense of claims, and the appearance on behalf of the Trustee, in bankruptcy cases affecting any Mortgage or Deed of Trust or the related promissory note;

 

  

AA-1-2

  

 

	
  

	
f.

	
the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction actions or proceedings;

	
  

	
g.

	
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

	
  

	
h.

	
the preparation and execution of such other documents and the 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.

	
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 any 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 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,

 

  

AA-1-3

  

 

	
  

	
 

	
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, 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.

 

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 [EXECUTION DATE OF POA].

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 Servicer has the power to delegate its rights or obligations under the Agreement, the Servicer also has the power to delegate the authority given to it by Deutsche Bank Trust Company Americas, 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 Servicer’s attorneys-in-fact shall have no greater authority than that held by the 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 Servicer the power to initiate or defend any suit, litigation or proceeding in the name of Deutsche Bank Trust Company Americas except as specifically provided for herein. If the Servicer receives any notice of suit, litigation or proceeding in the name of Deutsche Bank Trust Company Americas, then the 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 Servicer under the Agreement or to allow the Servicer to take any action with respect to Mortgages, Deeds of Trust or the related promissory notes not authorized by the Agreement.

The 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 

 

  

AA-1-4

  

 

nature whatsoever incurred by reason or result of or in connection with the exercise by the Servicer, or its attorneys-in-fact, of the powers granted to it hereunder. 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, Deutsche Bank Trust Company Americas, as Trustee for Citigroup Commercial Mortgage Trust 2015-GC29 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 ____________.

	 	 	 	 
	 	
Deutsche Bank Trust Company Americas,

as Trustee for Citigroup Commercial Mortgage Trust 2015-GC29

	 	 
	 	By:	 	 
	 	 	
Name:

	 
	 	 	
Title:

	 
	 	 	 	 
	 	Prepared by:	 
	 	 	 	 
	 	 	
Name:

	 
	 	 	 	 
	
Witness:

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
Witness:

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

 

State of California}

County of Orange}

 

  

AA-1-5

  

 

On ________________________, before me, _________________________________Notary Public, personally appeared ___________________________, who proved to me on the basis of  satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

 

Witness my hand and official seal.

	 	 	 	 
	 	 	 	 	 
	

Notary signature

	 	 	 	 

 

  

AA-1-6

  

 

EXHIBIT AA-2

 

FORM OF POWER OF ATTORNEY FOR SPECIAL SERVICER

 

LIMITED POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that Deutsche Bank Trust Company Americas, a New York banking corporation, incorporated and existing under the laws of the State of New York, having its usual place of business at 1761 East St. Andrew Place, Santa Ana, California, 92705, as Trustee (the “Trustee”) for Citigroup Commercial Mortgage Trust 2015-GC29  pursuant to that Pooling and Servicing Agreement dated as of April 1, 2015 (the “Agreement”) by and among Citigroup Commercial Mortgage Securities Inc. as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Situs Holdings, LLC, as  operating advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as certificate administrator, hereby constitutes and appoints Midland Loan Services, a Division of PNC Bank, National Association (the “Special Servicer”), by and through the Special Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s benefit, in connection with 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 such Attorneys-in-Fact if such documents are required, permitted or contemplated under the Agreement pursuant to the authority granted Special Servicer therein.  Capitalized terms used herein and not otherwise defined herein have the meanings set forth in the Agreement.

	
  

	
1.

	
The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing 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 such 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 or a government agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of

 

  

AA-2-1

  

 

	
  

	
 

	
partial satisfactions/releases, partial reconveyances or the execution of requests to trustees to accomplish same.

 

	
  

	
4.

	
The conveyance of any property to the mortgage insurer, or the closing of title to any mortgaged property (a “Mortgaged Property”) to be acquired as REO Property, or conveyance of title to any REO Property.

 

	
  

	

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 full conveyance upon payment and discharge of all sums secured thereby, including, without limitation, cancellation of the related promissory note.

	
  

	
7.

	
The assignment of any Mortgage or Deed of Trust and the related promissory note and other loan documents, 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 upon payment and discharge of all sums secured thereby in conjunction with the refinancing thereof, including, without limitation, the assignment of the related promissory note and other loan documents.

	
  

	
9.

	
The full enforcement of and preservation of the Trustee’s interests in any Mortgage or Deed of Trust or the related promissory note, 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 such Deed of Trust;

	
  

	
b.

	
the preparation and issuance of statements of breach or non-performance;

	
  

	
c.

	
the preparation and filing of notices of default and/or notices of sale;

	
  

	
d.

	
the cancellation/rescission of notices of default and/or notices of sale;

	
  

	
e.

	
the taking of deed-in-lieu of foreclosure;

 

  

AA-2-2

  

 

	
  

	
f.

	
the filing, prosecution and defense of claims, and the appearance on behalf of the Trustee, in bankruptcy cases affecting any Mortgage or Deed of Trust or the related promissory note;

	
  

	
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 the 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.

	
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 any 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 financings to be secured by any related Mortgaged Property, consents to any mezzanine financing to be secured 

 

  

AA-2-3

  

 

	
  

	
 

	
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, 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.

 

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 [EXECUTION DATE OF POA].

This appointment is to be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

Solely to the extent that the Special Servicer has the power to delegate its rights or obligations under the Agreement, the Special Servicer also has the power to delegate the authority given to it by Deutsche Bank Trust Company Americas, as Trustee, under this Limited Power of Attorney, for purposes of performing its obligations and duties by executing such additional powers of attorney in favor of its attorneys-in-fact as are necessary for such purpose. The Special Servicer’s attorneys-in-fact shall have no greater authority than that held by the Special Servicer.

Nothing contained herein shall: (i) limit in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections afforded the Trustee under the Agreement, or (iii) be construed to grant the Special Servicer the power to initiate or defend any suit, litigation or proceeding in the name of Deutsche Bank Trust Company Americas except as specifically provided for herein. If the Special Servicer receives any notice of suit, litigation or proceeding in the name of Deutsche Bank Trust Company Americas, 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 the related promissory notes not authorized by the Agreement.

 

  

AA-2-4

  

The Special Servicer hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred by reason or result of or in connection with the exercise by the Special Servicer, or its attorneys-in-fact, of the powers granted to it hereunder. 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, and without further inquiry, 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, Deutsche Bank Trust Company Americas, as Trustee for Citigroup Commercial Mortgage Trust 2015-GC29 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 ____________.

	 	 	 	 
	 	
Deutsche Bank Trust Company Americas,

as Trustee for Citigroup Commercial Mortgage Trust 2015-GC29

	 	 
	 	By:	 	 
	 	 	
Name:

	 
	 	 	
Title:

	 
	 	 	 	 
	 	Prepared by:	 
	 	 	 	 
	 	 	
Name:

	 
	 	 	 	 
	
Witness:

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
Witness:

	 	 	 	 
	 	 	 	 	 

 

  

AA-2-5

  

 

	
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

 

State of California}

County of Orange}

 

On ________________________, before me, _________________________________Notary Public, personally appeared ___________________________, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

 

Witness my hand and official seal.

	 	 	 	 	 
	 	 	 	 	 
	

Notary signature

	 	 	 	 

 

  

AA-2-6

  

 

EXHIBIT BB

CLASS A-AB SCHEDULED PRINCIPAL BALANCE

 

	

Distribution

Date

	 	  	

Balance

	 	  	

Distribution

Date

	 	  	

Balance

	 
	
5/10/2015

	 	  	
$52,822,000.00

	 	  	
1/10/2020

	 	  	
$52,822,000.00

	 
	
6/10/2015

	 	  	
$52,822,000.00

	 	  	
2/10/2020

	 	  	
$52,822,000.00

	 
	
7/10/2015

	 	  	
$52,822,000.00

	 	  	
3/10/2020

	 	  	
$52,822,000.00

	 
	
8/10/2015

	 	  	
$52,822,000.00

	 	  	
4/10/2020

	 	  	
$52,821,803.33

	 
	
9/10/2015

	 	  	
$52,822,000.00

	 	  	
5/10/2020

	 	  	
$51,846,730.65

	 
	
10/10/2015

	 	  	
$52,822,000.00

	 	  	
6/10/2020

	 	  	
$50,939,977.04

	 
	
11/10/2015

	 	  	
$52,822,000.00

	 	  	
7/10/2020

	 	  	
$49,958,118.46

	 
	
12/10/2015

	 	  	
$52,822,000.00

	 	  	
8/10/2020

	 	  	
$49,044,327.39

	 
	
1/10/2016

	 	  	
$52,822,000.00

	 	  	
9/10/2020

	 	  	
$48,127,131.62

	 
	
2/10/2016

	 	  	
$52,822,000.00

	 	  	
10/10/2020

	 	  	
$47,135,129.93

	 
	
3/10/2016

	 	  	
$52,822,000.00

	 	  	
11/10/2020

	 	  	
$46,210,819.71

	 
	
4/10/2016

	 	  	
$52,822,000.00

	 	  	
12/10/2020

	 	  	
$45,211,907.33

	 
	
5/10/2016

	 	  	
$52,822,000.00

	 	  	
1/10/2021

	 	  	
$44,280,430.23

	 
	
6/10/2016

	 	  	
$52,822,000.00

	 	  	
2/10/2021

	 	  	
$43,345,482.30

	 
	
7/10/2016

	 	  	
$52,822,000.00

	 	  	
3/10/2021

	 	  	
$42,194,609.47

	 
	
8/10/2016

	 	  	
$52,822,000.00

	 	  	
4/10/2021

	 	  	
$41,251,886.92

	 
	
9/10/2016

	 	  	
$52,822,000.00

	 	  	
5/10/2021

	 	  	
$40,235,089.52

	 
	
10/10/2016

	 	  	
$52,822,000.00

	 	  	
6/10/2021

	 	  	
$39,285,064.34

	 
	
11/10/2016

	 	  	
$52,822,000.00

	 	  	
7/10/2021

	 	  	
$38,261,173.45

	 
	
12/10/2016

	 	  	
$52,822,000.00

	 	  	
8/10/2021

	 	  	
$37,303,791.81

	 
	
1/10/2017

	 	  	
$52,822,000.00

	 	  	
9/10/2021

	 	  	
$36,342,842.45

	 
	
2/10/2017

	 	  	
$52,822,000.00

	 	  	
10/10/2021

	 	  	
$35,308,340.24

	 
	
3/10/2017

	 	  	
$52,822,000.00

	 	  	
11/10/2021

	 	  	
$34,339,953.88

	 
	
4/10/2017

	 	  	
$52,822,000.00

	 	  	
12/10/2021

	 	  	
$33,298,227.65

	 
	
5/10/2017

	 	  	
$52,822,000.00

	 	  	
1/10/2022

	 	  	
$32,322,349.45

	 
	
6/10/2017

	 	  	
$52,822,000.00

	 	  	
2/10/2022

	 	  	
$31,342,834.37

	 
	
7/10/2017

	 	  	
$52,822,000.00

	 	  	
3/10/2022

	 	  	
$30,151,556.80

	 
	
8/10/2017

	 	  	
$52,822,000.00

	 	  	
4/10/2022

	 	  	
$29,163,949.32

	 
	
9/10/2017

	 	  	
$52,822,000.00

	 	  	
5/10/2022

	 	  	
$28,103,552.43

	 
	
10/10/2017

	 	  	
$52,822,000.00

	 	  	
6/10/2022

	 	  	
$27,108,311.38

	 
	
11/10/2017

	 	  	
$52,822,000.00

	 	  	
7/10/2022

	 	  	
$26,040,499.54

	 
	
12/10/2017

	 	  	
$52,822,000.00

	 	  	
8/10/2022

	 	  	
$25,037,568.64

	 
	
1/10/2018

	 	  	
$52,822,000.00

	 	  	
9/10/2022

	 	  	
$24,030,899.67

	 
	
2/10/2018

	 	  	
$52,822,000.00

	 	  	
10/10/2022

	 	  	
$22,951,987.18

	 
	
3/10/2018

	 	  	
$52,822,000.00

	 	  	
11/10/2022

	 	  	
$21,937,544.09

	 
	
4/10/2018

	 	  	
$52,822,000.00

	 	  	
12/10/2022

	 	  	
$20,851,080.12

	 
	
5/10/2018

	 	  	
$52,822,000.00

	 	  	
1/10/2023

	 	  	
$19,828,805.59

	 
	
6/10/2018

	 	  	
$52,822,000.00

	 	  	
2/10/2023

	 	  	
$18,802,720.63

	 
	
7/10/2018

	 	  	
$52,822,000.00

	 	  	
3/10/2023

	 	  	
$17,569,222.61

	 
	
8/10/2018

	 	  	
$52,822,000.00

	 	  	
4/10/2023

	 	  	
$16,534,713.13

	 
	
9/10/2018

	 	  	
$52,822,000.00

	 	  	
5/10/2023

	 	  	
$15,428,757.43

	 
	
10/10/2018

	 	  	
$52,822,000.00

	 	  	
6/10/2023

	 	  	
$14,386,268.53

	 
	
11/10/2018

	 	  	
$52,822,000.00

	 	  	
7/10/2023

	 	  	
$13,272,561.92

	 
	
12/10/2018

	 	  	
$52,822,000.00

	 	  	
8/10/2023

	 	  	
$12,222,034.75

	 
	
1/10/2019

	 	  	
$52,822,000.00

	 	  	
9/10/2023

	 	  	
$11,167,591.46

	 
	
2/10/2019

	 	  	
$52,822,000.00

	 	  	
10/10/2023

	 	  	
$10,042,272.81

	 
	
3/10/2019

	 	  	
$52,822,000.00

	 	  	
11/10/2023

	 	  	
$8,979,703.09

	 
	
4/10/2019

	 	  	
$52,822,000.00

	 	  	
12/10/2023

	 	  	
$7,846,490.74

	 
	
5/10/2019

	 	  	
$52,822,000.00

	 	  	
1/10/2024

	 	  	
$6,775,734.66

	 
	
6/10/2019

	 	  	
$52,822,000.00

	 	  	
2/10/2024

	 	  	
$5,700,986.78

	 
	
7/10/2019

	 	  	
$52,822,000.00

	 	  	
3/10/2024

	 	  	
$4,489,657.87

	 
	
8/10/2019

	 	  	
$52,822,000.00

	 	  	
4/10/2024

	 	  	
$3,406,386.09

	 
	
9/10/2019

	 	  	
$52,822,000.00

	 	  	
5/10/2024

	 	  	
$2,253,064.53

	 
	
10/10/2019

	 	  	
$52,822,000.00

	 	  	
6/10/2024

	 	  	
$1,161,453.70

	 
	
11/10/2019

	 	  	
$52,822,000.00

	 	  	
7/10/2024

	 	  	
$31.90

	 
	
12/10/2019

	 	  	
$52,822,000.00

	 	  	
8/10/2024

and thereafter

	 	  	
$0.00

	 

 

  

BB-1

  

 

EXHIBIT CC-1

 

FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29

	 

 

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 Pooling and Servicing Agreement, dated as of April 1, 2015  (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  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 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.

 

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

 

  

CC-1-1

  

 

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:

 

  

CC-1-2

  

 

EXHIBIT CC-2

 

FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

	
Midland Loan Services, a Division of PNC Bank, National Association,

      as Master Servicer

	
10851 Mastin Street

	
Suite 700, Overland Park

	
Kansas 66210

	
Attention: Executive Vice President – Division Head

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29

	 

 

Ladies and Gentlemen:

 

This letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”) of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.  All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.  The Transferee hereby certifies, represents and warrants to you, as the Depositor and the Master Servicer, that:

 

1.            The Transferee is acquiring the right to receive Excess Servicing Fees (the “Excess Servicing Fee Right”) for its own account for investment and not with a view to or for sale or transfer in connection with any distribution thereof, in whole or in part, in any manner which would violate the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities laws.

 

2.            The Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing Fee Right may not be resold or transferred unless it is (i) registered 

 

  

CC-2-1

  

 

pursuant to the Securities Act and registered or qualified pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration and qualification and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached as Exhibit CC-1 to the Pooling and Servicing Agreement, and (B) each of Midland Loan Services, a Division of PNC Bank, National Association and the Depositor has received a certificate from the prospective transferee substantially in the form attached as Exhibit CC-2 to the Pooling and Servicing Agreement.

 

3.             The Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except in compliance with the provisions of Section 3.12 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

 

4.             Neither the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any Person in any manner, (b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security from any Person in any manner, (c) otherwise approached or negotiated with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with any Person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any Person to act, in any manner set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security.

 

5.             The Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments thereon, (c) the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing of the Mortgage Loans, and (e) all related matters that it has requested.

 

6.              The Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b) an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities Act or an entity in which all of the equity 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.

 

  

CC-2-2

  

 

7.             The Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees, agents or representatives (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 Pooling and Servicing Agreement except as set forth in Section 3.12 of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate may be reduced to the extent provided in the Pooling and Servicing Agreement.

	 	 	 
	 	
Very truly yours,

	 	 	 
	 	
By: 

	 
	 	 	
Name:

	 	 	
Title:

 

  

CC-2-3

  

 

EXHIBIT DD

 

FORM OF NOTICE AND CERTIFICATION REGARDING DEFEASANCE OF MORTGAGE LOAN

 

	
To:

	
Kroll Bond Rating Agency, Inc.

	
  

	
845 Third Avenue, 4th Floor

	
  

	
New York, New York  10022

	
  

	
Attention:  CMBS Surveillance

	
  

	
Facsimile No:  (646) 731-2395

 

	
  

	
Moody’s Investors Service, Inc.

	
  

	
7 World Trade Center

	
  

	
New York, New York 10007

	
  

	
Attention:  Commercial Mortgage Surveillance Group

	
  

	
Facsimile No: (212) 553-0300

 

	
  

	
Fitch Ratings, Inc.

	
  

	
One State Street Plaza, 31st Floor

	
  

	
New York, New York 10004

	
  

	
Attention:  Commercial Mortgage Surveillance Group

	
  

	
Facsimile No:  (212) 635-0295

 

	
From:

	
Midland Loan Services, a Division of PNC Bank, National Association, in its capacity as Master Servicer (the “Master Servicer”) under the Pooling and Servicing Agreement dated as of April 1, 2015 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, the Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator.

 

	
Date:

	
____________, 20___

 

	
Re:

	
Citigroup Commercial Mortgage Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29 Mortgage Loan (the “Subject Mortgage Loan”) heretofore secured by real property known as ____________ [Include the following if there is pari passu or AB debt: as evidenced by that certain Promissory Note [A-1][A] in the amount of $____________, which Promissory Note [A-1][A] is owned by the Trust, and Promissory Note [A-2][B] in the amount of $_____________, which Promissory Note [A-2][B] is owned by ________________.

 

Capitalized terms used but not defined herein have the meanings assigned to such terms in the Pooling and Servicing Agreement.

 

THE STATEMENTS SET FORTH BELOW ARE MADE (A) TO THE BEST KNOWLEDGE OF THE UNDERSIGNED BASED UPON DUE DILIGENCE CONSISTENT WITH THE SERVICING STANDARD SPECIFIED IN THE POOLING 

 

 

DD-1

 

 

AND SERVICING AGREEMENT (THE “SERVICING STANDARD”), AND (B) WITHOUT INTENDING TO WARRANT THE ACCURACY THEREOF OR UNDERTAKE ANY DUTY OR STANDARD OF CARE GREATER THAN THE DUTIES OF SERVICER UNDER THE POOLING AND SERVICING AGREEMENT AND THE SERVICING STANDARD.

 

We hereby notify you and confirm that each of the following is true, subject to those exceptions, if any, set forth on Exhibit A hereto, which exceptions the Master Servicer has determined, consistent with the Servicing Standard, will have no material adverse effect on the Subject Mortgage Loan or the defeasance transaction:

 

1.           The Mortgagor has consummated a defeasance of the Subject Mortgage Loan of the type checked below:**

 

	
  

	
 ____ a full defeasance of the entire outstanding principal balance ($____________) of the Subject Mortgage Loan; or

 

	
  

	
 ____ a partial defeasance of a portion ($____________) of the Subject Mortgage Loan that represents ___% of the entire principal balance of the Subject Mortgage Loan ($____________).

 

2.           The defeasance was consummated on ____________, 20__.

 

3.           The defeasance was completed in all material respects in accordance with the conditions for defeasance specified in the Loan Documents and in accordance with the Servicing Standard.

 

[Include the following if there is pari passu or AB debt:

 

4.           In accordance with the Loan Documents, the defeasance occurred such that:

 

	
  

	
 ____ Promissory Notes [A-1][A] and [A-2][B] were defeased simultaneously in their entirety; or

 

	
  

	
 ____ Promissory Note [A-2][B] was paid off in full.]

 

5.           To the knowledge of the Master Servicer any other debt related to the Subject Mortgage Loan (including mezzanine debt, senior secured debt, pari passu debt or subordinate secured debt was either paid off in full or defeased.  Such debt consists of the following: [Describe debt and holder of the debt and if it was paid off or defeased].

 

6.           The defeasance collateral consists only of one or more of the following: (i) direct debt obligations of the U.S. Treasury, (ii) direct debt obligations of the Federal National Mortgage Association, (iii) direct debt obligations of the Federal Home Loan Mortgage Corporation, (iv) interest-only direct debt obligations of the Resolution Funding Corporation, (v) consolidated debt obligations of the Federal Home Loan Bank or (vi) securities covered by the Federal Deposit Insurance Corporation’s (the “FDIC”) Temporary Liquidity Guarantee Program 

 

 

DD-2

 

 

(“TLGP”).  Based upon a written report from an independent certified accountant, such defeasance collateral consists of securities that (i) if they include a principal obligation, the principal due at maturity cannot vary or change, (ii) provide for interest at a fixed rate and (iii) are not callable prior to their respective maturity dates.  In addition, if the defeasance collateral contains any TLGP securities, then:

 

	
  

	
●

	
Such securities are eligible under TLGP;

 

	
  

	
●

	
The master servicer (and the trustee, if it serves as the back-up advancing agent for the transaction) has waived its right to (i) collect interest on advances made on behalf of the borrower holding TLGP securities, and (ii) collect for expenses incurred in making demand on the FDIC;

 

	
  

	
●

	
If the TLGP debt is to be used to satisfy a balloon payment, a reserve conforming to the criteria for eligible accounts was funded with a minimum of 90 days interest on the defeasance collateral to cover potential delays in receipt of the balloon payment;

 

	
  

	
●

	
The TLGP securities mature before June 30, 2012; and

 

	
  

	
●

	
The master servicer’s error and omissions insurance policy covers losses to the CMBS trust caused by the servicer’s failure to make timely demand on the FDIC’s guarantee.

 

7.           After the defeasance, the defeasance collateral will be owned by an entity (the “Defeasance Obligor”) that: (i) is the original Mortgagor, (ii) is a Single-Purpose Entity (as described in S&P’s criteria), (iii) is subject to restrictions in its organizational documents substantially similar to those contained in the organizational documents of the original Mortgagor with respect to bankruptcy remoteness and single purpose, (iv) has been designated as the Defeasance Obligor by the originator of the Subject Mortgage Loan pursuant to the terms of the Loan Documents, or (v) has previously received confirmation from Standard & Poor’s that the organizational documents of such Defeasance Obligor conform with applicable Standard & Poor’s criteria. The Defeasance Obligor owns no assets other than defeasance collateral and (only in the case of the original Mortgagor) real property securing one or more Mortgage Loans included in the pool under the Pooling and Servicing Agreement (the “Pool”).

 

8.           If such Defeasance Obligor (together with its affiliates) holds more than one defeased loan, it does not (together with its affiliates) hold defeased loans aggregating more than $35 Million or more than five percent (5%) of the aggregate certificate balance of the Certificates, as of the date of the most recent Certificate Administrator’s Distribution Date Statement received by Master Servicer (the “Current Report”), except to the extent the Defeasance Obligor is of the type specified in paragraph 7(v) above or the original Loan Documents do not limit the amount of defeased loans that it may hold.

 

9.           The defeasance documents require that the defeasance collateral be credited to an eligible account (as defined in S&P’s criteria) that must be maintained as a securities account by a securities intermediary that is at all times an Eligible Institution (as 

 

DD-3

 

 

defined in S&P’s criteria).  The securities intermediary may reinvest proceeds of the defeasance collateral only in Permitted Investments (as defined in the Pooling and Servicing Agreement or as defined in the documents evidencing defeasance).

 

10.           The securities intermediary is obligated to pay from the proceeds of the defeasance collateral, directly to the Master Servicer’s collection account, all scheduled payments on the Subject Mortgage Loan or, in a partial defeasance, the portion of such scheduled payments attributed to the allocated loan amount for the real property defeased including any defeasance premiums set forth in the loan documents (the “Scheduled Payments”).

 

11.           The Master Servicer received written confirmation from an independent certified public accountant 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 Monthly Payments including the payment in full of the Subject 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) except as otherwise disclosed in the written report from an independent certified public accountant, [and disclosed below,] the revenues received in any month from the defeasance collateral will be applied to make Monthly Payments within four (4) months after the date of receipt, (iii) the defeasance collateral is not callable prior to their respective maturity dates, and (iv) interest income from the defeasance collateral to the Defeasance Obligor in any tax year will not exceed such Defeasance Obligor’s interest expense for the Subject Mortgage Loan (or the allocated portion thereof in a partial defeasance) for such year, other than in the year in which the Maturity Date or Anticipated Repayment Date will occur, when interest income will exceed interest expense.

 

12.           The Master Servicer received opinions of counsel that, subject to customary qualifications, (i) the defeasance will not cause either Trust REMIC to fail to qualify as a REMIC for purpose of the Code, (ii) the agreements executed by the Mortgagor and the Defeasance Obligor in connection with the defeasance are enforceable against them in accordance with their terms, [and] (iii) the Trustee will have a perfected, first priority security interest in the defeasance collateral.

 

13.           The agreements executed in connection with the defeasance (i) prohibit subordinate liens against the defeasance collateral, (ii) provide for payment from sources other than the defeasance collateral 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, (iii) permit release of surplus defeasance collateral and earnings on reinvestment to the Defeasance Obligor only after the Subject Mortgage Loan has been paid in full, (iv) include representations and/or covenants of the Mortgagor and/or securities intermediary substantially as set forth on Exhibit B hereto, (v) provide for survival of such representations; and (vi) do not permit waiver of such representations and covenants.

 

14.           At the time of the defeasance of the Subject Mortgage Loan, the Subject Mortgage Loan is (x) not one of the ten largest Mortgage Loans by Stated Principal Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or less than $35,000,000 and (z) a Mortgage Loan that represents less than 5% of the Stated Principal Balance of all Mortgage Loans.

 

 

DD-4

 

 

15.           Copies of all material agreements, instruments, organizational documents, opinions of counsel, accountant’s report and other items delivered in connection with the defeasance will be provided to you upon request.

 

16.           The individual executing this notice is an authorized officer or a servicing officer of the Master Servicer.

 

IN WITNESS WHEREOF, the Master Servicer has caused this notice to be executed as of the date captioned above.

 

	 	
[MASTER SERVICER]

	 
	 	 	 	 
	
 

	
By:  

	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

 

 

DD-5

 

 

EXHIBIT A

 

Exceptions

 

 

DD-6

 

 

EXHIBIT B

 

Sample Perfected Security Interest Representations

 

General:

 

1.           [The defeasance agreements] create a valid and continuing security interest (as defined in the applicable UCC) in the [Collateral, Securities Account and Deposit Account] in favor of the [Secured Party], which security interest is prior to all other [Liens], and is enforceable as such as against creditors of and purchasers from [Debtor].

 

Note that “Collateral” means securities, permitted investments and other assets credited to securities accounts.

 

1.           The [Deposit Account] constitutes a “deposit account” within the meaning of the applicable UCC.

 

2.           All of the [Collateral] has been and will have been credited to a [Securities Account]. The securities intermediary for the [Securities Account] has agreed to treat all assets credited to the [Securities Account] as “financial assets” within the meaning of the UCC.

 

Creation:

 

1.           The Defeasance Account Agreement provides that the Pledgee shall have “control” (as defined in the applicable UCC).

 

2.           [Debtor] has received all consents and approvals required by the terms of the [Collateral] to the transfer to the [Secured Party] of its interest and rights in the [Collateral] hereunder.

 

Perfection:

 

1.           [Debtor] has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted in the [Collateral, Securities Account and Deposit Account] to the [Secured Party] hereunder.

 

2.           [Debtor] has delivered to[Secured Party] a fully executed agreement pursuant to which the securities intermediary or the account bank has agreed to comply with all instructions originated by the [Secured Party] relating to the [Securities Account] or directing disposition of the funds in the [Deposit Account] without further consent by the [Debtor].

 

3.           [Debtor] has taken all steps necessary to cause the securities intermediary to identify in its records the [Secured Party] as the person having a security entitlement against the securities intermediary in the [Securities Account].

 

4.           To the extent a Deposit Account exists, [Debtor] has taken all steps necessary to cause [Secured Party] to become the account holder of the [Deposit Account].

 

 

DD-7

 

 

Priority:

 

1.           Other than the security interest granted to the [Secured Party] pursuant to this Agreement, [Debtor] has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the [Collateral, Securities Account and Deposit Account]. [Debtor] has not authorized the filing of and is not aware of any financing statements against [Debtor] that include a description of collateral covering the [Collateral, Securities Account and Deposit Account] other than any financing statement relating to the security interest granted to the [Secured Party] hereunder or that has been terminated. Debtor is not aware of any judgment or tax lien filings against [Debtor].

 

2.           The [Securities Account and Deposit Account] are not in the name of any person other than the [Debtor] or the [Secured Party]. The [Debtor] has not consented to the securities intermediary of any [Securities Account] or the account bank of any [Deposit Account] to comply with entitlement orders or instructions of any person other than the [Secured Party].

 

 

DD-8

 

 

EXHIBIT EE

 

FORM OF NOTICE OF EXCHANGE OF EXCHANGEABLE CERTIFICATES

 

[Date]

 

[Certificateholder Letterhead]

 

Citibank, N.A.,

as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, NJ  07310

Attention:  Citibank Agency & Trust, CGCMT 2015-GC29

 

Citibank, N.A.,

as Certificate Administrator

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention:  Global Transaction Services–CGCMT 2015-GC29

 

	
  

	
Re:

	
Citigroup Commercial Mortgage Securities Trust 2015-GC29, Commercial Mortgage Pass-Through Certificates, Series 2015-GC29

	 

 

Ladies and Gentlemen:

 

Pursuant to the terms of the Pooling and Servicing Agreement, dated as of April 1, 2015  (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Situs Holdings, LLC, as Operating Advisor, Deutsche Bank Trust Company Americas, as Trustee, and Citibank, N.A., as Certificate Administrator, and executed in connection with the above referenced transaction, we hereby (i) certify that as of the date above, the undersigned is the beneficial owner of the Exchangeable Certificates described on the attached Schedule I, is duly authorized to deliver this notice to the Certificate Administrator and that such power has not been granted or assigned to any other Person and the Certificate Administrator may conclusively rely upon this notice and (ii) give notice of our intent to present and surrender the Exchangeable Certificates specified on Schedule I attached hereto and all of our right, title and interest in and to such Exchangeable Certificates, including all payments of interest thereon received after [_____________], in exchange for the corresponding Exchangeable Certificates specified on Schedule I attached hereto.  We propose an Exchange Date of [______].

 

We agree that upon such exchange, our interests in the portions of the Exchangeable Certificates surrendered in exchange shall be reduced and our interest in the portion of the Exchangeable Certificate received in such exchange shall be increased.  We confirm that no such exchange will be effected until we pay a fee to the Certificate Administrator 

 

 

EE-1

 

 

in an amount equal to $5,000 (together with any other expenses related to such exchange (including fees charged by the Depository, if applicable)).

 

[[If Applicable] Our Depository participant number is [________].]

 

Capitalized terms used in this notice but not defined herein have the meanings assigned to them in the Pooling and Servicing Agreement.

 

Sincerely,

 

[_____________]

 

	
By:

	 	
 

	
  

	
Name:

	
  

	
Title:

 

[Medallion Stamp Guarantee]

 

 

EE-2

 

Schedule I

 

 

EE-3

 

EXHIBIT FF-1

 

FORM OF NOTICE REGARDING OUTSIDE

SERVICED TRUST LOAN

 

[Date]

 

	
Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Account Name – COMM 2015-CCRE22

	
Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, CA 92705

Attention: Trust Administration—DB1522

	 	 
	
Wells Fargo Bank,

National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: COMM 2015-CCRE22 Asset Manager

	
Midland Loan Services, a Division of PNC

Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President –Division Head

	 	 
	
Park Bridge Lender Services LLC

560 Lexington Avenue, 17th Floor

New York, New York 10022

Attention: COMM 2015-CCRE22 -Surveillance Manager

	  

 

	
  

	
Re:

	
COMM 2015-CCRE22 Mortgage Trust, Commercial Mortgage Pass Through Certificates

 

Ladies and Gentlemen:

 

Reference is hereby made to the Pooling and Servicing Agreement, dated as of March 1, 2015 (the “CCRE22 PSA”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as a special servicer, Midland Loan Services, a Division of PNC Bank, National Association, as a special servicer, Park Bridge Lender Services LLC, as operating advisor, Wilmington Trust, National Association, as trustee, and Deutsche Bank Trust Company Americas, as certificate administrator and custodian.  Capitalized terms used but not defined herein shall have the meanings given to them in the CCRE22 PSA.

 

The undersigned is the certificate administrator under the Pooling and Servicing Agreement, dated as of April 1, 2015 (the “GC29 PSA”), between Citigroup Commercial 

 

  

FF-1-1

  

 

Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “GC29 Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “GC29 Special Servicer”), Situs Holdings, LLC, as operating advisor (the “GC29 Operating Advisor”), Citibank, N.A., as certificate administrator (the “GC29 Certificate Administrator”) and Deutsche Bank Trust Company Americas, as trustee (the “GC29 Trustee”), pursuant to which the Citigroup Commercial Mortgage Trust 2015-GC29 (the “GC29 Trust”) was established and the 3 Columbus Circle Pari Passu Companion Loans evidenced by 3 Columbus Circle Pari Passu Note A-2 and 3 Columbus Circle Pari Passu Note A-5 were transferred to the GC29 Trust as of April 15, 2015 (the “Closing Date”).

 

The undersigned hereby notifies you that, as of the Closing Date:

 

1.           Deutsche Bank Trust Company Americas, as trustee under the GC29 PSA, is the holder of the 3 Columbus Circle Pari Passu Companion Loans evidenced by 3 Columbus Circle Pari Passu Note A-2 and 3 Columbus Circle Pari Passu Note A-5.  You are directed to remit to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer under the GC29 PSA, all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer under the GC29 PSA, all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise made available to the  Companion Loan Noteholders with respect to the 3 Columbus Circle Pari Passu Companion Loans under the CCRE22 PSA and the Intercreditor Agreement with respect to the 3 Columbus Circle Loan Combination.  The wire instructions for Midland Loan Services, a Division of PNC Bank, National Association, as master servicer under the GC29 PSA is as follows:

 

	 	
Bank:  PNC Bank, N.A.

	
 

	 	
Account Name:

	
Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass Through Certificates, Series 2015-GC29

	 	
Account #:  1029013299  

	
 

 

3.           The contact information for the GC29 Trustee, the GC29 Certificate Administrator, the GC29 Master Servicer and the GC29 Special Servicer with respect to the 3 Columbus Circle Pari Passu Companion Loans evidenced by 3 Columbus Circle Pari Passu Note A-2 and 3 Columbus Circle Pari Passu Note A-2 is as follows:

 

	
GC29 Trustee:

	
Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California, 92705-4934

Attention:  Trust Administration – GI1529

(714) 247-6478

 

  

FF-1-2

  

 

	
GC29 Certificate Administrator:

	
Citibank, N.A.,

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention:  Global Transaction Services –

CGCMT 2015-GC29

Fax Number:  (212) 816-5527

	
GC29 Master Servicer:

	
Midland Loan Services, a Division of PNC Bank,

      National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President –

      Division Head

Fax number: (913) 253-9001

with a copy to:

 

Stinson Leonard Street LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Attention:  Kenda K. Tomes

Fax number:  (816) 412-9338

	
GC29 Special Servicer:

	
Midland Loan Services, a Division of PNC Bank,

      National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President –

      Division Head

Fax number: (913) 253-9001

 

with a copy to:

 

Stinson Leonard Street LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Attention:  Kenda K. Tomes

Fax number:  (816) 412-9338

 

	
GC29 Operating Advisor:

	
Situs Holdings, LLC

2 Embarcadero, Suite 1300,

San Francisco, California 94111,

Attention: Stacey Ciarlanti, Vice President

Stacey.Ciarlanti@situs.com

 

with a copy to:

 

  

FF-1-3

  

 

	 	
 

Situs Holdings, LLC,

5065 Westheimer Suite 700E

Houston, Texas 77052

Attention:  Legal Department

 

4.           Enclosed herewith is a copy of an executed version of the GC29 PSA.

 

	 	
Very truly yours,

	 
	 	 	 	 
	 	
By: 

	 
	 	 	
Name:

	 
	 	 	
Title:

	 

 

  

FF-1-4

  

 

EXHIBIT FF-2

 

FORM OF NOTICE REGARDING OUTSIDE

SERVICED TRUST LOAN

 

[TO BE SENT FOLLOWING THE 3 COLUMBUS CIRCLE CONTROLLING NOTE 

SECURITIZATION DATE OR EASTMONT TOWN CENTER CONTROLLING NOTE 

SECURITIZATION DATE, AS APPLICABLE]

 

[Date]

 

	
[Outside Trustee]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

	
[Outside Certificate Administrator]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

	 	 
	
[Outside Master Servicer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

	
[Outside Special Servicer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

	 	 
	
[Outside Operating Advisor]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

	  

 

	
  

	
Re:

	
[INSERT DESCRIPTION OF THE OTHER SECURITIZATION TRUST THAT HOLDS THE 3 COLUMBUS CIRCLE CONTROLLING COMPANION LOAN OR THE EASTMONT TOWN CENTER COMPANION LOAN, AS APPLICABLE]

 

Ladies and Gentlemen:

 

Reference is hereby made to the Pooling and Servicing Agreement, dated as of [______], 2015 (the “PSA”), [INSERT DESCRIPTION OF THE OTHER POOLING AND SERVICING AGREEMENT GOVERNING THE CREATION OF THE OUTSIDE SECURITIZATION TRUST THAT HOLDS THE 3 COLUMBUS CIRCLE CONTROLLING COMPANION LOAN OR THE THE EASTMONT TOWN CENTER COMPANION LOAN, AS APPLICABLE].  Capitalized terms used but not defined herein shall have the meanings given to them in the PSA.

 

The undersigned is the certificate administrator under the Pooling and Servicing Agreement, dated as of April 1, 2015 (the “GC29 PSA”), between Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “GC29 Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “GC29 Special 

 

  

FF-2-1

  

 

Servicer”), Situs Holdings, LLC, as operating advisor (the “GC29 Operating Advisor”), Citibank, N.A., as certificate administrator (the “GC29 Certificate Administrator”) and Deutsche Bank Trust Company Americas, as trustee (the “GC29 Trustee”), pursuant to which the Citigroup Commercial Mortgage Trust 2015-GC29 (the “GC29 Trust”) was established and the [[3 Columbus Circle Pari Passu Companion Loans] evidenced by promissory note A-2 and promissory note A-5 were] [[Eastmont Town Center Pari Passu Companion Loan] evidenced by promissory note A-1 was] transferred to the GC29 Trust as of April 15, 2015 (the “Closing Date”).

 

The undersigned hereby notifies you that, as of the Closing Date:

 

1.           Deutsche Bank Trust Company Americas, as trustee under the GC29 PSA, is the holder of the [3 Columbus Circle [Pari Passu] Companion Loans evidenced by promissory note A-2 and promissory note A-5] [Eastmont Town Center [Pari Passu] Companion Loan evidenced by promissory note A-1].  You are directed to remit to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer under the GC29 PSA, all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer under the GC29 PSA, all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise made available to the [Companion Loan Noteholders] with respect to the [3 Columbus Circle [Pari Passu] Companion Loans][Eastmont Town Center [Pari Passu] Companion Loan] under the PSA and the [Intercreditor][Co-Lender] Agreement with respect to the [3 Columbus Circle Loan Combination][Eastmont Town Center Loan Combination].  The wire instructions for Midland Loan Services, a Division of PNC Bank, National Association, as master servicer under the GC29 PSA is as follows:

 

	 	

Bank:  PNC Bank, N.A.

	
 

	 	
Account Name:  

	
Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass Through Certificates, Series 2015-GC29

	 	
Account #:  1029013299

	
 

 

3.           The contact information for the GC29 Trustee, the GC29 Certificate Administrator, the GC29 Master Servicer and the GC29 Special Servicer with respect to the [3 Columbus Circle [Pari Passu] Companion Loans evidenced by promissory note A-2 and promissory note A-5] [Eastmont Town Center [Pari Passu] Companion Loan evidenced by promissory note A-1] is as follows:

 

	
GC29 Trustee:

	
Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California, 92705-4934

Attention:  Trust Administration – GI1529

 

  

FF-2-2

  

 

	 	
(714) 247-6478

	
GC29 Certificate Administrator:

	
Citibank, N.A.,

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention:  Global Transaction Services –

CGCMT 2015-GC29

Fax Number:  (212) 816-5527

	
GC29 Master Servicer:

	
Midland Loan Services, a Division of PNC Bank,

      National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President –

      Division Head

Fax number: (913) 253-9001

with a copy to:

 

Stinson Leonard Street LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Attention:  Kenda K. Tomes

Fax number:  (816) 412-9338

	
GC29 Special Servicer:

	
Midland Loan Services, a Division of PNC Bank,

      National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President –

      Division Head

Fax number: (913) 253-9001

 

with a copy to:

 

Stinson Leonard Street LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Attention:  Kenda K. Tomes

Fax number:  (816) 412-9338

 

	
GC29 Operating Advisor:

	
Situs Holdings, LLC

2 Embarcadero, Suite 1300,

San Francisco, California 94111,

Attention: Stacey Ciarlanti, Vice President

Stacey.Ciarlanti@situs.com

 

  

FF-2-3

  

 

	 	
 

with a copy to:

 

Situs Holdings, LLC,

5065 Westheimer Suite 700E

Houston, Texas 77052

Attention:  Legal Department

 

4.           Enclosed herewith is a copy of an executed version of the GC29 PSA.

 

	 	
Very truly yours,

	 
	 	 	 	 
	 	
By: 

	 
	 	 	
Name:

	 
	 	 	
Title:

	 

 

  

FF-2-4

  

 

EXHIBIT GG

 

SPECIFIED SERVICED MORTGAGE LOANS

 

None

 

  

GG-1

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