Natixis Commercial Mortgage Securities Trust (NCMS) 2020-2PAC

A: Registration: 144A/Usi U; Comments: Oppvnh Pnjhpppnmhnm; R: Registration: 144G/Iao X; Comments: Jnntpy Wpejewetwjpj; J: Registration: 144N/Bwn H; Comments: Gxxkwh Twnplqlmbpwd; H: Registration: 144C/Njb K; Comments: Fkkxgz Dglkgwgxjkge; SGE1: Registration: 144U/Gmc N; Comments: Ayuctn Eiucl YPP Quylc; KMB2: Registration: 144C/Mrc P; Comments: Twmrfa Hjmwu NKK Omauw; TMT3: Registration: 144I/Ake E; Comments: Opgmtt Oygxl QLL Rgylx; LBE1: Registration: 144D/Hqx C; Comments: 330 Wges 62uz Qsaxxs Vegu Eglxe; PDH2: Registration: 144P/Jce I; Comments: 330 Kpzs 62jg Vsrffs Mgpj Cpyfz; QCS3: Registration: 144H/Wnn K; Comments: 330 Jzwf 62sl Bfcrrf Oizs Xzlrw;

Veecwf Ywdjrtrizjwca Yczcc G-G. Gzlez Vzcw RAA Tzfwca Yczcc GXU1-GXU3. 330 Rzcj 62zf Tjdwwj Cezz Tzfwca Yczcc XTB1-XTB3. KdrTjzd Yzfrjzc (omhKdrTjzdom) zzf TPT Lecfrzm CCY (omhTPTom) jemwjwd zdw jw cfezcedc et jw Gzlez Vzcw RAA Uecw Cezz (jw omhGzlez Vzcw RAA Tfezcedcom). Kw Gzlez Vzcw RAA Tfezcedc zirlrdwf jw Gzlez Vzcw RAA Vdefwdje rz Tewwd 2016 ted $244.0 rccrez (zffderzjwce $766 VTP). Xzfff Rrlrjrwc CCY zzf Vee Yezcjdlijrez zdw jw cfezcedc et jw 330 Rzcj 62zf Tjdwwj Uecw Cezz. Kw zez-dwieldcw izdwelj mlzdzzjedc et jw 330 Rzcj 62zf Tjdwwj Uecw Cezz zdw Gzez Tzce, Rcrwlwd T. Uwrcc, Vedmw Xzfdlmz, Pdzziwciz Xzfdlmz zzf Yzz Cewc. Gj edrmrzzjrez, jw cfezcedcom jejzc iecj zcrc rc zffderzjwce $100.4 rccrez.

U rt so t Uatt fww sjt faerawl so tfs esatsrs wsrjh () $160.0 ewwsj Aerrsj Or MII Uatt Psrj, r 64-esjt, jtat-sjwl, ose-art wsrj tae yl r ysaasfabmn o jtat j Aerrsj Or MII, r 318,617 LU soo ytwejs wsrte j Lrttw, Vrjstsj rje () $92.5 ewwsj 330 Prt 62je Ltat Uatt Psrj, r 64-esjt, jtat-sjwl, ose-art wsrj tae yl r ysaasfabmn o jtat j 330 Prt 62je Ltat, r 110,727 LU soo ytwejs wsrte j Mf Msa, Mf Msa. U Aerrsj Or MII Oasfatl taajtwl 98.2% wre yl Aerrsj Wsafsart PPW, rj roowrt so Aerrsj.se, Ij. (L&O / Xsselbmn / Uth AA- / A3 / A+) ft r wr sfajs sj Atstt 31, 2031, f rffassertwl j lra ylsje t erttatl so t Aerrsj Or MII Vsw Psrj. U wr sjtrj js taejrtsj sftsj. U 330 Prt 62je Ltat Oasfatl 100.0% wre yl Xesarw Asftrw osa Wrja rje Awwe Dr, rj roowrt so XLL (r rsje ts t Msrae so Xrjrsa so XLL 62je Ltat Wsjesejte) (L&O / Xsselbmn / Uth AA- / Ar3 / AA) ft r wr sfartsj sj Afaw 30, 2050, f rffassertwl 25 lra ylsje t rjtfrte afrlejt ert so t 330 Prt 62je Ltat Vsw Psrj. U wr sjtrj js taejrtsj sftsj. UaLtra Wrftrw rje VUV Aswejs PPW tssta ra t fsjsa so t Aerrsj Or MII Vsw Psrj. Xreee Ptt PPW rje Wsl Wsjtattsj ra t fsjsa so t 330 Prt 62je Ltat Vsw Psrj.

Qce mlrehrtmeme jeaa we hmldtmdleb mm tmusac jemc X.X. lehr lemeememe leddeleueemh jemc uelmetra lehr lemeememe. Urmeseh crh rgleeb mm lemree, rh mce lemreeeeg hsmehml, rm aerhm 5.0% mm mce Nelmemetrme Irarete ml Ummemera Zumdem mm ertc Narhh mm Nelmemetrmeh (mmcel mcre mce Narhh A Nelmemetrmeh) ee hrmehmrtmeme mm mce X.X. tlebem lehr lemeememe leddeleueemh. Urmeseh rahm eemeebh mm lemree r urmelera eem etmemuet eemelehm ee mce hetdlemelrmeme tmehmemdmeb wc mce ehhde mm mce Nelmemetrmeh ee rttmlbrete jemc mce DX lehr lemeememe leddeleueemh. Edlhdrem mm mce E&X Zgleeueem, mce Nelmemetrme Zbueeehmlrmml jeaa urre NADONp Aesmlmh rurearwae mm eeuehmmlh me mce Nelmemetrme Zbueeehmlrmmlh jewheme. Nmjeuel, eeemcel mce Nelmemetrme Zbueeehmlrmml eml mce Xeluetel jeaa we leddeleb mm tmemmlu mce NADONp Aesmlmh mm mce DX lesmlmeeg meusarmeh ee mce mlrehememera legeue ml mce meera meusarmeh jcee mcec mrre emmetm. Urmeseh jeaa lemree r KAA hmles mm hrmehmc XX lehr lemeememe leddeleueemh.