0001539497-19-001338.txt : 20190809 0001539497-19-001338.hdr.sgml : 20190809 20190809164451 ACCESSION NUMBER: 0001539497-19-001338 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20190809 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20190809 DATE AS OF CHANGE: 20190809 ABS RULE: RULE-15GA2 REGISTERED ENTITY: N ABS ASSET CLASS: Commercial mortgages BHP Trust 2019-BXHP FILER: COMPANY DATA: COMPANY CONFORMED NAME: GS MORTGAGE SECURITIES CORP II CENTRAL INDEX KEY: 0001004158 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 223442024 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-00533 FILM NUMBER: 191013519 BUSINESS ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 BUSINESS PHONE: 2129021000 MAIL ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 DEPOSITOR: COMPANY DATA: COMPANY CONFORMED NAME: GS MORTGAGE SECURITIES CORP II CENTRAL INDEX KEY: 0001004158 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 223442024 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act BUSINESS ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 BUSINESS PHONE: 2129021000 MAIL ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 SECURITIZER: COMPANY DATA: COMPANY CONFORMED NAME: GS MORTGAGE SECURITIES CORP II CENTRAL INDEX KEY: 0001004158 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 223442024 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-00533 BUSINESS ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 BUSINESS PHONE: 2129021000 MAIL ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 ABS-15G 1 n1737_abs15g-x1.htm FORM ABS-15G

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM ABS-15G
 
ASSET-BACKED SECURITIZER
Report Pursuant to Section 15G of
the Securities Exchange Act of 1934

 

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

 

[_] Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________________ to _________________

 

Date of Report (Date of earliest event reported)______________________

 

Commission File Number of securitizer: ____________________

 

Central Index Key Number of securitizer: ___________________

 

Name and telephone number, including area code, of the person to
contact in connection with this filing

 

 

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) [_]

 

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [_]

 

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) [_]

 

 

[ü] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

 

Central Index Key Number of depositor: 0001004158

 

BHP Trust 2019-BXHP

(Exact name of issuing entity as specified in its charter)

 

Central Index Key Number of issuing entity (if applicable): Not applicable

 

 

 


Central Index Key Number of underwriter (if applicable): Not applicable

 

Brian Bolton, (972) 501-3950
Name and telephone number, including area code, of the person to
contact in connection with this filing

 

 

INFORMATION TO BE INCLUDED IN THE REPORT

FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS

Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer

Attached as Exhibit 1 hereto is an agreed-upon procedures report, dated August 9, 2019, of PricewaterhouseCoopers LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of PricewaterhouseCoopers LLP with respect to certain agreed-upon procedures performed by PricewaterhouseCoopers LLP.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    GS MORTGAGE SECURITIES CORPORATION II
    (Depositor)
Date:  August 9, 2019        
    By: /s/ Leah Nivison  
      Name:  Leah Nivison  
      Title:   Chief Executive Officer  
         
         
         
         
         
         
         
         
         

 

 

 

 

Exhibit 1 Agreed-upon procedures report, dated August 9, 2019, of PricewaterhouseCoopers LLP.

 

 

 

 EX-1 2 exh1.htm AGREED-UPON PROCEDURES REPORT, DATED AUGUST 9, 2019, OF PRICEWATERHOUSECOOPERS LLP

Exhibit 1

 

 

 

Report of Independent Accountants on Applying

Agreed-Upon Procedures

 

 

GS Mortgage Securities Corporation II (the “Company”)

200 West Street

New York, NY 10282

 

We (“us” or “PwC”) have performed the procedures enumerated below, which were agreed to by the Company, Goldman Sachs Mortgage Company, Goldman Sachs Bank USA, Goldman Sachs & Co. LLC, JP Morgan Chase Bank, National Association and J.P. Morgan Securities LLC who are collectively referred to herein as the “Specified Parties”, solely to assist you with the procedures enumerated below with respect to BHP Trust 2019-BXHP, Commercial Mortgage Pass-Through Certificates, Series 2019-BXHP (the “Transaction”). The Company (the “Responsible Party”) is responsible for the accuracy of the information contained in the Final Data File (defined below). The sufficiency of these procedures is solely the responsibility of the Specified Parties. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

 

Procedures and Findings

 

In connection with the Transaction, the Specified Parties have requested that the procedures be performed on a single loan secured by 27 properties, herein referred to as the “Underlying Collateral”, which represents the entire population of collateral within the Transaction.

 

This agreed-upon procedures engagement was not conducted for the purpose of satisfying any criteria for due diligence published by a nationally recognized statistical rating organization.

 

In addition, PwC should not be regarded as having in any way warranted or given any assurance as to the following items:

 

·The completeness, accuracy, appropriateness, quality or integrity of any of the information provided by the Responsible Party, or any other party for purposes of PwC performing the procedures agreed to by the Specified Parties. The procedures performed would not necessarily reveal any material misstatement of the amounts, balances, ratios, percentages or other relationships of the information included in the data provided to us;

 

·The conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements;

 

·The value of collateral securing such assets; and

 

·The compliance of the originator of the assets with federal, state, and local laws and regulations.

 

We have not performed any procedures with respect to the fair value of the securities being offered in the Transaction and PwC expresses no opinion on the current fair value of these securities. PwC should not be regarded as having performed any procedures other than those detailed in this report.

 

With respect to any terms or requirements of the Transaction documents that do not appear in the exhibits, we performed no procedures and, accordingly, the procedures we performed would not ensure that any requirements are satisfied. Further, we have performed only the following agreed-upon procedures and therefore make no representations regarding the adequacy of disclosures or whether any material facts have been omitted from the Transaction documents.

 

 


PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017  
T: (646) 471-3000, F: 813-286-6000 , www.pwc.com/us  1 

 

  

 

 

It should be understood that we make no representations as to:

 

·The interpretation of Transaction documents (including, but not limited to, indenture agreements or offering documents) included in connection with our procedures;

 

·Your compliance with Rule 15Ga-2 of the Securities Exchange Act of 1934; and

 

·The reasonableness of any of the assumptions provided by the Company.

 

These procedures should not be taken to supplant any additional inquiries or procedures that the Specified Parties would undertake in consideration of the Transaction.

 

For the purposes of this report:

·The phrase “Cut-off Date” refers to the date of August 9, 2019.
·The following Microsoft Excel (“Excel”) file was provided to us by the Company, which includes certain attributes related to the Underlying Collateral as of the Cut-off Date shall be herein referred to as the “Final Data File”:
o2019-BXHP Accounting Tape Final.xlsx
·The fields in the Final Data File shall be herein referred to as “Specified Attributes”.
   
 ·The phrase “Source Document” refers to the documents (including any applicable amendments, assumptions or exhibits thereof) provided to us by the Company, related to the information contained in the Final Data File.
·The phrase “Loan File” refers to any Source Document or collection of Source Documents provided to us by the Company, and used by us in performing the procedures enumerated below.
·The phrase “Recalculation,” as used hereinafter, refers to a recomputation using the Specified Attributes included in the Final Data File. The phrase “compared and agreed,” as used hereinafter, refers to the comparison of one or more Specified Attributes to Source Documents for which the Specified Attributes and the Source Documents have been found to be in agreement, unless otherwise indicated.
·Capitalized terms used, but not defined herein, shall have the meanings ascribed to them in the Final Data File and related Source Documents.

Source Documents included in the Loan File:

·The phrase “Appraisal Report” refers to a signed appraisal document.
·The phrase “Bloomberg” refers to the Bloomberg data platform used to reference the LIBOR cap counterparty rating.
·The phrase “Closing Statement” refers to the signed borrower and lender mortgage loan closing statements indicating the sources and uses of dispersed funds.

 

·The phrase “Engineering Report” refers to the signed property condition assessment document.

 


PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017  
T: (646) 471-3000, F: 813-286-6000 , www.pwc.com/us  2 

 

  

 

 

 

·The phrase “Environmental Report” refers to the signed phase I and phase II (if applicable) environmental documents.
·The phrase “Fee Schedule” refers to the documentation for the certificate administrator fee and servicing fee related to the Transaction.
·The phrase “Franchise Agreement” refers to the signed franchise agreement, assignment of franchise agreement, and/or any riders thereof.
·The phrase “Ground Lease” refers to the signed ground lease agreement, and/or any assumptions or riders thereof.
·The phrase “Guaranty Agreement” refers to the signed guaranty agreement, and/or any riders thereof.

 

·The phrase “Insurance Summary” refers to the certificate of insurance and/or insurance risk analysis summarizing the coverage for each insurance category.
·The phrase “Interest Rate Cap Agreement” refers to the signed interest rate cap agreement, or the equivalent, and/or any assumptions or riders thereof.
·The phrase “Loan Agreement” refers to the signed loan agreement, or the equivalent, and/or any assumptions or riders thereof.
·The phrase “Management Agreement” refers to the signed management agreement, assignment of management agreement, and/or any riders thereof.
·The phrase “Seismic Report” refers to a signed seismic assessment document included in the Loan File.
·The phrase “Title Policy” refers to the signed title policy.
·The phrase “Trepp” refers to the website www.trepp.com, which was referenced for information relating to prior securitizations.
·The phrase “Underwriting File” refers to the historical and pro-forma cash flow statements prepared by the Company’s underwriting team.

Our procedures and results thereof are as follows:

From July 24, 2019 through August 9, 2019 the Company provided us with the Source Documents related to the Underlying Collateral for which we (i) compared and agreed certain Specified Attributes set forth in the Final Data File to the corresponding Source Documents (the “Compared Attributes”), (ii) recalculated certain Specified Attributes set forth in the Final Data File, and found them to be in agreement (the “Recalculated Attributes”) or (iii) were instructed by the Company to assume certain Specified Attributes set forth in the Final Data File were accurate, and therefore we did not perform any compare and agree or recalculation procedures (the “Company Provided Attributes”). The procedures with respect to the Compared Attributes and Recalculated Attributes were applied as indicated in Exhibit A. The recalculation methodology associated with the Recalculated Attributes is listed in Exhibit B. For each procedure where a recalculation was performed, the underlying attributes were compared and agreed to the corresponding Source Documents. For the purpose of our procedures, any differences within the defined (by the Company) tolerance level (if any) listed in Exhibit A, were considered to be in agreement.

 

 


PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017  
T: (646) 471-3000, F: 813-286-6000 , www.pwc.com/us  3 

 

  

 

 

 

We did not perform any procedures with respect to the Specified Attributes denoted with a Source Document of “None - Company Provided”, in Exhibit A.

 

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to, and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the Final Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

 

This report is intended solely for the information and use of the Specified Parties (including for purposes of substantiating the Specified Parties’ "due diligence defense" under the Securities Act of 1933), and is not intended to be and should not be used by anyone other than the Specified Parties.

 

If a party has obtained, or has access to, this report without having executed an agreement with PwC wherein such party accepts responsibility for the sufficiency of the procedures performed (such party is herein referred to as a "Non-Specified Party"), that Non-Specified Party cannot:

 

i)Rely upon this report, and any use of this report by that Non-Specified Party is its sole responsibility and at its sole and exclusive risk; and

 

ii)Acquire any rights or claims against PwC, and PwC assumes no duties or obligations to such Non-Specified Party.

 

A Non-Specified Party may not disclose or distribute this report or any of the report’s contents to any other party (including but not limited to electronic distribution and/or posting to a website pursuant to Rule 17G-5 of the Securities Exchange Act of 1934).

 

The procedures enumerated above were performed as of the date of this report, and we disclaim any consideration of any events and circumstances occurring after the date of this report. Further, we have no obligation to update this report because of events occurring, or data or information coming to our attention, subsequent to the date of this report.

 

/s/ PricewaterhouseCoopers LLP

 

New York, NY

August 9, 2019

 

 

 

 


PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017  
T: (646) 471-3000, F: 813-286-6000 , www.pwc.com/us  4 

 

  

 

BHP Trust 2019-BXHP, Commercial Mortgage Pass-Through Certificates, Series 2019-BXHP

 

Exhibits

 

 

 

Exhibit A –Specified Attributes

 

Exhibit B – Recalculation Methodology

 

 

 

 


PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017  
T: (646) 471-3000, F: 813-286-6000 , www.pwc.com/us  5 

 

  

 

BHP Trust 2019-BXHP, Commercial Mortgage Pass-Through Certificates, Series 2019-BXHP Exhibit A
Specified Attributes  

 

 

# Specified Attribute Source Document (by order of priority) Tolerance Levels
1 Control Number None - Company Provided None
2 Loan / Property Flag None - Company Provided None
3 Number of Properties Appraisal Report None
4 Originator Loan Agreement None
5 Originator Entity Type Loan Agreement None
6 Mortgage Loan Seller Loan Agreement None
7 Property Name None - Company Provided None
8 Address Appraisal Report None
9 City Appraisal Report None
10 State Appraisal Report None
11 County Appraisal Report None
12 Zip Code Appraisal Report None
13 General Property Type Appraisal Report None
14 Flood Zone Engineering Report None
15 Detailed Property Type Appraisal Report None
16 Year Built Appraisal Report None
17 Year Renovated Appraisal Report None
18 Keys Underwriting File None
19 Loan Per Unit ($) Recalculation None
20 Original Balance ($) Loan Agreement None
21 Cut-off Date Balance ($) Recalculation None
22 Allocated Loan Amount ($) Loan Agreement None
23 % of Initial Pool Balance Recalculation None
24 Pari Passu Split (Y/N) Loan Agreement None
25 Mortgage Loan Rate (%) Recalculation None
26 Trust Interest Rate (At LIBOR Cap) Recalculation None
27 Administrative Fee Rate (%) Fee Schedule None
28 Margin Loan Agreement None
29 Mortgage Loan Index Loan Agreement None
30 Assumed LIBOR None - Company Provided None
31 Float Rate Change Frequency (Mos) Loan Agreement None
32 LIBOR Floor Loan Agreement None
33 LIBOR Strike Cap Interest Rate Cap Agreement None
34 LIBOR Cap After Extension Loan Agreement None
35 LIBOR Cap Expiration Interest Rate Cap Agreement None
36 LIBOR Cap Counterparty Interest Rate Cap Agreement None
37 LIBOR cap Counterparty rating (S&P / MIS / FITCH) Bloomberg None
38 Trust Annual Debt Service at LIBOR Cap ($) Recalculation None
39 Trust NCF DSCR at LIBOR cap Recalculation None
40 LIBOR Rounding Methodology Loan Agreement None

 

 


PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017  
T: (646) 471-3000, F: 813-286-6000 , www.pwc.com/us  6 

 

  

 

BHP Trust 2019-BXHP, Commercial Mortgage Pass-Through Certificates, Series 2019-BXHP Exhibit A
Specified Attributes  

 

# Specified Attribute Source Document (by order of priority) Tolerance Levels
41 LIBOR Lookback Days Loan Agreement None
42 Extension Options  (Y/N) Loan Agreement None
43 Extension Options (#/Mos) Loan Agreement None
44 Extension Spread Increase Description Loan Agreement None
45 First Extension Fee Loan Agreement None
46 Second Extension Fee Loan Agreement None
47 Third Extension Fee Loan Agreement None
48 Fourth Extension Fee Loan Agreement None
49 Fifth Extension Fee Loan Agreement None
50 Fully Extended Original Term Recalculation None
51 Fully Extended Remaining Term Recalculation None
52 Fully Extended Maturity Date Loan Agreement None
53 Fully Extended Amortization Term Loan Agreement None
54 Trust Monthly Payment ($) Recalculation None
55 Trust Annual Debt Service ($) Recalculation None
56 Interest Accrual Method Loan Agreement None
57 Interest Accrual Period Loan Agreement None
58 Origination Date Loan Agreement None
59 First Due Date Loan Agreement None
60 Last IO Due Date Loan Agreement None
61 First P&I Due Date Loan Agreement None
62 Due Date Loan Agreement None
63 Grace Period- Late Fee Loan Agreement None
64 Grace Period- Default Loan Agreement None
65 Amortization Type Loan Agreement None
66 Original Interest-Only Period (Mos.) Recalculation None
67 Remaining Interest-Only Period (Mos.) Recalculation None
68 Original Term To Maturity (Mos.) Recalculation None
69 Remaining Term To Maturity (Mos.) Recalculation None
70 Original Amortization Term (Mos.) Not Applicable* None
71 Remaining Amortization Term (Mos.) Not Applicable* None
72 Seasoning Recalculation None
73 Maturity Date Loan Agreement None
74 Balloon Balance ($) Recalculation None
75 Lockbox Loan Agreement None
76 Cash Management Loan Agreement None
77 Cash Management Triggers Loan Agreement None
78 DSCR at Trigger Level Loan Agreement None
79 Cross-Collateralized (Y/N) Not Applicable* None
80 Crossed Group Not Applicable* None
81 Lockout Period Not Applicable* None
82 Lockout Expiration Date Not Applicable* None

 

 


PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017  
T: (646) 471-3000, F: 813-286-6000 , www.pwc.com/us  7 

 

  

 

BHP Trust 2019-BXHP, Commercial Mortgage Pass-Through Certificates, Series 2019-BXHP Exhibit A
Specified Attributes  

 

# Specified Attribute Source Document (by order of priority) Tolerance Levels
83 Prepayment Begin Date Loan Agreement None
84 Prepayment End Date Recalculation None
85 Open Period Begin Date Loan Agreement None
86 Open Period (Payments) Recalculation None
87 Prepayment Type Loan Agreement None
88 Prepayment Provision Recalculation None
89 Partially Prepayable without Penalty Loan Agreement None
90 Partially Prepayable without Penalty Description Loan Agreement None
91 Partial Collateral Release Description Loan Agreement None
92 Yield Maintenance Index Not Applicable* None
93 Yield Maintenance Discount Not Applicable* None
94 Yield Maintenance Margin Not Applicable* None
95 Yield Maintenance Recalculation Method Not Applicable* None
96 Day of Month Prepayment Permitted Loan Agreement None
97 Due on Sale Loan Agreement None
98 Due on Encumbrance Loan Agreement None
99 B Note Original Amount Not Applicable* None
100 B Note Cut-Off Date Balance Not Applicable* None
101 B Note Balloon Balance Not Applicable* None
102 B Note Margin Not Applicable* None
103 B Note Interest Rate Not Applicable* None
104 B Note Annual Payment Not Applicable* None
105 Whole Loan Original Balance Not Applicable* None
106 Whole Loan Cut-Off Date Balance Not Applicable* None
107 Whole Loan Balloon Balance Not Applicable* None
108 Whole Loan Interest Rate Not Applicable* None
109 Whole Loan Margin Not Applicable* None
110 Whole Loan Annual Payment Not Applicable* None
111 Whole Loan LTV Not Applicable* None
112 Maturity Whole Loan LTV Not Applicable* None
113 Whole Loan NOI DSCR Not Applicable* None
114 Whole Loan NCF DSCR Not Applicable* None
115 Whole Loan NOI Debt Yield Not Applicable* None
116 Whole Loan NCF Debt Yield Not Applicable* None
117 Whole Loan NOI DSCR at LIBOR Cap Not Applicable* None
118 Whole Loan NCF DSCR at LIBOR Cap Not Applicable* None
119 Name of Mezzanine Lender A Not Applicable* None
120 Mezzanine Debt Original Amount A ($) Not Applicable* None
121 Mezzanine Debt Cut-Off Date Balance A ($) Not Applicable* None
122 Mezzanine Debt Interest Rate A Not Applicable* None

 

 


PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017  
T: (646) 471-3000, F: 813-286-6000 , www.pwc.com/us  8 

 

  

 

BHP Trust 2019-BXHP, Commercial Mortgage Pass-Through Certificates, Series 2019-BXHP Exhibit A
Specified Attributes  

 

# Specified Attribute Source Document (by order of priority) Tolerance Levels
123 Mezzanine Debt Maturity Balance A ($) Not Applicable* None
124 Mezzanine Gross Margin A Not Applicable* None
125 Mezzanine Debt Maturity Date A Not Applicable* None
126 Mezzanine Debt Annual Payment A ($) Not Applicable* None
127 Name of Mezzanine Lender B Not Applicable* None
128 Mezzanine Debt Original Amount B ($) Not Applicable* None
129 Mezzanine Debt Cut-Off Date Balance B ($) Not Applicable* None
130 Mezzanine Debt Maturity Balance B ($) Not Applicable* None
131 Mezzanine Debt Interest Rate B Not Applicable* None
132 Mezzanine Gross Margin B Not Applicable* None
133 Mezzanine Debt Maturity Date B Not Applicable* None
134 Mezzanine Debt Annual Payment B ($) Not Applicable* None
135 Total Mezzanine Debt Original Balance ($) Not Applicable* None
136 Total Mezzanine Debt Cut-Off Date Balance ($) Not Applicable* None
137 Total Mezzanine Debt Maturity Balance ($) Not Applicable* None
138 Total Mezzanine Margin Not Applicable* None
139 Total Mezzanine Annual Payment ($) Not Applicable* None
140 Total Loan Original Balance ($) Not Applicable* None
141 Total Loan Cut-Off Date Balance ($) Not Applicable* None
142 Total Loan Maturity Balance ($) Not Applicable* None
143 Total Debt Margin Not Applicable* None
144 Total Loan Interest Rate Not Applicable* None
145 Total Loan Annual Payment ($) Not Applicable* None
146 Total Loan LTV Not Applicable* None
147 Total Loan Maturity Date LTV Not Applicable* None
148 Total Loan NOI DSCR Not Applicable* None
149 Total Loan NCF DSCR Not Applicable* None
150 Total Debt Loan NOI Debt Yield Not Applicable* None
151 Total Debt Loan NCF Debt Yield Not Applicable* None
152 Other Subordinate Debt Balance ($) Not Applicable* None
153 Other Subordinate Debt Type Not Applicable* None
154 Future Debt Allowed? Loan Agreement None
155 Mortgage Assumable? Loan Agreement None
156 Assumption Fee Loan Agreement None
157 Appraiser Designation Appraisal Report None
158 Appraisal FIRREA (Y/N) Appraisal Report None
159 Appraisal Date Appraisal Report None
160 Appraised Value ($) Appraisal Report None
161 As-Stabilized Appraisal Date Appraisal Report None

 

 


PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017  
T: (646) 471-3000, F: 813-286-6000 , www.pwc.com/us  9 

 

  

 

BHP Trust 2019-BXHP, Commercial Mortgage Pass-Through Certificates, Series 2019-BXHP Exhibit A
Specified Attributes  

 

# Specified Attribute Source Document (by order of priority) Tolerance Levels
162 As-Stabilized Appraised Value ($) Appraisal Report None
163 Trust Loan Cut-off Date LTV Ratio (%) Recalculation None
164 Mortgage Loan LTV Ratio at Maturity (%) Recalculation None
165 Single Tenant (Y/N) Underwriting File None
166 Engineering Report Date Engineering Report None
167 Environmental Phase I Report Date Environmental Report None
168 Environmental Phase II Environmental Report None
169 Environmental Phase II Report Date Environmental Report None
170 PML or SEL (%) Seismic Report None
171 Seismic Report Date Seismic Report None
172 Earthquake Insurance Required (Y/N) Loan Agreement None
173 Terrorism Insurance Required (Y/N) Loan Agreement None
174 Environmental Insurance Required (Y/N) Loan Agreement None
175 Blanket Insurance Policy (Y/N) Insurance Summary None
176 Lien Position Title Policy None
177 Ownership Interest Title Policy None
178 Condominium Present? Loan Agreement None
179 Ground Lease (Y/N) Ground Lease None
180 Annual Ground Lease Payment ($) Ground Lease None
181 Ground Lease Expiration Date Ground Lease None
182 Ground Lease Extension (Y/N) Ground Lease None
183 # of Ground Lease Extension Options Ground Lease None
184 Ground Lease Expiration Date after all Extensions Ground Lease None
185 2016 EGI Date Underwriting File None
186 2016 EGI ($) Underwriting File $1.00
187 2016 Expenses ($) Underwriting File $1.00
188 2016 NOI ($) Underwriting File $1.00
189 2016 FF&E Reserve $ Underwriting File $1.00
190 2016 NCF ($) Underwriting File $1.00
191 2017 EGI Date Underwriting File None
192 2017 EGI ($) Underwriting File $1.00
193 2017 Expenses ($) Underwriting File $1.00
194 2017 NOI ($) Underwriting File $1.00
195 2017 FF&E Reserve $ Underwriting File $1.00
196 2017 NCF ($) Underwriting File $1.00
197 2018 EGI Date Underwriting File None
198 2018 EGI ($) Underwriting File $1.00
199 2018 Expenses ($) Underwriting File $1.00
200 2018 NOI ($) Underwriting File $1.00
201 2018 FF&E Reserve $ Underwriting File $1.00
202 2018 NCF ($) Underwriting File $1.00

 

 


PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017  
T: (646) 471-3000, F: 813-286-6000 , www.pwc.com/us  10 

 

  

 

BHP Trust 2019-BXHP, Commercial Mortgage Pass-Through Certificates, Series 2019-BXHP Exhibit A
Specified Attributes  

 

# Specified Attribute Source Document (by order of priority) Tolerance Levels
203 Most Recent Date (if past 2018) Underwriting File None
204 Most Recent # of months Underwriting File None
205 Most Recent Description Underwriting File None
206 Most Recent EGI (if past 2018) ($) Underwriting File $1.00
207 Most Recent Expenses (if past 2018) ($) Underwriting File $1.00
208 Most Recent NOI (if past 2018) ($) Underwriting File $1.00
209 Most Recent FF&E Reserve (if past 2018) $ Underwriting File $1.00
210 Most Recent NCF (if past 2018) ($) Underwriting File $1.00
211 Underwritten EGI ($) Underwriting File $1.00
212 Underwritten Expenses ($) Underwriting File $1.00
213 Underwritten Net Operating Income ($) Underwriting File $1.00
214 Underwritten NOI DSCR (x) Recalculation None
215 Underwritten NOI Debt Yield Recalculation None
216 Underwritten Replacement / FF&E Reserve ($) Underwriting File $1.00
217 Underwritten TI / LC ($) Underwriting File $1.00
218 Underwritten Other Reserve ($) Underwriting File $1.00
219 Underwritten Net Cash Flow ($) Underwriting File $1.00
220 Underwritten NCF DSCR (x) Recalculation None
221 Underwritten NCF Debt Yield Recalculation None
222 2016 Occupancy Underwriting File None
223 2017 Occupancy Underwriting File None
224 2018 Occupancy Underwriting File None
225 TTM April 2019 Occupancy Underwriting File None
226 UW Occupancy Underwriting File None
227 2016 Average Daily Key Rate ($) Underwriting File None
228 2017 Average Daily Key Rate ($) Underwriting File None
229 2018 Average Daily Key Rate ($) Underwriting File None
230 TTM April 2019 Average Daily Key Rate ($) Underwriting File None
231 UW Average Daily Key Rate ($) Underwriting File None
232 2016 Daily RevPAR ($) Underwriting File None
233 2017 Daily RevPAR ($) Underwriting File None
234 2018 Daily RevPAR ($) Underwriting File None
235 TTM April 2019 Daily RevPAR ($) Underwriting File None
236 UW Daily RevPAR ($) Underwriting File None
237 Hotel Franchise Flag Franchise Agreement None
238 Franchise Agreement Expiration Franchise Agreement None
239 Hotel Management Agreement Expiration Management Agreement None
240 Upfront RE Tax Reserve ($) Loan Agreement, Closing Statement None
241 Ongoing RE Tax Reserve ($) Loan Agreement, Closing Statement None
242 Upfront Insurance Reserve ($) Loan Agreement, Closing Statement None

 

 


PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017  
T: (646) 471-3000, F: 813-286-6000 , www.pwc.com/us  11 

 

  

 

BHP Trust 2019-BXHP, Commercial Mortgage Pass-Through Certificates, Series 2019-BXHP Exhibit A
Specified Attributes  

 

# Specified Attribute Source Document (by order of priority) Tolerance Levels
243 Ongoing Insurance Reserve ($) Loan Agreement, Closing Statement None
244 Upfront Replacement Reserve ($) Loan Agreement, Closing Statement None
245 Ongoing Replacement Reserve ($) Loan Agreement, Closing Statement None
246 Replacement Reserve Caps ($) Loan Agreement, Closing Statement None
247 Upfront TI/LC Reserve ($) Loan Agreement, Closing Statement None
248 Ongoing TI/LC Reserve ($) Loan Agreement, Closing Statement None
249 TI/LC Caps ($) Loan Agreement, Closing Statement None
250 Upfront Debt Service Reserve ($) Loan Agreement, Closing Statement None
251 Ongoing Debt Service Reserve ($) Loan Agreement, Closing Statement None
252 Upfront Deferred Maintenance Reserve ($) Loan Agreement, Closing Statement None
253 Ongoing Deferred Maintenance Reserve ($) Loan Agreement, Closing Statement None
254 Upfront Environmental Reserve ($) Loan Agreement, Closing Statement None
255 Ongoing Environmental Reserve ($) Loan Agreement, Closing Statement None
256 Upfront Other Reserve ($) Loan Agreement, Closing Statement None
257 Ongoing Other Reserve ($) Loan Agreement, Closing Statement None
258 Other Reserve Description Loan Agreement, Closing Statement None
259 Letter of Credit? Loan Agreement None
260 Letter of Credit Balance ($) Loan Agreement None
261 Letter of Credit Description Loan Agreement None
262 Release Provisions (Y/N) Loan Agreement None
263 Loan Purpose Closing Statement None
264 Borrower Name Loan Agreement None
265 Tenant In Common (Y/N) Loan Agreement None
266 Sponsor Loan Agreement None
267 Carve-out Guarantor Guaranty Agreement None
268 Recourse Loan Agreement, Guaranty Agreement None
269 Related Group Not Applicable* None
270 Single Purpose Borrower (Y/N) Loan Agreement None
271 Property Manager Management Agreement None
272 Prior Securitizations Trepp None
273 Exit Fee Loan Agreement None

 

*- The fields for the noted Specified Attributes were either not populated in the Final Data File or populated with the term NAP. As such, we were instructed by the Company to not perform any procedures on these Specified Attributes.

 

 


PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017  
T: (646) 471-3000, F: 813-286-6000 , www.pwc.com/us  12 

 

  

 

BHP Trust 2019-BXHP, Commercial Mortgage Pass-Through Certificates, Series 2019-BXHP Exhibit B
Recalculation Methodology  

 

 

# Specified Attribute Calculation Tolerance Levels
19 Loan Per Unit ($) Quotient of (i) Original Balance ($) and (ii) Keys. None
21 Cut-off Date Balance ($) Set equal to Original Balance ($). $1.00
23 % of Initial Pool Balance Quotient of (i) Cut-off Balance ($) and (ii) the aggregate Cut-off Balance ($). None
25 Mortgage Loan Rate (%) Sum of (i) Assumed LIBOR and (ii) Margin. None
26 Trust Interest Rate (At LIBOR Cap) Sum of (ii) LIBOR Strike Cap and (ii) Margin. None
38 Trust Annual Debt Service at LIBOR Cap ($) Product of (i) Original Balance ($) and (ii) Trust Interest Rate (At LIBOR Cap) and (iii) the Interest Accrual Method (365/360). None
39 Trust NCF DSCR at LIBOR cap Quotient of (i) Underwritten Net Cash Flow ($) and (ii) Trust Annual Debt Service at LIBOR Cap. None
50 Fully Extended Original Term Count of the number of monthly payment dates, from and inclusive of (i) First Due Date, to and including (ii) Fully Extended Maturity Date. None
51 Fully Extended Remaining Term Difference of (i) Fully Extended Original Term and (ii) Seasoning. None
54 Trust Monthly Payment ($) Quotient of (i) Product of (a) Original Balance ($) and (b) Mortgage Loan Rate (%) and (c) the Interest Accrual Method (365/360) and (ii) 12. $1.00
55 Trust Annual Debt Service ($) Product of (i) Trust Monthly Payment ($) and (ii) 12. $1.00
66 Original Interest-Only Period (Mos.) Count of the number of monthly payment dates, from and inclusive of (i) First Due Date, to and including (ii) Last IO Due Date. None
67 Remaining Interest-Only Period (Mos.) Difference between (i) Original Interest-Only Period (Mos.) and (ii) Seasoning. None
68 Original Term To Maturity (Mos.) Count of the number of monthly payment dates, from and inclusive of (i) First Due Date, to and including (ii) Maturity Date. None
69 Remaining Term To Maturity (Mos.) Difference between (i) Original Term to Maturity (Mos.) and (ii) Seasoning. None
72 Seasoning Set equal to zero. None
74 Balloon Balance ($) Set equal to Original Balance ($). $1.00
84 Prepayment End Date Difference between (i) Open Period Begin Date and (ii) 1 day. None
86 Open Period (Payments) Count of the number of monthly payment dates, from and inclusive of (i) Open Period Begin Date, to and including (ii) Maturity Date. None

 

 


PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017  
T: (646) 471-3000, F: 813-286-6000 , www.pwc.com/us  13 

 

  

 

BHP Trust 2019-BXHP, Commercial Mortgage Pass-Through Certificates, Series 2019-BXHP Exhibit B
Recalculation Methodology  

 

# Specified Attribute Calculation Tolerance Levels
88 Prepayment Provision Count of the number of monthly payment dates (i) from and inclusive of (a) Prepayment Begin Date, to and including (b) Prepayment End Date and (ii) from and inclusive of (a) Open Period Begin Date to and including (b) Maturity Date. None
163 Trust Loan Cut-off Date LTV Ratio (%) Quotient of (i) Cut-off Date Balance ($) and (ii) Appraised Value ($). None
164 Mortgage Loan LTV Ratio at Maturity (%) Quotient of (i) Balloon Balance ($) and (ii) Appraised Value ($). None
214 Underwritten NOI DSCR (x) Quotient of (i) Underwritten Net Operating Income ($) and (ii) Trust Annual Debt Service ($). None
215 Underwritten NOI Debt Yield Quotient of (i) Underwritten Net Operating Income ($) and (ii) Cut-off Date Balance ($). None
220 Underwritten NCF DSCR (x) Quotient of (i) Underwritten Net Cash Flow ($) and (ii) Trust Annual Debt Service ($). None
221 Underwritten NCF Debt Yield Quotient of (i) Underwritten Net Cash Flow ($) and (ii) Cut-off Date Balance ($). None

 

 

 


PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017  
T: (646) 471-3000, F: 813-286-6000 , www.pwc.com/us  14 

 

  

 

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