Exhibit 99.1
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KPMG LLP 1676 International Drive McLean, VA 22102
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Independent Accountants’ Report on Applying Agreed-Upon Procedures
German American Capital Corporation (“GACC”)
Cantor Commercial Real Estate Lending, L.P. (“CCRE”)
Jefferies LoanCore LLC (“JLC”)
(together with GACC, CCRE, and JLC, the “Loan Sellers”)
Deutsche Mortgage & Asset Receiving Corporation
Deutsche Bank Securities, Inc.
Cantor Fitzgerald & Co.
CastleOak Securities, L.P.
Jefferies LLC
Wells Fargo Securities, LLC
(collectively, the “Specified Parties”)
| Re: | COMM 2015-CCRE26 – Loan File Procedures |
We have performed the procedures described below, which were agreed to by the Specified Parties, solely to assist the Specified Parties with the certain information pertaining to the mortgage loans and the related mortgaged properties which we were informed are to be included as collateral in the offering of COMM 2015-CCRE26 Mortgage Trust Commercial Mortgage Pass-Through Certificates. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. 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.
For purposes of this report, we have completed the loan file procedures explained below and have performed procedures on the information you have requested.
Unless otherwise noted, the following definitions have been adopted in presenting our procedures and findings:
| · | The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were attributable to rounding. |
| · | The term “recomputed” means recalculated and compared the results to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were attributable to rounding. |
| · | The term “rounding” means that amounts and percentages were within $1.00 and 0.1%, respectively. |
| · | The phrase “Data File” means the combined electronic data file provided to us by the Loan Sellers on September 11, 2015 containing data with respect to their respective mortgage loans (“Mortgage Loans”) and related mortgaged properties (“Mortgaged Properties”). A summary of the contents of the Data File is as follow: |
| KPMG
LLP is a Delaware limited liability partnership, the U.S. member firm of KPMG International Cooperative (“KPMG International”), a Swiss entity. |
|
COMM 2015-CCRE26 September 11, 2015 Page 2 |
| Loan Seller | Number of Mortgage Loans | Number of Mortgaged Properties |
| GACC | 20 | 48 |
| CCRE | 27 | 36 |
| JLC | 13 | 14 |
| TOTAL | 60 | 98 |
| · | The phrase “Cut-off Date” means the payment date in October 2015, as provided by the Loan Sellers. |
| · | The phrase “Compared Attributes” means the list of fields in the Data File which were selected by the Loan Sellers for us to perform procedures and listed in Attachment A. |
| · | The phrase “Loan File” means the copies of source documents made available by the Loan Sellers and listed in Attachment A. |
| · | The phrase “Recomputed Attributes” means the list of fields in the Data File which were selected by the Loan Sellers for us to perform recomputation procedures and listed in Attachment B. |
| · | The phrase “Calculation Methodology” means the field listed in Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Loan Sellers. |
| · | The term “Instructions” means the instructions provided by the Loan Sellers pertaining to a procedure, specific attribute, methodology or value and described in Attachment C. |
| · | The phrase “Crossroads Amortization Schedule” refers to the schedule of principal payments for the Crossroads Office Portfolio Mortgage Loan provided by JLC. |
The Loan Sellers are responsible for the information contained in the Data File.
We were instructed by the Loan Sellers to perform the agreed-upon procedures on the all of Mortgage Loans and all related Mortgaged Properties in the Data File.
| A. | For each of the Mortgage Loans and related Mortgaged Properties in the Data File, we compared the Compared Attributes in the Data File to the corresponding information set forth the Loan File (subject to the Instructions). Where more than one document is indicated, we used the highest priority document that we could locate in the Loan File. The document priority is the order provided by the Loan Sellers, which is summarized on Attachment A, with the highest priority document listed first. |
We found such information in the Data File to be in agreement.
| B. | Using (i) certain information in the Data File, (ii) the Calculation Methodology and (iii) the Instructions, we recomputed the Recomputed Attributes for the Mortgage Loans and related Mortgaged Properties listed in the Data File and compared the results of our recomputations to the corresponding information contained in the Data File. |
We found such information in the Data File to be in agreement.
There were no conclusions that resulted from the procedures.
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COMM 2015-CCRE26 September 11, 2015 Page 3 |
We were not engaged to, and did not conduct an audit, examination or review, the objectives of which would be the expression of an opinion or conclusion on the 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.
The procedures performed were applied based on the methodologies, assumptions and information provided to us by the Loan Sellers, without verification or evaluation of such methodologies, assumptions, documents and information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the methodologies, assumptions or information provided to us by the Loan Sellers, (ii) the physical existence of the Mortgage Loans and Mortgaged Properties, (iii) the reliability or accuracy of the documents furnished to us by the Loan Sellers which were used in our procedures, (iv) the adequacy of the disclosures in the Data File, or as to whether any of the statements expressed therein omit any material facts, or (v) matters of legal interpretation.
The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Mortgage Loans to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Mortgage Loans being securitized, (iii) the compliance of the originator of the Mortgage Loans with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Mortgage Loans that would be material to the likelihood that the issuer of the asset-backed security will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by a nationally recognized statistical rating organization (“NRSRO”).
The terms of our engagement are such that we have no obligation to update this report because of events and transactions that may subsequently occur.
This report is intended solely for the information and use of the German American Capital Corporation, Cantor Commercial Real Estate Lending, L.P., Jefferies LoanCore LLC, Deutsche Mortgage & Asset Receiving Corporation, Deutsche Bank Securities, Inc., Cantor Fitzgerald & Co., CastleOak Securities, L.P., Jefferies LLC and Wells Fargo Securities, LLC. It is not intended to be and should not be used by any other person or entity, including investors and NRSROs, who are not identified in the report as Specified Parties but who may have access to this report as required by law or regulation.
September 11, 2015
ATTACHMENT A
COMPARED ATTRIBUTES
| Attribute | Source Document |
| Property Name | Provided by Loan Seller |
| Address | Appraisal/Engineering Report |
| City | Appraisal/Engineering Report |
| County | Appraisal/Engineering Report |
| State | Appraisal/Engineering Report |
| Zip Code | Appraisal, USPS |
| Property Type | Appraisal |
| Property Sub-Type | Appraisal |
| Year Built | Appraisal/Engineering Report |
| Year Renovated | Appraisal/Engineering Report |
| Units/Rentable Square Ft. | Borrower Rent Roll/Underwritten Rent Roll, Lease |
| Primary Unit of Measure | Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll |
| Original Balance | Loan Agreement/Promissory Note, Deed of Trust, Mortgage/Note Splitter Agreement |
| Appraisal Value | Appraisal |
| Date of Valuation | Appraisal |
| Appraisal Value (As Is / Stabilized) | Appraisal |
| "As is" Appraisal Value | Appraisal |
| "As is" Date of Valuation | Appraisal |
| FIRREA Eligible (Yes/No) | Appraisal |
| Note Date | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| First Payment Date | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Interest Rate | Loan Agreement/Promissory Note, Deed of Trust, Mortgage/Note Splitter Agreement |
| Interest Calculation (30/360/Actual/360) | Loan Agreement |
| Monthly Debt Service Payment | Loan Agreement/Promissory Note, Deed of Trust, Mortgage/Note Splitter Agreement. For the Mortgage Loans identified on the Data File for which the Amortization Type characteristic is 'Interest Only' or 'Interest Only, ARD', the Monthly Debt Service Payment was recomputed using the following formula: Interest Rate multiplied by the number of days in the month (30 for 30/360 loans and actual for Actual 360 loans) multiplied by the Original Balance. |
| Pari Passu Companion Loan Monthly Debt Service Payment | Loan Agreement/Promissory Note, Deed of Trust, Mortgage/Note Splitter Agreement |
| Grace Period (Default) | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Grace Period (Late Fee) | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
A-1
| Attribute | Source Document |
| Payment Day | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Original Interest Only Period (Months) | Loan Agreement |
| Maturity/ARD Date | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| ARD (Yes/No) | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Final Maturity Date | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| LockBox Type | Loan Agreement/Promissory Note/Cash Management Agreement/Lockbox Agreement |
| Cash Management | Loan Agreement/Promissory Note/Cash Management Agreement/Lockbox Agreement |
| Excess Cash Trap Trigger | Loan Agreement/Promissory Note/Cash Management Agreement/Lockbox Agreement |
| Prepayment Provision | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Lockout Expiration Date | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Amortization Type | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Lien Position | Proforma Title Policy/Title Policy/Escrow Instruction Letter |
| Ownership Interest | Proforma Title Policy/Title Policy/Escrow Instruction Letter |
| Ground Lease Expiration Date | Proforma Title Policy/Title Policy/Ground Lease |
| Ground Lease Extension Options | Proforma Title Policy/Title Policy/Ground Lease |
| Cross-Collateralized | Cross-Collateralization Agreement/Loan Agreement |
| Existing Additional Debt (Yes/No) | Note Splitter Agreement/Loan Agreement/Promissory Note |
| Existing Additional Debt Amount | Note Splitter Agreement/Loan Agreement/Promissory Note |
| Existing Additional Debt Description | Mezzanine Loan Agreement, Intercreditor Agreement, Subordinate Notes |
| Future Debt Permitted (Yes/No) | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Future Debt Permitted Type | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Future Debt Description | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Partial Prepay or Release Allowed (Yes/No) | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Partial Prepayment or Release Description | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Substitution Allowed (Yes/No) | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Substitution Description | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
A-2
| Attribute | Source Document |
| Third Most Recent Occupancy | Borrower Rent Roll/Underwritten Rent Roll/Travel Research Report/Historical Occupancy |
| Third Most Recent Occupancy Date | Borrower Rent Roll/Underwritten Rent Roll/Travel Research Report/Historical Occupancy |
| Second Most Recent Occupancy | Borrower Rent Roll/Underwritten Rent Roll/Travel Research Report/Historical Occupancy |
| Second Most Recent Occupancy Date | Borrower Rent Roll/Underwritten Rent Roll/Travel Research Report/Historical Occupancy |
| Most Recent Physical Occupancy | Borrower Rent Roll/Underwritten Rent Roll/Travel Research Report |
| Most Recent Rent Roll/Census Date | Borrower Rent Roll/Underwritten Rent Roll/Travel Research Report |
| Major Tenant Name # 1 | Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll |
| Major Tenant Sq. Ft. # 1 | Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll |
| Major Tenant Lease Expiration Date # 1 | Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll |
| Major Tenant Name # 2 | Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll |
| Major Tenant Sq. Ft. # 2 | Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll |
| Major Tenant Lease Expiration Date # 2 | Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll |
| Major Tenant Name # 3 | Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll |
| Major Tenant Sq. Ft. # 3 | Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll |
| Major Tenant Lease Expiration Date # 3 | Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll |
| Major Tenant Name # 4 | Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll |
| Major Tenant Sq. Ft. # 4 | Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll |
| Major Tenant Lease Expiration Date # 4 | Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll |
| Major Tenant Name # 5 | Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll |
| Major Tenant Sq. Ft. # 5 | Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll |
| Major Tenant Lease Expiration Date # 5 | Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll |
| Most Recent Operating Statement Date | Underwritten Financial Schedule |
| Most Recent EGI | Underwritten Financial Schedule |
| Most Recent Expenses | Underwritten Financial Schedule |
| Most Recent NOI | Underwritten Financial Schedule |
| Most Recent Capital Items | Underwritten Financial Schedule |
| Most Recent NCF | Underwritten Financial Schedule |
| Second Most Recent Operating Statement Date | Underwritten Financial Schedule |
A-3
| Attribute | Source Document |
| Second Most Recent EGI | Underwritten Financial Schedule |
| Second Most Recent Expenses | Underwritten Financial Schedule |
| Second Most Recent NOI | Underwritten Financial Schedule |
| Second Most Recent Capital Items | Underwritten Financial Schedule |
| Second Most Recent NCF | Underwritten Financial Schedule |
| Third Most Recent Operating Statement Date | Underwritten Financial Schedule |
| Third Most Recent EGI | Underwritten Financial Schedule |
| Third Most Recent Expenses | Underwritten Financial Schedule |
| Third Most Recent NOI | Underwritten Financial Schedule |
| Third Most Recent Capital Items | Underwritten Financial Schedule |
| Third Most Recent NCF | Underwritten Financial Schedule |
| UW Revenues | Underwritten Financial Schedule |
| UW EGI | Underwritten Financial Schedule |
| UW Expenses | Underwritten Financial Schedule |
| UW NOI | Underwritten Financial Schedule |
| UW Replacement Reserves | Underwritten Financial Schedule |
| UW TI/LC | Underwritten Financial Schedule |
| UW NCF | Underwritten Financial Schedule |
| UW Vacancy | Underwritten Financial Schedule |
| Replacement Reserve taken at Closing | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| Monthly Replacement Reserve | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| Replacement Reserve Cap | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| Replacement Reserve Springing Condition | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| Replacement Reserve Interest to Borrower | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| TI/LC taken at Closing | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| Monthly TI/LC | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| TI/LC Reserve Cap | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| TI/LC Reserve Springing Condition | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| TI/LC Reserve Interest To Borrower | Loan Agreement |
| Tax at Closing | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| Monthly Tax Constant / Escrow | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage, Escrow Analysis |
| Tax Reserve Springing Condition | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| Tax Reserve Interest To Borrower | Loan Agreement |
A-4
| Attribute | Source Document |
| Insurance at Closing | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| Monthly Insurance Constant / Escrow | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage, Escrow Analysis |
| Insurance Reserve Springing Condition | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| Insurance Reserve Interest To Borrower | Loan Agreement |
| Engineering Reserve taken at Closing | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| Engineering Reserve Interest to Borrower | Loan Agreement |
| Other Reserve | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| Monthly Other Reserve | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| Description Other Reserve | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| Other Reserve Cap | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| Other Reserve Springing Condition | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
| Other Reserve Interest to Borrower | Loan Agreement |
| Borrower | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Owner Occupancy > 5% | Provided by Loan Seller |
| Sponsor | Guaranty of Recourse Obligations |
| Earthquake Insurance (Y/N) | Insurance Certificate/Insurance Review |
| Terrorism Insurance (Y/N) | Insurance Certificate/Insurance Review |
| Windstorm Insurance (Y/N) | Insurance Certificate/Insurance Review |
| Environmental Insurance (Y/N) | Insurance Certificate/Insurance Review |
| Date of Engineering Report | Engineering Report |
| Date of Phase I Report | Environmental Report |
| Date of Phase II Report (if applicable) | Environmental Report |
| Date of Seismic Report | Seismic Report |
| Franchise Flag | Franchise Agreement |
| Franchise Agreement Expiration Date | Franchise Agreement |
| PML/SEL % | Seismic Report |
| SPE | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Independent Director (Yes/No) | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Non-Consolidation Opinion (Yes/No) | Loan Agreement/Promissory Note, Deed of Trust, Mortgage/Non-consolidation letter |
| Single Tenant (Yes/No) | Borrower Rent Roll/Underwritten Rent Roll |
| Guarantor | Guaranty of Recourse Obligations |
| Property Manager | Management Agreement |
| TIC | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
A-5
| Attribute | Source Document |
| Loan Purpose | Closing Statement/Loan Agreement |
| Previous Securitization | Trepp/Bloomberg Screenshots |
| Assumption Fee | Loan Agreement/Promissory Note, Deed of Trust, Mortgage |
| Letter of Credit | Loan Agreement/Letter of Credit |
| Earnout/Holdback | Closing Statement/Loan Agreement/Promissory Note/Reserve Agreement |
| Earnout/Holdback Description | Closing Statement/Loan Agreement/Promissory Note/Reserve Agreement |
A-6
ATTACHMENT B
RECOMPUTED ATTRIBUTES
| Attribute | Calculation Methodology |
| Cut-off Balance per Unit | Cut-off Balance divided by Units/Rentable SF |
| Cut-off Balance | We recomputed using the Original Balance, Interest Calculation (30/360 / Actual/360), Seasoning as of Cut-off Date (Months), Original Interest Only Period, First Payment Date, Maturity/ARD Date, Interest Rate and Monthly Debt Service Payment. We are assuming all scheduled payments of principal and/or interest on the Mortgage Loans are made and that there are no prepayments or other unscheduled collections. |
| % of Total Cut-off Date Pool Balance | Cut-off Balance divided by the aggregate Cut-off Balance of all Mortgage Loans |
| LTV at Cut-off | Cut-off Balance divided by Appraisal Value. In the case of Mortgage Loans indicated as “Yes” in the Cross-Collateralized field, this calculation is on an aggregate basis with the associated cross-collateralized loan(s). |
| "As is" Cut-off Date LTV | Cut-off Balance divided by "As is" Appraisal Value. In the case of Mortgage Loans indicated as “Yes” in the Cross-Collateralized field, this calculation is on an aggregate basis with the associated cross-collateralized loan(s). |
| Maturity Balance | We recomputed using the Original Balance, Interest Calculation (30/360 / Actual/360), Seasoning as of Cut-off Date (Months), Original Interest Only Period, First Payment Date, Maturity/ARD Date, Interest Rate and Monthly Debt Service Payment. We are assuming all scheduled payments of principal and/or interest on the Mortgage Loans are made and that there are no prepayments or other unscheduled collections. For each Mortgage Loan, we recomputed the Maturity Balance as the aggregate principal amount that is scheduled to be paid on the “Maturity/ARD Date,” including the principal component that is included in the Monthly Debt Service Payment that is due on the “Maturity/ARD Date.” |
| LTV at Maturity | Maturity Balance divided by Appraisal Value. In the case of Mortgage Loans indicated as “Yes” in the Cross-Collateralized field, this calculation is on an aggregate basis with the associated cross-collateralized loan(s). |
| U/W NOI Debt Yield | UW NOI divided by Cut-off Balance. In the case of Mortgage Loans indicated as “Yes” in the Cross-Collateralized field, this calculation is on an aggregate basis with the associated cross-collateralized loan(s). |
B-1
| Attribute | Calculation Methodology |
| U/W NCF Debt Yield | UW NCF divided by Cut-off Balance. In the case of Mortgage Loans indicated as “Yes” in the Cross-Collateralized field, this calculation is on an aggregate basis with the associated cross-collateralized loan(s). |
| NOI Debt Yield at Maturity | UW NOI divided by Maturity Balance. In the case of Mortgage Loans indicated as “Yes” in the Cross-Collateralized field, this calculation is on an aggregate basis with the associated cross-collateralized loan(s). |
| NCF Debt Yield at Maturity | UW NCF divided by Maturity Balance. In the case of Mortgage Loans indicated as “Yes” in the Cross-Collateralized field, this calculation is on an aggregate basis with the associated cross-collateralized loan(s). |
| Original Amort. Term (Months) | We recomputed by using the Original Balance, Interest Rate and Monthly Debt Service Payment for Mortgage Loans identified on the Data File from which the Amortization Type characteristic is 'Amortizing Balloon', (the "Balloon Loans"). For the Mortgage Loans identified on the Data File for which the Amortization Type characteristic is 'Interest Only, then Amortizing' (the "Partial Interest Only Loans"), we used the Monthly Debt Service Payment after the expiration of the interest only period. For the Mortgage Loans identified on the Data File for which the Amortization Type characteristic is 'Interest Only' or 'Interest Only, ARD') is shown as '0', (the "Interest Only Loans"). |
| Original Balloon Term (Months) | Number of payments between and including the Maturity/ARD Date and the First Payment Date |
| Seasoning as of Cut-off Date (Months) | Number of payments between and including the First Payment Date and the Cut-off Date |
| Remaining Term to Amortization (Months) | Original Amort. Term (Months) minus Seasoning as of the Cut-off Date (Months) |
| Remaining Term to Maturity (Months) | Original Balloon Term (Months) minus Seasoning as of the Cut-off Date (Months) |
| Rem IO Period | Original Interest Only Period minus Seasoning as of the Cut-off Date (Months) |
| Major % of Sq. Ft. # 1 | Major Tenant Sq. Ft. # 1 divided by Units/Rentable SF |
| Major % of Sq. Ft. # 2 | Major Tenant Sq. Ft. # 2 divided by Units/Rentable SF |
| Major % of Sq. Ft. # 3 | Major Tenant Sq. Ft. # 3 divided by Units/Rentable SF |
| Major % of Sq. Ft. # 4 | Major Tenant Sq. Ft. # 4 divided by Units/Rentable SF |
| Major % of Sq. Ft. # 5 | Major Tenant Sq. Ft. # 5 divided by Units/Rentable SF |
B-2
| Attribute | Calculation Methodology |
| UW NCF DSCR (Current) | UW NCF divided by annual ((Interest Rate times Interest Calculation (30/360 / Actual/360)) times Original Balance) for the Partial Interest Only Loans. For Interest Only Loans and Balloon Loans we used the "annual" Monthly Debt Service Payment amount. In the case of Mortgage Loans indicated as “Yes” in the Cross-Collateralized field, this calculation is on an aggregate basis with the associated cross-collateralized loan(s). |
| UW NCF DSCR (After IO Period) | UW NCF divided by "annual" Monthly Debt Service Payment |
| UW NOI DSCR (Current) | UW NOI divided by annual ((Interest Rate times Interest Calculation (30/360 / Actual/360)) times Original Balance) for the Partial Interest Only Loans. For Interest Only Loans and Balloon Loans we used the "annual" Monthly Debt Service Payment amount. In the case of Mortgage Loans indicated as “Yes” in the Cross-Collateralized field, this calculation is on an aggregate basis with the associated cross-collateralized loan(s). |
| UW NOI DSCR (After IO Period) | UW NCF divided by "annual" Monthly Debt Service Payment. In the case of Mortgage Loans indicated as “Yes” in the Cross-Collateralized field, this calculation is on an aggregate basis with the associated cross-collateralized loan(s). |
| Total Debt Cut-off Balance per Unit | The sum of the Cut-off Balance and Existing Additional Debt Amount divided by Units/Rentable SF |
| Total Debt Balance per Unit at Maturity | The sum of the Maturity Balance and the 'maturity balance' Existing Additional Debt Amount divided by Units/Rentable SF |
| Total Debt LTV at Cut-off | The sum of the Cut-off Balance and Existing Additional Debt Amount divided Appraisal Value |
| Total Debt LTV at Maturity | The sum of the Maturity Balance and the 'maturity balance' Existing Additional Debt Amount divided Appraisal Value |
| Total Debt U/W NOI Debt Yield | UW NOI divided by the sum of the Cut-off Balance and Existing Additional Debt Amount |
| Total Debt U/W NCF Debt Yield | UW NCF divided by the sum of the Cut-off Balance and Existing Additional Debt Amount |
| Total Debt NOI Debt Yield at Maturity | UW NOI divided by the sum of the Maturity Balance and the 'maturity balance' Existing Additional Debt Amount |
| Total Debt NCF Debt Yield at Maturity | UW NCF divided by the sum of the Maturity Balance and the 'maturity balance' Existing Additional Debt Amount |
| Total Debt U/W NOI DSCR (After IO Period) | UW NOI divided by "annual" Monthly Debt Service Payment and the annual monthly debt service payment for the Existing Additional Debt Amount |
B-3
| Attribute | Calculation Methodology |
| Total Debt U/W NCF DSCR (After IO Period) | UW NCF divided by "annual" Monthly Debt Service Payment and the annual monthly debt service payment for the Existing Additional Debt Amount |
| Related Principal | Using the “Guarantor” of each Mortgage Loan, as shown on the Final Data File, we identified those Mortgage Loans that had at least one common “Related Principal”. |
B-4
ATTACHMENT C
INSTRUCTIONS
| 1. | For those Compared Attributes with the Source Document indicated as “Provided by Loan Seller,” we were instructed by the Loan Sellers to assume the attribute is accurate and not perform any procedure. |
| Loan Seller | Mortgage Loan | Attribute | Loan Seller Instruction |
| JLC | Crossroads Office Portfolio | Interest Rate, Monthly Debt Service Payment, Pari Passu Companion Loan Monthly Debt Service Payment, Existing Additional Debt Amount, Cut-off Balance, Maturity Balance, Original Amort Term (Months) | In addition to the Loan Agreement, Note, Note Splitter Agreement, we used the Crossroads Amortization Schedule to derive the recomputed values |
| CCRE | USF Holland Distribution Center | Loan Purpose | Recapitalization |
| CCRE | 2210 Main Street; 2010 Westgate Avenue | Cut-off Balance per Unit, LTV at Cut-off, LTV at Maturity, U/W NOI Debt Yield, U/W NCF Debt Yield, NOI Debt Yield at Maturity, NCF Debt Yield at Maturity, “As-is” Cut-off Date LTV, UW NCF DSCR (Current), UW NCF DSCR (After IO Period), UW NOI DSCR (Current), UW NOI DSCR (After IO Period) | The Mortgage Loans are cross collateralized and the attributes were recomputed on an aggregate basis with the associated cross-collateralized loan. |
| GACC | Prudential Plaza | UW TI/LC, U/W Replacement Reserves | Apply a reserve credit from Underwritten Financial Schedule to UW TI/LC and U/W Replacement Reserves pro-rata. |
| GACC | Prudential Plaza | Future Debt Permitted (Yes/No), Future Debt Permitted Type, Future Debt Description | Mezzanine debt is permitted provided, among other things, (i) no event of default or Trigger Period is then occurring, (ii) the TI/LC reserve is drawn down to $12.5 million or less, (iii) the mezzanine loan results in a combined debt yield of no less than 9.00% and (iv) the proceeds from the mezzanine loan will be deposited into the mortgage lender’s TI/LC reserve. |
| GACC | Columbus Village East | Second Most Recent Occupancy, Third Most Recent Occupancy | GACC provided source document from Sponsor. |
C-1
| Loan Seller | Mortgage Loan | Attribute | Loan Seller Instruction |
| GACC | Cherrywood Mobile Home Park | Second Most Recent Occupancy, Third Most Recent Occupancy | GACC provided source document from Sponsor. |
| GACC | Spruce Creek | Major Tenant Name #5, Major Tenant Sq. Ft. #5, Major Tenant Lease Expiration Date #5 | GACC provided source document from Sponsor. |
| CCRE | Preferred Freezer Perth Amboy | Third Most Recent Operating Statement Date, Third Most Recent EGI, Third Most Recent Expenses, Third Most Recent NOI, Third Most Recent Capital Items, Third Most Recent NCF | Use Preferred Freezer Services lease document |
C-2