0001539497-16-002510.txt : 20160218 0001539497-16-002510.hdr.sgml : 20160218 20160218170814 ACCESSION NUMBER: 0001539497-16-002510 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20160218 0001013454 ITEM INFORMATION: 2.01 FILED AS OF DATE: 20160218 DATE AS OF CHANGE: 20160218 RULE-15GA2 025-00564 Y Commercial mortgages 0001013454 0001663244 COMM 2016-DC2 Mortgage Trust 333-206705 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEUTSCHE MORTGAGE & ASSET RECEIVING CORP CENTRAL INDEX KEY: 0001013454 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 043310019 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: SEC FILE NUMBER: 025-00564 FILM NUMBER: 161438825 BUSINESS ADDRESS: STREET 1: 60 WALL STREET CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: (212) 250-2500 MAIL ADDRESS: STREET 1: 60 WALL STREET CITY: NEW YORK STATE: NY ZIP: 10005 ABS-15G 1 n615_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) [ ]

__X__ Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor:            0001013454                  

COMM 2016-DC2 Mortgage Trust
(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity:             0001663244             

Helaine M. Kaplan, (212) 250-5270
Name and telephone number, including area code, of the person to
contact in connection with this filing

  

 
 

  

INFORMATION TO BE INCLUDED IN THE REPORT

PART II:  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

KPMG LLP was engaged to perform an agreed-upon procedures engagement. See attached Independent Accountants’ Report on Applying Agreed-Upon Procedures, dated February 18, 2016, which was obtained by the addressees thereof, attached as Exhibit 99.1 to this Form ABS-15G.

 

 
 

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.

Deutsche Mortgage & Asset Receiving Corporation
(Depositor)

Date:  February 18, 2016

/s/ Helaine Kaplan              

By:  Helaine Kaplan, Managing Director
(senior officer in charge of securitization of the depositor)

 

/s/ Matt Smith                    

By:  Matt Smith, Director
(senior officer in charge of securitization of the depositor)

 

 
 

EXHIBIT INDEX

 

Exhibit Number Description
   
Exhibit 99.1 Independent Accountants’ Report on Applying Agreed-Upon Procedures, dated February 18, 2016

 

 EX-99.1 2 n615_x1exh99-1.htm INDEPENDENT ACCOUNTANTS REPORT DATED FEBRUARY 18, 2016

 

Exhibit 99.1

Adobe Systems    
 

KPMG LLP

1676 International Drive

McLean, VA 22102

  

Independent Accountants’ Report
on Applying Agreed-Upon Procedures

 

German American Capital Corporation (“GACC”)

KeyBank National Association (“KeyBank”)

Jefferies LoanCore LLC (“JLC” and, together with GACC and KeyBank, the “Loan Sellers”)

Deutsche Mortgage & Asset Receiving Corporation

Deutsche Bank Securities Inc.

Jefferies LLC

KeyBanc Capital Markets

Wells Fargo Securities, LLC

Academy Securities, Inc.

(collectively, the “Specified Parties”)

 

Re:COMM 2016-DC2 – 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 2016-DC2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-DC2. 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.

 

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.

  KPMG LLP is a Delaware limited liability partnership,
the U.S. member firm of KPMG International Cooperative
(“KPMG International”), a Swiss entity.		  

 

  
 

  

 

   
     

COMM 2016 – DC2

February 18, 2016

Page 2 of 3

    

 

·The phrase “Data File” means the combined electronic data file provided to us by the Loan Sellers on February 18, 2016 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:

 

Loan Seller Number of Mortgage Loans Number of Mortgaged Properties
GACC 21 42
KeyBank 28 33
JLC 15 16
TOTAL 64 91

 

·The phrase “Cut-off Date” means the payment date in March 2016, 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 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.

 

  
 

 

   
     

COMM 2016 – DC2

February 18, 2016

Page 3 of 3

    

 

There were no conclusions that resulted from the procedures.

 

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, KeyBank National Association, Jefferies LoanCore LLC, Deutsche Mortgage & Asset Receiving Corporation, Deutsche Bank Securities Inc., Jefferies LLC, KeyBanc Capital Markets, Wells Fargo Securities, LLC and Academy Securities, Inc. 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.

 

 

 

 

February 18, 2016

 

  
 

 

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
Sub Serviced (Y/N) Provided by Loan Seller
Sub Servicer Name Provided by Loan Seller
Sub Servicer Cashiering Provided by Loan Seller
Sub Servicer Fee Rate Provided by Loan Seller
Master Provided by Loan Seller
Primary Provided by Loan Seller
Trustee/Administrator Fee Provided by Loan Seller
Operating Advisor Fee Provided by Loan Seller
CREFC Fee Provided by Loan Seller

 

 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 Recompute 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. Assume that 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 Recompute 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.  Assume that 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, recompute 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) Recompute 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”), use 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 use 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, use 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 Use the “Guarantor” of each Mortgage Loan, as shown on the Final Data File, to identify those Mortgage Loans that had at least one common “Related Principal”.
Total Administrative Fee The sum of Servicer Fee Rate, Master, Primary, Trustee/Administrator Fee, Operating Advisor Fee, CREFC Fee.

 

 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
GACC Sun MHC Portfolio Original Balance Provided by Loan Seller
GACC Intercontinental Kansas City Hotel Original Balance Provided by Loan Seller

 

 C-1 
 

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