EX-1 2 exh_1.htm AGREED-UPON PROCEDURES REPORT, DATED SEPTEMBER 7, 2017, OF KPMG LLP

Exhibit 1

Adobe Systems    
 

KPMG LLP

1676 International Drive

McLean, VA 22102

 

Independent Accountants’ Report
on Applying Agreed-Upon Procedures

German American Capital Corporation (“GACC”)

Jefferies LoanCore LLC (“JLC”)

Citi Real Estate Funding Inc. (“CREFI” and, together with GACC, and JLC, the “Loan Sellers”)

Deutsche Mortgage & Asset Receiving Corporation (the “Depositor”)

Deutsche Bank Securities Inc. (“DBSI”)

Jefferies LLC (“Jefferies”)

Citigroup Global Markets Inc. (“CGMI”)

Academy Securities, Inc. (“ASI” and, together with the Loan Sellers, the Depositor, DBSI, Jefferies, and CGMI, the “Specified Parties”)

 

Re: COMM 2017-COR2 Mortgage Trust Commercial Pass-Through Certificates, Series 2017-COR2 – Loan File Procedures

We have performed the procedures described below, which were agreed to by the Specified Parties, on specific attributes identified by the Loan Sellers contained in an electronic data file provided to us on September 7, 2017 containing information on 42 mortgage loans and 55 related mortgaged properties (the “Data File” defined below) which we were informed are to be included as collateral in the offering of the COMM 2017-COR2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2017-COR2. 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.

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 dollar amounts and percentages were within $1.00 and 0.1%, respectively.
The term “Data File” refers to an electronic data file provided to us by the Loan Sellers on September 7, 2017 entitled (“COMM 2017-COR2 Final Accounting Tape.xlsx”) containing data with respect to their respective mortgage loans (“Mortgage Loans”) and the related mortgaged properties (“Mortgaged Properties”). A summary of the contents of the Data File is as follows:

 

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

 

   
 

 

   

 

Loan Seller Number of Mortgage Loans Number of Mortgaged Properties
GACC 8 11
JLC 21

31

CREFI 9 9
JLC/GACC 4 4
TOTAL 42 55

 

The term “Cut-Off Date” means the payment date in September 2017, as provided by the Loan Sellers.
The term “Reporting Period” means the time between August 12, 2017 (“Reporting Period Begin Date”) and September 11, 2017 (“Reporting Period End Date”), as provided by the Loan Sellers.
The term “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 term “Loan File” means the copies of source documents made available by the Loan Sellers and listed in Attachment A.
The term “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 term “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 specific attribute, methodology, or value and described in Attachment C.
The term “ABS Technical Specification” refers to the document entitled EDGAR® ABS XML Technical Specification Version 1.7 dated July 2017 that contains the value and code description information in section “4.3 Data Value constraints for CMBS”.

The Loan Sellers are responsible for the specified attributes identified by the Loan Sellers in the Data File.

We were instructed by the Loan Sellers to perform the agreed-upon procedures on all Mortgage Loans and all related Mortgaged Properties in the Data File.

A.We compared the Compared Attributes in the Data File to the corresponding information set forth in the Loan File (subject to the Instructions). Where more than one document was 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 and (ii) the Calculation Methodology, we recomputed the Recomputed Attributes 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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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 specific attributes identified by the Loan Sellers in 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, instructions, assumptions, and information provided to us by the Loan Sellers, without verification or evaluation of such methodologies, instructions, assumptions, and information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the methodologies, instructions, 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 the Mortgage Loans being securitized, (iii) the compliance of the originators 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 Specified Parties. 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.

McLean, VA
September 7, 2017

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ATTACHMENT A

COMPARED ATTRIBUTES

Attribute Source Document(s)
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
Appriaser Designation 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
Grace Period (Default) Loan Agreement/Promissory Note/Deed of Trust/Mortgage
Grace Period (Late Fee) Loan Agreement/Promissory Note/Deed of Trust/Mortgage
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

 

 A-1 
 

 

ATTACHMENT A

Attribute Source Document(s)
Prepayment / Defeasance Begin Date Loan Agreement/Promissory Note/Deed of Trust/Mortgage
Prepayment / Defeasance End Date Loan Agreement/Promissory Note/Deed of Trust/Mortgage
Prepayment Type 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
Annual Ground Lease Payment ($) Proforma Title Policy/Title Policy/Ground Lease
Cross-Collateralized Cross-Collateralization Agreement/Loan Agreement
Controlling Note (Yes/No) Note Splitter Agreement
Non-Trust Pari Passu Original Balance Note Splitter Agreement/Loan Agreement/Promissory Note
Existing Additional Sub Debt (Yes/No) Note Splitter Agreement/Loan Agreement/Promissory Note
Existing Additional Sub Debt Amount Note Splitter Agreement/Loan Agreement/Promissory Note
Existing Additional Sub 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
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

 

 A-2 
 

 

ATTACHMENT A

Attribute Source Document(s)
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 # of Months Underwritten Financial Schedule
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
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
ADR ($) Underwritten Financial Schedule
RevPAR ($) 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

 

 A-3 
 

 

ATTACHMENT A

Attribute Source Document(s)
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
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

 

 A-4 
 

 

ATTACHMENT A

Attribute Source Document(s)
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
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
Loan Structure Code Loan Agreement/Promissory Note
Loan Meets Loan Seller's UW Criteria ("true" / "false") Provided by Loan Seller
Mortgage Loan terms modified through reporting period? (true/false) Provided by Loan Seller
 A-5 
 

ATTACHMENT B

RECOMPUTED ATTRIBUTES

Attribute Calculation Methodology
Cut-off Balance per Unit Cut-off Balance divided by Units/Rentable Square Ft. In the case of Mortgage Loans with Non-Trust Pari Passu Original Balance (the “Pari Passu Loans”), this calculation is based on the sum of Cut-off Balance and Non-Trust Pari Passu Cut-off Balance divided by Units/Rentable Square Ft.
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, Monthly Debt Service Payment (Initial), and Monthly Debt Service Payment (After IO). 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 Balance in the case of Mortgage Loans indicated as “No” in the Earnout/Holdback field. Reserve Adjusted Loan Amount divided by Appraisal Value Balance in the case of Mortgage Loans indicated as “Yes” in the Earnout/Holdback field. In the In the case of the Pari Passu Loans, this calculation is based on the sum of Cut-off Balance and Non-Trust Pari Passu Cut-off Date Balance divided by Appraised Value in the case of Mortgage Loans indicated as “No” in the Earnout/Holdback field. In the In the case of the Pari Passu Loans, this calculation is based on the sum of Reserve Adjusted Loan Amount and Non-Trust Pari Passu Cut-off Date Balance divided by Appraised Value in the case of Mortgage Loans indicated as “Yes” in the Earnout/Holdback field.
"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). In the case of the Pari Passu Loans, this calculation is based on the sum of Cut-off Balance and Non-Trust Pari Passu Cut-off Date Balance divided by “As is” Appraised Value in the case of Mortgage Loans indicated as “No” in the Earnout/Holdback field. In the In the case of the Pari Passu Loans, this calculation is based on the sum of Reserve Adjusted Loan Amount and Non-Trust Pari Passu Cut-off Date Balance divided by “As is” Appraised Value in the case of Mortgage Loans indicated as “Yes” in the Earnout/Holdback field.

 

 B-1 
 

 

ATTACHMENT B

Attribute Calculation Methodology
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, Monthly Debt Service Payment (Initial), and Monthly Debt Service Payment (After IO).  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 (After IO) 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). In the case of the Pari Passu Loans, this calculation is based on the sum of Maturity Balance and Non-Trust Pari Passu Balloon Balance divided by Appraised Value.
U/W NOI Debt Yield UW NOI divided by Cut-off Balance in the case of Mortgage Loans indicated as “No” in the Earnout/Holdback field. UW NOI divided by Reserve Adjusted Loan Amount in the case of Mortgage Loans indicated as “Yes” in the Earnout/Holdback field. 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). In the case of the Pari Passu Loans, this calculation is based on UW NOI divided by sum of Cut-off Balance and Non-Trust Pari Passu Cut-off Date Balance in the case of Mortgage Loans indicated as “No” in the Earnout/Holdback field. In the case of the Pari Passu Loans, this calculation is based on UW NOI divided by sum of Reserve Adjusted Loan Amount and Non-Trust Pari Passu Cut-off Date Balance in the case of Mortgage Loans indicated as “Yes” in the Earnout/Holdback field.

 

 B-2 
 

 

ATTACHMENT B

Attribute Calculation Methodology
U/W NCF Debt Yield UW NCF divided by Cut-off Balance in the case of Mortgage Loans indicated as “No” in the Earnout/Holdback field. UW NCF divided by Reserve Adjusted Loan Amount in the case of Mortgage Loans indicated as “Yes” in the Earnout/Holdback field. 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). In the case of the Pari Passu Loans, this calculation is based on UW NCF divided by sum of Cut-off Balance and Non-Trust Pari Passu Cut-off Date Balance in the case of Mortgage Loans indicated as “No” in the Earnout/Holdback field. In the case of the Pari Passu Loans, this calculation is based on UW NCF divided by sum of Reserve Adjusted Loan Amount and Non-Trust Pari Passu Cut-off Date Balance in the case of Mortgage Loans indicated as “Yes” in the Earnout/Holdback field.
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). In the case of the Pari Passu Loans, this calculation is based on UW NOI divided by sum of Maturity Balance and Non-Trust Pari Passu Balloon Balance.
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). In the case of the Pari Passu Loans, this calculation is based on UW NCF divided by sum of Maturity Balance and Non-Trust Pari Passu Balloon Balance.
Reserve Adjusted Loan Amount Cut-off Balance minus holdback amount in the case of Mortgage Loans indicated as “Yes” in the Earnout/Holdback field. “NAP” in the case of Mortgage Loans indicated as “Yes” in the Earnout/Holdback field.
Unadjusted LTV at Cut-off Reserve Adjusted Loan Amount divided by "As is" Appraisal Value in the case of Mortgage Loans indicated as “Yes” in the Earnout/Holdback field. 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). In the case of the Pari Passu Loans, this calculation is based on the sum of Cut-off Balance and Non-Trust Pari Passu Cut-off Date Balance divided by Appraised Value.
Unadjusted Maturity Date LTV Ratio “NAP” in the case of Mortgage Loans indicated as “Yes” in the Earnout/Holdback field. “NAP” in the case of Mortgage Loans indicated as “Yes” in the Earnout/Holdback field.

 

 B-3 
 

 

ATTACHMENT B

Attribute Calculation Methodology
Unadjusted U/W NOI Debt Yield UW NOI divided by Cut-off Balance in the case of Mortgage Loans indicated as “Yes” in the Earnout/Holdback field. 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). In the case of the Pari Passu Loans, this calculation is based on UW NOI divided by sum of Cut-off Balance and Non-Trust Pari Passu Cut-off Date Balance.
Unadjusted U/W NCF Debt Yield UW NCF divided by Cut-off Balance in the case of Mortgage Loans indicated as “Yes” in the Earnout/Holdback field. 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). In the case of the Pari Passu Loans, this calculation is based on UW NCF divided by sum of Cut-off Balance and Non-Trust Pari Passu Cut-off Date Balance.
Monthly Debt Service Payment (Initial) Recompute as one twelfth of the product of (1) Original Balance ($), (2) Interest Rate, and (3) a fraction equal to 365/360 for those Mortgage Loans with an Amortization Type of “Interest Only, then Amortizing”. Compare the Monthly Debt Service Payment (Initial) to the corresponding information set forth on the Loan Agreement for those Mortgage Loans with an Amortization Type of “Amortizing Balloon” or “Interest Only,” as applicable.
Monthly Debt Service Payment (After IO) Recompute as one twelfth of the product of (1) Original Balance ($), (2) Interest Rate, and (3) a fraction equal to 365/360 for those Mortgage Loans with an Amortization Type of “Interest Only”. Compare the Monthly Debt Service Payment (After IO) to the corresponding information set forth on the Loan Agreement for those Mortgage Loans with an Amortization Type of “Amortizing Balloon” or “Interest Only, then Amortizing,” as applicable.
Original Amort. Term (Months) Recompute by using the Original Balance, Interest Rate and Monthly Debt Service Payment (After IO) 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 IO) 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

 

 B-4 
 

 

ATTACHMENT B

Attribute Calculation Methodology
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)
Non-Trust Pari Passu Cut-off Date Balance Recompute using the Non-Trust Pari Passu 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, Non-Trust Pari Passu Monthly Debt Service Payment (Initial), and Non-Trust Pari Passu Monthly Debt Service Payment (After IO). 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.
Non-Trust Pari Passu Balloon Balance Recompute using the Non-Trust Pari Passu 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, Non-Trust Pari Passu Monthly Debt Service Payment (Initial), and Non-Trust Pari Passu Monthly Debt Service Payment (After IO).  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 Non-Trust Pari Passu Balloon 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 Non-Trust Pari Passu Monthly Debt Service Payment (After IO) that is due on the “Maturity/ARD Date.”
Non-Trust Pari Passu Monthly Debt Service Payment (Initial) Recompute as one twelfth of the product of (1) Non-Trust Pari Passu Original Balance ($), (2) Interest Rate, and (3) a fraction equal to 365/360 for those Mortgage Loans with an Amortization Type of “Interest Only, then Amortizing”. Compare the Non-Trust Pari Passu Monthly Debt Service Payment (Initial) to the corresponding information set forth on the Loan Agreement for those Mortgage Loans with an Amortization Type of “Amortizing Balloon” or “Interest Only,” as applicable.
Non-Trust Pari Passu Monthly Debt Service Payment (After IO) Recompute as one twelfth of the product of (1) Original Balance ($), (2) Interest Rate, and (3) a fraction equal to 365/360 for those Mortgage Loans with an Amortization Type of “Interest Only”. Compare the Non-Trust Pari Passu Monthly Debt Service Payment (After IO) to the corresponding information set forth on the Loan Agreement for those Mortgage Loans with an Amortization Type of “Amortizing Balloon” or “Interest Only, then Amortizing,” as applicable.

 

 B-5 
 

 

ATTACHMENT B

Attribute Calculation Methodology
Major % of Sq. Ft. # 1 Major Tenant Sq. Ft. # 1 divided by Units/Rentable Square Ft.
Major % of Sq. Ft. # 2 Major Tenant Sq. Ft. # 2 divided by Units/Rentable Square Ft.
Major % of Sq. Ft. # 3 Major Tenant Sq. Ft. # 3 divided by Units/Rentable Square Ft.
Major % of Sq. Ft. # 4 Major Tenant Sq. Ft. # 4 divided by Units/Rentable Square Ft.
Major % of Sq. Ft. # 5 Major Tenant Sq. Ft. # 5 divided by Units/Rentable Square Ft.
UW NCF DSCR (Current) UW NCF divided by “annual” Monthly Debt Service Payment (Initial) for the Partial Interest Only Loans.  For Interest Only Loans and Balloon Loans use the "annual" Monthly Debt Service Payment (After IO) 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 (After IO)
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 (Initial) 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 NOI divided by "annual" Monthly Debt Service Payment (After IO). 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 Square Ft.
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 Square Ft.
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

 

 B-6 
 

 

ATTACHMENT B

Attribute Calculation Methodology
Total Debt U/W NOI DSCR (After IO Period) UW NOI divided by "annual" Monthly Debt Service Payment (After IO) and the annual monthly debt service payment for the Existing Additional Debt Amount
Total Debt U/W NCF DSCR (After IO Period) UW NCF divided by "annual" Monthly Debt Service Payment (After IO) 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 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.
Report Period Beginning Schedule Loan Balance Amount Recompute using the First Payment Date, Interest Calculation (30/360 / Actual/360), Seasoning as of Cut-off Date (Months), Original Interest Only Period (Months), Interest Rate, Monthly Debt Service Payment (Initial), Original Balance, and the Reporting Period Begin Date. Assume all scheduled payments of principal and/or interest on the Mortgage Loans are made and that there are no prepayments or other unscheduled collections.
Report Period Ending Schedule Loan Balance Amount Recompute using the First Payment Date, Interest Calculation (30/360 / Actual/360), Seasoning as of Cut-off Date (Months), Original Interest Only Period (Months), Interest Rate, Monthly Debt Service Payment (Initial), Original Balance, and the Reporting Period End Date. Assume all scheduled payments of principal and/or interest on the Mortgage Loans are made and that there are no prepayments or other unscheduled collections.
Reporting Period Scheduled Interest Amount The interest allocation of the payment that is scheduled to be collected during the Reporting Period.
Reporting Period Scheduled Principal Amount The principal allocation of the payment that is scheduled to be collected during the Reporting Period.

 

 

 B-7 
 

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.

 

 C-1