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
5 Bryant Park 2018-5BP Mortgage Trust
(Exact name of issuing entity as specified in its charter)
Central Index Key Number of issuing entity: 0001740866
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
Attached as Exhibit 99.1 hereto is an agreed-upon procedures report, dated May 29, 2018, of KPMG LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of KPMG LLP with respect to certain agreed-upon procedures performed by KPMG LLP.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Deutsche
Mortgage & Asset Receiving Corporation
(Depositor)
Date: May 29, 2018
/s/
Natalie Grainger
By: Natalie Grainger, Director
(senior officer in charge of securitization of the depositor)
/s/
Matthew Smith
By: Matthew Smith, Director
(senior officer in charge of securitization of the depositor)
EXHIBIT INDEX
Exhibit Number | Description |
Exhibit 99.1 | Accountants’ Report on Applying Agreed-Upon Procedures, dated May 29, 2018, of KPMG LLP. |
Exhibit 99.1
KPMG LLP 1676 International Drive |
Independent Accountants’ Report on Applying Agreed-Upon Procedures
German American Capital Corporation (the “Company”)
Goldman Sachs Mortgage Company
Deutsche Mortgage & Asset Receiving Corporation
Deutsche Bank Securities Inc.
Goldman Sachs & Co. LLC
(together with the Company, the “Specified Parties”)
Re: 5 Bryant Park 2018-5BP Mortgage Trust – Data File Procedures
We have performed the procedures described below, which were agreed to by the Specified Parties, on specific attributes identified by the Company contained in an electronic data file entitled “2018-5BP_Tape_final.xlsm” (the “Data File”) provided on May 29, 2018 containing information with respect to one mortgage loan (the “Mortgage Loan”) and the related mortgaged property (the “Mortgaged Property”) which we were informed are to be included as collateral in the offering of the 5 Bryant Park 2018-5BP Mortgage Trust, Commercial Mortgage Pass-Through Certificates. The Company is responsible for the specified attributes identified by the Company in the Data File. 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 dollar amounts and percentages were within $1.00 and 0.1%, respectively. |
· | The term “Cut Off Date” means the payment date in June 2018, as provided by the Company. |
· | The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to perform procedures and listed in Attachment A. |
· | The term “Loan File” means the copies of source documents made available by the Company and listed in Attachment A. |
· | The term “Recomputed Attributes” means the list of fields in the Data File which were selected by the Company 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 Company. |
· | The term “Instructions” means the instructions provided by the Company pertaining to a specific attribute, methodology or value and described in Attachment C. |
KPMG LLP is a Delaware limited liability partnership and the US member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. |
We were instructed by the Company to perform the agreed-upon procedures on the Mortgage Loan and the related Mortgaged Property 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 Company, 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.
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 Company 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, assumptionsand information provided to us by the Company, 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 Company, (ii) the physical existence of the Mortgage Loan and Mortgaged Property, (iii) the reliability or accuracy of the documents furnished to us by the Company 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 Loan to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing the Mortgage Loan being securitized, (iii) the compliance of the originators of the Mortgage Loan with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Mortgage Loan 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.
/s/ KPMG LLP
May 29, 2018
McLean, Virginia
2 |
ATTACHMENT A
COMPARED ATTRIBUTES
Attribute | Source Document(s) |
Loan No. | Provided by the Company |
Loan Flag | Provided by the Company |
Prop Flag | Provided by the Company |
Loan Name | Provided by the Company |
Property Name | Provided by the Company |
Originator | Provided by the Company |
Loan Seller | Provided by the Company |
Primary Type | Appraisal/ Engineering Report |
Secondary Type | Appraisal/ Engineering Report |
Properties per Loan | Appraisal/ Engineering Report |
Address | Appraisal/ Engineering Report |
City | Appraisal/ Engineering Report |
State | Appraisal/ Engineering Report |
Zip Code | Appraisal/ Engineering Report |
Year Built | Appraisal/ Engineering Report |
Latest Renovation | Appraisal/ Engineering Report |
"As-is" Appr. Value | Appraisal |
"As-is" Value Date | Appraisal |
Appraisal Firm | Appraisal |
FIRREA | Appraisal |
Date of Seismic Report | Seismic Report |
Seismic Firm | Seismic Report |
Located in Seismic Zone (Yes/No) | Seismic Report |
PML (%) | Seismic Report |
Date of Engineering Report | Engineering Report |
A-1 |
ATTACHMENT A
Attribute | Source Document(s) |
Engineering Firm | Engineering Report |
Date of Phase I Report | Environmental Report |
Environmental Firm | Environmental Report |
Material Recognized Environmental Concern (Y/N) | Environmental Report |
Phase II Recommended (Yes/No) | Environmental Report |
Date of Phase II Report | Phase II Environmental Report |
Collateral SF | Underwritten Rent Roll |
Primary Unit of Measure | Underwritten Rent Roll |
Occupancy | Underwritten Rent Roll |
Occupancy Date | Loan Agreement/Underwritten Rent Roll |
Largest Tenant | Underwritten Rent Roll |
Largest Tenant Leased SF | Underwritten Rent Roll |
Largest Tenant Lease Expiration | Underwritten Rent Roll |
2nd Largest Tenant | Underwritten Rent Roll |
2nd Largest Tenant Leased SF | Underwritten Rent Roll |
2nd Largest Tenant Lease Expiration | Underwritten Rent Roll |
3rd Largest Tenant | Underwritten Rent Roll |
3rd Largest Tenant Leased SF | Underwritten Rent Roll |
3rd Largest Tenant Lease Expiration | Underwritten Rent Roll |
Single Tenant | Underwritten Rent Roll |
Cut-off Date | Provided by the Company |
1st Mortgage Original Balance | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Pooled TMA Original Balance | Provided by the Company |
Non-Pooled TMA Original Balance | Provided by the Company |
Non-Trust Subordinate Mortgage Original Balance | Provided by the Company |
Mezzanine Original Balance | Mezzanine Loan Agreement/Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
A-2 |
ATTACHMENT A
Attribute | Source Document(s) |
Pari Passu Original Balance | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Pooled TMA Current Balance | Provided by the Company |
Non-Pooled TMA Current Balance | Provided by the Company |
Non-Trust Subordinate Mortgage Current Balance | Provided by the Company |
Pooled TMA Balloon Balance | Provided by the Company |
Non-Pooled TMA Balloon Balance | Provided by the Company |
Non-Trust Subordinate Mortgage Balloon Balance | Provided by the Company |
LIBOR Assumption | Provided by the Company |
LIBOR Setting | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
LIBOR Reset Frequency | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
LIBOR Rounding | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Pooled TMA LIBOR Floor | Provided by the Company |
Non-Pooled TMA Floor | Provided by the Company |
Pari Passu Floor | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
1st Mortgage LIBOR Floor | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Mezzanine Floor | Mezzanine Loan Agreement/Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Non-Trust Subordinate Mortgage Floor | Provided by the Company |
Effective LIBOR Pooled TMA | Provided by the Company |
Effective LIBOR Pari Passu | Provided by the Company |
Effective LIBOR Non-Pooled TMA | Provided by the Company |
Effective LIBOR Non-Trust Subordinate Mortgage | Provided by the Company |
Effective LIBOR 1st Mortgage | Provided by the Company |
Effective LIBOR Mezzanine | Provided by the Company |
Total Debt Margin | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Mezzanine Margin | Mezzanine Loan Agreement/Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Pooled TMA Margin | Provided by the Company |
A-3 |
ATTACHMENT A
Attribute | Source Document(s) |
Non-Pooled TMA Margin | Provided by the Company |
Non-Trust Subordinate Mortgage Margin | Provided by the Company |
Pari Passu Margin | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
1st Mortgage Margin | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Margin Check | Provided by the Company |
Pooled TMA Coupon | Provided by the Company |
Non-Pooled TMA Coupon | Provided by the Company |
Non-Trust Subordinate Mortgage Coupon | Provided by the Company |
Pooled TMA Debt Service at LIBOR | Provided by the Company |
Non-Pooled TMA Debt Service at Libor | Provided by the Company |
Non-Trust Subordinate Mortgage Debt Service at LIBOR | Provided by the Company |
Debt Service Check | Provided by the Company |
LIBOR Cap | Interest Rate Cap Agreement |
LIBOR Cap Expiration | Interest Rate Cap Agreement |
LIBOR Cap Provider | Interest Rate Cap Agreement |
LIBOR Cap Guarantor Ratings (S/M/F) | Bloomberg Screenshot |
Pooled TMA Cap Coupon | Provided by the Company |
Non-Pooled TMA Cap Coupon | Provided by the Company |
Non-Trust Subordinate Mortgage Cap Coupon | Provided by the Company |
Cap Coupon Check | Provided by the Company |
Pooled TMA Debt Service at Cap | Provided by the Company |
Non-Pooled TMA Debt Service at Cap | Provided by the Company |
Non-Trust Subordinate Mortgage Debt Service at Cap | Provided by the Company |
Debt Service Check at Cap | Provided by the Company |
Note Date | Promissory Note |
Borr. Legal Name | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
A-4 |
ATTACHMENT A
Attribute | Source Document(s) |
Recourse Carve Out Guarantees (Yes/No) | Guaranty of Recourse Obligations |
Recourse Guarantee Warm Body (Yes/No) | Guaranty of Recourse Obligations |
Recourse Guarantor Name | Guaranty of Recourse Obligations |
Recourse Guarantor Ongoing Net Worth and Liquidity Covenants | Guaranty of Recourse Obligations |
Related Borrower | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Loan Purpose | Closing Statement/Loan Agreement |
Payment Day | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Interest Accrual Begin | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Interest Accrual End | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Rate Type | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Loan Type | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
1st Amortization Date | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Mezz Amort | Mezzanine Loan Agreement/Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
IO Period | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
1st. IO Date | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
First Pmt Date | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Maturity Date | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Exit Fee | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Extension Option | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Extension Fee | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Fully Extended Maturity | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Aggregate Extension Options | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Prepay Description | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Partial Prepay Permitted (Provisions) | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Liquidated Damages | Provided by the Company |
Lockout Period | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
A-5 |
ATTACHMENT A
Attribute | Source Document(s) |
Penalty Period | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Open Period | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Lockout Exp Date | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Prepay Penalty Start Date | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Prepay Penalty End Date | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Grace Days Default | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Grace Days Late Fee | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Default Rate | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Late Fee | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
SPE | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Non Consol | Opinion of Counsel |
Ind. Director | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Partial Release Permitted | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Partial Release Description | Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Lien Position | Proforma Title Policy/Title Policy/Loan Agreement/Promissory Note/Mortgage/Deed of Trust |
Fee Simple / Leasehold | Proforma Title Policy/Title Policy/Escrow Instruction Letter |
Ground Lease | Proforma Title Policy/Title Policy/Ground Lease |
Ground Lease Exp. | Proforma Title Policy/Title Policy/Ground Lease |
Annual Ground Lease Payment | Proforma Title Policy/Title Policy/Ground Lease |
LockBox Type | Cash Management Agreement/Lockbox Agreement/Loan Agreement/Promissory Note |
Cash Management | Cash Management Agreement/Lockbox Agreement/Loan Agreement/Promissory Note |
Excess Cash Trap Trigger | Loan Agreement/Promissory Note/Cash Management Agreement/Lockbox Agreement |
Initial Tax Reserve | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
Initial Insurance Reserve | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
A-6 |
ATTACHMENT A
Attribute | Source Document(s) |
Initial Replacement Reserve | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
Initial TI/LC Reserve | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
Initial Deferred Maintenance Reserve | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
Initial Environmental Reserve | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
Initial Debt Service Reserve | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
Initial Other Reserve | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
Initial Other Reserve Description | Closing Statement/Loan Agreement/Reserve Agreement/Mortgage |
Ongoing Tax Escrow | Loan Agreement/Closing Statement/ Reserve Agreement/Mortgage |
Ongoing Insurance Escrow | Loan Agreement/Closing Statement/ Reserve Agreement/Mortgage |
Ongoing Required Replacement Reserves | Loan Agreement/Closing Statement/ Reserve Agreement/Mortgage |
Ongoing Required TI/LC | Loan Agreement/Closing Statement/ Reserve Agreement/Mortgage |
Ongoing Other Reserve | Loan Agreement/Closing Statement/ Reserve Agreement/Mortgage |
Ongoing Other Reserve Description | Loan Agreement/Closing Statement/ Reserve Agreement/Mortgage |
UW EGI | Underwritten Cash Flow |
UW Expenses | Underwritten Cash Flow |
UW Replacement Reserves | Underwritten Cash Flow |
UW TILC | Underwritten Cash Flow |
Most Recent Financial Statement Date | Underwritten Cash Flow |
Most Recent NCF | Underwritten Cash Flow |
2nd Most Recent Financial Statement Date | Underwritten Cash Flow |
A-7 |
ATTACHMENT A
Attribute | Source Document(s) |
2nd Most Recent NCF | Underwritten Cash Flow |
3rd Most Recent Financial Statement Date | Underwritten Cash Flow |
3rd Most Recent NCF | Underwritten Cash Flow |
Master & Primary Fee Rate | Provided by the Company |
Cert Admin / Trustee Fee Rate | Provided by the Company |
Operating Advisor Fee | Provided by the Company |
CREFC Fee | Provided by the Company |
Admin Fee Rate | Provided by the Company |
Directs Investment (Borrower or Lender) | Loan Agreement/Cash Management Agreement |
RE Tax | Loan Agreement |
Insurance | Loan Agreement |
Replacement Reserves | Loan Agreement |
TI/LC | Loan Agreement |
Immediate Repairs | Loan Agreement |
Other Escrows | Loan Agreement |
A-8 |
ATTACHMENT B
RECOMPUTED ATTRIBUTES
Attribute | Calculation Methodology |
Appraised Value / Unit | "As-is" Appr. Value divided by Collateral SF |
Largest Tenant % of NSF | Largest Tenant Leased SF divided by Collateral SF |
2nd Largest Tenant % of NSF | 2nd Largest Tenant Leased SF divided by Collateral SF |
3rd Largest Tenant % of NSF | 3rd Largest Tenant Leased SF divided by Collateral SF |
Total Debt Original Balance | 1st Mortgage Original Balance plus Mezzanine Original Balance |
Total Debt Current Balance | 1st Mortgage Current Balance plus Mezzanine Current Balance |
1st Mortgage Current Balance | Equal to the 1st Mortgage Original Balance |
Mezzanine Current Balance | Equal to the Mezzanine Original Balance |
Pari Passu Current Balance | Equal to the Pari Passu Original Balance |
Total Debt Balloon Balance | 1st Mortgage Balloon Balance plus Mezzanine Balloon Balance |
1st Mortgage Balloon Balance | Equal to the 1st Mortgage Original Balance |
Mezzanine Balloon Balance | Equal to the Mezzanine Original Balance |
Pari Passu Balloon Balance | Equal to the Pari Passu Original Balance |
Pooled TMA Balance / Unit | Pooled TMA Current Balance divided by Collateral SF |
1st Mortgage Balance / Unit | 1st Mortgage Current Balance divided by Collateral SF |
Total Debt Balance / Unit | Total Debt Current Balance divided by Collateral SF |
Pooled TMA "As Is" Current LTV | Pooled TMA Current Balance divided by the "As-is" Appr. Value |
1st Mortgage "As Is" Current LTV | 1st Mortgage Current Balance divided by the "As-is" Appr. Value |
Total Debt "As Is" Current LTV | Total Debt Current Balance divided by the "As-is" Appr. Value |
Pooled TMA "As Is" Maturity LTV | Pooled TMA Balloon Balance divided by the "As-is" Appr. Value |
1st Mortgage "As Is" Maturity LTV | 1st Mortgage Balloon Balance divided by the "As-is" Appr. Value |
B-1 |
ATTACHMENT B
Attribute | Calculation Methodology |
Total Debt "As Is" Maturity LTV | Total Debt Balloon Balance divided by the "As-is" Appr. Value |
Total Debt Coupon | LIBOR Assumption plus Total Debt Margin |
Pari Passu Coupon | Effective LIBOR Pari Passu plus Pari Passu Margin |
1st Mortgage Coupon | Effective LIBOR 1st Mortgage plus 1st Mortgage Margin |
Mezzanine Coupon | Effective LIBOR Mezzanine plus Mezzanine Margin |
Pari Passu Debt Service | Pari Passu Original Balance multiplied by 365/360 multiplied by Pari Passu Coupon |
1st Mortgage Debt Service at LIBOR | 1st Mortgage Original Balance multiplied by 365/360 multiplied by 1st Mortgage Coupon |
Mezzanine Debt Service at LIBOR | Mezzanine Original Balance multiplied by 365/360 multiplied by Mezzanine Coupon |
Total Debt, Debt Service at LIBOR | 1st Mortgage Debt Service at LIBOR plus Mezzanine Debt Service at LIBOR |
Pari Passu Cap Coupon | If Pari Passu Coupon is greater than 0, equal to LIBOR Cap plus Pari Passu Margin; otherwise equal to 0 |
1st Mortgage Cap Coupon | If 1st Mortgage Coupon is greater than 0, equal to LIBOR Cap plus 1st Mortgage Margin; otherwise equal to 0 |
Mezzanine Cap Coupon | If Mezzanine Coupon is greater than 0, equal to LIBOR Cap plus Mezzanine Margin; otherwise equal to 0 |
Pari Passu Debt Service at Cap | Pari Passu Original Balance multiplied by 365/360 multiplied by Pari Passu Cap Coupon |
1st Mortgage Debt Service at Cap | 1st Mortgage Original Balance multiplied by 365/360 multiplied by 1st Mortgage Cap Coupon |
Total Debt, Debt Service at Cap | 1st Mortgage Debt Service at Cap plus Mezzanine Debt Service at Cap |
Mezzanine Debt Service at Cap | Mezzanine Original Balance multiplied by 365/360 multiplied by Mezzanine Cap Coupon |
Original Term | Number of payments between and including the First Pmt Date and the Maturity Date. |
Seasoning | Number of payments between and including the First Pmt Date and the Cut-off Date. |
Remaining Term | Original Term minus Seasoning |
B-2 |
ATTACHMENT B
Attribute | Calculation Methodology |
Original Term Extended | Number of payments between and including the First Pmt Date and the Fully Extended Maturity |
Remaining Term Extended | Original Term Extended minus Seasoning |
UW NOI | UW EGI minus UW Expenses |
UW NCF | UW NOI minus UW Replacement Reserves |
Total Debt UW NCF DSCR at LIBOR | UW NCF divided by Total Debt, Debt Service at LIBOR |
Total Debt UW NCF DSCR at Cap | UW NCF divided by Total Debt, Debt Service at Cap |
1st Mortgage UW NCF DSCR at LIBOR | UW NCF divided by 1st Mortgage Debt Service at LIBOR |
1st Mortgage UW NOI DSCR at LIBOR | UW NOI divided by 1st Mortgage Debt Service at LIBOR |
1st Mortgage UW NCF DSCR at Cap | UW NCF divided by 1st Mortgage Debt Service at Cap |
1st Mortgage UW NOI DSCR at Cap | UW NOI divided by 1st Mortgage Debt Service at Cap |
Pooled TMA UW NCF DSCR at LIBOR | UW NCF divided by Pooled TMA Debt Service at LIBOR |
Pooled TMA UW NOI DSCR at LIBOR | UW NOI divided by Pooled TMA Debt Service at LIBOR |
Pooled TMA UW NCF DSCR at Cap | UW NCF divided by Pooled TMA Debt Service at Cap |
Pooled TMA UW NOI DSCR at Cap | UW NOI divided by Pooled TMA Debt Service at Cap |
Total Debt UW NOI Debt Yield | UW NOI divided by Total Debt Current Balance |
Total Debt UW NCF Debt Yield | UW NCF divided by Total Debt Current Balance |
1st Mortgage UW NOI Debt Yield | UW NOI divided by 1st Mortgage Current Balance |
1st Mortgage UW NCF Debt Yield | UW NCF divided by 1st Mortgage Current Balance |
Pooled TMA UW NOI Debt Yield | UW NOI divided by Pooled TMA Current Balance |
Pooled TMA UW NCF Debt Yield | UW NCF divided by Pooled TMA Current Balance |
B-3 |
ATTACHMENT C
INSTRUCTIONS
1. | For those Compared Attributes with the Source Document indicated as “Provided by the Company”, we were instructed by the Company to assume the attribute is accurate and not perform any procedure. |
C-1 |