0001539497-18-001958.txt : 20181207 0001539497-18-001958.hdr.sgml : 20181207 20181207165638 ACCESSION NUMBER: 0001539497-18-001958 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20181207 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20181207 DATE AS OF CHANGE: 20181207 ABS RULE: RULE-15GA2 REGISTERED ENTITY: N ABS ASSET CLASS: Commercial mortgages NYT 2018-NYT Mortgage Trust 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: Dodd Frank Act SEC FILE NUMBER: 025-00564 FILM NUMBER: 181224081 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 DEPOSITOR: 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: Dodd Frank Act 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 SECURITIZER: 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: Dodd Frank Act SEC FILE NUMBER: 025-00564 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 n1452_x1-abs15g.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              

              NYT 2018-NYT Mortgage Trust              

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

Central Index Key Number of issuing entity:               0001759314              

              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 December 7, 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: December 7, 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 December 7, 2018, of KPMG LLP.

 

 

   

 

 EX-99.1 2 exh99-1.htm ACCOUNTANTS' REPORT ON APPLYING AGREED-UPON PROCEDURES, DATED DECEMBER 7, 2018, OF KPMG LLP

Exhibit 99.1

   
 

KPMG LLP

1676 International Drive
McLean, VA 22102

  

 

Independent Accountants’ Report on Applying Agreed-Upon Procedures

German American Capital Corporation (the “Company”)

Bank of America, National Association

Barclays Capital Real Estate Inc.

Citi Real Estate Funding Inc.

Deutsche Mortgage & Asset Receiving Corporation

Deutsche Bank Securities Inc.

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Barclays Capital Inc.

Citigroup Global Markets Inc.

(together with the Company, the “Specified Parties”)

Re: NYT 2018-NYT 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 “NYT 2018-NYT Accounting Tape.xlsx” (“Data File”) provided on December 7, 2018 containing information with respect to one mortgage loan (“Mortgage Loan”) and one related mortgaged property (“Mortgaged Property”) which we were informed are to be included as collateral in the offering of the NYT 2018-NYT 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 within the materiality threshold.
·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 within the materiality threshold.
·The term “materiality threshold” means that dollar amounts and percentages were within $1.00 and 0.1%, respectively.
·The term “Cut-Off Date” means the payment date in December 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.

 

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

 

   

 

 

·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.

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, assumptions, and 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”).

 2 

 

 

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, Virginia

December 7, 2018

 3 

 

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
Engineering Firm Engineering Report

 

 A-1 

 

 

ATTACHMENT A

Attribute

Source Document(s)

 

Date of Phase I Report Draft Environmental Report
Environmental Firm Draft Environmental Report
Material Recognized Environmental Concern (Y/N) Draft Environmental Report
Phase II Recommended (Yes/No) Draft 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
Pari Passu Original Balance Loan Agreement/Promissory Note/Mortgage/Deed of Trust

 

 A-2 

 

 

ATTACHMENT A

Attribute

Source Document(s)

 

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
Non-Pooled TMA Margin Provided by the Company

 

 A-3 

 

 

ATTACHMENT A

Attribute

Source Document(s)

 

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
Recourse Carve Out Guarantees (Yes/No) Guaranty of Recourse Obligations

 

 A-4 

 

 

ATTACHMENT A

Attribute

Source Document(s)

 

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 Provided by the Company
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 or Spread Steps 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
Penalty Period Loan Agreement/Promissory Note/Mortgage/Deed of Trust

 

 A-5 

 

 

ATTACHMENT A

Attribute

Source Document(s)

 

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/ Underwritten Cash Flow
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 

 

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