0001539497-19-000669.txt : 20190501 0001539497-19-000669.hdr.sgml : 20190501 20190501164011 ACCESSION NUMBER: 0001539497-19-000669 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20190501 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20190501 DATE AS OF CHANGE: 20190501 ABS RULE: RULE-15GA2 REGISTERED ENTITY: N ABS ASSET CLASS: Commercial mortgages KNDL 2019-KNSQ 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: 19788177 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 n1606_abs15g-x1.htm FORM ABS-15G

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM ABS-15G

 

ASSET-BACKED SECURITIZER
Report Pursuant to Section 15G of

the Securities Exchange Act of 1934


Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

[_] Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period                                            to                                           

 

Date of Report (Date of earliest event reported)                                           

 

Commission File Number of securitizer:                                           

 

Central Index Key Number of securitizer:                                         

 

 
Name and telephone number, including area code, of the person to
contact in connection with this filing

 

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) [_]

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [_]

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) [_]

 

 

[✔] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

 

Central Index Key Number of depositor:  0001013454   

 

KNDL 2019-KNSQ Mortgage Trust                                                                                    
(Exact name of issuing entity as specified in its charter)

 

Central Index Key Number of issuing entity (if applicable): N/A                                        

 

Central Index Key Number of underwriter (if applicable): Not applicable                           

 

 
 

 

 

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

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 1 hereto is an agreed-upon procedures report, dated May 1, 2019, of PricewaterhouseCoopers LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of PricewaterhouseCoopers LLP with respect to certain agreed-upon procedures performed by PricewaterhouseCoopers 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.

 

Date:  May 1, 2019 DEUTSCHE MORTGAGE & ASSET RECEIVING CORPORATION
(Depositor)
     
     
  By: /s/ Natalie Grainger
    Name: Natalie Grainger
    Title:   Director (senior officer in charge of securitization of the depositor)
     
  By: /s/ Matt Smith
    Name: Matt Smith
    Title:   Director (senior officer in charge of securitization of the depositor)
     

 

 

 

 

 
 

 

Exhibit 1      Agreed-upon procedures report, dated May 1, 2019, of PricewaterhouseCoopers LLP.

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 EX-1 2 exh_1.htm AGREED-UPON PROCEDURES REPORT, DATED MAY 1, 2019

Exhibit 1

 

 

 

 

 

 

Report of Independent Accountants on Applying

Agreed-Upon Procedures

 

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

60 Wall Street

New York, NY 10005

 

Ladies and Gentlemen:

 

We (“us” or “PwC”) have performed the procedures enumerated below, which were agreed to by the Company, Deutsche Bank Securities Inc., Deutsche Bank AG, New York Branch, Goldman Sachs Mortgage Company, Goldman Sachs & Co. LLC, Citi Real Estate Funding Inc., and Citigroup Global Markets Inc., who are collectively referred to herein as the “Specified Parties”, solely to assist you with the procedures enumerated below with respect to KNDL 2019-KNSQ Mortgage Trust, Commercial Mortgage Pass-Through Certificates (the “Transaction”). The Company (the “Responsible Party”) is responsible for the accuracy of the information contained in the Final Data File (defined below). 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.

 

Procedures and Findings

 

In connection with the Transaction, the Specified Parties have requested that the procedures be performed on a single loan secured by three (3) properties, herein referred to as the “Underlying Collateral”, which represents the entire population of collateral within the Transaction.

 

This agreed-upon procedures engagement was not conducted for the purpose of satisfying any criteria for due diligence published by a nationally recognized statistical rating organization.

 

In addition, PwC should not be regarded as having in any way warranted or given any assurance as to the following items:

 

•The completeness, accuracy, appropriateness, quality or integrity of any of the information provided by the Responsible Party, or any other party for purposes of PwC performing the procedures agreed to by the Specified Parties. The procedures performed would not necessarily reveal any material misstatement of the amounts, balances, ratios, percentages or other relationships of the information included in the data provided to us;
•The conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements;
•The value of collateral securing such assets; and
•The compliance of the originator of the assets with federal, state, and local laws and regulations.

We have not performed any procedures with respect to the fair value of the securities being offered in the Transaction and PwC expresses no opinion on the current fair value of these securities. PwC should not be regarded as having performed any procedures other than those detailed in this report.

 

  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
T:  (646) 471-3000, F:  813-286-6000  www.pwc.com/us		 1
 

 

 
 

 

 

 

 

With respect to any terms or requirements of the Transaction documents that do not appear in the exhibits, we performed no procedures and, accordingly, the procedures we performed would not ensure that any requirements are satisfied. Further, we have performed only the following agreed-upon procedures and therefore make no representations regarding the adequacy of disclosures or whether any material facts have been omitted from the Transaction documents.

It should be understood that we make no representations as to:

•The interpretation of Transaction documents (including, but not limited to, indenture agreements or offering documents) included in connection with our procedures;
•Your compliance with Rule 15Ga-2 of the Securities Exchange Act of 1934; and
•The reasonableness of any of the assumptions provided by the Company.

These procedures should not be taken to supplant any additional inquiries or procedures that the Specified Parties would undertake in consideration of the Transaction.

For the purposes of this report:

•The phrase “Cut-off Date” refers to the date of May 30, 2019.
•The phrase “LIBOR Assumption” refers to the rate of 2.5000%
•The following Microsoft Excel (“Excel”) file, which was provided to us by the Company, and includes certain attributes related to the Underlying Collateral as of the Cut-off Date, shall be herein referred to as the “Final Data File”:
°KNDL 2019-KNSQ Accounting Tape.xlsx
•The fields in the Final Data File shall be herein referred to as “Specified Attributes”.
•The phrase “Source Document” refers to the documents provided to us by the Company related to the information contained in the Final Data File.
•The phrase “Loan File” refers to any Source Document or collection of Source Documents provided to us by the Company, and used by us in performing the procedures enumerated below.
•The phrase “compared and agreed,” as used hereinafter, refers to the comparison of one or more Specified Attributes to Source Documents for which the Specified Attributes and the Source Documents have been found to be in agreement, unless otherwise indicated.
•The phrase “recalculation,” as used hereinafter, refers to a recomputation using the Specified Attributes included in the Final Data File.
•Capitalized terms used, but not defined herein, shall have the meanings ascribed to them in the Final Data File and related Source Documents.

Source Documents included in the Loan File:

•The phrase “Appraisal Report” refers to a signed appraisal document.

 

  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
T:  (646) 471-3000, F:  813-286-6000  www.pwc.com/us		 2
 

 

 
 

 

 

 

 

•The phrase “Settlement Statement” refers to the signed borrower and lender mortgage loan settlement statements indicating the sources and uses of dispersed funds.
•The phrase “Environmental Report” refers to a signed environmental report.
•The phrase “Engineering Report” refers to a signed engineering report.
•The phrase “Guaranty Agreement” refers to the signed guaranty agreement, and/or any riders thereof.
•The “Ground Lease Agreement” refers to the ground lease estoppel and/or any lease agreements thereof.
•The phrase “Interest Rate Cap Agreement” refers to the signed interest rate cap agreement, or the equivalent, and/or any assumptions or riders thereof.
•The phrase “Loan Agreement” refers to the signed loan agreement, or the equivalent, and/or any assumptions or riders thereof.
•The phrase “Mezzanine Loan Agreement” refers to the signed mezzanine loan agreement, or the equivalent, and/or any assumptions or riders thereof.
•The phrase “Non-Consolidation Agreement” refers to the signed non-consolidation opinion.
•The phrase “Promissory Note” refers to the signed promissory note, or the equivalent, and/or any assumptions or riders thereof.
•The phrase “Title Policy” refers to the signed title policy.
•The phrase “Fee Schedule” refers to the administrative fee schedule, as provided by the Company.
•The phrase “Underwriting File” refers to the historical and pro-forma cash flow statements, which includes property information and unit mixes (“Unit Mix”), prepared by the Company’s underwriting team.

Our procedures and results thereof are as follows:

From April 16, 2019 through May 1, 2019, the Company provided us with the Source Documents related to the Underlying Collateral for which we (i) compared and agreed certain Specified Attributes set forth in the Final Data File to the corresponding Source Documents (the “Compared Attributes”) or (ii) recalculated and agreed certain Specified Attributes set forth in the Final Data File, and found them to be in agreement (the “Recalculated Attributes”). The procedures associated with the Compared Attributes were applied as indicated in Exhibit A. The procedures associated with the Recalculated Attributes were applied as indicated in Exhibit B. For each procedure where a calculation was performed, the underlying attributes utilized within the calculation were agreed to the corresponding Source Documents. For the purpose of our procedures, any differences within the defined tolerance level (if any) listed in Exhibit A or B are considered to be in agreement. We did not perform any procedures with respect to the Specified Attribute(s) relating to the Underlying Collateral as set forth on the attached Exhibit C.

This agreed-upon procedures engagement was conducted in accordance with attestation standards

 

  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
T:  (646) 471-3000, F:  813-286-6000  www.pwc.com/us		 3
 
 
 

 

 

 

 

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 Final 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.

This report is intended solely for the information and use of the Specified Parties (including for purposes of substantiating the Specified Parties’ "due diligence defense" under the Securities Act of 1933), and is not intended to be and should not be used by anyone other than the Specified Parties.

If a party has obtained, or has access to, this report without having executed an agreement with PwC wherein such party accepts responsibility for the sufficiency of the procedures performed (such party is herein referred to as a "Non-Specified Party"), that Non-Specified Party cannot:

i)Rely upon this report, and any use of this report by that Non-Specified Party is its sole responsibility and at its sole and exclusive risk; and
ii)Acquire any rights or claims against PwC, and PwC assumes no duties or obligations to such Non-Specified Party.

A Non-Specified Party may not disclose or distribute this report or any of the report’s contents to any other party (including but not limited to electronic distribution and/or posting to a website pursuant to Rule 17g-5 of the Securities Exchange Act of 1934).

The procedures enumerated above were performed as of the date of this report, and we disclaim any consideration of any events and circumstances occurring after the date of this report. Further, we have no obligation to update this report because of events occurring, or data or information coming to our attention, subsequent to the date of this report.

 

New York, NY

 

May 1, 2019

 

 

 

 

  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
T:  (646) 471-3000, F:  813-286-6000  www.pwc.com/us		 4
 

 

 

 

 
 
KNDL 2019-KNSQ Mortgage Trust, Commercial Mortgage Pass-Through Certificates  
   
   
Exhibits  

 

Exhibit A – Compared Attributes

 

Exhibit B – Recalculated Attributes

 

Exhibit C – Specified Attributes Provided by the Company (not subject to procedures)

 

 

 

 

 

  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
T:  (646) 471-3000, F:  813-286-6000  www.pwc.com/us		 5
 

 

 

 

 
 
KNDL 2019-KNSQ Mortgage Trust, Commercial Mortgage Pass-Through
Certificates Compared Attributes		 Exhibit A
   

 

# Specified Attribute Source Document Tolerance Level
1 Primary Type Appraisal Report None
2 Secondary Type Appraisal Report None
3 Properties per Loan Appraisal Report None
4 Address Appraisal Report None
5 City Appraisal Report None
6 State Appraisal Report None
7 Zip Code Appraisal Report None
8 Year Built Appraisal Report None
9 Latest Renovation Appraisal Report None
10 Aggregate "As-is" Appr. Value Appraisal Report None
11 "As-is" Value Date Appraisal Report None
12 Appraisal Firm Appraisal Report None
13 FIRREA Appraisal Report None
14 Date of Seismic Report Engineering Report None
15 Seismic Firm Engineering Report None
16 Located in Seismic Zone (Yes/No) Engineering Report None
17 PML (%) Engineering Report None
18 Date of Engineering Report Engineering Report None
19 Engineering Firm Engineering Report None
20 Date of Phase I Report Environmental Report None
21 Environmental Firm Environmental Report None
22 Material Recognized Environmental Concern (Y/N) Environmental Report None
23 Phase II Recommended (Yes/No) Environmental Report None
24 Date of Phase II Report Environmental Report None
25 Market Appraisal Report None
26 Submarket Appraisal Report None
27 Office/Lab Collateral SF Appraisal Report None
28 Primary Unit of Measure Underwriting File None
29 Occupancy Underwriting File None
30 Occupancy Date Underwriting File None
31 Largest Tenant Underwriting File None
32 Largest Tenant Leased SF Underwriting File None
33 Largest Tenant Lease Expiration Underwriting File None
34 2nd Largest Tenant Underwriting File None
35 2nd Largest Tenant Leased SF Underwriting File None
36 2nd Largest Tenant Lease Expiration Underwriting File None
37 3rd Largest Tenant Underwriting File None
38 3rd Largest Tenant Leased SF Underwriting File None
39 3rd Largest Tenant Lease Expiration Underwriting File None
40 Single Tenant Underwriting File None
41 Total Debt Original Balance Loan Agreement None
42 1st Mortgage Original Balance Loan Agreement None
43 Mezzanine A Original Balance Loan Agreement None
44 Mezzanine B Original Balance Loan Agreement None

 

 

  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
T:  (646) 471-3000, F:  813-286-6000  www.pwc.com/us		 6
 
 
 

 

KNDL 2019-KNSQ Mortgage Trust, Commercial Mortgage Pass-Through
Certificates Compared Attributes		 Exhibit A
   

 

# Specified Attribute Source Document Tolerance Level
45 Total Debt Current Balance Loan Agreement None
46 1st Mortgage Current Balance Loan Agreement None
47 Mezzanine A Current Balance Loan Agreement None
48 Mezzanine B Current Balance Loan Agreement None
49 Total Debt Balloon Balance Loan Agreement None
50 1st Mortgage Balloon Balance Loan Agreement None
51 Mezzanine A Balloon Balance Loan Agreement None
52 Mezzanine B Balloon Balance Loan Agreement None
53 LIBOR Setting Loan Agreement None
54 LIBOR Reset Frequency Loan Agreement None
55 LIBOR Rounding Loan Agreement None
56 1st Mortgage LIBOR Floor Loan Agreement None
57 Mezzanine A Floor Loan Agreement None
58 Mezzanine B Floor Loan Agreement None
59 Effective LIBOR 1st Mortgage Loan Agreement None
60 Effective LIBOR Mezzanine Loan Agreement None
61 Mezzanine A Margin Loan Agreement None
62 Mezzanine B Margin Loan Agreement None
63 1st Mortgage Margin Loan Agreement None
64 Debt Service Check Loan Agreement None
65 LIBOR Cap Interest Rate Cap Agreement None
66 LIBOR Cap Expiration Interest Rate Cap Agreement None
67 LIBOR Cap Provider Interest Rate Cap Agreement None
68 LIBOR Cap Guarantor Ratings (S/M/F) Interest Rate Cap Agreement None
69 Note Date Promissory Note None
70 Borr. Legal Name Loan Agreement None
71 Recourse Carve Out Guarantees (Yes/No) Loan Agreement None
72 Recourse Guarantee Warm Body (Yes/No) Loan Agreement None
73 Recourse Guarantor Name Loan Agreement None
74 Loan Purpose Settlement Statement None
75 Payment Day Loan Agreement None
76 Interest Accrual Begin Loan Agreement None
77 Interest Accrual End Loan Agreement None
78 Rate Type Loan Agreement None
79 Loan Type Loan Agreement None
80 1st Amortization Date Loan Agreement None
81 Mezz Amort Loan Agreement None
82 IO Period Loan Agreement None
83 1st. IO Date Loan Agreement None
84 First Pmt Date Loan Agreement None
85 Maturity Date Loan Agreement None
86 Original Term Loan Agreement None
87 Seasoning Loan Agreement None
88 Remaining Term Loan Agreement None
89 Exit Fee Loan Agreement None
90 Extension Option Loan Agreement None

 

 

  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
T:  (646) 471-3000, F:  813-286-6000  www.pwc.com/us		 7
 

 

 
 

 

KNDL 2019-KNSQ Mortgage Trust, Commercial Mortgage Pass-Through
Certificates Compared Attributes		 Exhibit A
   

 

# Specified Attribute Source Document Tolerance Level
91 Spread Step Loan Agreement None
92 Fully Extended Maturity Loan Agreement None
93 Aggregate Extension Options Loan Agreement None
94 Original Term Extended Loan Agreement None
95 Remaining Term Extended Loan Agreement None
96 Prepay Description Loan Agreement None
97 Partial Prepay Permitted (Provisions) Loan Agreement None
98 Lockout Period Loan Agreement None
99 Penalty Period Loan Agreement None
100 Open Period Loan Agreement None
101 Lockout Exp Date Loan Agreement None
102 Prepay Penalty Start Date Loan Agreement None
103 Prepay Penalty End Date Loan Agreement None
104 Grace Days Default Loan Agreement None
105 Grace Days Late Fee Loan Agreement None
106 Default Rate Loan Agreement None
107 Late Fee Loan Agreement None
108 SPE Loan Agreement None
109 Non Consol Non-Consolidation Agreement None
110 Ind. Director Loan Agreement None
111 Partial Release Permitted Loan Agreement None
112 Partial Release Description Loan Agreement None
113 Lien Position Title Policy None
114 Fee Simple / Leasehold Title Policy None
115 Ground Lease Ground Lease Agreement None
116 Fully Extended Ground Lease Exp. Ground Lease Agreement None
117 LockBox Type Loan Agreement None
118 Cash Management Loan Agreement None
119 Excess Cash Trap Trigger Loan Agreement None
120 Initial Tax Reserve Loan Agreement None
121 Initial Insurance Reserve Loan Agreement None
122 Initial Replacement Reserve Loan Agreement None
123 Initial TI/LC Reserve Loan Agreement None
124 Initial Deferred Maintenance Reserve Loan Agreement None
125 Initial Environmental Reserve Loan Agreement None
126 Initial Debt Service Reserve Loan Agreement None
127 Initial Other Reserve Loan Agreement None
128 Initial Other Reserve Description Loan Agreement None
129 Ongoing Tax Escrow Loan Agreement None
130 Ongoing Insurance Escrow Loan Agreement None
131 Ongoing Required Replacement Reserves Loan Agreement None
132 Ongoing Required TI/LC Loan Agreement None
133 Ongoing Other Reserve Loan Agreement None
134 Ongoing Other Reserve Description Loan Agreement None
135 UW EGI Underwriting File $1.00

 

 

 

  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
T:  (646) 471-3000, F:  813-286-6000  www.pwc.com/us		 8
 

 

 

 
 

 

KNDL 2019-KNSQ Mortgage Trust, Commercial Mortgage Pass-Through
Certificates Compared Attributes		 Exhibit A
   

 

# Specified Attribute Source Document Tolerance Level
136 UW Expenses Underwriting File $1.00
137 UW NOI Underwriting File $1.00
138 UW Replacement Reserves Underwriting File $1.00
139 UW TILC Underwriting File $1.00
140 UW NCF Underwriting File $1.00
141 Most Recent Financial Statement Date Underwriting File None
142 Most Recent NCF Underwriting File $1.00
143 2nd Most Recent Financial Statement Date Underwriting File None
144 2nd Most Recent NCF Underwriting File $1.00
145 3rd Most Recent Financial Statement Date Underwriting File None
146 3rd Most Recent NCF Underwriting File $1.00
147 4th Most Recent Financial Statement Date Underwriting File None
148 4th Most Recent NCF Underwriting File $1.00
149 Master & Primary Fee Rate Fee Schedule None
150 Cert Admin / Trustee Fee Rate Fee Schedule None
151 Operating Advisor Fee Fee Schedule None
152 EU RR Reporting Admin Fee Fee Schedule None
153 CREFC Fee Fee Schedule None
154 Admin Fee Rate Fee Schedule None
155 Directs Investment (Borrower or Lender) Loan Agreement None
156 RE Tax Settlement Statement None
157 Insurance Settlement Statement None
158 Replacement Reserves Settlement Statement None
159 TI/LC Settlement Statement None
160 Immediate Repairs Settlement Statement None
161 Other Escrows Settlement Statement None

 

 

  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
T:  (646) 471-3000, F:  813-286-6000  www.pwc.com/us		 9
 

 

 

 

 
 
KNDL 2019-KNSQ Mortgage Trust, Commercial Mortgage Pass-Through
Certificates Recalculated Attributes		 Exhibit B
   

 

# Specified Attribute Logic or Formula Tolerance Level
1 Appraised Value / Unit A recalculation based on the Final Data File in which the Aggregate "As-is" Appr. Value was divided by the Office/Lab Collateral SF. None
2 Largest Tenant % of NSF A recalculation based on the Final Data File in which the Largest Tenant Leased SF was divided by the Office/Lab Collateral SF. For the purposes of the 350 East Kendall Property, the Largest Tenant Leased SF was divided by 344 (which represents the retail SF). None
3 2nd Largest Tenant % of NSF A recalculation based on the Final Data File in which the 2nd Largest Tenant Leased SF was divided by the Office/Lab Collateral SF. For the purposes of the 350 East Kendall Property, the 2nd Largest Tenant Leased SF was divided by 344 (which represents the retail SF). None
4 3rd Largest Tenant % of NSF A recalculation based on the Final Data File in which the 3rd Largest Tenant Leased SF was divided by the Office/Lab Collateral SF. None
5 1st Mortgage Current Balance / Unit A recalculation based on the Final Data File in which the 1st Mortgage Current Balance is divided by the Office/Lab Collateral SF. None
6 Mezzanine A Current Balance / Unit A recalculation based on the Final Data File in which the Mezzanine A Current Balance is divided by the Office/Lab Collateral SF. None
7 Mezzanine B Current Balance / Unit A recalculation based on the Final Data File in which the Mezzanine B Current Balance is divided by the Office/Lab Collateral SF. None
8 Total Debt Current Balance / Unit A recalculation based on the Final Data File in which the Total Debt Current Balance is divided by the Office/Lab Collateral SF. None
9 1st Mortgage "As Is" Current LTV A recalculation based on the Final Data File in which the 1st Mortgage Current Balance is divided by the Aggregate "As-is" Appr. Value. None
10 Total Debt "As Is" Current LTV A recalculation based on the Final Data File in which the Total Debt Current Balance is divided by the Aggregate "As-is" Appr. Value. None
11 1st Mortgage "As Is" Maturity LTV A recalculation based on the Final Data File in which the 1st Mortgage Current Balance is divided by the Aggregate "As-is" Appr. Value. None
12 Total Debt "As Is" Maturity LTV A recalculation based on the Final Data File in which the Total Debt Balloon Balance is divided by the Aggregate "As-is" Appr. Value. None
13 Total Debt Margin A weighted average recalculation of the Mezzanine A Margin, Mezzanine B Margin, and 1st Mortgage Margin. None
14 Total Debt Coupon A recalculation based on the Final Data File in which the Total Debt Margin is added to the Effective LIBOR 1st Mortgage. None
15 1st Mortgage Coupon A recalculation based on the Final Data File in which the 1st Mortgage Margin is added to the Effective LIBOR 1st Mortgage. None

 

 

 

 

  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
T:  (646) 471-3000, F:  813-286-6000  www.pwc.com/us		 10
 

 

 

 
 

 

KNDL 2019-KNSQ Mortgage Trust, Commercial Mortgage Pass-Through
Certificates Recalculated Attributes		 Exhibit B
   

 

# Specified Attribute Logic or Formula Tolerance Level
16 Mezzanine A Coupon A recalculation based on the Final Data File in which the Effective LIBOR Mezzanine is added to the Mezzanine A Margin. None
17 Mezzanine B Coupon A recalculation based on the Final Data File in which the Effective LIBOR Mezzanine is added to the Mezzanine B Margin. None
18 1st Mortgage Debt Service at LIBOR A recalculation based on the Final Data File in which the 1st Mortgage Original Balance is multiplied by the 1st Mortgage Coupon and Day Count. None
19 Mezzanine A Debt Service at LIBOR A recalculation based on the Final Data File in which the Mezzanine A Original Balance is multiplied by the Mezzanine A Coupon and Day Count. None
20 Mezzanine B Debt Service at LIBOR A recalculation based on the Final Data File in which the Mezzanine B Original Balance is multiplied by the Mezzanine B Coupon and Day Count. None
21 Total Debt, Debt Service at LIBOR A recalculation based on the Final Data File in which the 1st Mortgage Debt Service at LIBOR, Mezzanine A Debt Service at LIBOR, are added to the Mezzanine B Debt Service at LIBOR. None
22 Total Debt Cap Coupon A recalculation based on the Final Data File in which the sum of the Total Debt Margin and LIBOR Cap. None
23 1st Mortgage Cap Coupon A recalculation based on the Final Data File in which the 1st Mortgage Margin is added to the LIBOR Cap. None
24 Mezzanine A Cap Coupon A recalculation based on the Final Data File in which the Mezzanine A Margin is added to the LIBOR Cap. None
25 Mezzanine B Cap Coupon A recalculation based on the Final Data File in which the Mezzanine B Margin is added to the LIBOR Cap. None
26 1st Mortgage Debt Service at Cap A recalculation based on the Final Data File in which the 1st Mortgage Original Balance is multiplied by the 1st Mortgage Cap Coupon and Day Count. None
27 Total Debt, Debt Service at Cap A recalculation based on the Final Data File in which the summation is taken of the 1st Mortgage Debt Service at Cap, Mezzanine A Debt Service at Cap, and Mezzanine B Debt Service at Cap. None
28 Mezzanine A Debt Service at Cap A recalculation based on the Final Data File in which the Mezzanine A Original Balance is multiplied by the Mezzanine A Cap Coupon and Day Count. None
29 Mezzanine B Debt Service at Cap A recalculation based on the Final Data File in which the Mezzanine B Original Balance is multiplied by the Mezzanine B Cap Coupon and Day Count. None
30 Total Debt UW NCF DSCR at LIBOR A recalculation based on the Final Data File in which the UW NCF is divided by the Total Debt, Debt Service at LIBOR. None
31 Total Debt UW NOI DSCR at LIBOR A recalculation based on the Final Data File in which the UW NOI is divided by the Total Debt, Debt Service at LIBOR. None
32 Total Debt UW NCF DSCR at Cap A recalculation based on the Final Data File in which the UW NCF is divided by the Total Debt, Debt Service at Cap. None
33 Total Debt UW NOI DSCR at Cap A recalculation based on the Final Data File in which the UW NOI is divided by the Total Debt, Debt Service at Cap. None

 

 

  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
T:  (646) 471-3000, F:  813-286-6000  www.pwc.com/us		 11
 

 

 
 

 

KNDL 2019-KNSQ Mortgage Trust, Commercial Mortgage Pass-Through
Certificates Recalculated Attributes		 Exhibit B
   

 

# Specified Attribute Logic or Formula Tolerance Level
34 1st Mortgage UW NCF DSCR at LIBOR A recalculation based on the Final Data File in which the UW NCF is divided by the 1st Mortgage Debt Service at LIBOR. None
35 1st Mortgage UW NOI DSCR at LIBOR A recalculation based on the Final Data File in which the UW NOI is divided by the 1st Mortgage Debt Service at LIBOR. None
36 1st Mortgage UW NCF DSCR at Cap A recalculation based on the Final Data File in which the UW NCF is divided by the 1st Mortgage Debt Service at Cap. None
37 1st Mortgage UW NOI DSCR at Cap A recalculation based on the Final Data File in which the UW NOI is divided by the 1st Mortgage Debt Service at Cap. None
38 Total Debt UW NOI Debt Yield A recalculation based on the Final Data File in which the UW NOI is divided by the Total Debt Original Balance. None
39 Total Debt UW NCF Debt Yield A recalculation based on the Final Data File in which the UW NCF is divided by the Total Debt Original Balance. None
40 1st Mortgage UW NOI Debt Yield A recalculation based on the Final Data File in which the UW NOI is divided by the 1st Mortgage Original Balance. None
41 1st Mortgage UW NCF Debt Yield A recalculation based on the Final Data File in which the UW NCF is divided by the 1st Mortgage Original Balance. None

 

 

  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
T:  (646) 471-3000, F:  813-286-6000  www.pwc.com/us		 12
 

  

 
 
KNDL 2019-KNSQ Mortgage Trust, Commercial Mortgage Pass-Through
Certificates Specified Attributes Provided by the Company (not subject to procedures)		 Exhibit C
   

 

Below is a list of the additional Specified Attributes provided to us by the Company. These Specified Attributes were not compared to Source Documents, or recalculated, as part of our procedures enumerated in Exhibits A and B.

 

# Specified Attribute
1 ID
2 Loan Flag
3 Prop Flag
4 Loan Name
5 Property Name
6 Originator
7 Loan Seller
8 Cut-off Date
9 LIBOR Assumption

 

 

  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
T:  (646) 471-3000, F:  813-286-6000  www.pwc.com/us		 13
 

 

 

 

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