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
______________AOA 2021-1177 Mortgage Trust______________
(Exact name of issuing entity as specified in its charter)
Central Index Key Number of issuing entity: N/A
______________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 October 12, 2021, 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: October 12, 2021
/s/ Helaine Kaplan
By: Helaine Kaplan, Managing Director
(senior officer in charge of securitization of the depositor)
/s/ Matt Smith
By: Matt Smith, Director
(senior officer in charge of securitization of the depositor)
EXHIBIT INDEX
Exhibit Number | Description |
Exhibit 99.1 | Report of Independent Accountants on Applying Agreed-Upon Procedures, dated October 12, 2021, of KPMG LLP. |
Exhibit 99.1
KPMG LLP
Suite 900
8350 Broad Street
McLean, VA 22102
Independent Accountants’ Report on Applying Agreed-Upon Procedures
German American Capital Corporation (the “Company”)
Deutsche Mortgage & Asset Receiving Corporation
Deutsche Bank Securities Inc.
Wells Fargo Securities, LLC
Wells Fargo Bank, National Association
(together, the “Specified Parties”):
Re: AOA 2021-1177 Mortgage Trust – Data File Procedures
We have performed the procedures described below on the specified attributes in an electronic data file entitled “AOA 2021-1177_Tape Final.xlsx” provided by the Company on October 12, 2021, containing information on one mortgage loan and one related mortgaged property as of October 12, 2021 (the “Data File”), which we were informed are intended to be included as collateral in the offering by AOA 2021-1177 Mortgage Trust.
The Company is responsible for the specified attributes identified by the Company in the Data File.
The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.
The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.
Unless otherwise stated, 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 reporting threshold. |
● | The term “recomputed” means recalculated and compared the result 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 reporting threshold. |
● | The term “reporting threshold” means that dollar amounts and percentages were within $1.00 and 0.1%, respectively. |
● | The term “Loan Files” means the copies of source documents provided by the Company and listed in Attachment A. We make no representation regarding the validity or accuracy of these documents. |
● | The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to perform procedures for and are 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 for and are listed in Attachment B. |
KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. |
● | The term “Calculation Methodology” means the formula listed in the Calculation Methodology field of 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 procedure, attribute, or methodology, as described in Attachment C. |
● | The term “Provided Information” means the Loan Files, Calculation Methodology, and Instructions. |
Prior to being provided the Data File, we received one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences which were communicated to the Specified Parties. The Data File represents the revised information reflecting resolution of differences communicated as determined appropriate by the Specified Parties. We performed the procedures on the Data File, and the results of those procedures are reflected herein.
The procedures we were instructed by the Company to perform and the associated findings are as follows:
A. | We compared the Compared Attributes in the Data File to the corresponding information set forth in the Loan Files, utilizing the Instructions, as applicable. The Specified Parties indicated that the absence of any of the information in the Loan Files or the inability to agree the indicated information from the Data File to the Loan Files for each of the attributes identified, utilizing the Instructions as applicable, constituted an exception. The document priority is the order provided by the Company, which is listed in the “Source Document(s)” column in Attachment A, with the highest priority document listed first. |
B. | We recomputed the Recomputed Attributes in the Data File using (i) the corresponding information contained in the Data File, (ii) the Calculation Methodology, and (iii) the Instructions. |
We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. 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 specified attributes 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.
We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company,
(ii) the physical existence of the mortgage loan and related mortgaged property, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) 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 any such mortgage loan being securitized, (iii) the compliance of the originator of the mortgage loan with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the mortgage loan or related mortgaged property that would be material to the likelihood that the issuer of the certificates 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 the nationally recognized statistical rating organizations (“NRSROs”).
The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.
2 |
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 or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.
/s/ KPMG LLP
McLean, Virginia
October 12, 2021
3 |
COMPARED ATTRIBUTES
Attribute | Source Document(s) |
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 |
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 | Environmental Report |
4 |
Attribute | Source Document(s) |
Collateral SF | Underwritten Rent Roll |
Primary Unit of Measure | Underwritten Rent Roll |
Occupancy | Underwritten Rent Roll |
Occupancy Date | Underwritten Rent Roll |
Largest Tenant | Underwritten Rent Roll |
Largest Tenant Leased SF | Underwritten Rent Roll |
Largest Tenant % of NSF | 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 % of NSF | 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 % of NSF | 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-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 |
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 |
5 |
Attribute | Source Document(s) |
LIBOR Rounding | Loan Agreement, Promissory Note, Mortgage, Deed of Trust |
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 |
Effective LIBOR Pooled TMA | Provided by the Company |
Effective LIBOR Pari Passu | 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-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 |
LIBOR Cap | Interest Rate Cap Agreement |
LIBOR Cap Expiration | Interest Rate Cap Agreement |
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 |
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 |
6 |
Attribute | Source Document(s) |
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 |
Prepay Description | Loan Agreement, Promissory Note, Mortgage, Deed of Trust |
Partial Prepay Permitted (Provisions) | Loan Agreement, Promissory Note, Mortgage, Deed of Trust |
Lockout Period | Loan Agreement, Promissory Note, Mortgage, Deed of Trust |
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 |
7 |
Attribute | Source Document(s) |
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, Escrow Instruction Letter |
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 | Cash Management Agreement, Lockbox Agreement, Loan Agreement, Promissory Note |
Initial Tax Reserve | Closing Statement, Loan Agreement, Reserve Agreement, Mortgage |
Initial Insurance Reserve | Closing Statement, Loan Agreement, Reserve Agreement, Mortgage |
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 |
8 |
Attribute | Source Document(s) |
Initial Other Reserve | Closing Statement, Loan Agreement, Reserve Agreement, Mortgage |
Initial Other Reserve Description | Closing Statement, Loan Agreement, Reserve Agreement, Mortgage |
Ongoing Tax Escrow | Closing Statement, Loan Agreement, Reserve Agreement, Mortgage |
Ongoing Insurance Escrow | Closing Statement, Loan Agreement, Reserve Agreement, Mortgage |
Ongoing Required Replacement Reserves | Closing Statement, Loan Agreement, Reserve Agreement, Mortgage |
Ongoing Required TI/LC | Closing Statement, Loan Agreement, Reserve Agreement, Mortgage |
Ongoing Other Reserve | Closing Statement, Loan Agreement, Reserve Agreement, Mortgage |
Ongoing Other Reserve Description | Closing Statement, Loan Agreement, 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 |
2nd Most Recent NCF | Underwritten Cash Flow |
3rd Most Recent Financial Statement Date | Underwritten Cash Flow |
3rd Most Recent NCF | Underwritten Cash Flow |
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 |
9 |
Attribute | Source Document(s) |
Immediate Repairs | Loan Agreement |
Other Escrows | Loan Agreement |
10 |
RECOMPUTED ATTRIBUTES
Attribute | Calculation Methodology |
Appraised Value / Unit | "As-is" Appr. Value divided by Collateral SF |
Total Debt Original Balance | 1st Mortgage Original Balance plus Mezzanine Original Balance |
Total Debt Current Balance | Equal to the Total Debt Original Balance |
1st Mortgage Current Balance | Equal to the 1st Mortgage Original Balance |
Pooled TMA Current Balance | Equal to the Pooled TMA Original Balance |
Non-Trust Subordinate Mortgage Current Balance | Equal to the Non-Trust Subordinate 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 | Equal to the Total Debt Original Balance |
1st Mortgage Balloon Balance | Equal to the 1st Mortgage Original Balance |
Pooled TMA Balloon Balance | Equal to the Pooled TMA Original Balance |
Non-Trust Subordinate Mortgage Balloon Balance | Equal to the Non-Trust Subordinate 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 |
11 |
Attribute | Calculation Methodology |
1st Mortgage "As Is" Maturity LTV | 1st Mortgage Balloon Balance divided by the "As-is" Appr. Value |
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 |
Pooled TMA Coupon | Effective LIBOR Pooled TMA plus Pooled TMA Margin |
Non-Trust Subordinate Mortgage Coupon | Effective LIBOR Non-Trust Subordinate Mortgage plus Non-Trust Subordinate Mortgage 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 |
Pooled TMA Debt Service at LIBOR | Pooled TMA Original Balance multiplied by 365 over 360 and finally multiplied by Effective LIBOR Pooled TMA plus Pooled TMA Margin |
Non-Trust Subordinate Mortgage Debt Service at LIBOR | Non-Trust Subordinate Mortgage Original Balance multiplied by 365 over 360 and finally multiplied by Effective LIBOR Non-Trust Subordinate Mortgage plus Non-Trust Subordinate Mortgage Margin |
Pari Passu Debt Service | Pari Passu Original Balance multiplied by 365 over 360 and finally multiplied by Effective LIBOR Pari Passu plus Pari Passu Margin |
1st Mortgage Debt Service at LIBOR | 1st Mortgage Original Balance multiplied by 365 over 360 and finally multiplied by Effective LIBOR 1st Mortgage plus 1st Mortgage Margin |
Mezzanine Debt Service at LIBOR | Mezzanine Original Balance multiplied by 365 over 360 and finally multiplied by Effective LIBOR Mezzanine plus Mezzanine Margin |
Total Debt, Debt Service at LIBOR | Total Debt Original Balance multiplied by 365 over 360 and finally multiplied by LIBOR Assumption plus Total Debt Margin |
Pooled TMA Cap Coupon | If Pooled TMA Coupon is greater than 0, equal to LIBOR Cap plus Pooled TMA Margin; otherwise equal to 0. |
Non-Trust Subordinate Mortgage Cap Coupon | If Non-Trust Subordinate Mortgage Coupon is greater than 0, equal to LIBOR Cap plus Non-Trust Subordinate Mortgage Margin; otherwise equal to 0. |
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Attribute | Calculation Methodology |
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. |
Pooled TMA Debt Service at Cap | Pooled TMA Balloon Balance multiplied by 365 over 360 and finally multiplied by Pooled TMA Cap Coupon |
Non-Trust Subordinate Mortgage Debt Service at Cap | Non-Trust Subordinate Mortgage Balloon Balance multiplied by 365 over 360 and finally multiplied by Non- Trust Subordinate Mortgage Cap Coupon |
Pari Passu Debt Service at Cap | Pari Passu Balloon Balance multiplied by 365 over 360 and finally multiplied by Pari Passu Cap Coupon |
1st Mortgage Debt Service at Cap | 1st Mortgage Balloon Balance multiplied by 365 over 360 and finally multiplied by 1st Mortgage Cap Coupon |
Total Debt, Debt Service at Cap | Total Debt Balloon Balance multiplied by 365 over 360 and finally multiplied by LIBOR Cap plus Total Debt Margin |
Mezzanine Debt Service at Cap | Mezzanine Balloon Balance multiplied by 365 over 360 and finally 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 |
Aggregate Extension Options | Number of payments between and including the first extension start date and the Fully Extended Maturity |
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 |
13 |
Attribute | Calculation Methodology |
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 Original Balance |
Total Debt UW NCF Debt Yield | UW NCF divided by Total Debt Original Balance |
1st Mortgage UW NOI Debt Yield | UW NOI divided by 1st Mortgage Original Balance |
1st Mortgage UW NCF Debt Yield | UW NCF divided by 1st Mortgage Original Balance |
Pooled TMA UW NOI Debt Yield | UW NOI divided by Pooled TMA Original Balance |
Pooled TMA UW NCF Debt Yield | UW NCF divided by Pooled TMA Original Balance |
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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 to perform any procedure. |
Compared Attribute(s) | Company Instruction |
Loan Purpose | Provided by the Company |
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