0001539497-21-001574.txt : 20211015 0001539497-21-001574.hdr.sgml : 20211015 20211015163356 ACCESSION NUMBER: 0001539497-21-001574 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20211015 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20211015 DATE AS OF CHANGE: 20211015 ABS RULE: RULE-15GA2 REGISTERED ENTITY: N ABS ASSET CLASS: Commercial mortgages 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: 211326392 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 n2764_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) [ ]

__X__ Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor:       0001013454      

DBGS 2021-W52 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 15, 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 15, 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 15, 2021, of KPMG LLP.

 

   
 

 

 EX-99.1 2 n2764_abs15gexh99-1.htm REPORT OF INDEPENDENT ACCOUNTANTS ON APPLYING AGREED-UPON PROCEDURES, DATED OCTOBER 15, 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.

Goldman Sachs Mortgage Company

Goldman Sachs & Co. LLC (together, the “Specified Parties”):

 

Re: DBGS 2021-W52 Mortgage Trust – Data File Procedures

 

We have performed the procedures described below on the specified attributes in an electronic data file entitled “DBGS 2021-W52_Tape Final.xlsx” provided by the Company on October 15, 2021, containing information on one mortgage loan and one related mortgaged property as of November 9, 2021 (the “Data File”), which we were informed are intended to be included as collateral in the offering by DBGS 2021-W52 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 comparison 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”).

  2 
 

 

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.

 

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 15, 2021

 

  3 
Attachment A

 

 

COMPARED ATTRIBUTES

 

 

Attribute Source Document(s)
Originator Loan Agreement, Promissory Note, Mortgage, Deed of Trust
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
Collateral SF Underwritten Rent Roll
Primary Unit of Measure Underwritten Rent Roll
Occupancy Underwritten Rent Roll
Occupancy Date Underwritten Rent Roll
 A-1 
Attachment A

 

 

Attribute Source Document(s)
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-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
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
 A-2 
Attachment A

 

 

Attribute Source Document(s)
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
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
 A-3 
Attachment A

 

 

Attribute Source Document(s)
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
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
 A-4 
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 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
Immediate Repairs Loan Agreement
Other Escrows Loan Agreement
 A-5 
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 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
 B-1 
Attachment B

 

 

Attribute Calculation Methodology
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
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.
 B-2 
Attachment B

 

 

Attribute Calculation Methodology
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.
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
 B-3 
Attachment B

 

 

Attribute Calculation Methodology
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 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
 B-4 
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 to perform any procedure.

 

 

 C-1 

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