0001539497-19-001002.txt : 20190619 0001539497-19-001002.hdr.sgml : 20190619 20190619154534 ACCESSION NUMBER: 0001539497-19-001002 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20190619 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20190619 DATE AS OF CHANGE: 20190619 ABS RULE: RULE-15GA2 REGISTERED ENTITY: N ABS ASSET CLASS: Commercial mortgages CHC Commercial Mortgage Trust 2019-CHC FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC CENTRAL INDEX KEY: 0001258361 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 861073506 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-00521 FILM NUMBER: 19906038 BUSINESS ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 BUSINESS PHONE: 2128165343 MAIL ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 DEPOSITOR: COMPANY DATA: COMPANY CONFORMED NAME: CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC CENTRAL INDEX KEY: 0001258361 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 861073506 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act BUSINESS ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 BUSINESS PHONE: 2128165343 MAIL ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 SECURITIZER: COMPANY DATA: COMPANY CONFORMED NAME: CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC CENTRAL INDEX KEY: 0001258361 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 861073506 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-00521 BUSINESS ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 BUSINESS PHONE: 2128165343 MAIL ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 ABS-15G 1 n1684-x1_abs15g.htm FORM ABS-15G

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM ABS-l5G

 

ASSET-BACKED SECURITIZER

REPORT PURSUANT TO SECTION 15G OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Check the appropriate box to indicate the filing obligation 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: 0001258361

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

Central Index Key Number of issuing entity: Not applicable

 

Richard Simpson, Citigroup Commercial Mortgage Securities Inc., (212) 816-5343
______________________________________________________________________________________

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 I: REPRESENTATION AND WARRANTY INFORMATION

Item 1.01 Initial Filing of Rule 15Ga-1 Representations and Warranties Disclosure

Not Applicable

Item 1.02 Periodic Filing of Rule 15Ga-1 Representations and Warranties Disclosure

Not Applicable

Item 1.03 Notice of Termination of Duty to File Reports under Rule 15Ga-1

Not Applicable

 

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.

See Report of Independent Accountants on Applying Agreed-Upon Procedures, dated June 19, 2019, which was obtained by the depositor, attached as Exhibit 99.1 to this Form ABS-15G.

 

Item 2.02 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Underwriter.

Not Applicable

 

 

Exhibits.

 

99.1       Report of Independent Accountants on Applying Agreed-Upon Procedures, dated June 19, 2019.

 
 

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 thereunto duly authorized.

 

Date: June 19, 2019

 

Citigroup Commercial Mortgage Securities Inc.

(Depositor)

 

/s/ Richard Simpson                                                                            

Name: Richard Simpson
Title: President

 

CHC 2019-CHC - Form ABS-15G

 
 

EXHIBIT INDEX

 

Exhibit Number Description
   
Exhibit 99.1 Report of Independent Accountants on Applying Agreed-Upon Procedures, dated June 19, 2019.

 

 

 EX-99.1 2 exh99-1.htm REPORT OF INDEPENDENT ACCOUNTANTS ON APPLYING AGREED-UPON PROCEDURES, DATED JUNE 19, 2019

Exhibit 99.1 

 

 

 

Report of Independent Accountants on Applying

Agreed-Upon Procedures

 

 

Citi Real Estate Funding Inc. (“CREFI”)

Citigroup Commercial Mortgage Securities Inc. (together with CREFI, the “Company”)

388 Greenwich Street

New York, NY 10013

 

We (“us” or “PwC”) have performed the procedures enumerated below, which were agreed to by the Company, Barclays Capital Real Estate Inc., German American Capital Corporation, Citigroup Global Markets Inc., Barclays Capital Inc., Deutsche Bank Securities Inc. and Drexel Hamilton, LLC, who are collectively referred to herein as the “Specified Parties”, solely to assist you on the procedures enumerated below with respect to the securitization currently referred to as “CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC” (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 156 mortgaged real properties (each comprised of a single parcel or two or more contiguous or non-contiguous parcels, collectively referred to as a “mortgaged real property”), 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

 

 


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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.

 

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:

 

(i)The interpretation of Transaction documents (including, but not limited to, indenture agreements or offering documents) included in connection with our procedures;
(ii)Your compliance with Rule 15Ga-2 of the Securities Exchange Act of 1934; and
(iii)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 July 9, 2019.
·The phrase “Final Data File” refers to the following Microsoft Excel (“Excel”) file provided to us by the Company, which includes certain attributes related to the Underlying Collateral as of the Cut-off Date:
oCHC 2019-CHC Accounting Tape.xlsx (provided on June 19, 2019).
·The phrase “Specified Attributes” refers to the fields in the Final Data File.

 

·The phrase “Source Document” refers to the documents (including any applicable amendments, assumptions or exhibits thereof) 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.

Source Documents included in the Loan File:

·The phrase “Appraisal Report” refers to a signed appraisal document.
·The phrase “Ground Lease” refers to the signed ground lease, estoppel, and/or abstract.
·The phrase “Title Policy” refers to the signed title policy.

 


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·The phrase “Loan Agreement” refers to a signed loan agreement.
·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 “Settlement Statement” refers to a signed borrower and/or lender mortgage loan closing statement, indicating the sources and uses of dispersed funds.
·The phrase “Servicer Report” refers to a reserve servicer report provided by the Company.
·The phrase “Mezzanine Loan Agreement” refers to a signed mezzanine loan agreement.
·The phrase “Underwriting File” refers to the historical and pro-forma cash flow statements, and rent roll, prepared by the Company’s underwriting team.

Our procedures and results thereof are as follows:

 

From May 31, 2019 through June 19, 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”), (ii) recalculated certain Specified Attributes set forth in the Final Data File, and found them to be in agreement (the “Recalculated Attributes”) or (iii) were instructed by the Company to assume certain Specified Attributes set forth in the Final Data File were accurate, and therefore we did not perform any compare and agree or recalculation procedures (the “Company Provided Attributes”). The procedures with respect to the Compared Attributes and Recalculated Attributes were applied as indicated in Exhibit A. The recalculation methodology associated with the Recalculated Attributes is listed in Exhibit B. For each procedure where a recalculation was performed, the underlying attributes were compared and 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, were considered to be in agreement. We did not perform any procedures with respect to the Specified Attributes denoted with a Source Document of “None - Company Provided”, in Exhibit A.

 

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to, and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the 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

 


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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

 

June 19, 2019

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC 

 

Exhibits

 

 

 

Exhibit A - Loan File Review Procedures

 

Exhibit B – Recalculation Methodology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

Exhibit A - Loan File Review Procedures

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
1 Property ID None - Company Provided None
2 Property Rank None - Company Provided None
3 Property Name None - Company Provided None
4 Property Type Appraisal Report None
5 Property Sub-Type Appraisal Report None
6 Address Appraisal Report None
7 City Appraisal Report None
8 State Appraisal Report None
9 Zip Appraisal Report None
10 Market Appraisal Report None
11 Year Built Appraisal Report None
12 Year Renovated Appraisal Report None
13 Underwriting ID Underwriting File None
14 Tenancy Type Underwriting File None
15 Beds Underwriting File None
16 Hospital Underwriting File None
17 ILF Beds Underwriting File None
18 ALF Beds Underwriting File None
19 ALZ Beds Underwriting File None
20 SNF Beds Underwriting File None
21 NRA Underwriting File None
22 Unit of Measure Underwriting File None
23 Occupancy (%) Underwriting File None
24 Occupancy Date Underwriting File None
25 System Affiliate Underwriting File None
26 Operator Underwriting File None
27 Master Leased? (Y/N) Underwriting File None
28 # of tenants Underwriting File None
29 WA Lease Expiration Date Underwriting File None

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
30 WA Lease Term Remaining Underwriting File None
31 Ownership Interest Title Policy None
32 Ground Lessor Ground Lease None
33 Ground Lease Maturity Date Ground Lease None
34 Ground Lease Extensions Ground Lease None
35 Fully Extended Ground Lease Maturity Date Ground Lease None
36 Mortgage Loan Cut-off Date Balance Loan Agreement None
37 Cut-Off Date Allocated Mortgage Loan Amount per Metric ($) Recalculation None
38 % of Mortgage Loan Cut-off Date Balance Recalculation None
39 Mezzanine Loan Cut-off Date Balance ($) Mezzanine Loan Agreement None
40 Total Loan Cut-off Date Balance ($) Recalculation None
41 Cut-Off Date Allocated Total Loan Amount per Metric ($) Recalculation None
42 Individual As-Is Appraised Value Date Appraisal Report None
43 Individual As-Is Appraised Value Appraisal Report None
44 Individual As-Is Appraised Value per Metric Recalculation None
45 Portfolio Appraised Value Date Appraisal Report None
46 Portfolio Appraised Value Appraisal Report None
47 Origination Date Loan Agreement None
48 Assumed LIBOR None - Company Provided None
49 Mortgage Loan Trust Margin Loan Agreement None
50 Mezzanine Loan Margin Loan Agreement None
51 LIBOR Cap None - Company Provided None
52 LIBOR Lookback days Loan Agreement None
53 LIBOR Cap Expiration Date None - Company Provided None
54 Interest Calculation (30/360  /  Actual/360) Loan Agreement None
55 Amort Type Loan Agreement None
56 Mortgage Loan Monthly Debt Service Payment Recalculation None
57 Mortgage Loan Annual Debt Service Payment Recalculation None
58 Mezzanine Loan Annual Debt Service Payment Recalculation None
59 Total Loan Annual Debt Service Payment Recalculation None

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
60 Mortgage Loan Annual Debt Service Payment at LIBOR Cap Recalculation None
61 Mezzanine Loan Annual Debt Service Payment at LIBOR Cap Recalculation None
62 Total Loan Annual Debt Service Payment at LIBOR Cap Recalculation None
63 Grace Period Loan Agreement None
64 First Loan Payment Date Loan Agreement None
65 Seasoning Recalculation None
66 Original Term to Maturity (Months) Loan Agreement None
67 Remaining Term to Maturity (Months) Recalculation None
68 Original Amortization Term (Months) Loan Agreement None
69 Remaining Amortization Term (Months) Recalculation None
70 Original IO Term (Months) Loan Agreement None
71 Remaining IO Term (Months) Recalculation None
72 Initial Maturity Date Loan Agreement None
73 Floating Rate Component Extensions Loan Agreement None
74 Fully Extended Maturity Date Loan Agreement None
75 Question regarding presentation Loan Agreement None
76 Cash Management Type Loan Agreement None
77 Cash Management Trigger Loan Agreement None
78 Administrative Fee Rate (%) None - Company Provided None
79 Prepayment Provision Loan Agreement None
80 Partial Release Allowed? Loan Agreement None
81 Portfolio Value Mortgage Loan Cut-off Date LTV Recalculation None
82 Portfolio Value Mortgage Loan Balloon LTV Recalculation None
83 Sum of As-Is Individual Values Mortgage Loan Cut-off Date LTV Recalculation None
84 Sum of As-Is Individual Values Mortgage Loan Balloon LTV Recalculation None
85 Mortgage Loan UW NOI Debt Yield Recalculation None
86 Mortgage Loan UW NCF Debt Yield Recalculation None
87 Mortgage Loan UW NOI DSCR Recalculation None

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
88 Mortgage Loan UW NCF DSCR Recalculation None
89 Mortgage Loan UW NOI DSCR at LIBOR Cap Recalculation None
90 Mortgage Loan UW NCF DSCR at LIBOR Cap Recalculation None
91 Portfolio Value Total Loan Cut-off Date LTV Recalculation None
92 Portfolio Value Total Loan Balloon LTV Recalculation None
93 Sum of As-Is Individual Values Total Loan Cut-off Date LTV Recalculation None
94 Sum of As-Is Individual Values Total Loan Balloon LTV Recalculation None
95 Total Loan UW NOI Debt Yield Recalculation None
96 Total Loan UW NCF Debt Yield Recalculation None
97 Total Loan UW NOI DSCR Recalculation None
98 Total Loan UW NCF DSCR Recalculation None
99 Total Loan UW NOI DSCR at LIBOR Cap Recalculation None
100 Total Loan UW NCF DSCR at LIBOR Cap Recalculation None
101 Initial Tax Escrow Loan Agreement; Settlement Statement; Servicer Report None
102 Ongoing Tax Escrow Monthly Loan Agreement; Settlement Statement; Servicer Report None
103 Tax Escrow Springing Conditions Loan Agreement; Settlement Statement None
104 Initial Insurance Escrow Loan Agreement; Settlement Statement None
105 Ongoing Insurance Escrow Monthly Loan Agreement; Settlement Statement None
106 Insurance Escrow Springing Conditions Loan Agreement; Settlement Statement None
107 Initial Immediate Repairs Escrow Loan Agreement; Settlement Statement None
108 Initial Cap Ex Escrow Loan Agreement; Settlement Statement None
109 Ongoing Cap Ex Escrow Monthly Loan Agreement; Settlement Statement None
110 Cap Ex Escrow Springing Conditions Loan Agreement; Settlement Statement None
111 Cap Ex Escrow Cap Loan Agreement; Settlement Statement None
112 Initial TI/LC Escrow Loan Agreement; Settlement Statement None

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
113 Ongoing TI/LC Escrow Monthly Loan Agreement; Settlement Statement None
114 TI/LC Escrow Springing Conditions Loan Agreement; Settlement Statement None
115 Initial Ground Rent Escrow Loan Agreement; Settlement Statement None
116 Ongoing Ground Rent Escrow Monthly Loan Agreement; Settlement Statement None
117 Ground Rent Springing Conditions Loan Agreement; Settlement Statement None
118 Initial Termination Fee Escrow Loan Agreement; Settlement Statement None
119 Ongoing Termination Fee Escrow Monthly Loan Agreement; Settlement Statement None
120 Termination Fee Springing Conditions Loan Agreement; Settlement Statement None
121 Initial Other Escrow Loan Agreement; Settlement Statement; Servicer Report None
122 Ongoing Other Escrow Monthly Loan Agreement; Settlement Statement None
123 Other Escrow Description Loan Agreement; Settlement Statement; Servicer Report None
124 Largest Tenant Name Underwriting File None
125 Largest Tenant Lease Start Underwriting File None
126 Largest Tenant Lease Exp. Underwriting File None
127 Largest Tenant NRA Underwriting File None
128 Largest Tenant UW Base Rent Underwriting File None
129 Largest Tenant UW Adjusted Base Rent Underwriting File None
130 Largest Tenant UW Gross Rent Underwriting File None
131 2016 Gross Potential Rent Underwriting File $1.00
132 2017 Gross Potential Rent Underwriting File $1.00
133 2018 Gross Potential Rent Underwriting File $1.00
134 TTM March 2019 Gross Potential Rent Underwriting File $1.00
135 2019 Budget Gross Potential Rent Underwriting File $1.00
136 UW Gross Potential Rent Underwriting File $1.00
137 2016 Potential Income from Vacant Space Underwriting File $1.00
138 2017 Potential Income from Vacant Space Underwriting File $1.00

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
139 2018 Potential Income from Vacant Space Underwriting File $1.00
140 TTM March 2019 Potential Income from Vacant Space Underwriting File $1.00
141 2019 Budget Potential Income from Vacant Space Underwriting File $1.00
142 UW Potential Income from Vacant Space Underwriting File $1.00
143 2016 Rent Steps Underwriting File $1.00
144 2017 Rent Steps Underwriting File $1.00
145 2018 Rent Steps Underwriting File $1.00
146 TTM March 2019 Rent Steps Underwriting File $1.00
147 2019 Budget Rent Steps Underwriting File $1.00
148 UW Rent Steps Underwriting File $1.00
149 2016 Expense Reimbursement Underwriting File $1.00
150 2017 Expense Reimbursement Underwriting File $1.00
151 2018 Expense Reimbursement Underwriting File $1.00
152 TTM March 2019 Expense Reimbursement Underwriting File $1.00
153 2019 Budget Expense Reimbursement Underwriting File $1.00
154 UW Expense Reimbursement Underwriting File $1.00
155 2016 Other Income Underwriting File $1.00
156 2017 Other Income Underwriting File $1.00
157 2018 Other Income Underwriting File $1.00
158 TTM March 2019 Other Income Underwriting File $1.00
159 2019 Budget Other Income Underwriting File $1.00
160 UW Other Income Underwriting File $1.00
161 2016 Economic Vacancy, Credit Loss Underwriting File $1.00
162 2017 Economic Vacancy, Credit Loss Underwriting File $1.00
163 2018 Economic Vacancy, Credit Loss Underwriting File $1.00
164 TTM March 2019 Economic Vacancy, Credit Loss Underwriting File $1.00
165 2019 Budget Economic Vacancy, Credit Loss Underwriting File $1.00
166 UW Economic Vacancy, Credit Loss Underwriting File $1.00
167 2016 EGI Underwriting File $1.00

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
168 2017 EGI Underwriting File $1.00
169 2018 EGI Underwriting File $1.00
170 TTM March 2019 EGI Underwriting File $1.00
171 2019 Budget EGI Underwriting File $1.00
172 UW EGI Underwriting File $1.00
173 2016 Janitorial Underwriting File $1.00
174 2017 Janitorial Underwriting File $1.00
175 2018 Janitorial Underwriting File $1.00
176 TTM March 2019 Janitorial Underwriting File $1.00
177 2019 Budget Janitorial Underwriting File $1.00
178 UW Janitorial Underwriting File $1.00
179 2016 Salaries Underwriting File $1.00
180 2017 Salaries Underwriting File $1.00
181 2018 Salaries Underwriting File $1.00
182 TTM March 2019 Salaries Underwriting File $1.00
183 2019 Budget Salaries Underwriting File $1.00
184 UW Salaries Underwriting File $1.00
185 2016 Utilities Underwriting File $1.00
186 2017 Utilities Underwriting File $1.00
187 2018 Utilities Underwriting File $1.00
188 TTM March 2019 Utilities Underwriting File $1.00
189 2019 Budget Utilities Underwriting File $1.00
190 UW Utilities Underwriting File $1.00
191 2016 Repairs & Maintenance Underwriting File $1.00
192 2017 Repairs & Maintenance Underwriting File $1.00
193 2018 Repairs & Maintenance Underwriting File $1.00
194 TTM March 2019 Repairs & Maintenance Underwriting File $1.00
195 2019 Budget Repairs & Maintenance Underwriting File $1.00
196 UW Repairs & Maintenance Underwriting File $1.00
197 2016 General & Administrative Underwriting File $1.00

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
198 2017 General & Administrative Underwriting File $1.00
199 2018 General & Administrative Underwriting File $1.00
200 TTM March 2019 General & Administrative Underwriting File $1.00
201 2019 Budget General & Administrative Underwriting File $1.00
202 UW General & Administrative Underwriting File $1.00
203 2016 Resident Services Underwriting File $1.00
204 2017 Resident Services Underwriting File $1.00
205 2018 Resident Services Underwriting File $1.00
206 TTM March 2019 Resident Services Underwriting File $1.00
207 2019 Budget Resident Services Underwriting File $1.00
208 UW Resident Services Underwriting File $1.00
209 2016 Common Area Maintenance Underwriting File $1.00
210 2017 Common Area Maintenance Underwriting File $1.00
211 2018 Common Area Maintenance Underwriting File $1.00
212 TTM March 2019 Common Area Maintenance Underwriting File $1.00
213 2019 Budget Common Area Maintenance Underwriting File $1.00
214 UW Common Area Maintenance Underwriting File $1.00
215 2016 Insurance Underwriting File $1.00
216 2017 Insurance Underwriting File $1.00
217 2018 Insurance Underwriting File $1.00
218 TTM March 2019 Insurance Underwriting File $1.00
219 2019 Budget Insurance Underwriting File $1.00
220 UW Insurance Underwriting File $1.00
221 2016 Real Estate Taxes Underwriting File $1.00
222 2017 Real Estate Taxes Underwriting File $1.00
223 2018 Real Estate Taxes Underwriting File $1.00
224 TTM March 2019 Real Estate Taxes Underwriting File $1.00
225 2019 Budget Real Estate Taxes Underwriting File $1.00
226 UW Real Estate Taxes Underwriting File $1.00
227 2016 Security Underwriting File $1.00

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
228 2017 Security Underwriting File $1.00
229 2018 Security Underwriting File $1.00
230 TTM March 2019 Security Underwriting File $1.00
231 2019 Budget Security Underwriting File $1.00
232 UW Security Underwriting File $1.00
233 2016 Professional Fees Underwriting File $1.00
234 2017 Professional Fees Underwriting File $1.00
235 2018 Professional Fees Underwriting File $1.00
236 TTM March 2019 Professional Fees Underwriting File $1.00
237 2019 Budget Professional Fees Underwriting File $1.00
238 UW Professional Fees Underwriting File $1.00
239 2016 Ground Rent Underwriting File $1.00
240 2017 Ground Rent Underwriting File $1.00
241 2018 Ground Rent Underwriting File $1.00
242 TTM March 2019 Ground Rent Underwriting File $1.00
243 2019 Budget Ground Rent Underwriting File $1.00
244 UW Ground Rent Underwriting File $1.00
245 2016 Total Reimbursable Expenses Underwriting File $1.00
246 2017 Total Reimbursable Expenses Underwriting File $1.00
247 2018 Total Reimbursable Expenses Underwriting File $1.00
248 TTM March 2019 Total Reimbursable Expenses Underwriting File $1.00
249 2019 Budget Total Reimbursable Expenses Underwriting File $1.00
250 UW Total Reimbursable Expenses Underwriting File $1.00
251 2016 Direct Bill Expenses Underwriting File $1.00
252 2017 Direct Bill Expenses Underwriting File $1.00
253 2018 Direct Bill Expenses Underwriting File $1.00
254 TTM March 2019 Direct Bill Expenses Underwriting File $1.00
255 2019 Budget Direct Bill Expenses Underwriting File $1.00
256 UW Direct Bill Expenses Underwriting File $1.00
257 2016 Total Non-Reimbursable Expenses Underwriting File $1.00

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
258 2017 Total Non-Reimbursable Expenses Underwriting File $1.00
259 2018 Total Non-Reimbursable Expenses Underwriting File $1.00
260 TTM March 2019 Total Non-Reimbursable Expenses Underwriting File $1.00
261 2019 Budget Total Non-Reimbursable Expenses Underwriting File $1.00
262 UW Total Non-Reimbursable Expenses Underwriting File $1.00
263 2016 Total Operating Expenses Underwriting File $1.00
264 2017 Total Operating Expenses Underwriting File $1.00
265 2018 Total Operating Expenses Underwriting File $1.00
266 TTM March 2019 Total Operating Expenses Underwriting File $1.00
267 2019 Budget Total Operating Expenses Underwriting File $1.00
268 UW Total Operating Expenses Underwriting File $1.00
269 2016 NOI Underwriting File $1.00
270 2017 NOI Underwriting File $1.00
271 2018 NOI Underwriting File $1.00
272 TTM March 2019 NOI Underwriting File $1.00
273 2019 Budget NOI Underwriting File $1.00
274 UW NOI Underwriting File $1.00
275 2016 Replacement Reserves Underwriting File $1.00
276 2017 Replacement Reserves Underwriting File $1.00
277 2018 Replacement Reserves Underwriting File $1.00
278 TTM March 2019 Replacement Reserves Underwriting File $1.00
279 2019 Budget Replacement Reserves Underwriting File $1.00
280 UW Replacement Reserves Underwriting File $1.00
281 2016 TI/LC Underwriting File $1.00
282 2017 TI/LC Underwriting File $1.00
283 2018 TI/LC Underwriting File $1.00
284 TTM March 2019 TI/LC Underwriting File $1.00
285 2019 Budget TI/LC Underwriting File $1.00
286 UW TI/LC Underwriting File $1.00
287 2016 NCF Underwriting File $1.00

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
288 2017 NCF Underwriting File $1.00
289 2018 NCF Underwriting File $1.00
290 TTM March 2019 NCF Underwriting File $1.00
291 2019 Budget NCF Underwriting File $1.00
292 UW NCF Underwriting File $1.00
293 2016 ILF Revenue Underwriting File $1.00
294 2017 ILF Revenue Underwriting File $1.00
295 2018 ILF Revenue Underwriting File $1.00
296 TTM March 2019 ILF Revenue Underwriting File $1.00
297 2019 Budget ILF Revenue Underwriting File $1.00
298 UW ILF Revenue Underwriting File $1.00
299 2016 ALF Revenue Underwriting File $1.00
300 2017 ALF Revenue Underwriting File $1.00
301 2018 ALF Revenue Underwriting File $1.00
302 TTM March 2019 ALF Revenue Underwriting File $1.00
303 2019 Budget ALF Revenue Underwriting File $1.00
304 UW ALF Revenue Underwriting File $1.00
305 2016 Memory Care Revenue Underwriting File $1.00
306 2017 Memory Care Revenue Underwriting File $1.00
307 2018 Memory Care Revenue Underwriting File $1.00
308 TTM March 2019 Memory Care Revenue Underwriting File $1.00
309 2019 Budget Memory Care Revenue Underwriting File $1.00
310 UW Memory Care Revenue Underwriting File $1.00
311 2016 SNF Medicare Underwriting File $1.00
312 2017 SNF Medicare Underwriting File $1.00
313 2018 SNF Medicare Underwriting File $1.00
314 TTM March 2019 SNF Medicare Underwriting File $1.00
315 2019 Budget SNF Medicare Underwriting File $1.00
316 UW SNF Medicare Underwriting File $1.00
317 2016 SNF Private Underwriting File $1.00

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
318 2017 SNF Private Underwriting File $1.00
319 2018 SNF Private Underwriting File $1.00
320 TTM March 2019 SNF Private Underwriting File $1.00
321 2019 Budget SNF Private Underwriting File $1.00
322 UW SNF Private Underwriting File $1.00
323 2016 Medicaid Underwriting File $1.00
324 2017 Medicaid Underwriting File $1.00
325 2018 Medicaid Underwriting File $1.00
326 TTM March 2019 Medicaid Underwriting File $1.00
327 2019 Budget Medicaid Underwriting File $1.00
328 UW Medicaid Underwriting File $1.00
329 2016 Insurance Revenue Underwriting File $1.00
330 2017 Insurance Revenue Underwriting File $1.00
331 2018 Insurance Revenue Underwriting File $1.00
332 TTM March 2019 Insurance Revenue Underwriting File $1.00
333 2019 Budget Insurance Revenue Underwriting File $1.00
334 UW Insurance Revenue Underwriting File $1.00
335 2016 Medicare Part B Underwriting File $1.00
336 2017 Medicare Part B Underwriting File $1.00
337 2018 Medicare Part B Underwriting File $1.00
338 TTM March 2019 Medicare Part B Underwriting File $1.00
339 2019 Budget Medicare Part B Underwriting File $1.00
340 UW Medicare Part B Underwriting File $1.00
341 2016 Other Revenue Underwriting File $1.00
342 2017 Other Revenue Underwriting File $1.00
343 2018 Other Revenue Underwriting File $1.00
344 TTM March 2019 Other Revenue Underwriting File $1.00
345 2019 Budget Other Revenue Underwriting File $1.00
346 UW Other Revenue Underwriting File $1.00
347 2016 Abatements Underwriting File $1.00

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
348 2017 Abatements Underwriting File $1.00
349 2018 Abatements Underwriting File $1.00
350 TTM March 2019 Abatements Underwriting File $1.00
351 2019 Budget Abatements Underwriting File $1.00
352 UW Abatements Underwriting File $1.00
353 2016 RIDEA EGI Underwriting File $1.00
354 2017 RIDEA EGI Underwriting File $1.00
355 2018 RIDEA EGI Underwriting File $1.00
356 TTM March 2019 RIDEA EGI Underwriting File $1.00
357 2019 Budget RIDEA EGI Underwriting File $1.00
358 UW RIDEA EGI Underwriting File $1.00
359 2016 RIDEA Salaries Underwriting File $1.00
360 2017 RIDEA Salaries Underwriting File $1.00
361 2018 RIDEA Salaries Underwriting File $1.00
362 TTM March 2019 RIDEA Salaries Underwriting File $1.00
363 2019 Budget RIDEA Salaries Underwriting File $1.00
364 UW RIDEA Salaries Underwriting File $1.00
365 2016 RIDEA Utilities Underwriting File $1.00
366 2017 RIDEA Utilities Underwriting File $1.00
367 2018 RIDEA Utilities Underwriting File $1.00
368 TTM March 2019 RIDEA Utilities Underwriting File $1.00
369 2019 Budget RIDEA Utilities Underwriting File $1.00
370 UW RIDEA Utilities Underwriting File $1.00
371 2016 RIDEA Resident Services Underwriting File $1.00
372 2017 RIDEA Resident Services Underwriting File $1.00
373 2018 RIDEA Resident Services Underwriting File $1.00
374 TTM March 2019 RIDEA Resident Services Underwriting File $1.00
375 2019 Budget RIDEA Resident Services Underwriting File $1.00
376 UW RIDEA Resident Services Underwriting File $1.00
377 2016 RIDEA Common Area Maintenance Underwriting File $1.00

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
378 2017 RIDEA Common Area Maintenance Underwriting File $1.00
379 2018 RIDEA Common Area Maintenance Underwriting File $1.00
380 TTM March 2019 RIDEA Common Area Maintenance Underwriting File $1.00
381 2019 Budget RIDEA Common Area Maintenance Underwriting File $1.00
382 UW RIDEA Common Area Maintenance Underwriting File $1.00
383 2016 RIDEA Insurance Underwriting File $1.00
384 2017 RIDEA Insurance Underwriting File $1.00
385 2018 RIDEA Insurance Underwriting File $1.00
386 TTM March 2019 RIDEA Insurance Underwriting File $1.00
387 2019 Budget RIDEA Insurance Underwriting File $1.00
388 UW RIDEA Insurance Underwriting File $1.00
389 2016 RIDEA Real Estate Taxes Underwriting File $1.00
390 2017 RIDEA Real Estate Taxes Underwriting File $1.00
391 2018 RIDEA Real Estate Taxes Underwriting File $1.00
392 TTM March 2019 RIDEA Real Estate Taxes Underwriting File $1.00
393 2019 Budget RIDEA Real Estate Taxes Underwriting File $1.00
394 UW RIDEA Real Estate Taxes Underwriting File $1.00
395 2016 RIDEA Ground Rent Underwriting File $1.00
396 2017 RIDEA Ground Rent Underwriting File $1.00
397 2018 RIDEA Ground Rent Underwriting File $1.00
398 TTM March 2019 RIDEA Ground Rent Underwriting File $1.00
399 2019 Budget RIDEA Ground Rent Underwriting File $1.00
400 UW RIDEA Ground Rent Underwriting File $1.00
401 2016 RIDEA Total Reimbursable Expenses Underwriting File $1.00
402 2017 RIDEA Total Reimbursable Expenses Underwriting File $1.00
403 2018 RIDEA Total Reimbursable Expenses Underwriting File $1.00
404 TTM March 2019 RIDEA Total Reimbursable Expenses Underwriting File $1.00
405 2019 Budget RIDEA Total Reimbursable Expenses Underwriting File $1.00
406 UW RIDEA Total Reimbursable Expenses Underwriting File $1.00

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
407 2016 RIDEA Total Non-Reimbursable Expenses Underwriting File $1.00
408 2017 RIDEA Total Non-Reimbursable Expenses Underwriting File $1.00
409 2018 RIDEA Total Non-Reimbursable Expenses Underwriting File $1.00
410 TTM March 2019 RIDEA Total Non-Reimbursable Expenses Underwriting File $1.00
411 2019 Budget RIDEA Total Non-Reimbursable Expenses Underwriting File $1.00
412 UW RIDEA Total Non-Reimbursable Expenses Underwriting File $1.00
413 2016 RIDEA Total Operating Expenses Underwriting File $1.00
414 2017 RIDEA Total Operating Expenses Underwriting File $1.00
415 2018 RIDEA Total Operating Expenses Underwriting File $1.00
416 TTM March 2019 RIDEA Total Operating Expenses Underwriting File $1.00
417 2019 Budget RIDEA Total Operating Expenses Underwriting File $1.00
418 UW RIDEA Total Operating Expenses Underwriting File $1.00
419 2016 EBITDAR (Before Capex) Underwriting File $1.00
420 2017 EBITDAR (Before Capex) Underwriting File $1.00
421 2018 EBITDAR (Before Capex) Underwriting File $1.00
422 TTM March 2019 EBITDAR (Before Capex) Underwriting File $1.00
423 2019 Budget EBITDAR (Before Capex) Underwriting File $1.00
424 UW EBITDAR (Before Capex) Underwriting File $1.00
425 2016 RIDEA Management Fees Underwriting File $1.00
426 2017 RIDEA Management Fees Underwriting File $1.00
427 2018 RIDEA Management Fees Underwriting File $1.00
428 TTM March 2019 RIDEA Management Fees Underwriting File $1.00
429 2019 Budget RIDEA Management Fees Underwriting File $1.00
430 UW RIDEA Management Fees Underwriting File $1.00
431 2016 RIDEA Replacement Reserves Underwriting File $1.00
432 2017 RIDEA Replacement Reserves Underwriting File $1.00
433 2018 RIDEA Replacement Reserves Underwriting File $1.00
434 TTM March 2019 RIDEA Replacement Reserves Underwriting File $1.00

 


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T: (646) 471-3000, F: 813-286-6000 , www.pwc.com/us  20 

 

 
 

CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
435 2019 Budget RIDEA Replacement Reserves Underwriting File $1.00
436 UW RIDEA Replacement Reserves Underwriting File $1.00
437 2016 EBITDAR Underwriting File $1.00
438 2017 EBITDAR Underwriting File $1.00
439 2018 EBITDAR Underwriting File $1.00
440 TTM March 2019 EBITDAR Underwriting File $1.00
441 2019 Budget EBITDAR Underwriting File $1.00
442 UW EBITDAR Underwriting File $1.00
443 2016 Total Revenue Underwriting File $1.00
444 2017 Total Revenue Underwriting File $1.00
445 2018 Total Revenue Underwriting File $1.00
446 TTM March 2019 Total Revenue Underwriting File $1.00
447 UW Total Revenue Underwriting File $1.00
448 2016 Total Expenses Underwriting File $1.00
449 2017 Total Expenses Underwriting File $1.00
450 2018 Total Expenses Underwriting File $1.00
451 TTM March 2019 Total Expenses Underwriting File $1.00
452 UW Total Expenses Underwriting File $1.00
453 2016 Total NOI Underwriting File $1.00
454 2017 Total NOI Underwriting File $1.00
455 2018 Total NOI Underwriting File $1.00
456 TTM March 2019 Total NOI Underwriting File $1.00
457 UW Total NOI Underwriting File $1.00
458 2016 Total NCF Underwriting File $1.00
459 2017 Total NCF Underwriting File $1.00
460 2018 Total NCF Underwriting File $1.00
461 TTM March 2019 Total NCF Underwriting File $1.00
462 UW Total NCF Underwriting File $1.00
463 2017 NNN Operator Revenue Underwriting File $1.00
464 2018 NNN Operator Revenue Underwriting File $1.00

 


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T: (646) 471-3000, F: 813-286-6000 , www.pwc.com/us  21 

 

 
 

CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Loan File Review Procedures EXHIBIT A

 

# Specified Attribute Source Document (by order of priority) Tolerance Level
465 TTM March 2019 NNN Operator Revenue Underwriting File $1.00
466 2017 NNN Operator Expenses Underwriting File $1.00
467 2018 NNN Operator Expenses Underwriting File $1.00
468 TTM March 2019 NNN Operator Expenses Underwriting File $1.00
469 2017 NNN Operator EBITDARM Underwriting File $1.00
470 2018 NNN Operator EBITDARM Underwriting File $1.00
471 TTM March 2019 NNN Operator EBITDARM Underwriting File $1.00
472 2017 NNN Operator EBITDAR Underwriting File $1.00
473 2018 NNN Operator EBITDAR Underwriting File $1.00
474 TTM March 2019 NNN Operator EBITDAR Underwriting File $1.00

 

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Recalculation Methodology EXHIBIT B

 

Exhibit B - Recalculation Methodology

 

# Specified Attribute Recalculation Methodology
37 Cut-Off Date Allocated Mortgage Loan Amount per Metric ($) Quotient of (i) Mortgage Loan Cut-off Date Balance and either the (a) NRA or (b) Beds, whichever is applicable.
38 % of Mortgage Loan Cut-off Date Balance Quotient of (i) Mortgage Loan Cut-off Date Balance for the respective mortgaged real property and (ii) aggregate sum of the Mortgage Loan Cut-off Date Balance for the respective loan.
40 Total Loan Cut-off Date Balance ($) Sum of (i) Mortgage Loan Cut-off Date Balance and the (ii) Mezzanine Loan Cut-off Date Balance ($).
41 Cut-Off Date Allocated Total Loan Amount per Metric ($) Quotient of (i) Total Loan Cut-off Date Balance ($) and either the (a) NRA or (b) Beds, whichever applicable.
44 Individual As-Is Appraised Value per Metric Quotient of (i) Individual As-Is Appraised Value Date and either the (a) NRA or (b) Beds, whichever applicable.
56 Mortgage Loan Monthly Debt Service Payment Quotient of (i) Mortgage Loan Annual Debt Service Payment and (ii) 12.
57 Mortgage Loan Annual Debt Service Payment Product of (i) Mortgage Loan Cut-off Date Balance, (ii) the sum of the Assumed LIBOR and the Mortgage Loan Trust Margin, and the (iii) Interest Calculation (30/360  /  Actual/360).
58 Mezzanine Loan Annual Debt Service Payment Product of (i) Mezzanine Loan Cut-off Date Balance, (ii) the sum of the Assumed LIBOR and the Mortgage Loan Trust Margin, and the (iii) Interest Calculation (30/360  /  Actual/360).
59 Total Loan Annual Debt Service Payment Sum of (i) Mortgage Loan Annual Debt Service Payment, and (ii) Mezzanine Loan Annual Debt Service Payment.
60 Mortgage Loan Annual Debt Service Payment at LIBOR Cap Product of (i) Mortgage Loan Cut-off Date Balance, (ii) the sum of the LIBOR Cap and the Mortgage Loan Trust Margin, and the (iii) Interest Calculation (30/360  /  Actual/360).
61 Mezzanine Loan Annual Debt Service Payment at LIBOR Cap Product of (i) Mezzanine Loan Cut-off Date Balance, (ii) the sum of the LIBOR Cap and the Mortgage Loan Trust Margin, and the (iii) Interest Calculation (30/360  /  Actual/360).
62 Total Loan Annual Debt Service Payment at LIBOR Cap Sum of (i) Mortgage Loan Annual Debt Service Payment at LIBOR Cap and (ii) Mezzanine Loan Annual Debt Service Payment at LIBOR Cap.
65 Seasoning Count of the number of monthly payment dates from, and inclusive of (i) First Loan Payment Date, to and inclusive of (ii) Cut-off Date.
67 Remaining Term to Maturity (Months) Difference between (i) Original Term to Maturity (Months) and (ii) Seasoning.
69 Remaining Amortization Term (Months) Set equal to zero, given the loans are interest-only.
71 Remaining IO Term (Months) Difference between (i) Original IO Term (Months) and (ii) Seasoning.
81 Portfolio Value Mortgage Loan Cut-off Date LTV Quotient of (i) Mortgage Loan Cut-off Date Balance and (ii) Portfolio Appraised Value.
82 Portfolio Value Mortgage Loan Balloon LTV Quotient of (i) Mortgage Loan Cut-off Date Balance and (ii) Portfolio Appraised Value.

 


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CHC Commercial Mortgage Trust 2019-CHC, Commercial Mortgage Pass-Through Certificates, Series 2019-CHC  
Recalculation Methodology EXHIBIT B

 

# Specified Attribute Recalculation Methodology
83 Sum of As-Is Individual Values Mortgage Loan Cut-off Date LTV Quotient of (i) Mortgage Loan Cut-off Date Balance and (ii) Individual As-Is Appraised Value.
84 Sum of As-Is Individual Values Mortgage Loan Balloon LTV Quotient of (i) Mortgage Loan Cut-off Date Balance and (ii) Individual As-Is Appraised Value.
85 Mortgage Loan UW NOI Debt Yield Quotient of (i) UW Total NOI and (ii) Mortgage Loan Cut-off Date Balance.
86 Mortgage Loan UW NCF Debt Yield Quotient of (i) UW Total NCF and (ii) Mortgage Loan Cut-off Date Balance.
87 Mortgage Loan UW NOI DSCR Quotient of (i) UW Total NOI and (ii) Mortgage Loan Annual Debt Service Payment.
88 Mortgage Loan UW NCF DSCR Quotient of (i) UW Total NCF and (ii) Mortgage Loan Annual Debt Service Payment.
89 Mortgage Loan UW NOI DSCR at LIBOR Cap Quotient of (i) UW Total NOI and (ii) Mortgage Loan Annual Debt Service Payment at LIBOR Cap.
90 Mortgage Loan UW NCF DSCR at LIBOR Cap Quotient of (i) UW Total NCF and (ii) Mortgage Loan Annual Debt Service Payment at LIBOR Cap.
91 Portfolio Value Total Loan Cut-off Date LTV Quotient of (i) Total Loan Cut-off Date Balance ($) and (ii) Portfolio Appraised Value.
92 Portfolio Value Total Loan Balloon LTV Quotient of (i) Total Loan Cut-off Date Balance ($) and (ii) Portfolio Appraised Value.
93 Sum of As-Is Individual Values Total Loan Cut-off Date LTV Quotient of (i) Mortgage Loan Cut-off Date Balance and (ii) Portfolio Appraised Value.
94 Sum of As-Is Individual Values Total Loan Balloon LTV Quotient of (i) Mortgage Loan Cut-off Date Balance and (ii) Portfolio Appraised Value.
95 Total Loan UW NOI Debt Yield Quotient of (i) UW Total NOI and (ii) Total Loan Cut-off Date Balance ($).
96 Total Loan UW NCF Debt Yield Quotient of (i) UW Total NCF and (ii) Total Loan Cut-off Date Balance ($).
97 Total Loan UW NOI DSCR Quotient of (i) UW Total NOI and (ii) Total Loan Annual Debt Service Payment.
98 Total Loan UW NCF DSCR Quotient of (i) UW Total NCF and (ii) Total Loan Annual Debt Service Payment.
99 Total Loan UW NOI DSCR at LIBOR Cap Quotient of (i) UW Total NOI and (ii) Mortgage Loan Annual Debt Service Payment at LIBOR Cap.
100 Total Loan UW NCF DSCR at LIBOR Cap Quotient of (i) UW Total NCF and (ii) Mortgage Loan Annual Debt Service Payment at LIBOR Cap.

 

 

 


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