0001539497-21-000333.txt : 20210310 0001539497-21-000333.hdr.sgml : 20210310 20210310171549 ACCESSION NUMBER: 0001539497-21-000333 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20210310 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20210310 DATE AS OF CHANGE: 20210310 ABS RULE: RULE-15GA2 REGISTERED ENTITY: N ABS ASSET CLASS: Commercial mortgages FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ready Capital Corp CENTRAL INDEX KEY: 0001527590 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 900729143 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-03423 FILM NUMBER: 21730775 BUSINESS ADDRESS: STREET 1: 1140 AVENUE OF THE AMERICAS, 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212-257-4600 MAIL ADDRESS: STREET 1: 1140 AVENUE OF THE AMERICAS, 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: Sutherland Asset Management Corp DATE OF NAME CHANGE: 20161110 FORMER COMPANY: FORMER CONFORMED NAME: ZAIS Financial Corp. DATE OF NAME CHANGE: 20110808 DEPOSITOR: COMPANY DATA: COMPANY CONFORMED NAME: Ready Capital Corp CENTRAL INDEX KEY: 0001527590 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 900729143 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act BUSINESS ADDRESS: STREET 1: 1140 AVENUE OF THE AMERICAS, 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212-257-4600 MAIL ADDRESS: STREET 1: 1140 AVENUE OF THE AMERICAS, 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: Sutherland Asset Management Corp DATE OF NAME CHANGE: 20161110 FORMER COMPANY: FORMER CONFORMED NAME: ZAIS Financial Corp. DATE OF NAME CHANGE: 20110808 SECURITIZER: COMPANY DATA: COMPANY CONFORMED NAME: Ready Capital Corp CENTRAL INDEX KEY: 0001527590 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 900729143 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-03423 BUSINESS ADDRESS: STREET 1: 1140 AVENUE OF THE AMERICAS, 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212-257-4600 MAIL ADDRESS: STREET 1: 1140 AVENUE OF THE AMERICAS, 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: Sutherland Asset Management Corp DATE OF NAME CHANGE: 20161110 FORMER COMPANY: FORMER CONFORMED NAME: ZAIS Financial Corp. DATE OF NAME CHANGE: 20110808 ABS-15G 1 n2460_x1-abs15g.htm FORM ABS-15G

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

 

FORM ABS-15G


ASSET-BACKED SECURITIZER
REPORT PURSUANT TO SECTION 15G OF
THE SECURITIES EXCHANGE ACT OF 1934

 

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

Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period
___________________ to ________________

 

Date of Report (Date of earliest event reported): Not applicable.

Commission File Number of securitizer: Not applicable.

Central Index Key Number of securitizer: Not applicable.

 

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 securitizer: 0001527590

 

Ready Capital Mortgage Financing 2021-FL5, LLC

 

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

Central Index Key Number of issuing entity (if applicable): Not applicable.

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

P.J. Grealy, (212) 257-4649

 

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

  
 

INFORMATION TO BE INCLUDED IN THE REPORT

FINDING 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 Independent Accountants’ Report on Applying Agreed-Upon Procedures, dated March 10, 2021, which was obtained by the addressees thereof, 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.

Included in the Independent Accountants’ Report on Applying Agreed-Upon Procedures, dated March 10, 2021, referred to in Item 2.01.

 

Exhibits

Exhibit 99.1 Independent Accountants’ Report on Applying Agreed-Upon Procedures, dated March 10, 2021.

 

 

  
 

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.

 

Dated: March  10, 2021  Ready Capital CORPORATION
(Securitizer)
   
  By:   /s/ Thomas E. Capasse
    Name:   Thomas E. Capasse
    Title: Chairman of the Company Board of Directors and Chief Executive Officer
(senior officer in charge of securitization)
       

 

  
 
Exhibit 99.1 Independent Accountants’ Report on Applying Agreed-Upon Procedures, dated March 10, 2021.

 

  

 

 

 EX-99.1 2 exhibit99-1.htm INDEPENDENT ACCOUNTANTS' REPORT ON APPLYING AGREED-UPON PROCEDURES, DATED MARCH 10, 2021.

 

Exhibit 99.1

 

   

Deloitte & Touche LLP

Suite 400
Harborside Plaza 10

Jersey City, NJ 07311
USA

 

Ready Capital Corporation

1251 Avenue of the Americas, 50th Floor

New York, New York 10020

  

Tel: +1 212 937 8200

Fax: +1 212 937 8298

www.deloitte.com

 

 

Independent Accountants’ Report

on Applying Agreed-Upon Procedures

 

 

 

We have performed the procedures described below, which were agreed to by Ready Capital Corporation (the “Company”) and J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Piper Sandler & Co. (together with the Company, the “Specified Parties”), related to the Specified Parties’ evaluation of certain information with respect to a portfolio of commercial mortgage loans in conjunction with the proposed offering of Ready Capital Mortgage Financing 2021-FL5, Floating Rate Notes.

 

The Company is responsible for the information provided to us, including the information set forth in the Data File (as defined herein). The sufficiency of these procedures is solely the responsibility of the Specified Parties of this report. Consequently, we make no representations 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

 

On March 10, 2021, representatives of the Company provided us with a computer-generated commercial mortgage loan data file and related record layout (the “Data File”) containing data, as represented to us by the Company, as of the close of business February 26, 2021 (the “Cutoff Date”), with respect to 58 commercial mortgage loans (the “Mortgage Loans”) that are secured by 65 mortgaged properties (the “Mortgaged Properties”).

 

In addition, representatives of the Company provided us with certain loan and property documentation (the “Source Documents” as listed in the attached Appendix A) related to the Mortgage Loans and their related Mortgaged Properties.

 

We were not requested to perform, and we did not perform, any procedures with respect to the preparation or verification of any of the information set forth on the Source Documents and we make no representations concerning the accuracy or completeness of any of the information contained therein. In certain instances, our comparisons and recomputations were made using data imaged facsimiles or photocopies of the Source Documents. In addition, we make no representations as to whether the Source Documents are comprehensive and valid instruments and reflect the current prevailing terms with respect to the corresponding Mortgage Loans or Mortgaged Properties.

 

At your request, for each of the Mortgage Loans and their related Mortgaged Properties set forth on the Data File, we compared certain characteristics (the “Characteristics” as indicated on Appendix A) set forth on the Data File, except for those Characteristics identified on Appendix A as “Informational purposes only” or “Not applicable,” to the corresponding information set forth on or derived from the corresponding Source Documents and found them to be in agreement.

 

 

  

Member of

Deloitte Touche Tohmatsu Limited

 

******

We make no representations as to the (i) actual characteristics or existence of the underlying documents or data comprising the Mortgage Loans or Mortgaged Properties underlying the Data File or the conformity of their characteristics with those assumed for purposes of the procedures described herein, (ii) existence or ownership of the Mortgage Loans or Mortgaged Properties or (iii) reasonableness of any of the aforementioned assumptions, information or methodologies.

 

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events and circumstances that occur subsequent to the date of this report.

 

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 conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or a review conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants, the objective of which would be the expression of an opinion or conclusion, respectively, on the accompanying information. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

 

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originator of the assets with federal, state, and local laws and regulations.

 

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

 

This report is intended solely for the information and use of the Specified Parties identified above and is not intended to be and should not be used by anyone other than these Specified Parties.

 

 

Yours truly,

 

 

/s/ Deloitte & Touche LLP

 

March 10, 2021

 

 

Appendix A

 

Source Documents

 

For purposes of performing the agreed-upon procedures described herein and at your request, we relied upon the following source documents, as provided to us by representatives of the Company, with respect to each of the Mortgage Loans and the related Mortgaged Properties (the “Source Documents”):

 

An electronic data file with respect to the additional debt, for each applicable Mortgage Loan (the “Additional Debt File”);

 

Loan agreement, promissory note, consolidated, amended and restated promissory notes, modification agreements, side letter to modification agreements, indenture, purchase and sale agreement, mortgage, deed of trust, deed of trust modifications, reserve agreement, partial prepayment statement and loan extension agreement (collectively, the “Loan Agreement”);

 

Interest rate cap agreement or interest rate cap confirmation (collectively, the “Interest Rate Cap

Agreement”);

 

Limited liability company agreement or recognition agreement, if applicable (collectively, “Preferred Equity Document”):

 

Master lease agreement or ground lease agreement, if applicable (collectively, “Lease Agreement”);

 

The closing statement, settlement statement or funding statement (collectively, the “Closing Statement”);

 

The most recent real estate property appraisal report available or, if not available, the real estate property appraisal report at origination (the “Most Recent Appraisal Report”);

 

Underwritten rent rolls, borrower rent rolls, tenant leases lease abstracts, lease summaries or lease estoppels (collectively, the “Rent Roll”);

 

The title policies or pro-forma title policies (collectively, the “Title Policy”);

 

The property engineering report (the “Engineering Report”);

 

The phase I environmental report (the “Phase I Report”);

 

The phase II environmental report (the “Phase II Report”);

 

The seismic report (the “Seismic Report”);

 

The property management agreement (the “Property Management Agreement”);

 

The cash management agreement and lockbox agreement (collectively, the “Cash Management Agreement”);

 

An electronic data file with respect to most recent underwritten financial summaries and operating statements (the “Underwritten Operating Statement File”);

 

The closing funding memo statement (the “Funding Memo”); and

 

An electronic data file with respect to certain servicer information (the “Servicer File”).

 

Appendix A (continued)

 

No. Characteristic on Data File Source Document
1 Mortgage Asset Number Informational purposes only
2 Loan/Property Name Informational purposes only
3 Street Address Most Recent Appraisal Report
4 City Most Recent Appraisal Report
5 State Most Recent Appraisal Report
6 Zip Code Most Recent Appraisal Report
7 GEOtier Most Recent Appraisal Report
8 Property Type Most Recent Appraisal Report
9 Property Sub-Type Most Recent Appraisal Report
10 Year Built Most Recent Appraisal Report
11 Year Renovated Most Recent Appraisal Report
12 # of Units Rent Roll
13 Unit of Measure Rent Roll
14 Occupancy Date Rent Roll
15 Occupancy (%) Rent Roll
16 Lien Position Title Policy
17 Mortgage Loan Type Additional Debt File
18 Ownership Interest Title Policy
19 Loan Purpose Closing Statement
20 Appraisal As-of-Date Most Recent Appraisal Report
21 As-Is Appraised Value ($) Most Recent Appraisal Report
22 As-Stabilized Appraised Value ($) Most Recent Appraisal Report
23 Mortgage Loan Cutoff Date Balance As-Is LTV (%) Calculation - see procedures below
24 Mortgage Cutoff Date Balance (At Risk) As-Is LTV (%) Calculation - see procedures below
25 Fully Funded Mortgage Loan Cutoff Date Balance As-Stabilized LTV (%) Calculation - see procedures below
26 Initial Mortgage Balance at Origination ($) Loan Agreement
27 Mortgage Loan Cutoff Date Balance ($) Servicer File
28 % of Aggregate Mortgage Loan Cutoff Date Balance Calculation - see procedures below
29 Cut-off Date Mortgage Rate (%) Calculation - see procedures below
30 Cut-off Date Mortgage Loan Gross Margin (%) Calculation - see procedures below
31 Cut-off Date Mortgage Loan Balance (At Risk) ($) Calculation - see procedures below
32 Fully Funded Mortgage Loan Cutoff Date Balance ($) Calculation - see procedures below
33 Mortgage Loan Cutoff Date Balance ($)/ Unit Calculation - see procedures below
34 Mortgage Loan Cutoff Date Balance (At Risk) ($)/ Unit Calculation - see procedures below
35 Fully Funded Whole Loan Mortgage Cutoff Date Balance ($)/ Unit Calculation - see procedures below
36 Mortgage Note Date Loan Agreement
37 First Payment Date Loan Agreement

 

Appendix A (continued)

 

No. Characteristic on Data File Source Document
38 Initial Maturity Date Loan Agreement
39 Original Loan Term (months) Calculation - see procedures below
40 Remaining Loan Term (months) Calculation - see procedures below
41 Seasoning (months) Calculation - see procedures below
42 Original IO Periods (months) Loan Agreement
43 Original Amortization Term (months) Loan Agreement
44 Amortization Type (Initial) Loan Agreement
45 Amortization Trigger Description Loan Agreement
46 Extension Options Loan Agreement
47 Amortization Type (Extensions) Loan Agreement
48 First Extension Fee (%) Loan Agreement
49 First Extension Period (months) Loan Agreement
50 Second Extension Fee (%) Loan Agreement
51 Second Extension Period (months) Loan Agreement
52 Third Extension Fee (%) Loan Agreement
53 Third Extension Period (months) Loan Agreement
54 Fully Extended Loan Term (months) Calculation - see procedures below
55 Fully Extended Remaining Loan Term (months) Calculation - see procedures below
56 Fully Extended Maturity Date Loan Agreement
57 Whole Loan Mortgage Rate (%) Calculation - see procedures below
58 Index Loan Agreement
59 Whole Loan Gross Margin (%) Loan Agreement
60 Rounding Factor Loan Agreement
61 Whole Loan Gross Margin Rate Change (%) Loan Agreement
62 Whole Loan Gross Margin Rate Change Trigger Loan Agreement
63 LIBOR Floor (%) Loan Agreement
64 Whole Loan Mortgage Rate Floor (%) Loan Agreement
65 LIBOR Cap Provider Interest Rate Cap Agreement
66 Initial LIBOR Cap Strike Price (%) Interest Rate Cap Agreement
67 LIBOR Cap Strike Price Steps (%) Interest Rate Cap Agreement
68 LIBOR Cap Expiration Interest Rate Cap Agreement
69 Interest Accrual Method Loan Agreement
70 Lookback Period Loan Agreement
71 Lockout Date Loan Agreement
72 Yield Maintenance End Date Loan Agreement
73 Original Prepayment Provision Loan Agreement
74 Current Prepayment Provision Calculation - see procedures below
75 Partial Release (Y/N) Loan Agreement
76 Partial Prepayment (Y/N) Loan Agreement
77 Partial Release and/or Partial Prepayment Description Loan Agreement
78 Grace Period Default (Days) Loan Agreement
79 Grace Period Late (Days) Loan Agreement

 

Appendix A (continued)

 

No. Characteristic on Data File Source Document
80 Most Recent Date Underwritten Operating Statement File/ Most Recent Appraisal Report
81 Most Recent Effective Gross Income ($) Underwritten Operating Statement File/ Most Recent Appraisal Report
82 Most Recent Operating Expense ($) Underwritten Operating Statement File/ Most Recent Appraisal Report
83 Most Recent NOI ($) Underwritten Operating Statement File/ Most Recent Appraisal Report
84 Most Recent Capital Expenses ($) Underwritten Operating Statement File/ Most Recent Appraisal Report
85 Most Recent NCF ($) Underwritten Operating Statement File/ Most Recent Appraisal Report
86 Second Most Recent Date Underwritten Operating Statement File/ Most Recent Appraisal Report
87 Second Most Recent Effective Gross Income ($) Underwritten Operating Statement File/ Most Recent Appraisal Report
88 Second Most Recent Operating Expense ($) Underwritten Operating Statement File/ Most Recent Appraisal Report
89 Second Most Recent NOI ($) Underwritten Operating Statement File/ Most Recent Appraisal Report
90 Second Most Recent Capital Expenses ($) Underwritten Operating Statement File/ Most Recent Appraisal Report
91 Second Most Recent NCF ($) Underwritten Operating Statement File/ Most Recent Appraisal Report
92 Third Most Recent Date Underwritten Operating Statement File/ Most Recent Appraisal Report
93 Third Most Recent Effective Gross Income ($) Underwritten Operating Statement File/ Most Recent Appraisal Report
94 Third Most Recent Operating Expense ($) Underwritten Operating Statement File/ Most Recent Appraisal Report
95 Third Most Recent NOI ($) Underwritten Operating Statement File/ Most Recent Appraisal Report
96 Third Most Recent Capital Expenses ($) Underwritten Operating Statement File/ Most Recent Appraisal Report
97 Third Most Recent NCF ($) Underwritten Operating Statement File/ Most Recent Appraisal Report
98 UW Date Underwritten Operating Statement File/ Most Recent Appraisal Report
99 UW Occupancy (%) Underwritten Operating Statement File/ Most Recent Appraisal Report
100 UW Effective Gross Income ($)* Underwritten Operating Statement File/ Most Recent Appraisal Report
101 UW Operating Expense ($)* Underwritten Operating Statement File/ Most Recent Appraisal Report

 

Appendix A (continued)

 

No. Characteristic on Data File Source Document
102 UW NOI ($)* Underwritten Operating Statement File/ Most Recent Appraisal Report
103 UW Replacement Reserves ($)* Underwritten Operating Statement File/ Most Recent Appraisal Report
104 UW Capital Expenses ($)* Underwritten Operating Statement File/ Most Recent Appraisal Report
105 UW NCF ($)* Underwritten Operating Statement File/ Most Recent Appraisal Report
106 Appraisal Stabilized Date Most Recent Appraisal Report
107 Appraisal Stabilized Occupancy (%) Most Recent Appraisal Report
108 Appraisal Stabilized Effective Gross Income ($) Most Recent Appraisal Report
109 Appraisal Stabilized Operating Expenses ($) Most Recent Appraisal Report
110 Appraisal Stabilized NOI ($) Most Recent Appraisal Report
111 Appraisal Stabilized Capital Expense ($) Most Recent Appraisal Report
112 Appraisal Stabilized NCF ($) Most Recent Appraisal Report
113 Mortgage Loan Annual Debt Service ($) Calculation - see procedures below
114 Mortgage Loan Annual Debt Service (Cap) ($) Calculation - see procedures below
115 Fully Funded Mortgage Loan Annual Debt Service ($) Calculation - see procedures below
116 Fully Funded Mortgage Loan Annual Debt Service (Cap) ($) Calculation - see procedures below
117 Mortgage Loan U/W NCF DSCR (x) Calculation - see procedures below
118 Mortgage Loan U/W NOI Debt Yield (%) Calculation - see procedures below
119 Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR (x) Calculation - see procedures below
120 Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield (%) Calculation - see procedures below
121 Additional Debt Type(s) Additional Debt File
122 Additional Debt Cutoff Date Balance ($) Additional Debt File
123 Additional Debt Interest Rate (%) Additional Debt File
124 Additional Debt Gross Margin (%) Calculation - see procedures below
125 Total Future Funding Participation ($) Calculation - see procedures below
126 Pari Passu Future Funding Participation ($) Calculation - see procedures below
127 Future Funding Advance Conditions Loan Agreement
128 Subordinate Debt Not applicable
129 Subordinate Debt Cutoff Date Balance ($) Not applicable
130 Preferred Equity Amount ($) Preferred Equity Document/ Loan Agreement
131 Total Debt Cutoff Date Balance ($) Servicer File
132 Fully Funded Whole Loan Mortgage Balance ($) Calculation - see procedures below
133 Whole Loan Mortgage Cutoff Date Balance ($) Calculation - see procedures below
134 Whole Loan Mortgage Cutoff Date Balance As-is LTV (%) Calculation - see procedures below
135 Fully Funded Whole Loan Mortgage Balance As-Stabilized LTV % Calculation - see procedures below

 

Appendix A (continued)

 

No. Characteristic on Data File Source Document
136 Whole Loan Mortgage Annual Debt Service ($) Calculation - see procedures below
137 Fully Funded Whole Loan Mortgage Annual Debt Service ($) Calculation - see procedures below
138 Fully Funded Whole Loan Mortgage Annual Debt Service (at Take Out) ($) Calculation - see procedures below
139 Fully Funded Whole Loan Mortgage Balloon Payment ($) Calculation - see procedures below
140 Fully Funded Whole Loan Mortgage Balloon Payment / Unit ($) Calculation - see procedures below
141 Whole Loan Mortgage U/W NCF DSCR (x) Calculation - see procedures below
142 Whole Loan Mortgage U/W NOI Debt Yield (%) Calculation - see procedures below
143 Fully Funded Whole Loan Mortgage Appraisal Stabilized NCF DSCR (x) Calculation - see procedures below
144 Fully Funded Whole Loan Mortgage Appraisal Stabilized NOI Debt Yield (%) Calculation - see procedures below
145 Fully Funded Whole Loan Mortgage Appraisal Stabilized NCF DSCR (at Take Out) (x) Calculation - see procedures below
146 Initial Mortgage Balance at Origination (at risk) ($) Calculation - see procedures below
147 Whole Loan Mortgage Cutoff Date Balance (at risk) ($) Calculation - see procedures below
148 Initial Mortgage Balance at Origination (at risk) As-Is LTV (%) Calculation - see procedures below
149 Whole Loan Mortgage Cutoff Date Balance (At Risk) As-Is LTV (%) Calculation - see procedures below
150 Whole Loan Mortgage Cutoff Date Balance (At Risk) U/W NOI Debt Yield (%) Calculation - see procedures below
151 Total Maximum Reserves at Origination ($) Calculation - see procedures below
152 Total Upfront Funded Escrows and Reserves at Origination ($) Calculation - see procedures below
153 Total Current Escrows and Reserves at Servicer ($) Calculation - see procedures below
154 Maximum Capex Reserve at Origination ($) Loan Agreement
155 Maximum TI/LC Reserve at Origination ($) Loan Agreement
156 Maximum Debt Service Reserve at Origination ($) Loan Agreement
157 Maximum Operating Expense Reserve at Origination ($) Loan Agreement
158 Description Other Reserve 1 Loan Agreement
159 Maximum Other Reserve 1 at Origination ($) Loan Agreement
160 Description Other Reserve 2 Loan Agreement
161 Maximum Other Reserve 2 at Origination ($) Loan Agreement
162 Upfront Capital Expenditure Reserve ($) Closing Statement
163 Upfront TI/LC Reserve ($) Closing Statement

 

Appendix A (continued)

 

No. Characteristic on Data File Source Document
164 Upfront Debt Service Reserve ($) Closing Statement
165 Upfront Operating Expense Reserve ($) Closing Statement
166 Upfront Other Reserve 1 ($) Closing Statement
167 Upfront Other Reserve 2 ($) Closing Statement
168 Current Balance Capital Expenditure Reserve ($) Servicer File
169 Current Balance TI/LC Reserve ($) Servicer File
170 Current Balance Operating Expense Reserve ($) Servicer File
171 Current Balance Debt Service Reserve ($) Servicer File
172 Current Balance Other Reserve 1 ($) Servicer File
173 Current Balance Other Reserve 2 ($) Servicer File
174 Cutoff Date Excess Cash Flow ($) Servicer File
175 Monthly Payment for Capital Expenditure ($) Loan Agreement/ Servicer File
176 Upfront Tax Escrow ($) Closing Statement
177 Current Balance Tax Escrow ($) Servicer File/ Funding Memo
178 Monthly Tax Escrow ($) Loan Agreement/ Servicer File/ Funding Memo
179 Tax Escrow Description Loan Agreement
180 Upfront Insurance Escrow ($) Closing Statement
181 Current Balance Insurance Escrow ($) Servicer File/ Funding Memo
182 Monthly Insurance Escrow ($) Loan Agreement/ Servicer File/ Funding Memo
183 Insurance Escrow Description Loan Agreement
184 Replacement Reserve (Cutoff Date) ($) Servicer File
185 Replacement Reserve (Monthly)($) Loan Agreement/ Servicer File
186 Springing Replacement Reserve Description Loan Agreement
187 Springing Reserve Description Loan Agreement
188 Lockbox / Cash Management Loan Agreement/Cash Management Agreement
189 Cash Management Loan Agreement/Cash Management Agreement
190 Cash Management Trigger Event Loan Agreement/Cash Management Agreement
191 Largest Tenant Name Rent Roll
192 Largest Tenant SF Rent Roll
193 Largest Tenant Lease Expiration Rent Roll
194 Largest Tenant % of NRSF Calculation - see procedures below
195 Second Largest Tenant Name Rent Roll
196 Second Largest Tenant SF Rent Roll
197 Second Largest Tenant Lease Expiration Rent Roll
198 Second Largest Tenant % of NRSF Calculation - see procedures below
199 Third Largest Tenant Name Rent Roll
200 Third Largest Tenant SF Rent Roll
201 Third Largest Tenant Lease Expiration Rent Roll
202 Third Largest Tenant % of NRSF Calculation - see procedures below
203 Fourth Largest Tenant Name Rent Roll
204 Fourth Largest Tenant SF Rent Roll
205 Fourth Largest Tenant Lease Expiration Rent Roll
206 Fourth Largest Tenant % of NRSF Calculation - see procedures below

 

Appendix A (continued)

 

No. Characteristic on Data File Source Document
207 Fifth Largest Tenant Name Rent Roll
208 Fifth Largest Tenant SF Rent Roll
209 Fifth Largest Tenant Lease Expiration Rent Roll
210 Fifth Largest Tenant % of NRSF Calculation - see procedures below
211 Master Leases (Y/N) Lease Agreement
212 Single Tenant Rent Roll
213 Government Tenant Rent Roll
214 TIC Loan (Y/N) Loan Agreement
215 Maximum Number of TICs Loan Agreement
216 Property Management Property Management Agreement
217 Management Company Property Management Agreement
218 USPAP Appraisal (Y/N) Most Recent Appraisal Report
219 FIRREA Appraisal (Y/N) Most Recent Appraisal Report
220 Ground Lease (Y/N) Lease Agreement
221 Annual Ground Rent Payment Lease Agreement
222 Ground Lease Expiration Lease Agreement
223 Ground Lease Extension (Y/N) Lease Agreement
224 # of Ground Lease Extension Options Lease Agreement
225 Engineering Report Date Engineering Report
226 Environmental Phase I Report Date Phase I Report
227 Environmental Phase II (Y/N) Phase II Report
228 Seismic Report Date Seismic Report
229 PML (%) Seismic Report
230 Earthquake Insurance Required (Y/N) Seismic Report
231 Borrower Entity Loan Agreement
232 Sponsor Name Loan Agreement
233 Affiliated Sponsor Loan Agreement
234 SPE Loan Agreement
235 Cross Collateralized (Y/N) Loan Agreement
236 Cross Defaulted (Y/N) Loan Agreement
237 Recourse Flag Loan Agreement
238 Recourse Provisions Loan Agreement
239 Recourse / Guaranties Description (excluding non recourse carve-out and environmental liabilities) Loan Agreement
240 Carve-out Guarantor Flag Loan Agreement
241 Loan Type Loan Agreement

 

*With respect to the Mortgage Loans identified on the Data File as “Bungalows Del Mar,” “Redcar Culver City Upsize,” “Traction Free Market,” “8400 Winchester,” “3960-3980 Fabian Way,” “The Teale,” “130 Commerce Center,” “1640 South Loop Road,” “The Mabel Exchange,” “644 and 730 Manhattan Ave” and “Airport Industrial Portfolio,” we were instructed by the Company that an amount less than or equal to zero (as set forth on or derived from the Underwritten Operating Statement File) is deemed to be in agreement with “NAP” for purposes of our procedures.

 

 

Appendix A (continued)

Calculation Procedures

 

With respect to Characteristic 23, we recomputed the Mortgage Loan Cutoff Date Balance As-Is LTV (%) as the quotient of the (i) Mortgage Loan Cutoff Date Balance ($) over (ii) As-Is Appraised Value ($). Further, with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” we were instructed to replace clause (i) of this procedure with the sum of the (a) Mortgage Loan Cutoff Date Balance ($) and (b) non-trust fixed loan amount of $7,135,940 and $11,400,000, respectively.

 

With respect to Characteristic 24, we recomputed the Mortgage Cutoff Date Balance (At Risk) As-Is LTV (%) as the quotient of the (i) Cut-off Date Mortgage Loan Balance (At Risk) ($) over (ii) As-Is Appraised Value ($). Further, with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” we were instructed to replace clause (i) of this procedure with the sum of the (a) Mortgage Loan Cutoff Date Balance ($) and (b) non-trust fixed loan amount of $7,135,940 and $11,400,000, respectively.

 

With respect to Characteristic 25, we recomputed the Fully Funded Mortgage Loan Cutoff Date Balance As-Stabilized LTV (%) as the quotient of the (i) Fully Funded Mortgage Loan Cutoff Date Balance ($) over (ii) As-Stabilized Appraised Value ($), if any, or else by the As-Is Appraised Value ($). Further, with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” we were instructed to replace clause (i) of this procedure with the sum of the (a) Mortgage Loan Cutoff Date Balance ($) and (b) non-trust fixed loan amount of $7,135,940 and $11,400,000, respectively.

 

With respect to Characteristic 28, we recomputed the % of Aggregate Mortgage Loan Cutoff Date Balance as the quotient of the (i) Mortgage Loan Cutoff Date Balance ($) for the respective Mortgage Loan over (ii) sum of the Mortgage Loan Cutoff Date Balance ($) for all Mortgage Loans.

 

With respect to Characteristic 29, we recomputed the Cut-off Date Mortgage Rate (%) as the sum of (i) the Cut-off Date Mortgage Loan Gross Margin (%) and (ii) the greater of the (x) LIBOR Floor (%) and (y) “assumed LIBOR rate” of 0.11850% (as provided to us by representatives of the Company) and applying, if applicable, the Rounding Factor.

 

With respect to Characteristic 30, we recomputed the Cut-off Date Mortgage Loan Gross Margin (%) as the quotient of (i) the difference between (A) the product of the (x) Whole Loan Mortgage Cutoff Date Balance ($) and (y) Whole Loan Gross Margin (%) and (B) the product of the (x) Additional Debt Cutoff Date Balance ($) and (y) Additional Debt Gross Margin (%) over (ii) Mortgage Loan Cutoff Date Balance ($). Further, with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” we set the Cut-off Date Mortgage Loan Gross Margin (%) equal to the Whole Loan Gross Margin (%).

 

With respect to Characteristic 31, we recomputed the Cut-off Date Mortgage Loan Balance (At Risk) ($) as the difference between (i) the Mortgage Loan Cutoff Date Balance ($) and (ii) the sum of (a) the Current Balance Capital Expenditure Reserve ($), (b) the Current Balance TI/LC Reserve ($) and (c) for those Mortgage Loans that indicate “earnout reserve” in Description Other Reserve 1 or in Description Other Reserve 2, the related Current Balance Other Reserve 1 ($) or Current Balance Other Reserve 2 ($), as applicable.

 

With respect to Characteristic 32, we recomputed the Fully Funded Mortgage Loan Cutoff Date Balance ($) as the sum of the (i) Mortgage Loan Cutoff Date Balance ($) and (ii) Pari Passu Future Funding Participation ($).

 

With respect to Characteristic 33, we recomputed the Mortgage Loan Cutoff Date Balance ($)/ Unit as the quotient of the (i) Mortgage Loan Cutoff Date Balance ($) over (ii) # of Units. Further, with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” we were

 

Appendix A (continued)

instructed to replace clause (i) of this procedure with the sum of the (a) Mortgage Loan Cutoff Date Balance ($) and (b) non-trust fixed loan amount of $7,135,940 and $11,400,000, respectively.

 

With respect to Characteristic 34, we recomputed the Mortgage Loan Cutoff Date Balance (At Risk) ($)/ Unit as the quotient of the (i) Cut-off Date Mortgage Loan Balance (At Risk) ($) over (ii) # of Units. Further, with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” we were instructed to replace clause (i) of this procedure with the sum of the (a) Mortgage Loan Cutoff Date Balance ($) and (b) non-trust fixed loan amount of $7,135,940 and $11,400,000, respectively.

 

With respect to Characteristic 35, we recomputed the Fully Funded Whole Loan Mortgage Cutoff Date Balance ($)/ Unit as the quotient of the (i) Fully Funded Whole Loan Mortgage Balance ($) over (ii) # of Units.

 

With respect to Characteristic 39, we recomputed the Original Loan Term (months) by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of the Initial Maturity Date.

 

With respect to Characteristic 40, we recomputed the Remaining Loan Term (months) as the difference between Original Loan Term (months) and Seasoning (months).

 

With respect to Characteristic 41, we recomputed the Seasoning (months) by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of the Cutoff Date.

 

With respect to Characteristic 54, we recomputed the Fully Extended Loan Term (months) as the sum of the (a) Original Loan Term (months), (b) First Extension Period (months), (c) Second Extension Period (months) and (d) Third Extension Period (months), as applicable.

 

With respect to Characteristic 55, we recomputed the Fully Extended Remaining Loan Term (months) as the difference between the Fully Extended Loan Term (months) and the Seasoning (months).

 

With respect to Characteristic 57, we recomputed the Whole Loan Mortgage Rate (%) as the sum of (i) the Whole Loan Gross Margin (%) and (ii) the greater of the (x) LIBOR Floor (%) and (y) assumed LIBOR rate and applying, if applicable, the Rounding Factor.

 

With respect to Characteristic 74, we recomputed the Current Prepayment Provision using the (i) Seasoning (months) and (ii) Original Prepayment Provision.

 

With respect to Characteristic 113, we recomputed the Mortgage Loan Annual Debt Service ($):

 

·with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” as the sum of the (i) product of (a) the Mortgage Loan Cutoff Date Balance ($), (b) the Cut-off Date Mortgage Rate (%) and (c) a fraction equal to 365/360 and (ii) product of (a) the non-trust fixed loan amount of $7,135,940 and $11,400,000, respectively, (b) the non-trust fixed mortgage rate of 4.800% and 4.650%, respectively, and (c) a fraction equal to 365/360; and

 

·for all other Mortgage Loans, as the product of (i) the Mortgage Loan Cutoff Date Balance ($), (ii) the Cut-off Date Mortgage Rate (%) and (iii) for Mortgage Loans whose Interest Accrual Method is “Actual/360”, a fraction equal to 365/360.

 

With respect to Characteristic 114, we recomputed the Mortgage Loan Annual Debt Service (Cap) ($):

 

·with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” as the sum of (i) the product of (a) the Mortgage Loan Cutoff Date Balance ($), (b)

 

Appendix A (continued)

the sum of the (1) Initial LIBOR Cap Strike Price (%) and (2) Whole Loan Gross Margin (%) and (c) a fraction equal to 365/360 and (ii) the product of (a) the non-trust fixed loan amount of $7,135,940 and $11,400,000, respectively, (b) the non-trust fixed mortgage rate of 4.800% and 4.650%, respectively, and (c) a fraction equal to 365/360. With respect to those Mortgage Loans with an Initial LIBOR Cap Strike Price (%) equal to “N/A,” we set the Initial LIBOR Cap Strike Price (%) equal to the assumed LIBOR rate; and

 

·for all other Mortgage Loans, as the product of (i) the Mortgage Loan Cutoff Date Balance ($), (ii) the sum of the (a) Initial LIBOR Cap Strike Price (%) and (b) Whole Loan Gross Margin (%) and (iii) for Mortgage Loans whose Interest Accrual Method is “Actual/360”, a fraction equal to 365/360. With respect to those Mortgage Loans with an Initial LIBOR Cap Strike Price (%) equal to “N/A,” we set the Initial LIBOR Cap Strike Price (%) equal to the assumed LIBOR rate.

 

With respect to Characteristic 115, we recomputed the Fully Funded Mortgage Loan Annual Debt Service ($):

·for those Mortgage Loans with a Whole Loan Gross Margin Rate Change (%), as the product of (i) the Fully Funded Mortgage Loan Cutoff Date Balance ($), (ii) the sum of (a) the Cut-off Date Mortgage Rate (%) and (b) the Whole Loan Gross Margin Rate Change (%) and (iii) for Mortgage Loans whose Interest Accrual Method is “Actual/360”, a fraction equal to 365/360;

 

·with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” as the sum of (i) the amount calculated by using the (a) Fully Funded Mortgage Loan Cutoff Date Balance ($), (b) Cut-off Date Mortgage Rate (%) and (c) Original Amortization Term (months) and (ii) the amount calculated by using (a) the non-trust fixed loan amount of $7,135,940 and $11,400,000, respectively, (b) the non-trust fixed mortgage rate of 4.800% and 4.650%, respectively, and (c) the Original Amortization Term (months);

 

·for those Mortgage Loans with an Amortization Type (Initial) of “Interest Only, Balloon,” as the product of (i) the Fully Funded Mortgage Loan Cutoff Date Balance ($), (ii) the Cut-off Date Mortgage Rate (%) and (iii) for Mortgage Loans whose Interest Accrual Method is “Actual/360”, a fraction equal to 365/360; and

 

·for those Mortgage Loans with an Amortization Type (Initial) of “Interest Only, Amortizing Balloon,” by using (i) the Fully Funded Mortgage Loan Cutoff Date Balance ($), (ii) the Cut-off Date Mortgage Rate (%) and (iii) the Original Amortization Term (months).

 

With respect to Characteristic 116, we recomputed the Fully Funded Mortgage Loan Annual Debt Service (Cap) ($):

 

·for those Mortgage Loans with a Whole Loan Gross Margin Rate Change (%), as the product of (i) the Fully Funded Mortgage Loan Cutoff Date Balance ($), (ii) the sum of the (a) Initial LIBOR Cap Strike Price (%), (b) Whole Loan Gross Margin (%) and (c) Whole Loan Gross Margin Rate Change (%) and (iii) for Mortgage Loans whose Interest Accrual Method is “Actual/360”, a fraction equal to “365/360”. With respect to those Mortgage Loans with an Initial LIBOR Cap Strike Price (%) equal to “N/A,” we set the Initial LIBOR Cap Strike Price (%) equal to the assumed LIBOR rate;

 

·with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” as the sum of (i) the amount calculated by using (a) the Fully Funded Mortgage Loan Cutoff Date Balance ($), (b) the sum of the (1) Initial LIBOR Cap Strike Price (%) and (2) Whole Loan Gross Margin (%) and (c) the Original Amortization Term (months) and (ii) the amount calculated by using (a) the non-trust fixed loan amounts of $7,135,940 and $11,400,000, respectively, (b) the non-trust fixed mortgage rate of 4.800% and 4.650% respectively, and (c) the Original Amortization Term (months). With respect to those Mortgage Loans with an Initial

 

Appendix A (continued)

LIBOR Cap Strike Price (%) equal to “N/A,” we set the Initial LIBOR Cap Strike Price (%) equal to the assumed LIBOR rate;

 

·for those Mortgage Loans with an Amortization Type (Initial) of “Interest Only, Balloon,” as the product of (i) the Fully Funded Mortgage Loan Cutoff Date Balance ($), (ii) the sum of the (a) Initial LIBOR Cap Strike Price (%) and (b) Whole Loan Gross Margin (%) and (iii) for Mortgage Loans whose Interest Accrual Method is “Actual/360”, a fraction equal to 365/360. With respect to those Mortgage Loans with an Initial LIBOR Cap Strike Price (%) equal to “N/A,” we set the Initial LIBOR Cap Strike Price (%) equal to the assumed LIBOR rate; and

 

·for those Mortgage Loans with an Amortization Type (Initial) of “Interest Only, Amortizing Balloon,” by using (i) the Fully Funded Mortgage Loan Cutoff Date Balance ($), (ii) the sum of the (a) Initial LIBOR Cap Strike Price (%) and (b) Whole Loan Gross Margin (%) and (iii) the Original Amortization Term (months). With respect to those Mortgage Loans with an Initial LIBOR Cap Strike Price (%) equal to “N/A,” we set the Initial LIBOR Cap Strike Price (%) equal to the assumed LIBOR rate.

 

With respect to Characteristic 117, we recomputed the Mortgage Loan U/W NCF DSCR (x) as the quotient of (x) the sum of the (a) UW NCF ($) and (b) Current Balance Debt Service Reserve ($) over (y) the Mortgage Loan Annual Debt Service ($); provided that, with respect to any Mortgage Loan with a Current Balance Debt Service Reserve ($) greater than zero or the Recourse/Guaranties Description (excluding non-recourse carve-out and environmental liabilities) indicates that the Sponsor guarantees the interest payment, the Mortgage Loan U/W NCF DSCR (x) is equal to the greater of the quotient calculated above or 1.00x.

 

With respect to Characteristic 118, we recomputed the Mortgage Loan U/W NOI Debt Yield (%) as the greater of (a) 0% or (b) the quotient of the (i) UW NOI ($) over (ii) Mortgage Loan Cutoff Date Balance ($). Further, with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” we were instructed to replace clause (ii) of this procedure with the sum of the (a) Mortgage Loan Cutoff Date Balance ($) and (b) non-trust fixed loan amount of $7,135,940 and $11,400,000, respectively.

 

With respect to Characteristic 119, we recomputed the Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR (x) as the quotient of the (x) Appraisal Stabilized NCF ($), if any, or else by the UW NCF ($) and (y) Fully Funded Mortgage Loan Annual Debt Service ($); provided that, with respect to any Mortgage Loan with a Current Balance Debt Service Reserve ($) greater than zero or a Recourse/Guaranties Description (excluding non-recourse carve-out and environmental liabilities) indicating that the Sponsor guarantees the interest payment, the Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR (x) is equal to the greater of the quotient calculated above or 1.00x.

 

With respect to Characteristic 120, we recomputed the Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield (%) as the greater of (a) 0% or (b) the quotient of the (i) Appraisal Stabilized NOI ($), if any, or else by the UW NOI ($) and (ii) Fully Funded Mortgage Loan Cutoff Date Balance ($). Further, with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” we were instructed to replace clause (ii) of this procedure with the sum of the (a) Mortgage Loan Cutoff Date Balance ($) and (b) non-trust fixed loan amount of $7,135,940 and $11,400,000, respectively.

 

With respect to Characteristic 124, we recomputed the Additional Debt Gross Margin (%) as the difference between (A) the Additional Debt Interest Rate (%) and (B) the greater of the (x) LIBOR Floor (%) and (y) assumed LIBOR rate and applying, if applicable, the Rounding Factor. This procedure was only performed for Mortgage Loans with an Additional Debt Cutoff Date Balance ($) greater than 0.

 

 

Appendix A (continued)

With respect to Characteristic 125, we recomputed the Total Future Funding Participation ($) as the difference between the (i) total commitment balance (as set forth on the Loan Agreement) and (ii) sum of the (a) Mortgage Loan Cutoff Date Balance ($) and (b) Additional Debt Cutoff Date Balance ($).

 

With respect to Characteristic 126, we recomputed the Pari Passu Future Funding Participation ($) as the product of the (i) Total Future Funding Participation ($) and (ii) quotient of (a) the Mortgage Loan Cutoff Date Balance ($) over (b) the Whole Loan Mortgage Cutoff Date Balance ($). Further, with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” we were instructed to set the Pari Passu Future Funding Participation ($) equal to the Total Future Funding Participation ($).

 

With respect to Characteristic 132, we recomputed the Fully Funded Whole Loan Mortgage Balance ($) as the sum of the (i) Mortgage Loan Cutoff Date Balance ($), (ii) Additional Debt Cutoff Date Balance ($) (if applicable) and (iii) Total Future Funding Participation ($). Further, with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” we were instructed to replace clause (iii) of this procedure with the sum of the (a) Total Future Funding Participation ($) and (b) non-trust fixed loan amount of $7,135,940 and $11,400,000, respectively.

 

With respect to Characteristic 133, we recomputed the Whole Loan Mortgage Cutoff Date Balance ($) as the sum of the (i) Mortgage Loan Cutoff Date Balance ($) and (ii) Additional Debt Cutoff Date Balance ($). Further, with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” we were instructed to replace clause (ii) of this procedure with the sum of the (a) Additional Debt Cutoff Date Balance ($) and (b) non-trust fixed loan amount of $7,135,940 and $11,400,000, respectively.

 

With respect to Characteristic 134, we recomputed the Whole Loan Mortgage Cutoff Date Balance As-is LTV (%) as the quotient of the (i) Whole Loan Mortgage Cutoff Date Balance ($) over (ii) As-Is Appraised Value ($).

 

With respect to Characteristic 135, we recomputed the Fully Funded Whole Loan Mortgage Balance As-Stabilized LTV % as the quotient of (i) the Fully Funded Whole Loan Mortgage Balance ($) over (ii) the As-Stabilized Appraised Value ($), if any, or else by the As-Is Appraised Value ($).

 

With respect to Characteristic 136, we recomputed the Whole Loan Mortgage Annual Debt Service ($):

 

·for those Mortgage Loans with a Whole Loan Gross Margin Rate Change (%), as the product of (i) the Whole Loan Mortgage Cutoff Date Balance ($), (ii) the sum of (a) the Whole Loan Mortgage Rate (%) and (b) the Whole Loan Gross Margin Rate Change (%) and (iii) for Mortgage Loans whose Interest Accrual Method is “Actual/360”, a fraction equal to 365/360;

 

·with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” as the sum of the (i) product of (a) the Mortgage Loan Cutoff Date Balance ($), (b) the Whole Loan Mortgage Rate (%) and (c) a fraction equal to 365/360 and (ii) product of (a) the non-trust fixed loan amount of $7,135,940 and $11,400,000, respectively, (b) the non-trust fixed mortgage rate 4.800% and 4.650%, respectively, and (c) a fraction equal to 365/360; and

 

·for all other Mortgage Loans, as the product of (i) the Whole Loan Mortgage Cutoff Date Balance ($), (ii) the Whole Loan Mortgage Rate (%) and (iii) for Mortgage Loans whose Interest Accrual Method is “Actual/360”, a fraction equal to 365/360.

 

 

Appendix A (continued)

 

With respect to Characteristic 137, we recomputed the Fully Funded Whole Loan Mortgage Annual Debt Service ($):

 

·for those Mortgage Loans with a Whole Loan Gross Margin Rate Change (%), as the product of (i) the Fully Funded Whole Loan Mortgage Balance ($), (ii) the sum of (a) the Whole Loan Mortgage Rate (%) and (b) the Whole Loan Gross Margin Rate Change (%) and (iii) for Mortgage Loans whose Interest Accrual Method is “Actual/360”, a fraction equal to 365/360;

 

·with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” as the sum of (i) the amount calculated by using (a) the total commitment balance (as set forth on the Loan Agreement), (b) the Whole Loan Mortgage Rate (%) and (c) the Original Amortization Term (months) and (ii) the amount calculated by using (a) the non-trust fixed loan amounts of $7,135,940 and $11,400,000, respectively, (b) the non-trust fixed mortgage rate of 4.800% and 4.650%, respectively, and (c) the Original Amortization Term (months);

 

·for those Mortgage Loans with an Amortization Type (Initial) of “Interest Only, Balloon,” as the product of (i) the Fully Funded Whole Loan Mortgage Balance ($), (ii) the Whole Loan Mortgage Rate (%) and (iii) for Mortgage Loans whose Interest Accrual Method is “Actual/360”, a fraction equal to 365/360; and

 

·for those Mortgage Loans with an Amortization Type (Initial) of “Interest Only, Amortizing Balloon,” by using (i) the Fully Funded Whole Loan Mortgage Balance ($), (ii) the Whole Loan Mortgage Rate (%) and (iii) the Original Amortization Term (months).

 

With respect to Characteristic 138, we recomputed the Fully Funded Whole Loan Mortgage Annual Debt Service (at Take Out) ($) as the product of (i) the Fully Funded Whole Loan Mortgage Balance ($), (ii) the “at take out rate” (as determined below), (iii) the Whole Loan Mortgage Rate (%) and (iv) for Mortgage Loans whose Interest Accrual Method is “Actual/360”, a fraction equal to 365/360.

 

The Company instructed us to assume the following “at take out rate” for each Mortgage Loan, based on its respective Property Type: (i) “Hospitality,” 5.8%, (ii) “Industrial” and “Mixed Use,” 5.6%, (iii) “Multifamily,” 5.7%, (iv) “Office” and “Retail,” 5.4% and (v) “Self-Storage,” 5.6%.

 

With respect to Characteristic 139, we recomputed the Fully Funded Whole Loan Mortgage Balloon Payment ($):

 

·for those Mortgage Loans with an Amortization Type (Initial) of “Interest Only, Balloon”, we set the Fully Funded Whole Loan Mortgage Balloon Payment ($) equal to the Fully Funded Whole Loan Mortgage Balance ($); and

 

·for those Mortgage Loans with an Amortization Type (Initial) of “Interest Only, Amortizing Balloon”, we recomputed the Fully Funded Whole Loan Mortgage Balloon Payment ($), assuming, at your request, no prepayments of principal, using the First Payment Date, Interest Accrual Method, Whole Loan Mortgage Rate (%), Original IO Periods (months) (if applicable), Initial Maturity Date, Fully Funded Whole Loan Mortgage Annual Debt Service ($) and Fully Funded Whole Loan Mortgage Balance ($).

 

·with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” we recomputed the Fully Funded Whole Loan Mortgage Balloon Payment ($), assuming, at your request, no prepayments of principal, as the sum of (i) the amount calculated by using the First Payment Date, Interest Accrual Method, Whole Loan Mortgage Rate (%), Original IO Periods (months) (if applicable), Initial Maturity Date, principal and interest annual debt service (as set forth on the Loan Agreement) for floating trust amounts and the total

 

Appendix A (continued)

commitment balance (as set forth on the Loan Agreement) for floating trust amounts, respectively, and (ii) the amount calculated by using the First Payment Date, Interest Accrual Method, non-trust fixed mortgage rate of 4.800% and 4.650%, respectively, Original IO Periods (months) (if applicable), Initial Maturity Date, principal and interest annual debt service (as set forth on the Loan Agreement) for non-trust fixed loan amounts and non-trust fixed loan amounts of $7,135,940 and $11,400,000, respectively.

 

 

With respect to Characteristic 140, we recomputed the Fully Funded Whole Loan Mortgage Balloon Payment / Unit ($) as the quotient of the (i) Fully Funded Whole Loan Mortgage Balloon Payment ($) over (ii) # of Units.

 

With respect to Characteristic 141, we recomputed the Whole Loan Mortgage U/W NCF DSCR (x) as the quotient of (x) the sum of the (a) UW NCF ($) and (b) Current Balance Debt Service Reserve ($) over (y) the Whole Loan Mortgage Annual Debt Service ($); provided that, with respect to any Mortgage Loan with a Current Balance Debt Service Reserve ($) greater than zero or Recourse/Guaranties Description (excluding non-recourse carve-out and environmental liabilities) indicating that the Sponsor guarantees the interest payment, the Whole Loan Mortgage U/W NCF DSCR (x) is equal to the greater of the quotient calculated above or 1.00x.

 

With respect to Characteristic 142, we recomputed the Whole Loan Mortgage U/W NOI Debt Yield (%) as the greater of (a) 0% or (b) the quotient of the (i) UW NOI ($) over (ii) Whole Loan Mortgage Cutoff Date Balance ($).

 

With respect to Characteristic 143, we recomputed the Fully Funded Whole Loan Mortgage Appraisal Stabilized NCF DSCR (x) as the quotient of the (x) Appraisal Stabilized NCF ($), if any, or else by the UW NCF ($) and (y) Fully Funded Whole Loan Mortgage Annual Debt Service ($); provided that, with respect to any Mortgage Loan with a Current Balance Debt Service Reserve ($) greater than zero or Recourse/Guaranties Description (excluding non-recourse carve-out and environmental liabilities) indicates that the Sponsor guarantees the interest payment, the Fully Funded Whole Loan Mortgage Appraisal Stabilized NCF DSCR (x) is equal to the greater of the quotient calculated above or 1.00x.

 

With respect to Characteristic 144, we recomputed the Fully Funded Whole Loan Mortgage Appraisal Stabilized NOI Debt Yield (%) as the greater of (a) 0% or (b) the quotient of the (i) Appraisal Stabilized NOI ($), if any, or else by the UW NOI ($) over (ii) Fully Funded Whole Loan Mortgage Balance ($).

 

With respect to Characteristic 145, we recomputed the Fully Funded Whole Loan Mortgage Appraisal Stabilized NCF DSCR (at Take Out) (x) as the quotient of the (x) Appraisal Stabilized NCF ($), if any, or else by the UW NCF ($), over (y) Fully Funded Whole Loan Mortgage Annual Debt Service (at Take Out) ($); provided that, with respect to any Mortgage Loan with a Current Balance Debt Service Reserve ($) greater than zero or Recourse Recourse/Guaranties Description (excluding non-recourse carve-out and environmental liabilities) indicating that the Sponsor guarantees the interest payment, the Fully Funded Whole Loan Mortgage Appraisal Stabilized NCF DSCR (at Take Out) (x) is equal to the greater of the quotient calculated above or 1.00x.

 

With respect to Characteristic 146, we recomputed the Initial Mortgage Balance at Origination (at risk) ($) as the difference between (i) the Initial Mortgage Balance at Origination ($) and (ii) the sum of (a) the Upfront Capital Expenditure Reserve ($), (b) the Upfront TI/LC Reserve ($) and (c) for those Mortgage Loans that indicate “earnout reserve” in Description Other Reserve 1 or in Description Other Reserve 2, the respective amount indicated in the Upfront Other Reserve 1 ($) or Upfront Other Reserve 2 ($), as applicable. Further, with respect to the Mortgage Loans identified on the Data File as “Dublin Techmart” and “7660 Woodway,” we were instructed to replace clause (i) of this procedure with the sum of the (a)

 

Appendix A (continued)

Initial Mortgage Balance at Origination ($) and (b) non-trust fixed loan amounts of $7,135,940 and $11,400,000, respectively.

 

With respect to Characteristic 147, we recomputed the Whole Loan Mortgage Cutoff Date Balance (at risk) ($) as the difference between (i) the Whole Loan Mortgage Cutoff Date Balance ($) and (ii) the sum of (a) the Current Balance Capital Expenditure Reserve ($), (b) the Current Balance TI/LC Reserve ($) and (c) for those Mortgage Loans that indicate “earnout reserve” in Description Other Reserve 1 or in Description Other Reserve 2, the related Current Balance Other Reserve 1 ($) or Current Balance Other Reserve 2 ($), as applicable.

 

With respect to Characteristic 148, we recomputed the Initial Mortgage Balance at Origination (at risk) As-Is LTV (%) as the quotient of the (i) Initial Mortgage Balance at Origination (at risk) ($) over (ii) As-Is Appraised Value ($).

 

With respect to Characteristic 149, we recomputed the Whole Loan Mortgage Cutoff Date Balance (At Risk) As-Is LTV (%) as the quotient of the (i) Whole Loan Mortgage Cutoff Date Balance (at risk) ($) over (ii) As-Is Appraised Value ($).

 

With respect to Characteristic 150, we recomputed the Whole Loan Mortgage Cutoff Date Balance (At Risk) U/W NOI Debt Yield (%) as the greater of (a) 0% and (b) the quotient of the (i) UW NOI ($) over (ii) Whole Loan Mortgage Cutoff Date Balance (at risk) ($).

 

With respect to Characteristic 151, we recomputed the Total Maximum Reserves at Origination ($) as the sum of the (i) Maximum Capex Reserve at Origination ($), (ii) Maximum TI/LC Reserve at Origination ($), (iii) Maximum Operating Expense Reserve at Origination ($), (iv) Maximum Debt Service Reserve at Origination ($), (v) Maximum Other Reserve 1 at Origination ($) and (vi) Maximum Other Reserve 2 at Origination ($).

 

With respect to Characteristic 152, we recomputed the Total Upfront Funded Escrows and Reserves at Origination ($) as the sum of the (i) Upfront Capital Expenditure Reserve ($), (ii) Upfront TI/LC Reserve ($), (iii) Upfront Operating Expense Reserve ($), (iv) Upfront Debt Service Reserve ($), (v) Upfront Other Reserve 1 ($), (vi) Upfront Other Reserve 2 ($), (vii) Upfront Tax Escrow ($) and (viii) Upfront Insurance Escrow ($).

 

With respect to Characteristic 153, we recomputed the Total Current Escrows and Reserves at Servicer ($) as the sum of the (i) Current Balance Capital Expenditure Reserve ($), (ii) Current Balance TI/LC Reserve ($), (iii) Current Balance Operating Expense Reserve ($), (iv) Current Balance Debt Service Reserve ($), (v) Current Balance Other Reserve 1 ($), (vi) Current Balance Other Reserve 2 ($), (vii) Current Balance Tax Escrow ($), (viii) Current Balance Insurance Escrow ($) and (ix) Replacement Reserve (Cutoff Date) ($).

 

With respect to Characteristic 194, we recomputed the Largest Tenant % of NRSF as the quotient of the (i) Largest Tenant SF over (ii) # of Units. Further, with respect to the Mortgage Loan identified on the Data File as “Myrtle Avenue Portfolio,” we were instructed to replace clause (ii) of this procedure with 7,100. This procedure was only performed for Mortgage Loans with a Largest Tenant SF greater than 0.

 

With respect to Characteristic 198, we recomputed the Second Largest Tenant % of NRSF as the quotient of the (i) Second Largest Tenant SF over (ii) # of Units. Further, with respect to the Mortgage Loan identified on the Data File as “Myrtle Avenue Portfolio,” we were instructed to replace clause (ii) of this procedure with 7,100. This procedure was only performed for Mortgage Loans with a Second Largest Tenant SF greater than 0.

 

With respect to Characteristic 202, we recomputed the Third Largest Tenant % of NRSF as the quotient of the (i) Third Largest Tenant SF over (ii) # of Units. Further, with respect to the Mortgage Loan identified

 

Appendix A (continued)

on the Data File as “Myrtle Avenue Portfolio,” we were instructed to replace clause (ii) of this procedure with 7,100. This procedure was only performed for Mortgage Loans with a Third Largest Tenant SF greater than 0.

 

With respect to Characteristic 206, we recomputed the Fourth Largest Tenant % of NRSF as the quotient of the (i) Fourth Largest Tenant SF over (ii) # of Units. This procedure was only performed for Mortgage Loans with a Fourth Largest Tenant SF greater than 0.

 

With respect to Characteristic 210, we recomputed the Fifth Largest Tenant % of NRSF as the quotient of the (i) Fifth Largest Tenant SF over (ii) # of Units. This procedure was only performed for Mortgage Loans with a Fifth Largest Tenant SF greater than 0.

 

 

 

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