EX-1 2 exh_1.htm AGREED-UPON PROCEDURES REPORT, DATED MAY 14, 2018, OF DELOITTE & TOUCHE LLP.

Exhibit 1

 

Deloitte & Touche LLP

Suite 400
Harborside Plaza 10

Jersey City, NJ 07311
USA

 

Tel: +1 212 937 8200

Fax: +1 212 937 8298

www.deloitte.com

 

 

UBS AG
1285 Avenue of the Americas
New York, New York 10019		  
   
   

Independent Accountants’ Report

on Applying Agreed-Upon Procedures

 

We have performed the procedures described below, which were agreed to by UBS AG (the “Company”) and UBS Securities LLC, Ladder Capital Finance LLC, Cantor Commercial Real Estate Lending, L.P., Cantor Fitzgerald & Co., Société Générale, SG Americas Securities, LLC, CIBC Inc., CIBC World Markets Corp., KeyBank National Association, KeyBanc Capital Markets Inc., Drexel Hamilton, LLC and Academy Securities, Inc. (together with the Company, the “Specified Parties”), relating to the proposed offering of certain classes of UBS Commercial Mortgage Trust 2018-C10, Commercial Mortgage Pass-Through Certificates, Series 2018-C10.

 

The information provided to us, including the information set forth in the Data File, is the responsibility of the Company. 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.

 

Capitalized terms used but not defined herein are used with the meanings as described in “The Bond Market Association's Standard Formulas for the Analysis of Mortgage-Backed Securities and Other Related Securities.”

 

Procedures and Findings

 

On May 14, 2018, representatives of the Company provided us with a computer generated mortgage loan data file and related record layout (the “Data File”) containing (i) 12 mortgage loans contributed by Ladder Capital Finance LLC (“LCF”) that are secured by 12 mortgaged properties (the “LCF Assets”), (ii) 5 mortgage loans contributed by Société Générale (“SG”) that are secured by 6 mortgaged properties (the “SG Assets”), (iii) 5 mortgage loans contributed by Cantor Commercial Real Estate Lending, L.P. (“CCRE”) that are secured by 5 mortgaged properties (the “CCRE Assets”), (iv) 14 mortgage loans contributed by UBS AG (“UBS”) that are secured by 24 mortgaged properties (the “UBS Assets”), (v) 9 mortgage loans contributed by CIBC Inc. (“CIBC”) that are secured by 9 mortgaged properties (the “CIBC Assets”) and (vi) 12 mortgage loans contributed by KeyBank National Association (“KeyBank”) that are secured by 31 mortgaged properties (the “KeyBank Assets”). Together, LCF, SG, CCRE, UBS, CIBC and KeyBank are collectively referred to herein as the “Mortgage Loan Sellers” and the LCF Assets, SG Assets, CCRE Assets, UBS Assets, CIBC Assets and KeyBank Assets are collectively referred to herein as the “Mortgage Assets.”

 

 

    Member of
    Deloitte Touche Tohmatsu

 

 

 

 

    2

 

From March 19, 2018 through May 14, 2018, representatives of each of the Mortgage Loan Sellers provided us with certain Source Documents (as defined in the attached Appendix A) related to the Mortgage Assets.

 

At your request, for each of the Mortgage Assets set forth on the Data File, we compared certain characteristics (the “Characteristics” as indicated on Appendix A), except for those Characteristics identified on Appendix A as “None - Mortgage Loan Seller Provided” or “Not applicable,” to the corresponding information set forth on or derived from the corresponding Source Documents and found them to be in agreement. Further, we did not perform any procedures with respect to the Characteristic unable to be verified for the Mortgage Asset for which we were not provided with the related Source Document, as indicated on the attached Appendix B.

 

******

 

We make no representations as to (i) the actual characteristics or existence of the underlying documents or data comprising the Mortgage Assets underlying the Data File or the conformity of their respective characteristics with those assumed for purposes of the procedures described herein, (ii) whether the Source Documents are comprehensive and valid instruments and reflect the current prevailing terms with respect to the corresponding Mortgage Assets, (iii) the existence or ownership of the Mortgage Assets or (iv) the 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. 

 

 

    3

 

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 use and information of the Specified Parties and is not intended to be and should not be used by anyone other than the Specified Parties.

 

Yours truly,

 

/s/ Deloitte & Touche LLP

  

May 14, 2018

 

 

 

    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 each of the respective Mortgage Loan Sellers, with respect to each of the Mortgage Assets (the “Source Documents”):

 

Loan agreements, promissory notes, consolidated, amended and restated promissory notes, promissory note splitters, indentures, note purchase agreements, pari passu loan agreements, pari passu promissory notes, mortgage, deed of trusts or reserve agreements (collectively, the “Loan Agreement”);

 

Subordinate loan agreement, subordinate promissory note, promissory note splitter or b-note (collectively, the “Subordinate Loan Document”);

 

Subordinate unsecured loan agreement or subordinate unsecured promissory note (collectively, the “Subordinate Unsecured Loan Document”);

 

Mezzanine loan agreement, mezzanine promissory note or mezzanine note splitter (collectively, the “Mezzanine Loan Document”);

 

The guaranty agreements or environmental indemnity agreement (the “Guaranty”);

 

Cash management agreement, lockbox agreements, deposit account control agreement and/or the restricted account agreement (collectively, the “Cash Management Agreement”);

 

The closing statements or servicing system screen prints (collectively, the “Closing Statement”);

 

Non-consolidation opinion letters (the “Non-Consolidation Opinion”);

 

Ground leases and ground lease estoppels (collectively, the “Ground Lease”);

 

The real estate property appraisal reports (the “Appraisal Report”);

 

United States Postal Service website – www.usps.com (“USPS”);

 

Property condition reports (the “Engineering Report”);

 

Borrower rent rolls, underwritten 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 phase I environmental reports (the “Phase I Report”);

 

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

 

The seismic reports (the “Seismic Report”);

 

The underwritten financial summaries (the “Underwritten Financial Summary Report”);

 

Asset summary reports (“ASR”);

 

Property Hazard and Liability Insurance Certificates (the “Insurance Certificate”);

 

Servicer reports and records and provided electronic files (the “Servicer Records”); and

 

 

 

 

EDGAR ABS XML technical specification (Version 1.5) document dated December 2016 (the “EDGAR ABS XML Technical Specification Document”).

 

 

*****

 

  Characteristic Source Document
1 Number Not applicable
2 Securitization Not applicable
3 Property Name Not applicable
4 Mortgage Loan Originator Loan Agreement
5 Mortgage Loan Seller None - Mortgage Loan Seller Provided
6 Property Flag None - Mortgage Loan Seller Provided
7 Number of Properties Appraisal Report
8 Status None - Mortgage Loan Seller Provided
9 Address Appraisal Report
10 City Appraisal Report
11 County Appraisal Report
12 State Appraisal Report
13 Zip Code Appraisal Report/USPS
14 Property Type Appraisal Report
15 Property Sub-Type Appraisal Report
16 Year Built Appraisal Report/Engineering Report
17 Year Renovated Appraisal Report/Engineering Report
18 Units/Rentable Square Ft Rent Roll
19 Primary Unit of Measure Rent Roll
20 Cut-off Balance per Unit Refer to calculation procedures
21 Cut-off Date None - Mortgage Loan Seller Provided
22 Loan Purpose Closing Statement/ASR
23 Original Balance Loan Agreement1
24 Cut-Off Balance Refer to calculation procedures
25 % of Total Cut-off Date Balance Refer to calculation procedures
26 Maturity Balance Refer to calculation procedures2
27 Interest Rate Loan Agreement
28 Interest Calculation (30/360 / Act/360) Loan Agreement
29 Monthly Debt Service Payment Refer to calculation procedures
30 Note Date Loan Agreement
31 First Payment Date Loan Agreement2
32 Payment Day Loan Agreement
33 Final Maturity Date Loan Agreement
34 ARD (Y/N) Loan Agreement
35 Maturity/ARD Date Loan Agreement
36 ARD Rate Loan Agreement
37 Grace Period (Default) Loan Agreement
38 Grace Period at Maturity (Default) Loan Agreement

 

 

 

 

  Characteristic Source Document
39 Grace Period (Late Fee) Loan Agreement
40 Amortization Type Loan Agreement2
41 Original IO Period (Months) Loan Agreement2
42 Original Amort. Term (Months) Refer to calculation procedures
43 Original Balloon Term (Months) Refer to calculation procedures
44 Seasoning as of Cut-off Date (Months) Refer to calculation procedures
45 Remaining IO Period (Months) Refer to calculation procedures
46 Remaining Term to Amortization (Months) Refer to calculation procedures
47 Remaining Term to Maturity (Months) Refer to calculation procedures
48 Prepayment Provision Loan Agreement1
49 Open Payments Loan Agreement
50 Open Period Begin Date Loan Agreement
51 Remaining Yield Maintenance Payments Loan Agreement
52 Yield Maintenance Calculation Loan Agreement
53 Original Lockout Loan Agreement2
54 Remaining Lockout Loan Agreement2
55 Remaining Defeasance Payments Loan Agreement
56 Defeasance Option Start Date Loan Agreement
57 Defeased Status Code None - Mortgage Loan Seller Provided
58 Borrower Loan Agreement
59 Sponsor Loan Agreement/ASR
60 Related Principal Loan Agreement
61 Guarantor Guaranty/Loan Agreement
62 TIC/DST Loan Agreement
63 Independent Director (Y/N) / # Independent Directors Loan Agreement
64 Non-Consolidation Opinion (Y/N) Non-Consolidation Opinion
65 SPE (Y/N) Loan Agreement
66 Assumption Fee Loan Agreement
67 Cross-Collateralized Loan Agreement
68 Cross-Collateralized Description Loan Agreement
69 Previous Securitization (if Applicable) None - Mortgage Loan Seller Provided
70 Pari-Passu (Y/N) Loan Agreement
71 Note Control (Y/N) None – Mortgage Loan Seller Provided
72 Pari-Passu Out of Trust Original Balance Loan Agreement
73 Pari-Passu Out of Trust Cut-Off Balance Refer to calculation procedures
74 Pari-Passu Total Original Balance Loan Agreement
75 Pari-Passu Total Cut-Off Balance Refer to calculation procedures
76 Pari-Passu Total Maturity Balance Refer to calculation procedures
77 Pari-Passu Total Annual Debt Service Refer to calculation procedures
78 Subordinate Mortgage Debt (Y/N) Loan Agreement/Subordinate Loan Document
79 Subordinate Mortgage Debt Original Balance Loan Agreement/Subordinate Loan Document

 

 

 

 

  Characteristic Source Document
80 Subordinate Mortgage Debt Cut-Off Balance Refer to calculation procedures
81 Subordinate Mortgage Debt Description Loan Agreement/Subordinate Loan Document
82 Subordinate Mortgage Debt Monthly Payment Amount (Current) Refer to calculation procedures
83 Subordinate Mortgage Debt Monthly Payment Amount Refer to calculation procedures
84 Subordinate Mortgage Debt Maturity Date Loan Agreement/Subordinate Loan Document
85 Subordinate Mortgage Debt First Payment Date Loan Agreement/Subordinate Loan Document
86 Subordinate Mortgage Debt Interest Rate Loan Agreement/Subordinate Loan Document
87 Total Mortgage Debt Cut-off Date Balance Refer to calculation procedures
88 Total Mortgage Debt Maturity Balance Refer to calculation procedures
89 Existing Additional Debt First Payment Date Subordinate Unsecured Loan Document/Mezzanine Loan Document
90 Existing Additional Debt Interest Rate Subordinate Unsecured Loan Document/Mezzanine Loan Document
91 Existing Additional Debt (Y/N) Subordinate Unsecured Loan Document/Mezzanine Loan Document
92 Existing Additional Debt Original Balance Subordinate Unsecured Loan Document/Mezzanine Loan Document
93 Existing Additional Debt Cut-Off Balance Refer to calculation procedures
94 Existing Additional Debt Maturity Balance Refer to calculation procedures
95 Existing Additional Debt Description (Only include sub & mezz debt) Subordinate Unsecured Loan Document/Mezzanine Loan Document
96 Existing Additional Debt Monthly Payment Amount (Current) Refer to calculation procedures
97 Existing Additional Debt Monthly Payment Amount Refer to calculation procedures
98 Existing Additional Debt Maturity Date Subordinate Unsecured Loan Document/Mezzanine Loan Document
99 Total Debt Cut-off Date Balance Refer to calculation procedures
100 Total Debt Maturity Balance Refer to calculation procedures
101 Future Secured Subordinate Debt (Y/N) Loan Agreement
102 Conditions for Future Secured Subordinate Debt Loan Agreement
103 Lender Consent Required for Future Secured Subordinate Debt (Y/N) Loan Agreement
104 Future Mezzanine Debt Permitted (Y/N) Loan Agreement
105 Conditions for Future Mezzanine Debt Loan Agreement
106 Lender Consent Required for Future Mezzanine Debt (Y/N) Loan Agreement
107 Future Unsecured Debt Permitted (Y/N) Loan Agreement
108 Conditions for Future Unsecured Debt Loan Agreement
109 Lender Consent Required for Future Unsecured Debt (Y/N) Loan Agreement
110 Partial Prepay Allowed (Y/N) Loan Agreement

 

 

 

 

  Characteristic Source Document
111 Partial Prepayment Description Loan Agreement
112 Partial Release Allowed (Y/N) Loan Agreement
113 Partial Release Description Loan Agreement
114 Substitution (Y/N) Loan Agreement
115 Substitution Description Loan Agreement
116 Free Release (Y/N) Loan Agreement
117 Free Release Description Loan Agreement
118 Ownership Interest Title Policy
119 Ground Lease Expiration Date Ground Lease
120 Ground Lease Extension Options Ground Lease
121 Lockbox Type Cash Management Agreement/Loan Agreement
122 Cash Management Cash Management Agreement/Loan Agreement
123 Excess / Cash Trap Trigger Cash Management Agreement/Loan Agreement
124 Tax Escrow Required (Y/N/Springing) Loan Agreement
125 Tax Escrow Current Balance Servicer Records
126 Tax Escrow at Closing Closing Statement/Loan Agreement
127 Tax Escrow Monthly Deposit Closing Statement/Loan Agreement/Servicer Records
128 Tax Escrow Springing Condition Loan Agreement
129 Tax Escrow Int to Lender / Borrower Loan Agreement
130 Insurance Escrow Required (Y/N/Springing) Loan Agreement
131 Insurance Escrow Current Balance Servicer Records
132 Insurance Escrow at Closing Closing Statement/Loan Agreement
133 Insurance Escrow Monthly Deposit Closing Statement/Loan Agreement/Servicer Records
134 Insurance Escrow Springing Condition Loan Agreement
135 Insurance Escrow Int to Lender / Borrower Loan Agreement
136 CapEx Escrow Required (Y/N/Springing) Loan Agreement
137 CapEx Escrow Current Balance Servicer Records
138 CapEx Escrow at Closing Closing Statement/Loan Agreement
139 CapEx Escrow Monthly Deposit Closing Statement/Loan Agreement/Servicer Records
140 CapEx Escrow Cap Loan Agreement
141 CapEx Escrow Springing Condition Loan Agreement
142 CapEx Escrow Int to Lender / Borrower Loan Agreement
143 TI/LC Escrow Required (Y/N/Springing) Loan Agreement
144 TI/LC Escrow Current Balance Servicer Records
145 TI/LC Escrow at Closing Closing Statement/Loan Agreement
146 TI/LC Escrow Monthly Deposit Closing Statement/Loan Agreement/Servicer Records
147 TI/LC Escrow Cap Loan Agreement

 

 

 

 

  Characteristic Source Document
148 TI/LC Escrow Springing Condition Loan Agreement
149 TI/LC Escrow Int to Lender / Borrower Loan Agreement
150 Deferred Maintenance Escrow Required (Y/N) Loan Agreement
151 Deferred Maintenance Escrow Current Balance Servicer Records
152 Deferred Maintenance Escrow at Closing Closing Statement/Loan Agreement
153 Deferred Maintenance Escrow Int to Lender / Borrower Loan Agreement
154 Environmental Escrow Required (Y/N) Loan Agreement
155 Environmental Escrow Current Balance Servicer Records
156 Environmental Escrow at Closing Closing Statement/Loan Agreement
157 Environmental Escrow Int to Lender / Borrower Loan Agreement
158 Debt Service Escrow Required (Y/N) Loan Agreement
159 Debt Service Escrow Current Balance Servicer Records
160 Debt Service Escrow at Closing Closing Statement/Loan Agreement
161 Debt Service Escrow Int to Lender / Borrower Loan Agreement
162 Other Escrow Required (Y/N/Springing) Loan Agreement
163 Other Escrow Current Balance Servicer Records
164 Other Escrow at Closing Closing Statement/Loan Agreement
165 Other Escrow Description (Upfront) Loan Agreement
166 Other Escrow Monthly Deposit Closing Statement/Loan Agreement/Servicer Records
167 Other Escrow Description (Monthly) Loan Agreement
168 Other Escrow Int to Lender / Borrower Loan Agreement
169 Other Escrow Cap Loan Agreement
170 Other Escrow Springing Description Loan Agreement
171 Letter of Credit Loan Agreement
172 Earnout/Holdback Loan Agreement
173 Earnout/Holdback Description Loan Agreement
174 Interest on Holdback? Loan Agreement
175 Blanket Insurance Policy (Y/N) Insurance Certificate
176 Windstorm Insurance (Y/N) Insurance Certificate
177 Earthquake Insurance (Y/N) Insurance Certificate
178 Terrorism Insurance (Y/N) Insurance Certificate
179 Environmental Insurance (Y/N) Insurance Certificate
180 Physical Occupancy Rent Roll
181 Rent Roll/Census Date Rent Roll
182 Most Recent Occupancy Rent Roll
183 Most Recent Occupancy Date Rent Roll
184 2nd Most Recent Occupancy Rent Roll
185 2nd Most Recent Occupancy Date Rent Roll
186 3rd Most Recent Occupancy Rent Roll
187 3rd Most Recent Occupancy Date Rent Roll
188 Subsidized Housing (Y/N) Rent Roll

 

 

 

 

  Characteristic Source Document
189 Subsidized Housing Program Name Rent Roll
190 Subsidized Housing Number of Units Rent Roll
191 Franchise Agreement Expiring during Loan Term (Y/N) Rent Roll
192 Student (Y/N) Rent Roll
193 Military (Y/N) Rent Roll
194 Franchise Renewal Option (Yes/No) Rent Roll
195 Single Tenant (Y/N) Rent Roll
196 Anchor Tenant (Y/N) Rent Roll
197 Major Restaurant Tenants (Y/N) Rent Roll
198 Health Club / Exercise Studio Space (Y/N) Rent Roll
199 Movie Theater Tenants (Y/N) Rent Roll
200 Government / Government Agency Tenant (Y/N) Rent Roll
201 Major Tenants Lease Termination Option (Tenant Name) Rent Roll
202 Significant Tenant (Occupying > 50% of NRA) Rent Roll
203 % of Significant Tenant Rollover During Loan Term (50% of more) Rent Roll
204 Prior Bankruptcies, Defaults or Other Proceedings Description None - Mortgage Loan Seller Provided
205 DPO None - Mortgage Loan Seller Provided
206 Master Lease (Y/N) Rent Roll
207 Major Tenant Name # 1 Rent Roll
208 Major Tenant Sq. Ft. # 1 Rent Roll
209 Major Tenant Lease Expiration Date # 1 Rent Roll
210 Major % of Sq. Ft. # 1 Refer to calculation procedures
211 Major Tenant Name # 2 Rent Roll
212 Major Tenant Sq. Ft. # 2 Rent Roll
213 Major Tenant Lease Expiration Date # 2 Rent Roll
214 Major % of Sq. Ft. # 2 Refer to calculation procedures
215 Major Tenant Name # 3 Rent Roll
216 Major Tenant Sq. Ft. # 3 Rent Roll
217 Major Tenant Lease Expiration Date # 3 Rent Roll
218 Major % of Sq. Ft. # 3 Refer to calculation procedures
219 Major Tenant Name # 4 Rent Roll
220 Major Tenant Sq. Ft. # 4 Rent Roll
221 Major Tenant Lease Expiration Date # 4 Rent Roll
222 Major % of Sq. Ft. # 4 Refer to calculation procedures
223 Major Tenant Name # 5 Rent Roll
224 Major Tenant Sq. Ft. # 5 Rent Roll
225 Major Tenant Lease Expiration Date # 5 Rent Roll
226 Major % of Sq. Ft. # 5 Refer to calculation procedures
227 Most Recent Operating Stmt Date Underwritten Financial Summary Report
228 Most Recent EGI Underwritten Financial Summary Report

 

 

 

 

  Characteristic Source Document
229 Most Recent Expenses Underwritten Financial Summary Report
230 Most Recent Rolling 12 NOI Underwritten Financial Summary Report
231 Most Recent Total Capital Items Underwritten Financial Summary Report
232 Most Recent Rolling 12 NCF Underwritten Financial Summary Report
233 2nd Most Recent Operating Stmt Date Underwritten Financial Summary Report
234 2nd Most Recent EGI Underwritten Financial Summary Report
235 2nd Most Recent Expenses Underwritten Financial Summary Report
236 2nd Most Recent NOI Underwritten Financial Summary Report
237 2nd Most Recent Total Capital Items Underwritten Financial Summary Report
238 2nd Most Recent Rolling 12 NCF Underwritten Financial Summary Report
239 3rd Most Recent Operating Stmt Date Underwritten Financial Summary Report
240 3rd Most Recent EGI Underwritten Financial Summary Report
241 3rd Most Recent Expenses Underwritten Financial Summary Report
242 3rd Most Recent NOI Underwritten Financial Summary Report
243 3rd Most Recent Total Capital Items Underwritten Financial Summary Report
244 3rd Most Recent Rolling 12 NCF Underwritten Financial Summary Report
245 UW Revenue None - Mortgage Loan Seller Provided
246 UW Vacancy Underwritten Financial Summary Report
247 UW EGI Underwritten Financial Summary Report
248 UW Expenses Underwritten Financial Summary Report
249 UW NOI Underwritten Financial Summary Report
250 UW Replacement Reserves Underwritten Financial Summary Report
251 UW TI/LC Reserve Underwritten Financial Summary Report
252 UW NCF Underwritten Financial Summary Report
253 Appraisal Value Appraisal Report
254 Date of Valuation Appraisal Report
255 Appraisal Value (As Stabilized) Appraisal Report
256 Appraisal Date (As Stabilized) Appraisal Report
257 Date of Engineering Report Engineering Report
258 Material Recognized Environmental Concern (Y/N) Phase I Report
259 Material Recognized Environmental Concern (Description) Phase I Report
260 Date of Phase I Report Phase I Report
261 Date of Phase II Report (if applicable) Phase II Report
262 Located in Seismic Zone (Y/N) Seismic Report
263 Date of Seismic Report Seismic Report
264 PML (%) Seismic Report
265 LTV at Origination Refer to calculation procedures
266 LTV at Cut-off Refer to calculation procedures
267 LTV at Maturity Date Refer to calculation procedures
268 UW NCF DSCR (Current) Refer to calculation procedures
269 UW NCF DSCR (After IO Period) Refer to calculation procedures
270 UW NOI DSCR (Current) Refer to calculation procedures

 

 

 

 

  Characteristic Source Document
271 UW NOI DSCR (After IO Period) Refer to calculation procedures
272 UW NOI Debt Yield Refer to calculation procedures
273 UW NCF Debt Yield Refer to calculation procedures
274 Total Mortgage Loan LTV at Cut-off Refer to calculation procedures
275 Total Mortgage Loan LTV at Maturity Refer to calculation procedures
276 Total Mortgage Loan UW NCF DSCR (Current) Refer to calculation procedures
277 Total Mortgage Loan UW NCF DSCR (After IO Period) Refer to calculation procedures
278 Total Mortgage Loan UW NOI DSCR (Current) Refer to calculation procedures
279 Total Mortgage Loan UW NOI DSCR (After IO Period) Refer to calculation procedures
280 Total Mortgage Loan UW NOI Debt Yield Refer to calculation procedures
281 Total Mortgage Loan UW NCF Debt Yield Refer to calculation procedures
282 Total Debt LTV at Cut-off Refer to calculation procedures
283 Total Debt LTV at Maturity Refer to calculation procedures
284 Total Debt UW NCF DSCR (Current) Refer to calculation procedures
285 Total Debt UW NCF DSCR (After IO Period) Refer to calculation procedures
286 Total Debt UW NOI DSCR (Current) Refer to calculation procedures
287 Total Debt UW NOI DSCR (After IO Period) Refer to calculation procedures
288 Total Debt UW NOI Debt Yield Refer to calculation procedures
289 Total Debt UW NCF Debt Yield Refer to calculation procedures
290 Warm Body Guarantor (Y/N) Loan Agreement
291 Recycled SPE (Y/N) None - Mortgage Loan Seller Provided
292 Delaware SPE (Y/N) Loan Agreement
293 Total Administrative Fee None - Mortgage Loan Seller Provided
294 Sub Serviced (Y/N) None - Mortgage Loan Seller Provided
295 Sub Servicer Name None - Mortgage Loan Seller Provided
296 Sub Servicer Fee Rate None - Mortgage Loan Seller Provided
297 Sub-Servicer Cashiering None - Mortgage Loan Seller Provided
298 Master Servicer Fee Rate None - Mortgage Loan Seller Provided
299 Primary Servicer Fee Rate None - Mortgage Loan Seller Provided
300 Trustee Fee Rate None - Mortgage Loan Seller Provided
301 Operating Advisor Fee Rate None - Mortgage Loan Seller Provided
302 Asset Type Number None - Mortgage Loan Seller Provided
303 Group ID None - Mortgage Loan Seller Provided
304 Reporting Period Beginning Date None - Mortgage Loan Seller Provided
305 Reporting Period End Date None - Mortgage Loan Seller Provided
306 Interest Accrual Method Code Loan Agreement/EDGAR ABS XML Technical Specification Document
307 Original Interest Rate Type Code Loan Agreement/EDGAR ABS XML Technical Specification Document
308 Underwriting Indicator None - Mortgage Loan Seller Provided
309 Lien Position Securitization Code Title Policy/EDGAR ABS XML Technical Specification Document

 

 

 

 

  Characteristic Source Document
310 Loan Structure Code Loan Agreement/EDGAR ABS XML Technical Specification Document
311 Payment Type Code Loan Agreement/EDGAR ABS XML Technical Specification Document
312 Periodic Principal and Interest Payment Securitization Amount Refer to calculation procedures
313 Payment Frequency Code Loan Agreement/EDGAR ABS XML Technical Specification Document
314 Interest Only Indicator Loan Agreement
315 Balloon Indicator Loan Agreement
316 Prepayment Premium Indicator Loan Agreement
317 Negative Amortization Indicator None - Mortgage Loan Seller Provided
318 Modified Indicator None - Mortgage Loan Seller Provided
319 Arm Index Code Not applicable
320 First Rate Adjustment Date Not applicable
321 First Payment Adjustment Date Not applicable
322 ARM Margin Number Not applicable
323 Lifetime Rate Cap Percentage Not applicable
324 Lifetime Rate Floor Percentage Not applicable
325 Periodic Rate Increase Limit Percentage Not applicable
326 Periodic Rate Decrease Limit Percentage Not applicable
327 Periodic Payment Adjustment Maximum Amount Not applicable
328 Periodic Payment Adjustment Maximum Percent Not applicable
329 Rate Reset Frequency Code Not applicable
330 Payment Reset Frequency Code Not applicable
331 Index Lookback Days Number Not applicable
332 Prepayment Lock Out End Date Loan Agreement
333 Yield Maintenance End Date Loan Agreement
334 Prepayment Premiums End Date Loan Agreement
335 Maximum Negative Amortization Allowed Percentage None - Mortgage Loan Seller Provided
336 Maximum Negative Amortization Allowed Amount None - Mortgage Loan Seller Provided
337 Negative Amortization Deferred Interest Cap Amount None - Mortgage Loan Seller Provided
338 Deferred Interest Cumulative Amount None - Mortgage Loan Seller Provided
339 Deferred Interest Collected Amount None - Mortgage Loan Seller Provided
340 Valuation Source Securitization Code Appraisal/EDGAR ABS XML Technical Specification Document
341 Most Recent Valuation Amount None - Mortgage Loan Seller Provided
342 Most Recent Valuation Date None - Mortgage Loan Seller Provided
343 Most Recent Valuation Source Code None - Mortgage Loan Seller Provided
344 Property Status Code None - Mortgage Loan Seller Provided
345 Property Type Code Appraisal/EDGAR ABS XML Technical Specification Document
346 AL_Largest Tenant Rent Roll
347 AL_Second Largest Tenant Rent Roll

 

 

 

 

  Characteristic Source Document
348 AL_Third Largest Tenant Rent Roll
349 AL_Lease Expiration Largest Tenant Date Rent Roll
350 AL_Lease Expiration Second Largest Tenant Date Rent Roll
351 AL_Lease Expiration Third Largest Tenant Date Rent Roll
352 Most Recent Financials Start Date Underwritten Financial Summary Report
353 Net Operating Income Net Cash Flow Securitization Code None - Mortgage Loan Seller Provided
354 Net Operating Income Net Cash Flow Code None - Mortgage Loan Seller Provided
355 Most Recent Debt Service Amount Refer to calculation procedures
356 Most Recent Debt Service Coverage Net Operating Income Percentage Refer to calculation procedures
357 Most Recent Debt Service Coverage Net Cash Flow Percentage Refer to calculation procedures
358 Debt Service Coverage Securitization Code None - Mortgage Loan Seller Provided
359 Most Recent Debt Service Coverage Code None - Mortgage Loan Seller Provided
360 Asset Added Indicator None - Mortgage Loan Seller Provided
361 Report Period Modification Indicator None - Mortgage Loan Seller Provided
362 Report Period Beginning Schedule Loan Balance Amount Refer to calculation procedures
363 Total Scheduled Principal Interest Due Amount Refer to calculation procedures
364 Report Period Interest Rate Percentage Loan Agreement
365 Scheduled Interest Amount Refer to calculation procedures
366 Other Interest Adjustment Amount None - Mortgage Loan Seller Provided
367 Scheduled Principal Amount Refer to calculation procedures
368 Unscheduled Principal Collected Amount None - Mortgage Loan Seller Provided
369 Other Principal Adjustment Amount None - Mortgage Loan Seller Provided
370 Report Period End Actual Balance Amount Refer to calculation procedures
371 Report Period End Scheduled Loan Balance Amount Refer to calculation procedures
372 Hyper Amortizing Date Loan Agreement
373 Servicing Advance Method Code None - Mortgage Loan Seller Provided
374 Non Recoverability Indicator None - Mortgage Loan Seller Provided
375 Total Principal Interest Advanced Outstanding Amount None - Mortgage Loan Seller Provided
376 Total Taxes Insurance Advances Outstanding Amount None - Mortgage Loan Seller Provided
377 Other Expenses Advanced Outstanding Amount None - Mortgage Loan Seller Provided
378 Payment Status Loan Code None - Mortgage Loan Seller Provided
379 Arm Index Rate Percentage Not applicable
380 Next Interest Rate Percentage Not applicable
381 Next Interest Rate Change Adjustment Date Not applicable
382 Next Payment Adjustment Date Not applicable
383 Primary Servicer Name None - Mortgage Loan Seller Provided
384 Most Recent Special Servicer Transfer Date None - Mortgage Loan Seller Provided
385 Most Recent Master Servicer Return Date None - Mortgage Loan Seller Provided
386 Asset Subject Demand Indicator None - Mortgage Loan Seller Provided
387 Asset Subject Demand Status Code None - Mortgage Loan Seller Provided

 

 

 

 

  Characteristic Source Document
388 Repurchase Amount None - Mortgage Loan Seller Provided
389 Demand Resolution Date None - Mortgage Loan Seller Provided
390 Repurchaser Name None - Mortgage Loan Seller Provided
391 Repurchase Replacement Reason Code None - Mortgage Loan Seller Provided
392 Realized Loss To Trust Amount None - Mortgage Loan Seller Provided
393 Liquidation Prepayment Code None - Mortgage Loan Seller Provided
394 Liquidation Prepayment Date None - Mortgage Loan Seller Provided
395 Prepayment Premium Yield Maintenance Received Amount None - Mortgage Loan Seller Provided
396 Workout Strategy Code None - Mortgage Loan Seller Provided
397 Last Modification Date None - Mortgage Loan Seller Provided
398 Modification Code None - Mortgage Loan Seller Provided
399 Post Modification Interest Percentage None - Mortgage Loan Seller Provided
400 Post Modification Payment Amount None - Mortgage Loan Seller Provided
401 Post Modification Maturity Date None - Mortgage Loan Seller Provided
402 Post Modification Amortization Period Amount None - Mortgage Loan Seller Provided
403 Net Rentable Square Feet Number Rent Roll
404 Net Rentable Square Feet Securitization Number Rent Roll
405 Units Beds Rooms Number Rent Roll
406 Units Beds Rooms Securitization Number Rent Roll

 

1For any Mortgage Asset identified on the Data File as a Pari-Passu Mortgage Asset and secured by more than one mortgaged property, the Original Balance for each related mortgaged property is equal to the product of the (a) allocated loan amount for such mortgaged property (as set forth on the Loan Agreement) and (b) the Pari-Passu Percentage. The “Pari-Passu Percentage” for any Pari-Passu Mortgage Asset is equal to the Original Balance of such Mortgage Asset divided by the related Pari-Passu Total Original Balance.
2With respect to the Mortgage Asset identified on the Data File as “Village of Mission Hills Phase II,” indicated on the Loan Agreement as having a first payment date of July 2018, we were instructed by representatives of the Company to (i) assume a First Payment Date in June 2018, (ii) assume an Amortization Type of “Partial IO” and (iii) add 1 period to the Original IO Period (Months), Original Lockout, Remaining Lockout and “LO(#)” component of the Prepayment Provision (each as set forth on or derived from the respective Loan Agreement).

 

 

 

Calculation Procedures

 

With respect to Characteristic 20, we recomputed the Cut-off Balance per Unit as the quotient of the (i) Cut-off Balance and (ii) Units/Rentable Square Ft. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property (except for the Mortgage Asset identified on the Data File as “NYC REIT Mixed-Use Portfolio”) the (a) amount in clause (i) refers to the aggregate Cut-off Date Balance of such Mortgage Asset and the amount in clause (2) is the aggregate Units/Rentable Square Ft. of the related mortgaged properties and (b) Cut-off Date Balance per Unit for related mortgaged properties is set equal to the Cut-off Balance per Unit of such Mortgage Asset. With respect to any Mortgage Asset where the “Pari-Passu (Y/N)” field is populated with “Yes” (each, a “Pari-Passu Mortgage Asset”), the amount in clause (i) is replaced with the Pari-Passu Total Cut-off Balance. With respect to any Mortgage Asset that is in a group of cross-collateralized Mortgage Asset(s), such Characteristic is calculated on the basis of all the Mortgage Assets in such cross-collateralized group (if applicable). With respect to the Mortgage Asset identified on the Data File as “NYC REIT Mixed-Use Portfolio,” we were instructed by representatives of the related Mortgage Loan Seller, to recompute the Cut-off Balance per Unit for each related mortgaged property using the Cut-off Balance and the Units/Rentable Square Ft for such mortgaged property and not recompute the Cut-off Balance per Unit at the mortgage loan level.

 

With respect to Characteristic 24, assuming, at your request, no prepayments of principal, we recomputed the Cut-Off Balance using the First Payment Date, Original IO Period (Months), Monthly Debt Service Payment, Original Balance, Interest Calculation (30/360 / Act/360), Interest Rate and the Cut-off Date. With respect to partial interest-only Mortgage Assets determined to be non-amortizing as of the Cut-off Date and full term interest-only Mortgage Assets (if any), the Cut-Off Balance was set to equal the Original Balance. At the request of representatives of the respective Mortgage Loan Seller, Cut-Off Balance differences of $1.00 or less were deemed to be “in agreement” for purposes of this report.

 

With respect to Characteristic 25, we recomputed the % of Total Cut-off Date Balance as the quotient of the (i) Cut-off Balance and (ii) sum of each of the Mortgage Assets’ Cut-off Balance.

 

With respect to Characteristic 26, assuming, at your request, no prepayments of principal, we recomputed the Maturity Balance using the First Payment Date, Original IO Period (Months), Monthly Debt Service Payment, Original Balance, Interest Calculation (30/360 / Act/360), Interest Rate and the Maturity/ARD Date. With respect to full term interest-only Mortgage Assets (if any), the Maturity Balance was set to equal the Original Balance. At the request of representatives of the respective Mortgage Loan Seller, Maturity Balance differences of $1.00 or less were deemed to be “in agreement” for purposes of this report.

 

With respect to Characteristic 29, (i) for full term interest-only Mortgage Assets we recomputed the Monthly Debt Service Payment as one twelfth of the product of the (a) Original Balance, (b) Interest Rate and (c) a fraction equal to 365/360 and (ii) for all other Mortgage Assets we compared the Monthly Debt Service Payment to the corresponding information set forth on the Loan Agreement. With respect to any mortgage loan secured by more than one mortgaged property, we recomputed the Monthly Debt Service Payment for each such mortgaged property as the product of (a) the Monthly Debt Service Payment (as determined above) for the related mortgage loan and (b) a fraction equal to the Original Balance of such mortgaged property divided by the Original Balance of the related mortgage loan.

 

With respect to Characteristic 42, we recomputed the Original Amort. Term (Months) using the Original Balance, Monthly Debt Service Payment, Interest Rate and a 30/360 Interest Accrual Method. This procedure was not performed for full term interest-only Mortgage Assets (if applicable). 

 

 

 

With respect to Characteristic 43, we recomputed the Original Balloon Term (Months) by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of the Maturity/ARD Date.

 

With respect to Characteristic 44, we recomputed the Seasoning as of Cut-off Date (Months) by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of the Cut-off Date.

 

With respect to Characteristic 45, we recomputed the Remaining IO Period (Months) by subtracting the (i) Seasoning as of Cut-off Date (Months) from (ii) Original IO Period (Months). This procedure was performed for partial and full term interest-only Mortgage Assets only.

 

With respect to Characteristic 46, we recomputed the Remaining Term to Amortization (Months) by subtracting the Seasoning as of Cut-off Date (Months) from the Original Amort. Term (Months). With respect to partial interest-only Mortgage Assets, the procedure indicated herein reduces the Seasoning as of Cut-off Date (Months) by the Original IO Period (Months) (but to not less than zero). This procedure was not performed for full term interest-only Mortgage Assets (if applicable).

 

With respect to Characteristic 47, we recomputed the Remaining Term to Maturity (Months) by subtracting the (i) Seasoning as of Cut-off Date (Months) from (ii) Original Balloon Term (Months).

 

With respect to Characteristic 73, we recomputed the Pari-Passu Out of Trust Cut-Off Balance by subtracting the (i) Cut-Off Balance from (ii) Pari-Passu Total Cut-Off Balance. This procedure was performed only for Pari-Passu Mortgage Assets. At the request of representatives of the respective Mortgage Loan Seller, Pari-Passu Out of Trust Cut-Off Balance differences of $1.00 or less were deemed to be “in agreement” for purposes of this report.

 

With respect to Characteristic 75, we recomputed the Pari-Passu Total Cut-Off Balance as the product of the (i) Cut-Off Balance and (ii) the quotient of the (a) Pari-Passu Total Original Balance and (b) Original Balance. This procedure was performed only for Pari-Passu Mortgage Assets. At the request of representatives of the respective Mortgage Loan Seller, Pari-Passu Total Cut-Off Balance differences of $1.00 or less were deemed to be “in agreement” for purposes of this report.

 

With respect to Characteristic 76, we recomputed the Pari-Passu Total Maturity Balance as the product of the (i) Maturity Balance and (ii) the quotient of the (a) Pari-Passu Total Original Balance and (b) Original Balance. This procedure was performed only for Pari-Passu Mortgage Assets. At the request of representatives of the respective Mortgage Loan Seller, Pari-Passu Total Maturity Balance differences of $1.00 or less were deemed to be “in agreement” for purposes of this report.

 

With respect to Characteristic 77, we recomputed the Pari-Passu Total Annual Debt Service as the product of the Pari-Passu Monthly Debt Service Payment (as defined below) and (ii) 12. This procedure was performed only for Pari-Passu Mortgage Assets.

 

·The “Pari-Passu Monthly Debt Service Payment” is equal to the product of the (i) Monthly Debt Service Payment and (ii) the quotient of the (a) Pari-Passu Total Original Balance and (b) Original Balance.

 

With respect to Characteristic 80, assuming, at your request, no prepayments of principal, we recomputed the Subordinate Mortgage Debt Cut-Off Balance using the Subordinate Mortgage Debt First Payment Date, subordinate mortgage debt original IO period (as set forth on or derived from the Loan Agreement or the Subordinate Loan Document, as applicable), Subordinate Mortgage Debt Monthly Payment Amount (After IO Period), Subordinate Mortgage Debt Original Balance, subordinate mortgage debt interest accrual method (as set

 

 

 

 

forth on or derived from the Loan Agreement or the Subordinate Loan Document, as applicable), Subordinate Mortgage Debt Interest Rate and the Cut-off Date. With respect to partial interest-only subordinate mortgage debt determined to be non-amortizing as of the Cut-off Date and full term interest-only subordinate mortgage debt (if any), the Subordinate Mortgage Debt Cut-Off Balance was set to equal the Subordinate Mortgage Debt Original Balance. This procedure was performed only for those Mortgage Assets with subordinate mortgage debt, if any. At the request of representatives of the respective Mortgage Loan Seller, Subordinate Mortgage Debt Cut-Off Balance differences of $1.00 or less were deemed to be “in agreement” for purposes of this report.

 

With respect to Characteristic 82, (i) for partial interest-only subordinate mortgage debt determined to be non-amortizing as of the Cut-off Date and full term interest-only subordinate mortgage debt (if any), we recomputed the Subordinate Mortgage Debt Monthly Payment Amount (Current) as one twelfth of the product of the (a) Subordinate Mortgage Debt Original Balance, (b) Subordinate Mortgage Debt Interest Rate and (c) for subordinate mortgage debt with a subordinate mortgage debt interest accrual method (as set forth on or derived from the Loan Agreement or the Subordinate Loan Document, as applicable) of Actual/360, a fraction equal to 365/360 and (ii) for all other subordinate mortgage debt, we compared the Subordinate Mortgage Debt Monthly Payment Amount (Current) to the corresponding information set forth on the Loan Agreement or the Subordinate Loan Document, as applicable. This procedure was performed only for those Mortgage Assets with subordinate mortgage debt, if any.

 

With respect to Characteristic 83, (i) for full term interest-only subordinate mortgage debt (if any), we recomputed the Subordinate Mortgage Debt Monthly Payment Amount as one twelfth of the product of the (a) Subordinate Mortgage Debt Original Balance, (b) Subordinate Mortgage Debt Interest Rate and (c) for subordinate mortgage debt with a subordinate mortgage debt interest accrual method (as set forth on or derived from the Loan Agreement or the Subordinate Loan Document, as applicable) of Actual/360, a fraction equal to 365/360 and (ii) for all other subordinate mortgage debt, we compared the Subordinate Mortgage Debt Monthly Payment Amount to the corresponding information set forth on the Loan Agreement or the Subordinate Loan Document, as applicable. This procedure was performed only for those Mortgage Assets with subordinate mortgage debt, if any.

 

With respect to Characteristic 87, we recomputed the Total Mortgage Debt Cut-off Date Balance as the sum of (i) the Cut-Off Balance or, in the case of a Pari-Passu Mortgage Asset, the Pari-Passu Total Cut-Off Balance and (ii) the Subordinate Mortgage Debt Cut-Off Balance. This procedure was performed only for those Mortgage Assets with subordinate mortgage debt, if any. At the request of representatives of the respective Mortgage Loan Seller, Total Mortgage Debt Cut-off Date Balance differences of $1.00 or less were deemed to be “in agreement” for purposes of this report.

 

With respect to Characteristic 88, we recomputed the Total Mortgage Debt Maturity Balance as the sum of (i) the Maturity Balance or, in the case of a Pari-Passu Mortgage Asset, the Pari-Passu Total Maturity Balance and (ii) the Subordinate Mortgage Debt Maturity Balance (as defined below). This procedure was performed only for those Mortgage Assets with subordinate mortgage debt, if any. At the request of representatives of the respective Mortgage Loan Seller, Total Mortgage Debt Maturity Balance differences of $1.00 or less were deemed to be “in agreement” for purposes of this report.

 

·The “Subordinate Mortgage Debt Maturity Balance” is equal to the calculated using the Subordinate Mortgage Debt First Payment Date, subordinate mortgage debt original IO period (as set forth on or derived from the Loan Agreement or the Subordinate Loan Document, as applicable), Subordinate Mortgage Debt Monthly Payment Amount, Subordinate Mortgage Debt Original Balance, subordinate mortgage debt interest accrual method (as set forth on or derived from the Loan Agreement or the Subordinate Loan Document, as applicable), Subordinate Mortgage Debt Interest Rate and the Subordinate Mortgage Debt Maturity Date. With respect to full term interest-only subordinate mortgage

 

 

 

 

debt (if any), the Subordinate Mortgage Debt Maturity Balance was set to equal the Subordinate Mortgage Debt Original Balance.

 

With respect to Characteristic 93, assuming, at your request, no prepayments of principal, we recomputed the Existing Additional Debt Cut-Off Balance using the Existing Additional Debt First Payment Date, mezzanine or subordinate unsecured debt original IO period (as set forth on or derived from the Mezzanine Loan Document or Subordinate Unsecured Loan Document), Existing Additional Debt Monthly Payment Amount, Existing Additional Debt Original Balance, mezzanine or subordinate unsecured debt interest accrual method (as set forth on or derived from the Mezzanine Loan Document or Subordinate Unsecured Loan Document), Existing Additional Debt Interest Rate and the Cut-off Date. With respect to partial interest-only mezzanine or subordinate unsecured debt determined to be non-amortizing as of the Cut-off Date or full term interest-only mezzanine or subordinate unsecured debt (if any), the Existing Additional Debt Cut-Off Balance was set to equal the Existing Additional Debt Original Balance. This procedure was performed only for those Mortgage Assets with mezzanine or subordinate unsecured debt, if any. At the request of representatives of the respective Mortgage Loan Seller, Existing Additional Debt Cut-Off Balance differences of $1.00 or less were deemed to be “in agreement” for purposes of this report.

 

With respect to Charachteristic 94, we recomputed the Existing Additional Debt Maturity Balance using the Existing Additional Debt First Payment Date, existing additional debt original IO period (as set forth on or derived from the Subordinate Unsecured Loan Document and/or Mezzanine Loan Document), Existing Additional Debt Monthly Payment Amount, Existing Additional Debt Original Balance, existing additional debt interest accrual method (as set forth on or derived from the Subordinate Unsecured Loan Document and/or Mezzanine Loan Document), Existing Additional Debt Interest Rate and the Existing Additional Debt Maturity Date. With respect to full term interest-only existing additional mortgage debt (if any), the Existing Additional Debt Maturity Balance was set to equal the Existing Additional Debt Original Balance. This procedure was performed only for those Mortgage Assets with mezzanine or subordinate unsecured debt, if any. At the request of representatives of the respective Mortgage Loan Seller, Existing Additional Debt Maturity Balance differences of $1.00 or less were deemed to be “in agreement” for purposes of this report.

 

With respect to Characteristic 96, (i) for partial interest-only mezzanine or subordinate unsecured debt determined to be non-amortizing as of the Cut-off Date or full term interest-only mezzanine or subordinate unsecured debt (if any), we recomputed the Existing Additional Debt Monthly Payment Amount (Current) as one twelfth of the product of the (a) Existing Additional Debt Original Balance, (b) Existing Additional Debt Interest Rate and (c) for mezzanine or subordinate unsecured debt with a mezzanine or subordinate unsecured debt interest accrual method (as set forth on or derived from the Mezzanine Loan Document or Subordinate Unsecured Loan Document) of Actual/360, a fraction equal to 365/360 and (ii) for all other mezzanine or subordinate unsecured debt, we compared the Existing Additional Debt Monthly Payment Amount (Current) to the corresponding information set forth on the Mezzanine Loan Document or Subordinate Unsecured Loan Document. This procedure was performed only for those Mortgage Assets with mezzanine or subordinate unsecured debt, if any.

 

With respect to Characteristic 97, (i) for full term interest-only mezzanine or subordinate unsecured debt (if any), we recomputed the Existing Additional Debt Monthly Payment Amount as one twelfth of the product of the (a) Existing Additional Debt Original Balance, (b) Existing Additional Debt Interest Rate and (c) for mezzanine or subordinate unsecured debt with a mezzanine or subordinate unsecured debt interest accrual method (as set forth on or derived from the Mezzanine Loan Document or Subordinate Unsecured Loan Document) of Actual/360, a fraction equal to 365/360 and (ii) for all other mezzanine or subordinate unsecured debt, we compared the Existing Additional Debt Monthly Payment Amount to the corresponding information set forth on the Mezzanine Loan Document or Subordinate Unsecured Loan Document. This procedure was performed only for those Mortgage Assets with mezzanine or subordinate unsecured debt, if any.

 

 

With respect to Characteristic 99, we recomputed the Total Debt Cut-off Date Balance as the sum of the (i) Cut-off Balance or, in the case of any Pari-Passu Mortgage Asset, Pari-Passu Total Cut-off Balance, (ii) Subordinate Mortgage Debt Cut-Off Balance, only for those Mortgage Assets with subordinate mortgage debt and (iii) Existing Additional Debt Cut-Off Balance. This procedure was performed only for those Mortgage Assets with mezzanine or subordinate unsecured debt, if any. At the request of representatives of the respective Mortgage Loan Seller, Total Debt Cut-off Date Balance differences of $1.00 or less were deemed to be “in agreement” for purposes of this report.

 

With respect to Characteristic 100, we recomputed the Total Debt Maturity Balance as the sum of (i) Maturity Balance or, in the case of any Pari-Passu Mortgage Asset, Pari-Passu Total Maturity Balance, (ii) Subordinate Mortgage Debt Maturity Balance only for those Mortgage Assets with subordinate mortgage debt and (iii) Existing Additional Debt Maturity Balance. This procedure was performed only for those Mortgage Assets with mezzanine or subordinate unsecured debt, if any. At the request of representatives of the respective Mortgage Loan Seller, Total Debt Maturity Balance differences of $1.00 or less were deemed to be “in agreement” for purposes of this report.

 

With respect to Characteristic 210, we recomputed the Major % of Sq. Ft. # 1 as the quotient of the (i) Major Tenant Sq. Ft. # 1 and (ii) Units/Rentable Square Ft. This procedure was only performed for those Mortgage Assets with Major Tenant Sq. Ft. #1 greater than 0.

 

With respect to Characteristic 214, we recomputed the Major % of Sq. Ft. # 2 as the quotient of the (i) Major Tenant Sq. Ft. # 2 and (ii) Units/Rentable Square Ft. This procedure was only performed for those Mortgage Assets with Major Tenant Sq. Ft. #2 greater than 0.

 

With respect to Characteristic 218, we recomputed the Major % of Sq. Ft. # 3 as the quotient of the (i) Major Tenant Sq. Ft. # 3 and (ii) Units/Rentable Square Ft. This procedure was only performed for those Mortgage Assets with Major Tenant Sq. Ft. #3 greater than 0.

 

With respect to Characteristic 222, we recomputed the Major % of Sq. Ft. # 4 as the quotient of the (i) Major Tenant Sq. Ft. # 4 and (ii) Units/Rentable Square Ft. This procedure was only performed for those Mortgage Assets with Major Tenant Sq. Ft. #4 greater than 0.

 

With respect to Characteristic 226, we recomputed the Major % of Sq. Ft. # 5 as the quotient of the (i) Major Tenant Sq. Ft. # 5 and (ii) Units/Rentable Square Ft. This procedure was only performed for those Mortgage Assets with Major Tenant Sq. Ft. #5 greater than 0.

 

With respect to Characteristic 265, we recomputed the LTV at Origination as the quotient of the (i) Original Balance or, in the case of any Pari-Passu Mortgage Asset, the Pari-Passu Total Original Balance and (ii) Appraisal Value. With respect to the Mortgage Asset identified on the Data File as “Island Pass Shopping Center,” we were instructed by representatives of the related Mortgage Loan Sellers to reduce clause (i) of this procedure by the amount set forth in the Earnout/Holdback Description. With respect to those Mortgage Asset indicated on the Data File as secured by more than one mortgaged property, the amount in clause (ii) is the aggregate Appraisal Value of such mortgaged properties of the related Mortgage Asset. With respect to any Mortgage Asset that is in a group of cross-collateralized Mortgage Asset(s), such Characteristic is calculated on the basis of all the Mortgage Assets in such cross-collateralized group (if applicable).

 

With respect to Characteristic 266, we recomputed the LTV at Cut-off as the quotient of the (i) Cut-Off Balance or, in the case of any Pari-Passu Mortgage Asset, the Pari-Passu Total Cut-off Balance and (ii) Appraisal Value. With respect to the Mortgage Asset identified on the Data File as “Island Pass Shopping Center,” we were instructed by representatives of the related Mortgage Loan Sellers to reduce clause (i) of this procedure by the

 

 

 

 

amount set forth in the Earnout/Holdback Description. With respect to those Mortgage Asset indicated on the Data File as secured by more than one mortgaged property, the amount in clause (ii) is the aggregate Appraisal Value of such mortgaged properties of the related Mortgage Asset. With respect to any Mortgage Asset that is in a group of cross-collateralized Mortgage Asset(s), such Characteristic is calculated on the basis of all the Mortgage Assets in such cross-collateralized group (if applicable).

 

With respect to Characteristic 267, we recomputed the LTV at Maturity Date as the quotient of the (i) Maturity Balance or, in the case of any Pari-Passu Mortgage Asset, the Pari-Passu Total Maturity Balance and (ii) Appraisal Value. With respect to the Mortgage Asset identified on the Data File as “Island Pass Shopping Center,” we were instructed by representatives of the related Mortgage Loan Sellers to reduce clause (i) of this procedure by the amount set forth in the Earnout/Holdback Description. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (ii) is the aggregate Appraisal Value of such mortgaged properties of the related Mortgage Asset. With respect to any Mortgage Asset that is in a group of cross-collateralized Mortgage Asset(s), such Characteristic is calculated on the basis of all the Mortgage Assets in such cross-collateralized group (if applicable).

 

With respect to Characteristic 268, we recomputed the UW NCF DSCR (Current) as the quotient of the (i) UW NCF and (ii) product of the (a) Monthly Debt Service Payment, or, in the case of any Pari-Passu Mortgage Asset, the Pari-Passu Monthly Debt Service Payment, and (b) twelve. With respect to partial interest-only Mortgage Assets determined to be non-amortizing as of the Cut-off Date, the Monthly Debt Service Payment or Pari-Passu Monthly Debt Service Payment, as applicable, is replaced with the Monthly IO Payment (as defined below). With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NCF of such mortgaged properties of the related Mortgage Asset. With respect to any Mortgage Asset that is in a group of cross-collateralized Mortgage Asset(s), such Characteristic is calculated on the basis of all the Mortgage Assets in such cross-collateralized group (if applicable).

 

·The “Monthly IO Payment” is equal to one twelfth of the product of the (i) Cut-Off Balance or, in the case of any Pari-Passu Mortgage Asset, Pari-Passu Total Cut-off Balance, (ii) Interest Rate and (iii) a fraction equal to 365/360.

 

With respect to Characteristic 269, we recomputed the UW NCF DSCR (After IO Period) as the quotient of the (i) UW NCF and (ii) product of the (a) Monthly Debt Service Payment or, in the case of any Pari-Passu Mortgage Asset, the Pari-Passu Monthly Debt Service Payment, and (b) twelve. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NCF of such mortgaged properties of the related Mortgage Asset. With respect to any Mortgage Asset that is in a group of cross-collateralized Mortgage Asset(s), such Characteristic is calculated on the basis of all the Mortgage Assets in such cross-collateralized group (if applicable).

 

With respect to Characteristic 270, we recomputed the UW NOI DSCR (Current) as the quotient of the (i) UW NOI and (ii) product of the (a) Monthly Debt Service Payment or, in the case of any Pari-Passu Mortgage Asset, the Pari-Passu Monthly Debt Service Payment, and (b) twelve. With respect to partial interest-only Mortgage Assets determined to be non-amortizing as of the Cut-off Date, the Monthly Debt Service Payment or Pari-Passu Monthly Debt Service Payment, as applicable, is replaced with the Monthly IO Payment. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NOI of such mortgaged properties of the related Mortgage Asset. With respect to any Mortgage Asset that is in a group of cross-collateralized Mortgage Asset(s), such Characteristic is calculated on the basis of all the Mortgage Assets in such cross-collateralized group (if applicable).

 

With respect to Characteristic 271, we recomputed the UW NOI DSCR (After IO Period) as the quotient of the (i) UW NOI and (ii) product of the (a) Monthly Debt Service Payment or, in the case of any Pari-Passu Mortgage

 

 

 

Asset, the Pari-Passu Monthly Debt Service Payment and (b) twelve. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NOI of such mortgaged properties of the related Mortgage Asset. With respect to any Mortgage Asset that is in a group of cross-collateralized Mortgage Asset(s), such Characteristic is calculated on the basis of all the Mortgage Assets in such cross-collateralized group (if applicable).

 

With respect to Characteristic 272, we recomputed the UW NOI Debt Yield as the quotient of the (i) UW NOI and (ii) Cut-off Balance or, in the case of any Pari-Passu Mortgage Asset, the Pari-Passu Total Cut-off Balance. With respect to the Mortgage Asset identified on the Data File as “Island Pass Shopping Center,” we were instructed by representatives of the related Mortgage Loan Sellers to reduce clause (ii) of this procedure by the amount set forth in the Earnout/Holdback Description. With respect to those Mortgage Asset indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NOI of such mortgaged properties of the related Mortgage Asset. With respect to any Mortgage Asset that is in a group of cross-collateralized Mortgage Asset(s), such Characteristic is calculated on the basis of all the Mortgage Assets in such cross-collateralized group (if applicable).

 

With respect to Characteristic 273, we recomputed the UW NCF Debt Yield as the quotient of the (i) UW NCF and (ii) Cut-off Balance or, in the case of any Pari-Passu Mortgage Asset, the Pari-Passu Total Cut-off Balance. With respect to the Mortgage Asset identified on the Data File as “Island Pass Shopping Center,” we were instructed by representatives of the related Mortgage Loan Sellers to reduce clause (ii) of this procedure by the amount set forth in the Earnout/Holdback Description. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NCF of such mortgaged properties of the related Mortgage Asset. With respect to any Mortgage Asset that is in a group of cross-collateralized Mortgage Asset(s), such Characteristic is calculated on the basis of all the Mortgage Assets in such cross-collateralized group (if applicable).

 

With respect to Characteristic 274, we recomputed the Total Mortgage Loan LTV at Cut-off as the quotient of the (i) Total Mortgage Debt Cut-off Date Balance and (ii) Appraisal Value. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (ii) is the aggregate Appraisal Value of such mortgaged properties of the related Mortgage Asset. This procedure was performed only for those Mortgage Assets with subordinate mortgage debt, if any.

 

With respect to Characteristic 275, we recomputed the Total Mortgage Loan LTV at Maturity as the quotient of the (i) Total Mortgage Debt Maturity Balance and (ii) Appraisal Value. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (ii) is the aggregate Appraisal Value of such mortgaged properties of the related Mortgage Asset. This procedure was performed only for those Mortgage Assets with subordinate mortgage debt, if any.

 

With respect to Characteristic 276, we recomputed the Total Mortgage Loan UW NCF DSCR (Current) as the quotient of the (i) UW NCF and (ii) product of the (a) sum of the (x) Monthly Debt Service Payment or, in the case of any Pari-Passu Mortgage Asset, the Pari-Passu Monthly Debt Service Payment, and (y) Subordinate Mortgage Debt Monthly Payment Amount (Current) and (b) twelve. With respect to partial interest-only Mortgage Assets determined to be non-amortizing as of the Cut-off Date, the Monthly Debt Service Payment or Pari-Passu Monthly Debt Service Payment, as applicable, is replaced with the Monthly IO Payment. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NCF of such mortgaged properties of the related Mortgage Asset. This procedure was performed only for those Mortgage Assets with subordinate mortgage debt, if any.

 

With respect to Characteristic 277, we recomputed the Total Mortgage Loan UW NCF DSCR (After IO Period) as the quotient of the (i) UW NCF and (ii) product of the (a) sum of the (x) Monthly Debt Service Payment or, in

 

 

 

the case of any Pari-Passu Mortgage Asset, the Pari-Passu Monthly Debt Service Payment, and (y) Subordinate Mortgage Debt Monthly Payment Amount and (b) twelve. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NCF of such mortgaged properties of the related Mortgage Asset. This procedure was performed only for those Mortgage Assets with subordinate mortgage debt, if any.

 

With respect to Characteristic 278, we recomputed the Total Mortgage Loan UW NOI DSCR (Current) as the quotient of the (i) UW NOI and (ii) product of the (a) sum of the (x) Monthly Debt Service Payment or, in the case of any Pari-Passu Mortgage Asset, the Pari-Passu Monthly Debt Service Payment, and (y) Subordinate Mortgage Debt Monthly Payment Amount (Current) and (b) twelve. With respect to partial interest-only Mortgage Assets determined to be non-amortizing as of the Cut-off Date, the Monthly Debt Service Payment or Pari-Passu Monthly Debt Service Payment, as applicable, is replaced with the Monthly IO Payment. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NOI of such mortgaged properties of the related Mortgage Asset. This procedure was performed only for those Mortgage Assets with subordinate mortgage debt, if any.

 

With respect to Characteristic 279, we recomputed the Total Mortgage Loan UW NOI DSCR (After IO Period) as the quotient of the (i) UW NOI and (ii) product of the (a) sum of the (x) Monthly Debt Service Payment or, in the case of any Pari-Passu Mortgage Asset, the Pari-Passu Monthly Debt Service Payment, and (y) Subordinate Mortgage Debt Monthly Payment Amount and (b) twelve. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NOI of such mortgaged properties of the related Mortgage Asset. This procedure was performed only for those Mortgage Assets with subordinate mortgage debt, if any.

 

With respect to Characteristic 280, we recomputed the Total Mortgage Loan UW NOI Debt Yield as the quotient of the (i) UW NOI and (ii) Total Mortgage Debt Cut-off Date Balance. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NOI of such mortgaged properties of the related Mortgage Asset. This procedure was performed only for those Mortgage Assets with subordinate mortgage debt, if any.

 

With respect to Characteristic 281, we recomputed the Total Mortgage Loan UW NCF Debt Yield as the quotient of the (i) UW NCF and (ii) Total Mortgage Debt Cut-off Date Balance. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NCF of such mortgaged properties of the related Mortgage Asset. This procedure was performed only for those Mortgage Assets with subordinate mortgage debt, if any.

 

With respect to Characteristic 282, we recomputed the Total Debt LTV at Cut-off as the quotient of the (i) Total Debt Cut-off Date Balance and (ii) Appraisal Value. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (ii) is the aggregate Appraisal Value of such mortgaged properties of the related Mortgage Asset. This procedure was performed only for those Mortgage Assets with mezzanine or subordinate unsecured debt, if any.

 

With respect to Characteristic 283, we recomputed the Total Debt LTV at Maturity as the quotient of the (i) Total Debt Maturity Balance and (ii) Appraisal Value. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (ii) is the aggregate Appraisal Value of such mortgaged properties of the related Mortgage Asset. This procedure was performed only for those Mortgage Assets with mezzanine or subordinate unsecured debt, if any.

 

With respect to Characteristic 284, we recomputed the Total Debt UW NCF DSCR (Current) as the quotient of the (i) UW NCF and (ii) product of the (a) sum of the (x) Monthly Debt Service Payment or, in the case of any

 

 

 

Pari-Passu Mortgage Asset, the Pari-Passu Monthly Debt Service Payment, (y) Subordinate Mortgage Debt Monthly Payment Amount (Current), only for those Mortgage Assets with subordinate mortgage debt and (z) Existing Additional Debt Monthly Payment Amount (Current) and (b) twelve. With respect to partial interest-only Mortgage Assets determined to be non-amortizing as of the Cut-off Date, the Monthly Debt Service Payment or Pari-Passu Monthly Debt Service Payment, as applicable, is replaced with the Monthly IO Payment. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NCF of such mortgaged properties of the related Mortgage Asset. This procedure was performed only for those Mortgage Assets with mezzanine or subordinate unsecured debt, if any.

 

With respect to Characteristic 285, we recomputed the Total Debt UW NCF DSCR (After IO Period) as the quotient of the (i) UW NCF and (ii) product of the (a) sum of the (x) Monthly Debt Service Payment or, in the case of any Pari-Passu Mortgage Asset, the Pari-Passu Monthly Debt Service Payment, (y) Subordinate Mortgage Debt Monthly Payment Amount, only for those Mortgage Assets with subordinate mortgage debt and (z) Existing Additional Debt Monthly Payment Amount and (b) twelve. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NCF of such mortgaged properties of the related Mortgage Asset. This procedure was performed only for those Mortgage Assets with mezzanine or subordinate unsecured debt, if any.

 

With respect to Characteristic 286, we recomputed the Total Debt UW NOI DSCR (Current) as the quotient of the (i) UW NOI and (ii) product of the (a) sum of the (x) Monthly Debt Service Payment or, in the case of any Pari-Passu Mortgage Asset, the Pari-Passu Monthly Debt Service Payment, (y) Subordinate Mortgage Debt Monthly Payment Amount (Current), only for those Mortgage Assets with subordinate mortgage debt and (z) Existing Additional Debt Monthly Payment Amount (Current) and (b) twelve. With respect to partial interest-only Mortgage Assets determined to be non-amortizing as of the Cut-off Date, the Monthly Debt Service Payment or Pari-Passu Monthly Debt Service Payment, as applicable, is replaced with the Monthly IO Payment. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NOI of such mortgaged properties of the related Mortgage Asset. This procedure was performed only for those Mortgage Assets with mezzanine or subordinate unsecured debt, if any.

 

With respect to Characteristic 287, we recomputed the Total Debt UW NOI DSCR (After IO Period) as the quotient of the (i) UW NOI and (ii) product of the (a) sum of the (x) Monthly Debt Service Payment or, in the case of any Pari-Passu Mortgage Asset, the Pari-Passu Monthly Debt Service Payment, (y) Subordinate Mortgage Debt Monthly Payment Amount, only for those Mortgage Assets with subordinate mortgage debt and (z) Existing Additional Debt Monthly Payment Amount and (b) twelve. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NOI of such mortgaged properties of the related Mortgage Asset. This procedure was performed only for those Mortgage Assets with mezzanine or subordinate unsecured debt, if any.

 

With respect to Characteristic 288, we recomputed the Total Debt UW NOI Debt Yield as the quotient of the (i) UW NOI and (ii) Total Debt Cut-off Date Balance. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NOI of such mortgaged properties of the related Mortgage Asset. This procedure was performed only for those Mortgage Assets with mezzanine or subordinate unsecured debt, if any.

 

With respect to Characteristic 289, we recomputed the Total Debt UW NCF Debt Yield as the quotient of the (i) UW NCF and (ii) Total Debt Cut-off Date Balance. With respect to those Mortgage Assets indicated on the Data File as secured by more than one mortgaged property, the amount in clause (i) is the aggregate UW NCF of such mortgaged properties of the related Mortgage Asset. This procedure was performed only for those Mortgage Assets with mezzanine or subordinate unsecured debt, if any. 

 

 

With respect to Characteristic 312, we recomputed the Periodic Principal and Interest Payment Securitization Amount as the sum of the (i) Scheduled Interest Amount and (ii) Scheduled Principal Amount.

 

With respect to Characteristic 355, we recomputed the Most Recent Debt Service Amount as the product of the (i) Monthly Debt Service Payment or, in the case of any Pari-Passu Mortgage Asset, Pari-Passu Monthly Debt Service Payment and (ii) twelve. With respect to partial interest-only Mortgage Assets determined to be non-amortizing as of the Cut-off Date, the Monthly Debt Service Payment or Pari-Passu Monthly Debt Service Payment, is replaced with the Monthly IO Payment. With respect to any Mortgage Asset that is in a group of cross-collateralized Mortgage Asset(s), such Characteristic is calculated on the basis of all the Mortgage Assets in such cross-collateralized group (if applicable).

 

With respect to Characteristic 356, we recomputed the Most Recent Debt Service Coverage Net Operating Income Percentage as the quotient of the (i) Most Recent Rolling 12 NOI and (ii) Most Recent Debt Service Amount. This procedure was only performed for those Mortgage Assets with Most Recent Rolling 12 NOI greater than $0. With respect to any Mortgage Asset that is in a group of cross-collateralized Mortgage Asset(s), such Characteristic is calculated on the basis of all the Mortgage Assets in such cross-collateralized group (if applicable).

 

With respect to Characteristic 357, we recomputed the Most Recent Debt Service Coverage Net Cash Flow Percentage as the quotient of the (i) Most Recent Rolling 12 NCF and (ii) Most Recent Debt Service Amount. This procedure was only performed for those Mortgage Assets with Most Recent Rolling 12 NCF greater than $0. With respect to any Mortgage Asset that is in a group of cross-collateralized Mortgage Asset(s), such Characteristic is calculated on the basis of all the Mortgage Assets in such cross-collateralized group (if applicable).

 

With respect to Characteristic 362, assuming, at your request, no prepayment of principal, we recomputed the Report Period Beginning Schedule Loan Balance Amount using the First Payment Date, Original IO Period (Months), Monthly Debt Service Payment, Original Balance, Interest Calculation (30/360 / Act/360), Interest Rate and the Due Date in April 2018. With respect to partial interest-only Mortgage Assets determined to be non-amortizing as of April 2018 and full term interest-only Mortgage Assets (if any), the Report Period Beginning Schedule Loan Balance Amount was set to equal the Original Balance. At the request of representatives of the respective Mortgage Loan Seller, Report Period Beginning Schedule Loan Balance Amount differences of $1.00 or less were deemed to be “in agreement” for purposes of this report.

 

With respect to Characteristic 363, the Total Scheduled Principal Interest Due Amount was set to equal the Periodic Principal and Interest Payment Securitization Amount.

 

With respect to Characteristic 365, we recomputed the Scheduled Interest Amount as the product of the (i) Report Period Beginning Schedule Loan Balance Amount, (ii) Interest Rate, (iii) number of calendar days from and inclusive of the payment date in April 2018 to and exclusive of the payment date in May 2018 and (iv) a fraction equal to 1/360. This procedure was not performed for those Mortgage Assets with a Seasoning as of Cut-off Date (Months) equal to zero.

 

With respect to Characteristic 367, we recomputed the Scheduled Principal Amount by subtracting the (i) Scheduled Interest Amount from (ii) Monthly Debt Service Payment. This procedure was only performed for those Mortgage Assets determined to be amortizing as of the Cut-off Date.

 

With respect to Characteristic 370, the Report Period End Actual Balance Amount was set to equal the Cut-Off Balance.

 

 

With respect to Characteristic 371, the Report Period End Scheduled Loan Balance Amount was set to equal the Report Period End Actual Balance Amount.

 

 

 

 

    Appendix B

 

Mortgage Asset Missing Source Document Characteristics Unable to be Verified
Premier Rochester Office Portfolio Promissory Note Splitter Original Balance