Citigroup Commercial Mortgage Trust 2015-P1 - FORM 10-K - EX-33.3 - March 30, 2018

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EX-33.15 - EX-33.15 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex3315.htm
EX-34.15 - EX-34.15 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex3415.htm
EX-35.8 - EX-35.8 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex358.htm
EX-35.7 - EX-35.7 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex357.htm
EX-35.6 - EX-35.6 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex356.htm
EX-35.4 - EX-35.4 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex354.htm
EX-35.3 - EX-35.3 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex353.htm
EX-35.2 - EX-35.2 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex352.htm
EX-35.1 - EX-35.1 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex351.htm
EX-34.19 - EX-34.19 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex3419.htm
EX-34.18 - EX-34.18 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex3418.htm
EX-34.9 - EX-34.9 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex349.htm
EX-34.8 - EX-34.8 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex348.htm
EX-34.7 - EX-34.7 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex347.htm
EX-34.6 - EX-34.6 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex346.htm
EX-34.5 - EX-34.5 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex345.htm
EX-34.4 - EX-34.4 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex344.htm
EX-34.3 - EX-34.3 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex343.htm
EX-34.2 - EX-34.2 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex342.htm
EX-34.1 - EX-34.1 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex341.htm
EX-33.19 - EX-33.19 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex3319.htm
EX-33.18 - EX-33.18 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex3318.htm
EX-33.9 - EX-33.9 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex339.htm
EX-33.8 - EX-33.8 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex338.htm
EX-33.7 - EX-33.7 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex337.htm
EX-33.6 - EX-33.6 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex336.htm
EX-33.5 - EX-33.5 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex335.htm
EX-33.4 - EX-33.4 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex334.htm
EX-33.2 - EX-33.2 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex332.htm
EX-33.1 - EX-33.1 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex331.htm
EX-31 - EX-31 - Citigroup Commercial Mortgage Trust 2015-P1d524043dex31.htm
10-K - 10-K - Citigroup Commercial Mortgage Trust 2015-P1d524043d10k.htm

Exhibit 33.3

PARK BRIDGE LENDER SERVICES LLC

February 15, 2018

 

RE: Management’s Report on Assessment of 2017 Compliance by

Park Bridge Lender Services LLC with Regulation AB Servicing Criteria

Park Bridge Lender Services LLC (the “Asserting Party”) is responsible for assessing its compliance, as of and for the period ended December 31, 2017, with the servicing criteria set forth in Title 17, Section 229.1122(d) of the Code of Federal Regulations.

The transactions covered by this assertion are those transactions processed by the Asserting Party in its capacity as trust or operating advisor for the asset-backed securities transactions listed in Exhibit A attached hereto (the “Platform”).

The Asserting Party is responsible for assessing its compliance with the servicing criteria applicable to it. The Asserting Party used the criteria in paragraph (d) of Item 1122 of Regulation AB (17 C.F.R. 229.1122) to assess its compliance. The full outline of the Asserting Party’s contractually applicable servicing criteria under various securitization pooling and servicing agreements can be found in Exhibit B attached hereto.

Based on its assessment, the Asserting Party believes that, as of and for the periods the contractual obligations existed in the calendar year ending December 31, 2017, the Asserting Party has complied in all material respects with the servicing criteria set forth in Item 1122(d) of Regulation AB relating to its trust or operating advisor role with respect to the Platform, except for the servicing criteria set forth in 1122(d)(1)(i-v), 1122(d)(2)(i-vii), 1122(d)(3)(ii-iv), 1122(d)(4)(i-vi) and 1122(d)(4)(viii-xv), which the Asserting Party has determined as being inapplicable to the activities it performs with respect to the Platform (the “Applicable Servicing Criteria”).

Katz, Sapper & Miller LLP, an independent registered public accounting firm, has issued an attestation report on the assessment of compliance with the Applicable Servicing Criteria for the reporting period as set forth in this assertion.

 

PARK BRIDGE LENDER SERVICES LLC
By:   Park Bridge Advisors LLC, a New York limited liability company, its Sole Member
  By:   Park Bridge Financial LLC, a New York limited liability company, its Sole Member
    By:  

 /s/ David M. Rodgers

      David M. Rodgers
      Managing Member

600 THIRD AVENUE, 40TH FLOOR, NEW YORK, NY 10016

WWW.PARKBRIDGEFINANCIAL.COM

Exhibit A

Asserting Party’s 2017 Servicing Platform

 

     Applicable Certification Period

Securitization Transaction

   

Start Date

        

End Date

COMM 2012-LC4    January 01, 2017    to    December 31, 2017
COMM 2012-CCRE2    January 01, 2017    to    December 31, 2017
UBS-B 2012-C3    January 01, 2017    to    December 31, 2017
COMM 2012-CCRE4    January 01, 2017    to    December 31, 2017
COMM 2012-CCRE5    January 01, 2017    to    December 31, 2017
COMM 2013-LC6    January 01, 2017    to    December 31, 2017
JPMCC 2013-C10    January 01, 2017    to    December 31, 2017
COMM 2013-CCRE6    January 01, 2017    to    December 31, 2017
COMM 2013-CCRE7    January 01, 2017    to    December 31, 2017
UBSBB 2013-C6    January 01, 2017    to    December 31, 2017
COMM 2013-CCRE8    January 01, 2017    to    December 31, 2017
COMM 2013-CCRE9    January 01, 2017    to    December 31, 2017
MSBAM 2013-C10    January 01, 2017    to    December 31, 2017
WFCM 2013-LC12    January 01, 2017    to    December 31, 2017
COMM 2013-CCRE10    January 01, 2017    to    December 31, 2017
COMM 2013-LC13    January 01, 2017    to    December 31, 2017
COMM 2013-CCRE11    January 01, 2017    to    December 31, 2017
COMM 2013-CCRE12    January 01, 2017    to    December 31, 2017
WFRBS 2013-UBS1    January 01, 2017    to    December 31, 2017
COMM 2014-CCRE14    January 01, 2017    to    December 31, 2017
GSMS 2014-GC18    January 01, 2017    to    December 31, 2017
MSBAM 2014-C14    January 01, 2017    to    December 31, 2017
COMM 2014-CCRE15    January 01, 2017    to    December 31, 2017
COMM 2014-UBS2    January 01, 2017    to    December 31, 2017
COMM 2014-CCRE16    January 01, 2017    to    December 31, 2017
COMM 2014-CCRE17    January 01, 2017    to    December 31, 2017
CGCMT 2014-GC21    January 01, 2017    to    December 31, 2017
COMM 2014-UBS3    January 01, 2017    to    December 31, 2017
COMM 2014-UBS4    January 01, 2017    to    December 31, 2017
COMM 2014-CCRE19    January 01, 2017    to    December 31, 2017
COMM 2014-LC17    January 01, 2017    to    December 31, 2017
MSBAM 2014-C18    January 01, 2017    to    December 31, 2017
CGCMT 2014-GC25    January 01, 2017    to    December 31, 2017
COMM 2014-CCRE20    January 01, 2017    to    December 31, 2017
COMM 2014-CCRE21    January 01, 2017    to    December 31, 2017
MSBAM 2014-C19    January 01, 2017    to    December 31, 2017
WFCM 2014-LC18    January 01, 2017    to    December 31, 2017

 

Exhibit A

MSBAM 2015-C20    January 01, 2017    to    December 31, 2017
COMM 2015-LC19    January 01, 2017    to    December 31, 2017
CGCMT 2015-GC27    January 01, 2017    to    December 31, 2017
COMM 2015-DC1    January 01, 2017    to    December 31, 2017
CSAIL 2015-C1    January 01, 2017    to    December 31, 2017
COMM 2015-CCRE22    January 01, 2017    to    December 31, 2017
MSBAM 2015-C22    January 01, 2017    to    December 31, 2017
CSAIL 2015-C2    January 01, 2017    to    December 31, 2017
COMM 2015-LC21    January 01, 2017    to    December 31, 2017
MSC 2015-MS1    January 01, 2017    to    December 31, 2017
COMM 2015-PC1    January 01, 2017    to    December 31, 2017
GSMS 2015-GC32    January 01, 2017    to    December 31, 2017
MSBAM 2015-C24    January 01, 2017    to    December 31, 2017
COMM 2015-CCRE24    January 01, 2017    to    December 31, 2017
CGCMT 2015-P1    January 01, 2017    to    December 31, 2017
WFCM 2015-LC22    January 01, 2017    to    December 31, 2017
COMM 2015-CCRE26    January 01, 2017    to    December 31, 2017
COMM 2015-CCRE27    January 01, 2017    to    December 31, 2017
MSBAM 2015-C26    January 01, 2017    to    December 31, 2017
COMM 2015-LC23    January 01, 2017    to    December 31, 2017
CGCMT 2015-GC35    January 01, 2017    to    December 31, 2017
CFCRE 2016-C3    January 01, 2017    to    December 31, 2017
COMM 2016-CCRE28    January 01, 2017    to    December 31, 2017
MSBAM 2016-C28    January 01, 2017    to    December 31, 2017
WFCM 2016-NXS5    January 01, 2017    to    December 31, 2017
MSCI 2016-UBS9    January 01, 2017    to    December 31, 2017
COMM 2016-DC2    January 01, 2017    to    December 31, 2017
WFCM 2016-C33    January 01, 2017    to    December 31, 2017
CGCMT 2016-P3    January 01, 2017    to    December 31, 2017
DBJPM 2016-C1    January 01, 2017    to    December 31, 2017
CGCMT 2016-GC37    January 01, 2017    to    December 31, 2017
MSBAM 2016-C29    January 01, 2017    to    December 31, 2017
CFCRE 2016-C4    January 01, 2017    to    December 31, 2017
CSAIL 2016-C6    January 01, 2017    to    December 31, 2017
CGCMT 2016-C1    January 01, 2017    to    December 31, 2017
BACM 2016-UBS10    January 01, 2017    to    December 31, 2017
SGCMS 2016-C5    January 01, 2017    to    December 31, 2017
CGCMT 2016-P4    January 01, 2017    to    December 31, 2017
DBJPM 2016-C3    January 01, 2017    to    December 31, 2017
WFCM 2016-BNK1    January 01, 2017    to    December 31, 2017
CD 2016-CD1    January 01, 2017    to    December 31, 2017
MSCI 2016-UBS11    January 01, 2017    to    December 31, 2017
MSBAM 2016-C30    January 01, 2017    to    December 31, 2017

 

Exhibit A

CGCMT 2016-P5    January 01, 2017    to    December 31, 2017
COMM 2016-COR1    January 01, 2017    to    December 31, 2017
COMM 2016-667M    January 01, 2017    to    December 31, 2017
WFCM 2016-C36    January 01, 2017    to    December 31, 2017
MSBAM 2016-C31    January 01, 2017    to    December 31, 2017
CFCRE 2016-C6    January 01, 2017    to    December 31, 2017
MSC 2016-BNK2    January 01, 2017    to    December 31, 2017
CSAIL 2016-C7    January 01, 2017    to    December 31, 2017
GSMS 2016-GS4    January 01, 2017    to    December 31, 2017
MSC 2016-UBS12    January 01, 2017    to    December 31, 2017
CD 2016-CD2    January 01, 2017    to    December 31, 2017
CGCMT 2016-P6    January 01, 2017    to    December 31, 2017
MSBAM 2016-C32    January 01, 2017    to    December 31, 2017
CFCRE 2016-C7    January 01, 2017    to    December 31, 2017
CSMC 2016-NXSR    January 01, 2017    to    December 31, 2017
CD 2017-CD3    February 14, 2017    to    December 31, 2017
BACM 2017-BNK3    February 16, 2017    to    December 31, 2017
BBCMS 2017-C1    February 27, 2017    to    December 31, 2017
JPMDB 2017-C5    March 31, 2017    to    December 31, 2017
CGCMT 2017-P7    April 18, 2017    to    December 31, 2017
MSBAM 2017-C33    May 11, 2017    to    December 31, 2017
CD 2017-CD4    May 17, 2017    to    December 31, 2017
CFCRE 2017-C8    June 08, 2017    to    December 31, 2017
DAFC 2017-AMO    June 20, 2017    to    December 31, 2017
BANK 2017-BNK5    June 29, 2017    to    December 31, 2017
CSAIL 2017-C8    June 29, 2017    to    December 31, 2017
WFCM 2017-C38    July 13, 2017    to    December 31, 2017
BANK 2017-BNK6    July 27, 2017    to    December 31, 2017
CSMC 2017-MOON    July 27, 2017    to    December 31, 2017
CD 2017-CD5    August 15, 2017    to    December 31, 2017
UBS 2017-C2    August 17, 2017    to    December 31, 2017
MSSG 2017-237P    August 23, 2017    to    December 31, 2017
GSMS 2017-GS7    August 24, 2017    to    December 31, 2017
UBS 2017-C3    August 31, 2017    to    December 31, 2017
COMM 2017-COR2    September 28, 2017    to    December 31, 2017
MSBAM 2017-C34    October 19, 2017    to    December 31, 2017
DBUBS 2017-BRBK    October 25, 2017    to    December 31, 2017
CGCMT 2017-C4    October 31, 2017    to    December 31, 2017
WPT 2017-WWP    November 10, 2017    to    December 31, 2017
BANK 2017-BNK8    November 15, 2017    to    December 31, 2017
UBS 2017-C5    November 16, 2017    to    December 31, 2017
CCUBS 2017-C1    November 30, 2017    to    December 31, 2017
CD 2017-CD6    November 30, 2017    to    December 31, 2017

 

Exhibit A

CSAIL 2017-CX10    November 30, 2017    to    December 31, 2017
BANK 2017-BNK9    December 20, 2017    to    December 31, 2017
WFCM 2017-C42    December 21, 2017    to    December 31, 2017
MSC 2017-HR2    December 22, 2017    to    December 31, 2017

 

Exhibit A

Exhibit B

Regulation AB Section 229.1122(d) Servicing Criteria

 

Regulation

AB Reference

   

Servicing Criterion

    Performed by
Park Bridge1		   

Not Applicable to
Park Bridge2

1122(d)(1)(i)    Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.       X
1122(d)(1)(ii)    If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.       X
1122(d)(1)(iii)    Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.       X
1122(d)(1)(iv)    A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.       X
1122(d)(1)(v)    Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.       X
1122(d)(2)(i)    Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction agreements.       X
1122(d)(2)(ii)    Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.       X
1122(d)(2)(iii)    Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.       X
1122(d)(2)(iv)    The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.       X
1122(d)(2)(v)    Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of §240.13k-1 (b)(1) of this chapter.       X
1122(d)(2)(vi)    Unissued checks are safeguarded so as to prevent unauthorized access.       X

 

Exhibit B

Regulation

AB Reference

   

Servicing Criterion

    Performed by
Park Bridge1		    Not Applicable to
Park Bridge2
1122(d)(2)(vii)    Reconciliations are prepared on a monthly basis for all asset-backed securities-related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations: (A) are mathematically accurate; (B) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed and approved by someone other than the person who prepared the reconciliation; and (D) Contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.       X
1122(d)(3)(i)(A)    Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports are prepared in accordance with timeframes and other terms set forth in the transaction agreements.    X   
1122(d)(3)(i)(B)    Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports provide information calculated in accordance with the terms specified in the transaction agreements.    X   
1122(d)(3)(i)(C)    Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports are filed with the Commission as required by its rules and regulations.    X3    X4
1122(d)(3)(i)(D)    Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the servicer.    X3    X4
1122(d)(3)(ii)    Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.       X
1122(d)(3)(iii)    Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements.       X
1122(d)(3)(iv)    Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.       X
1122(d)(4)(i)    Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.       X
1122(d)(4)(ii)    Pool assets and related documents are safeguarded as required by the transaction agreements.       X
1122(d)(4)(iii)    Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.       X
1122(d)(4)(iv)    Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.       X

 

Exhibit B

Regulation

AB Reference

   

Servicing Criterion

    Performed by
Park Bridge1		    Not Applicable to
Park Bridge2
1122(d)(4)(v)    The servicer’s records regarding the pool assets agree with the servicer’s records with respect to an obligor’s unpaid principal balance.       X
1122(d)(4)(vi)    Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.       X
1122(d)(4)(vii)    Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.    X   
1122(d)(4)(viii)    Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).       X
1122(d)(4)(ix)    Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.       X
1122(d)(4)(x)    Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds were returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements.       X
1122(d)(4)(xi)    Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.       X
1122(d)(4)(xii)    Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.       X
1122(d)(4)(xiii)    Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.       X
1122(d)(4)(xiv)    Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.       X

 

Exhibit B

Regulation

AB Reference

   

Servicing Criterion

   

Performed by
Park Bridge1

   

Not Applicable to
Park Bridge2

1122(d)(4)(xv)    Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of this Regulation AB, is maintained as set forth in the transaction agreements.       X

 

1 The criteria in the column “Performed by Park Bridge” and marked with an “X” are applicable for the Transactions unless otherwise noted; however, there were no specially serviced loans under the related Transactions during the reporting period. Therefore, no trust/operating advisor actions were required.
2 The criteria in the column “Not Applicable to Park Bridge” and marked with an “X” were not within the scope of the Asserting Party’s duties in the Transactions.
3 Applicable only to the Transactions listed in Table 2 below.
4 Not applicable to Transactions other than the Transactions listed in Table 2 below.

Table 2

 

COMM 2012-LC4
COMM 2012 CCRE2
COMM 2012 CCRE4
COMM 2012-CCRE5
COMM 2013-CCRE7
COMM 2013-CCRE9
COMM 2013-LC6
COMM 2013-LC13
COMM 2013-CCRE11

 

Exhibit B