...NYC Commercial Mortgage Trust 2026-245P The representations, warranties and enforcement (RW&E) mechanisms contained in the transaction's offering documents that are available to investors for NYC Commercial Mortgage Trust 2026-245P are substantially comparable to those typically contained in U.S. CMBS large loan transactions, as described in Fitch Ratings' special report, "Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions," dated Sept. 12, 2024. However, unlike typical multiborrower CMBS transactions, this transaction represents a securitization of one loan, and the underlying collateral comprises a single portfolio. For this reason, many of the RW&Es typical of multiborrower CMBS transactions have been modified to reflect the single-borrower nature of the transaction and are made by the borrower in the loan agreement as representations or loan covenants or are not appropriate. The breach of any representation or warranty by the borrower is...
