Real Estate Finance, case study, these are the questions
(e) Provide an estimate of the principal and interest cash flows to the underlying deal and to the two senior bonds for the first 12 months of the deal (this could be a graph) assuming no default. Suggest what you think a more realistic default rate might be for the mortgages in the pool.
(f) Summarize what you see as the primary strengths and weaknesses of the deal.
(g) Provide an investment recommendation for the two senior bonds. Do you see these as a good investment both at their origination date and today, explain carefully.
Unassociated Document 4/16/2019 Unassociated Document https://www.sec.gov/Archives/edgar/data/1013611/000153949712000619/prospectus_supplement.htm 1/590 424B5 1 prospectus_supplement.htm PROSPECTUS SUPPLEMENT FILED PURSUANT TO RULE 424(b)(5) REGISTRATION FILE NO.: 33316514704 PROSPECTUS SUPPLEMENT (to Prospectus dated September 19, 2012) $795,606,000 (Approximate) J.P. Morgan Chase Commercial Mortgage Securities Trust 2012C8 Issuing Entity J.P. Morgan Chase Commercial Mortgage Securities Corp. Depositor JPMorgan Chase Bank, National Association CIBC Inc. Sponsors and Mortgage Loan Sellers Commercial Mortgage PassThrough Certificates, Series 2012C8 J.P. Morgan Chase Commercial Mortgage Securities Corp. is offering certain classes of the Commercial Mortgage PassThrough Certificates, Series 2012C8 consisting of the Class A1, Class A2, Class A3, Class ASB and Class XA certificates. The certificates (which are comprised of the certificates offered by this prospectus supplement and the Class XB, Class AS, Class B, Class C, Class EC, Class D, Class E, Class F, Class G, Class NR and Class R certificates) represent the beneficial ownership interests in the issuing entity, which will be a trust named J.P. Morgan Chase Commercial Mortgage Securities Trust 2012C8. The assets of the trust will primarily consist of a pool of fixed rate commercial mortgage loans, which are generally the sole source of payments on the certificates. Credit enhancement will be provided solely by certain classes of subordinate certificates that will be subordinate to certain classes of senior certificates as described under “Description of the Certificates—Subordination; Allocation of Collateral Support Deficit” in this prospectus supplement. Each class of certificates will be entitled to receive monthly distributions of interest and/or principal on the 4th business day following the 11th day of each month (or if the 11th is not a business day, the next business day), commencing on November 19, 2012. Initial Class Certificate Balance or Notional Amount(1) Initial Approx. PassThrough Rate PassThrough Rate Description Assumed Final Distribution Date(3) Rated Final Distribution Date(3) Class A1 $ 76,634,000 0.7053% Fixed August 2017 October 2045 Class A2 $ 189,227,000 1.7966% Fixed September 2017 October 2045 Class A3 $ 426,122,000 2.8291% Fixed September 2022 October 2045 Class ASB $ 103,623,000 2.3791% Fixed April 2022 October 2045 Class XA $ 897,898,000(5) 2.3801% Variable(6) September 2022 October 2045 (Footnotes on table on page S2) You should carefully consider the risk factors beginning on page S33 of this prospectus supplement and page 9 of the prospectus. Neither the certificates nor the underlying mortgage loans are insured or guaranteed by any governmental agency, instrumentality or private issuer or any other person or entity. The certificates will represent interests in the issuing entity only. They will not represent interests in or obligations of the sponsors, depositor, any of its affiliates or any other entity. The Securities and Exchange Commission and state regulators have not approved or disapproved of the offered certificates or passed upon the adequacy oraccuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense. J.P. Morgan Chase Commercial Mortgage Securities Corp. will not list the offered certificates on any securities exchange or on any automated quotation system of any securities association. The underwriters, J.P. Morgan Securities LLC, CIBC World Markets Corp. and Deutsche Bank Securities Inc., will purchase the offered certificates from J.P. Morgan Chase Commercial Mortgage Securities Corp. and will offer them to the public at negotiated prices, plus, in certain cases, accrued interest, determined at the time of sale. J.P. Morgan Securities LLC is acting as lead manager for this offering. J.P. Morgan Securities LLC is acting as sole bookrunner for this offering. CIBC World Markets Corp. and Deutsche Bank Securities Inc. are acting as comanagers for this offering. The underwriters expect to deliver the offered certificates to purchasers in bookentry form only through the facilities of The Depository Trust Company in the United States and Clearstream Banking, société anonyme and Euroclear Bank, as operator of the Euroclear System, in Europe, against payment in New York, New York on or about October 18, 2012. We expect to receive from this offering approximately 117.67% of the initial aggregate principal balance of the offered certificates, plus accrued interest from October 1, 2012, before deducting expenses payable by us. J.P. Morgan Lead Manager and Sole Bookrunner CIBC World Markets CoManager Deutsche Bank Securities CoManager September 27, 2012 4/16/2019 Unassociated Document https://www.sec.gov/Archives/edgar/data/1013611/000153949712000619/prospectus_supplement.htm 2/590 4/16/2019 Unassociated Document https://www.sec.gov/Archives/edgar/data/1013611/000153949712000619/prospectus_supplement.htm 3/590 SUMMARY OF CERTIFICATES Class Initial Class Certificate Balance or Notional Amount(1) Approx. Initial Credit Support(2) PassThrough Rate Description Assumed Final Distribution Date(3) Initial Approx. PassThrough Rate Weighted Average Life (Yrs.)(4) Principal Window(4) Offered Certificates A1 $ 76,634,000 30.000% Fixed August 2017 0.7053% 2.69 11/1208/17 A2 $ 189,227,000 30.000% Fixed September 2017 1.7966% 4.88 08/1709/17 A3 $ 426,122,000 30.000% Fixed September 2022 2.8291% 9.75 04/2209/22 ASB $ 103,623,000 30.000% Fixed April 2022 2.3791% 7.36 09/1704/22 XA $ 897,898,000(5) N/A Variable(6) September 2022 2.3801% N/A N/A NonOffered Certificates(16) XB $ 238,681,989(7) N/A Variable(8) October 2022 0.8203% N/A N/A AS(9) $ 102,292,000(10) 21.000% Fixed September 2022 3.4239% 9.91 09/2209/22 B (9) $ 56,829,000(10) 16.000% Fixed(11) September 2022 3.9767% 9.91 09/2209/22 C(9) $ 44,043,000(10) 12.125% WAC(12) September 2022 4.7781% 9.91 09/2209/22 EC(9)(13) $ 203,164,000(10) 12.125% (14) September 2022 3.8721% 9.91 09/2209/22 D $ 35,518,000 9.000% WAC(15) September 2022 4.8262% 9.91 09/2209/22 E $ 32,676,000 6.125% WAC(15) September 2022 4.8262% 9.91 09/2209/22 F $ 15,628,000 4.750% Fixed(11) October 2022 2.7533% 9.95 09/2210/22 G $ 17,049,000 3.250% Fixed(11) October 2022 2.7327% 9.99 10/2210/22 NR $ 36,938,989 0.000% Fixed(11) October 2022 2.7327% 9.99 10/2210/22 (1) Approximate, subject to a permitted variance of plus or minus 5%. (2) The initial credit support percentages set forth for the certificates are approximate and, for the Class A1, Class A2, Class A3 and Class ASB certificates, are represented in the aggregate. (3) The assumed final distribution dates set forth in this prospectus supplement have been determined on the basis of the assumptions described in “Description of the Certificates—Assumed Final Distribution Date; Rated Final Distribution Date” in this prospectus supplement. The rated final distribution date for each class of offered certificates is October 2045. See “Description of the Certificates—Assumed Final Distribution Date; Rated Final Distribution Date” in this prospectus supplement. (4) The weighted average life and period during which distributions of principal would be received as set forth in the foregoing table with respect to each class of certificates (other than the Class XA and Class XB certificates) are based on the assumptions set forth under “Yield and Maturity Considerations—Weighted Average Life” in this prospectus supplement and on the assumptions that there are no prepayments, modifications or losses in respect of the mortgage loans and that there are no extensions or forbearances of maturity dates of the mortgage loans. (5) The notional amount of the Class XA certificates will be equal to the aggregate of the certificate balances of the Class A1, Class A2, Class A3, Class ASB and Class AS certificates (without giving effect to any exchange of Class AS certificates for Class EC certificates). The Class XA certificates will not be entitled to distributions of principal. (6) The passthrough rate for the Class XA certificates for any distribution date will equal the excess, if any, of (a) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360day year consisting of twelve 30day months), over (b) the weighted average of the passthrough rates on the Class A1, Class A2, Class A3, Class ASB and Class AS certificates, weighted on the basis of their respective certificate balances immediately prior to that distribution date and without giving effect to any exchange of Class AS certificates for Class EC certificates. See “Description of the Certificates— Distributions” in this prospectus supplement. (7) The notional amount of the Class XB certificates will be equal to the aggregate of the certificate balances of the Class B, Class C, Class D, Class E, Class F, Class G and Class NR certificates (without giving effect to any exchange of Class B and Class C certificates for Class EC certificates). The Class XB certificates will not be entitled to distributions of principal. (8) The passthrough rate for the Class XB certificates for any distribution date will equal the excess, if any, of (a) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360day year consisting of twelve 30day months), over (b) the weighted average of the passthrough rates of the Class B, Class C, Class D, Class E, Class F, Class G and Class NR certificates, weighted on the basis of their respective certificate balances immediately prior to that distribution date and without giving effect to any exchange of Class B and Class C certificates for Class EC certificates. See “Description of the Certificates—Distributions” in this prospectus supplement. (9) A holder of Class AS, Class B and Class C certificates may exchange and convert such classes of certificates (on an aggregate basis) for a related amount of Class EC certificates, and a holder of Class EC certificates may exchange and convert that Class for a ratable portion of each Class of Class AS, Class B and Class C certificates. (10) The initial certificate balance of any of the Class AS, Class B or Class C certificates represents the principal balance of such class without giving effect to any exchange and conversion. The initial certificate balance of the Class EC certificates is equal to the aggregate of the initial certificate balances of the Class AS, Class B and Class C certificates and represents the maximum principal balance of such class that could be issued in an exchange and conversion. In the event that none of the Class AS, Class B and Class C certificates are converted to Class EC certificates, the Class EC certificate balance would be equal to zero. Other than for federal income tax purposes, any exchange of (i) a portion of the Class AS, Class B or Class C certificates will result in a conversion and reduction, on a dollarfordollar basis, of a proportionate share of each related component class of Class AS, Class B and Class C certificates for, and an increase, on a dollarfordollar basis, of the certificate balance of the Class EC certificates, and (ii) any amount of the Class EC certificates will result in a conversion and reduction, on a dollarfordollar basis, of the certificate balance of the Class EC certificates converted and an increase, on a dollarfordollar basis, of a proportionate share of the related certificate balances of each class of Class AS, Class B and Class C certificates. (11) The passthrough rate applicable to the Class B, Class F, Class G and Class NR certificates on each distribution date will be a per annum rate equal to the lesser of (x) the rate specified above and (y) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360day year consisting of twelve 30day months) for such distribution date. (12) The passthrough rate applicable to the Class C certificates on each distribution date will be a per annum rate equal to the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360day year consisting of twelve 30day months) for such distribution date minus 0.0481%. S2 4/16/2019 Unassociated Document https://www.sec.gov/Archives/edgar/data/1013611/000153949712000619/prospectus_supplement.htm 4/590 (13) Although the Class EC certificates are listed below the Class C certificates in the chart, the Class EC certificates’ payment entitlements and subordination priority will be a result of the payment entitlements and subordination priority at each level of the related component classes of Class AS, Class B and Class C certificates. For purposes of determining the approximate initial credit support for Class EC certificates, the calculation is based on the aggregate initial class certificate balance of the Class AS, Class B and Class C certificates as if they were a single class. (14) The Class EC certificates will not have a passthrough rate, but will be entitled to receive the sum of the interest that would otherwise be distributable on the Class AS, Class B and Class C certificates that are converted in an exchange for such Class EC certificates. (15) The passthrough rate applicable to the Class D and Class E certificates on each distribution date will be a per annum rate equal to the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360day year consisting of twelve 30day months) for such distribution date. (16) The Class R certificates are not represented in the above table. The Class XB, Class AS, Class B, Class C, Class EC, Class D, Class E, Class F, Class G, Class NR and Class R certificates are not offered by this prospectus supplement. Any information in this prospectus supplement concerning certificates other than the offered certificates is presented solely to enhance your understanding of the offered certificates. S3 4/16/2019 Unassociated Document https://www.sec.gov/Archives/edgar/data/1013611/000153949712000619/prospectus_supplement.htm 5/590 TABLE OF CONTENTS SUMMARY OF CERTIFICATES S2 Industrial Properties Have Special IMPORTANT NOTICE ABOUT Risks S45 INFORMATION PRESENTED IN Hotel Properties Have Special Risks S46 THIS PROSPECTUS Risks Relating to Affiliation with a SUPPLEMENT AND THE Franchise or Hotel Management ACCOMPANYING PROSPECTUS S8 Company S47 SUMMARY OF TERMS S10 SelfStorage Properties Have RISK FACTORS S33 Special Risks S48 Combination or “Layering” of Multifamily Properties Have Special Multiple Risks May Significantly Risks S48 Increase Risk of Loss S33 Manufactured Housing Community The Offered Certificates May Not Be Properties Have Special Risks S49 a Suitable Investment for You S33 Risks of Lease Early Termination The Credit Crisis and Downturn in Options S50 the Real Estate Market Have Geographic Concentration Entails Adversely Affected and May Risks S51 Continue To Adversely Affect Risks Relating to Mortgage Loan the Value of Commercial Concentrations and Borrower MortgageBacked Securities S33 Sponsor Concentrations S52 Market Considerations and Limited The Borrower’s Form of Entity May Liquidity S34 Cause Special Risks S54 Legal and Regulatory Provisions TenanciesinCommon May Hinder Affecting Investors Could Recovery S56 Adversely Affect the Liquidity of Ability To Incur Other Borrowings the Certificates S35 Entails Risk S57 The Volatile Economy and Credit Borrower May Be Unable To Repay Crisis May Increase Loan Remaining Principal Balance on Defaults and Affect the Value Maturity Date or Anticipated and Liquidity of Your Investment S37 Repayment Date S58 The Prospective Performance of the Tenant Concentration Entails Risk S59 Mortgage Loans Included in the Certain Additional Risks Relating to Trust Fund Should Be Tenants S59 Evaluated Separately from the Options and Other Purchase Rights Performance of the Mortgage May Affect Value or Hinder Loans in Any of Our Other Recovery with Respect to the Trusts S39 Mortgaged Properties S61 Commercial Lending Is Dependent Risks Related to Redevelopment Upon Net Operating Income S40 and Renovation at the Risks Relating to Underwritten Net Mortgaged Properties S61 Cash Flow S41 Mortgaged Properties Leased to Limited Information Causes Borrowers or BorrowerAffiliated Uncertainty S41 Entities Also Have Risks S62 No Reunderwriting of the Mortgage Tenant Bankruptcy Entails Risks S62 Loans S41 Mortgage Loans Are Nonrecourse Risks Associated with Commercial and Are Not Insured or Real Estate Lending S42 Guaranteed S63 Office Properties Have Special Lack of Skillful Property Risks S42 Management Entails Risks S63 Risks Associated with Retail The Performance of a Mortgage Properties S43 Loan and the Related Mixed Use Facilities Have Special Mortgaged Property Depends in Risks S45 Part on Who Controls the S4 MacBook Pro MacBook Pro 4/16/2019 Unassociated Document https://www.sec.gov/Archives/edgar/data/1013611/000153949712000619/prospectus_supplement.htm 6/590 Borrower and the Related Potential Conflicts of Interest in Mortgaged Property S63 the Selection of the Some Mortgaged Properties May Mortgage Loans S75 Not Be Readily Convertible to Your Lack of Control Over the Trust Alternative Uses S64 Can Adversely Impact Your Condominium Ownership May Limit Investment S76 Use and Improvements S64 Special Servicer May Be Directed Mortgage Loans Secured by To Take Actions S77 Leasehold Interests May The Sponsors, the Depositor and Expose Investors to Greater the Trust Are Subject to Risks of Default and Loss S65 Bankruptcy or Insolvency Laws Limitations of Appraisals S65 That May Affect the Trust Different Timing of Mortgage Loan Fund’s Ownership of the Amortization Poses Certain Mortgage Loans S77 Risks S65 Risks Relating to Prepayments and Environmental Risks Relating to the Repurchases S78 Mortgaged Properties S65 Risks Relating to Substitutions of Availability of Earthquake, Flood Mortgaged Properties by the and Other Insurance S67 Related Borrower S81 Risks Associated with Blanket Optional Early Termination of the Insurance Policies or Self Trust Fund May Result in an Insurance S68 Adverse Impact on Your Yield or Availability of Terrorism Insurance S68 May Result in a Loss S82 Zoning Compliance, Use The Mortgage Loan Sellers May Not Restrictions and Condemnation Be Able To Make a Required May Adversely Affect Property Repurchase or Substitution of a Value S69 Defective Mortgage Loan S82 Increases in Real Estate Taxes Due Realization on Certain Mortgage to Termination of a PILOT Loans May Be Adversely Program or Other Tax Affected by the Rights of the Abatement Arrangements May Mezzanine Lender S82 Reduce Net Cash Flow and Limited Obligations S82 Payments to Certificateholders S69 Changes to Accounting Standards Litigation or Other Legal and Regulatory Restrictions Proceedings Could Adversely Could Have an Adverse Impact Affect the Mortgage Loans S70 on the Certificates S83 Certain of the Mortgage Loans Lack Tax Consequences Related to Customary Provisions S71 Foreclosure S83 Shari’ah Compliant Loans S71 State and Local Tax Considerations S83 Potential Conflicts of Interest S71 Ratings of the Certificates S84 Potential Conflicts of Interest of DESCRIPTION OF THE MORTGAGE the Sponsors and Mortgage POOL S86 Loan Sellers S71 General S86 Potential Conflicts of Interest of Mortgage Pool Characteristics S87 the Master Servicer and the General S87 Special Servicer S72 Fee & Leasehold Estates; Potential Conflicts of Interest of Ground Leases S88 the Directing Mortgage Loan Concentrations S89 Certificateholder S73 CrossCollateralized Mortgage Potential Conflicts of Interest of Loans; MultiProperty the Underwriters and Their Mortgage Loans and Affiliates S73 Related Borrower Mortgage Other Possible Conflicts of Loans S90 Interests S74 TenanciesinCommon S91 Property Type Concentrations S92 Geographic Concentrations S93 S5 MacBook Pro MacBook Pro MacBook Pro MacBook Pro MacBook Pro 4/16/2019 Unassociated Document https://www.sec.gov/Archives/edgar/data/1013611/000153949712000619/prospectus_supplement.htm 7/590 Additional Debt S94 BookEntry Registration and Net Cash Flow and Certain Definitive Certificates S163 Underwriting Considerations S97 List of Certificateholders S165 Mortgaged Property Considerations S98 Distributions S165 Environmental Considerations S98 Allocation of Yield Maintenance Property Renovation Issues S100 Charges S177 Litigation Considerations; Assumed Final Distribution Date; Bankruptcy Issues and Rated Final Distribution Date S178 Other Proceedings S100 Subordination; Allocation of Tenant Issues S101 Collateral Support Deficit S179 Purchase Options and Rights of Advances S182 First Refusal S103 Appraisal Reductions S185 Additional Considerations S103 Reports to Certificateholders; Assessments of Property Value and Certain Available Information S187 Condition S104 Voting Rights S194 Appraisals S104 Termination; Retirement of Engineering Reports S104 Certificates S195 Zoning and Building Code SERVICING OF THE MORTGAGE Compliance and LOANS S197 Condemnation S104 General S197 Certain Terms and Conditions of the The Directing Certificateholder S200 Mortgage Loans S105 Limitation on Liability of Directing ARD Loans S109 Certificateholder S203 Releases of Individual The Senior Trust Advisor S204 Mortgaged Properties S110 Consultation Duties of the Other Releases S112 Senior Trust Advisor After a Additional Mortgage Loan Control Event S206 Information S116 Replacement of the Special Sale of Mortgage Loans; Mortgage Servicer S207 File Delivery S119 Termination and Resignation of Representations and Warranties; the Senior Trust Advisor S207 Repurchases and Substitutions S120 Senior Trust Advisor Lockbox Accounts S123 Compensation S208 TRANSACTION PARTIES S125 Maintenance of Insurance S209 The Sponsors and Mortgage Loan Modifications, Waivers and Sellers S125 Amendments S211 JPMorgan Chase Bank, Mortgage Loans with “DueonSale” National Association S125 and “DueonEncumbrance” CIBC Inc. S133 Provisions S212 The Depositor S141 Realization Upon Defaulted Significant Obligor S142 Mortgage Loans S213 The Trust S142 Inspections; Collection of Operating The Trustee and the Certificate Information S215 Administrator S143 Certain Matters Regarding the Resignation and Removal of the Master Servicer, the Special Trustee and the Certificate Servicer, the Senior Trust Administrator S145 Advisor and the Depositor S216 The Master Servicer S146 Rating Agency Confirmations S217 The Special Servicer S148 Evidence as to Compliance S219 Replacement of the Special Servicer S150 Servicer Termination Events S220 Servicing and Other Compensation Rights Upon Servicer Termination and Payment of Expenses S152 Event S221 The Senior Trust Advisor S159 Amendment S222 DESCRIPTION OF THE CERTAIN AFFILIATIONS, CERTIFICATES S161 RELATIONSHIPS AND RELATED General S161 S6 4/16/2019 Unassociated Document https://www.sec.gov/Archives/edgar/data/1013611/000153949712000619/prospectus_supplement.htm 8/590 TRANSACTIONS INVOLVING Taxation of Offered Certificates S237 TRANSACTION PARTIES S225 Taxation of Foreign Investors S238 PENDING LEGAL PROCEEDINGS Further Information S238 INVOLVING TRANSACTION CERTAIN STATE AND LOCAL TAX PARTIES S226 CONSIDERATIONS S238 USE OF PROCEEDS S226 METHOD OF DISTRIBUTION YIELD AND MATURITY (UNDERWRITER CONFLICTS OF CONSIDERATIONS S227 INTEREST) S239 Yield Considerations S227 CERTAIN ERISA CONSIDERATIONS S240 Weighted Average Life S230 CERTAIN LEGAL ASPECTS OF THE Yield Sensitivity of the Class XA MORTGAGE LOANS S242 Certificates S233 LEGAL INVESTMENT S244 PreTax Yield to Maturity Tables S234 LEGAL MATTERS S244 MATERIAL FEDERAL INCOME TAX RATINGS S244 CONSEQUENCES S236 INDEX OF DEFINED TERMS S247 General S236 Tax Status of Offered Certificates S236 ANNEX A1 CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES ANNEX A2 CERTAIN POOL CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES ANNEX A3 DESCRIPTION OF TOP TEN MORTGAGE LOANS AND ADDITIONAL MORTGAGE LOAN INFORMATION ANNEX B FORM OF REPORT TO CERTIFICATEHOLDERS ANNEX C FORM OF SENIOR TRUST ADVISOR ANNUAL REPORT ANNEX D1 MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES ANNEX D2 EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES ANNEX E CLASS ASB PLANNED PRINCIPAL BALANCE SCHEDULE ANNEX F EAST 54 AMORTIZATION SCHEDULE S7 4/16/2019 Unassociated Document https://www.sec.gov/Archives/edgar/data/1013611/000153949712000619/prospectus_supplement.htm 9/590 IMPORTANT NOTICE ABOUT INFORMATION PRESENTED IN THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS Information about the offered certificates is contained in two separate documents that progressively provide more detail: (a) the accompanying prospectus, which provides general information, some of which may not apply to the offered certificates; and (b) this prospectus supplement, which describes the specific terms of the offered certificates. You should rely only on the information contained in this prospectus supplement and the prospectus. We have not authorized anyone to provide you with information that is different from that contained in this prospectus supplement and the prospectus. The information contained in this prospectus supplement is accurate only as of the date of this prospectus supplement. This prospectus supplement begins with several introductory sections describing the certificates and the trust in abbreviated form: Summary of Certificates, commencing on page S2 of this prospectus supplement, which sets forth important statistical information relating to the certificates; Summary of Terms, commencing on page S10 of this prospectus supplement, which gives a brief introduction of the key features of the certificates and a description of the underlying mortgage loans; and Risk Factors, commencing on page S33 of this prospectus supplement, which describe risks that apply to the certificates which are in addition to those described in the prospectus with respect to the securities issued by the trust generally. This prospectus supplement and the accompanying prospectus include cross references to Sections in these materials where you can find further related discussions. The Tables of Contents in this prospectus supplement and the prospectus identify the pages where these Sections are located. Certain capitalized terms are defined and used in this prospectus supplement and the prospectus to assist you in understanding the terms of the offered certificates and this offering. The capitalized terms used in this prospectus supplement are defined on the pages indicated under the caption “Index of Defined Terms” commencing on page S247 of this prospectus supplement. The capitalized terms used in the prospectus are defined on the pages indicated under the caption “Index of Defined Terms” commencing on page 126 of the prospectus. All annexes and schedules attached to this prospectus supplement are a part of this prospectus supplement. In this prospectus supplement, the terms “depositor,” “we,” “us” and “our” refer to J.P. Morgan Chase Commercial Mortgage Securities Corp. Until ninety days after the date of this prospectus supplement, all dealers that buy, sell or trade the offered certificates, whether or not participating in this offering, may be required to deliver a prospectus supplement and the prospectus. This is in addition to the dealers’ obligation to deliver a prospectus supplement and the prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions. This prospectus supplement is not an offer to sell or a solicitation of an offer to buy these securities in any state or other jurisdiction where such offer, solicitation or sale is not permitted. S8 4/16/2019 Unassociated Document https://www.sec.gov/Archives/edgar/data/1013611/000153949712000619/prospectus_supplement.htm 10/590 EUROPEAN ECONOMIC AREA THIS PROSPECTUS SUPPLEMENT HAS BEEN PREPARED ON THE BASIS THAT ANY OFFER OF OFFERED CERTIFICATES IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA WHICH HAS IMPLEMENTED THE PROSPECTUS DIRECTIVE (EACH, A “RELEVANT MEMBER STATE”) WILL BE MADE PURSUANT TO AN EXEMPTION UNDER THE PROSPECTUS DIRECTIVE (AS DEFINED BELOW) FROM THE REQUIREMENT TO PUBLISH A PROSPECTUS FOR OFFERS OF OFFERED CERTIFICATES. ACCORDINGLY ANY PERSON MAKING OR INTENDING TO MAKE AN OFFER TO THE PUBLIC IN THAT RELEVANT MEMBER STATE OF OFFERED CERTIFICATES WHICH ARE THE SUBJECT OF AN OFFERING CONTEMPLATED IN THIS PROSPECTUS SUPPLEMENT AS COMPLETED BY FINAL TERMS IN RELATION TO THE OFFER OF THOSE OFFERED CERTIFICATES MAY ONLY DO SO IN CIRCUMSTANCES IN WHICH NO OBLIGATION ARISES FOR THE TRUST OR AN UNDERWRITER TO PUBLISH A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS DIRECTIVE IN RELATION TO SUCH OFFER. NEITHER THE TRUST NOR ANY OF THE UNDERWRITERS HAS AUTHORISED, NOR DOES ANY OF THEM AUTHORISE, THE MAKING OF ANY OFFER OF OFFERED CERTIFICATES IN CIRCUMSTANCES IN WHICH AN OBLIGATION ARISES FOR THE TRUST OR AN UNDERWRITER TO PUBLISH OR SUPPLEMENT A PROSPECTUS FOR SUCH OFFER. FOR THE PURPOSES OF THIS PROVISION, THE EXPRESSION AN “OFFER OF OFFERED CERTIFICATES TO THE PUBLIC” IN RELATION TO ANY OFFERED CERTIFICATES IN ANY RELEVANT MEMBER STATE MEANS THE COMMUNICATION IN ANY FORM AND BY ANY MEANS OF SUFFICIENT INFORMATION ON THE TERMS OF THE OFFER AND THE OFFERED CERTIFICATES TO BE OFFERED SO AS TO ENABLE AN INVESTOR TO DECIDE TO PURCHASE OR SUBSCRIBE FOR THE CERTIFICATES, AS THE SAME MAY BE VARIED IN THAT MEMBER STATE BY ANY MEASURE IMPLEMENTING THE PROSPECTUS DIRECTIVE IN THAT MEMBER STATE, THE EXPRESSION “PROSPECTUS DIRECTIVE” MEANS DIRECTIVE 2003/71/EC (AND AMENDMENTS THERETO, INCLUDING THE 2010 PD AMENDING DIRECTIVE, TO THE EXTENT IMPLEMENTED IN THE RELEVANT MEMBER STATE), AND INCLUDES ANY RELEVANT IMPLEMENTING MEASURE IN THE RELEVANT MEMBER STATE AND THE EXPRESSION “2010 PD AMENDING DIRECTIVE” MEANS DIRECTIVE 2010/73/EU. NOTICE TO RESIDENTS OF THE UNITED KINGDOM THE DISTRIBUTION OF THIS PROSPECTUS SUPPLEMENT IS MADE BY A PERSON WHO IS NOT AN AUTHORIZED PERSON UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000. WITHIN THE UNITED KINGDOM, THIS PROSPECTUS SUPPLEMENT IS DIRECTED ONLY AT PERSONS WHO ARE INSIDE THE UNITED KINGDOM AND QUALIFY EITHER AS INVESTMENT PROFESSIONALS IN ACCORDANCE WITH ARTICLE 19(5), OR ARE PERSONS FALLING WITHIN ARTICLES 49(2)(A) THROUGH (D) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (TOGETHER