UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
October 17, 2022
Date of Report (Date of Earliest Event Reported)
Commission File Number of issuing entity: 333-193376-05
Central Index Key Number of issuing entity: 0001603669
COMM 2014-CCRE17 Mortgage Trust
(Exact name of issuing entity as specified in its charter)
Commission File Number of registrant: 333-193376
Central Index Key Number of registrant: 0001013454
Deutsche Mortgage & Asset Receiving Corporation
(Exact name of registrant as specified in its charter)
Central Index Key Number of sponsor (if applicable): 0001541294
German American Capital Corporation
(Exact name of sponsor as specified in its charter)
Central Index Key Number of sponsor (if applicable): 0001558761
Cantor Commercial Real Estate Lending, L.P.
(Exact name of sponsor as specified in its charter)
Central Index Key Number of sponsor (if applicable): 0001555524
LoanCore Capital Markets LLC (formerly known as Jefferies
LoanCore LLC)
(Exact name of sponsor as specified in its charter)
Central Index Key Number of sponsor: 0001660492
GE Capital US Holdings, Inc. (successor in interest to certain obligations
of General Electric Capital Corporation, one of the sponsors and mortgage
loan sellers)
(Exact name of sponsor as specified in its charter)
Lainie Kaye (212) 250-2500
(Name and telephone number, including area code, of the person to
contact in connection with this filing)
New York
(State or other jurisdiction of incorporation or organization
of the issuing entity)
Lower Tier Remic 46-5624264
Upper Tier Remic 46-5637581
Grantor Trust 46-7508878
(I.R.S. Employer Identification No.)
c/o Deutsche Bank Trust Company Americas as Certificate Administrator
1761 East St. Andrew Place, Santa Ana CA
(Address of principal executive offices of the issuing entity)
92705
(Zip Code)
(212) 250-2500
(Telephone number, including area code)
NONE
(Former name, former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simulaneously
satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under teh Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
None
Trading Symbol(s)
None
Name of each exchange on which registered
None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of
the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(240.12b-2 of this chapter).
[ ] Emerging growth company
[ ] If an emerging growth company, indicate by check mark if the registrant has elected not to use the
extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.
Item 6.02. Change of Servicer or Trustee.
Pursuant to an Assignment and Assumption Agreement, dated as of January 28,
2022, between U.S. Bank National Association, a national banking association
("U.S. Bank N.A."), and U.S. Bank Trust Company, National Association, a national
banking association ("U.S. Bank Trust Co."), and as a result of the transfer
of substantially all of U.S. Bank N.A.'s corporate trust business to U.S. Bank
Trust Co., effective as of October 17, 2022, U.S. Bank Trust Co. succeeded U.S.
Bank N.A. as trustee (in such capacity, the "Trustee") under the pooling and
servicing, dated as of May 1, 2014, among Deutsche Mortgage & Asset Receiving
Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer, Midland Loan Services, a Division of PNC Bank,
National Association, as special servicer, U.S. Bank N.A., as trustee, Deutsche
Bank Trust Company Americas, as certificate administrator, paying agent and
custodian, and Park Bridge Lender Services LLC, as operating advisor, relating
to the COMM 2014-CCRE17 Mortgage Trust filed as Exhibit 4 to the registrant's
Current Report on Form 8-K filed on May 13, 2014 (the "Pooling and Servicing
Agreement"). In connection therewith, U.S. Bank N.A. transferred its duties,
rights and liabilities with such role under the relevant transaction agreements
to U.S. Bank Trust Co.
U.S. Bank N.A. made a strategic decision to reposition its corporate trust business
by transferring substantially all of its corporate trust business to its affiliate,
U.S. Bank Trust Co., a non-depository trust company (U.S. Bank N.A. and U.S. Bank
Trust Co. are collectively referred to herein as "U.S. Bank."). Upon U.S. Bank
Trust Co.'s succession to the business of U.S. Bank N.A., it became a wholly
owned subsidiary of U.S. Bank N.A.
U.S. Bancorp, with total assets exceeding $591 billion as of June 30, 2022, is
the parent company of U.S. Bank N.A., the fifth largest commercial bank in the
United States. As of June 30, 2022, U.S. Bancorp operated over 2,200 branch offices
in 26 states. A network of specialized U.S. Bancorp offices across the nation provides
a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust
and payment services products to consumers, businesses, and institutions.
U.S. Bank has one of the largest corporate trust businesses in the country with
office locations in 48 domestic and 2 international cities. The Pooling and Servicing
Agreement will be administered from U.S. Bank's corporate trust office located at
190 South LaSalle Street, 7th floor, Mail code MK-IL-SL7C, Chicago, IL 60603.
U.S. Bank has provided corporate trust services since 1924. As of June 30, 2022,
U.S. Bank was acting as trustee with respect to over 122,000 issuances of securities
with an aggregate outstanding principal balance of over $5.5 trillion. This
portfolio includes corporate and municipal bonds, mortgage-backed and asset-backed
securities and collateralized debt obligations.
As of June 30, 2022, U.S. Bank (and its affiliate U.S. Bank Trust National
Association) was acting as trustee on 538 issuances of commercial mortgage-backed
securities with an outstanding aggregate principal balance of approximately
$395,381,100,000.
U.S. Bank N.A. and other large financial institutions have been sued in their capacity
as trustee or successor trustee for certain residential mortgage-backed securities
("RMBS") trusts. The complaints, primarily filed by investors or investor groups
against U.S. Bank N.A. and similar institutions, allege the trustees caused losses
to investors as a result of alleged failures by the sponsors, mortgage loan sellers
and servicers to comply with the governing agreements for these RMBS trusts.
Plaintiffs generally assert causes of action based upon the trustees' purported
failures to enforce repurchase obligations of mortgage loan sellers for alleged
breaches of representations and warranties, notify securityholders of purported
events of default allegedly caused by breaches of servicing standards by mortgage
loan servicers and abide by a heightened standard of care following alleged events
of default.
U.S. Bank N.A. denies liability and believes that it has performed its obligations
under the RMBS trusts in good faith, that its actions were not the cause of losses
to investors, that it has meritorious defenses, and it has contested and intends
to continue contesting the plaintiffs' claims vigorously. However, U.S. Bank N.A.
cannot assure you as to the outcome of any of the litigation, or the possible
impact of these litigations on the trustee or the RMBS trusts.
On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts
(the "DSTs") that issued securities backed by student loans (the "Student Loans")
filed a lawsuit in the Delaware Court of Chancery against U.S. Bank N.A. in its
capacities as indenture trustee and successor special servicer, and three other
institutions in their respective transaction capacities, with respect to the DSTs
and the Student Loans. This lawsuit is captioned The National Collegiate Student
Loan Master Trust I, et al. v. U.S. Bank National Association, et al., C.A. No.
2018-0167-JRS (Del. Ch.) (the "NCMSLT Action"). The complaint, as amended on
June 15, 2018, alleged that the DSTs have been harmed as a result of purported
misconduct or omissions by the defendants concerning administration of the trusts
and special servicing of the Student Loans. Since the filing of the NCMSLT
Action, certain Student Loan borrowers have made assertions against U.S. Bank N.A.
concerning special servicing that appear to be based on certain allegations made on
behalf of the DSTs in the NCMSLT Action.
U.S. Bank N.A. has filed a motion seeking dismissal of the operative complaint in its
entirety with prejudice pursuant to Chancery Court Rules 12(b)(1) and 12(b)(6) or,
in the alternative, a stay of the case while other prior filed disputes involving
the DSTs and the Student Loans are litigated. On November 7, 2018, the Court ruled
that the case should be stayed in its entirety pending resolution of the first-filed
cases. On January 21, 2020, the Court entered an order consolidating for pretrial
purposes the NCMSLT Action and three other lawsuits pending in the Delaware Court
of Chancery concerning the DSTs and the Student Loans, which remains pending.
U.S. Bank N.A. denies liability in the NCMSLT Action and believes it has performed
its obligations as indenture trustee and special servicer in good faith and in
compliance in all material respects with the terms of the agreements governing
the DSTs and that it has meritorious defenses. It has contested and intends to
continue contesting the plaintiffs' claims vigorously.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Deutsche Mortgage & Asset Receiving Corporation
(Depositor)
/s/ R. Chris Jones
Name: R. Chris Jones
Title: Director
/s/ Matt Smith
Name: Matt Smith
Title: Director
Date: October 17, 2022
