Untitled

European CMBS Monthly Bulletin
(April 2014): Outstanding CMBS Loan

Balance Falls Below 50% Of Its 2008
Peak
Surveillance Credit Analyst:
James Belchamber, London +44 207 176 3734; james.belchamber@standardandpoors.com
Secondary Contact:
Robert W Leach, London (44) 20-7176-3652; robert.leach@standardandpoors.com
Research Contributor:
Hitesh J Kukreja, Mumbai (91) 22-4040-2997; hitesh.kukreja@standardandpoors.com
Media Contact:
Lisa Nugent, London (44) 20-7176-3501; lisa.nugent@standardandpoors.com
Table Of Contents
Loan Maturities
Loan Delinquencies, Nonmonetary Breaches, And Cures
Specially Serviced Loans
Ratings And Note-Level Matters
Transactions And Related Publications
Loan Delinquencies And Nonmonetary Breaches Data
Specially Serviced Loans Data
Ratings And Note-Level Matters Data
Related Criteria And Research
STRUCTURED
FINANCE
RESEARCH
WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 19, 2014 1
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European CMBS Monthly Bulletin (April 2014):
Outstanding CMBS Loan Balance Falls Below 50%
Of Its 2008 Peak
The last two years have seen a large number of European commercial mortgage-backed securities (CMBS) loans
repay. This paydown, combined with subdued new issuance since 2009, has left the transactions that Standard &
Poor's Ratings Services rates with an outstanding loan balance of just 53.7 billion in April 2014, down from a
December 2008 113.2 billion peak.
The outstanding balance of euro-denominated loans has declined at a faster rate than their British pound sterling
counterparts. At the end of April, euro-denominated loans had an outstanding balance of just 37.4% of the 2008 peak.
The outstanding balance of pound sterling-denominated loans now stands at 58.5% of the 2008 peak. This higher
percentage is due to the larger proportion of long-dated pound sterling-denominated loans within the portfolio.
Chart A plots the loan maturity profile for pound sterling- and euro-denominated loans within our rated universe,
assuming that all performing loans pay at scheduled maturity and all defaulted loans repay by legal final maturity.
Absent additional new issuance, euro-denominated loan balances will have reduced by 2020 to less than 1% of their
pre-crisis peak, while pound sterling-denominated outstanding loans may not repay until 2041.
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Chart A
The information below is as of the end of March 2014, unless stated otherwise.
Table 1
Data Snapshot For Loans And Ratings
Loan developments Number of loans Number of transactions affected
Total delinquent 154 57
Total in nonmonetary breach 18 16
Total in special servicing 170 61
Maturity performance
Scheduled to mature 3 3
Repaid by maturity date 2 2
Rating actions Number of tranches Number of transactions affected
New 3 1
Raised 9 4
Lowered 11 3
Affirmed 20 7
To CreditWatch negative 0 0
To 'D (sf)' 1 1
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European CMBS Monthly Bulletin (April 2014): Outstanding CMBS Loan Balance Falls Below 50% Of Its 2008
Peak
Table 1
Data Snapshot For Loans And Ratings (cont.)
Total at 'D (sf)' 166 61
Redemptions 2 1
Data Notes
The total number of loans in European CMBS that we rate (excluding the loans in small loan transactions,
nonperforming loan [NPL] transactions, and commercial real estate collateralized debt obligations [CRE
CDOs]) stood at 334 at the end of March 2014.
The British pound sterling and euro balances of this universe over this period were 26,388,941,078 and
22,041,946,663, respectively.
The total issuance amounts across all transactions we rate (including small loan transactions, nonperforming
loans, and CRE CDOs) were 27,941,225,228 and 23,936,541,448, respectively.
Loan Maturities
Loan maturity performance
Of the three loans that matured, two borrowers fully repaid, and servicers declared one to be in default.
Table 2
Maturities In March 2014
Transaction Loan Jurisdiction Asset type
Loan maturity
date
Note final
maturity date Comment
MESDAG (Charlie)
B.V.
Sparkasse Germany Office Mar 31, 2014 Oct 31, 2019 Defaulted
UNITE (USAF)
PLC
UNITE (USAF)
PLC
U.K. Student
Accomodation
Mar 31, 2014 Mar 31, 2017 Repaid
DECO 7 - Pan
Europe 2 PLC
Tiago Germany Office Mar 31, 2014 Jan 27, 2018 Repaid
Loan maturity default rate and performance statistics. The maturity default rate decreased to 14.77% from 15.02%.
April maturities
We expect the maturity default rate to increase in our next European CMBS monthly bulletin, as 37 loans are
scheduled to mature. Eleven of these have already repaid.
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Chart 1
Loan Maturity Index Default Methodology
To track the maturity default rate, we use the 12-month rolling balance of loans scheduled to mature.
For example, our rate at the end of March is tracked against the total balance of loans scheduled to mature
between April 1, 2013 and March 31, 2014 is 18.81 billion when expressed in euros.
We also show the balance of loans scheduled to mature in the same period that repaid, that defaulted in that
period and that either extended, went into standstill, or for which we await information.
Loan maturities data
See "Loan Maturities Data" below for all maturities from the past quarter to the end of the current calendar year (tables
8 and 9), as well as data for the number of loans due to mature in the next nine months (chart 5), jurisdiction and
sector breakdowns of the maturity profiles for pound sterling and euro loans from 2011 onward (charts 6 and 7), and
the maturity profile for pound sterling and euro loans from 2011 onward (chart 8).
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Loan Delinquencies, Nonmonetary Breaches, And Cures
Loan delinquencies and cures
There was one loan delinquency, which failed to repay at maturity. Two loans left our delinquencies index (see table
3). As a result, the number of loans in our delinquencies index decreased to 154 from 155.
As shown in chart 2, the delinquency rate for:
Outstanding euro-denominated loans decreased to 42.82% from 44.61%; and
Outstanding pound sterling-denominated loans remained flat, at 11.25%.
Chart 2
Table 3
Delinquencies
Transaction Loan Jurisdiction Asset type Comment
Additions
MESDAG (Charlie) B.V. Sparkasse Germany Office Maturity payment default
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Table 3
Delinquencies (cont.)
Cures/resolutions
Cornerstone Titan 2007-1
PLC
Koblenz/Pforzheim Germany Industrial Repaid with a loss
Loan nonmonetary breaches and cures
There were no nonmonetary breaches and no cures over the previous month. As a result, the number of loans in our
nonmonetary breaches index remained flat, at 18 loans in 16 transactions (see table 4).
As shown in chart 3, the nonmonetary breach rate for:
Outstanding euro-denominated senior loans decreased marginally to 2.29% from 2.37%; and
Outstanding pound sterling-denominated senior loans decreased to 2.97% from 3.03%.
Chart 3
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Table 4
Nonmonetary Breaches
Additions
None -- -- -- --
Cures/resolved, or transferred to our delinquencies index
None -- -- -- --
Loan delinquencies and nonmonetary breaches data
See "Loan Delinquencies And Nonmonetary Breaches Data" below for our full delinquencies index (table 10), our full
nonmonetary breaches index (table 11), as well as data on the legal maturity profile for pound sterling and euro
transactions from 2013 to 2020 (chart 9), and term and maturity delinquencies for pound sterling and euro loans
(charts 10 and 11).
One loan entered special servicing (see table 5). We removed one loan from our special servicing index which repaid
with a loss. Overall, the number of loans in our special servicing index remained flat, at 170 (see chart 4).
Notices
We expect loans in our special servicing index to increase in our next European CMBS monthly bulletin, with 37 loans
scheduled to mature, 11 of which have already repaid.
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Chart 4
Table 5
Additions
MESDAG (Charlie) B.V. Sparkasse Germany Office Maturity payment default
Cures/resolved
Cornerstone Titan 2007-1
PLC
Koblenz/Pforzheim Germany Industrial Repaid with a loss
Table 6
Rating Defaults
Transaction Class
Date rating lowered
to 'D (sf)' Original rating
Rating immediately
before 'D (sf)' Comment
Windermere XIV
CMBS Ltd.
F Mar 2014 BBB- (sf) B- (sf) Principal loss
allocation
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Specially serviced loans data
See "Specially Serviced Loans Data" below for our full special servicing index (table 12), as well as data on loans in
special servicing by sector for pound sterling, euro, and total loans (charts 12 and 13). Our "Loan Special Notice
Tracker" illustrates recent loan-level events in the European CMBS transactions that we rate.
Ratings And Note-Level Matters
Ratings performance
Withdrawals. We withdrew our ratings on two classes of notes in one transaction.
Affirmations. We affirmed our ratings on 20 classes of notes in seven transactions.
Upgrades. We raised our ratings on nine classes of notes in four transactions.
Downgrades. We lowered our ratings on 11 classes of notes in three transactions.
Defaults. There was one default over the previous month.
Table 7
Transaction Article Date
Trafford Centre Finance Ltd. Ratings Assigned To Further U.K. CMBS
Issuance From The Trafford Centre Finance
March 4, 2014
Credit Suisse European Mortgage Capital Ltd. Ratings Affirmed In European CMBS
Resecuritization Credit Suisse European
Mortgage Capital's Series 2012-1
March 7, 2014
Windermere XIV CMBS Ltd. Ratings Lowered On Windermere XIV CMBS'
Class B To F Notes On Principal Loss
Expectations; Class A Notes Affirmed
March 7, 2014
FORNAX (ECLIPSE 2006-2) B.V. Ratings Raised In European CMBS Transaction
FORNAX (ECLIPSE 2006-2) Following Partial
Loan Payment
March 11, 2014
Zenith Service SpA Servicer Evaluation: Zenith Service SpA March 11, 2014
Silenus (European Loan Conduit No. 25) Ltd. Various Rating Actions Taken in European
CMBS Transaction Silenus (European Loan
Conduit No. 25) Following Review
March 11, 2014
Premiertel PLC Rating Raised On Premiertel's Class A U.K.
CMBS Bonds Following Review; Class B Rating
Affirmed
March 21, 2014
Fleet Street Finance Three PLC Ratings Raised On European CMBS
Transaction Fleet Street Finance Three's Class
A1, A2, And B Notes
March 21, 2014
Windermere XII FCC Ratings Lowered On French CMBS
Transaction Windermere XII's Class E, F, And
G Notes Due To Expected Principal Losses
March 28, 2014
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Chart 5
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Chart 6
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Chart 7
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Chart 8
Table 8
Loans Maturing Over The Past Quarter
Loan
maturity
date
Note final
maturity
date
Loan
balance Comment
Bruntwood
Alpha PLC
Bruntwoood
2000
U.K. Office Jan 1, 2014 Jan 1, 2017 182,650,000 Awaiting
information
Bruntwood
Alpha PLC
Bruntwoood
Estates
U.K. Office Jan 1, 2014 Jan 1, 2017 80,350,000 Repaid
DRACO
(ECLIPSE
2005-4) PLC
Herbert
House
U.K. Office Jan 7, 2014 Oct 1, 2017 8,088,191 In standstill
Windermere
X CMBS Ltd.
IFB and Pavia
Fortress I
Italy Office Apr 15, 2015 Oct 15, 2019 59,639,015 Extended to
April 2015
Windermere
X CMBS Ltd.
Naples Enel
Tower
Fortress II
Italy Office Apr 15, 2015 Oct 15, 2019 43,900,000 Extended to
April 2015
Talisman-7
Finance Ltd.
Schubert Germany Office Jan 15, 2014 Apr 22, 2017 8,659,500 Defaulted/in
standstill
*
Windermere
X CMBS Ltd.
Bridge Germany Office Jan 15, 2014 Oct 15, 2019 342,090,000 Defaulted/in
standstill
*
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Table 8
Loans Maturing Over The Past Quarter (cont.)
Windermere
XIV CMBS
Ltd.
Fortezza II Italy Office Apr 15, 2015 Apr 22, 2018 252,228,883 Extended to
April 2015
Windermere
XIV CMBS
Ltd.
Hausmann France Office Jan 15, 2014 Apr 22, 2018 254,711,667 Repaid
EQUINOX
(ECLIPSE
2006-1) PLC
Portland
Place
U.K. Office Jan 16, 2014 Jan 25, 2018 8,899,000 Repaid
EuroProp
(EMC VI) S.A.
Henderson -
Bergen
Germany Mixed Use Jan 16, 2014 Apr 30, 2017 8,033,329 Defaulted *
EuroProp
(EMC VI) S.A.
Henderson -
Staples
Germany Mixed Use Jan 16, 2014 Apr 30, 2017 27,716,878 Defaulted *
Cornerstone
Titan 2007-1
PLC
Munster Germany Retail Jan 17, 2014 Jan 23, 2017 9,571,523 Defaulted *
INDUS
(ECLIPSE
2007-1) PLC
Gres 1
Portfolio
U.K. Residential Jan 17, 2014 Jan 1, 2020 74,500,000 Repaid
Cornerstone
Titan 2007-1
PLC
Loews Germany Multifamily
housing
Jan 18, 2014 Jan 23, 2017 17,821,418 Repaid with a
loss
Titan Europe
2007-2 Ltd.
Portier Germany Multifamily
housing
Jan 18, 2014 Apr 1, 2017 14,970,647 Repaid with a
loss
Titan Europe
2007-2 Ltd.
Skoduv
Palace
Czech Rep Office Jan 18, 2014 Apr 1, 2017 52,889,520 In standstill *
Titan Europe
2007-2 Ltd.
Ton Germany Multifamily
housing
Jan 18, 2014 Apr 1, 2017 1,953,428 Repaid
DECO 10-Pan
Europe 4 PLC
Dresdner
Office
Portfolio
Germany Office Apr 21, 2014 Oct 27, 2019 65,803,571 Extended to
April 2014
DECO 12 -
UK 4 PLC
LMM
Overseas
Investments
U.K. Office Jan 20, 2014 Jan 27, 2020 2,987,609 Repaid with a
loss
DECO
14Pan
Europe 5 B.V.
Arcadia Germany Mixed Use Jan 20, 2014 Oct 27, 2020 106,241,359 Defaulted *
DECO
14Pan
Europe 5 B.V.
Capital &
Regional
Germany Retail Jan 20, 2014 Oct 27, 2020 44,927,692 Repaid
DECO
14Pan
Europe 5 B.V.
CGG -
Tambelle
REDO 3
Germany Mixed Use Jan 20, 2014 Oct 27, 2020 95,670,381 Defaulted *
DECO
14Pan
Europe 5 B.V.
DD Karstadt
Hilden
Germany Retail Jan 20, 2014 Oct 27, 2020 5,114,500 Defaulted *
DECO
14Pan
Europe 5 B.V.
Mansford
Nord Bayern
Germany Retail Jan 20, 2014 Oct 27, 2020 43,978,768 In standstill *
DECO
14Pan
Europe 5 B.V.
Woodsford
MF
Germany Multifamily
housing
Jan 20, 2014 Oct 27, 2020 16,320,016 Repaid
DECO 15 -
Pan Europe 6
Ltd.
SCN
Shopping
Centre
Austria Retail Jul 21, 2014 Apr 1, 2018 69,250,000 Extended to
July 2014
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Table 8
Loans Maturing Over The Past Quarter (cont.)
DECO 8 - UK
Conduit 2
PLC
LMK
Overseas
Investments
U.K. Retail Jan 20, 2014 Jan 27, 2036 3,512,500 Repaid
DECO 9 - Pan
Europe 3 PLC
Dresdner
Office
Portfolio
Germany Office Apr 21, 2014 Jul 27, 2017 65,803,571 Extended to
April 2014
Epic (Brodie)
PLC
Terry Germany Retail Jan 20, 2014 Jan 22, 2016 106,662,726 Defaulted *
Epic
(Culzean) PLC
Friends First U.K. Office Jan 20, 2014 Oct 20, 2019 35,163,126 Repaid
Epic
(Drummond)
Ltd.
Magnum Germany Retail Jan 20, 2014 Jan 25, 2022 71,638,413 Defaulted *
Epic (Value
Retail) Ltd.
Las Rozas Spain Retail Jan 22, 2014 Jul 26, 2019 77,000,000 Repaid
Taurus CMBS
(Pan-Europe)
2007-1 Ltd.
The
Fisherman
IBC Portfolio
France Mixed Use Jan 30, 2014 Feb 4, 2020 13,366,334 Repaid
Silenus
(European
Loan Conduit
No. 25) Ltd.
Tishman
Munich
Elisenhof
Germany Mixed Use Feb 7, 2014 May 15, 2019 106,517,000 Repaid
Vulcan
(European
Loan Conduit
No. 28) Ltd.
Jargonnant
Munich
Germany Mixed Use Feb 7, 2014 May 15, 2017 21,586,652 Defaulted *
Vulcan
(European
Loan Conduit
No. 28) Ltd.
Tishman
German
Office
Portfolio
Germany Office Feb 7, 2015 May 15, 2017 244,970,571 Extended to
February
2015
Vulcan
(European
Loan Conduit
No. 28) Ltd.
Tishman
Hamburg
Office
Germany Office Feb 7, 2015 May 15, 2017 51,300,000 Extended to
February
2015
MESDAG
(Charlie) B.V.
Sparkasse Germany Office Mar 31, 2014 Oct 31, 2019 8,351,936 Defaulted *
UNITE
(USAF) PLC
UNITE
(USAF) PLC
U.K. Student
Accomodation
Mar 31, 2014 Mar 31, 2017 280,000,000 Repaid
DECO 7 - Pan
Europe 2 PLC
Tiago Germany Office Mar 31, 2014 Jan 27, 2018 95,243,464 Repaid
*According to our data at the end of March 2014, these loans are either delinquent, in breach of nonmonetary obligations, or in special servicing
(see our delinquencies, nonmonetary breaches, and special servicing indices in tables 10, 11, and 12 respectively).
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Chart 9
Table 9
Loans Maturing From March To December 2014
Loan
maturity
date
Note final
maturity
date
Loan
balance
(euro
equivalent) Comment
Prominent
CMBS
Conduit No. 2
Ltd.
Colombina U.K. Office Apr 15, 2014 Apr 26, 2019 120,930,000 --
Talisman-7
Finance Ltd.
Bruckner Germany Multifamily
housing
Apr 15, 2014 Apr 22, 2017 52,695,000 -- *
Talisman-7
Finance Ltd.
Hof Germany Car
showrooms
Apr 15, 2014 Apr 22, 2017 7,108,603 -- *
Windermere
VII CMBS
PLC
Firefly Germany Multifamily
housing
Apr 15, 2014 Apr 1, 2016 8,825,077 Repaid
Windermere
VII CMBS
PLC
Phoenix Germany Multifamily
housing
Apr 15, 2014 Apr 1, 2016 2,357,678 Repaid
Windermere
XI CMBS PLC
Devonshire
House
Mortgage
U.K. Office Apr 15, 2014 Apr 15, 2017 191,924,169 Repaid
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Table 9
Loans Maturing From March To December 2014 (cont.)
Windermere
XI CMBS PLC
Longacre
Mortgage
U.K. Office Apr 15, 2014 Apr 15, 2017 111,015,515 --
Windermere
XI CMBS PLC
Westville
Mortgage
U.K. Office Apr 15, 2014 Apr 15, 2017 47,666,280 -- *
Windermere
XIV CMBS
Ltd.
GSI Germany Office Apr 15, 2014 Apr 22, 2018 35,864,284 --
EuroProp
(EMC VI) S.A.
Bardowick Germany Mixed use Apr 16, 2014 Apr 30, 2017 5,175,000 --
EuroProp
(EMC VI) S.A.
Cluster 1 Germany Mixed use Apr 16, 2014 Apr 30, 2017 11,090,764 --
EuroProp
(EMC VI) S.A.
Cluster 2 Germany Mixed use Apr 16, 2014 Apr 30, 2017 11,668,473 --
EuroProp
(EMC VI) S.A.
Cluster 4 & 5 Germany Mixed use Apr 16, 2014 Apr 30, 2017 16,017,965 --
EuroProp
(EMC VI) S.A.
Epic Horse Germany Mixed use Apr 16, 2014 Apr 30, 2017 24,843,112 -- *
INDUS
(ECLIPSE
2007-1) PLC
Forster Hall U.K. Student
Accommodation
Apr 16, 2014 Jan 1, 2020 8,100,000 --
BELLATRIX
(ECLIPSE
2005-2) PLC
Rivermead
Court
U.K. Office Apr 17, 2014 Jan 25, 2017 3,522,826 -- *
INDUS
(ECLIPSE
2007-1) PLC
Criterion U.K. Office Apr 17, 2014 Jan 1, 2020 121,886,000 --
Titan Europe
2007-2 Ltd.
Cobalt Finland Retail Apr 18, 2014 Apr 1, 2017 78,500,000 -- *
Titan Europe
2007-2 Ltd.
Urbis Germany Office Apr 18, 2014 Apr 1, 2017 45,304,984 --
DECO 11 -
UK Conduit 3
PLC
St Christopher
Nottingham
Limited
U.K. Hotel Apr 20, 2014 Jan 27, 2020 5,936,632 --
DECO 12 -
UK 4 PLC
Borehamwood
Investments
Limited and
Oakdale
Investments
Limited
U.K. Mixed use Apr 20, 2014 Jan 27, 2020 15,841,930 -- *
DECO
14Pan
Europe 5 B.V.
Puma MF Germany Multifamily
housing
Apr 20, 2014 Oct 27, 2020 135,443,864 --
DECO 15 -
Pan Europe 6
Ltd.
AOK
Schwerin
Germany Office Apr 20, 2014 Apr 1, 2018 27,056,253 --
DECO 15 -
Pan Europe 6
Ltd.
Centro Germany Retail Apr 20, 2014 Apr 1, 2018 711,990,245 Repaid
DECO 15 -
Pan Europe 6
Ltd.
OWG MF Germany Multifamily
housing
Apr 20, 2014 Apr 1, 2018 86,481,676 Repaid
Deco 17 - Pan
Europe 7 Ltd.
Gabriel Germany Multifamily
housing
Apr 20, 2014 Jul 27, 2020 79,863,750 Repaid
Deco 17 - Pan
Europe 7 Ltd.
NILEG MF Germany Multifamily
housing
Apr 20, 2014 Jul 27, 2020 70,300,710 Repaid
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Table 9
Deco 17 - Pan
Europe 7 Ltd.
WBN MF Germany Multifamily
housing
Apr 20, 2014 Jul 27, 2020 188,765,719 Repaid
Deco 17 - Pan
Europe 7 Ltd.
WGN MF Germany Multifamily
housing
Apr 20, 2014 Jul 27, 2020 206,523,844 Repaid
DECO 7 - Pan
Europe 2 PLC
World
Fashion
Centre
Netherlands Retail Apr 20, 2014 Jan 27, 2018 88,242,479 --
Epic
(Drummond)
Ltd.
Countrywide Germany Retail Apr 20, 2014 Jan 25, 2022 331,387,978 -- *
DECO 10-Pan
Europe 4 PLC
Dresdner
Office
Portfolio
Germany Office Apr 21, 2014 Oct 27, 2019 78,913,736 --
DECO 9 - Pan
Europe 3 PLC
Dresdner
Office
Portfolio
Germany Office Apr 21, 2014 Jul 27, 2017 78,913,736 --
Deco 17 - Pan
Europe 7 Ltd.
LWB Germany Multifamily
housing
Apr 21, 2014 Jul 27, 2020 133,312,623 --
Taurus CMBS
(Pan-Europe)
2007-1 Ltd.
The Barana
Portfolio
Switzerland Office Apr 30, 2014 Feb 4, 2020 67,286,813 Repaid
Taurus CMBS
(Pan-Europe)
2007-1 Ltd.
The Matran
Portfolio
Switzerland Retail Apr 30, 2014 Feb 4, 2020 44,138,900 Repaid
Taurus CMBS
(Pan-Europe)
2007-1 Ltd.
The Saturn
Portfolio
Germany Retail Apr 30, 2014 Feb 4, 2020 24,055,022 --
Vulcan
(European
Loan Conduit
No. 28) Ltd.
Eurocastle
Office
Portfolio
Germany Office May 7, 2014 May 15, 2017 39,896,290 --
Vulcan
(European
Loan Conduit
No. 28) Ltd.
Henderson
Paris Retail
Park
France Retail May 7, 2014 May 15, 2017 17,880,000 Repaid
Xuthus
(European
Loan Conduit
No. 29) S.A.
Project
Vermeer
Netherlands Mixed use May 7, 2014 May 15, 2018 692,666,987 Repaid
Hypo Real
Estate Bank
AG (Estate
Pan-Europe 5)
Loan 26 Germany Retail Jun 26, 2014 Jul 25, 2018 44,000,000 Repaid
MESDAG
(Berlin) B.V.
MESDAG
(Berlin) B.V.
Germany Multifamily
housing
Jun 30, 2014 Jul 1, 2016 130,084,888 --
Windermere
XII FCC
Coeur
Defense
France Office Jul 10, 2014 Jul 10, 2017 1,638,950,000 -- *
Epic (More
London) PLC
More London U.K. Office Jul 15, 2014 Jul 15, 2017 638,460,444 Repaid
Real Estate
Capital
(Foundation)
Ltd.
Loan 1 U.K. Mixed use Jul 15, 2014 Jul 15, 2016 114,500,000 Repaid
DECO 15 -
Pan Europe 6
Ltd.
Mansford OBI
Large
Germany Retail Jul 20, 2014 Apr 1, 2018 143,613,790 --
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Table 9
Deco 17 - Pan
Europe 7 Ltd.
AFI Germany Mixed use Jul 20, 2014 Jul 27, 2020 71,499,241 --
Deco 17 - Pan
Europe 7 Ltd.
Mansford
Edeka
Germany Retail Jul 20, 2014 Jul 27, 2020 13,001,148 --
DECO 9 - Pan
Europe 3 PLC
PGREI
Portfolio
Germany Retail Jul 20, 2014 Jul 27, 2017 114,227,891 --
FCT Infinity
2009-1
"Gamma"
Skyper-Alkmene Germany Office Jul 20, 2014 Nov 1, 2019 133,203,125 Repaid
Fleet Street
Finance Two
PLC
Fleet Street
Finance Two
PLC
Germany Retail Jul 20, 2014 Jul 26, 2017 276,179,287 Repaid
Taurus CMBS
(U.K.) 2006-2
PLC
The Iron
Mountain
Loan
U.K. Distribution
warehouse
Jul 20, 2014 Apr 24, 2024 29,198,003 Repaid
DECO 15 -
Pan Europe 6
Ltd.
SCN
Shopping
Centre
Austria Retail Jul 21, 2014 Apr 1, 2018 70,000,000 --
Ulysses
(European
Loan Conduit
No. 27) PLC
City Point U.K. Office Jul 21, 2014 Jul 25, 2017 429,000,000 -- *
Epic (Value
Retail) Ltd.
Bicester U.K. Retail Jul 22, 2014 Jul 26, 2019 170,000,000 Repaid
FORNAX
(ECLIPSE
2006-2) B.V.
ATU
Germany
Germany Mixed use Jul 24, 2014 Feb 20, 2019 12,681,720 --
Taurus CMBS
(Pan-Europe)
2007-1 Ltd.
The Fishman
JEC Portfolio
France Mixed use Jul 30, 2014 Feb 4, 2020 134,153,250 --
Taurus CMBS
(Pan-Europe)
2007-1 Ltd.
The Hutley
Portfolio
Germany Mixed use Jul 30, 2014 Feb 4, 2020 38,864,712 --
FCC
Proudreed
Properties
2005
Paris
Properties
Borrowers
France Mixed use Aug 1, 2014 Aug 18, 2017 238,506,631 --
FCC
Proudreed
Properties
2005
Proudreed
France
Borrowers
France Mixed use Aug 1, 2014 Aug 18, 2017 83,352,506 --
Silenus
(European
Loan Conduit
No. 25) Ltd.
Antony Parc France Office Aug 7, 2014 May 15, 2019 52,418,475 Repaid
JUNO
(ECLIPSE
2007-2) Ltd.
Seaford Germany Distribution
warehouse
Aug 10, 2014 Nov 1, 2022 11,443,849 --
LCP
Proudreed
PLC
LCP U.K. Mixed use Aug 25, 2014 Aug 25, 2016 272,955,978 --
LCP
Proudreed
PLC
Rroudreed U.K. Mixed use Aug 25, 2014 Aug 25, 2016 43,434,618 --
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Table 9
London &
Regional Debt
Securitisation
No. 1 PLC
London &
Regional Debt
Securitisation
No. 1 PLC
Portfolio
U.K. Office Oct 15, 2014 Oct 15, 2014 171,701,310 --
Windermere
XI CMBS PLC
Government
Income
Portfolio
Mortgage
U.K. Office Oct 15, 2014 Apr 15, 2017 76,063,415 --
Talisman-5
Finance PLC
Penguin France Office Oct 15, 2014 Oct 22, 2016 52,768,237 --
AQUILA
(ECLIPSE
2005-1) PLC
Northumberland
Estates
U.K. Office Oct 17, 2014 Oct 25, 2016 5,090,888 Repaid
INDUS
(ECLIPSE
2007-1) PLC
Amsterdam
Place
U.K. Office Oct 17, 2014 Jan 1, 2020 4,850,000 --
DECO 10-Pan
Europe 4 PLC
Rubicon Nike Netherlands Office Oct 20, 2014 Oct 27, 2019 55,085,933 --
DECO 11 -
UK Conduit 3
PLC
LML
Overseas
Investments
Limited
U.K. Distribution
warehouse
Oct 20, 2014 Jan 27, 2020 1,210,000 --
DECO 5 - UK
Large Loan 1
PLC
DB Real
Estate
Investment
GmbH
(DBREI)
U.K. Office Oct 20, 2014 Oct 1, 2014 282,100,000 Repaid
Fleet Street
Finance
Three PLC
Corleone
Senior
Germany Mixed use Oct 20, 2014 Oct 25, 2016 274,640,235 -- *
NEMUS II
(Arden) PLC
Carlton
House
Investments
Limited
U.K. Mixed use Oct 31, 2014 Feb 15, 2020 11,925,000 -- *
Prominent
CMBS
Funding No. 1
PLC
1200203627 U.K. Office Nov 8, 2014 Dec 20, 1932 25,500,000 Repaid
JUNO
(ECLIPSE
2007-2) Ltd.
Le Croissant Belgium Office Nov 10, 2014 Nov 1, 2022 18,215,000 --
JUNO
(ECLIPSE
2007-2) Ltd.
Pyrus
Portfolio
Germany Multifamily
housing
Nov 10, 2014 Nov 1, 2022 34,456,000 --
*According to our data at the end of February 2014, these loans are either delinquent, in breach of nonmonetary obligations, or in special servicing
(see our delinquencies, nonmonetary breaches, and special servicing indices in tables 10, 11, and 12, respectively).
Loan Delinquencies And Nonmonetary Breaches Data
1319967 | 301112013
Peak
Chart 10
1319967 | 301112013
Peak
Chart 11
Table 10
Delinquencies Index
Transaction Loan
Month
added Jurisdiction Asset type
Special
serviced
loan Comment
Cornerstone Titan
2005-1 PLC
Eagle Office Portfolio July 2012 U.K. Office Yes Maturity payment default
Cornerstone Titan
2005-1 PLC
Jubilee Way December
2009
U.K. Retail Yes Maturity payment default
Cornerstone Titan
2005-2 PLC
Bradford December
2009
Cornerstone Titan
2007-1 PLC
Eschborn April 2011 Germany Office Yes Maturity payment default
Cornerstone Titan
2007-1 PLC
German Retail
Portfolio I
April 2013 Germany DIY Yes Maturity payment default
Cornerstone Titan
2007-1 PLC
German Retail
Portfolio III
July 2010 Germany Retail Yes Term payment default
Cornerstone Titan
2007-1 PLC
Hannover July 2013 Germany Office Yes Maturity payment default
Cornerstone Titan
2007-1 PLC
Hugo January 2012 France Office No Maturity payment default
1319967 | 301112013
Peak
Table 10
Delinquencies Index (cont.)
Cornerstone Titan
2007-1 PLC
Klimson July 2013 Switzerland Retail Yes Maturity payment default
Cornerstone Titan
2007-1 PLC
Munster January 2014 Germany Retail Yes Maturity payment default
Cornerstone Titan
2007-1 PLC
Stade October 2011 Germany Leisure Yes Maturity payment default
Cornerstone Titan
2007-1 PLC
Star April 2012 Germany Retail Yes Maturity payment default
Cornerstone Titan
2007-1 PLC
Steigenberger Hotel April 2013 Germany Hotel Yes Maturity payment default
Cornerstone Titan
2007-1 PLC
Wolfsburg July 2013 Germany Mixed use Yes Maturity payment default
DECO 10-Pan Europe 4
PLC
Edeka Retail October 2012 Germany Retail Yes Principal payment
default
PLC
Emmen Wohncenter October 2013 Switzerland Retail Yes Maturity payment default
PLC
Lubeck Retail October 2013 Germany Mixed use Yes Maturity payment default
PLC
Swisscom October 2013 Switzerland Office Yes Maturity payment default
PLC
Toom DIY October 2013 Germany Retail Yes Maturity payment default
PLC
Treveria II July 2012 Germany Mixed use Yes Maturity payment default
DECO 11 - UK Conduit
3 PLC
CPI Retail Active
Management
December
2011
3 PLC
Investco Estates
Limited
October 2013 U.K. Distribution
warehouse
Yes Maturity payment default
3 PLC
Regent Capital October 2013 U.K. Distribution
warehouse
3 PLC
Starcharm Limited October 2013 U.K. Distribution
warehouse
3 PLC
Wildmoor Northpoint April 2010 U.K. Retail Yes Maturity payment default
DECO 12 - UK 4 PLC Chesterton
Commercial (Berks)
April 2012 U.K. Mixed use Yes Maturity payment default
DECO 14 - Pan Europe
5 B.V.
Arcadia March 2010 Germany Mixed use Yes Term payment default
5 B.V.
DD Karstadt Hilden September
2010
Germany Retail Yes Term payment default
5 B.V.
CGG - Tambelle
REDO 3
January 2014 Germany Mixed use Yes Maturity payment default
6 Ltd.
Main July 2011 Germany Retail Yes Maturity payment default
6 Ltd.
Plus Retail January 2012 Germany Retail Yes Maturity payment default
Deco 17 - Pan Europe 7
Ltd.
Faktor January 2014 Germany Office Yes Maturity payment default
Ltd.
Mayne October 2013 Germany Retail Yes Maturity payment default
1319967 | 301112013
Peak
Table 10
DECO 7 - Pan Europe 2
PLC
Karstadt Kompakt January 2011 Germany Retail Yes Term payment default
PLC
Procom November
2012
Germany Retail Yes Maturity payment default
PLC
Schmeing December
2012
DECO 8 - UK Conduit 2
PLC
Braeside Limited January 2011 U.K. Industrial Yes Maturity payment default
PLC
Elbank Limited January 2013 U.K. Retail Yes Maturity payment default
PLC
Fairhold Portfolio January 2013 U.K. Residential
ground rents
PLC
Rowan UK
Commercial
November
2010
U.K. Office Yes Maturity payment default
PLC
Swiftgold Limited November
2010
U.K. Retail Yes Term payment default
DECO Series 2005-Pan
Europe 1 PLC
AWOBAG July 2012 Germany Multifamily
housing
DECO Series 2005-UK
Conduit 1 PLC
CPI Retail Active
Management
November
2010
DECO Series 2005-UK
Conduit 1 PLC
Heathvale Estates
Limited
July 2012 U.K. Mixed use Yes Maturity payment default
Epic (Brodie) PLC Terry January 2014 Germany Retail No Maturity payment default
Epic (Drummond) Ltd. Countrywide June 2012 Germany Retail Yes Term payment default
Epic (Drummond) Ltd. Magnum January 2014 Germany Retail No Maturity payment default
Epic (Drummond) Ltd. Project DD January 2011 Finland Mixed use No Term payment default
Epic (Drummond) Ltd. Zenon December
2013
Greece Retail/car
parks
EQUINOX (ECLIPSE
2006-1) PLC
St Mary's House October 2012 U.K. Office Yes Maturity payment default
EuroProp (EMC VI) S.A. Epic Horse July 2010 Germany Mixed use Yes Term payment default
EuroProp (EMC VI) S.A. Epic Rhino July 2010 Germany Multifamily
housing
Yes Term payment default
EuroProp (EMC VI) S.A. Gutperle July 2013 Germany Distribution
warehouse
EuroProp (EMC VI) S.A. Henderson - Bergen January 2014 Germany Mixed use Yes Maturity payment default
EuroProp (EMC VI) S.A. Henderson - Staples January 2014 Germany Mixed use Yes Maturity payment default
EuroProp (EMC VI) S.A. Sunrise II July 2012 Germany Mixed use Yes Maturity payment default
EuroProp (EMC) S.A.
(Compartment) 1
Sunrise July 2012 Germany Mixed use Yes Maturity payment default
Fleet Street Finance
Three PLC
Blue Star Senior April 2012 Germany Office Yes Maturity payment default
Three PLC
Corleone Senior April 2013 Germany Mixed use No Scheduled principal
payment default
Fordgate Commercial
Securitisation No.1 PLC
Fordgate Commercial
Securitisation No.1
PLC
October 2013 U.K. Office Yes Maturity payment default
FORNAX (ECLIPSE
2006-2) B.V.
ATU Austria January 2013 Austria Car service
workshops
1319967 | 301112013
Peak
Table 10
FORNAX (ECLIPSE
2006-2) B.V.
Cassina Plaza November
2013
Italy Mixed use Yes Maturity payment default
FORNAX (ECLIPSE
2006-2) B.V.
Century Center February
2013
Belgium Retail Yes Maturity payment default
FORNAX (ECLIPSE
2006-2) B.V.
Kingbu Portfolio October 2012 Germany Retail Yes Maturity payment default
FORNAX (ECLIPSE
2006-2) B.V.
Netto Portfolio August 2012 Germany Retail Yes Maturity payment default
GEMINI (ECLIPSE
2006-3) PLC
Gemini November
2009
U.K. Mixed use Yes Term payment default
Hypo Real Estate Bank
International AG
(ESTATE UK-3)
123 775 December
2013
Hypo Real Estate Bank
International AG
(ESTATE UK-3)
140 202 April 2013 U.K. Office No Maturity payment default
Infinity 2007-1
Soprano FCC
EHE - Pool 1A January 2014 Germany Retail Yes Maturity payment default
Infinity 2007-1
Soprano FCC
EHE - Pool B November
2013
Germany Mixed use Yes Maturity payment default
JUNO (ECLIPSE
2007-2) Ltd.
MONHEIM October 2012 Germany Office Yes Maturity payment default
JUNO (ECLIPSE
2007-2) Ltd.
Petersbogen November
2013
MESDAG (Charlie) B.V. Derrick December
2013
Germany Office Yes Maturity payment default
MESDAG (Charlie) B.V. Dutch Offices I January 2012 The
Netherlands
Office Yes Maturity payment default
MESDAG (Charlie) B.V. Dutch Offices II January 2013 The
Netherlands
Office Yes Maturity payment default
MESDAG (Charlie) B.V. Sparkasse March 2014 Germany Office Yes Maturity payment default
NEMUS II (Arden) PLC Fern Trustee 1 Ltd and
Fern Trustee 2 Ltd
Opera Finance (CMH)
PLC
Opera Finance (CMH)
PLC
January 2013 Ireland Office Yes Maturity payment default
Opera Germany (No. 2)
PLC
K KG & OP KG & SM
KG & RRZ KG
October 2013 Germany Retail Yes Maturity payment default
Quirinus (European
Loan Conduit No. 23)
PLC
H & B Retail November
2012
RIVOLI Pan Europe 1
PLC
Rive Defense January 2013 France Office No Maturity payment default
Silenus (European Loan
Conduit No. 25) Ltd.
Metropolis Shopping
Center
February
2013
Italy Retail Yes Maturity payment default
Orazio Portfolio November
2012
Italy Mixed use Yes Maturity payment default
Talisman-4 Finance
PLC
DT-12 July 2013 Germany Office Yes Maturity payment default
Talisman-4 Finance
PLC
Valentine July 2013 Germany Mixed use Yes Maturity payment default
Talisman-5 Finance
PLC
Reindeer January 2013 Finland Mixed use Yes Maturity payment default
1319967 | 301112013
Peak
Table 10
Talisman-5 Finance
PLC
Fish July 2013 Germany Mixed use Yes Maturity payment default
Talisman-5 Finance
PLC
Monkey July 2013 Germany Mixed use Yes Maturity payment default
Talisman-6 Finance
PLC
Apple January 2013 Germany Retail Yes Maturity payment default
Talisman-6 Finance
PLC
Coconut January 2012 Germany Office Yes Maturity payment default
Talisman-6 Finance
PLC
Orange July 2012 Germany Retail No Maturity payment default
Talisman-6 Finance
PLC
Peach July 2012 Germany Retail No Maturity payment default
Talisman-6 Finance
PLC
Pineapple October 2012 Germany Multifamily
housing
Yes Interest payment default
Talisman-6 Finance
PLC
The Mango Loan December
2013
Talisman-7 Finance Ltd. Bach January 2012 Germany Office Yes Maturity payment default
Talisman-7 Finance Ltd. Brahms February
2010
Talisman-7 Finance Ltd. Handel October 2012 Germany Mixed use Yes Maturity payment default
Talisman-7 Finance Ltd. Haydn January 2012 Germany Office Yes Maturity payment default
Talisman-7 Finance Ltd. Bruckner January 2014 Germany Multifamily
housing
Yes Interest payment default
Talisman-7 Finance Ltd. Schubert July 2013 Germany Office Yes Interest payment default
Talisman-7 Finance Ltd. Wagner January 2012 Germany Office Yes Maturity payment default
Taurus CMBS
(Germany) 2006-1 PLC
Bremen
(Haven/Project
Norman)
June 2012 Germany Retail Yes Maturity payment default
Taurus CMBS
Bewag Berlin Loan
Portfolio
April 2013 Germany Office Yes Maturity payment default
Taurus CMBS
Walzmuhle Portfolio January 2013 Germany Retail Yes Maturity payment default
Taurus CMBS
(Pan-Europe) 2006-3
PLC
Triumph February
2013
Taurus CMBS
(Pan-Europe) 2007-1
Ltd.
Leipzig February
2013
Taurus CMBS (U.K.)
2006-2 PLC
Dundee September
2012
Titan Europe 2006-1
PLC
KQ Warehouse February
2010
Germany Mixed use Yes Term payment default
Titan Europe 2006-1
PLC
Mangusta August 2009 Germany Mixed use Yes Term payment default
Titan Europe 2006-1
PLC
Tiden Portfolio April 2012 Germany Office Yes Maturity payment default
Titan Europe 2006-2
PLC
Margaux Portfolio July 2012 Germany Multifamily
housing
Titan Europe 2006-3
PLC
Kurhaus Hotel July 2012 The
Netherlands
Hotel Yes Maturity payment default
1319967 | 301112013
Peak
Table 10
Titan Europe 2006-3
PLC
Monnet April 2012 Germany Office Yes Maturity payment default
Titan Europe 2006-3 plc Quelle Nurnberg January 2013 Germany Mixed use Yes Maturity payment default
Titan Europe 2006-3
PLC
Stage April 2013 Germany Mixed use Yes Maturity payment default
Titan Europe 2006-3
PLC
Syrdall Business Park April 2011 Luxembourg Office Yes Maturity payment default
Titan Europe 2006-3
PLC
Target April 2013 France Mixed use Yes Safeguarding
proceedings have been
issued by the Tribunal de
Commerce de Paris.
Titan Europe 2006-3
PLC
Twin Squares (Prater) May 2011 Belgium Office Yes Maturity payment default
Titan Europe 2006-5
PLC
Quartier 206 Shopping
Centre
April 2010 Germany Retail Yes Term payment default
Titan Europe 2007-1
(NHP) Ltd.
Libra January 2009 U.K. Healthcare Yes Maturity payment default
Titan Europe 2007-2
Ltd.
Caprice January 2012 Germany Retail Yes Maturity payment default
Titan Europe 2007-2
Ltd.
Nantes October 2011 France Office Yes Maturity payment default
Titan Europe 2007-2
Ltd.
Six Hotels January 2012 Germany Hotel Yes Maturity payment default
Titan Europe 2007-2
Ltd.
Toy Box July 2013 Germany Office Yes Maturity payment default
Titan Europe 2007-3
Ltd.
Bacchus August 2009 U.K. Industrial Yes Term payment default
Titan Europe 2007-3
Ltd.
Norwich Union House October 2013 U.K. Office Yes Maturity payment default
Titan Europe 2007-3
Ltd.
Project Kennet October 2013 U.K. Office Yes Maturity payment default
Titan Europe 2007-3
Ltd.
Project Koito January 2012 U.K. Industrial Yes Maturity payment default
Titan Europe 2007-3
Ltd.
Project Middleton July 2013 U.K. Distribution
warehouse
Titan Europe 2007-3
Ltd.
Project Regulator October 2013 U.K. Office Yes Maturity payment default
Titan Europe 2007-3
Ltd.
Quadrant House October 2013 U.K. Office Yes Maturity payment default
Ulysses (European Loan
Conduit No. 27) PLC
City Point January 2012 U.K. Office Yes Interest payment default
Vulcan (European Loan
Babcock French
Portfolio
November
2013
France Office Yes Maturity payment default
Guardian Bonn
Rochustrasse
February
2011
H&B Retail Portfolio II May 2013 Germany Retail Yes Maturity payment default
Henderson Hanau
Shopping Centre
November
2013
Inovalis Eboue Paris November
2010
France Office Yes Maturity payment default
1319967 | 301112013
Peak
Table 10
Jargonnant Munich February
2014
Germany Mixed use No Maturity payment default
Tishman German
Office Portfolio
December
2010
Germany Office No Term payment default
White Tower Europe
2007-1 PLC
The Spanish Loan
(Heron City)
December
2011
Spain Mixed use Yes Maturity payment default
Windermere VII CMBS
PLC
Adductor August 2012 France Office Yes Maturity payment default
Windermere VII CMBS
PLC
Mulheim April 2011 Germany Office Yes Maturity payment default
Windermere VII CMBS
PLC
Nordostpark October 2012 Germany Office Yes Maturity payment default
Windermere VII CMBS
PLC
Redleaf I February
2010
Spain Retail Yes Term payment default
Windermere VIII CMBS
PLC
Amadeus January 2009 U.K. Office Yes Term payment default
PLC
Government Income
Portfolio Mortgage
PLC
Wood Green Mortgage January 2013 U.K. Office Yes Maturity payment default
Windermere X CMBS
Ltd.
Bridge January 2014 Germany Office Yes Maturity payment default
Windermere X CMBS
Ltd.
Built September
2011
Windermere X CMBS
Ltd.
Tresforte January 2010 The
Netherlands
Office Yes Term payment default
Windermere XI CMBS
PLC
Westville July 2009 U.K. Office Yes Term payment default
Windermere XII FCC Coeur Defense March 2009 France Office Yes Term payment default
Windermere XIV CMBS
Ltd.
Baywatch April 2013 Germany Mixed use Yes Maturity payment default
Windermere XIV CMBS
Ltd.
Sisu April 2013 Finland Mixed use Yes Maturity payment default
Table 11
Nonmonetary Breaches Index
Transaction Loan Month added Jurisdiction Asset type Comment
BELLATRIX
(ECLIPSE 2005-2)
PLC
Rivermead Court April 2013 U.K. Office Breach of the ICR
covenant
*
Cornerstone Titan
2007-1 PLC
German Retail
Portfolio II
June 2011 Germany Retail Breach of the LTV
ratio covenant
*
DECO 10-Pan
Europe 4 PLC
DFK Portfolio July 2013 Germany Mixed use Breach of LTV
covenant
*
DECO 11 - UK
Conduit 3 PLC
Mapeley Gamma October 2012 U.K. Office Breach of the LTV
ratio covenant
*
DECO 12 - UK 4
PLC
Borehamwood
Investments
Limited and
Oakdale
Investments
Limited
January 2012 U.K. Mixed use Breach of the ICR
covenant
*
1319967 | 301112013
Peak
Table 11
Nonmonetary Breaches Index (cont.)
DECO 17 - Pan
Europe 7 Ltd.
Elbblick April 2010 Germany Retail Breach of the ICR
covenant
DECO 6 - UK
Large Loan 2 PLC
Brunel Shopping
Centre
June 2011 U.K. Retail Breach of the
DSCR covenant
*
DECO 6 - UK
Large Loan 2 PLC
Mapeley October 2011 U.K. Office Breach of the ICR
covenant
*
DECO 9 - Pan
Europe 3 PLC
Treveria 1 May 2010 Germany Retail Breach of the LTV
ratio covenant
*
EQUINOX
(ECLIPSE 2006-1)
PLC
Ashbourne
Portfolio A
June 2011 U.K. Nursing home Breach of the ICR
covenant
*
FORNAX
(ECLIPSE 2006-2)
B.V.
Cassina Plaza April 2011 Italy Mixed use Breach of the ICR
covenant
*
HERCULES
(ECLIPSE 2006-4)
PLC
Ashbourne
Portfolio A
June 2011 U.K. Nursing home Breach of the ICR
covenant
*
Indus (ECLIPSE
2007-1) PLC
Workspace
Portfolio
September 2011 U.K. Distribution
warehouse
Breach of the ICR
covenant
*
JUNO (ECLIPSE
2007-2) Ltd.
Neumarkt July 2009 Germany Retail Anticipated breach
of the ICR
covenant
*
JUNO (ECLIPSE
2007-2) Ltd.
Petersbogen April 2013 Germany Retail Breach of LTV
covenant
NEMUS II (Arden)
PLC
Kirkglade Limited March 2009 U.K. Office Breach of the LTV
ratio covenant
Talisman-7
Finance Ltd.
Hof January 2013 Germany Car showrooms Breach of the LTV
ratio covenant
*
Taurus CMBS
(U.K.) 2006-2 PLC
Times Square
Sutton Limited
March 2009 U.K. Retail Breach of the ICR
covenant
*
*According to our data at the end of March 2014, these loans are in special servicing (see our special servicing index, table 12).
LTV--Loan-to-value. ICR--Interest coverage ratio. DSCR--Debt service coverage ratio.
Specially Serviced Loans Data
1319967 | 301112013
Peak
Chart 12
1319967 | 301112013
Peak
Chart 13
1319967 | 301112013
Peak
Chart 14
Table 12
Special Servicing Index
Transaction Loan Jurisdiction Asset type Special servicer
BELLATRIX (ECLIPSE
2005-2) PLC
Rivermead Court U.K. Office Barclays Capital Mortgage Servicing Ltd.
Cornerstone Titan
2005-2 PLC
Bradford Retail U.K. Retail Solutus Advisors Ltd.
Cornerstone Titan
2007-1 PLC
Wolfsburg Germany Mixed use Capita Asset Services
Cornerstone Titan
2007-1 PLC
German Retail Portfolio I Germany DIY Capita Asset Services
Cornerstone Titan
2007-1 PLC
Munster Germany Retail Capita Asset Services
Cornerstone Titan
2007-1 PLC
Star Germany Retail Capita Asset Services (UK) Ltd.
Cornerstone Titan
2007-1 PLC
German Retail Portfolio II Germany DIY Capita Asset Services
Cornerstone Titan
2007-1 PLC
Hannover Germany Office Capita Asset Services
1319967 | 301112013
Peak
Table 12
Special Servicing Index (cont.)
Cornerstone Titan
2007-1 PLC
Stade Germany Leisure Capita Asset Services (UK) Ltd.
Cornerstone Titan
2007-1 PLC
German Retail Portfolio III Germany DIY Capita Asset Services
Cornerstone Titan
2007-1 PLC
Hugo France Office Capita Asset Services
Cornerstone Titan
2007-1 PLC
Eschborn Germany Office Capita Asset Services (UK) Ltd.
Cornerstone Titan
2007-1 PLC
Steigenberger Hotel Rhineland
Pfalz
Germany Hotel Capita Asset Services
Cornerstone Titan
2007-1 PLC
Klimson Switzerland Retail Capita Asset Services
PLC
Treveria II Germany Mixed use Deutsche Bank AG
PLC
Swisscom Switzerland Office Deutsche Bank AG
PLC
DFK Portfolio Germany Mixed use Deutsche Bank AG
PLC
Lubeck Retail Germany Mixed use Deutsche Bank AG
PLC
Edeka Retail Germany Retail Deutsche Bank AG
PLC
Toom DIY Germany Retail Deutsche Bank AG
3 PLC
Wildmoor Northpoint Ltd. U.K. Retail Solutus Advisors Ltd.
3 PLC
Starcharm Ltd. U.K. Distribution
warehouse
Hatfield Philips International Ltd
3 PLC
CPI Retail Active Management U.K. Retail Solutus Advisors Ltd.
3 PLC
Regent Capital U.K. Distribution
warehouse
3 PLC
Investco Estates Ltd. U.K. Distribution
warehouse
DECO 12 - UK 4 PLC Borehamwood Investments Ltd.
& Oakdale Investments Ltd.
U.K. Mixed use Hatfield Philips International Ltd.
5 B.V.
Mansford Nord Bayern Germany Retail Deutsche Bank AG London branch
5 B.V.
DD Karstadt Hilden Germany Retail Deutsche Bank AG London branch and
Hatfield Philips International Ltd.
6 Ltd
Main Germany Retail Hatfield Philips International Ltd.
6 Ltd
Plus Retail Germany Retail Hatfield Philips International Ltd.
Ltd.
Mayne Germany Retail Hatfield Philips International Ltd.
7 Ltd.
Mansford Edeka Germany Retail Deutsche Bank AG London branch
7 Ltd.
Faktor Germany Office Hatfield Philips International Ltd.
1319967 | 301112013
Peak
Table 12
DECO 6 - UK Large
Loan 2 PLC
Mapeley U.K. Office Hatfield Philips International Ltd.
DECO 6 - UK Large
Loan 2 PLC
Brunel Shopping Centre U.K. Retail Solutus Advisors Ltd.
DECO 7- Pan Europe 2
PLC
Karstadt Kompakt Germany Retail Hatfield Philips International Ltd.
PLC
Mapeley II U.K. Office Hatfield Philips International Ltd. and
Capmark Services U.K. Ltd.
PLC
Fairhold Portfolio U.K. Ground rents Hatfield Philips International Ltd.
PLC
Rowan UK Commercial Property U.K. Office Solutus Advisors Ltd.
PLC
Elbank Ltd. U.K. Retail Hatfield Philips International Ltd.
PLC
MPH (UK) U.K. Industrial Solutus Advisors Ltd.
PLC
Swiftgold Ltd. U.K. Retail Hatfield Philips International Ltd.
PLC
Braeside Ltd. U.K. Industrial Solutus Advisors Ltd.
PLC
Treveria I Germany Mixed use Hatfield Philips International Ltd.
DECO Series 2005-Pan
Europe 1 PLC
AWOBAG Germany Multifamily
housing
DECO Series 2005-UK
Conduit 1 PLC
Holaw (420) Ltd. U.K. Office Hatfield Philips International Ltd.
DECO Series 2005-UK
Conduit 1 PLC
Heathvale Estates Ltd. U.K. Mixed use Hatfield Philips International Ltd.
DECO Series 2005-UK
Conduit 1 PLC
CPI Retail Active Management U.K. Retail Solutus Advisors Ltd.
DRACO (ECLIPSE
2005-4) PLC
Herbert House U.K. Office Capita Asset Services
Epic (Brodie) PLC Terry Germany Retail Royal Bank of Scotland
Epic (Drummond) Ltd. Countrywide Germany Retail Royal Bank of Scotland
Epic (Drummond) Ltd. Irus Sevilla Spain Retail Royal Bank of Scotland
Epic (Drummond) Ltd. Project DD U.K. Office Capita Asset Services
Epic (Drummond) Ltd. Magnum Germany Retail Royal Bank of Scotland
Epic (Drummond) Ltd. Zenon Greece Retail/car
parks
Royal Bank of Scotland
EQUINOX (ECLIPSE
2006-1) PLC
Royal Mint Court U.K. Office Barclays Capital Mortgage Servicing Ltd.
EQUINOX (ECLIPSE
2006-1) PLC
Ashbourne Portfolio A U.K. Nursing home Capita Asset Services (UK) Ltd.
European Property
Capital 3 PLC
Randstad The Netherlands Office GMAC Commercial Mortgage Servicing
(U.K.) Ltd.
EuroProp (EMC VI)
S.A.
Sunrise II Germany Mixed use Citibank International PLC
EuroProp (EMC VI)
S.A.
Epic Rhino Germany Mixed use Citibank International PLC
1319967 | 301112013
Peak
Table 12
EuroProp (EMC VI)
S.A.
Signac France Office Capita Asset Services
EuroProp (EMC VI)
S.A.
Gutperle Germany Distribution
warehouse
Citibank International PLC
EuroProp (EMC VI)
S.A.
Project Ash Germany Office Capita Asset Services
EuroProp (EMC VI)
S.A.
Epic Horse Germany Mixed use Citibank International PLC
EuroProp (EMC) S.A.
(Compartiment) 1
Sunrise Germany Mixed use Citibank International PLC, London branch
Three PLC
Blue Star Senior Germany Office Capita Asset Services (UK) Ltd.
Fordgate Commercial
Securitisation No. 1
PLC
Fox Securitisation - 1 U.K. Office Morgan Stanley Mortgage Servicing Ltd.
Fordgate Commercial
Securitisation No. 1
PLC
Fox Securitisation - 2 U.K. Office Morgan Stanley Mortgage Servicing Ltd.
FORNAX (ECLIPSE
2006-2) B.V.
Century Center Belgium Retail Hatfield Philips International Ltd.
FORNAX (ECLIPSE
2006-2) B.V.
Cassina Plaza Italy Mixed use Barclays Capital Mortgage Servicing Ltd.
FORNAX (ECLIPSE
2006-2) B.V.
Netto Portfolio Germany Retail Barclays Capital Mortgage Servicing Ltd.
FORNAX (ECLIPSE
2006-2) B.V.
Kingbu Portfolio Germany Retail Barclays Capital Mortgage Servicing Ltd.
FORNAX (ECLIPSE
2006-2) B.V.
ATU Austria Austria Car service
workshops
Barclays Capital Mortgage Servicing Ltd.
GEMINI (ECLIPSE
2006-3) PLC
PropInvest U.K. Mixed use CB Richard Ellis Servicing Ltd.
HERCULES (ECLIPSE
2006-4) PLC
Ashbourne Portfolio Priority A U.K. Nursing home Capita Asset Services (UK) Ltd.
Indus (ECLIPSE
2007-1) PLC
Workspace Portfolio U.K. Distribution
warehouse
Capita Asset Services (UK) Ltd.
Infinity 2007-1
"Soprano" FCC
EHE - Pool 1A Germany Retail Capita Asset Services
Infinity 2007-1
"Soprano" FCC
EHE - Pool B Germany Retail Capita Asset Services
JUNO (ECLIPSE
2007-2) Ltd.
Neumarkt Germany Retail Capita Asset Services (UK) Ltd.
JUNO (ECLIPSE
2007-2) Ltd.
Petersbogen Germany Retail Barclays Capital Mortgage Servicing Ltd.
JUNO (ECLIPSE
2007-2) Ltd.
Monheim Germany Office Barclays Capital Mortgage Servicing Ltd.
MESDAG (Charlie) B.V. Dutch Offices II The Netherlands Office Hatfield Philips International Ltd.
MESDAG (Charlie) B.V. Dutch Offices I The Netherlands Office Hatfield Philips International Ltd.
MESDAG (Charlie) B.V. Sparkasse Germany Office Hatfield Philips International Ltd.
MESDAG (Charlie) B.V. Derrick Germany Office Hatfield Philips International Ltd.
NEMUS II (Arden) PLC Carlton H U.K. Mixed use CB Richard Ellis Loan Servicing Ltd.
NEMUS II (Arden) PLC Fern U.K. Office CB Richard Ellis Loan Servicing Ltd.
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Table 12
Opera Germany (No. 2)
PLC
Ko KG & OP KG & SM KG &
RRZ KG
Germany Retail Hypothekenbank Frankfurt AG London
Branch
Quirinus (European
PLC
H&B Germany Retail Morgan Stanley Mortgage Servicing Ltd.
RIVOLI Pan Europe 1
PLC
Rive Defense France Office Hatfield Philips International Ltd.
Orazio Portfolio Italy Mixed use Morgan Stanley Mortgage Servicing Ltd.
Aprirose Munich Thun Germany Retail Morgan Stanley Mortgage Servicing Ltd.
Metropolis Shopping Centre Italy Retail Morgan Stanley Mortgage Servicing Ltd.
Aprirose Retail Bonndorf Germany Retail Morgan Stanley Mortgage Servicing Ltd.
Talisman 5 Finance
PLC
Reindeer Finland Mixed use Hatfield Philips International Ltd.
Talisman 5 Finance
PLC
Monkey Germany Mixed use Hatfield Philips International Ltd.
Talisman 5 Finance
PLC
Penguin U.K. Office Solutus Advisors Ltd.
Talisman 5 Finance
PLC
Fish Germany Mixed use Hatfield Philips International Ltd.
Talisman-4 Finance
PLC
DT-12 Germany Office Hatfield Philips International Ltd.
Talisman-6 Finance
PLC
Apple Germany Retail Hatfield Philips International Ltd.
Talisman-6 Finance
PLC
Orange U.K. Office Solutus Advisors Ltd.
Talisman-6 Finance
PLC
Coconut Germany Office Hatfield Philips International Ltd.
Talisman-6 Finance
PLC
Peach U.K. Office Solutus Advisors Ltd.
Talisman-6 Finance
PLC
Mango Germany Office Hatfield Philips International Ltd.
Talisman-6 Finance
PLC
Pineapple Germany Multifamily
housing
Talisman-6 Finance
PLC
Cherry U.K. Office Solutus Advisors Ltd.
Talisman-7 Finance
Ltd.
Schubert Germany Office Hatfield Philips International Ltd.
Talisman-7 Finance
Ltd.
Hof Germany Car
showrooms
Talisman-7 Finance
Ltd.
Bach Germany Office Hatfield Philips International Ltd.
Talisman-7 Finance
Ltd.
Haydn Germany Office Hatfield Philips International Ltd.
Talisman-7 Finance
Ltd.
Mozart Germany Mixed use Hatfield Philips International Ltd.
Talisman-7 Finance
Ltd.
Handel Germany Mixed use Hatfield Philips International Ltd.
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Table 12
Talisman-7 Finance
Ltd.
Wagner Germany Office Hatfield Philips International Ltd.
Talisman-7 Finance
Ltd.
Brahms Germany Office Hatfield Philips International Ltd.
Talisman-7 Finance
Ltd.
Bruckner Germany Multifamily
housing
Taurus CMBS
Bremen - AVW
Vermogensverwaltungs
Germany Retail Capita Asset Services (UK) Ltd.
Taurus CMBS
Walzmuhle - Tower Green Prop. Germany Retail Capita Asset Services
Taurus CMBS
Bewag - Tanus Holdings Ltd. Germany Office Capita Asset Services
Taurus CMBS (Pan -
Europe) 2006-3 PLC
Triumph Whole Germany Retail Capita Asset Services (UK) Ltd.
Taurus CMBS
(Pan-Europe) 2007-1
Ltd.
Leipzig Portfolio Germany Office Capita Asset Services (UK) Ltd.
Taurus CMBS (U.K.)
2006-2 PLC
Dundee U.K. Office Capita Asset Services (UK) Ltd.
Titan Europe 2006-1
PLC
Mangusta (Kindermann) Portfolio Germany Mixed use Hatfield Philips International Ltd.
Titan Europe 2006-1
PLC
Tiden Germany Office Hatfield Philips International Ltd.
Titan Europe 2006-2
PLC
Labrador Portfolio Germany Multifamily Hatfield Philips International Ltd.
Titan Europe 2006-2
PLC
Margaux Portfolio Germany Multifamily
housing
Titan Europe 2006-3
PLC
Kurhaus Hotel The Netherlands Hotel Hatfield Philips International Ltd.
Titan Europe 2006-3
PLC
Twin Squares (Prater) Belgium Office Hatfield Philips International Ltd.
Titan Europe 2006-3
PLC
Quelle Nurnberg Germany Mixed use Hatfield Philips International Ltd.
Titan Europe 2006-3
PLC
Syrdall Business Park Luxembourg Office Hatfield Philips International Ltd.
Titan Europe 2006-3
PLC
Monnet Germany/Belgium Office Hatfield Philips International Ltd.
Titan Europe 2006-3
PLC
Target France Mixed use Hatfield Philips International Ltd.
Titan Europe 2006-5
PLC
Quartier 206 Shopping Centre Germany Retail Hatfield Philips International Ltd.
Titan Europe 2006-5
PLC
Carat Park Shopping Centre Germany Retail Hatfield Philips International Ltd.
Titan Europe 2007-1
(NHP) Ltd.
Libra No. 3 Ltd. U.K. Healthcare Capita Asset Services (UK) Ltd.
Titan Europe 2007-2
Ltd.
Skoduv Palace L Czech Republic Office Capita Asset Services (UK) Ltd.
Titan Europe 2007-2
Ltd.
MPC Portfolio The Netherlands Office Capita Asset Services (UK) Ltd.
Titan Europe 2007-2
Ltd.
Urbis Germany Office Capita Asset Services
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Table 12
Titan Europe 2007-2
Ltd.
Cobalt Finland Retail Capita Asset Services (UK) Ltd.
Titan Europe 2007-2
Ltd.
Six Hotels Germany Hotel Capita Asset Services (UK) Ltd.
Titan Europe 2007-2
Ltd.
Caprice Germany Retail Capita Asset Services (UK) Ltd.
Titan Europe 2007-2
Ltd.
Toy Box Germany Office Capita Asset Services
Titan Europe 2007-2
Ltd.
Nantes France Office Capita Asset Services (UK) Ltd.
Titan Europe 2007-3
Ltd.
Project Regulator U.K. Office Capita Asset Services
Titan Europe 2007-3
Ltd.
Norwich Union House U.K. Office Capita Asset Services
Titan Europe 2007-3
Ltd.
Project Middleton U.K. Distribution
warehouse
Capita Asset Services
Titan Europe 2007-3
Ltd.
Project Kennet U.K. Office Capita Asset Services
Titan Europe 2007-3
Ltd.
Project Koito U.K. Office Capita Asset Services
Titan Europe 2007-3
Ltd.
Quadrant House U.K. Office Capita Asset Services
Titan Europe 2007-3
Ltd.
Project Bacchus U.K. Office Capita Asset Services
Ulysses (European
PLC
City Point U.K. Office Morgan Stanley Mortgage Servicing Ltd.
Henderson Hanau Shopping
Centre
Germany Mixed use Morgan Stanley Mortgage Servicing Ltd.
H&B Retail Portfolio II Germany Retail Morgan Stanley Mortgage Servicing Ltd.
Babcock French Portfolio France Office Morgan Stanley Mortgage Servicing Ltd.
Jargonnant Munich Portfolio Germany Mixed use Morgan Stanley Mortgage Servicing Ltd.
Guardian Bonn Rochusstrasse Germany Office Morgan Stanley Mortgage Servicing Ltd.
Beacon Doublon Paris France Office Morgan Stanley Mortgage Servicing Ltd.
Inovalis Eboue Paris France Office Morgan Stanley Mortgage Servicing Ltd.
White Tower Europe
2007-1 PLC
Spanish (Heron City) Spain Mixed use Hatfield Philips International Ltd. and
Socit Gnrale
Windermere VII CMBS
PLC
Adductor France Office Hatfield Philips International Ltd.
Windermere VII CMBS
PLC
Nordostpark Germany Office Hatfield Philips International Ltd.
Windermere VII CMBS
PLC
Mulheim Germany Office Hatfield Philips International Ltd.
PLC
Government Income Portfolio
Mortgage
U.K. Office Hatfield Philips International Ltd.
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Table 12
PLC
Amadeus Portfolio Mortgage U.K. Office Hatfield Philips International Ltd.
Windermere X CMBS
Ltd.
Built Germany Retail Hatfield Philips International Ltd.
Windermere X CMBS
Ltd.
Lightning Dutch The Netherlands Office Hatfield Philips International Ltd.
Windermere X CMBS
Ltd.
Bridge Germany Office Hatfield Philips International Ltd.
Windermere X CMBS
Ltd.
Tresforte The Netherlands Office Hatfield Philips International Ltd.
Windermere XIV CMBS
Ltd.
GSI Germany Office Hatfield Philips International Ltd. and ABN
AMRO Bank N.V. (for the French loan), and
Zenith Service SpA (for the Italian loan)
Windermere XIV CMBS
Ltd.
Baywatch Germany Mixed use Hatfield Philips International Ltd. and ABN
AMRO Bank N.V.
Windermere XIV CMBS
Ltd.
Sisu Finland Mixed use Hatfield Philips International Ltd. and ABN
AMRO Bank N.V.
Table 13
Special Notice Tracker
Transaction Loan Notice topic
Notice (directly quoted from
special loan-level and
transaction-level notices
received from various
transaction participants).
Cornerstone Titan 2007-1 PLC Star Whole Standstill agreement Notice that the Special Servicer
has agreed to enter into a new
standstill with the Borrower under
the Star Credit Agreement until
close of business on 18 April 2014
for the purposes of continuing the
consensual sales process.
Silenus (European Loan Conduit
No. 25) Ltd.
Orazio Portfolio Senior Term Standstill agreement Notice that the standstill
agreement has been extended until
07 May 2014.
Epic (Drummond) Ltd. Irus Poland Reference Obligation Loan repaid Notice that it has been informed
by the Servicer that Irus Poland
Reference Obligation was prepaid
in full on the 3rd March 2014
ahead of its Maturity Date of the
20th January 2017.
EuroProp (EMC VI) S.A. EPIC Rhino and EPIC Horse Standstill agreement Notice that on February 17th,
2014, the Issuer and, inter alia, the
EPIC Rhino Borrowers and the
EPIC Horse Borrowers entered
into an ninth amendment
agreement relating to the Rhino
Standstill Agreement and the
Horse Standstill Agreement
pursuant to which the Standstill
Period was extended and shall
now end on April 30th, 2014.
Titan Europe 2006-3 PLC Transaction-level notice Other Notice regarding committee of
Class A Noteholders.
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Table 13
Special Notice Tracker (cont.)
Titan Europe 2007-2 Ltd. Six Hotels Standstill agreement Notice that the standstill
18th April 2014.
Titan Europe 2007-2 Ltd. Skoduv Palace Standstill agreement Notice that the standstill
18th April 2014 in respect of
Skoduv Palace Loan.
Titan Europe 2007-2 Ltd. Toy Box Standstill agreement Notice that the standstill
18th April 2014 in respect of Toy
Box Loan.
Windermere X CMBS Ltd. Transaction-level notice Noteholder meeting Notice that a Meeting of the Class
E Noteholders convened by the
Note Trustee (as defined below)
will be held at the offices of Norton
Rose Fulbright LLP on 24 March
2014 at 10:00 a.m. (London time).
Windermere X CMBS Ltd. Fortezza Loan Portfolio Loan extension Notice regarding extension of the
Fortezza Loan Portfolio.
Windermere XIV CMBS Ltd. Fortezza II Loan extension Notice regarding extension of the
Fortezza II Loan.
DECO 9 - Pan Europe 3 PLC Treveria I Appraisal reduction Notice that the Liquidity
Commitment shall remain
31,499,790.86 as there is no
mechanism in the Liquidity
Facility Agreement to increase the
Liquidity Commitment following
an Appraisal Reduction.
UNITE (USAF) II PLC Transaction-level notice Other Notice regarding full year results
for the year to 31 December 2013.
Cornerstone Titan 2007-1 PLC German Retail Portfolio III Property sales Notice that a property sale and
purchase agreement was notarised
on 28 February 2013 in relation to
18 of the 36 German Retail
Portfolio III Properties. The
properties were sold for a
purchase price of EUR 27,800,000.
DECO 10-Pan Europe 4 PLC Lubeck Retail Other Notice that on 27 February 2014,
the Special Servicer acting on
behalf of the security agent under
the Lubeck Retail Loan enforced
the pledge granted over the shares
in the Lubeck Retail Borrower by
means of a voting right
enforcement.
Fordgate Commercial
Securitisation No. 1 PLC
Transaction-level notice Other Notice that the Issuer herewith
asks the holders of the Notes to
make themselves known to the
Servicer, as it may consider
contacting them following the
occurrence of the recent Control
Valuation Event.
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Table 13
EQUINOX (ECLIPSE 2006-1) PLC Royal Mint Court Other Notice that following an
application to the High Court of
Justice of England and Wales by
the Security Agent, Trevor Patrick
OSullivan and David John
Dunckley of Grant Thornton UK
LLP were appointed as joint
administrators of the Royal Mint
Court Borrower on 6 March 2014.
DECO 14 - Pan Europe 5 B.V. Arcadia Property sales Notice that a sale and purchase
agreement was notarised on 26
February 2014 in respect of a retail
property located in Rottenburg a.d.
Laaber. The sale price for the
Rottenburg Property is 685,000.
Infinity 2007-1 ''Soprano'' FCC EHE Pool 1 B Property sales Notice that the sale of the
Frankfurt property has been
completed on 3 March 2014 at a
gross price of 14,000,000.
Talisman-6 Finance PLC Coconut Property sales Notice that a sale and purchase
agreement was notarised on 20
February 2014 in respect of the
Coconut Property located in
Weinheim. The sale price for the
Weinheim Property is
16,874,000.
Titan Europe 2007-3 Ltd. Norwich Union House Property sales The Property securing the Loan
has been sold for a sale price of
31,400,000 on Friday, 7th March
2014.
Talisman-4 Finance PLC DT-12 and Valentine Other Notice regarding work-out
negotiation in respect of DT-12
Loan and Valentine Loan.
Windermere XII FCC Transaction-level notice Noteholder meeting Notice regarding noteholders
meeting to be held on 21 March
2014.
DECO 17 - Pan Europe 7 Ltd. Faktor Standstill agreement Notice that the standstill
agreement has been extened untill
30 Nov 2014.
Windermere X CMBS Ltd. Transaction-level notice Other Notice that an audio and PDF file
of the presentation given at the
conference call held on 11 March
2014 can be found at the given
link.
Talisman-6 Finance PLC Orange Whole Other Notice regarding
acknowledgement of security
interests and claims.
Fordgate Commercial
Transaction-level notice Standstill agreement Notice that the standstill
25 March 2014.
LEO-MESDAG B.V. Transaction-level notice Noteholder meeting Notice regarding a first meeting of
Noteholders of each Class of Notes
on 4 April 2014.
GEMINI (ECLIPSE 2006-3) PLC Transaction-level notice Noteholder meeting The Master Servicer invites the
holders of the Class A Notes to
attend a telephone conference call
at 2:00 p.m. London time on
Wednesday 19 March 2014.
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Table 13
Titan Europe 2006-1 PLC Nuremberg Retail Distribution
Centre
Repaid with loss Notice regarding completion of
pay-off sale in respect of
Nuremberg Retail Distribution
Centre Loan.
DECO 8 - UK Conduit 2 PLC Fairhold Whole Mortgage Standstill agreement Notice that the Special Servicer
has entered into a standstill
agreement with the Fairhold
Borrower in relation to the
occurrence of the non-payment
Event of Default for a standstill
period from 20 February 2014 to
21 May 2014.
Epic (Drummond) Ltd. Project Magnum Reference
Obligation
Property sales Notice that Zambest Limited, one
of the borrowers under the Project
Magnum Whole Loan, sold the
property held by it situated in
Cologneto a third party buyer
under a property purchase
agreement dated 28 November
2013 for a purchase price of EUR
8,000,000.
DECO 10-Pan Europe 4 PLC DFK Portfolio Property sales and standstill
agreement
Notice that on 13 February 2014, a
sale and purchase agreement was
notarised in respect of the
Kelkheim Property. Also the DFK
Portfolio Borrowers were granted
a standstill until and including 22
April 2014.
DECO 11 - UK Conduit 3 PLC Transaction-level notice Other Notice that on 7 March 2014 the
Note Trustee informed the Issuer
that it had not received objections
from a significant proportion of
Noteholders by value to the
proposed amendments to the
Liquidity Facility Agreement by
the deadline for objections of 6
March 2014 specified in the
February 2014 Notice.
Juturna (European Loan Conduit
No. 16) PLC
Transaction-level notice Other Notice regarding dependent
information and rating actions.
Fordgate Commercial
Transaction-level notice Other Notice that the Special Servicer
has received an executed copy of a
new lease with HSBC Bank Plc at
the Pennine Centre in Sheffield.
JUNO (ECLIPSE 2007-2) Ltd. Monheim Reference Obligation Standstill agreement Notice that the Monheim
Reference Entity has requested
that the Sub Special Servicer
enters into a further temporary
standstill agreement, which
expires on 10 June 2014.
Fleet Street Finance Three PLC Blue Star, Corleone, Orange,
Saxony
Other Notice that due to breach in
payment trigger, proceeds now
applied sequentially rather than
pro rata.
UNITE (USAF) II PLC Transaction-level notice Other Notice that UNITE secures
planning approval for new 260,000
sq ft student accomodation
developement in prime London
location.
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Table 13
Epic (Culzean) PLC Prime A Reference Obligation Loan repaid Notice that on 14 March 2014, the
entire principal amount
outstanding under the Prime A
Reference Obligation, equal to
23,996,717.39, together with
accrued interest thereon, was
repaid in full by the Prime A
Reference Entity.
Taurus CMBS (U.K.) 2006-2 PLC Transaction-level notice Other Notice that all Class D
Noteholders (or the Controlling
Class Representative as applicable)
are requested to disclose their
identity and holding to the Note
Trustee, Special Servicer and
Servicer via Euroclear or
Clearstream no later than 5.00 pm
London Time on Thursday 3 April
2013.
Talisman-4 Finance PLC Valentine and DT-12 Noteholder meeting Notice that a conference call with
Noteholders, convened by Hatfield
Philips International Limited will
be held on 28 March 2014 at 12:00
noon (London time) to discuss the
current work-out strategies and
new valuations relating to the
Valentine Loan and the DT-12
Loan.
Windermere X CMBS Ltd. Built Standstill agreement Notice regarding Standstill
Agreement and Consensual Sales
Arrangements in respect of Built
Loan.
Windermere XII FCC Transaction-level notice Other Notice regarding result of the
General Assemblies of
Noteholders held on 21st March
2014.
Ulysses (European Loan Conduit
No. 27) PLC
Transaction-level notice Other Notice that the Extraordinary
Resolution set out in the Notice of
the Meeting was duly passed by
the holders of the Notes.
Accordingly, Cheyne Capital
Management (UK) LLP has been
appointed as the Operating
Adviser in respect of the Whole
Loan.
Titan Europe 2007-2 Ltd. MPC Portfolio Whole Property sales Notice that three properties
securing the Loan have been sold.
The Hoofdorp, Kruisweg 835, 837
property was sold for
EUR1,950,000.00; the Nieuwegein,
Einsteinbaan 2, property was sold
for EUR1,350,000.00 and the
Harderwijk, Westeinde 23
property was sold for
EUR1,200,000.00.
Cornerstone Titan 2007-1 PLC Koblenz/Pforzheim Property sales Notice that the final Property
situate in Koblenz has been sold in
accordance with the terms of a
sale and purchase agreement
under which the gross sale price is
2,350,000.
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Table 13
Talisman-5 Finance PLC Monkey Standstill agreement Notice that the standstill period
stipulated under the Standstill
Letter as amended from time to
time was extended by a further
agreement dated 24 March 2014
until and including 30 September
in respect of Monkey Loan.
LEO-MESDAG B.V. Transaction-level notice Noteholder meeting Notice regarding the first
Noteholders Meetings on 4 April
2014 of the letter dated 26 March
2014 which LEO-MESDAG B.V.
(The Issuer) has received from IEF
Capital Berlage Zuid B.V (The
Borrower)
Talisman-4 Finance PLC DT-12 and Valentine Valuation Notice regarding new valuations in
respect of DT-12 Loan and
Valentine Loan.
Fordgate Commercial
Transaction-level notice Standstill agreement Notice that the standstill
agreement has been extended for
a maximum period of 2 weeks
until 8 April 2014.
GEMINI (ECLIPSE 2006-3) PLC GEMINI (ECLIPSE 2006-3) PLC Property sales Notice that the sale of EMC
Tower, Brentford and Total
Fitness, Wrexham by the fixed
charge receivers completed on
24th and 26th March 2014 for a
total consideration of 28,000,000
and 800,000, respectively.
DECO 10-Pan Europe 4 PLC Toom DIY Valuation Notice that an updated valuation
of the property financed under the
Toom DIY Loan has been received
by the Issuer Special Servicer and
the valuation prepared as per 31
December 2013 shows that the
market value of the property
financed under the Toom DIY
Loan decreased from EUR
9,120,000 to EUR 5,460,000.
DECO 14 - Pan Europe 5 B.V. Arcadia Default The Arcadia Loan was due for
repayment on 20 January 2014.
No funds have been received. This
non-repayment of the Arcadia
Loan on its scheduled final
maturity date constitutes a
non-payment event of default
under the loan agreement for the
Arcadia Loan.
Premiertel PLC Transaction-level notice Other Notice to the noteholders
regarding standby liquidity facility
with Elavon.
DECO 11 - UK Conduit 3 PLC Starcharm Other Notice to noticeholder that the
borrrower and special servicer
exchanged contracts for the sale of
the Starcharm Property.
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Table 13
Vesteda Residential Funding II
B.V.
Transaction-level notice Other Notice that it is the Issuers
intention to redeem all, but not
some only, of the Class A7 Notes
on the Interest Payment Date
falling in April 2014, in accordance
with Condition 6(e) of the Class A7
Notes, and subject to the Issuer
having received sufficient funds to
do so.
Opera Germany (No. 2) PLC Transaction-level notice Other Notice regarding group annual
report of 2013.
DECO 7 - Pan Europe 2 PLC Tiago Loan repaid Notice that on 28 March 2014, the
Tiago loan prepaid in full together
with interest on the loan until the
22 April 2014 loan interest
payment date.
Windermere XI CMBS PLC Transaction-level notice Other Notice that the additional capital
cost per annum calculated by the
Liquidity Facility Provider is
4.325% per annum for the period
from 23 January 2014 to 28
February 2014 and 2.54% per
annum for the period from 28
February 2014 to 24 April 2014.
DECO 6 - UK Large Loan 2 PLC Brunel Whole Valuation Notice that an updated valuation
for the Brunel Property has been
provided by Knight Frank in
respect of Brunel Whole Loan. The
revised market value is
63,000,000.
MESDAG (Charlie) B.V. Sparkasse Transferred to special servicer Notice that the Sparkasse Loan
became Specially Serviced as per
the maturity date.
Titan Europe 2006-3 PLC Target Portfolio Other Notice that the Extended
Observation Period was further
extended by the commercial Court
of Paris for an ultimate six months
period ending on 29 September
2014.
DECO 6 - UK Large Loan 2 PLC Mapeley Property sales Notice that the Mapeley Property
at Beaumont House & Villa,
Northampton was sold for
687,170 on 28 February 2014.
Also the Mapeley Property at
Kings House, Reading was sold for
8,600,000 on 28 March 2014.
Windermere XI CMBS PLC Westville Whole Mortgage Property sales Notice that the Westville
Mortgaged Property known as
'Mitre retail Park, Bilston, Road,
Wolverhampton' was sold for
3,000,000 on 25 March 2014.
EuroProp (EMC) S.A.
(Compartment) 1
Sunrise Standstill sgreement Situs Asset Management Limited,
as Issuer Sub-Special Servicer, and
the Dutch PropCos have entered
into a further Standstill Agreement
from 31 March 2014 until 31 Buly
2014 in order to allow the orderly
disposal of the assets to continue.
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Table 13
LEO-MESDAG B.V. Transaction-level notice Other Notice regarding the result of the
voting at the Noteholders
Meetings.
DECO 9 - Pan Europe 3 PLC Treveria I Standstill sgreement Notice that Situs Asset
Management Limited, as Issuer
Sub-Special Servicer, and the
Dutch PropCos have entered into
a further Standstill Agreement
from 31 March 2014 until 31 July
2014 in order to allow the orderly
disposal of the assets to continue.
Ratings And Note-Level Matters Data
Table 14
Ratings Default Index
Transaction Class Reason for default
Month rating
lowered to 'D (sf)'
Original
rating
Rating immediately
before 'D (sf)'
Alburn Real Estate Capital Ltd. A Principal loss allocation October 2013 AAA (sf) CC (sf)
Alburn Real Estate Capital Ltd. B Principal loss allocation October 2013 AA (sf) CC (sf)
Alburn Real Estate Capital Ltd. C Principal loss allocation October 2013 A (sf) CC (sf)
Alburn Real Estate Capital Ltd. D Principal loss allocation October 2013 BBB (sf) CC (sf)
Alburn Real Estate Capital Ltd. E Principal loss allocation October 2013 BBB (sf) CC (sf)
AQUILA (ECLIPSE 2005-1)
PLC
E Interest shortfall December 2011 BB (sf) B (sf)
ARES FINANCE 2 S.A. D Maturity payment default July 2011 BBB (sf) CCC (sf)
ARES FINANCE 2 S.A. E Maturity payment default July 2011 BB (sf) CCC (sf)
ARES FINANCE S.r.l.* E Maturity payment default March 2011 BBB- (sf) CCC- (sf)
ARES FINANCE S.r.l.* F Maturity payment default March 2011 BB (sf) CCC- (sf)
BELLATRIX (ECLIPSE 2005-2)
PLC
D Interest shortfall August 2013 A (sf) CCC- (sf)
BELLATRIX (ECLIPSE 2005-2)
PLC
E Principal loss allocation November 2010 BBB- (sf) CCC- (sf)
Cornerstone Titan 2005-1 PLC D Interest shortfall February 2014 BBB (sf) CCC- (sf)
Cornerstone Titan 2005-1 PLC E Interest shortfall April 2013 BBB- (sf) CCC- (sf)
Cornerstone Titan 2005-1 PLC F Interest shortfall February 2014 BB (sf) CC (sf)
Cornerstone Titan 2006-1 PLC G Principal loss allocation April 2010 BBB- (sf) CCC- (sf)
Cornerstone Titan 2006-1 PLC H Principal loss allocation April 2010 BB (sf) CCC- (sf)
Cornerstone Titan 2006-1 PLC J Interest shortfall August 2009 B (sf) B- (sf)
Cornerstone Titan 2007-1 PLC A2 Interest shortfall November 2013 AAA (sf) CCC- (sf)
Cornerstone Titan 2007-1 PLC B Interest shortfall June 2013 AA+ (sf) CCC- (sf)
Cornerstone Titan 2007-1 PLC C Interest shortfall February 2013 AA (sf) CCC- (sf)
Cornerstone Titan 2007-1 PLC D Interest shortfall November 2012 A (sf) CCC- (sf)
Cornerstone Titan 2007-1 PLC E Interest shortfall June 2012 BBB (sf) CCC+ (sf)
DECO 10-Pan Europe 4 PLC C Interest shortfall August 2013 A (sf) CCC- (sf)
DECO 10-Pan Europe 4 PLC D Interest shortfall April 2013 BBB (sf) CCC- (sf)
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Table 14
Ratings Default Index (cont.)
DECO 11 - UK Conduit 3 PLC E Interest shortfall October 2013 BBB- (sf) CCC- (sf)
DECO 11 - UK Conduit 3 PLC F Interest shortfall November 2008 BB (sf) CCC- (sf)
DECO 12 - UK 4 PLC D Increased risk of interest
shortfall
April 2013 BBB (sf) CCC- (sf)
DECO 12 - UK 4 PLC E Interest shortfall February 2011 BBB- (sf) B- (sf)
DECO 12 - UK 4 PLC F Interest shortfall February 2011 BB (sf) B- (sf)
DECO 14 - Pan Europe 5 B.V. D Interest shortfall January 2014 BBB (sf) CCC- (sf)
DECO 14 - Pan Europe 5 B.V. E Interest shortfall December 2011 BBB (sf) B (sf)
DECO 14 - Pan Europe 5 B.V. F Interest shortfall December 2011 BBB- (sf) B- (sf)
DECO 14 - Pan Europe 5 B.V. G Interest shortfall November 2010 BB (sf) CCC- (sf)
DECO 15 - Pan Europe 6 Ltd. G Interest shortfall November 2011 BB (sf) B- (sf)
DECO 17 - Pan Europe 7 Ltd. F Interest shortfall September 2012 BBB- (sf) B- (sf)
DECO 17 - Pan Europe 7 Ltd. G Interest shortfall May 2011 BB (sf) B (sf)
DECO 6 - UK Large Loan 2 PLC C Interest shortfall September 2012 A (sf) B- (sf)
DECO 6 - UK Large Loan 2 PLC D Interest shortfall July 2012 BBB (sf) CCC- (sf)
DECO 7 - Pan Europe 2 PLC E Interest shortfall December 2012 BBB (sf) CCC- (sf)
DECO 7 - Pan Europe 2 PLC F Interest shortfall November 2012 BBB (sf) B- (sf)
DECO 7 - Pan Europe 2 PLC G Interest shortfall December 2011 BBB- (sf) BB- (sf)
DECO 7 - Pan Europe 2 PLC H Interest shortfall September 2011 BB (sf) B- (sf)
DECO 8 - UK Conduit 2 PLC E Interest shortfall June 2013 BBB (sf) CCC- (sf)
DECO 8 - UK Conduit 2 PLC F Interest shortfall June 2013 BBB- (sf) CCC- (sf)
DECO 8 - UK Conduit 2 PLC G Interest shortfall December 2009 BB (sf) B (sf)
DECO Series 2005-UK Conduit
1 PLC
D Interest shortfall September 2011 BBB (sf) CCC- (sf)
DECO Series 2005-UK Conduit
1 PLC
E Interest shortfall August 2007 BBB- (sf) CCC (sf)
Diversity Funding No. 1 Ltd. F Principal deficiency April 2012 B (sf) B- (sf)
Epic (Industrious) PLC A Principal loss allocation October 2011 AAA (sf) CCC- (sf)
Epic (Industrious) PLC B Principal loss allocation October 2011 AAA (sf) CCC- (sf)
Epic (Industrious) PLC C Principal loss allocation October 2011 AAA (sf) CCC- (sf)
Epic (Industrious) PLC D Principal loss allocation October 2011 AA (sf) CCC- (sf)
Epic (Industrious) PLC E Principal loss allocation October 2011 A (sf) CCC- (sf)
Epic (Industrious) PLC F Principal loss allocation October 2011 BBB (sf) CCC- (sf)
EQUINOX (ECLIPSE 2006-1)
PLC
D Principal loss allocation August 2013 A (sf) CCC- (sf)
PLC
E Principal loss allocation May 2011 BBB+ (sf) CCC- (sf)
PLC
F Principal loss allocation May 2011 BBB (sf) CCC- (sf)
European Prime Real Estate No.
1 PLC
D Interest shortfall August 2010 BBB (sf) CCC (sf)
EuroProp (EMC VI) S.A. F Interest shortfall July 2013 BB (sf) CCC- (sf)
EuroProp (EMC) S.A.
(Compartment) 1
A Maturity payment default May 2013 AAA (sf) CCC- (sf)
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Table 14
EuroProp (EMC) S.A.
(Compartment) 1
B Maturity payment default May 2013 AA (sf) CCC- (sf)
EuroProp (EMC) S.A.
(Compartment) 1
C Maturity payment default May 2013 A (sf) CCC- (sf)
EuroProp (EMC) S.A.
(Compartment) 1
D Maturity payment default May 2013 BBB (sf) CCC- (sf)
EuroProp (EMC) S.A.
(Compartment) 1
E Maturity payment default May 2013 BBB- (sf) CCC- (sf)
Excalibur Funding No. 1 PLC A Default March 2011 A (sf) B- (sf)
Fleet Street Finance One PLC E Interest shortfall May 2011 BB (sf) BB (sf)
Fleet Street Finance Three PLC D Principal loss allocation August 2013 BBB (sf) CCC- (sf)
Fleet Street Finance Three PLC E Principal loss allocation August 2013 BBB- (sf) CCC- (sf)
FORNAX (ECLIPSE 2006-2)
B.V.
G Interest shortfall February 2014 BB (sf) B- (sf)
GEMINI (ECLIPSE 2006-3) PLC C Interest shortfall October 2012 AA (sf) B- (sf)
GEMINI (ECLIPSE 2006-3) PLC D Interest shortfall October 2012 A (sf) B- (sf)
GEMINI (ECLIPSE 2006-3) PLC E Interest shortfall March 2011 BBB (sf) CCC (sf)
German Residential Asset Note
Distributor PLC
A Restructuring December 2012 AAA (sf) A (sf)
Distributor PLC
B Restructuring December 2012 AA (sf) BBB- (sf)
Distributor PLC
C Restructuring December 2012 A (sf) BB+ (sf)
Distributor PLC
D Restructuring December 2012 BBB (sf) BB (sf)
Distributor PLC
E Restructuring December 2012 BBB (sf) BB- (sf)
Distributor PLC
F Restructuring December 2012 BBB- (sf) B (sf)
Indus (ECLIPSE 2007-1) PLC D Principal loss allocation February 2012 BBB (sf) B- (sf)
Indus (ECLIPSE 2007-1) PLC E Principal loss allocation February 2012 BB (sf) CCC (sf)
JUNO (ECLIPSE 2007-2) Ltd. C Principal loss allocation October 2013 A (sf) CCC- (sf)
JUNO (ECLIPSE 2007-2) Ltd. D Principal loss allocation May 2012 BBB (sf) CCC- (sf)
JUNO (ECLIPSE 2007-2) Ltd. E Principal loss allocation May 2012 BB (sf) CCC- (sf)
MESDAG (Charlie) B.V. D Interest shortfall November 2012 BBB (sf) B- (sf)
MESDAG (Charlie) B.V. E Interest shortfall September 2011 BBB- (sf) CCC- (sf)
Morpheus (European Loan
Conduit No. 19) PLC
D Loan Interest shortfall May 2013 BBB (sf) CCC- (sf)
Morpheus (European Loan
Conduit No. 19) PLC
E Interest shortfall March 2011 BB (sf) B (sf)
Opera Finance (CMH) PLC C Principal loss allocation February 2014 A (sf) CC (sf)
Opera Finance (CMH) PLC D Principal loss allocation February 2014 BBB (sf) CC (sf)
Opera Finance (Uni-Invest) B.V. A Maturity payment default February 2012 AAA (sf) CCC- (sf)
Opera Finance (Uni-Invest) B.V. B Maturity payment default February 2012 AA (sf) CCC- (sf)
Opera Finance (Uni-Invest) B.V. C Maturity payment default February 2012 A (sf) CCC- (sf)
Opera Finance (Uni-Invest) B.V. D Maturity payment default February 2012 BBB (sf) CCC- (sf)
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Table 14
Perseus (European Loan
Conduit No. 22) PLC
C Interest shortfall September 2012 A (sf) CCC- (sf)
Perseus (European Loan
Conduit No. 22) PLC
D Interest shortfall July 2011 BBB (sf) B- (sf)
Prominent CMBS Conduit No. 2
Ltd.
A Principal loss allocation August 2013 AAA (sf) CCC- (sf)
Ltd.
B Principal loss allocation August 2013 AA (sf) CCC- (sf)
Ltd.
C Principal loss allocation August 2013 A (sf) CCC- (sf)
Ltd.
D Principal loss allocation February 2013 BBB (sf) CCC- (sf)
Ltd.
E Principal loss allocation February 2013 BBB- (sf) CCC- (sf)
Ltd.
F Principal loss allocation February 2013 BB (sf) CCC- (sf)
Quirinus (European Loan
Conduit No. 23) PLC
F Interest shortfall January 2014 BBB- (sf) CC (sf)
Radamantis (European Loan
Conduit No. 24) PLC
G Principal loss allocation and
interest shortfall
November 2011 BBB (sf) B (sf)
Silenus (European Loan Conduit
No. 25) Ltd.
G Interest shortfall September 2011 BB (sf) CCC (sf)
Talisman 1 Finance PLC G Principal loss allocation February 2011 BB (sf) BB+ (sf)
Talisman-3 Finance PLC D Principal loss allocation February 2013 BBB (sf) CC (sf)
Talisman-3 Finance PLC E Principal loss allocation February 2013 BB (sf) CC (sf)
Talisman-3 Finance PLC F Principal loss allocation February 2013 B (sf) CC (sf)
Talisman-4 Finance PLC E Principal loss allocation May 2013 BBB (sf) CCC- (sf)
Talisman-4 Finance PLC F Principal loss allocation May 2013 BB (sf) CCC- (sf)
Talisman-4 Finance PLC G Principal loss allocation May 2013 B (sf) CCC- (sf)
Talisman-5 Finance PLC D Principal loss allocation October 2013 BBB (sf) CCC- (sf)
Talisman-5 Finance PLC E Principal loss allocation October 2013 BBB- (sf) CCC- (sf)
Talisman-6 Finance PLC F Interest shortfall February 2009 BB (sf) CCC- (sf)
Taurus CMBS (Pan-Europe)
2006-3 PLC
C Interest shortfall March 2013 A (sf) CCC- (sf)
2006-3 PLC
D Interest shortfall May 2012 BBB (sf) B+ (sf)
2007-1 Ltd.
F Interest shortfall May 2013 BB (sf) B- (sf)
Titan Europe 2006-1 PLC C Interest shortfall February 2013 AA (sf) CCC- (sf)
Titan Europe 2006-1 PLC D Increased risk of interest
shortfall
October 2012 A (sf) CCC- (sf)
Titan Europe 2006-1 PLC E Interest shortfall December 2010 BBB (sf) CCC (sf)
Titan Europe 2006-1 PLC F Interest shortfall December 2010 BBB (sf) CCC (sf)
Titan Europe 2006-1 PLC G Interest shortfall June 2010 BB (sf) CCC- (sf)
Titan Europe 2006-1 PLC H Interest shortfall June 2010 B (sf) CCC- (sf)
Titan Europe 2006-2 PLC F Interest shortfall February 2013 BBB+ (sf) CCC- (sf)
Titan Europe 2006-2 PLC G Interest shortfall February 2013 BBB (sf) CCC- (sf)
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Table 14
Titan Europe 2006-2 PLC H Interest shortfall November 2010 BB (sf) CCC- (sf)
Titan Europe 2006-2 PLC J Interest shortfall November 2008 B (sf) CCC- (sf)
Titan Europe 2006-3 PLC B Interest shortfall February 2013 AAA (sf) CCC- (sf)
Titan Europe 2006-3 PLC C Interest shortfall February 2013 AA (sf) CCC- (sf)
Titan Europe 2006-3 PLC D Interest shortfall February 2013 A (sf) CCC- (sf)
Titan Europe 2006-3 PLC E Interest shortfall September 2012 BBB (sf) CCC- (sf)
Titan Europe 2006-3 PLC F Interest shortfall September 2012 BBB- (sf) CCC- (sf)
Titan Europe 2006-3 PLC G Interest shortfall April 2010 BB (sf) B- (sf)
Titan Europe 2006-3 PLC H Interest shortfall July 2009 B (sf) CCC- (sf)
Titan Europe 2006-5 PLC A2 Interest shortfall June 2013 AAA (sf) B- (sf)
Titan Europe 2006-5 PLC A3 Interest shortfall June 2013 AAA (sf) CCC- (sf)
Titan Europe 2006-5 PLC B Interest shortfall February 2013 AA (sf) CCC- (sf)
Titan Europe 2006-5 PLC C Interest shortfall September 2012 A (sf) CCC- (sf)
Titan Europe 2006-5 PLC D Interest shortfall February 2011 BBB (sf) CCC- (sf)
Titan Europe 2006-5 PLC E Interest shortfall November 2010 BBB- (sf) CCC- (sf)
Titan Europe 2006-5 PLC F Interest shortfall February 2009 BB (sf) CCC- (sf)
Titan Europe 2007-1 (NHP) Ltd. B Interest shortfall July 2011 AAA (sf) BB+ (sf)
Titan Europe 2007-1 (NHP) Ltd. C Interest shortfall July 2011 AA+ (sf) BB (sf)
Titan Europe 2007-1 (NHP) Ltd. D Interest shortfall July 2011 AA (sf) B+ (sf)
Titan Europe 2007-1 (NHP) Ltd. E Interest shortfall July 2011 A (sf) B- (sf)
Titan Europe 2007-3 Ltd. A2 Interest shortfall February 2014 AAA (sf) CCC- (sf)
Titan Europe 2007-3 Ltd. B Interest shortfall July 2012 AA (sf) B- (sf)
Titan Europe 2007-3 Ltd. C Interest shortfall November 2010 A (sf) CCC- (sf)
Titan Europe 2007-3 Ltd. D Interest shortfall March 2010 BBB (sf) CCC- (sf)
Titan Europe 2007-3 Ltd. E Interest shortfall May 2009 BBB- (sf) CCC- (sf)
Titan Europe 2007-3 Ltd. F Interest shortfall February 2009 BB (sf) CCC- (sf)
Titan Europe 2007-3 Ltd. G Interest shortfall October 2008 B (sf) CCC- (sf)
Conduit No. 27) PLC
C Interest shortfall February 2013 AA (sf) CCC- (sf)
Conduit No. 27) PLC
D Interest shortfall May 2012 A (sf) CCC- (sf)
Conduit No. 27) PLC
E Interest shortfall May 2012 BBB (sf) CCC- (sf)
Victoria Funding (EMC-III) PLC E Principal loss allocation November 2013 BB (sf) CC (sf)
Vulcan (European Loan Conduit
No. 28) Ltd.
E Interest shortfall September 2010 BBB (sf) CCC- (sf)
No. 28) Ltd.
F Interest shortfall August 2009 BBB- (sf) CCC- (sf)
No. 28) Ltd.
G Interest shortfall August 2009 BB (sf) CCC- (sf)
Windermere VIII CMBS PLC E Principal loss allocation August 2011 BB (sf) CCC (sf)
Windermere X CMBS Ltd. E Principal loss allocation November 2012 BBB (sf) CCC (sf)
Windermere X CMBS Ltd. F Principal loss allocation November 2012 BB (sf) CCC- (sf)
Windermere XI CMBS PLC D Principal loss allocation May 2010 BBB (sf) CCC (sf)
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Table 14
Windermere XI CMBS PLC E Principal loss allocation May 2010 BB (sf) CCC (sf)
Windermere XIV CMBS Ltd. F Principal loss allocation March 2014 BBB- (sf) B- (sf)
*Although we have withdrawn our ratings on these classes of notes, which we lowered to 'D (sf)' following the issuer's failure to meet its maturity
obligations, we have reintroduced them to our index for completeness.
Related Criteria And Research
Standard & Poor's Ratings Definitions, March 21, 2014
European CMBS Outlook 2014: The Issuance Revival May Slow, Dec. 19, 2013
Counterparty Risk Framework Methodology And Assumptions, June 25, 2013
European CMBS Methodology And Assumptions, Nov. 7, 2012
Criteria Methodology Applied To Fees, Expenses, And Indemnifications, July 12, 2012
European Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic
Factors, May 14, 2012
Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors,
Nov. 4, 2011
Nonsovereign Ratings That Exceed EMU Sovereign Ratings: Methodology And Assumptions, June 14, 2011
Principles Of Credit Ratings, Feb. 16, 2011
Timeliness Of Payments: Grace Periods, Guarantees, And Use Of 'D' And 'SD' Ratings, Dec. 23, 2010
Methodology: Credit Stability Criteria, June 3, 2010
Global Methodology For Rating Interest-Only Securities, June 15, 2010
Use Of CreditWatch And Outlooks, Sept. 14, 2009
Standard & Poor's Revises Criteria Methodology For Servicer Risk Assessment, June 28, 2009
Framework For Credit Analysis In European CMBS Transactions, June 21, 2007
Weighing Country Risk In Our Criteria For Asset-Backed Securities, June 11, 2006
Technical Challenges In European CMBS Structures, Feb. 16, 2006
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affirmation or withdrawal, Rating Outlook change, or CreditWatch action). This commentary and its subject matter have not been the subject
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Additional Contact:
Structured Finance Europe; StructuredFinanceEurope@standardandpoors.com
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