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Taurus 2017-2 UK S.R.L: 09 December 2017

A CMBS transaction, where the issuer will make payments on the notes from payments of principal and interest received by the Issuer under loans advanced by the Loan Seller to the Borrowers pursuant to the Facility Agreement. On the closing date, the issuer will acquire an approximately 95.0% interest in the Loan.

The Portfolio comprises 127 urban logistics and multi-let industrial properties situated throughout the United Kingdom. The properties are currently let to over 1,070 tenants (1,479 units) at a level of approximately 92.0%. The majority of the properties are located in East England and Greater London (34.0% of the lettable area and 40.0% of gross rental income). The remaining assets are located in Greater Manchester (7.2% GLA), West England (16.6% GLA), Midlands (14.0% GLA), Wales (12.5% GLA), Scotland (9.1% GLA) and Yorkshire (6.7% GLA).

CRR 405: Bank of America Merrill Lynch International Limited, as Original Lender, will retain a material net economic interest of not less than 5% in the securitisation in accordance with the text of each of Article 405 of the Capital Requirements Regulation, Article 51 of the AIFM Regulation and Article 254 of the Solvency II Regulation. As at the closing date, such interest will be held in the form of a pari passu interest of not less than 5% of the nominal value of the loan.

US Risk Retention: The transaction is not intended to involve the retention by a sponsor of at least 5% of the credit risk of the securitized assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, but rather intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

Compare/contrast: Taurus CMBS (UK) 2014-1, Deer Funding UK plc, Logistics UK 2015 plc