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European Loan Conduit No. 33 (Salus): 22 December 2018

The Issuer will make payments on the Notes and the VRR Loan from payments of principal and interest received by the Issuer under loans advanced by the Original Senior Lender to the Senior Borrower pursuant to the Senior Facility Agreement. Immediately prior to the Closing Date, the Loan Seller shall acquire from the Original Senior Lender a £367,500,000 interest in the Senior Loan (being 100% of the Senior Loan) and on the Closing Date the Loan Seller shall sell such interest to the Issuer.

The Senior Loan will be secured by first ranking mortgages on the freehold and leasehold land and buildings known as CityPoint and located at One Ropemaker Street, London EC2V 0HR. The Property comprises a single building with multiple under lettings. It is mainly used for office purposes but also has a number of small retail units and a leisure centre at the ground and basement floor levels as well as storage below ground floor level. The Property was originally constructed in 1967 as the worldwide headquarters of the British Petroleum (BP) Group but was substantially redeveloped and enlarged in 2001. The Property offers 709,236 sq ft of total lettable area, which is currently let to 36 tenants at an occupancy level of approximately 96.3%. The Market Value of the Property as at October 2018, the month in which the Initial Valuation was produced, was £600,000,000.

Please note, this property featured in an earlier securitisation – ELOC No.27.

EU risk retention: Morgan Stanley Bank NA, as originator, 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(1) of the Capital Requirements Regulation, Article 51(1) of the AIFM Regulation and Article 254(2) of the Solvency II Regulation. As at the Closing Date, such interest will be comprised of the VRR Loan, which has a nominal value equal to at least 5% of the aggregate Principal Amount Outstanding of the Notes of all Classes.

Contrast/compare: ELOC No.27, Elizabeth Finance 2018, Taurus 2018-2 UK DAC