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DECO (27) Series 2019-RAM: 06 October 2019

The Loan Seller advanced a loan to the Borrower pursuant to the Loan Agreement. On the Closing Date, the Issuer will acquire from the Loan Seller a £142,500,000 interest in the Loan (being approximately 95% of the Loan) pursuant to the Securitised Loan Sale Documents. The Loan Seller will continue to hold an approximately 5% interest in the Loan, which the Loan Seller is free to deal with in its sole discretion (subject to the EU Risk Retention Requirements).

The Loan will be secured by, among other things, properties located in England collectively known as the Intu Derby Shopping Centre. Intu Derby is located in the heart of Derby and is a prime regional retail and leisure destination which provides a modern retail environment with over 200 retail and restaurant units, extending to circa 1.3m square feet across two main trading floors. According to the Initial Valuation, the market value of the Properties as at 4 June 2019 was £351mln.

EU Risk Retention: Deutsche Bank AG, London Branch, as original lender in respect of the Loan, will retain a material net economic interest in the securitisation of not less than 5% in accordance with the text of Article 6(1) of Regulation (EU) 2017/2402. As at the Closing Date, such retained material net economic interest will comprise the retention of not less than 5% of the principal amount advanced under the Loan Agreement in accordance with the EU Risk Retention Requirements, in the form of the Retained Loan.

US Risk Retention: The Loan Seller, as sponsor under the U.S. Risk Retention Rules, does not intend to retain at least 5% of the credit risk of the securitised 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: INTU (SGS) Finance plc Series 3 (4.25% Sept 2035), Westfield Stratford City Finance No.2 plc