River Green Finance 2020 DAC: 08 February 2020
The principal source of payment of interest on the notes and of repayment of principal on the notes will be a 95.0% share of all amounts received by the Issuer in respect of the Loans including interest, principal and prepayment fee amounts received by the Issuer under the Loans. The Loans were granted under the €196,200,000 common terms agreement entered into by, among others, Goldman Sachs International Bank (the Loan Seller) and the Borrowers on 14 November 2019.
The Property is an office campus located in Bezons, Greater Paris. The Property is split into four different sections: three wings dedicated to office use and the fourth area for services. River Ouest has two basement levels and seven upper floors, totalling 64,278 square metres. The Property also has 1,450 interior parking spaces. As at 1 January 2020, the Property has an occupancy rate of 98.4 % (by area). There are a total of three tenants: Atos International (representing approximately 83.0% of GRI), Dell EMC (representing approximately 15.0% of GRI) and Sophos (representing approximately 2% of GRI). Approximately 5,000 people work at the campus, making it one of the largest business parks in France. CBRE valued the Property at €343,290,000 as at 31 July 2019.
EU & US Risk Retention: For the purposes of satisfying US and EU risk retention requirements, the Issuer will also receive a €9,810,000 advance (the Issuer Loan) from Goldman Sachs International Bank as lender (in such capacity, the Issuer Lender) on the Closing Date pursuant to the terms of the Issuer Loan Agreement. The Issuer Lender will be entitled to receive on each Note Payment Date, or such other date that distributions are made to the Noteholders and/or the Class X Certificate holders, the Issuer Loan Proportion of all amounts paid to the Noteholders and the Class X Certificate holders.
Goldman Sachs International Bank, as original lender of the Loans, will retain a material net economic interest in the securitisation of not less than 5.0% in accordance with the text of Article 6(1) of the Securitisation Regulation.
As at the Closing Date, such retained material net economic interest will comprise not less than 5.0% of the nominal value of each of the tranches sold or transferred to investors in accordance with Article 6(3)(a) of the Securitisation Regulation.
Compare/contrast: Taurus 2019-1 FR DAC