NEMUS II (Arden) plc. Quarterly Servicer Report to Investors. Note Interest Period 17/02/ /05/2009
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1 NEMUS II (Arden) plc Quarterly Servicer Report to Investors Note Interest Period 17/02/ /05/2009
2 Contents 1 Executive Summary 2 Loan Distribution 3 ICR/DSCR Summary - Most Recent Period 4 Repayments / prepayments 5 ICR History (per Facility Agreement covenant) 6 ICR History (Securitised Loan Basis) 7 DSCR History Securitised Loan Basis (NOI) 8 LTV History (Whole Loan Basis) 9 LTV History (Securitised Loan Basis) 10 Balance History (Securitised Loans) 11 Balance / Valuation History (Cut off) 12 Balance / Valuation History (Current) 13 Top 10 Tenants 14 Lease Expiry Profile 15 Vacancies / Voids 16 Vacancy History 17 Notes to Table (6 Reports) 18 Amortisation Schedules 19 Deliquency Information 20 Special Notices 21 Loan Swap Rate Information 22 Contacts *Front Page shows 171 Victoria Street (Loan No.3)
3 Executive Summary Unless stated otherwise all amounts in this report are in GBP ( ) Current Previous Issue Effective Date 15/05/ /02/ /12/2006 Loan Balance 257,561, ,312, ,872,748 Scheduled Amortisation for Period 231, ,982 Unscheduled Amortisation for Period 88,857 0 Partial Repayment 430,124 0 Full Repayment 0 0 Number of Loans Number of Properties Number of Tenants (Commercial) Number of Delinquencies Number of Loans not Current (Whole Loan) Weighted Average ICR on securitised loan balance 132.5% 116.5% 130.6% Weighted Average LTV Ratio on securitised loan balance 86.4% 80.3% 69.9% Loans transferred to Special Servicing Outstanding Loan Balance of Loans in Special Servicing 35,204,166 11,925,000 0 % of Total Pool of Loans in Special Servicing Summary Comments: Loan 6 (Oriel Property), the Borrower has failed to adhere to the renegotiated terms of the Agreement which were put in place following the LTV breach that occurred last year. The additional amortisation amounts (Whole Loan)of 62,575 due on 30/1/2009 and 30/4/09 have not been paid. As a consequence a default notice was issued, the Borrower has failed to cure the default as a consequence the loan has been placed into Special Servicing. However, the post default payment waterfall has allowed the overdue amount to be collected from the B Lender bringing all securitised loan payments up to date. The loan however remains in default on a Whole Loan basis. Loan 4 (Carlton House), a renegotiation of the terms of the underlying Loan Facility Agreement have been completed, with a variation to the amortisation schedule to allow for an amortisation holiday until January This has allowed the release of much needed working capital which has been stretched following the administration of Woolworths and the consequential loss of rent. The servicer is closely monitoring all property cash flow. Loan 3 (Kirkglade) and Loan 5 (Fern) have both been added to the Servicer Watchlist as a result of LTV breaches following recent updates to the property values. A default has not been called in either case but a letter of non-waiver has been issued and all rights have been reserved. Page 1
4 Loan Distribution ORIGINAL BALANCES CURRENT BALANCES Next Period Interest Rate (incl. of Margin)% Loan Name Whole Loan Securitised Portion B Loan Whole Loan Securitised Portion B Loan Loan Maturity Original Securitised LTV% Current Securitised LTV% Original Whole Loan LTV% Current Whole Loan LTV% Remaining Loan Term (Mths) Escrow Balance GBP Whole Loan Securitised Portion Mortgage Repayment Type 1- Castle Properties (Jersey) Limited 11,320,000 11,320,000 10,289,876 10,289,876 31/01/ , % % Bullet 2 - Chainmill Properties Limited 46,290,000 40,000,000 6,290,000 46,290,000 40,000,000 6,290,000 12/05/ % % Bullet 3 - Kirkglade Limited 149,810, ,810,000 20,000, ,580, ,744,205 19,835,795 31/10/ , % % Amortising 4 - Carlton House Investments Limited 12,440,000 12,440,000 11,925,000 11,925,000 31/10/ % % Amortising 5 - Fern Trustee 1 Ltd and Fern Trustee 2 Ltd as Trustees for Buchanan House Unit Trust 49,873,073 43,873,073 6,000,000 49,248,535 43,323,667 5,924,868 31/10/ , % % Amortising 6 - Oriel Property Limited 32,999,542 23,429,675 9,569,867 32,912,708 23,279,166 9,633,542 31/10/ % % Amortising Totals 302,732, ,872,748 41,859, ,246, ,561,915 41,684,205 Weighted Average Notes: Interest is calculated on an Actual/365 day count basis. LTVs have been calculated using the most recently available property valuations. Page 2
5 ICR / DSCR SUMMARY - MOST RECENT PERIOD Whole Loan Basis Loan No. Facility Gross Interest Net Interest (inc Hedge) Agreement Facility Gross Interest Net Interest (inc Hedge) Agreement See note 1 See note 2 See note 3 See note 1 See note 2 See note A N/A N/A B N/A N/A N/A N/A C N/A N/A N/A N/A N/A N/A A - Cash Trap Trigger 140% B - Cash Trap Trigger 112% C - Cash Trap Trigger 125% ICR SUMMARY DSCR SUMMARY Securitised Loan Basis ICR SUMMARY DSCR SUMMARY Loan No. Facility Gross Interest Net Interest (inc Hedge) Facility Gross Interest Net Interest (inc Hedge) See note 1 See note 2 See note 1 See note N/A N/A N/A N/A N/A N/A Note 1 Note 2 Note 3 Ratio calculated per requirement of CMSA report i.e. Gross Interest / Finance Cost excluding the benefit/cost of hedge, on a 12 month Trailing Actual basis. Ratio calculated including the benefit/cost of hedge, on a 12 month Trailing Actual basis. Calculated in accordance with the requirements of the Facility Agreement i.e. forecast on a 12 month forward looking basis. Page 3
6 Repayments/Prepayments Whole Loan Securitisation Original Whole Loan Current Amount Outstanding Original Loan Repayment Amount Prepayment Amount Cumulative Scheduled Amortisation Cumulative Unscheduled Amortisation Unpaid Amortisation Current Amount Outstanding Reference Obligation Castle Properties (Jersey) Limited 11,320,000 10,289,876 11,320, ,030, ,289,876 Chainmill Properties Limited 46,290,000 46,290,000 40,000, ,000,000 Kirkglade Limited 149,810, ,580, ,810, ,065, ,744,205 Carlton House Investments Limited Fern Trustee 1 Ltd & Fern Trustee 2 Ltd 12,440,000 11,925,000 12,440, , ,925,000 49,873,073 49,248,535 43,873, , ,323,667 Oriel Property Limited 32,999,542 32,912,708 23,429, , , ,279,166 Total 302,732, ,246, ,872, ,030,124 2,143, , ,561,915 Page 4
7 ICR History (per Facility Agreement covenant) Loan No WA Covenant Cash trap trigger n/a n/a n/a Closing Feb May Aug Nov Feb May Aug Nov Feb May Note: Loan 1 - Calculated Ratio is based on the assumption that residential tenant leases are renewed on a one year rolling basis. Percent Loan No. Feb-07 May-07 Aug-07 Nov-07 Feb-08 May-08 Aug-08 Nov-08 Feb-09 May-09 Commentary: The above ICR covenant calculations have been made in accordance with the requirements of the respective Whole Loan Facility Agreements (i.e. 12 month forward looking basis). The improvement in the ratio for Loan 1 follows the sale of 4 units during the past quarter reducing the outstanding loan balance by 430,124, some of the units were previously vacant. Page 5
8 ICR History (Securitised Loan Basis) Loan No WA Covenant Cash trap trigger n/a n/a n/a Closing per OC Feb May Aug Nov Feb May Aug Nov Feb May Percent Loan No. Feb-07 May-07 Aug-07 Nov-07 Feb-08 May-08 Aug-08 Nov-08 Feb-09 May-09 Commentary: The ICR is calculated on the basis of NOI as a ratio to gross loan interest payable on the securitised loan (The interest cost EXCLUDES any financial benefit / cost derived from Interest Rate hedging arrangements). The market reduction in the 3 month LIBOR rate has resulted in significant improvement in the ICR ratios during the last quarter. Page 6
9 DSCR History Securitised Loan Basis (NOI) % Feb May Aug Nov Feb May Aug Nov Feb May Percent /02/07 01/05/07 01/08/07 01/11/07 01/02/08 01/05/08 01/08/08 01/11/08 01/02/09 01/05/ Commentary DSCR is calculated on the basis of NOI as ratio to Debt Service on securitised loan. (The interest cost EXCLUDES any financial benefit/cost relating to Interest Rate hedging arrangements). The market reduction in the 3 month LIBOR rate has resulted in significant improvement in the DSCR ratios during the last quarter. Page 7
10 LTV History (Whole Loan Basis) Loan No WA Covenant 75.0 n/a Closing Feb May Aug Nov Feb May Aug Nov Feb May Percent Loan No. Feb-07 May-07 Aug-07 Nov-07 Feb-08 May-08 Aug-08 Nov-08 Feb-09 May-09 Commentary The LTV covenant calculations are made in accordance with the requirements of the respective Whole Loan facility agreements. Page 8
11 LTV History (Securitised Loan Basis) Loan No WA Covenant (Whole Loan) 75.0 n/a Closing per OC Feb May Aug Nov Feb May Aug Nov Feb May Percent Loan No. Feb-07 May-07 Aug-07 Nov-07 Feb-08 May-08 Aug-08 Nov-08 Feb-09 May-09 Commentary The above calculations have been made on the basis of the most recent valuations against the securitised loan balance outstanding. Page 9
12 Balance History (Securitised Loans) Closing 11,320,000 40,000, ,810,000 12,440,000 43,873,073 23,429,675 Feb-07 11,320,000 40,000, ,723,350 12,380,000 43,842,207 23,424,978 May-07 11,320,000 40,000, ,576,045 12,320,000 43,772,758 23,424,742 Aug-07 11,320,000 40,000, ,485,063 12,260,000 43,723,883 23,424,440 Nov-07 11,320,000 40,000, ,394,080 12,200,000 43,674,269 23,423,963 Feb-08 11,320,000 40,000, ,303,097 12,140,000 43,623,904 23,423,479 May-08 11,320,000 40,000, ,168,790 12,080,000 43,558,433 23,423,332 Aug-08 11,320,000 40,000, ,073,475 12,020,000 43,506,316 23,422,838 Nov-08 10,720,000 40,000, ,986,825 11,960,000 43,453,411 23,378,152 Feb-09 10,720,000 40,000, ,900,175 11,925,000 43,392,562 23,375,097 May-09 10,289,876 40,000, ,744,205 11,925,000 43,323,667 23,279,166 Millions Closing Feb-07 May-07 Aug-07 Nov-07 Feb-08 May-08 Aug-08 Nov-08 Feb-09 May Balance history relates to securitised loan balances only. Commentary Page 10
13 Balance / Valuation History (Cut Off) Reference Obligation No of Properties No of Tenants Reference Obligation Amount (Cut Off) Cut off Valuation Valuer Valuation Date Property Type Region ,320,000 14,300,000 Cushman and Wakefield, Healey and Baker 28/10/2005 Mixed Use - Industrial, Retail and Office Jersey, UK ,000,000 61,000,000 GVA Grimley LLP 03/05/2006 Office London, UK ,810, ,000,000 Jones Lang Lasalle 03/08/2006 Office London,UK ,440,000 15,500,000 GVA Grimley LLP 27/06/2006 Mixed Use Commercial Midlands, UK ,873,073 58,500,000 Jones Lang Lasalle 02/08/2006 Office Scotland, UK ,429,675 39,050,000 Colliers CRE 29/08/2006 Retail UK, various Total ,872, ,350,000 Obligation Amount Cut off Valuation 17% 9% 4% 15% % 10% 4% 16% % % % 50% Page 11
14 Balance / Valuation History (Current) Reference Obligation No of Properties No of Tenants Reference Obligation Amount (Current) Current Valuation Valuer Valuation Date Property Type Region ,289,876 14,134,239 Buckley & Co. Ltd 08/02/2008 Mixed Use - Industrial, Retail and Office Jersey, UK ,000,000 61,000,000 GVA Grimley LLP 03/05/2006 Office London, UK ,744, ,750,000 Jones Lang Lasalle 14/12/2008 Office London,UK ,925,000 12,390,000 GVA Grimley LLP 16/04/2009 Mixed Use Commercial Midlands, UK ,323,667 41,000,000 Jones Lang Lasalle 02/04/2009 Office Scotland, UK ,279,166 35,200,000 Colliers CRE 12/06/2008 Retail UK, various Total ,561, ,474,239 Balance History Current Valuation 17% 9% 4% 16% % 11% 5% 20% % 5 6 4% % 47% Page 12
15 Top 10 Tenants Rank Tenant Net Rental Income p.a ( ) %of Net Annual rent Cumulative % 1 John Lewis Partneship 7,400, McKinsey and Co Inc UK 2,852, Somerfield Stores Ltd 2,054, Network Rail Infrastructure 1,947, Transport Scotland 1,097, Arancroft Properties Limited 635, National Westminster Bank plc 495, Boa Limited T/A Play.com 414, Mc Donalds Property Company Ltd 397, DSG Retail Ltd 360, Percent Tenant Page 13
16 Lease Expiry Profile Year Rental Income Expiring (%) Total Income Less Expiry (%) Rental Income Expiring / Breaking ( ) Total Income Less Expiry ( ) % 98.76% 256,978 20,029, % 96.12% 546,803 19,482, % 88.49% 1,582,995 17,899, % 86.92% 325,102 17,574, % 86.76% 33,665 17,540, % 86.12% 133,100 17,407, % 80.62% 1,139,500 16,267, % 80.30% 66,840 16,201, % 80.30% 0 16,201, % 66.11% 2,941,519 13,259, % 64.96% 239,660 13,019, % 64.96% 0 13,019, % 59.60% 1,110,569 11,909, % 59.03% 118,500 11,790, % 49.51% 1,973,072 9,817, and later 47.35% 2.17% 9,817, % 95% 90% 85% 80% 75% Total Income Less Expiry % Page 14
17 Vacancies / Voids Loan Lettable area (Sq ft) Vacant area (Sq ft) Vacancy % (cut off) Vacancy (previous quarter) Vacancy (current) 1 95,922 8, % 9.8% 8.5% 2 70, % 0.0% 0.0% 3 224, % 0.0% 0.0% 4 71,880 9, % 0.0% 13.8% 5 196, % 0.0% 0.0% 6 150, % 0.0% 0.0% Total 810,684 18, % 1.19% 2.23% 4% 3% 8% Lettable Area by Region (Sq Ft) 12% London East Midlands 36% Scotland S W England Region Lettable area (Sq ft) Vacant area (Sq ft) Vacancy % (cut off) Vacancy (previous quarter) Vacancy (current) London 295, % 0.0% 0.0% East Midlands 92,291 9, % 0.0% 10.8% Scotland 211, % 0.0% 0.0% S W England 22, % 0.0% 0.0% Wales 32, % 0.0% 0.0% N W England 60, % 0.0% 0.0% Other 95,922 8, % 9.8% 9.8% Total 810,684 18, % 1.19% 2.23% 26% 19% Wales N W England Other 11% Lettable Area by Sector (Sq Ft) Office Industrial Sector Lettable area (Sq ft) Vacant area (Sq ft) Vacancy % (cut off) Vacancy (previous quarter) Vacancy (current) 9% Other Office 508, % 0.0% 0.0% Industrial 62,853 8, % 9.8% 12.9% Other 17, % 0.0% 5.3% Mixed Use 71, % 3.0% 0.0% Retail 150,907 9, % 0.0% 6.0% Total 810,684 18, % 1.19% 2.23% 2% 8% 62% Mixed Use Retail Page 15
18 Vacancy History Closing 2.6% 0.0% 0.0% 0.9% 1.7% 0.0% Feb % 0.0% 0.0% 0.9% 1.7% 0.0% May % 0.0% 0.0% 0.9% 1.7% 0.0% Aug % 0.0% 0.0% 0.8% 0.0% 0.0% Nov % 0.0% 0.0% 0.8% 0.0% 0.0% Feb % 0.0% 0.0% 0.8% 0.0% 0.0% May % 0.0% 0.0% 0.8% 0.0% 0.0% Aug % 0.0% 0.0% 0.8% 0.0% 0.0% Nov % 0.0% 0.0% 3.0% 0.0% 0.0% Feb % 0.0% 0.0% 0.0% 0.0% 0.0% May % 0.0% 0.0% 13.8% 0.0% 0.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Closing Feb-07 May-07 Aug-07 Nov-07 Feb-08 May-08 Aug-08 Nov-08 Feb-09 May Commentary Vacancy rate (Loan 1) is based on the assumption that the residential leases are on a one year rolling basis. Page 16
19 Notes to Table Loan 1 Castle Properties (Jersey) Limited Loan Information Original Loan Balance 11,320,000 Tenant Rent p.a. Expiry Date % of total rent Current Loan Balance 10,289,876 Boa Lmtd T/A Play.com 414,528 19/05/ % Amortisation per quarter Nil Citco Jersey Ltd 150,000 30/10/ % Prepayment 430,124 Residential tenants 134,313 various 12.3% Status Current Jersey Tele Net Ltd 94,924 08/07/2012* 8.7% Dividend Trap exceeded No Maples Finance J Ltd 93,828 08/07/ % *Break option Date Property Information Financial Information Number of Properties 5 % Whole Securitised Location/s Jersey Calculation per CMSA Sector Industrial, Retail and Office mixed use Loan to Value 72.8 Total sq ft 95,922 ICR Vacancy sq ft 8,128 DSCR Vacancy rate 8.5% Calculation per Facility Agreement Passing Rent p.a. 1,094,097 Loan to Value 72.8 Net Rent p.a. 1,094,097 ICR* No of Tenants 15 (commercial) DSCR N/A * 12 month forward looking covenant Commentary Top 5 Tenants The LTV covenant threshold was reduced to 73% (from 75%) effective 28/11/2008, the Borrower has deposited cash of 62,000 to ensure continued LTV covenant compliance N/A A prepayment of 430,124 took place on the 30/4/2009 following the sale of 4 units which took place during the quarter. The LTV ratio has slighly improved following the sales and is now at 72.8%. Further units are in negotiation for sale and we expect to see further sales occur during the current quarter Page 17 (a)
20 Notes to Table Loan 2 Chainmill Properties Limited Loan Information Top 5 Tenants Original Loan Balance 40,000,000 Tenant Rent p.a. Expiry Date % of total rent Current Loan Balance 40,000,000 Mc Kinsey and Co Inc UK 2,852,443 24/03/ % Amortisation per quarter Nil Arancroft Properties Ltd * 635,000 03/08/ % Prepayment 0 Out of Africa 270,000 28/09/ % Status Current Dividend Trap exceeded No Property Information Financial Information Number of Properties 1 % Whole Location/s London Calculation per CMSA Sector Office Loan to Value 75.9 Total sq ft 70,169 ICR Vacancy sq ft 0 DSCR Vacancy rate 0.0% Calculation per Facility Agreement Passing Rent p.a. 3,757,444 Loan to Value 75.9 Net Rent p.a. 3,193,827 ICR* No of Tenants 3 DSCR N/A * 12 month forward looking covenant Securitised N/A Commentary Loan continues to perform in accordance with the terms of the underlying Facility Agreement. * The previously reported surrender of the Arancroft Properties lease completed shortly after the effective date of this report. The four previous sub tenants of the space have now taken direct leases. The result is an improverment in the rent receivable from 635,000 p.a. to 801,400 Page 17 (b)
21 Notes to Table Loan 3 Kirkglade Limited Loan Information Top 5 Tenants Original Loan Balance 129,810,000 Tenant Rent p.a. Expiry Date % of total rent Current Loan Balance 128,744,205 John Lewis Partnership 7,400,000 20/04/2031* 81.6% Amortisation per quarter per amortisation schedule Nat West Bank plc 495,000 29/09/ % Prepayment 0 Mc Donalds Property Ltd 397,500 29/09/ % Status Watch List DSG Retail Ltd 360,000 25/03/2011* 4.0% Dividend Trap exceeded No People Phone Limited 170,500 20/11/ % *Break option Date Property Information Financial Information Number of Properties 1 % Whole Securitised Location/s London Calculation per CMSA Sector Office Loan to Value Total sq ft 224,935 ICR Vacancy sq ft 0 DSCR Vacancy rate 0.0% Calculation per Facility Agreement Passing Rent p.a. 9,068,920 Loan to Value Net Rent p.a. 9,068,920 ICR* No of Tenants 8 DSCR N/A * 12 month forward looking covenant N/A The CMSA calculations for ICR and DSCR both exclude the benefit / cost of hedging. Commentary The loan remains on the Servicer Watch list due to a breach in the LTV covenant. Whilst a default has not been called the breach has not been waived. A notice of non-waiver incorporating a reservation of rights has been issued. Whilst the breach continues any surplus rental income is being trapped. The two units vacated by Next plc are currently beng occupied by a temporary tenant whilst the Borrower markets the units. Interest has been shown from several well known retailers and the Borrower is optimistic that the units will be relet by Q Page 17 (c)
22 Notes to Table Loan 4 Carlton House Investments Limited Loan Information Top 5 Tenants Original Loan Balance 12,440,000 Tenant Rent p.a. Expiry Date % of total rent Current Loan Balance 11,925,000 Town & Country Inns plc 93,500 01/09/ % Amortisation per quarter per amortisation schedule Four Oaks Medical Centre 92,500 30/06/ % Prepayment 0 Fitness First Clubs 80,000 30/12/ % Status Special Servicing Pier 39 Restaurants 56,500 23/08/ % Dividend Trap exceeded Yes Majestic Wine 50,540 20/09/ % Property Information Financial Information Number of Properties 3 % Whole Location/s Midlands Calculation per CMSA Sector Mixed Use Commercial Loan to Value 96.2 Total sq ft 71,880 ICR Vacancy sq ft 0 DSCR Vacancy rate 13.8% Calculation per Facility Agreement Passing Rent p.a. 1,026,475 Loan to Value 96.2 Net Rent p.a. 1,026,475 ICR* No of Tenants 39 (commercial) DSCR N/A * 12 month forward looking covenant Securitised N/A Commentary This loan was placed in Special Servicing in December Following discussions with the Borrower a variation to the terms of the Facility Agreement have been agreed and documented. In summary an amortisation holiday until January 2012 has been agreed, the 60,000 per quarter (rising to 70,000 per quarter) amortiation payments have been deferred, the deferred payments will be collected in instalments from January Other controls put in place to control cash flow include the Servicer to make all payments in accordance with a pre approved cash flow forecast. As a precondition to the revised terms we requested an updated valuation of the properties, a desk top update indicates a current value of 12,390,000, this is in breach of the LTV covenant but has been waived. The vacant Woolworths unit is being marketed, to date there has been some interest but discussions are at a very early stage and there is nothing specific to report. Page 17 (d)
23 Notes to Table Loan 5 Fern Trustee 1 Ltd and Fern Trustee 2 Ltd Loan Information Top 5 Tenants Original Loan Balance 43,873,073 Tenant Rent p.a. Expiry Date % of total rent Current Loan Balance 43,323,667 Network Rail Infrastructure 1,947,072 28/11/ % Amortisation per quarter per amortisation schedule Transport Scotland 1,097,635 28/04/ % Prepayment 0 Scott Wilson Railways 188,160 28/11/ % Status Watch List Bio Chem 52,000 30/04/2009* 1.6% Dividend Trap exceeded No *Break Option Date Property Information Financial Information Number of Properties 3 % Whole Location/s Scotland Calculation per CMSA Sector Office Loan to Value Total sq ft 196,871 ICR Vacancy sq ft 0 DSCR Vacancy rate 0.0% Calculation per Facility Agreement Passing Rent p.a. 3,284,867 Loan to Value Net Rent p.a. 3,284,867 ICR* No of Tenants 4 DSCR N/A * 12 month forward looking covenant Securitised N/A Commentary The CMSA calculations for ICR and DSCR both exclude the benefit / cost of hedging. This Loan has been added to the Servicer Watch List following receipt of an informal view as to the current valuation of the property given by JLL. They estimate the current value is in the region of 41m (increasing the LTV ratio on a Whole Loan basis to 120.1%). Whilst a default has not been called the breach has not been waived. A notice of non-waiver incorporating a reservation of rights has been issued. Whilst the breach continues any surplus rental income is being trapped. Bio Chem ( 52,000 p.a.) have exercised the lease break option effective 30/4/2009. This only represents 1.6% of the total rental income and therefore will not have a significant negative impact to income. The Borrower is actively marketing the space. Page 17 (e)
24 Notes to Table Loan 6 Oriel Property Limited Loan Information Top 5 Tenants Original Loan Balance 23,429,675 Tenant Rent p.a. Expiry Date % of total rent Current Loan Balance 23,279,166 Somerfield Stores Limited 2,054,249 20/09/ % Amortisation per quarter per amortisation schedule Prepayment 0 Status Special Servicing Dividend Trap exceeded No Property Information Financial Information Number of Properties 11 % Whole Location/s Various UK Calculation per CMSA Sector Retail Loan to Value 93.5 Total sq ft 150,907 ICR Vacancy sq ft 0 DSCR 99.8 Vacancy rate 0.0% Calculation per Facility Agreement Passing Rent p.a. 2,054,249 Loan to Value 93.5 Net Rent p.a. 2,054,249 ICR* No of Tenants 1 DSCR N/A * 12 month forward looking covenant Securitised N/A The CMSA calculations for ICR and DSCR both exclude the benefit / cost of hedging. Commentary Following the (additional amortisation) payment default on 30/1/2009 this loan was placed into Special Servicing on the 3/4/2009 as the default remains unremedied, a further payment default has occurred in relation to the additional amortisation payment due on 30/4/2009. The Special Servicer is in discussion with both the Borrower and the B Lender and is currently formulating a strategy, an updated valuation of the properties has been commissioned as part of this process. The shortfalls in the additional amortisation payments at the securitised loan level have now been brought up to date following the application of the payment priority under the terms of the post default waterfall in the Intercreditor Agreement, the loan however remains in default on a Whole Loan basis. Page 17 (f)
25 Amortisation Loan No: Period Scheduled Amortisation on Securitised Loan Actual Amortisation on Securitised Loan Scheduled Amortisation on Securitised Loan Actual Amortisation on Securitised Loan Scheduled Amortisation on Securitised Loan Actual Amortisation on Securitised Loan Scheduled Amortisation on Securitised Loan Actual Amortisation on Securitised Loan Jan-07 86,650 86,650 60,000 60,000 30,866 30, ,697 Apr , ,305 60,000 60,000 69,449 69, Jul-07 90,983 90,983 60,000 60,000 48,875 48, Oct-07 90,983 90,983 60,000 60,000 49,614 49, Jan-08 90,983 90,983 60,000 60,000 50,365 50, Apr , ,308 60,000 60,000 65,471 65, Jul-08 95,315 95,315 60,000 60,000 52,117 52, Oct-08 86,650 86,650 60,000 60,000 52,905 52, ,687 Jan-09 86,650 86,650 35,000 * 35,000 60,850 60,850 3,054 3,054 Apr , ,970 NIL * NIL 68,894 68,894 7,074 95,931 Jul-09 99,648 NIL * 55, Oct ,980 NIL * 63,624 11,422 Jan ,980 NIL * 123,619 11,598 Apr ,975 NIL * 125,469 11,777 Jul-10 86,650 NIL * 127,346 11,959 Oct ,313 NIL * 129,251 20,532 Jan ,313 NIL * 110,124 8,969 Apr ,968 NIL * 153,839 32,863 Jul ,645 NIL * 135,135 21,495 Oct ,978 NIL * 116,292 23,285,820 Jan , , ,961 Apr , , ,785 Jul , , ,192 Oct-12 86, , ,252 Jan-13 86, , ,343 Apr , , ,930 Oct ,729, ,000 41,180,905 Jan ,000 Apr ,000 Jul ,000 Oct-14 10,365,000 * amortisation holiday period Page 18
26 Delinquency Information 1 Arrears, Losses and Recoveries 1 There were no Loan arrears at the end of the Collection Period. 1 There are no ongoing loan enforcement proceedings Borrower Amount Written Off Provision Enforcement Comments N/A Nil N/A N/A N/A Days in Arrears > 180 No. of Accounts 1 Nil Nil Arrears Balance Total Balance 125, ,150 Nil Nil Nil Nil Commentary: Commentary: Arrears relate to shortfalls on WHOLE LOAN amortisation due 30/1/2009 and 30/4/2009 in respect of Loan 6, the securitised element is current. 1 There are no breaches of any terms of the Loans known to the Servicer likely to prejudice the value of the Loan. 1 No loan enforcement proceedings had begun at the end of the Collection Period Borrower Nature of Breach Commenced Comments Months in Arrears No. of Accounts Arrears Balance Total Balance Status Provision Comments 1-3 Nil Nil Nil N/A N/A N/A Commentary 4-6 Nil Nil Nil N/A N/A N/A 7-9 Nil Nil Nil N/A N/A N/A Nil Nil Nil N/A N/A N/A >12 Nil Nil Nil N/A N/A N/A Orders for possession have been granted in respect of: N/A Commentary: Orders for possession are pending in respect of: N/A Page 19
27 Special Notices 3rd April 2009 SPECIAL NOTICES ISSUED NEMUS II (Arden) plc A Special Notice was issued advising that the loan to Oriel Property Limited (Somerfield Portfolio Loan) had defaulted on an amortisation payment due on 30 January 2009 and as a result had triggered a Servicing Transfer Event and that as a result the loan has been transferred into Special Servicing Page 20
28 Loan SWAP Rate Information Loan Rate Management Fixed rate maturity date Original Notional ( m) Current Notional ( ) Swap Fixed Rate (excl. Margin) * Whole Loan Margin Interest Rate (Incl. Margin) Swap Counterparty Loan No 1 Swap 25/11/2010 9,622,000 9,622, % % % HSBC Bank plc Loan No 2 Swap 10/07/ ,290,000 46,290, % % % HSBC Bank plc Loan No 3 Extendable Swap 31/10/ ,000, ,580, % % % HSBC Bank plc Loan No 4 Swap 31/10/ ,500,000 11,840, % % % HSBC Bank plc Loan No 5 Swap 31/10/ ,000,000 49,248, % % % HSBC Bank plc Loan No 6 Swap 31/10/ ,575,250 26,561, % % % HSBC Bank plc Swap 31/10/2011 6,424,532 6,420, % % % HSBC Bank plc * : 1= Variable Swap Rate Page 21
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