European CMBS Monthly Bulletin (November 2013) : 10 Billion of Loans May Need Refinancing in 2014

STRUCTURED FINANCE RESEARCH
European CMBS Monthly Bulletin (November 2013): 10 Billion Of Loans May Need Refinancing In 2014
Surveillance Credit Analyst: James Belchamber, London +44 207 176 3734; james.belchamber@standardandpoors.com Secondary Contact: Robert W Leach, London (44) 20-7176-3652; robert.leach@standardandpoors.com Research Contributor: Mahesh L Bodke, Mumbai; mahesh.bodke@standardandpoors.com Media Contact: Lisa Nugent, London (44) 20-7176-3501; lisa.nugent@standardandpoors.com
Table Of Contents
Loan Maturities Loan Delinquencies, Nonmonetary Breaches, And Cures Specially Serviced Loans Ratings And Note-Level Matters Transactions And Related Publications Loan Delinquencies And Nonmonetary Breaches Data Specially Serviced Loans Data Ratings And Note-Level Matters Data Related Criteria And Research
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With the largest year for loan maturities in the commercial mortgage-backed securities (CMBS) transactions that Standard & Poor's Ratings Services rates almost complete, attention is now turning to 2014, when over 13 billion of loans are scheduled to mature. Of these, about 3 billion have already prepaid, leaving an outstanding balance of over 10 billion in need of refinancing. This is lower, compared with approximately 16 billion at the beginning of 2013. Although 2014's refinancing challenge is not as acute as 2013, loan maturities will follow a year in which the number of loans in special servicing increased to just under 50% of our remaining CMBS universe. This could increase difficulties facing loans maturing in 2014, as they compete with these specially serviced loans for the limited amount of available refinancing opportunities.
Table A
2014 Maturities By Country

Country Austria Czech Rep Finland France Germany Italy The Netherlands Spain Sweden Switzerland U.K. Total Euro balance () Number of loans Euro balance (%) 70,000,000 52,889,520 78,500,000 2,433,338,863 5,314,935,209 355,767,898 835,995,399 77,000,000 137,400,000 111,425,713 4,201,777,192 13,669,029,794 1 1 1 8 60 3 3 1 1 2 31 112 0.51 0.39 0.57 17.80 38.88 2.60 6.12 0.56 1.01 0.82 30.74 100.00
Excluding prepaid loans, maturing European loans outnumber U.K. loans three times over when compared by balance. The two largest jurisdictions for maturing loans are Germany and the U.K. Loans secured on office assets make up the largest portion of maturing loansboth by balance and by loan countaccounting for 50% and 37%, respectively.
Table B
2014 Maturities By Asset Type

Asset type Car showrooms Distribution warehouses Hotels Mixed use Multifamily Euro balance () Number of loans Euro balance (%) 7,135,255 47,933,452 7,123,958 2,529,451,850 1,260,453,694 1 3 1 25 16 0.05 0.35 0.05 18.50 9.22
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Table B
2014 Maturities By Asset Type (cont.)

Office Residential Retail Student accommodation Total 6,767,685,064 89,400,000 2,493,819,483 466,027,038 13,669,029,794 41 1 22 2 112 49.51 0.65 18.24 3.41 100.00
A review of the top four maturing asset classes by outstanding balance for 2014 indicates that loans with low loan-to-value (LTV) ratios are still outperforming those with reported higher LTV ratios.
So far, 24 of the 112 loans scheduled to mature in 2014 have prepaid, three of which prepaid with a loss. For three of the four asset types in chart A, the prepaid loans had a lower reported weighted-average LTV (WALTV) ratio than outstanding loans. The overall average LTV ratio for outstanding loans is higher in all four asset types, compared with the WALTV ratio for outstanding loans. This suggests that a number of large loans with low LTV ratios are driving down the WALTV ratio of each asset type. We believe that 2014 will be another difficult year for maturing CMBS loans. Although there has been some renewed optimism for CMBS as a whole, this has primarily benefited a small number of loans with the strongest credit
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characteristics, while the remaining loans have continued to struggle. The loans scheduled to mature in 2014, as of November 2013, are listed below in table 9 (part 2). The information below is as of the end of October 2013, unless stated otherwise.
Table 1
Data Snapshot For Loans And Ratings

Loan developments Total delinquent Total in nonmonetary breach Total in special servicing Maturity performance Scheduled to mature Repaid by maturity date Rating actions New Raised Lowered Affirmed To CreditWatch negative To 'D (sf)' Total at 'D (sf)' Redemptions 46 14 25 11 Number of loans Number of transactions affected 148 26 173 55 21 61
Number of tranches Number of transactions affected 0 0 21 6 0 9 155 0 0 0 8 4 0 4 56 0
Data Notes The total number of loans in European CMBS that we rate (excluding the loans in small loan transactions, nonperforming loan [NPL] transactions, and commercial real estate collateralized debt obligations [CRE CDOs]) stood at 376 at the end of October 2013. The British pound sterling and euro balances of this universe over this period were 25,794,637,292 and 24,806,287,279, respectively. The total issuance amounts across all transactions we rate (including small loan transactions, nonperforming loans, and CRE CDOs) were 27,596,694,243 and 26,833,358,653, respectively.
Loan Maturities
Loan maturity performance
Of the 46 loans that matured: Borrowers repaid 14 in full; Three repaid with a loss; Servicers extended the term of five loans;
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European CMBS Monthly Bulletin (November 2013): 10 Billion Of Loans May Need Refinancing In 2014 Servicers declared 16 to be in default; and We're currently awaiting information for the remaining loans.
Table 2
Maturities In October 2013

Loan maturity date Oct 1, 2013 Oct 3, 2013 Oct 5, 2013 Note final maturity date Oct 1, 2016 Oct 1, 2016 Mar 20, 2022
Transaction Alburn Real Estate Capital Ltd. Quality Parking 2007 B.V. Hypo Real Estate Bank International AG (ESTATE UK-3) CPUK Mortgage Finance Ltd. Hypo Real Estate Bank AG (Estate Pan-Europe 5) Windermere XI CMBS PLC Talisman-5 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Windermere X CMBS Ltd. INDUS (ECLIPSE 2007-1) PLC EQUINOX (ECLIPSE 2006-1) PLC INDUS (ECLIPSE 2007-1) PLC Opera Germany (No. 2) PLC INDUS (ECLIPSE 2007-1) PLC Titan Europe 2007-3 Ltd. Infinity 2007-1 Soprano FCC Infinity 2007-1 Soprano FCC Cornerstone Titan 2007-1 PLC Prominent CMBS Conduit No. 2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd.
Loan Alburn Real Estate Capital Ltd. Quality Parking 2007 B.V. 123 775
Jurisdiction U.K. The Netherlands/U.K. U.K.
Asset type Office Car parks Office
Comment Repaid with a loss Repaid Awaiting information Repaid Repaid Extended to October 2015 Defaulted Awaiting information Awaiting information Repaid Repaid Awaiting information Repaid Defaulted Repaid Defaulted Awaiting information Awaiting information Extended to January 2014 Repaid with a loss Defaulted Extended to January 2014 Defaulted
CPUK Mortgage Finance Ltd. Loan 15 The Government Income Portfolio Mortgage Loan The Penguin Loan The Mango Loan The Pineapple Loan Thunderbird Pitch 2 Royal Mint Court Alba Gate K KG & OP KG & SM KG & RRZ KG St George Project Regulator Loan EHE - Pool 1A EHE - Pool B Munster Loan Ambassador Norwich Union House Loan Skoduv Palace Loan Project Kennet Loan
U.K. Germany U.K.
Leisure Multifamily housing Office
Oct 5, 2013 Oct 10, 2013 Oct 15, 2015
Oct 10, 2018 Jul 25, 2018 Apr 15, 2017
France Germany Germany Germany U.K. U.K. U.K. Germany U.K. U.K. Germany Germany Germany U.K. U.K. Czech Rep U.K.
Office Office Multifamily housing Multifamily housing Office Office Office Retail Office Office Retail Mixed use Retail Retail Office Office Office
Oct 15, 2013 Oct 15, 2013 Oct 15, 2013 Oct 15, 2013 Oct 16, 2013 Oct 16, 2013 Oct 17, 2013 Oct 17, 2013 Oct 17, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Jan 17, 2014 Oct 18, 2013 Oct 18, 2013 Jan 18, 2014 Oct 18, 2013
Oct 22, 2016 Oct 24, 2016 Oct 24, 2016 Oct 15, 2019 Jan 1, 2020 Jan 25, 2018 Jan 1, 2020 Oct 20, 2014 Jan 1, 2020 Oct 23, 2016 Nov 5, 2019 Nov 5, 2019 Jan 23, 2017 Apr 26, 2019 Oct 23, 2016 Apr 1, 2017 Oct 23, 2016
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Table 2
Maturities In October 2013 (cont.)

Titan Europe 2007-3 Ltd. Titan Europe 2007-2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC Deco 17 - Pan Europe 7 Ltd. Triton (European Loan Conduit No. 26) PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 14Pan Europe 5 B.V. Epic (Drummond) Ltd. Epic (Drummond) Ltd. DECO 10-Pan Europe 4 PLC Deco 17 - Pan Europe 7 Ltd. Triton (European Loan Conduit No. 26) PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC Epic (Drummond) Ltd. Fordgate Commercial Securitisation No.1 PLC Infinity 2007-1 Soprano FCC NEMUS II (Arden) PLC Quadrant House Loan Redbus Interhouse Loan Roade One Zana Centrum Loan Rubicon Nike Allokton Access Portfolio DFK Portfolio Emmen Wohncenter GA 1 MF Giugliano 1 Giugliano 2 Lubeck Retail Mayne Nextra 2 UK Regent Capital Starcharm Limited Swisscom Toom DIY Zenon Fordgate Commercial Securitisation No.1 PLC UFG Fern Trustee 1 Ltd and Fern Trustee 2 Ltd U.K. The Netherlands U.K. Poland The Netherlands Sweden U.K. Germany Switzerland Germany Italy Italy Germany Germany U.K. U.K. U.K. Switzerland Germany Greece U.K. France U.K. Office Office Distribution warehouse Office Office Mixed use Self storage Mixed use Retail Multifamily housing Retail Retail Mixed use Retail Office Distribution warehouse Distribution warehouse Office Retail Retail/car Parks Office Multifamily housing Office Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 20, 2014 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2016 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 21, 2013 Oct 21, 2013 Oct 31, 2013 Oct 23, 2016 Apr 1, 2017 Apr 26, 2019 Jan 23, 2017 Oct 27, 2019 Jul 27, 2020 Oct 25, 2019 Oct 27, 2019 Oct 27, 2019 Oct 27, 2020 Jan 25, 2022 Jan 25, 2022 Oct 27, 2019 Jul 27, 2020 Oct 25, 2019 Jan 27, 2020 Jan 27, 2020 Oct 27, 2019 Oct 27, 2019 Jan 25, 2022 Oct 23, 2016 Nov 5, 2019 Feb 15, 2020 Defaulted Repaid Repaid with a loss Defaulted Extended to October 2014 Repaid Repaid Awaiting information Defaulted Repaid Repaid Repaid Defaulted Defaulted Extended to October 2016 Defaulted Defaulted Defaulted Defaulted Awaiting information Defaulted Repaid Defaulted
Loan maturity default rate and performance statistics. The maturity default rate sharply increased to 16.06% from 11.03%.
November maturities
We expect the maturity default rate to increase marginally in our next European CMBS monthly bulletin, as only six loans are scheduled to mature, none of which have repaid.
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Chart 1
Loan Maturity Index Default Methodology To track the maturity default rate, we use the 12-month rolling balance of loans scheduled to mature. For example, our rate at the end of October is tracked against the total balance of loans scheduled to mature between Nov. 1, 2012 and Oct. 31, 2013. This amount is 19.61 billion when expressed in euros. We also show the balance of loans scheduled to mature in the same period that repaid, that defaulted in that period and that either extended, went into standstill, or for which we await information.
Loan maturities data

See "Loan Maturities Data" below for all maturities from the past quarter to the end of the current calendar year (tables 8 and 9), as well as data for the number of loans due to mature in the next nine months (chart 5), jurisdiction and sector breakdowns of the maturity profiles for pound sterling and euro loans from 2011 onward (charts 6 and 7), and the maturity profile for pound sterling and euro loans from 2011 onward (chart 8).
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Loan Delinquencies, Nonmonetary Breaches, And Cures

Loan delinquencies and cures
There were 17 loan delinquencies, all of which failed to repay at maturity. Four loans were resolved from our delinquencies index over the last month (see table 3). As a result, the number of loans in our delinquencies index increased to 148. As shown in chart 2, the delinquency rate for: Outstanding euro-denominated loans increased sharply to 37.37% from 31.73%; and Outstanding pound sterling-denominated loans increased to 12.47% from 10.03%.
Chart 2
Table 3
Delinquencies
Transaction Loan Additions Opera Germany (No. 2) PLC K KG & OP KG & SM KG & RRZ KG Germany Retail Maturity payment default Jurisdiction Asset type Comment
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Table 3
Delinquencies (cont.)
Cornerstone Titan 2007-1 PLC Talisman-5 Finance PLC Fordgate Commercial Securitisation No.1 PLC Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC Deco 17 - Pan Europe 7 Ltd. DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC NEMUS II (Arden) PLC Zana Centrum Penguin Fordgate Commercial Securitisation No.1 PLC Project Kennet Norwich Union House Project Regulator Quadrant House Emmen Wohncenter Regent Capital Investco Estates Ltd. Mayne Swisscom Toom DIY Lubeck Retail Starcharm Ltd. Fern Trustee 1 Ltd and Fern Trustee 2 Ltd. Cures/resolved DECO Series 2005-UK Conduit 1 PLC Victoria Funding (EMC-III) PLC Cornerstone Titan 2006-1 PLC Titan Europe 2007-3 Ltd. Sandfile Ltd. Brisk Ltd. Lloyds Chamber Project Towergate U.K. U.K. U.K. U.K. Industrial Retail Office Office Repaid with loss Repaid with loss Repaid with loss Repaid Poland France U.K. U.K. U.K. U.K. U.K. Switzerland U.K. U.K. Germany Switzerland Germany Germany U.K. U.K. Office Office Office Office Office Office Office Retail Distribution warehouse Distribution warehouse Retail Office Retail Mixed use Distribution warehouse Office Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default
Loan nonmonetary breaches and cures

There were no nonmonetary breaches. However, four loans were resolved from our nonmonetary breaches index. As a result, the number of loans in our nonmonetary breaches index decreased to 26 from 30 (see table 4). As shown in chart 3, the nonmonetary breach rate for: Outstanding euro-denominated senior loans slightly increased to 5.46% from 5.16%; and Outstanding pound sterling-denominated senior loans decreased to 3.11% from 3.62%.
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Chart 3
Table 4
Nonmonetary Breaches
Transaction Loan Additions None ----Jurisdiction Asset type Comment
Cures/resolved, or transferred to our delinquencies index JUNO (ECLIPSE 2007-2) Ltd. Nemus II (Arden) PLC Indus (Eclipse 2007-1)PLC Alburn Real Estate Capital Ltd. Senior Den Tir Fern Trustee 1 Ltd. and Fern Trustee 2 Ltd. St George Alburn Real Estate Capital Ltd. Belgium U.K. U.K. U.K. Retail Office Office Office Repaid with a loss Transferred to our delinquency index Repaid Repaid with a loss
Loan delinquencies and nonmonetary breaches data

See "Loan Delinquencies And Nonmonetary Breaches Data" below for our full delinquencies index (table 10), our full nonmonetary breaches index (table 11), as well as data on the legal maturity profile for pound sterling and euro transactions from 2013 to 2020 (chart 9), and term and maturity delinquencies for pound sterling and euro loans (charts 10 and 11).
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Specially Serviced Loans

Fifteen loans entered special servicing (see table 5). We removed five loans from our special servicing index, one of which has fully repaid. The remaining four repaid with a loss. Overall, the number of loans in our special servicing index increased to 173 from 163 (see chart 4).
Notices
We expect loans in our special servicing index to increase marginally in our next European CMBS monthly bulletin, with six loans scheduled to mature, none of which have repaid.
Chart 4
Table 5
Specially Serviced Loans

Transaction Loan Jurisdiction Asset type Comment
Additions FORNAX (ECLIPSE 2006-2) B.V. Opera Germany (No. 2) PLC Cassina Plaza K KG & OP KG & SM KG & RRZ KG Italy Germany Mixed use Consequence of the imminent default Retail Maturity payment default
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Table 5
Specially Serviced Loans (cont.)

Cornerstone Titan 2007-1 PLC Fordgate Commercial Securitisation No.1 PLC Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC Deco 17 - Pan Europe 7 Ltd. DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC Zana Centrum Fordgate Commercial Securitisation No.1 PLC Project Kennet Norwich Union House Quadrant House Emmen Wohncenter Regent Capital Investco Estates Ltd. Mayne Swisscom Toom DIY Lubeck Retail Starcharm Ltd. Cures/resolved DECO Series 2005-UK Conduit 1 PLC Victoria Funding (EMC-III) PLC Cornerstone Titan 2006-1 PLC Titan Europe 2007-3 Ltd. JUNO (ECLIPSE 2007-2) Ltd. Sandfile Ltd. Brisk Ltd. Lloyds Chamber Project Towergate Senior Den Tir U.K. U.K. U.K. U.K. Belgium Industrial Retail Office Office Retail Repaid with a loss Repaid with a loss Repaid with a loss Repaid Repaid with a loss Poland U.K. U.K. U.K. U.K. Switzerland U.K. U.K. Germany Switzerland Germany Germany U.K. Office Office Office Office Office Retail Distribution warehouse Distribution warehouse Retail Office Retail Mixed use Distribution warehouse Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default
Specially serviced loans data

See "Specially Serviced Loans Data" below for our full special servicing index (table 12), as well as data on loans in special servicing by sector for pound sterling, euro, and total loans (charts 12 and 13). Our "Loan Special Notice Tracker" illustrates recent loan-level events in the European CMBS transactions that we rate.
Ratings And Note-Level Matters

Ratings performance
Withdrawals. There were no rating withdrawals over the last month. Affirmations. We affirmed our ratings on six classes of notes in four transactions. Upgrades. There were no upgrades over the last month. Downgrades. We lowered our ratings on 21 classes of notes in eight transactions. Rating defaults. There were nine defaults.
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Table 6
Rating Defaults
Transaction Talisman-5 Finance PLC Talisman-5 Finance PLC JUNO (ECLIPSE 2007-2) Ltd. DECO 11 - UK Conduit 3 PLC Alburn Real Estate Capital Ltd. Alburn Real Estate Capital Ltd. Alburn Real Estate Capital Ltd. Alburn Real Estate Capital Ltd. Alburn Real Estate Capital Ltd. Class D E C E A B C D E Month rating lowered to 'D (sf)' Original rating October 2013 October 2013 October 2013 October 2013 October 2013 October 2013 October 2013 October 2013 October 2013 BBB (sf) BBB- (sf) A (sf) BBB- (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB (sf) Rating immediately before 'D (sf)' CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CC (sf) CC (sf) CC (sf) CC (sf) CC (sf) Comment Principal loss allocation Principal loss allocation Principal loss allocation Interest shortfall Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation
Transactions And Related Publications

Table 7
Transactions And Related Publications In October 2013

Transaction Sandwell Commercial Finance No. 1 PLC Cornerstone Titan 2005-1 PLC Opera Finance (CMH) PLC Alburn Real Estate Capital Ltd. Excalibur Funding No. 1 PLC DECO 11 UK Conduit 3 PLC JUNO (ECLIPSE 2007-2) Ltd. Talisman-5 Finance PLC Opera Germany (No. 2) PLC Article Various Rating Actions Taken On Sandwell Commercial Finance No. 1's U.K. CMBS Notes For Credit And Counterparty Reasons Rating Lowered On Cornerstone Titan 2005-1's Class F CMBS Notes Due To Expected Interest Shortfall Ratings Lowered On Irish CMBS Transaction Opera Finance (CMH)'s Class C And D Notes Due To Expected Losses All Ratings Lowered To 'D (sf)' And Withdrawn In U.K. CMBS Transaction Alburn Real Estate Capital After Principal Losses Rating Affirmed At 'D (sf)' On European CMBS Transaction Excalibur Funding No. 1's Class A Notes Rating Lowered On U.K. CMBS Transaction DECO 11 UK Conduit 3's Class E Notes Following Interest Shortfall Ratings Lowered On JUNO (ECLIPSE 2007-2)'s Class B And C European CMBS Notes; Ratings Affirmed On Class D And E Notes Ratings On CMBS Transaction Talisman-5 Finance's Class D And E Notes Lowered To 'D (sf)' Following Principal Losses Ratings Lowered On CMBS Transaction Opera Germany (No. 2)'s Class A To E Notes Due To Increased Timing Risk Date Oct. 29, 2013 Oct. 29, 2013 Oct. 25, 2013 Oct. 25, 2013 Oct. 24, 2013 Oct. 18, 2013 Oct. 17, 2013 Oct. 4, 2013 Oct. 4, 2013
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Chart 5
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Chart 6
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Chart 7
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Chart 8
Table 8
Loans Maturing Over The Past Quarter

Loan maturity date Aug 7, 2013 Aug 7, 2013 Aug 10, 2013 Note final maturity date May 15, 2017 May 15, 2019 Oct 15, 2019 Loan balance 30,030,000
Transaction Vulcan (European Loan Conduit No. 28) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Windermere X CMBS Ltd. JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. German Residential Funding PLC Quokka Finance PLC
Loan Tishman Munich Office II Margaux EDF
Jurisdiction Germany
Asset type Mixed use
Comment Repaid
France
Office
134,371,823
Repaid
Lightning Dutch Ostend Neumarkt German Residential Funding PLC Annenhoele
The Netherlands Belgium Germany Germany Germany
Office Retail Retail Multifamily housing Multifamily housing
15,542,500 26,691,000 122,312,500 2,025,321,590 19,066,821
Defaulted Repaid Awaiting information Repaid Repaid
Aug 10, Nov 1, 2022 2013 Aug 10, Nov 1, 2022 2013 Aug 15, 2013 Aug 30, 2013 Aug 22, 2018 Sep 1, 2016
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Table 8
Loans Maturing Over The Past Quarter (cont.)

Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC MESDAG (Charlie) B.V. Prominent CMBS Funding No. 1 PLC Credent Ltd. Titan Europe 2007-2 Ltd. MESDAG (Charlie) B.V. Alburn Real Estate Capital Ltd. Quality Parking 2007 B.V. Hypo Real Estate Bank International AG (ESTATE UK-3) CPUK Mortgage Finance Ltd. Hypo Real Estate Bank AG (Estate Pan-Europe 5) Windermere XI CMBS PLC Talisman-5 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Domus Emersion Goniatat Norddeutschland Residential 2 Residential 4 Residential 5 Residential 6 Residential 7 Residential 9 Derrick 1200304120 Credent Ltd. Project Christie Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany U.K. Germany Germany Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Oct 31, 2019 Dec 20, 2032 Sep 15, 2016 Apr 1, 2017 37,675,829 176,554,410 31,307,947 67,833,357 71,709,283 20,655,387 28,507,307 45,690,969 25,310,755 31,139,661 3,139,073 57,600,000 297,845,000 291,236,427 Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Repaid Awaiting information Repaid Repaid Extended to November 2013 Repaid Repaid with a loss Repaid Awaiting information
Office Sep 2, 2013 Mixed use Sep 9, 2013 Retail Retail Sep 15, 2013 Nov 20, 2013 Sep 30, 2013
TOR Alburn Real Estate Capital Ltd. Quality Parking 2007 B.V. 123 775
Germany U.K. The Netherlands/U.K. U.K.
Multifamily housing
Oct 31, 2019 Oct 1, 2016 Oct 1, 2016 Mar 20, 2022
14,037,990 108,615,491 300,000,000 9,133,587
Office Oct 1, 2013 Car parks Oct 3, 2013 Office Oct 5, 2013
CPUK Mortgage Finance Ltd. 15
U.K. Germany
Leisure Oct 5, 2013 Multifamily housing Office
Oct 10, 2018
746,322,000 84,878,000
Repaid Repaid
Oct 10, Jul 25, 2018 2013 Oct 15, 2015 Oct 15, 2013 Oct 15, 2013 Oct 15, 2013 Apr 15, 2017 Oct 22, 2016 Oct 24, 2016 Oct 24, 2016
The Government Income Portfolio Mortgage The Penguin The Mango The Pineapple
U.K.
79,164,518
Extended to October 2015 Defaulted Awaiting information Awaiting information * * *
France Germany Germany
Office Office Multifamily housing
52,997,711 86,197,016 48,692,786
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Table 8

Windermere X CMBS Ltd. INDUS (ECLIPSE 2007-1) PLC EQUINOX (ECLIPSE 2006-1) PLC INDUS (ECLIPSE 2007-1) PLC Opera Germany (No. 2) PLC INDUS (ECLIPSE 2007-1) PLC Titan Europe 2007-3 Ltd. Infinity 2007-1 Soprano FCC Infinity 2007-1 Soprano FCC Cornerstone Titan 2007-1 PLC Prominent CMBS Conduit No. 2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC Deco 17 - Pan Europe 7 Ltd. Triton (European Loan Conduit No. 26) PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 14Pan Europe 5 B.V. Epic (Drummond) Ltd. Thunderbird Pitch 2 Royal Mint Court Germany U.K. U.K. Multifamily housing Office Office Oct 15, 2013 Oct 16, 2013 Oct 16, 2013 Oct 17, 2013 Oct 17, 2013 Oct 17, 2013 Oct 18, 2013 Oct 15, 2019 Jan 1, 2020 Jan 25, 2018 Jan 1, 2020 Oct 20, 2014 Jan 1, 2020 Oct 23, 2016 67,741,160 22,219,075 69,483,625 Repaid Repaid Awaiting information Repaid Defaulted Repaid Defaulted Awaiting information Awaiting information Extended to January 2014 Repaid with a loss Defaulted Extended to January 2014 Defaulted Defaulted Repaid Repaid with a loss Defaulted Extended to October 2014 Repaid Repaid * * * * * * * * *
Alba Gate K KG & OP KG & SM KG & RRZ KG St George Project Regulator EHE - Pool 1A EHE - Pool B Munster Ambassador Norwich Union House Skoduv Palace Project Kennet Quadrant House Redbus Interhouse Roade One Zana Centrum Rubicon Nike Allokton Access Portfolio
U.K. Germany U.K. U.K. Germany Germany Germany U.K. U.K. Czech Rep U.K. U.K. The Netherlands U.K. Poland The Netherlands Sweden U.K.
Office Retail Office Office Retail Mixed use Retail Retail Office Office Office Office Office Distribution warehouse Office Office Mixed use Self storage
7,580,650 500,400,000 6,247,500 175,959,261 371,670,760 35,295,072 9,571,523 90,930,000 41,149,300 52,889,520 19,418,800 59,283,080 6,356,571 80,100,000 12,105,000 55,085,933 56,991,728 158,400,000
Oct 18, Nov 5, 2019 2013 Oct 18, Nov 5, 2019 2013 Jan 17, 2014 Oct 18, 2013 Oct 18, 2013 Jan 18, 2014 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 20, 2014 Jan 23, 2017 Apr 26, 2019 Oct 23, 2016 Apr 1, 2017 Oct 23, 2016 Oct 23, 2016 Apr 1, 2017 Apr 26, 2019 Jan 23, 2017 Oct 27, 2019
Oct 20, Jul 27, 2020 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 25, 2019 Oct 27, 2019 Oct 27, 2019 Oct 27, 2020 Jan 25, 2022
DFK Portfolio Emmen Wohncenter GA 1 MF Giugliano 1
Germany Switzerland Germany Italy
Mixed use Retail Multifamily housing Retail
32,452,549 89,064,819 146,702,496 53,000,000
Awaiting information Defaulted Repaid Repaid
* *
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Table 8

Epic (Drummond) Ltd. DECO 10-Pan Europe 4 PLC Deco 17 - Pan Europe 7 Ltd. Triton (European Loan Conduit No. 26) PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC Epic (Drummond) Ltd. Fordgate Commercial Securitisation No.1 PLC Infinity 2007-1 Soprano FCC NEMUS II (Arden) PLC Giugliano 2 Lubeck Retail Mayne Nextra 2 UK Italy Germany Germany U.K. Retail Mixed use Retail Office Oct 20, 2013 Oct 20, 2013 Jan 25, 2022 Oct 27, 2019 27,000,000 13,806,459 150,124,261 26,876,071 Repaid Defaulted Defaulted Extended to October 2016 Defaulted Defaulted Defaulted Defaulted Awaiting information Defaulted * * * * * * * *
Oct 20, Jul 27, 2020 2013 Oct 20, 2016 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 21, 2013 Oct 25, 2019 Jan 27, 2020 Jan 27, 2020 Oct 27, 2019 Oct 27, 2019 Jan 25, 2022 Oct 23, 2016
Regent Capital Starcharm Ltd. Swisscom Toom DIY Zenon Fordgate Commercial Securitisation No.1 PLC UFG Fern Trustee 1 Ltd. and Fern Trustee 2 Ltd.
U.K. U.K. Switzerland Germany Greece U.K.
Distribution warehouse Distribution warehouse Office Retail Retail/car parks Office
5,679,571 34,772,000 47,183,557 7,133,625 36,177,400 261,893,781
France U.K.
Multifamily housing Office
Oct 21, Nov 5, 2019 2013 Oct 31, 2013 Feb 15, 2020
2,540,100 41,180,905
Repaid Defaulted *
*According to our data at the end of October 2013, these loans are either delinquent, in breach of nonmonetary obligations, or in special servicing (see our delinquencies, nonmonetary breaches, and special servicing indices in tables 10, 11, and 12 respectively).
DECEMBER 3, 2013 20
1223026 | 300051529
Chart 9
Table 9
Loans Maturing From November To December 2013

Part 1 Loan maturity date Note final maturity date Loan balance (euro equivalent) 26,035,444
Transaction Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. FORNAX (ECLIPSE 2006-2) B.V. JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. Titan Europe 2007-2 Ltd. Prominent CMBS Conduit No. 2 Ltd.
Loan Babcock French Portfolio Henderson Hanau Shopping Centre Cassina Plaza Le Croissant Petersbogen Project Christie Lavincino
Jurisdiction France
Asset type Office
Comment --
Nov 7, 2013 May 15, 2017
Germany
Retail
Nov 7, 2013 May 15, 2017
18,900,000
--
Italy Belgium Germany Germany U.K.
Mixed use Office Retail Retail Retail
Nov 10, 2013 Nov 10, 2013 Nov 10, 2013 Nov 20, 2013 Dec 6, 2013
Feb 20, 2019 Nov 1, 2022 Nov 1, 2022 Apr 1, 2017 Apr 26, 2019
39,888,550 18,215,000 68,816,748 291,236,427 97,680,000
------
DECEMBER 3, 2013 21
1223026 | 300051529
Table 9
Loans Maturing From November To December 2013 (cont.)

Immeo Residential Finance No.2 Ltd. European Property Capital 1 Hypo Real Estate Bank AG (Estate Pan-Europe 5) FCT Infinity 2009-1 "Gamma" Immeo Residential Finance No.2 Ltd. European Property Capital 1 5 Germany Multifamily housing Mixed use Dec 15, 2013 Dec 24, 2013 Dec 28, 2013 Dec 31, 2013 Dec 15, 2016 537,123,677 Repaid
France
Dec 31, 2013
87,732,244
Repaid
France
Office
Jul 25, 2018
22,000,000
Repaid
Master
France
Office
Nov 1, 2019
80,673,520
Repaid
*According to our data at the end of October 2013, these loans are either delinquent, in breach of nonmonetary obligations, or in special servicing (see our delinquencies, nonmonetary breaches, and special servicing indices in tables 10, 11, and 12, respectively).
Table 9
Loans Scheduled To Mature In 2014, As Of November 2013

Part 2 Current loan Transaction maturity legal final Loan name date maturity The Fisherman IBC Portfolio Jan 30, 2014 Feb 4, 2020 Current securitized loan Property Loan balance/balance type currency at maturity Mixed use EUR 13,366,334
Transaction name Taurus CMBS (Pan-Europe) 2007-1 Ltd. Titan Europe 2007-2 Ltd. DECO 10-Pan Europe 4 PLC DECO 9 Pan Europe 3 PLC DECO 7 Pan Europe 2 PLC FORNAX (ECLIPSE 2006-2) B.V. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A.
Country France
Latest value 31,670,000
Skoduv Palace Loan Dresdner Office Portfolio
Jan 18, 2014 Jan 20, 2014
Apr 1, 2017 Oct 27, 2019
Czech Republic Germany
Office
EUR EUR
52,889,520 82,970,149
88,219,304 280,561,500
Dresdner Office Portfolio Tiago
Jan 20, 2014 Apr 20, 2014 Jul 24, 2014 Apr 16, 2014 Apr 16, 2014 Apr 16, 2014 Apr 16, 2014
Jul 27, 2017
Germany
EUR
82,970,149
280,561,500
Jan 27, 2018
Germany
Office
EUR
95,243,464
106,600,000
ATU Germany
Feb 20, 2019
Germany
Mixed use
EUR
12,681,720
36,620,000
Bardowick Loan
Apr 30, 2017
Germany
Mixed use
EUR
5,175,000
6,999,865
Cluster 1 Loan
Apr 30, 2017
Germany
Mixed use
EUR
11,090,764
14,999,681
Cluster 2 Loan
Apr 30, 2017
Germany
Mixed use
EUR
11,668,473
19,500,895
Cluster 4 & 5 Loan
Apr 30, 2017
Germany
Mixed use
EUR
16,017,965
29,397,912
DECEMBER 3, 2013 22
1223026 | 300051529
Table 9
Loans Scheduled To Mature In 2014, As Of November 2013 (cont.)

EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. INDUS (ECLIPSE 2007-1) PLC Silenus (European Loan Conduit No. 25) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC Bruntwood Alpha PLC Bruntwood Alpha PLC DRACO (ECLIPSE 2005-4) PLC Windermere X CMBS Ltd. Windermere X CMBS Ltd. Windermere X CMBS Ltd. Windermere XIV CMBS Ltd. Windermere XIV CMBS Ltd. Talisman-7 Finance Ltd. EQUINOX (ECLIPSE 2006-1) PLC INDUS (ECLIPSE 2007-1) PLC Cornerstone Titan 2007-1 PLC Henderson - Bergen Loan Henderson - Staples Loan FORSTER HALL Jan 16, 2014 Jan 16, 2014 Apr 16, 2014 Aug 7, 2014 Apr 30, 2017 Germany Mixed use EUR 8,033,329 10,900,320
Apr 30, 2017
Germany
Mixed use
EUR
27,716,878
57,227,235
Jan 1, 2020
U.K.
Student Accomodation Office
GBP
8,100,000
15,850,000
ANTONY PARC
May 15, 2019
France
EUR
52,418,475
78,500,000
Tishman Hamburg Office
Feb 7, 2014
May 15, 2017
Germany
Office
EUR
51,300,000
77,900,000
Munster Loan
Jan 17, 2014 Oct 20, 2014
Jan 23, 2017
Germany
Retail
EUR
9,571,523
30,245,000
Rubicon Nike
Oct 27, 2019 Netherlands
Office
EUR
55,085,933
64,000,000
Bruntwoood 2000 Bruntwoood Estates Herbert House
Jan 1, 2014 Jan 1, 2014 Jan 7, 2014 Jan 12, 2014 Jan 12, 2014 Jan 15, 2014 Jan 15, 2014 Jan 15, 2014 Jan 15, 2014 Jan 16, 2014 Jan 17, 2014 Jan 18, 2014
Jan 1, 2017 Jan 1, 2017 Oct 1, 2017
U.K. U.K. U.K.
Office Office Office
GBP GBP GBP
229,150,000 80,350,000 8,180,191
310,615,000 292,125,000 11,250,000
IFB and Pavia Fortress I Naples Enel Tower Fortress II Bridge The Fortezza II Loan
Oct 15, 2019 Oct 15, 2019 Oct 15, 2019 Apr 22, 2018
Italy Italy Germany Italy
Office Office Office Office
EUR EUR EUR EUR
59,639,015 43,900,000 342,090,000 252,228,883
87,700,000 63,000,000 496,120,000 342,430,000
The Hausmann Loan
Apr 22, 2018
France
Office
EUR
254,711,667
422,000,000
The Schubert Loan Portland Place
Apr 22, 2017 Jan 25, 2018
Germany U.K.
Office Office
EUR GBP
8,659,500 8,899,000
5,300,000 14,750,000
GRES_1_PORTFOLIO
Jan 1, 2020
U.K.
Residential
GBP
74,500,000
179,081,241
Loews Loan
Jan 23, 2017
Germany
Multifamily
EUR
98,098,775
104,298,202
DECEMBER 3, 2013 23
1223026 | 300051529
Table 9

Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Epic (Culzean) PLC Epic (Brodie) PLC Epic (Drummond) Ltd. DECO 14Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 8 - UK Conduit 2 PLC DECO 12 UK 4 PLC DECO 14Pan Europe 5 B.V. DECO 15 Pan Europe 6 Ltd. DECO 14Pan Europe 5 B.V. Epic (Value Retail) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Portier Loan Ton Loan Friends First Jan 18, 2014 Jan 18, 2014 Jan 20, 2014 Jan 20, 2014 Jan 20, 2014 Jan 20, 2014 Apr 1, 2017 Apr 1, 2017 Oct 20, 2019 Germany Germany U.K. Multifamily Multifamily Office EUR EUR GBP 14,970,647 1,953,428 35,662,681 140,030,000 9,560,000 33,000,000
Terry Magnum
Jan 22, 2016 Jan 25, 2022
Germany Germany
Retail Retail
EUR EUR
110,156,847 71,638,413
260,500,000 126,515,000
Arcadia
Oct 27, 2020
Germany
Mixed use
EUR
106,241,359
50,970,000
Capital & Regional
Jan 20, 2014
Oct 27, 2020
Germany
Retail
EUR
44,927,692
60,020,000
CGG- Tambelle REDO 3
Jan 20, 2014
Oct 27, 2020
Germany
Mixed use
EUR
96,491,765
137,922,000
DD Karstadt Hilden
Jan 20, 2014
Oct 27, 2020
Germany
Retail
EUR
5,114,500
2,180,001
LMK Overseas Investments LMM Overseas Investments Mansford Nord Bayern
Jan 20, 2014 Jan 20, 2014 Jan 20, 2014
Jan 27, 2036
U.K.
Retail
GBP
3,512,500
4,860,000
Jan 27, 2020 Oct 27, 2020
U.K. Germany
Office Retail
GBP EUR
2,987,609 43,978,768
10,920,000 51,365,000
SCN Shopping Centre
Jan 20, 2014 Jan 20, 2014
Apr 1, 2018
Austria
Retail
EUR
70,000,000
100,000,000
Woodsford MF
Oct 27, 2020
Germany
Multifamily
EUR
16,320,016
19,220,000
Las Rozas Jargonnant Munich
Jan 22, 2014 Feb 7, 2014
Jul 26, 2019 May 15, 2017
Spain Germany
Retail Mixed use
EUR EUR
77,000,000 25,049,583
210,000,000 38,175,956
Tishman German Office Portfolio
Feb 7, 2014
May 15, 2017
Germany
Office
EUR
244,970,571
273,800,000
DECEMBER 3, 2013 24
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Table 9

Silenus (European Loan Conduit No. 25) Ltd. MESDAG (Charlie) B.V. UNITE (USAF) PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Prominent CMBS Conduit No. 2 Ltd. Talisman-7 Finance Ltd. Windermere XI CMBS PLC Windermere XIV CMBS Ltd. Talisman-7 Finance Ltd. Windermere XI CMBS PLC Windermere XI CMBS PLC EuroProp (EMC VI) S.A. INDUS (ECLIPSE 2007-1) PLC BELLATRIX (ECLIPSE 2005-2) PLC Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. DECO 11 UK Conduit 3 PLC DECO 7 Pan Europe 2 PLC TISHMAN MUNICH ELISENHOF Feb 7, 2014 May 15, 2019 Germany Mixed use EUR 106,517,000 135,000,000
Sparkasse UNITE (USAF) PLC Firefly
Mar 31, 2014 Mar 31, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014
Oct 31, 2019 Mar 31, 2017 Apr 1, 2016
Germany U.K. Germany
Office Student Accomodation Multifamily
EUR GBP EUR
8,389,436 280,000,000 8,825,077
11,145,000 582,380,000 24,510,000
Phoenix
Apr 1, 2016
Germany
Multifamily
EUR
2,357,678
16,720,000
Colombina
Apr 26, 2019
U.K.
Office
GBP
120,930,000
195,000,000
The Bruckner Loan The Devonshire House Mortgage Loan The GSI Loan
Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 15, 2014 Apr 16, 2014 Apr 17, 2014 Apr 17, 2014 Apr 18, 2014 Apr 18, 2014 Apr 20, 2014 Apr 20, 2014
Apr 22, 2017 Apr 15, 2017
Germany U.K.
Multifamily Office
EUR GBP
52,695,000 191,924,169
44,370,000 260,000,000
Apr 22, 2018
Germany
Office
EUR
36,028,570
36,600,000
The Hof Loan The Longacre Mortgage Loan The Westville Mortgage Loan Epic Horse Loan
Apr 22, 2017 Apr 15, 2017
Germany U.K.
Car Showrooms Office
EUR GBP
7,135,255 111,015,515
7,600,000 162,000,000
Apr 15, 2017
U.K.
Office
GBP
57,994,857
7,260,000
Apr 30, 2017
Germany
Mixed use
EUR
24,843,112
17,096,629
CRITERION
Jan 1, 2020
U.K.
Office
GBP
121,886,000
170,000,000
Rivermead Court
Jan 25, 2017
U.K.
Office
GBP
3,522,826
750,000
Urbis Loan Cobalt Loan St Christopher Nottingham Limited World Fashion Centre
Apr 1, 2017 Apr 1, 2017 Jan 27, 2020
Germany Finland U.K.
Office Retail Hotel
EUR EUR GBP
45,304,984 78,500,000 5,936,632
173,577,064 50,213,000 9,900,000
Jan 27, 2018
Netherlands
Retail
EUR
88,242,479
146,890,000
DECEMBER 3, 2013 25
1223026 | 300051529
Table 9

DECO 15 Pan Europe 6 Ltd. DECO 12 UK 4 PLC AOK Schwerin Apr 20, 2014 Apr 20, 2014 Apr 1, 2018 Germany Office EUR 27,056,253 30,960,000
Borehamwood Investments Limited and Oakdale Investments Limited Loan Centro
Jan 27, 2020
U.K.
Mixed use
GBP
15,841,930
10,000,000
DECO 15 Pan Europe 6 Ltd. Epic (Drummond) Ltd. Deco 17 Pan Europe 7 Ltd. Deco 17 Pan Europe 7 Ltd. DECO 15 Pan Europe 6 Ltd. DECO 14Pan Europe 5 B.V. Deco 17 Pan Europe 7 Ltd. Deco 17 Pan Europe 7 Ltd. Deco 17 Pan Europe 7 Ltd. Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (Pan-Europe) 2007-1 Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd.
Apr 20, 2014 Apr 20, 2014 Apr 20, 2014 Apr 20, 2014 Apr 20, 2014 Apr 20, 2014
Apr 1, 2018
Germany
Retail
EUR
711,990,245 1,150,000,000
Countrywide
Jan 25, 2022
Germany
Retail
EUR
331,387,978
454,400,000
Gabriel
Jul 27, 2020
Germany
Multifamily
EUR
79,863,750
106,485,000
NILEG MF
Jul 27, 2020
Germany
Multifamily
EUR
70,300,710
330,377,724
OWG MF
Apr 1, 2018
Germany
Multifamily
EUR
86,481,676
155,130,836
Puma MF
Oct 27, 2020
Germany
Multifamily
EUR
135,443,864
160,210,000
WBN MF
Apr 20, 2014 Apr 20, 2014 Apr 21, 2014 Apr 30, 2014
Jul 27, 2020
Germany
Multifamily
EUR
188,765,719
442,316,174
WGN MF
Jul 27, 2020
Germany
Multifamily
EUR
206,523,844
493,734,534
LWB
Jul 27, 2020
Germany
Multifamily
EUR
133,312,623
407,098,952
The Saturn Portfolio
Feb 4, 2020
Germany
Retail
EUR
24,055,022
37,700,000
The Barana Portfolio
Apr 30, 2014
Feb 4, 2020
Switzerland
Office
CHF
67,286,813
98,210,000
The Matran Portfolio
Apr 30, 2014
Feb 4, 2020
Switzerland
Retail
CHF
44,138,900
55,370,000
Eurocastle Office Portfolio
May 7, 2014
May 15, 2017
Germany
Office
EUR
39,896,290
52,900,000
Henderson Paris Retail Park
May 7, 2014
May 15, 2017
France
Retail
EUR
17,880,000
28,470,000
DECEMBER 3, 2013 26
1223026 | 300051529
Table 9

Xuthus (European Loan Conduit No. 29) S.A. Hypo Real Estate Bank AG (Estate Pan-Europe 5) MESDAG (Berlin) B.V. Windermere XII FCC Real Estate Capital (Foundation) Ltd. Epic (More London) PLC Fleet Street Finance Two PLC Deco 17 Pan Europe 7 Ltd. Deco 17 Pan Europe 7 Ltd. DECO 15 Pan Europe 6 Ltd. DECO 9 Pan Europe 3 PLC Taurus CMBS (U.K.) 2006-2 PLC Ulysses (European Loan Conduit No. 27) PLC Epic (Value Retail) Ltd. Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (Pan-Europe) 2007-1 Ltd. FCC Proudreed Properties 2005 Project Vermeer May 7, 2014 May 15, Netherlands 2018 Mixed use EUR 692,666,987 1,107,358,000
Loan 26
Jun 26, 2014
Jul 25, 2018
Germany
Retail
EUR
44,000,000
63,150,000
MESDAG (Berlin) B.V. Coeur Defense Loan 1
Jun 30, 2014 Jul 10, 2014 Jul 15, 2014
Jul 1, 2016 Jul 10, 2017 Jul 15, 2016
Germany France Sweden
Multifamily Office Mixed use
EUR EUR GBP
130,084,888
211,000,000
1,638,950,000 1,282,000,000 114,500,000 327,850,000
More London Fleet Street Finance Two PLC AFI
Jul 15, 2014 Jul 20, 2014 Jul 20, 2014 Jul 20, 2014 Jul 20, 2014 Jul 20, 2014 Jul 20, 2014 Jul 21, 2014
Jul 15, 2017 Jul 26, 2017
U.K. Germany
Office Retail
GBP EUR
638,460,444
946,400,000
276,179,287 1,048,351,000
Jul 27, 2020
Germany
Mixed use
EUR
71,499,241
93,323,000
Mansford Edeka
Jul 27, 2020
Germany
Retail
EUR
13,001,148
15,400,000
Mansford OBI Large
Apr 1, 2018
Germany
Retail
EUR
143,613,790
171,740,000
PGREI Portfolio
Jul 27, 2017
Germany
Retail
EUR
114,227,891
152,200,000
The Iron Mountain Loan City Point
Apr 24, 2024
U.K.
Distribution warehouse Office
GBP
29,198,003
40,000,000
Jul 25, 2017
U.K.
GBP
429,000,000
407,500,000
Bicester The Hutley Portfolio
Jul 22, 2014 Jul 30, 2014
Jul 26, 2019 Feb 4, 2020
U.K. Germany
Retail Mixed use
EUR EUR
170,000,000 38,864,712
414,686,500 45,760,000
The Fishman JEC Portfolio
Jul 30, 2014
Feb 4, 2020
France
Mixed use
EUR
134,153,250
161,765,200
Paris Properties Borrowers
Aug 1, 2014
Aug 18, 2017
France
Mixed use
EUR
238,506,631
394,144,000
DECEMBER 3, 2013 27
1223026 | 300051529
Table 9

FCC Proudreed Properties 2005 JUNO (ECLIPSE 2007-2) Ltd. LCP Proudreed PLC LCP Proudreed PLC London & Regional Debt Securitisation No. 1 PLC INDUS (ECLIPSE 2007-1) PLC AQUILA (ECLIPSE 2005-1) PLC Fleet Street Finance Three PLC DECO 5 - UK Large Loan 1 PLC DECO 11 UK Conduit 3 PLC NEMUS II (Arden) PLC Prominent CMBS Funding No. 1 PLC JUNO (ECLIPSE 2007-2) Ltd. FCT Infinity 2009-1 "Gamma" Proudreed France Borroweres Aug 1, 2014 Aug 18, 2017 France Mixed use EUR 83,352,506 146,330,000
SEAFORD
Aug 10, 2014 Aug 25, 2014 Aug 25, 2014 Oct 15, 2014
Nov 1, 2022
Germany
Distribution warehouse Mixed use
EUR
11,443,849
19,100,000
LCP
Aug 25, 2016
U.K.
GBP
256,694,290
367,125,701
Rroudreed
Aug 25, 2016
U.K.
Mixed use
GBP
43,434,618
63,390,000
London & Regional Debt Securitisation No. 1 PLC_Portfolio
Oct 15, 2014
U.K.
Office
GBP
171,701,310
279,000,000
AMSTERDAM_PLACE
Oct 17, 2014 Oct 17, 2014 Oct 20, 2014 Oct 20, 2014 Oct 20, 2014 Oct 31, 2014 Nov 8, 2014
Jan 1, 2020
U.K.
Office
GBP
4,850,000
3,200,000
Northumberland Estates Corleone Senior Loan
Oct 25, 2016
U.K.
Office
GBP
5,090,888
13,521,614
Oct 25, 2016
Germany
Mixed use
EUR
274,640,235
315,001,109
DB Real Estate Investment GmbH (DBREI) LML Overseas Investments Limited Carlton House Investments Limited 1200203627
Oct 1, 2014
U.K.
Office
GBP
282,100,000
463,900,000
Jan 27, 2020
U.K.
Distribution warehouse Mixed use Office
GBP
1,210,000
2,855,000
Feb 15, 2020 Dec 20, 2032
U.K. U.K.
GBP GBP
11,925,000 25,500,000
12,396,050 37,890,045
PYRUS_PORTFOLIO
Nov 10, 2014 Jul 20, 2014
Nov 1, 2022
Germany
Multifamily
EUR
34,456,000
53,990,000
Skyper-Alkmene
Nov 1, 2019
Germany
Office
EUR
133,203,125
146,409,238
Loan Delinquencies And Nonmonetary Breaches Data
DECEMBER 3, 2013 28
1223026 | 300051529
Chart 10
DECEMBER 3, 2013 29
1223026 | 300051529
Chart 11
Table 10
Delinquencies Index
Month added July 2012 December 2009 December 2009 October 2012 January 2013 January 2011 January 2012 April 2011 Special serviced loan Yes Yes Yes Yes Yes Yes Yes Yes
Transaction Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC
Loan Eagle Office Portfolio Jubilee Way Bradford West Midlands Office Argos Distribution Centre BHP Deutsche Bahn Eschborn
Jurisdiction U.K. U.K. U.K. U.K. U.K. Germany Germany Germany
Asset type Office Retail Retail Office Distribution warehouse Retail Office Office
Comment Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default
DECEMBER 3, 2013 30
1223026 | 300051529
Table 10
Delinquencies Index (cont.)

Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC German Retail Portfolio I German Retail Portfolio III Hannover Hornbach Hugo Klimson Koblenz/Pforzheim Stade Star Steigenberger Hotel Wolfsburg Xanadu Zana Centrum Edeka Retail Emmen Wohncenter Lubeck Retail Swisscom Toom DIY Treveria II CPI Retail Active Management Investco Estates Ltd. Regent Capital Starcharm Ltd. Wildmoor Northpoint Chesterton Commercial (Berks) April 2013 July 2010 July 2013 July 2011 January 2012 July 2013 October 2011 October 2011 April 2012 April 2013 July 2013 May 2012 October 2013 October 2012 October 2013 October 2013 October 2013 October 2013 July 2012 December 2011 October 2013 October 2013 October 2013 April 2010 April 2012 Germany Germany Germany Germany France Switzerland Germany Germany Germany Germany Germany Germany Poland Germany Switzerland Germany Switzerland Germany Germany U.K. U.K. U.K. U.K. U.K. U.K. DIY Retail Office DIY Office Retail Industrial Leisure Retail Hotel Mixed use Office Office Retail Retail Mixed use Office Retail Mixed use Retail Distribution warehouse Distribution warehouse Distribution warehouse Retail Mixed use Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Principal payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default
DECEMBER 3, 2013 31
1223026 | 300051529
Table 10

DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. DECO 15 - Pan Europe 6 Ltd. Deco 17 - Pan Europe 7 Ltd. DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO Series 2005-Pan Europe 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC Epic (Drummond) Ltd. Epic (Drummond) Ltd. EQUINOX (ECLIPSE 2006-1) PLC EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC) S.A. (Compartment) 1 Arcadia DD Karstadt Hilden Main Plus Retail Mayne Karstadt Kompakt Procom Schmeing Braeside Ltd. Elbank Ltd. Fairhold Portfolio Rowan UK Commercial Swiftgold Ltd. AWOBAG Commercial and warehouse CPI Retail Active Management Heathvale Estates Ltd. Holaw (420) Ltd. Countrywide Project DD St Mary's House Epic Horse Epic Rhino Gutperle Sunrise II Sunrise March 2010 September 2010 July 2011 January 2012 October 2013 January 2011 November 2012 December 2012 January 2011 January 2013 January 2013 November 2010 November 2010 July 2012 July 2012 November 2010 July 2012 December 2011 June 2012 January 2011 October 2012 July 2010 July 2010 July 2013 July 2012 July 2012 Germany Germany Germany Germany Germany Germany Germany Germany U.K. U.K. U.K. U.K. U.K. Germany U.K. U.K. U.K. U.K. Germany Finland U.K. Germany Germany Germany Germany Germany Mixed use Retail Retail Retail Retail Retail Retail Retail Industrial Retail Residential ground rents Office Retail Multifamily housing Office Retail Mixed use Office Retail Mixed use Office Mixed use Multifamily housing Distribution warehouse Mixed use Mixed use Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Term payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Maturity payment default Term payment default Term payment default Maturity payment default Maturity payment default Maturity payment default
DECEMBER 3, 2013 32
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Table 10

Fleet Street Finance Three PLC Fleet Street Finance Three PLC Fleet Street Finance Three PLC Fordgate Commercial Securitisation No.1 PLC FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. GEMINI (ECLIPSE 2006-3) PLC Hypo Real Estate Bank International AG (ESTATE UK-3) JUNO (ECLIPSE 2007-2) Ltd. MESDAG (Charlie) B.V. MESDAG (Charlie) B.V. NEMUS II (Arden) PLC Opera Finance (CMH) PLC Opera Germany (No. 2) PLC Quirinus (European Loan Conduit No. 23) PLC RIVOLI Pan Europe 1 PLC Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-5 Finance PLC Blue Star Senior Corleone Senior Saxony Senior Fordgate Commercial Securitisation No.1 PLC ATU Austria Century Center Kingbu Portfolio Netto Portfolio Gemini 140 202 April 2012 April 2013 July 2013 October 2013 January 2013 February 2013 October 2012 August 2012 November 2009 April 2013 Germany Germany Germany U.K. Office Mixed Use Nursing homes Office Yes No Yes Yes Maturity payment default Scheduled Principal payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default
Austria Belgium Germany Germany U.K. U.K.
Car service workshops Retail Retail Retail Mixed use Office
Yes Yes Yes Yes Yes No
MONHEIM Dutch Offices I Dutch Offices II Fern Trustee 1 Ltd. and Fern Trustee 2 Ltd. Opera Finance (CMH) PLC K KG & OP KG & SM KG & RRZ KG H & B Retail
October 2012 January 2012 January 2013 October 2013 January 2013 October 2013 November 2012 January 2013 February 2013 November 2012 July 2013 July 2013 January 2013
Germany The Netherlands The Netherlands U.K. Ireland Germany Germany
Office Office Office Office Office Retail Retail
Yes Yes Yes Yes Yes Yes Yes
Rive Defense Metropolis Shopping Center Orazio Portfolio
France Italy
Office Retail
No Yes
Italy
Mixed use
Yes
The DT-12 The Valentine Reindeer
Germany Germany Finland
Office Mixed use Mixed use
Yes Yes Yes
DECEMBER 3, 2013 33
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Table 10

Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Pan-Europe) 2006-3 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (U.K.) 2006-2 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-2 PLC The Fish The Monkey The Penguin Apple Coconut Orange Peach Pineapple Bach Brahms Handel Haydn The Schubert Wagner Bremen (Haven/Project Norman) The Bewag Berlin Portfolio The Walzmuhle Portfolio Triumph July 2013 July 2013 October 2013 January 2013 January 2012 July 2012 July 2012 October 2012 January 2012 February 2010 October 2012 January 2012 July 2013 January 2012 June 2012 April 2013 January 2013 February 2013 February 2013 September 2012 February 2010 August 2009 October 2012 April 2012 July 2012 Germany Germany France Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Mixed use Mixed use Office Retail Office Retail Retail Multifamily housing Office Office Mixed use Office Office Office Retail Office Retail Retail Yes Yes Yes Yes Yes No No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Interest payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Interest payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Maturity payment default Maturity payment default Maturity payment default
Leipzig
Germany
Office
Yes
Dundee KQ Warehouse Mangusta Nuremberg Retail Distribution Centre Tiden Portfolio Margaux Portfolio
U.K. Germany Germany Germany Germany Germany
Office Mixed use Mixed use Office Office Multifamily housing
Yes Yes Yes No Yes Yes
DECEMBER 3, 2013 34
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Table 10

Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Kurhaus Hotel Monnet Quelle Nurnberg Stage Syrdall Business Park Target July 2012 April 2012 January 2013 April 2013 April 2011 April 2013 The Netherlands Germany Germany Germany Luxembourg France Hotel Office Mixed use Mixed use Office Mixed use Yes Yes Yes Yes Yes Yes Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Safeguarding proceedings have been issued by the Tribunal de Commerce de Paris. Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Interest payment default
Titan Europe 2006-3 PLC Titan Europe 2006-5 PLC Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Ulysses (European Loan Conduit No. 27) PLC Vulcan (European Loan Conduit No. 28) Ltd.
Twin Squares (Prater) Quartier 206 Shopping Centre Libra Caprice Nantes Six Hotels Toy Box Bacchus Norwich Union House Project Kennet Project Koito Project Middleton Project Regulator Quadrant House St. Mark's Court City Point
May 2011 April 2010 January 2009 January 2012 October 2011 January 2012 July 2013 August 2009 October 2013 October 2013 January 2012 July 2013 October 2013 October 2013 April 2012 January 2012 February 2011
Belgium Germany U.K. Germany France Germany Germany U.K. U.K. U.K. U.K. U.K. U.K. U.K. U.K. U.K.
Office Retail Healthcare Retail Office Hotel Office Industrial Office Office Industrial Distribution warehouse Office Office Office Office
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes
Guardian Bonn Rochustrasse
Germany
Office
Yes
Maturity payment default
DECEMBER 3, 2013 35
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Table 10

Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. White Tower Europe 2007-1 PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VIII CMBS PLC Windermere VIII CMBS PLC Windermere VIII CMBS PLC Windermere X CMBS Ltd. Windermere X CMBS Ltd. Windermere XI CMBS PLC Windermere XII FCC Windermere XIV CMBS Ltd. Windermere XIV CMBS Ltd. H&B Retail Portfolio II May 2013 Germany Retail Yes Maturity payment default Maturity payment default Term payment default
Inovalis Eboue Paris
November 2010 December 2010 December 2011 August 2012 April 2011 October 2012 February 2010 February 2013 January 2009 October 2012 January 2013 September 2011 January 2010 July 2009 March 2009 April 2013 April 2013
France
Office
Yes
Tishman German Office Portfolio The Spanish (Heron City) Adductor Mulheim Nordostpark Redleaf I RedLeaf II Amadeus Government Income Portfolio Mortgage Wood Green Mortgage Built Tresforte Westville Coeur Defense The Baywatch The Sisu
Germany
Office
No
Spain France Germany Germany Spain Spain U.K. U.K. U.K. Germany The Netherlands U.K. France Germany Finland
Mixed use Office Office Office Retail Retail Office Office Office Retail Office Office Office Mixed use Mixed use
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Term payment default Maturity payment default Maturity payment default
Table 11
Nonmonetary Breaches Index

Transaction BELLATRIX (ECLIPSE 2005-2) PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC Loan Rivermead Court Essen German Retail Portfolio II DFK Portfolio Month added April 2013 July 2010 June 2011 July 2013 Jurisdiction U.K. Germany Germany Germany Asset type Office Retail Retail Mixed use Comment Breach of the ICR covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant * * * *
DECEMBER 3, 2013 36
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Table 11
Nonmonetary Breaches Index (cont.)

DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC DECO 14Pan Europe 5 B.V. DECO 17 - Pan Europe 7 Ltd. DECO 6 - UK Large Loan 2 PLC DECO 6 - UK Large Loan 2 PLC DECO 9 - Pan Europe 3 PLC Epic (Drummond) Ltd. EQUINOX (ECLIPSE 2006-1) PLC EuroProp (EMC VI) S.A. FORNAX (ECLIPSE 2006-2) B.V. HERCULES (ECLIPSE 2006-4) PLC Indus (ECLIPSE 2007-1) PLC Infinity 2007-1 Soprano FCC JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. NEMUS II (Arden) PLC Talisman-4 Finance PLC Talisman-6 Finance PLC Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Taurus CMBS (U.K.) 2006-2 PLC Mapeley Gamma Borehamwood Investments Ltd. and Oakdale Investments Ltd. CGG- Tambelle REDO 3 Elbblick Brunel Shopping Centre Mapeley Treveria 1 Zenon Ashbourne Portfolio A Henderson Staples Cassina Plaza Ashbourne Portfolio A Workspace Portfolio EHE - Pool 1A Neumarkt Petersbogen Kirkglade Ltd. Barthonia Mango Bruckner Hof Times Square Sutton Ltd. October 2012 January 2012 July 2013 April 2010 June 2011 October 2011 May 2010 September 2012 June 2011 May 2010 April 2011 June 2011 September 2011 July 2013 July 2009 April 2013 March 2009 September 2010 July 2010 January 2013 January 2013 March 2009 U.K. U.K. Germany Germany U.K. U.K. Germany Greece U.K. Germany Italy U.K. U.K. Germany Germany Germany U.K. Germany Germany Germany Germany U.K. Office Mixed use Mixed use Retail Retail Office Retail Retail/car parks Nursing home Mixed use Mixed use Nursing home Distribution warehouse Retail Retail Retail Office Mixed use Office Multifamily housing Car showrooms Retail Breach of the LTV ratio covenant Breach of the ICR covenant Breach of the LTV ratio covenant Breach of the ICR covenant Breach of the DSCR covenant Breach of the ICR covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant Breach of LTV covenant Anticipated breach of the ICR covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the ICR covenant * * * * * * * * * * * * * * * * *
*According to our data at the end of October 2013, these loans are in special servicing (see our special servicing index, table 12). LTV--Loan-to-value. ICR--Interest coverage ratio. DSCR--Debt service coverage ratio.
DECEMBER 3, 2013 37
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Specially Serviced Loans Data

Chart 12
DECEMBER 3, 2013 38
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Chart 13
DECEMBER 3, 2013 39
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Chart 14
Table 12
Special Servicing Index

Transaction BELLATRIX (ECLIPSE 2005-2) PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Loan Rivermead Court Eagle Office Portfolio Jubilee Way Bradford West Midlands Office Argos Distribution Centre BHP Deutsche Bahn Month added April 2013 July 2012 April 2009 September 2009 October 2012 January 2013 January 2011 January 2012 Jurisdiction U.K. U.K. U.K. U.K. U.K. U.K. Germany Germany Asset type Office Office Retail Retail Office Distribution warehouse Special servicer Barclays Capital Mortgage Servicing Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd. Capita Assets Services
Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd.
DECEMBER 3, 2013 40
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Table 12
Special Servicing Index (cont.)

Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC Eschborn April 2011 Germany Germany Germany Germany Germany Germany Germany Switzerland Germany Germany Germany Germany Germany Germany Poland Germany Germany Switzerland Germany Switzerland Germany Germany U.K. U.K. Office Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. DIY Capita Assets Services
Essen August 2010 German Retail Portfolio I German Retail Portfolio II German Retail Portfolio III Hannover Hornbach Klimson Koblenz/Pforzheim Stade Star Steigenberger Hotel Wolfsburg Xanadu Zana Centrum DFK Portfolio Edeka Retail Emmen Wohncenter Lubeck Retail Swisscom Toom DIY Treveria II CPI Retail Active Management Investco Estates Ltd. April 2013 April 2011 May 2011 July 2013 June 2011 July 2013 October 2011 October 2011 April 2012 April 2013 July 2013 January 2012 October 2013 July 2013 October 2012 October 2013 October 2013 October 2013 October 2013 July 2012 November 2010 October 2013 October 2012
Retail Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services
DIY Capita Assets Services (UK) Ltd. Retail Capita Assets Services
Industrial Capita Assets Services (UK) Ltd. Leisure Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Hotel Mixed use Capita Assets Services Capita Assets Services
Office Capita Assets Services (UK) Ltd. Office Mixed use Retail Retail Mixed use Office Retail Mixed use Retail Distribution warehouse Office Capita Assets Services Deutsche Bank AG London branch Deutsche Bank AG London branch Deutsche Bank AG London branch Deutsche Bank AG London branch Deutsche Bank AG London branch Deutsche Bank AG London branch Deutsche Bank AG London branch Solutus Advisors Ltd. Hatfield Philips International Ltd. and Capmark Services U.K. Ltd. Hatfield Philips International Ltd. and Capmark Services U.K. Ltd.
Mapeley Gamma
U.K.
DECEMBER 3, 2013 41
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Table 12

DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC Regent Capital October 2013 October 2013 April 2010 January 2012 May 2012 March 2010 U.K. Distribution warehouse Distribution warehouse Retail Mixed use Hatfield Philips International Ltd. and Capmark Services U.K. Ltd. Hatfield Philips International Ltd. and Capmark Services U.K. Ltd. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Deutsche Bank AG, London branch, and Hatfield Philips International Ltd. Deutsche Bank AG London branch and Hatfield Philips International Ltd. Deutsche Bank AG London branch and Hatfield Philips International Ltd. (WOBA loan) Deutsche Bank AG London branch Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Solutus Advisors Ltd.
Starcharm Ltd.
U.K.
Wildmoor Northpoint Borehamwood Investments Ltd.and Oakdale Investments Ltd. Chesterton Commercial (Berks) Arcadia
U.K. U.K.
DECO 12 - UK 4 PLC DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. DECO 15 - Pan Europe 6 Ltd. Deco 17 - Pan Europe 7 Ltd. Deco 17 - Pan Europe 7 Ltd. DECO 6 - UK Large Loan 2 PLC DECO 6 - UK Large Loan 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC
U.K. Germany
Mixed use Retail
DD Karstadt Hilden
December 2010 July 2013
Germany
Retail
CGG- Tambelle REDO 3
Germany
Mixed Use
Mansford Nord Bayern Main Plus Retail Mayne Rockpoint Brunel Shopping Centre Mapeley Karstadt Kompakt Procom Schmeing Braeside Ltd. Elbank Ltd. Fairhold Portfolio Swiftgold Ltd. The Rowan UK Commercial
December 2012 July 2011 January 2012 October 2013 January 2012 June 2011 October 2011 December 2010 November 2012 December 2012 January 2011 January 2013 January 2013 October 2012 November 2010
Germany Germany Germany Germany Germany U.K. U.K. Germany Germany Germany U.K. U.K. U.K. U.K. U.K.
Retail Retail Retail Retail Retail Retail Office Retail Retail Retail Industrial Retail Ground rents Retail Office
DECEMBER 3, 2013 42
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Table 12

DECO 9 - Pan Europe 3 PLC DECO Series 2005-Pan Europe 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC Epic (Drummond) Ltd. EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC European Property Capital 3 PLC EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC) S.A. (Compartment) 1 Fleet Street Finance Three PLC Fleet Street Finance Three PLC Fordgate Commercial Securitisation No.1 PLC FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. Treveria I AWOBAG Commercial and warehouse CPI Retail Active Management Heathvale Estates Ltd. Holaw (420) Ltd. Countrywide Ashbourne Portfolio A Royal Mint Court St Mary's House Randstad Epic Horse Epic Rhino Gutperle Project Ash Sunrise II Sunrise Blue Star Senior Saxony Senior Fordgate Commercial Securitisation No.1 PLC ATU Austria Cassina Plaza Century Center Kingbu Portfolio July 2010 July 2012 July 2012 Unknown July 2012 December 2011 January 2013 June 2011 December 2012 October 2012 October 2010 July 2010 July 2010 July 2013 November 2011 July 2012 July 2010 April 2012 July 2013 October 2013 January 2013 October 2013 February 2013 October 2012 Germany Germany U.K. U.K. U.K. U.K. Germany U.K. U.K. U.K. The Netherlands Germany Germany Germany Germany Germany Germany Germany Retail Multifamily housing Office Retail Mixed use Office Retail Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Deutsche Bank AG and Hatfield Philips International Ltd. Royal Bank of Scotland
Nursing home Capita Assets Services (UK) Ltd. Office Office Office Mixed use Multifamily housing Distribution warehouse Multifamily housing Mixed use Mixed use Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd. GMAC Commercial Mortgage Servicing (U.K.) Ltd. Citibank International PLC Citibank International PLC Citibank International PLC Citibank International PLC Citibank International PLC Citibank International PLC, London branch
Office Capita Assets Services (UK) Ltd. Capita Assets Services Morgan Stanley Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd. Hatfield Philips International Ltd. Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd.
Germany Nursing homes U.K. Austria Italy Belgium Germany Germany Office Car service workshops Mixed Use Retail Retail Retail
Netto Portfolio August 2012
DECEMBER 3, 2013 43
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Table 12

GEMINI (ECLIPSE 2006-3) PLC HERCULES (ECLIPSE 2006-4) PLC Indus (ECLIPSE 2007-1) PLC Infinity 2007-1 Soprano FCC JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. MESDAG (Charlie) B.V. MESDAG (Charlie) B.V. NEMUS II (Arden) PLC NEMUS II (Arden) PLC Opera Finance (CMH) PLC Opera Germany (No. 2) PLC Quirinus (European Loan Conduit No. 23) PLC Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-6 Finance PLC Gemini August 2008 Ashbourne Portfolio A Workspace Portfolio EHE - Pool 1A Monheim Neumarkt Dutch Offices I Dutch Offices II Carlton Fern Opera Finance (CMH) PLC K KG & OP KG & SM KG & RRZ KG H & B Retail June 2011 September 2011 July 2013 October 2012 July 2009 October 2011 April 2012 December 2008 April 2013 January 2013 October 2013 November 2012 U.K. U.K. U.K. Germany Germany Germany The Netherlands The Netherlands U.K. U.K. Ireland Germany Germany Mixed use Capita Assets Services (UK) Ltd. Nursing home Capita Assets Services (UK) Ltd. Distribution Capita Assets Services (UK) Ltd. warehouse Retail Office Capita Assets Services Barclays Capital Mortgage Servicing Ltd.
Retail Capita Assets Services (UK) Ltd. Office Office Mixed use Office Office Retail Retail Hatfield Philips International Ltd. Hatfield Philips International Ltd. CB Richard Ellis Loan Servicing Ltd. CB Richard Ellis Loan Servicing Ltd. Eurohypo AG, London branch Eurohypo AG Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
Aprirose Munich Thun August 2011 Aprirose Retail Bonndorf August 2011 Metropolis Shopping Center Orazio Portfolio Barthonia DT-12 Valentine Fish Reindeer The Monkey The Penguin Apple February 2013 May 2011 February 2011 December 2012 December 2012 November 2012 January 2013 July 2013 September 2013 January 2013
Germany Germany Italy Italy Germany Germany Germany Germany Finland Germany France Germany
Retail Retail Retail Mixed use Mixed use Office Mixed use Mixed use Mixed use Mixed use Office Retail
DECEMBER 3, 2013 44
1223026 | 300051529
Table 12

Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Pan-Europe) 2006-3 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (U.K.) 2006-2 PLC Taurus CMBS (U.K.) 2006-2 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-2 PLC Titan Europe 2006-3 PLC Coconut Mango Pineapple Bach Brahms Bruckner Handel Haydn Hof Mozart The Schubert Wagner Bremen (Haven/Project Norman) Ruhr Portfolio (Larmag) The Bewag Berlin Portfolio The Walzmuhle Portfolio Triumph January 2012 May 2011 March 2012 January 2012 November 2011 January 2013 October 2012 November 2011 January 2013 April 2010 April 2013 August 2010 November 2010 January 2011 April 2013 January 2013 February 2013 February 2013 September 2012 March 2009 November 2009 June 2008 January 2013 July 2012 September 2012 Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Office Office Multifamily housing Office Office Multifamily housing Mixed use Office Car showrooms Mixed use Office Office Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Retail Capita Assets Services Capita Assets Services
Retail Capita Assets Services (UK) Ltd.
Leipzig
Germany
Office
Barclays Capital Mortgage Servicing Ltd.
Dundee Times Square Sutton Ltd. KQ Warehouse Mangusta Tiden Portfolio Margaux Portfolio Kurhaus Hotel
U.K. U.K. Germany Germany Germany Germany The Netherlands
Office Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Mixed use Mixed use Office Multifamily housing Hotel Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
DECEMBER 3, 2013 45
1223026 | 300051529
Table 12

Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-5 plc Titan Europe 2006-5 PLC Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Ulysses (European Loan Conduit No. 27) PLC Vulcan (European Loan Conduit No. 28) Ltd. Monnet Portfolio Quelle Nurnberg Stage Syrdall Business Park Target Twin Squares (Prater) Carat Park Shopping Centre Quartier 206 Shopping centre Libra Caprice Cobalt MPC Portfolio Nantes Six Hotels Skoduv Palace Toy Box September 2009 September 2009 April 2013 April 2011 April 2013 May 2011 April 2013 April 2010 November 2008 January 2012 February 2013 March 2012 October 2011 January 2012 November 2012 July 2013 Germany/Belgium Germany Germany Luxembourg France Belgium Germany Germany U.K. Germany Finland The Netherlands France Germany Czech Republic Germany U.K. U.K. U.K. U.K. U.K. U.K. U.K. U.K. Office Mixed use Mixed use Office Mixed Use Office Retail Retail Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
Healthcare Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Hotel Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Capita Assets Services
Bacchus August 2009 Norwich Union House Project Kennet Project Koito Project Middleton Quadrant House St. Mark's Court City Point October 2013 October 2013 January 2012 July 2013 October 2013 April 2012 February 2012 April 2010
Industrial Capita Assets Services (UK) Ltd. Office Office Capita Assets Services Capita Assets Services
Industrial Capita Assets Services (UK) Ltd. Distribution warehouse Office Capita Assets Services Capita Assets Services
Office Capita Assets Services (UK) Ltd. Office Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd.
Guardian Bonn Rochustrasse
Germany
Office
DECEMBER 3, 2013 46
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Table 12

Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. White Tower Europe 2007-1 PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VIII CMBS PLC Windermere VIII CMBS PLC Windermere VIII CMBS PLC Windermere X CMBS Ltd. Windermere X CMBS Ltd. Windermere XI CMBS PLC Windermere XII FCC Windermere XIV CMBS Ltd. Windermere XIV CMBS Ltd. H&B Retail Portfolio II Inovalis Eboue Paris Spanish (Heron City) May 2013 October 2010 July 2011 Germany France Spain France Germany Germany Spain Spain U.K. U.K. U.K. Germany The Netherlands U.K. France Germany Finland Retail Office Mixed use Office Office Office Retail Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Hatfield Philips International Ltd. and Socit Gnrale Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
Adductor August 2012 Mulheim Nordostpark Redleaf I RedLeaf II Amadeus Government Income Portfolio Mortgage Wood Green Mortgage Built Tresforte Westville Coeur Defense Baywatch Sisu April 2011 November 2011 September 2009 February 2013 December 2008 October 2012 June 2011 September 2011 January 2010 July 2009 February 2009 September 2012 April 2013
Retail Capita Assets Services (UK) Ltd. Office Office Office Retail Office Mixed use Office Mixed use Mixed use Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. CB Richard Ellis Loan Servicing Ltd. Hatfield Philips International Ltd. and ABN AMRO Bank N.V. Hatfield Philips International Ltd. and ABN AMRO Bank N.V.
Table 13
Special Notice Tracker

Notice (directly quoted from special loan-level and transaction-level notices received from various transaction participants) Notice that the Special Servicer has entered into a new standstill agreement with the Dundee Borrower for the period expiring on 16 December 2013. Notice that the standstill agreement has been futher extended until 31 October 2013 for the Orazio Loan agreement. Notice that The Nextra Portfolio UK Borrower has elected to exercise their option to extend the final repayment date by a further period of three years until 20 October 2016. Notice of Cash Management Agreement. Notice that an Event of default has occurred as the Issuer's Assets are less than their Liabilities.
Transaction Taurus CMBS (U.K.) 2006-2 PLC Silenus (ELOC No. 25) Ltd. Triton (ELOC No. 26) PLC Windermere XII FCC Victoria Funding (EMC-III) PLC
Loan
Notice topic
Dundee Property Standstill agreement
Orazio Standstill agreement Nextra Portfolio Loan extension
Transaction-level notice Brisk
Other Repaid with loss
DECEMBER 3, 2013 47
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Table 13
Special Notice Tracker (cont.)

London & Regional Debt Securitisation No. 1 PLC Imser Securitisation 2 S.r.l. UNITE (USAF) II PLC Titan Europe 2007-2 Ltd. Epic (Drummond) Ltd. Epic (Drummond) Ltd. Bruntwood Alpha PLC Bruntwood Alpha PLC FORNAX (ECLIPSE 2006-2) B.V. Epic Opera (Arlington) Ltd. Talisman-5 Finance PLC Opera Germany (No. 2) PLC Talisman-6 Finance PLC Talisman-5 Finance PLC Cornerstone Titan 2005-1 PLC Bluebonnet Finance PLC Silenus (ELOC No. 25) Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Trinity Bridge House Property sales Notice that on 10 September 2013 the London & Regional Group successfully completed the sale of the property known as Trinity Bridge House for a purchase price of 39,383,061. Notice is regarding dependent information and rating actions. Notice that the NAV of the UNITE UK Student Accommodation Fund as at 30 September 2013 was 713.3m (0.952 per unit). Notice that the standstill agreement has extended until 28 October 2013 for the Caprice Loan. Notice that both the Giugliano 1 Reference Obligation and the Giugliano 2 Reference Obligation were prepaid in full on the 3rd October 2013 ahead of their Maturity Date of the 21st October 2013.
Transaction-level notice UNITE UK Student Accommodation Fund
Other Other
Caprice Standstill agreement Giugliano 1 & 2 Loan repaid
Countrywide Kaufland
Property sales Notice that the sale of the Countrywide Kaufland Properties pledged in favour of the Security Agent to the Purchasers for the aggregate price of 224,077,448.00 was completed on 30 September 2013. Property sales Loan repaid Notice informing the prepayment of 31,200,000 on the next Interest Payment Date, being 15 October 2013. Notice regarding the redemption of Notes with a total face value of 80,350,000 on the next Interest Payment Date, being 15 October 2013. Notice that the Potential Final Maturity Date Breach as likely to constitute a Material Breach of Covenant which is not likely to be cured within 30 days.
Bruntwoood 2000 Bruntwoood Estates
Cassina Plaza
Transferred to special servicing
Transaction-level notice
Part redemption Notice that the Note Interest Payment Date falling on 29 October 2013 redeem the Principal Amount Outstanding of the Class or Classes of Notes which corresponds to the Loan or Loans being prepaid. Other Transferred to special servicing Notice that the Servicer is considering extention of the Penguin loan. Notice that a Special Servicing Event occured with respect to the Senior Loan. Notice that the Special Servicer has agreed to further extend the Standstill until 28 October 2013. Notice that Standard & Poors has on 04 October 2013 downgraded Class D from CCC- to D and Class E from CCC- to D. Notice that the sale of Mitre House, 160 Aldersgate Street, London EC1 to the preferred bidder completed on 8 October 2013 for a gross sale price of 64 million. Notice regarding voting results after the meeting of noteholders. Notice that the Bayreuth property in the Aprirose Retail Portfolio Loan has been sold for a contracted gross sales price of 1,350,000. Notice that the Servicer has entered into an amendment agreement to extend the maturity date of the Project Christie Loan until 20 November 2013. Notice that on 11 October 2013 Mount Street Loan Solutions LLP was appointed as successor Special Servicer of the Transferred Loans except with regard to the Skoduv Palace Loan, for which Mount Streets appointment as successor Special Servicer will become effective on 18 October 2013. Notice that the Issuer will on the Note Interest Payment Date falling on 29 October 2013 redeem the Principal Amount Outstanding of the Class or Classes of Notes which corresponds to the Loan or Loans being prepaid.
Penguin Senior
Apple Standstill agreement Transaction-level notice Eagle Office Other Property sales
Transaction-level notice Aprirose Retail Portfolio Project Christie
Noteholder meeting Property sale Loan extension
Mount Street Solutions LLP
Other
Epic Opera (Arlington) Ltd.
Part redemption
DECEMBER 3, 2013 48
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Table 13

GEMINI (ECLIPSE 2006-3) PLC Bluebonnet Finance PLC Epic (Brodie) PLC Transaction-level notice Other Notice that the CBRE Loan Servicing Ltd ("CBRELS") as Special Servicer to Gemini (Eclipse 2006-3) PLC has issued an updated report on the loan and property portfolio.
Other Notice that the Amendment Documents were fully executed and dated as of 14 October 2013. Notice that the Issuer has been informed by the Servicer on behalf of the Swap Counterparty that a standstill agreement was entered into with the relevant Reference Entities which shall expire on 21 October 2013. Notice that all of the Properties comprised in, and secured by, the Borrower Security and the Issuer Security have been sold by the Receivers and/or the Administrators. Proceeds from the sales of the Properties have been distributed on the 15 October 2013 Interest Payment Date such date representing the final payment date to the Noteholders. Notice that the borrowers have requested that the Special Servicer extend the currently existing standstill period in relation to the Blue Star Whole Loan to 20 January 2014. Notice that the Pitch 2 Portfolio Loan has been repaid in full on 17 October 2013. Notice that the St. George Portfolio Loan was sold to a loan purchaser at par value on 17 October 2013. Notice regarding extension of the observation period of the safeguard procedure for Target Portfolio Loan. Notice that the Alba Gate Portfolio Loan has been repaid in full on its final repayment date, 17 October 2013. Notice that Lehman Brothers International resigned as Bridge Security Agent and facility agent under all the relevant Finance Documents and was replaced as such by Hatfield Philips Agency Services Limited with effect from 11 October 2013. Notice that Landlords consent has now been obtained for two of the Consent Properties, namely Dallas Court, Salford Quays and Atholl House, Aberdeen, with a combined sales price of 10,170,000. Notice regarding general update on Government Income Portfolio Mortgaged Loan. Notice that the Servicer has determined that the Zana Non-Payment constitutes a Material Loan Event of Default As a result the Zana Centrum Loan has become a Specially Serviced Loan as of 18 October 2013.
Terry Reference Standstill agreement Obligation
Alburn Real Estate Capital Ltd.
Part redemption
Fleet Street Finance Three PLC INDUS (ECLIPSE 2007-1) PLC INDUS (ECLIPSE 2007-1) PLC Titan Europe 2006-3 PLC INDUS (ECLIPSE 2007-1) PLC Windermere X CMBS Ltd.
Blue Star Whole Standstill agreement
Pitch 2 Portfolio St. George Portfolio Target Portfolio Alba Gate Portfolio Bridge Whole
Loan repaid Loan repaid and property sales Other Loan repaid Other
Windermere VIII CMBS PLC Windermere XI CMBS PLC Cornerstone Titan 2007-1 PLC
Government Income Portfolio Government Income Portfolio Zana Centrum
Property sales
Other Transferred to special servicing
Cornerstone Titan 2007-1 PLC
Hannover
Extension of Notice that the standstill agreement has been extended until 18 standstill, valuation January 2014 for the Hannover Loan. Also an updated valuation of the and appraisal Hannover Property has been received by the Special Servicer and on reduction the basis of the Updated Valuation, the Special Servicer has calculated that an Appraisal Reduction has been created in the amount of 9,895,680 Notice that the Special Servicer has entered into a further standstill agreement with the Borrowers which expires on 16 January 2014. Notice that the standstill agreement has been extended until 10 January 2014 for the Koblenz/Pforzheim Loan. Notice that a sale and purchase agreement was entered into on 6 June 2013 regarding the property located in Meiningen, Germany.
EuroProp (EMC VI) S.A. Cornerstone Titan 2007-1 PLC Talisman-6 Finance PLC Talisman-5 Finance PLC
Gutperle Standstill agreement Koblenz/Pforzheim Standstill agreement Mango Penguin Whole Property sales
Default Notice that the Penguin Borrowers have failed to repay the Loan on its scheduled Loan Maturity Date in October 2013, which constitutes a Loan Event of Default.
DECEMBER 3, 2013 49
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Table 13

Titan Europe 2007-2 Ltd. Windermere X CMBS Ltd. Fordgate Commercial Securitisation No. 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO 7 - Pan Europe 2 PLC Victoria Funding (EMC-III) PLC Windermere XI CMBS PLC Redbus Interhouse Loan repaid Notice regarding the occurrence of the repayment of the Netherlands Redbus Interhouse Loan on the October 18, 2013, representing a full principal loan repayment of EUR 6,356,571. Notice that on 15 October 2013, the Thunderbird borrowers refinanced the Loan and repaid in full all amounts outstanding under the Loan. Notice that the Borrower failed to repay the Loans in full upon the Loan Maturity Date and as a consequence of the Non-Payment Event of Default, a Servicing Transfer Event has occurred and from 22 October 2013 the Loans have become Specially Serviced Loans. Notice that the Special Servicer has made a Final Recovery Determination in respect of the Loan and has calculated the amount of such Final Recovery Determination to be 1,846,110.01. Notice regarding sale of Tuttlingen and Lunen properties. Notice informing that the issuer intends to comply with its contractual obligations under the Transaction Documents to make payments on 31 October 2013. Notice informing that a further Government Income Portfolio Mortgaged Property has now been sold at a price of 1,475,000. The net sale proceeds will be applied to partially repay the Loan on the January 2014 Loan Payment Date.
Thunderbird Whole
Loan repaid
Fordgate Commercial Securitisation No. 1 PLC
Sandfile Ltd.
Repaid with loss
Karstadt Kompakt Transaction-level notice
Property sales Other
Government Income Portfolio
Property sales
Titan Europe 2007-3 Ltd.
Kennet
Transferred to Notice that the Borrower under the Kennet Loan failed to repay the special servicing Kennet Loan in full on the Loan Maturity Date on 18 October 2013. As a result, Kennet Loan will become a Specially Serviced Loan as of 21st October 2013. Transferred to special servicing Notice that the Norwich Union House Borrower failed to repay the Norwich Union House Loan in full on the Loan Maturity Date on 18 October 2013. As a result, the Norwich Union House Loan became a Specially Serviced Loan as of 21st October 2013. Notice that the Regulator Borrower failed to repay the Regulator Whole Loan in full on the Loan Maturity Date on 18 October 2013.
Titan Europe 2007-3 Ltd.
Norwich Union House
Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd.
Regulator Quadrant House
Default
Transferred to Notice that the Quadrant House Borrower failed to repay the special servicing Quadrant House Loan in full on the Loan Maturity Date on 18 October 2013. As a result, the Quadrant House Loan became a Specially Serviced Loan as of 21st October 2013. Other Default Notice regarding new lease agreement and property disposal. Notice regarding probable default in the payment of amounts of interest due and payable on the Class A Notes. This constitutes a Potential Note Event of Default. Notice that the Issuer Special Servicer entered into a further standstill agreement with the Reindeer Borrowers in relation to the Maturity Date Event of Default for a standstill period from (and including) 16 October 2013 to 15 January 2014. Notice regarding each of the parties listed in the Schedule since the Closing Date no servicer event of default has occurred and servicer has, in all respects, complied with all of obligations contained in the Servicing Agreement and the other Transaction Documents to which servicer is a party. Notice that the sale by joint receivers of the Lloyds Chambers Property collateralising the Lloyds Chambers and Crystal Court Loan and sale of the Argos Distribution Centre Loan completed on 18 October 2013. Notice that the Emmen Wohncentre Loan will be transferred to the Swiss Issuer Special Servicer (Hatfield Philips International).
Fleet Street Finance Three PLC Titan Europe 2006-3 PLC Talisman-5 Finance PLC
Corleone Senior Transaction-level notice
Reindeer Whole Standstill agreement
Debussy DTC PLC
Other
Cornerstone Titan 2006-1 PLC
Lloyds Chambers & Crystal Court
Property sales
DECO 10-Pan Europe 4 PLC
Emmen Wohncenter
DECEMBER 3, 2013 50
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Table 13

DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC Regent Capital Investco Estates Ltd. Transferred to special servicing Transferred to special servicing Notice that the Special Servicing Event has occurred with respect to the Regent Capital Loan. Notice that the Borrower has failed to repay the Investco Estates Limited loan on its final maturity date of 21st October 2013. As a result, a Special Servicer Transfer Event has occurred in relation to the Investco Estates Limited loan. Notice that the meeting of the Creditors of the Issuer will be held on 31 October 2013 at 1 p.m. at 47 Esplanade, St Helier, Jersey, JE1 0BD for the purpose of voting for the appointment of a liquidator of the Issuer. Notice regarding partial prepayments with respect to L.C.P. Real Estate Limited. Notice that Danske Bank A/S, London Branch in its capacity as Liquidity Facility Provider has refused the Issuer's request to extend the current Liquidity Facility Term Date (which expires on 5 November 2013). Notice that a Special Servicer Transfer Event has occurred in relation to the Mayne Loan, due to the insolvency of the Mayne Borrower. Notice regarding backup advancer decline notice. Notice that the Borrower has failed to repay the Swisscom Loan loan on its final maturity date of 21st October 2013. As a result, a Special Servicer Transfer Event will occur in relation to the Swisscom loan and the loan will transfer to Hatfield Philips International (Special Servicer). Notice that the standstill period is due to terminate on 29 November 2013. Notice that standstill period is extended and expiring in April 2014.
Alburn Real Estate Capital Ltd.
Other
LCP Proudreed PLC GEMINI (ECLIPSE 2006-3) PLC
Transaction-level notice Transaction-level notice
Other Other
DECO 17 - Pan Europe 7 Ltd. Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC
Mayne Transaction-level notice Swisscom
Transferred to special servicing Other Transferred to special servicing
Cornerstone Titan 2007-1 PLC Opera Germany (No. 2) PLC Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC
Zana Centrum K KG & OP KG & SM KG & RRZ KG Munster Toom DIY
Transferred to special servicing Transferred to special servicing
Loan extension Notice that the Termination Date is extended from 18 October 2013 to 17 January 2014. Transferred to special servicing Notice that the Borrower has failed to repay the Toom DIY Loan loan on its final maturity date of 21st October 2013. As a result, a Special Servicer Transfer Event has occurred in relation to the Toom DIY loan. Notice that on the 21 October 2013, the Sub Servicer agreed on a further 12 month loan extension of the Rubicon Nike loan. Notice that the Borrower has failed to repay the Lubeck Retail loan on its final maturity date on the Oct 2013 IPD. As a result, a Special Servicer Transfer Event has occurred in relation to the Lubeck Retail loan. Notice that the Borrower has failed to repay the Investco Estates Limited loan on its final maturity date of 21st October 2013. As a result, a Special Servicer Transfer Event has occurred in relation to the Investco Estates Limited loan. Notice that the Borrower has failed to repay the Starcharm Limited loan on its final maturity date of 21st October 2013. As a result, a Special Servicer Transfer Event has occurred in relation to the Starcharm Limited loan. Notice regarding availability of documents for inspection during normal business hours at the offices of the Issuer. Notice regarding details of the expenses and adjustments that have resulted in net sales proceeds of GBP122, 942,940.21 following the sale of 34 of the 36 assets within the portfolio. Notice regarding interest to be paid on 04/11/2013.
DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC
Rubicon Nike Lubeck Retail
Loan extension Transferred to special servicing
DECO 11 - UK Conduit 3 PLC
Investco Estates Ltd.
DECO 11 - UK Conduit 3 PLC
Starcharm Ltd.
LCP Proudreed PLC Windermere VIII CMBS PLC RIVOLI Pan Europe 1 PLC
Transaction-level notice Government Income Portfolio Mortgage Transaction-level notice
Other Property sales
Other
DECEMBER 3, 2013 51
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Table 13

White Tower Europe 2007-1 PLC Windermere VIII CMBS PLC EuroProp (EMC VI) S.A. DECO 8 - UK Conduit 2 PLC Heron City Wood Green Mortgage Other Property sales Notice regarding notifications to the rating agencies. Notice that the sale of the Wood Green Mortgaged Property known as 48 62 (even) Station Road Wood Green completed on 25 October 2013 at a price of 5,450,000.
Ash Standstill agreement Notice that the Special Servicer has on 17th October 2013 entered into a Ninth Standstill Agreement with the Borrower in relation to the Ash Loan. Lea Valley Ltd. Other Notice that the high ground rent gearing, vacant rates and service charge expenditure, the interest in the Lea Valley Property resulted in significant non-recoverable costs for the relevant Lea Valley Property Owner of approximately 2,000,000 per annum whilst the Property remained vacant. Notice regarding update on the status of the current disposal process. Notice that the OWG MF Loan prepaid in full on the 21st of October 2013. Notice that the Issuer failed to pay the interest due on the Class A Notes on the Payment Date falling on 24 October 2013. Accordingly a Note Event of Default occurred on 30 October 2013. Notice that the WGN MF loan, WBN MF loan, NILEG MF loan prepaid in full on the 21 October 2013. Notice that the issuer special servicer received the update of the eligible valuation of the Monkey Property providing a market value of EUR 41,700,000 as at 1 sepetember 2013. Notice regarding amendment agreements. Notice that the The Loan was scheduled to mature on the 20th July 2014; however, the Borrower exercised their right to prepay the loan under the Voluntary Prepayment clause. We hereby notify you of the full repayment of the Loan on the 21 October 2013.
DECO 9 - Pan Europe 3 PLC DECO 15 - Pan Europe 6 Ltd. Titan Europe 2006-3 PLC DECO 17 - Pan Europe 7 Ltd. Talisman-5 Finance PLC Windermere X CMBS Ltd. Taurus CMBS (U.K.) 2006-2 PLC
Treveria I OWG MF Transaction-level notice
Other Loan repaid Default
WGN MF, WBN MF, NILEG MF Monkey
Loan repaid Valuation
Built The Iron Mountain
Other Loan repaid
Ratings And Note-Level Matters Data

Table 14
Ratings Default Index

Transaction Alburn Real Estate Capital Ltd. Alburn Real Estate Capital Ltd. Alburn Real Estate Capital Ltd. Alburn Real Estate Capital Ltd. Alburn Real Estate Capital Ltd. AQUILA (ECLIPSE 2005-1) PLC ARES FINANCE 2 S.A. ARES FINANCE 2 S.A. ARES FINANCE S.r.l.* ARES FINANCE S.r.l.* Class A B C D E E D E E F Reason for default Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Interest shortfall Maturity payment default Maturity payment default Maturity payment default Maturity payment default Date rating lowered to 'D (sf)' October 2013 October 2013 October 2013 October 2013 October 2013 December 2011 July 2011 July 2011 March 2011 March 2011 Original rating AAA (sf) AA (sf) A (sf) BBB (sf) BBB (sf) BB (sf) BBB (sf) BB (sf) BBB- (sf) BB (sf) Rating immediately before 'D (sf)' CC (sf) CC (sf) CC (sf) CC (sf) CC (sf) B (sf) CCC (sf) CCC (sf) CCC- (sf) CCC- (sf)
DECEMBER 3, 2013 52
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Table 14
Ratings Default Index (cont.)

BELLATRIX (ECLIPSE 2005-2) PLC BELLATRIX (ECLIPSE 2005-2) PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC DECO 12 - UK 4 PLC DECO 12 - UK 4 PLC DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. DECO 17 - Pan Europe 7 Ltd. DECO 17 - Pan Europe 7 Ltd. DECO 6 - UK Large Loan 2 PLC DECO 6 - UK Large Loan 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC Diversity Funding No. 1 Ltd. Epic (Industrious) PLC Epic (Industrious) PLC D E E G H J B C D E C D E F D E F E F G G F G C D E F G H E F G D E F A B Interest shortfall Principal loss allocation Interest shortfall Principal loss allocation Principal loss allocation Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Increased risk of interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Principal deficiency Principal loss allocation Principal loss allocation August 2013 November 2010 April 2013 April 2010 April 2010 August 2009 June 2013 February 2013 November 2012 June 2012 August 2013 April 2013 October 2013 November 2008 April 2013 February 2011 February 2011 December 2011 December 2011 November 2010 November 2011 September 2012 May 2011 September 2012 July 2012 December 2012 November 2012 December 2011 September 2011 June 2013 June 2013 December 2009 September 2011 August 2007 April 2012 October 2011 October 2011 A (sf) BBB- (sf) BBB- (sf) BBB- (sf) BB (sf) B (sf) AA+ (sf) AA (sf) A (sf) BBB (sf) A (sf) BBB (sf) BBB- (sf) BB (sf) BBB (sf) BBB- (sf) BB (sf) BBB (sf) BBB- (sf) BB (sf) BB (sf) BBB- (sf) BB (sf) A (sf) BBB (sf) BBB (sf) BBB (sf) BBB- (sf) BB (sf) BBB (sf) BBB- (sf) BB (sf) BBB (sf) BBB- (sf) B (sf) AAA (sf) AAA (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC+ (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) B- (sf) B (sf) B- (sf) CCC- (sf) B- (sf) B- (sf) B (sf) B- (sf) CCC- (sf) CCC- (sf) B- (sf) BB- (sf) B- (sf) CCC- (sf) CCC- (sf) B (sf) CCC- (sf) CCC (sf) B- (sf) CCC- (sf) CCC- (sf)
DECEMBER 3, 2013 53
1223026 | 300051529
Table 14

Epic (Industrious) PLC Epic (Industrious) PLC Epic (Industrious) PLC Epic (Industrious) PLC EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC European Prime Real Estate No. 1 PLC EuroProp (EMC VI) S.A. EuroProp (EMC) S.A. (Compartment) 1 EuroProp (EMC) S.A. (Compartment) 1 EuroProp (EMC) S.A. (Compartment) 1 EuroProp (EMC) S.A. (Compartment) 1 EuroProp (EMC) S.A. (Compartment) 1 Excalibur Funding No. 1 PLC Fleet Street Finance One PLC Fleet Street Finance Three PLC Fleet Street Finance Three PLC GEMINI (ECLIPSE 2006-3) PLC GEMINI (ECLIPSE 2006-3) PLC GEMINI (ECLIPSE 2006-3) PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC Indus (ECLIPSE 2007-1) PLC Indus (ECLIPSE 2007-1) PLC JUNO (ECLIPSE 2007-2) Ltd. C D E F D E F D F A B C D E A E D E C D E A B C D E F D E C Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Interest shortfall Interest shortfall Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Default Interest shortfall Principal loss allocation Principal loss allocation Interest shortfall Interest shortfall Interest shortfall Restructuring Restructuring Restructuring Restructuring Restructuring Restructuring Principal loss allocation Principal loss allocation Principal loss allocation October 2011 October 2011 October 2011 October 2011 August 2013 May 2011 May 2011 August 2010 July 2013 May 2013 May 2013 May 2013 May 2013 May 2013 March 2011 May 2011 August 2013 August 2013 October 2012 October 2012 March 2011 December 2012 December 2012 December 2012 December 2012 December 2012 December 2012 February 2012 February 2012 October 2013 AAA (sf) AA (sf) A (sf) BBB (sf) A (sf) BBB+ (sf) BBB (sf) BBB (sf) BB (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB- (sf) A (sf) BB (sf) BBB (sf) BBB- (sf) AA (sf) A (sf) BBB (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB (sf) BBB- (sf) BBB (sf) BB (sf) A (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) BB (sf) CCC- (sf) CCC- (sf) B- (sf) B- (sf) CCC (sf) A (sf) BBB- (sf) BB+ (sf) BB (sf) BB- (sf) B (sf) B- (sf) CCC (sf) CCC- (sf)
DECEMBER 3, 2013 54
1223026 | 300051529
Table 14

JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. MESDAG (Charlie) B.V. MESDAG (Charlie) B.V. Morpheus (European Loan Conduit No. 19) PLC Morpheus (European Loan Conduit No. 19) PLC Opera Finance (Uni-Invest) B.V. Opera Finance (Uni-Invest) B.V. Opera Finance (Uni-Invest) B.V. Opera Finance (Uni-Invest) B.V. Perseus (European Loan Conduit No. 22) PLC Perseus (European Loan Conduit No. 22) PLC Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Radamantis (European Loan Conduit No. 24) PLC Silenus (European Loan Conduit No. 25) Ltd. Talisman 1 Finance PLC Talisman-3 Finance PLC Talisman-3 Finance PLC Talisman-3 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-6 Finance PLC Taurus CMBS (Pan-Europe) 2006-3 PLC D E D E D Loan E A B C D C D A B C D E F Principal loss allocation Principal loss allocation Interest shortfall Interest shortfall Interest shortfall Interest shortfall Maturity payment default Maturity payment default Maturity payment default Maturity payment default Interest shortfall Interest shortfall Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation May 2012 May 2012 November 2012 September 2011 May 2013 March 2011 February 2012 February 2012 February 2012 February 2012 September 2012 July 2011 August 2013 August 2013 August 2013 February 2013 February 2013 February 2013 November 2011 September 2011 February 2011 February 2013 February 2013 February 2013 May 2013 May 2013 May 2013 October 2013 October 2013 February 2009 March 2013 BBB (sf) BB (sf) BBB (sf) BBB- (sf) BBB (sf) BB (sf) AAA (sf) AA (sf) A (sf) BBB (sf) A (sf) BBB (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB- (sf) BB (sf) BBB (sf) BB (sf) BB (sf) BBB (sf) BB (sf) B (sf) BBB (sf) BB (sf) B (sf) BBB (sf) BBB- (sf) BB (sf) A (sf) CCC- (sf) CCC- (sf) B- (sf) CCC- (sf) CCC- (sf) B (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B (sf) CCC (sf) BB+ (sf) CC (sf) CC (sf) CC (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf)
G Principal loss allocation and interest shortfall G G D E F E F G D E F C Interest shortfall Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Interest shortfall Interest shortfall
DECEMBER 3, 2013 55
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Table 14

Taurus CMBS (Pan-Europe) 2006-3 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-2 PLC Titan Europe 2006-2 PLC Titan Europe 2006-2 PLC Titan Europe 2006-2 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Ulysses (European Loan Conduit No. 27) PLC D F C D E F G H F G H J B C D E F G H A2 A3 B C D E F B C D E B C D E F G C Interest shortfall Interest shortfall Interest shortfall Increased risk of interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall May 2012 May 2013 February 2013 October 2012 December 2010 December 2010 June 2010 June 2010 February 2013 February 2013 November 2010 November 2008 February 2013 February 2013 February 2013 September 2012 September 2012 April 2010 July 2009 June 2013 June 2013 February 2013 September 2012 February 2011 November 2010 February 2009 July 2011 July 2011 July 2011 July 2011 July 2012 November 2010 March 2010 May 2009 February 2009 October 2008 February 2013 BBB (sf) BB (sf) AA (sf) A (sf) BBB (sf) BBB (sf) BB (sf) B (sf) BBB+ (sf) BBB (sf) BB (sf) B (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB- (sf) BB (sf) B (sf) AAA (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB- (sf) BB (sf) AAA (sf) AA+ (sf) AA (sf) A (sf) AA (sf) A (sf) BBB (sf) BBB- (sf) BB (sf) B (sf) AA (sf) B+ (sf) B- (sf) CCC- (sf) CCC- (sf) CCC (sf) CCC (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) CCC- (sf) B- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) BB+ (sf) BB (sf) B+ (sf) B- (sf) B- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf)
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Table 14

Ulysses (European Loan Conduit No. 27) PLC Ulysses (European Loan Conduit No. 27) PLC Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Windermere VIII CMBS PLC Windermere X CMBS Ltd. Windermere X CMBS Ltd. Windermere XI CMBS PLC Windermere XI CMBS PLC D E E F G E E F D E Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation May 2012 May 2012 September 2010 August 2009 August 2009 August 2011 November 2012 November 2012 May 2010 May 2010 A (sf) BBB (sf) BBB (sf) BBB- (sf) BB (sf) BB (sf) BBB (sf) BB (sf) BBB (sf) BB (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC (sf) CCC (sf) CCC- (sf) CCC (sf) CCC (sf)
*Although we have withdrawn our ratings on these classes of notes, which we lowered to 'D (sf)' following the issuer's failure to meet its maturity obligations, we have reintroduced them to our index for completeness.
Related Criteria And Research

Standard & Poor's Ratings Definitions, Nov. 25, 2013 Counterparty Risk Framework Methodology And Assumptions, June 25, 2013 European CMBS Methodology And Assumptions, Nov. 7, 2012 Criteria Methodology Applied To Fees, Expenses, And Indemnifications, July 12, 2012 European Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, May 14, 2012 Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011 Nonsovereign Ratings That Exceed EMU Sovereign Ratings: Methodology And Assumptions, June 14, 2011 Principles Of Credit Ratings, Feb. 16, 2011 Timeliness Of Payments: Grace Periods, Guarantees, And Use Of 'D' And 'SD' Ratings, Dec. 23, 2010 Methodology: Credit Stability Criteria, June 3, 2010 Global Methodology For Rating Interest-Only Securities, June 15, 2010 Use Of CreditWatch And Outlooks, Sept. 14, 2009 Standard & Poor's Revises Criteria Methodology For Servicer Risk Assessment, June 28, 2009 Framework For Credit Analysis In European CMBS Transactions, June 21, 2007 Weighing Country Risk In Our Criteria For Asset-Backed Securities, June 11, 2006 Technical Challenges In European CMBS Structures, Feb. 16, 2006
Additional Contact: Structured Finance Europe; StructuredFinanceEurope@standardandpoors.com
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European CMBS Monthly Bulletin (November 2013) : 10 Billion of Loans May Need Refinancing in 2014

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European CMBS Monthly Bulletin (November 2013) : 10 Billion of Loans May Need Refinancing in 2014

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STRUCTURED FINANCE RESEARCH

2014 Maturities By Country

2014 Maturities By Asset Type

2014 Maturities By Asset Type (cont.)

Data Snapshot For Loans And Ratings

Number of tranches Number of transactions affected 0 0 21 6 0 9 155 0 0 0 8 4 0 4 56 0

Maturities In October 2013

Jurisdiction U.K. The Netherlands/U.K. U.K.

Asset type Office Car parks Office

U.K. Germany U.K.

Leisure Multifamily housing Office

Oct 5, 2013 Oct 10, 2013 Oct 15, 2015

Oct 10, 2018 Jul 25, 2018 Apr 15, 2017

Maturities In October 2013 (cont.)

Loan maturities data

Loan Delinquencies, Nonmonetary Breaches, And Cures

Loan nonmonetary breaches and cures

Loan delinquencies and nonmonetary breaches data

Specially Serviced Loans

Specially Serviced Loans

Specially Serviced Loans (cont.)

Specially serviced loans data

Ratings And Note-Level Matters

Transactions And Related Publications

Transactions And Related Publications In October 2013

Loans Maturing Over The Past Quarter

Loan Tishman Munich Office II Margaux EDF

Asset type Mixed use

Lightning Dutch Ostend Neumarkt German Residential Funding PLC Annenhoele

The Netherlands Belgium Germany Germany Germany

Office Retail Retail Multifamily housing Multifamily housing

15,542,500 26,691,000 122,312,500 2,025,321,590 19,066,821

Defaulted Repaid Awaiting information Repaid Repaid

Loans Maturing Over The Past Quarter (cont.)

Germany U.K. The Netherlands/U.K. U.K.

14,037,990 108,615,491 300,000,000 9,133,587

CPUK Mortgage Finance Ltd. 15

Leisure Oct 5, 2013 Multifamily housing Office

Oct 10, 2018

Extended to October 2015 Defaulted Awaiting information Awaiting information * * *

France Germany Germany

Office Office Multifamily housing

52,997,711 86,197,016 48,692,786

Loans Maturing Over The Past Quarter (cont.)

DFK Portfolio Emmen Wohncenter GA 1 MF Giugliano 1

Germany Switzerland Germany Italy

Mixed use Retail Multifamily housing Retail

32,452,549 89,064,819 146,702,496 53,000,000

Awaiting information Defaulted Repaid Repaid

Loans Maturing Over The Past Quarter (cont.)

U.K. U.K. Switzerland Germany Greece U.K.

Distribution warehouse Distribution warehouse Office Retail Retail/car parks Office

5,679,571 34,772,000 47,183,557 7,133,625 36,177,400 261,893,781

Multifamily housing Office

Loans Maturing From November To December 2013

Asset type Office

Nov 7, 2013 May 15, 2017

Nov 7, 2013 May 15, 2017

Italy Belgium Germany Germany U.K.

Mixed use Office Retail Retail Retail

39,888,550 18,215,000 68,816,748 291,236,427 97,680,000

Loans Maturing From November To December 2013 (cont.)