Equinox IR Print - fixed CoD - Barclays Capital

EQUINOX (ECLIPSE 2006-1) plc
LOAN BY LOAN INFORMATION
Loan Details Loan Amortisation Lease Break and Maturity Profile
Loan Name Ocean Park Portfolio Period Scheduled amortisation 100%
Loan ID 12 Jul-06 -
Senior Loan
Oct-06 -
80%
Cut-Off Date Senior Loan balance
6,000,000 Jan-07 -
Current Balance
6,000,000 Apr-07 -
60%
Loan Factor
100.00% Jul-07 -
Interest Rate
5.73000% Oct-07 -
40%
Swap Fixed Rate 4.78000% Jan-08 -
Margin 0.95000% Apr-08 -
20%
Loan balloon
% Lease remaining to maturity
All-in Interest Rate 5.73000% Jul-08 -
% Lease remaining to break
NOI 161,032 Oct-08 -
0%
Current ICR
185.83% Jan-09 -
Current DSCR
185.83% Apr-09 -
Cash Trap ICR 125.00% Jul-09 - Projected Loan Balance (Servicer report date to loan maturity)
Default ICR 110.00% Oct-09 -
7,000,000
Projected ICR 179.00% Jan-10 -
Current LTV 61.38% Apr-10 -
6,000,000
# of properties 4 Jul-10 -
5,000,000
# of units 11 Oct-10 -
Remaining loan term 5.75 years Jan-11 -
4,000,000
Apr-11 -
3,000,000
Jul-11 -
2,000,000
Oct-11 -
Jan-12 -
1,000,000
Tenant Concentration Apr-12 -
0
ID % Rent WA lease expiry to WA lease expiry to Jul-12 -
first break (years) lease maturity (years) Oct-12 -
Tenant 1 19.87% 3.37 years 8.37 years Jan-13 -
Tenant 2 13.44% 2.26 years 7.26 years Apr-13 - ICR History
Tenant 3 10.77% 7.94 years 7.94 years Jul-13 -
Tenant 4 10.08% 2.35 years 7.35 years Oct-13 -
3.0
Tenant 5 10.08% 8.98 years 8.98 years Jan-14 -
2.5
Subtotal 64.23% 4.63 years 8.00 years Apr-14 -
Rest 35.77% 5.89 years 8.39 years Jul-14 -
2.0
Total 100.00% 5.08 years 8.14 years Oct-14 -
1.5
Jan-15 -
Property Concentration Apr-15 -
1.0
ID Region % Total Jul-15 -
0.5
Property 1 Wales 65.47% Oct-15 6,000,000
Property 2 Wales 15.35% Jan-16 -
0.0
Property 3 Wales 12.53%
Property 4 Wales 6.65%
- - - DSCR History
Subtotal - 100.00%
Rest - -
3.0
Total - 100.00%
2.5
Jan-10
Cut off
Mar-10
Jan-10
Oct-06
May-10
Apr-10
Jul-10
Apr-07
Sep-10
Jul-10
Nov-10
Oct-10
Oct-07
Jan-11
Mar-11
Jan-11
Apr-08
May-11
Apr-11
Jul-11
Oct-08
Sep-11
Jul-11
Nov-11
Oct-11
Apr-09
Jan-12
Mar-12
Jan-12
Oct-09
May-12
Apr-12
Jul-12
Apr-10
Sep-12
Jul-12
Nov-12
Oct-12
Oct-10
Jan-13
Mar-13
Jan-13
Apr-11
May-13
Apr-13
Jul-13
Oct-11
Jul-13
Sep-13
Nov-13
Oct-13
Apr-12
Jan-14
Jan-14
Mar-14
Oct-12
May-14
Apr-14
Jul-14
Apr-13
Jul-14
Sep-14
Nov-14
Oct-14
Oct-13
Jan-15
Jan-15
Mar-15
Apr-14
May-15
Apr-15
Jul-15
Oct-14
Jul-15
Sep-15
Nov-15
Oct-15
Apr-15
Jan-16
Jan-16
Oct-15
2.0
Loan Comment
This portfolio comprises out of town offices near Cardiff.
The Projected ICR remains stable (179%) as we continue to exclude rental income for two tenants that are more than three months in arrears. Tenant 5
pays monthly and will always be in arrears. Rental income for the first month of the quarter has been received (leading to an Actual ICR of 186%), with the
next two payments expected to be recovered in advance of the next Interest Payment Date. Another tenant representing 5.9% of total rental income paid
has again failed to pay the rent for this quarter. However, they have put a payment plan in place in order to reduce their arrears. Since IPD they have
repaid circa 50% of their outstanding arrears amount.
1.5
1.0
0.5
The portfolio is fully let therefore there are no non-recoverable costs. The loan is above its dividend trap and all surplus funds have been discharged to the
General Account.
0.0
Cut off
Oct-06
Apr-07
Oct-07
Apr-08
Oct-08
Apr-09
Oct-09
Apr-10
Oct-10
Apr-11
Oct-11
Apr-12
Oct-12
Apr-13
Oct-13
Apr-14
Oct-14
Apr-15
Oct-15
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