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European Residential Loan Securitisation 2020-NPL1 DAC (Incorporated with Limited Liability in Ireland Under Number 668012)

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European Residential Loan Securitisation 2020-NPL1 DAC (Incorporated with Limited Liability in Ireland Under Number 668012) European Residential Loan Securitisation 2020-NPL1 DAC (incorporated with limited liability in Ireland under number 668012) Additional Additional Interest Rate/ Coupon Pre-enforcement Final Ratings Note Initial Principal Issue Note Note Reference Coupon Cap Redemption Maturity (DBRS/ Class Amount (EUR) Price Payment Payment Rate Rate* Profile Date /S&P) Date Rate*** The Interest The Interest Payment Payment 1 month Pass through Class A €153,500,000 98.30% 2.00% Date falling in 1.50% 5.00% Date falling Asf/A-sf EURIBOR amortisation November in January 2023 2060 The Interest Payment Pass through Class P €32,456,000 N/A** N/A 0% N/A N/A N/A Date falling Unrated amortisation in January 2060 The Interest Payment 1 month Pass through Class Z €195,879,000 N/A** 5.00% N/A N/A 5.00% Date falling Unrated EURIBOR amortisation in January 2060 * The sum of the respective Interest Rate, the Coupon and the Additional Note Payment will be capped at the Coupon Cap Rate. The Note Rate for the Class A Notes (excluding any Class A Additional Note Payment) will be capped at a rate equal to the Coupon Cap Rate less the Relevant Additional Note Payment Margin for such Class of Notes from the Interest Payment Date falling in November 2025 (the Coupon Cap Date). **The Class P Notes and the Class Z Notes will be delivered to the Seller on the Closing Date as part of the Consideration for the Mortgage Portfolio. *** Additional Note Payments accrue from and including the Additional Note Payment Date. Additional Note Payments can be paid in respect of the relevant Notes on and from the Interest Payment Date immediately following the Additional Note Payment Date. Payments of any Additional Note Payments in relation to any Class of Notes are subordinated to payments of interest and principal on the relevant Class of Notes but senior to payments of interest and principal on more junior Classes of Notes. Payments of any Additional Note Payments are not rated and may be deferred and non-payment thereof shall not be an Event of Default in any circumstances. Closing Date: The Issuer will issue the €153,500,000 Class A Residential Mortgage Backed Floating Rate Notes due January 2060 (the Class A Notes), €32,456,000 Class P Residential Mortgage Backed 0% Notes due January 2060 (the Class P Notes), and €195,879,000 Class Z Residential Mortgage Backed Floating Rate Notes due January 2060 (the Class Z Notes, and together with the Class A Notes and the Class P Notes, the Notes) on or about 20 November 2020 (the Closing Date). Stand-alone/ Stand-alone issuance. programme issuance: Underlying Assets: The Issuer will make payments on the Notes from, inter alia, payments of principal and revenue on a portfolio comprising primarily non-performing mortgage loans originated by permanent tsb plc (the Originator or Permanent TSB) and secured over primarily residential properties and certain commercial or mixed properties located in Ireland. Permanent TSB is also referred to in this Prospectus as the Original Seller. The Mortgage Portfolio will be purchased by the Issuer from the Seller on the Closing Date. Please refer to the section entitled "The Mortgage Portfolio" for further information. 1 Credit Subordination of junior ranking Notes (subject to Class P Payments). Please refer to Enhancement: sections entitled "Key Structural Features" and "Cashflows and Cash Management" for further information. Liquidity Support: Liquidity Support Features: Class A Reserve Fund. Please refer to the section entitled "Key Structural Features" for further information. Redemption Information on any optional and mandatory redemption of the Notes is summarised Provisions: on page 18 "Transaction Overview – Overview of the Terms and Conditions of the Notes" and is set out in full in Condition 9 (Final Redemption, Mandatory Redemption in part, Optional Redemption and Cancellation). Credit Rating DBRS Ratings Limited (DBRS) and S&P Global Ratings Europe Limited (S&P) Agencies: (together the Rating Agencies). As of the date hereof, S&P is established in the European Union and DBRS is established in the UK (which for these purposes is deemed to be in the European Union) and each of S&P, DBRS is registered under Regulation (EC) No 1060/2009, as amended, of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (the CRA Regulation). As such, each of the Rating Agencies is included in the list of credit rating agencies published by the European Securities and Markets Authority (ESMA) on its website (at http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) in accordance with the CRA Regulations. Please refer to the section entitled "Certain Regulatory Disclosures – Credit Rating Agency Regulation" for further information. Credit Ratings: Ratings are expected to be assigned to the Class A Notes as set out above on or before the Closing Date. The ratings reflect the views of the Rating Agencies and are based on the Mortgage Assets, the freehold or leasehold properties which are subject to a Mortgage (the Properties) and the structural features of the transaction. The ratings assigned by the Rating Agencies in respect of the Class A Notes address the likelihood of timely payment of interest and ultimate payment of principal due to Noteholders by a date that is not later than the Interest Payment Date falling in January 2060 (the Final Maturity Date) (but excluding any Additional Note Payments). Payments of Additional Note Payments are not rated and the ratings assigned by the Rating Agencies in respect of the Class A Notes do not address the likelihood of receipt of any amounts in respect of the Additional Note Payments. The Class P Notes and the Class Z Notes will not be rated. A security rating is not a recommendation to buy, sell, hold or invest in the Notes and may be subject to suspension, reduction or withdrawal at any time by the assigning Rating Agency. Listings: This document (this Prospectus) has been approved as a prospectus by the Central Bank of Ireland (the Central Bank), as competent authority under Regulation (EU) 2017/1129 (the Prospectus Regulation). The Central Bank only approves this Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Approval by the Central Bank should not be considered as an endorsement of the Issuer or of the quality of the Notes. Investors should make their own assessment as to the suitability of investing in the Notes. Such approval relates only to Notes that are to be admitted to trading on the regulated market (the Regulated Market) of The Irish Stock Exchange plc trading as Euronext Dublin (Euronext Dublin) or on another regulated market for the 2 purposes of Directive 2014/65/EU and/or that are to be offered to the public in any member state of the European Economic Area or the UK in circumstances that require the publication of a prospectus. Application has been made to Euronext Dublin for the Notes to be admitted to the official list (the Official List) and to trading on the Regulated Market. This Prospectus constitutes a "prospectus" for the purposes of the Prospectus Regulation. The final copy of the "prospectus" prepared pursuant to the Prospectus Regulation will be available from the website of Euronext Dublin (https://www.ise.ie). References in this Prospectus to Notes being listed (and all related references) shall mean that such Notes have been admitted to the Official List and to trading on the Regulated Market. Such approval and admission relates only to the Notes which are to be admitted to trading on a regulated market for the purposes of Directive 2014/65/EU and/or which are to be offered to the public in any Member State of the European Economic Area or the UK. This Prospectus is valid for 12 months from its date. The obligation to supplement this Prospectus in the event of a significant new factor, material mistake or material inaccuracy does not apply once the Notes are admitted to the Official List and trading on the Regulated Market of Euronext Dublin. Obligations: The Notes will be obligations of the Issuer alone and will not be guaranteed by, or be the responsibility of, any other entity. The Notes will not be obligations of any person who is a party to a Transaction Document (a Transaction Party) other than the Issuer. Retention Lone Star International Finance DAC (the Retention Holder) will retain, as an Undertaking: originator for the purposes of the Securitisation Regulation (as defined below), on an on-going basis until the maturity of the Notes, a material net economic interest of not less than 5 per cent. in the securitisation (representing downside risk and economic outlay) in accordance with Article 6(1) of Regulation (EU) 2017/2402 (the Securitisation Regulation) (which does not take into account any relevant national measures and as interpreted and applied on the date hereof) (the Retained Amount). As at the Closing Date, the Retained Amount will be comprised by the Retention Holder holding through its interest and exposure in a profit participating loan entered into with the holding company of the Seller, LSF XI Glas II Holdings (Glas II Holdings), which in turn has entered into a profit participating loan with the Seller, an interest in the first loss tranche, represented by the Class Z Notes, directly held by the Seller, in accordance with Article 6(3)(d) of the Securitisation Regulation. The aggregate Principal Amount Outstanding of the Class Z Notes as at the Closing Date is equal to at least 5 per cent. of the nominal value of the securitised exposures.
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