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Windermere VII CMBS (IRSH)

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Thursday 19 July, 2012

Windermere VII CMBS

Loan Extension

RNS Number : 0697I
Windermere VII CMBS Plc
19 July 2012




To:                   The Irish Stock Exchange Limited

                        28 Anglesea Street

                        Dublin 2



Headline:         Loan Extension


Attention:       Regulatory Information Services


19 July 2012

Windermere VII CMBS p.l.c. (the "Issuer")

Class A1 Commercial Mortgage-Backed Notes due 2016

Class A2 Commercial Mortgage-Backed Notes due 2016

Class X Commercial Mortgage-Backed Notes due 2016

Class B Commercial Mortgage-Backed Notes due 2016
Class C Commercial Mortgage-Backed Notes due 2016
Class D Commercial Mortgage-Backed Notes due 2016
Class E Commercial Mortgage-Backed Notes due 2016

Class F Commercial Mortgage-Backed Notes due 2016

(together, the "Notes")

The Notes are admitted to trading on the regulated market of the Irish Stock Exchange.

Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse), together with implementing Commission Directives 2003/124/EC of 22 December 2003 and 2004/72/EC of 29 April 2004, as implemented by the relevant member states, requires disclosure by or on behalf of the Issuer of any inside information concerning the Notes.

The following notice has been prepared by and issued at the request of the Master Servicer.  The Issuer has not independently verified the information contained in this notice.  Accordingly, the Issuer hereby gives notice of the following with respect to the Nitsba Mortgage Loan (the "Loan").

The date for repayment of all outstanding amounts under the Nitsba Mortgage Loan Agreement was 16 July 2012 (the "Repayment Date").  On the Repayment Date, the Nitsba Borrowers notified the Master Servicer that they were in the process of negotiating sales of certain Mortgaged Properties (the "Sales"), which had not yet completed, and requested the Master Servicer to postpone the Repayment Date to provide the Nitsba Borrowers with an aggregate of six additional months (comprising a 2 week short term postponement to 31 July 2012, and then, following completion of certain conditions, a further postponement to 15 January 2013) in which to meet their obligations under the Loan (the "Postponement Request").

The loan balance prior to the 16 July 2012 Loan Payment Date is Euro 62,699,949.99 and it is expected that if the Sales complete, full recovery of the Loan will be achieved.

Based on a valuation issued in June 2012 the current market value of the relevant Mortgaged Properties under the Loan is Euro 132,030,000.

Given the above, and specifically in order to facilitate the completion of the Sales so that the Nitsba Borrowers may repay all amounts outstanding under the Loan, the Master Servicer has agreed to the Postponement Request.  Accordingly, the new Repayment Date of the Loan is 31 July 2012 (the "New Repayment Date").

Further, the New Repayment Date will automatically extend to 15 January 2013 if the Nitsba Borrowers comply with certain undertakings on or before the New Repayment Date.

Terms used and not defined herein having the meaning ascribed to them in the Prospectus in relation to the Notes dated 12 May 2006.

For queries related to the above please contact: [email protected]

For and on behalf of WINDERMERE VII CMBS p.l.c








This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.

This information is provided by RNS
The company news service from the London Stock Exchange

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