GoldenTree Loan Management EUR CLO 1: 25 March 2018

The assets securing the notes will consist of a portfolio of primarily Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, and will be managed by GoldenTree Loan Management, LP.

The Investment Manager was established in 2016. The Investment Manager's principal place of business is New York, New York. The Investment Manager is a newly-formed entity and the Issuer will be the fourth CLO for which the Investment Manager acts as investment manager. The Investment Manager currently manages approximately U.S.$2.0 billion in three CLO vehicles.

The Investment Manager has entered into the GTAM Services Agreement, pursuant to which it will obtain research and certain support services such as compliance, accounting, operational and administrative services from GTAM.

GTAM was established 1 March 2000 and today is one of the largest independent employee-owned asset managers focused on global credit markets, managing a variety of alternative and long only strategies with approximately U.S.$26 billion in assets under management based on unaudited estimates including total capital committed as of 1 February 2018. GTAM has a long history of managing leveraged credit strategies over market cycles and currently manages approximately U.S.$3.0 billion across six CLO vehicles. GTAM's principal place of business is New York, New York. GTAM also has an office in London, United Kingdom.

Eligibility criteria (includes): it is a Senior Secured Loan, a Senior Secured Bond, an Unsecured Senior Loan, a Mezzanine Obligation, a Second Lien Loan, a Corporate Rescue Loan or a High Yield Bond; it is not a Defaulted Obligation or a Credit Impaired Obligation; it is not a lease; it is not a Structured Finance Security, letter of credit or a Synthetic Security; it is not a Zero Coupon Security; it is not a Project Finance Loan; it is not a Step-Down Coupon Security; has a purchase price of no less than 60.0% of the Principal Balance.

The Issuer anticipates that, by the Issue Date, it or the Investment Manager on its behalf will have purchased or committed to purchase (including allocated new issues) Collateral Debt Obligations, the Aggregate Principal Balance of which is approximately 95.0% of the Target Par Amount.


CRR 405: The Investment Manager, in its capacity as Retention Holder, will hold the EU Retained Interest for the purposes of the EU Retention Requirements as an originator. On the Issue Date, the Retention Holder will retain a material net economic interest in the Retention Notes of not less than the greater of (i) during the Reinvestment Period only, 5.1 per cent of the Aggregate Collateral Balance as of the Issue Date and (ii) five per cent. of the current Aggregate Collateral Balance, in accordance with paragraph 1(d) of Article 405 of the CRR, Article 51(1)(d) of the AIFMD Level 2 Regulation and Article 254(2)(d) of the Solvency II Level 2 Regulation