BAIN CAPITAL EURO CLO 2018-1 DESIGNATED ACTIVITY COMPANY (a designated activity company with limited liability incorporated under the laws of Ireland, under company number 603782) €207,600,000 Class A Senior Secured Floating Rate Notes due 2032 €22,800,000 Class B-1 Senior Secured Floating Rate Notes due 2032 €15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032 €25,100,000 Class C Senior Secured Deferrable Floating Rate Notes due 2032 €20,300,000 Class D Senior Secured Deferrable Floating Rate Notes due 2032 €23,800,000 Class E Senior Secured Deferrable Floating Rate Notes due 2032 €11,200,000 Class F Senior Secured Deferrable Floating Rate Notes due 2032 €35,000,000 Subordinated Notes due 2032 The assets securing the Notes (as defined herein) will consist primarily of a portfolio of Senior Obligations, Mezzanine Obligations and High Yield Bonds managed by Bain Capital Credit, Ltd. (formerly Sankaty Advisors, Limited) (the “Collateral Manager”). On or about 25 May 2018 (the “Issue Date”), the Issuer will issue €207,600,000 Class A Senior Secured Floating Rate Notes due 2032 (the “Class A Notes”), €22,800,000 Class B-1 Senior Secured Floating Rate Notes due 2032 (the “Class B-1 Notes”), €15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032, (the “Class B-2 Notes”, and together with the Class B-1 Notes, the “Class B Notes”), €25,100,000 Class C Senior Secured Deferrable Floating Rate Notes due 2032 (the “Class C Notes”), €20,300,000 Class D Senior Secured Deferrable Floating Rate Notes due 2032 (the “Class D Notes”), €23,800,000 Class E Senior Secured Deferrable Floating Rate Notes due 2032 (the “Class E Notes”), €11,200,000 Class F Senior Secured Deferrable Floating Rate Notes due 2032 (the “Class F Notes”), (together, the “Rated Notes”) and the €35,000,000 Subordinated Notes due 2032 (the “Subordinated Notes”) (the Subordinated Notes together with the Rated Notes, the “Notes”). The Notes will be issued and secured pursuant to a trust deed (the “Trust Deed”) dated on or about the Issue Date, between (amongst others) the Issuer and BNY Mellon Corporate Trustee Services Limited, in its capacity as trustee, which expression shall include all persons for the time being the trustee or trustees under the Trust Deed (the “Trustee”). Interest on the Notes will be payable (i) quarterly in arrear on 20 January, 20 April, 20 July and 20 October at any time other than following the occurrence of a Frequency Switch Event (as defined herein); and (ii) semi-annually in arrear following the occurrence of a Frequency Switch Event on (A) 20 January and 20 July (where the Payment Date immediately prior to the occurrence of the relevant Frequency Switch Event is 20 January or 20 July), or (B) 20 April and 20 October (where the Payment Date immediately prior to the occurrence of the relevant Frequency Switch Event is 20 April or 20 October), commencing on 20 October 2018 and ending on the Maturity Date (as defined herein) (subject to any earlier redemption of the Notes and in each case subject to adjustment for non- Business Days in accordance with the Conditions and in accordance with the Priorities of Payment). The Notes will be subject to Optional Redemption, Mandatory Redemption and Special Redemption, each as described herein. See Condition 7 (Redemption and Purchase). See the section entitled “Risk Factors” herein for a discussion of certain factors to be considered in connection with an investment in the Notes. This Prospectus has been approved by the Central Bank of Ireland (the “Central Bank”), as competent authority under Directive 2003/71/EC (as amended) (the “Prospectus Directive”). The Central Bank only approves this Prospectus as meeting the requirements imposed under Irish and EU law pursuant to the Prospectus Directive. Such approval relates only to the Notes which are to be admitted to trading on a regulated market for the purposes of European Directive 2014/65/EU and European Regulation 600/2014/EU and/or which are to be offered to the public in any Member State of the European Economic Area (the "EEA"). Application has been made to the Irish Stock Exchange plc trading as Euronext Dublin (the “Irish Stock Exchange”) for the Notes to be admitted to the official list (“Official List”) and trading on its regulated market (the “Main Securities Market”). There can be no assurance that any such listing will be maintained. This Prospectus comprises a prospectus for the purposes of the Prospectus Directive. The Notes are limited recourse obligations of the Issuer which are payable solely out of amounts received by or on behalf of the Issuer in respect of the Collateral (as defined herein). The net proceeds of the realisation of the security over the Collateral upon acceleration of the Notes following a Note Event of Default (as defined herein) may be insufficient to pay all amounts due on the Notes after making payments to other creditors of the Issuer ranking in priority thereto or pari passu therewith. In the event of a shortfall in such proceeds, the Issuer will not be obliged to pay, and the other assets (including the Irish Excluded Assets (as defined herein)) of the Issuer will not be available for payment of such shortfall, all claims in respect of such shortfall will be extinguished. See Condition 4(c) (Limited Recourse and Non-Petition). The Notes have not been registered under the United States Securities Act of 1933, as amended (the “Securities Act”) and will be offered only: (a) outside the United States to non-U.S. Persons (in compliance with Regulation S under the Securities Act (“Regulation S”)); and (b) within the United States to persons and outside the United States to U.S. Persons (as such term is defined in Regulation S (“U.S. Persons”)), in each case, who are both qualified institutional buyers (as defined in Rule 144A under the Securities Act (“Rule 144A”)) in reliance on Rule 144A and qualified purchasers for the purposes of Section 3(c)(7) of the United States Investment Company Act of 1940, as amended (the “Investment Company Act”). The Issuer has not and will not be registered under the Investment Company Act. Interests in the Notes will be subject to certain restrictions on transfer, and each purchaser of the Notes offered hereby in making its purchase will be deemed to have made certain acknowledgements, representations and agreements. See “Plan of Distribution” and “Transfer Restrictions”. The Notes will be issued at a maximum issue price of up to 100 per cent. of the principal amount thereof. The Notes (other than the Retention Notes and the Notes sold directly by the Issuer to any Collateral Manager Related Person) (the “J.P. Morgan Placed Notes”) are being offered by the Issuer through J.P. Morgan Securities plc or an affiliate thereof in its capacity as placement agent for the offering of such Notes (the “Placement Agent”) subject to prior sale, when, as and if delivered to and accepted by the Placement Agent, and to certain conditions. It is expected that delivery of the Notes will be made on or about the Issue Date. The Retention Notes and any Notes purchased by a Collateral Manager Related Person shall be purchased directly from the Issuer by the Collateral Manager or a Collateral Manager Related Person. The Placement Agent may offer the J.P. Morgan Placed Notes and the Issuer may offer the Retention Notes and the Notes sold to any Collateral Manager Related Person at prices as may be negotiated at the time of sale which may vary among different purchasers and which may be different to the issue price of the Notes. J.P. Morgan Placement Agent The date of this Prospectus is 24 May 2018 2 The Issuer accepts responsibility for the information contained in this document and, to the best of the knowledge and belief of the Issuer (which has taken all reasonable care to ensure that such is the case), the information included in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. The Collateral Manager accepts responsibility for the information contained in the second sentence of the second paragraph in the legend headed “U.S. Risk Retention Rules”, the third paragraph of the section of this document headed “Risk Factors – Regulatory Initiatives – U.S. Risk Retention Rules”, the first sentence of the first paragraph in the section of this document headed “U.S. Credit Risk Retention – U.S. Retention Interest” and the sections of this document headed “Risk Factors – Conflicts of Interest – Certain Conflicts of Interest Involving or Relating to the Collateral Manager and its Affiliates”, “Description of the Collateral Manager” and “The EU Retention Requirements and the Retention Holder – Description of the Retention Holder”. To the best of the knowledge and belief of the Collateral Manager (which has taken all reasonable care to ensure that such is the case), such information is in accordance with the facts and does not omit anything likely to affect the import of such information. The Collateral Administrator accepts responsibility for the information contained in the section of this document headed “Description of the Collateral Administrator - General”. To the best of the knowledge and belief of the Collateral Administrator (which has taken all reasonable care to ensure that such is the case), such information is in accordance with the facts and does not omit anything likely to affect the import of such information. Except for the second sentence of the second paragraph in the legend headed “U.S. Risk Retention Rules”, the third paragraph of the section of this document headed “Risk Factors – Regulatory Initiatives – U.S. Risk Retention Rules”, the first sentence of the first paragraph in the section of this document headed “U.S. Credit Risk Retention – U.S. Retention Interest” and the sections of this document headed “Risk Factors – Conflicts of Interest – Certain Conflicts of Interest Involving or Relating to the Collateral Manager and its Affiliates”, “Description of the Collateral Manager” and “The EU Retention Requirements and the Retention Holder – Description of the Retention Holder”, in the case of the Collateral Manager and “Description of the Collateral Administrator - General”, in the case of the Collateral Administrator, neither the Collateral Manager nor the Collateral Administrator accepts any responsibility for the accuracy and completeness of any information contained in this Prospectus. The delivery of this Prospectus at any time does not imply that the information herein is correct at any time subsequent to the date of this Prospectus. None of the Placement Agent, the Trustee, the Collateral Manager (save in respect of the second sentence of the second paragraph in the legend headed “U.S. Risk Retention Rules”, the third paragraph of the section of this document headed “Risk Factors – Regulatory Initiatives – U.S. Risk Retention Rules”, the first sentence of the first paragraph in the section of this document headed “U.S. Credit Risk Retention – U.S. Retention Interest” and the sections headed “Risk Factors – Conflicts of Interest – Certain Conflicts of Interest Involving or Relating to the Collateral Manager and its Affiliates”, “Description of the Collateral Manager” and “The EU Retention Requirements and the Retention Holder – Description of the Retention Holder”), the Collateral Administrator (save in respect of the section headed “Description of the Collateral Administrator - General”), any Agent, any Hedge Counterparty or any other party has separately verified the information contained in this Prospectus and, accordingly, none of the Placement Agent, the Trustee, the Collateral Manager (save as specified above), the Collateral Administrator (save as specified above), any Agent, any Hedge Counterparty, or any other party (save for the Issuer as specified above) makes any representation, recommendation or warranty, express or implied, regarding the accuracy, adequacy, reasonableness or completeness of the information contained in this Prospectus or in any further notice or other document which may at any time be supplied in connection with the Notes or their distribution or accepts any responsibility or liability therefor. None of the Placement Agent, the Trustee, the Collateral Manager, the Collateral Administrator, any Agent, any Hedge Counterparty or any other party undertakes to review the financial condition or affairs of the Issuer during the life of the arrangements contemplated by this Prospectus nor to advise any investor or potential investor in the Notes of any information coming to the attention of any of the aforementioned parties which is not included in this Prospectus. None of the Placement Agent, the Trustee, the Collateral Manager, the Collateral Administrator, any Agent, any Hedge Counterparty (in each case other than as specified above) or any other party (save for the Issuer as specified above) accepts any responsibility for the accuracy or completeness of any information contained in this Prospectus. 3 This Prospectus does not constitute an offer of, or an invitation by or on behalf of, the Issuer, the Placement Agent, the Collateral Manager, the Collateral Administrator, the Trustee and/or any of their respective Affiliates or any other person to subscribe for or purchase any of the Notes. The distribution of this Prospectus and the offering of the Notes in certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer and the Placement Agent to inform themselves about and to observe any such restrictions. In particular, the communication constituted by this Prospectus is directed only at persons who (i) are outside the United Kingdom and are offered and accept this Prospectus in compliance with such restrictions or (ii) are persons falling within Article 49(2)(a) to (d) (High net worth companies, unincorporated associations etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or who otherwise fall within an exemption set forth in such Order so that Section 21(1) of the Financial Services and Markets Act 2000 does not apply to the Issuer (all such persons together being referred to as “relevant persons”). This communication must not be distributed to, acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. For a description of certain further restrictions on offers and sales of Notes and distribution of this Prospectus, see “Plan of Distribution” and “Transfer Restrictions” below. In connection with the issue and sale of the Notes, no person is authorised to give any information or to make any representation not contained in this Prospectus and, if given or made, such information or representation must not be relied upon as having been authorised by or on behalf of the Issuer, the Placement Agent, the Trustee, the Collateral Manager or the Collateral Administrator. The delivery of this Prospectus at any time does not imply that the information contained in it is correct as at any time subsequent to its date. In this Prospectus, unless otherwise specified or the context otherwise requires, all references to “Euro”, “euro”, “€” and “EUR” are to the lawful currency of the member states of the European Union that have adopted and retain the single currency in accordance with the Treaty on the Functioning of the European Union, as amended from time to time; provided that if any member state or states ceases to have such single currency as its lawful currency (such member state(s) being the “Exiting State(s)”), the euro shall mean for all purposes the single currency adopted and retained as the lawful currency of the remaining member states and shall not include any successor currency introduced by the Exiting State(s) but shall not affect any definition of euro used in respect of the Collateral and any references to “US Dollar”, “US dollar”, “USD”, “U.S. Dollar” or “$” shall mean the lawful currency of the United States of America. Each of Moody’s Investors Service Ltd and Fitch Ratings Limited are established in the EU and are registered under the Regulation (EC) No 1060/2009 (as amended) (the “CRA Regulation”). Any websites referred to herein do not form part of this Prospectus. In connection with the issue of the Notes, no stabilisation will take place and neither J.P. Morgan Securities plc nor any Affiliate thereof will be acting as stabilising manager in respect of the Notes. The Issuer is not and will not be regulated by the Central Bank as a result of issuing the Notes. Any investment in the Notes does not have the status of a bank deposit and is not within the scope of the deposit protection scheme operated by the Central Bank. Forward-Looking Statements This Prospectus contains forward-looking statements, which can be identified by words like “anticipate”, “believe”, “plan”, “hope”, “goal”, “initiative”, “expect”, “future”, “intend”, “will”, “could” and “should” and by similar expressions. Other information contained herein, including any forecasted, estimated, targeted or assumed information, may also be deemed to be, or to contain, forward-looking statements. Prospective investors should not place undue reliance on forward-looking statements. Actual results could differ materially from those referred to in forward-looking statements for many reasons, including the risks described in “Risk Factors”. Forward-looking statements are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any forward-looking statements will not materialize or will vary significantly from actual results. Variations of assumptions and results may be material. 4 Without limiting the generality of the foregoing, the inclusion of forward-looking statements herein should not be regarded as a representation by any of the Issuer, the Collateral Manager, the Placement Agent, the Trustee, any Agent or any of their respective Affiliates or any other person of the results that will actually be achieved by the Issuer or the Notes. None of the foregoing persons has any obligation to update or otherwise revise any forward- looking statements, including any revision to reflect changes in any circumstances arising after the date hereof relating to any assumptions or otherwise. EU Retention Requirements In accordance with the EU Retention Requirements, the Collateral Manager will, under the Risk Retention Letter, undertake, amongst other matters, to subscribe for on the Issue Date and retain on an ongoing basis for so long as any Notes are Outstanding a material net economic interest comprised of not less than 5 per cent. of the Principal Amount Outstanding of each Class of Notes pursuant to paragraph 1(a) of Article 405 of the CRR, paragraph 2(a) of the Solvency II Retention Requirements and Article 51(1)(a) of the AIFMD (such Notes being the “Retention Notes”), as further described in “The EU Retention Requirements and the Retention Holder”. With respect to the EU Retention Requirements, each prospective investor in the Notes is required to independently assess and determine whether the information provided herein and in any reports provided to investors in relation to this transaction are sufficient to comply with the EU Retention Requirements or any other regulatory requirement. None of the Issuer, the Collateral Manager, any Collateral Manager Related Person, the Placement Agent, the Collateral Administrator, the Trustee, their respective Affiliates or any other Person makes any representation, warranty or guarantee that any such information is sufficient for such purposes or any other purpose and no such Person shall have any liability to any prospective investor or any other Person with respect to the insufficiency of such information or any failure of the transactions contemplated hereby to satisfy or otherwise comply with the EU Retention Requirements, the implementing provisions in respect of the EU Retention Requirements in their relevant jurisdiction, or any other applicable legal, regulatory or other requirements, other than, in the case of the Retention Holder, where such failure results from a breach of the Risk Retention Letter (as defined in the terms and conditions of the Notes) by the Retention Holder. Each prospective investor in the Notes should consult with its own legal, regulatory, accounting and other advisors and/or its national regulator to determine whether, and to what extent, such information is sufficient for such purposes and any other requirements of the EU Retention Requirements or any similar requirements of which it is uncertain. The Monthly Reports will include a statement as to the receipt by the Issuer, the Collateral Administrator and the Trustee of a confirmation from the Collateral Manager as to the holding of their Retention Notes, which confirmation the Collateral Manager will undertake to provide to the Issuer, the Collateral Administrator and the Trustee on a monthly basis. Investors are directed to the further descriptions of the EU Retention Requirements in “Risk Factors – Regulatory Initiatives - EU Risk Retention and Due Diligence Requirements” and “EU Retention Requirements and the Retention Holder” below. U.S. Risk Retention Rules The final rules implementing the credit risk retention requirements of Section 941 of the Dodd-Frank Act (the “U.S. Risk Retention Rules”) require the “sponsor” of a “securitisation transaction” to retain (either directly or through its “majority-owned affiliates”) not less than 5% of the “credit risk” of “securitized assets” (as such terms are defined in the U.S. Risk Retention Rules). Based on the D.C. Circuit Ruling, no party currently intends to obtain on the Issue Date and retain any Notes intended to satisfy the U.S. Risk Retention Rules nor will any party seek to satisfy any requirements set forth under the U.S. Risk Retention Rules. Notwithstanding the foregoing, the Collateral Manager has informed the Issuer that the Retention Holder will acquire the Retention Notes on the Issue Date, and that such Retention Notes (as defined herein) would satisfy the requirements for acquiring an “eligible vertical interest” under the U.S. Risk Retention Rules if such U.S. Risk Retention Rules were applicable to this transaction. See “U.S. Credit Risk Retention”. None of the other transaction parties provides any assurances regarding, or assumes any responsibility for, the 5 Collateral Manager’s compliance with the U.S. Risk Retention Rules prior to, on or after the Issue Date. See “Risk Factors – Regulatory Initiatives - U.S. Risk Retention Rules”. Investors are directed to the further descriptions of the EU Retention Requirements and the U.S. Risk Retention Rules in “Risk Factors – U.S. Dodd Frank Act”, “Risk Factors – Regulatory Initiatives - EU Risk Retention and Due Diligence Requirements” and “EU Retention Requirements and the Retention Holder” below. VOLCKER RULE Section 619 of the Dodd-Frank Act (the “Volcker Rule”) prevents “banking entities” (a term which includes U.S. banking organisations and their affiliates wheresoever located as well as non-U.S. banking organisations that have a branch or agency office in the U.S., regardless of where such banking organisation or its affiliates are located) from (i) engaging in proprietary trading in financial instruments, or (ii) acquiring or retaining any “ownership interest” in, or in “sponsoring”, a “covered fund”, subject to certain exemptions. An “ownership interest” is defined widely and may arise through a holder’s exposure to the profits and losses of the “covered fund”, as well as through certain rights of the holder to participate in the selection or removal of an investment advisor, investment manager, or general partner, trustee, or member of the board of directors of the “covered fund”. A “covered fund” is defined widely, and includes any issuer which would be an investment company under the Investment Company Act 1940 (the “ICA”) but is exempt from registration solely in reliance on section 3(c)(1) or 3(c)(7) of that Act, subject to certain exemptions found in the Volcker Rule’s implementing regulations. The Class A Notes, Class B Notes, Class C Notes and Class D Notes are issued in subclasses, some of which have voting rights with respect to the removal of, and selection of a replacement for, the Collateral Manager, and others of which do not possess such voting rights. Accordingly, U.S. and non U.S. banking entities investing in those classes of Notes will have the option of investing in subclasses that do not by their terms have a right to remove or select the replacement for the Collateral Manager or investing in subclasses which possess such rights. There can be no assurance, however, that owning the Notes of such a subclass without such voting rights (rather than a note of another subclass identical in every respect but for the right to vote to remove or select a replacement for the Collateral Manager) will be effective in resulting in such investments in the Issuer held by U.S. and non U.S. banking entities subject to the Volcker Rule (whether in the form of CM Non-Voting Notes or CM Non-Voting Exchangeable Notes) not being characterised as “ownership interests” in the Issuer. If the Issuer is deemed to be a “covered fund”, then in the absence of regulatory relief, the provisions of the Volcker Rule and its related regulatory provisions, will severely limit the ability of “banking entities” to hold an “ownership interest” in the Issuer or enter into certain credit related financial transactions with the Issuer. Any entity that is a “banking entity” as defined under the Volcker Rule and is considering an investment in “ownership interests” of the Issuer should consult its own legal advisors and consider the potential impact of the Volcker Rule in respect of such investment. If investment by “banking entities” in the Notes of any Class is prohibited or restricted by the Volcker Rule, this could impair the marketability and liquidity of such Notes. No assurance can be made as to the effect of the Volcker Rule on the ability of certain investors subject thereto to acquire or retain an interest in the Notes. None of the Issuer, the Placement Agent, the Collateral Manager, the Trustee, the Agents, nor any of their affiliates makes any representation to any prospective investor or purchaser of the Notes regarding the application of the Volcker Rule to the Issuer, or to such investor’s investment in the Notes on the Issue Date or at any time in the future. Each prospective investor in the Notes should independently consider the potential impact of the Volcker Rule in respect of any investment in the Notes. See “Risk Factors – Regulatory Initiatives – Volcker Rule” below. Information as to placement within the United States The Notes of each Class offered pursuant to an exemption from registration requirements under Rule 144A under the Securities Act (“Rule 144A”) (the “Rule 144A Notes”) will be sold only to “qualified institutional buyers” (as defined in Rule 144A) (“QIBs”) that are also “qualified purchasers” for purposes of Section 3(c)(7) of the Investment Company Act (“QPs”). Rule 144A Notes of each Class will each be represented on issue by beneficial 6 interests in one or more permanent global certificates of such Class (each, a “Rule 144A Global Certificate” and together, the “Rule 144A Global Certificates”), in each case in fully registered form, without interest coupons or principal receipts, which will be deposited on or about the Issue Date with, and registered in the name of, a nominee of a common depositary for Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”) and Clearstream Banking, société anonyme (“Clearstream, Luxembourg”), or, in the case of Rule 144A Definitive Certificates, the registered holder thereof. The Notes of each Class sold outside the United States to non-U.S. Persons in reliance on Regulation S (“Regulation S”) under the Securities Act (the “Regulation S Notes”) will each be represented on issue by beneficial interests in one or more permanent global certificates of such Class (each, a “Regulation S Global Certificate” and together, the “Regulation S Global Certificates”), in each case in fully registered form, without interest coupons or principal receipts, which will be deposited on or about the Issue Date with, and registered in the name of, a nominee of a common depositary for Euroclear and Clearstream, Luxembourg or, in the case of Regulation S Definitive Certificates, the registered holder thereof. Neither U.S. Persons nor U.S. residents (as determined for the purposes of the Investment Company Act) (“U.S. Residents”) may hold an interest in a Regulation S Global Certificate or a Regulation S Definitive Certificate. Ownership interests in the Regulation S Global Certificates and the Rule 144A Global Certificates (together, the “Global Certificates”) will be shown on, and transfers thereof will only be effected through, records maintained by Euroclear and Clearstream, Luxembourg and their respective participants. Notes in definitive certificated form will be issued only in limited circumstances. The Class E Notes, Class F Notes and the Subordinated Notes may, in certain circumstances described herein, be issued in definitive, certificated, fully registered form, pursuant to the Trust Deed and will be offered outside the United States to non-U.S. Persons in reliance on Regulation S and within the United States to persons who are QIB/QPs in reliance on Rule 144A and, in each case, will be registered in the name of the holder (or a nominee thereof). In each case, purchasers and transferees of notes will be deemed and in certain circumstances will be required to have made certain representations and agreements. See “Form of the Notes”, “Book Entry Clearance Procedures”, “Plan of Distribution” and “Transfer Restrictions”. The Issuer has not been registered under the Investment Company Act in reliance on Section 3(c)(7) of the Investment Company Act. Each purchaser of an interest in the Notes (other than a non-U.S. Person outside the U.S.) will be deemed to have represented and agreed that it is a QIB and a QP and will also be deemed to have made the representations set out in “Transfer Restrictions” herein. The purchaser of any Note, by such purchase, agrees that such Note is being acquired for its own account and not with a view to distribution (other than in the case of the Placement Agent) and may be resold, pledged or otherwise transferred only (1) to the Issuer (upon redemption thereof or otherwise), (2) to a person the purchaser reasonably believes is a QIB/QP, in a transaction meeting the requirements of Rule 144A, or (3) outside the United States to a non-U.S. Person in an offshore transaction in reliance on Regulation S, in each case, in compliance with the Trust Deed and all applicable securities laws of any state of the United States or any other jurisdiction. See “Transfer Restrictions”. In making an investment decision, investors must rely on their own examination of the Issuer and the terms of the Notes and the offering thereof described herein, including the merits and risks involved. THE NOTES OFFERED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH, OR APPROVED BY, ANY UNITED STATES FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE. This Prospectus has been prepared by the Issuer solely for use in connection with the offering of the Notes described herein (the “Offering”). Each of the Issuer and the Placement Agent reserves the right to reject any offer to purchase the Notes in whole or in part for any reason, or to sell less than the stated initial principal amount of any Class of the Notes offered hereby. This Prospectus is personal to each offeree to whom it has been delivered by the Issuer, the Placement Agent or any Affiliate thereof and does not constitute an offer to any other person or to the public generally to subscribe for or otherwise acquire the Notes. Distribution of this Prospectus to any persons other than the offeree and those persons, if any, retained to advise such offeree with respect thereto is unauthorised and any disclosure of any of its contents, without the prior written consent of the Issuer, is prohibited. Any reproduction or distribution of this Prospectus in whole or in part and any disclosure of its contents or use of any 7 information herein for any purpose other than considering an investment in the securities offered herein is prohibited. Notwithstanding anything to the contrary herein, each recipient (and each employee, representative, or other agent of such recipient) may disclose to any and all persons, without limitation of any kind, the U.S. federal, state, and local tax treatment of the Issuer, the Notes, or the transactions referenced herein and all materials of any kind (including opinions or other U.S. tax analyses) relating to such U.S. federal, state, and local tax treatment and that may be relevant to understanding such U.S. federal, state, and local tax treatment. Available Information To permit compliance with the Securities Act in connection with the sale of the Notes in reliance on Rule 144A, the Issuer will be required under the Trust Deed to furnish upon request to a holder or beneficial owner who is a QIB of a Note sold in reliance on Rule 144A or a prospective investor who is a QIB designated by such holder or beneficial owner the information required to be delivered under Rule 144A(d)(4) under the Securities Act if at the time of the request the Issuer is neither a reporting company under Section 13 or Section 15(d) of the United States Securities Exchange Act of 1934, as amended, nor exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act. All information made available by the Issuer pursuant to the terms of this paragraph may also be obtained during usual business hours free of charge at the office of the Principal Paying Agent. General Notice EACH PURCHASER OF THE NOTES MUST COMPLY WITH ALL APPLICABLE LAWS AND REGULATIONS IN FORCE IN EACH JURISDICTION IN WHICH IT PURCHASES, OFFERS OR SELLS SUCH NOTES OR POSSESSES OR DISTRIBUTES THIS PROSPECTUS AND MUST OBTAIN ANY CONSENT, APPROVAL OR PERMISSION REQUIRED FOR THE PURCHASE, OFFER OR SALE BY IT OF SUCH NOTES UNDER THE LAWS AND REGULATIONS IN FORCE IN ANY JURISDICTIONS TO WHICH IT IS SUBJECT OR IN WHICH IT MAKES SUCH PURCHASES, OFFERS OR SALES, AND NONE OF THE ISSUER, THE PLACEMENT AGENT, THE COLLATERAL MANAGER, THE TRUSTEE OR THE COLLATERAL ADMINISTRATOR SPECIFIED HEREIN (OR ANY OF THEIR RESPECTIVE AFFILIATES) SHALL HAVE ANY RESPONSIBILITY THEREFOR. THE NOTES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE U.S. SECURITIES ACT 1933, AS AMENDED, AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. Commodity Pool Regulation IF TRADING OR ENTERING INTO ANY HEDGE AGREEMENTS WOULD RESULT IN THE ISSUER’S ACTIVITIES FALLING WITHIN THE DEFINITION OF A “COMMODITY POOL” UNDER THE COMMODITY EXCHANGE ACT, THE COLLATERAL MANAGER WOULD EXPECT TO BE EXEMPT FROM REGISTRATION WITH THE COMMODITY FUTURES TRADING COMMISSION (THE “CFTC”) AS A COMMODITY POOL OPERATOR (A “CPO”) PURSUANT TO CFTC RULE 4.13(a)(3). THEREFORE, UNLIKE A REGISTERED CPO, THE ISSUER AND THE COLLATERAL MANAGER WOULD NOT BE REQUIRED TO DELIVER A CFTC DISCLOSURE DOCUMENT TO PROSPECTIVE INVESTORS, NOR WOULD IT BE REQUIRED TO PROVIDE INVESTORS WITH CERTIFIED ANNUAL REPORTS THAT SATISFY THE REQUIREMENTS OF CFTC RULES APPLICABLE TO REGISTERED CPOs. MIFID II Product Governance Solely for the purposes of each manufacturer’s product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a “distributor”) should take into consideration the manufacturer target market assessment; however, a 8 distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer target market assessment) and determining appropriate distribution channels. PRIIPs Regulation and Prospectus Directive The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive 2002/92/EC (as amended, the “Insurance Mediation Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Directive 2003/71/EC (as amended, the “Prospectus Directive”). Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation. 9 Table of Contents Clause Page OVERVIEW ............................................................................................................................................. 12 RISK FACTORS ...................................................................................................................................... 29 TERMS AND CONDITIONS OF THE NOTES ................................................................................... 111 1. Definitions .................................................................................................................................... 112 2. Form and Denomination, Title, Transfer and Exchange .............................................................. 172 3. Status ............................................................................................................................................ 176 4. Security ......................................................................................................................................... 202 5. Covenants of and Restrictions on the Issuer ................................................................................. 206 6. Interest .......................................................................................................................................... 209 7. Redemption and Purchase ............................................................................................................ 215 8. Payments ....................................................................................................................................... 228 9. Taxation ........................................................................................................................................ 229 10. Events of Default .......................................................................................................................... 230 11. Enforcement ................................................................................................................................. 235 12. Prescription ................................................................................................................................... 240 13. Replacement of Notes ................................................................................................................... 240 14. Meetings of Noteholders, Modification, Waiver and Substitution ............................................... 240 15. Indemnification of the Trustee ..................................................................................................... 251 16. Notices .......................................................................................................................................... 251 17. Additional Issuances ..................................................................................................................... 252 18. Third Party Rights ........................................................................................................................ 254 19. Governing Law ............................................................................................................................. 254 USE OF PROCEEDS ............................................................................................................................. 256 FORM OF THE NOTES ........................................................................................................................ 257 BOOK ENTRY CLEARANCE PROCEDURES ................................................................................... 260 RATINGS OF THE NOTES .................................................................................................................. 262 THE ISSUER .......................................................................................................................................... 264 DESCRIPTION OF THE COLLATERAL MANAGER ....................................................................... 266 THE EU RETENTION REQUIREMENTS AND THE RETENTION HOLDER ................................ 278 U.S. CREDIT RISK RETENTION ........................................................................................................ 280 THE PORTFOLIO .................................................................................................................................. 281 10