natgillin/translations-raw huggingface dataset:
GENEREL BAGGRUND
Germany submitted its observations to the Commission on 13 March 2012 and supplemented them with further documents on 4 March 2013.
Generel præsentation af lufthavnen
A corrigendum of the opening decision was adopted on 13 July 2012.
Lufthavnen ligger i Tyskland i Land Nordrhein-Westfalen i Landkreis Kleve (administrativt distrikt) mellem kommunerne Weeze og Kevelaer, som ligger tæt ved den tysk-nederlandske grænse.
The opening decision was published in the Official Journal of the European Union on 14 September 2012 [4].
De 10 nærmeste lufthavne er:
The Commission invited interested parties to submit their comments on the measures in question within one month of the date of publication.
Düsseldorf (51 minutters rejse ad landevej eller 76 km)
The Commission received comments from Düsseldorf airport, the district of Kleve, FN GmbH, and several other interested parties, notably companies, whose operations depend on the existence of the Niederrhein-Weeze airport.
Eindhoven, Nederlandene (1 time og 12 minutter eller 88 km)
On 18 April 2013, 3 May 2013 and 19 June 2014, the Commission transmitted these comments on to Germany.
Maastricht, Nederlandene (1 time og 14 minutter eller 98 km)
By letter dated 19 August 2013 and 3 July 2014, Germany sent its observations on the comments of the interested parties.
Köln-Bonn (1 time og 23 minutter eller 133 km)
By letters dated 18 April 2013, 29 October 2013, 17 March 2014 and 16 May 2014 the Commission requested further information.
Liege, Belgien (1 time og 41 minutter eller 152 km)
By letter of 18 June 2014, Germany has accepted that the present Decision is adopted in English.
Antwerpen, Belgien (1 time og 54 minutter eller 153 km)
Therefore, only the English version is authentic.
Rotterdam, Nederlandene (1 time og 44 minutter eller 172 km)
GENERAL CONTEXT
Münster-Osnabrück (1 time og 46 minutter eller 175 km) og
General presentation of the airport
Bruxelles, Belgien (2 timer og 10 minutter eller 200 km).
The airport is located in Germany in the Land Nordrhein-Westfalen in the Landkreis (administrative district) Kleve between the municipalities of Weeze and Kevelaer adjacent to the German-Dutch Border.
Mellem 1954 og 1999 blev lufthavnen anvendt af Det Forenede Kongeriges Royal Air Force.
To the south, the next largest city is Duisburg, about 60 km away.
Efter dens ombygning til en civil lufthavn blev der indledt passagerflyvninger i 2003.
To the north, the city of Nijmegen (Netherlands) is some 50 km away.
Lufthavnen har en landingsbane på 2440 meter.
The ten closest airports are:
Dens terminal har en kapacitet på 3,5 mio. passagerer.
Düsseldorf (distance of 51 minutes travelling time by road or 76 km),
Passagertallet har udviklet sig som følger:
Eindhoven, NL (1 hour 12 minutes or 88 km),
Tabel 1
Maastricht, NL (1 hour 14 minutes or 98 km),
Trafik i lufthavnen Niederrhein-Weeze mellem 2003 og 2012
Köln-Bonn (1 hour 23 minutes or 133 km),
Kilde: Tysklands bemærkninger til indledningsafgørelsen for årene 2003-2011 og http://unternehmen.airport-weeze.com/de/historie.html for 2012.
Dortmund (1 Hour 25 minutes or 120 km),
Antal passagerer (i alt)
Liege, BE (1 hour 41 minutes or 152 km),
Vækstindeks
Antwerp, BE (1 hour 54 minutes or 153 km),
Lufthavnen betjenes i øjeblikket af Ryanair og Transavia [5].
Rotterdam, NL (1 hour 44 minutes or 172 km),
Luftfartsselskaberne dækker flere end 50 internationale destinationer.
Münster-Osnabrück (1 hour 46 minutes or 175 km), and
Alle lufthavnens passagerer flyver i øjeblikket med lavprisselskaber.
Brussels, BE (2 hour 10 minutes or 200 km).
Ryanairs andel af passagererne udgør [80-99] [6] %.
Between 1954 and 1999, the airport was used by the United Kingdom's Royal Air Force as military airport.
Indtil 2010 kom over 50 % af lufthavnens passagerer fra Nederlandene, mens de øvrige hovedsageligt kom fra de omkringliggende tyske og belgiske regioner.
The airport has a runway of 2440 metres.
Ifølge de seneste offentligt tilgængelige oplysninger [7] er andelen af nederlandske passagerer faldet til ca. 40 %.
Its terminal has capacity for 3,5 million passengers.
Lufthavnens udvikling
The passenger numbers have evolved as follows:
Udvikling i lufthavnens ejerskabsforhold
Table 1
Flyvepladsen blev anlagt i 1954 af Royal Air Force til militære formål.
Traffic at Niederrhein-Weeze airport between 2003 and 2012
På baggrund af det forventede tab af ca. 400 civile jobs planlagde Landkreis Kleve og Weeze kommune i 1993 at skabe en civil lufthavn (Euroregionales Zentrum für Luftverkehr, Logistik und Gewerbe, »EuZZLG«) af den forhenværende militære flyveplads.
Source: Germany's observations to the opening decision for the years 2003-2011, and http://unternehmen.airport-weeze.com/de/historie.html for 2012.
Med henblik herpå oprettede de selskabet FN GmbH til at håndtere ombygningen af den forhenværende militære flyveplads til civile formål.
Year
FN GmbH blev i 1993 registreret som et anpartsselskab med en selskabskapital på 50000 DM (= 25564 EUR).
Number of Passengers (Total)
De stiftende anpartshavere var Landkreis Kleve (52 %) og Weeze kommune (48 %).
Index of growth
Det var fra starten kommunens og Landkreis Kleves hensigt, at lufthavnen skulle drives af en privat virksomhed.
The airport is currently served by Ryanair and Transavia [5].
Med henblik herpå blev der identificeret fire delmål:
The airlines cover over 50 international destinations.
Finde en privat investor, som skulle være ansvarlig for forberedelse og drift af lufthavnen
All passenger volume at the airport is currently generated by Low Cost Carriers (hereinafter ‘LCCs’).
Indgåelse af en aftale med Nederlandene om brug af statens luftrum
Ryanair has been present at the airport since its opening and has, in the intervening period, made the airport one of its German base by stationing there nine aircraft permanently (as from Summer 2013).
Erhvervelse af området fra forbundsregeringen.
Until 2010, more than 50 % of the airport's passengers came from the Netherlands, the rest stemming mainly from the surrounding German and partially Belgian regions.
Royal Air Force overførte ejerskabet af lufthavnen til den tyske forbundsregering den 30. november 1999.
According to the latest public information [7], the share of Dutch passengers dropped to around 40 %.
Den 16. december 1999 etablerede Landkreis Kleve og Weeze kommune yderligere et selskab, nemlig Entwicklungs- und Erschließungsgesellschaft Laarbruch GmbH (»EEL GmbH«).
Development of the airport
52 % af andelene i EEL GmbH ejes af Landkreis Kleve og 48 % af Weeze kommune.
Development of the Ownership of the airport
EEL GmbH's opgaver adskilte sig dengang fra FN GmbH's.
The airfield was founded 1954 by the Royal Air Force for military purposes.
Mens FN GmbH var blevet etableret til at forvalte ombygningen af den forhenværende militærlufthavn, havde EEL GmbH navnlig til opgave at forvalte faciliteterne i perioden fra lufthavnens lukning i 1999, til den blev afhændet til en privat investor.
In the early 1990s, the Royal Air Force announced its intention to withdraw from the airfield by 1999.
Således skulle EEL GmbH rive den forhenværende militærlufthavns infrastrukturer og faciliteter ned med henblik på efterfølgende erhvervsmæssig anvendelse af området.
The ownership of the airport was due to be transferred to the German Federal Government.
Efter at Land Nordrhein-Westfalen den 23. august 2000 havde godkendt Landkreis Kleves og Weeze kommunes plan for ombygning af den militære flyveplads, og efter at Bezirksregierung Düsseldorf den 20. juni 2001 [8] havde givet FN GmbH licens til drift af en civil lufthavn, fandt privatiseringen af lufthavnsdriften og den faste ejendom sted i to trin:
In view of the expected loss of some 400 civilian jobs, the district of Kleve and the municipality of Weeze in 1993 planned to create a civilian airport (Euroregionales Zentrum für Luftverkehr, Logistik und Gewerbe, ‘EuZZLG’) on the former military airfield.
Trin 1: Med deres salg af 99,261 % af anparterne i FN GmbH for [0,5-3] mio. EUR den 1. juli 2001 til den private investor Airport Niederrhein Holding GmbH (»ANH GmbH«) trak Landkreis Kleve og Weeze kommune sig ud af selskabet.
To that end, they established a company, Flughafen Niederrhein GmbH (hereinafter ‘FN GmbH’), to manage the conversion of the former military airfield for subsequent civilian use.
ANH GmbH er et helejet datterselskab af det nederlandske selskab Airport Network B.V.
FN GmbH was registered in 1993 as a private limited liability company, with an equity capital of DM 50000 (= 25564 EUR).The founding shareholders were the district of Kleve (52 %), the municipality of Weeze (48 %).
Indtil 31. december 2011 tegnede Landkreis Kleve og Weeze kommune sig for henholdsvis 0,0459 % og 0,0279 % af andelene i FN GmbH.
From the outset, the municipality and the district of Kleve envisaged that the airport would be operated by a private company.
Da de offentlige myndigheder solgte FN GmbH til ANH GmbH, havde FN GmbH stort set ingen fysiske aktiver […].
In furtherance of that objective, four steps were identified:
Trin 2: Den 14. marts 2002 solgte den tyske forbundsregering den grund, som lufthavnen var opført på, for EUR [5-15] mio. EUR til FN GmbH.
Finding the private investor who should be responsible for the preparation and the operation of the airport;
Inden salget havde den føderale regering haft uformel kontakt til andre potentielle købere.
Obtaining the necessary permit for the conversion of the military airfield into a civilian airport;
Kun én anden investor havde tilkendegivet interesse og tilbudt at betale […] mio. EUR og et ekstra beløb på […] mio. EUR, hvis visse rentabilitetsmål blev nået i 2009.
Concluding a treaty with the Netherlands concerning the use of its air space;
Den tyske forbundsregering fastsatte salgsprisen for grunden, som lufthavnen blev bygget på, i overensstemmelse med artikel 63, stk. 3, i Bundeshaushaltsordnung og Wertermittlungsverordnung.
Purchase of the area from the Federal Government.
I nævnte artikel pålægges forbundsregeringen at sælge ejendom til dens aktuelle værdi, dvs. markedsprisen som fastsat af en uafhængig ekspert efter reglerne i Wertermittlungsverordnung.
The Royal Air Force transferred the ownership of the airport on 30 November 1999 to the German Federal Government.
I den foreliggende sag blev grunden vurderet af en uafhængig ekspert til [11-20] mio. EUR, mens bygningerne på ejendommen blev vurderet til [4-10] mio. EUR på grundlag af den foreslåede udvikling og udnyttelse af grunden.
On 16 December 1999, the district of Kleve and the municipality of Weeze incorporated a further company, Entwicklungs- und Erschließungsgesellschaft Laarbruch GmbH (‘EEL GmbH’).
Fra disse beløb trak eksperten [4-10] mio. EUR svarende til omkostningerne ved nedrivning af kasernebygningerne, som udgør en del af ombygningsarbejdet, og yderligere [2-5] mio. EUR for udgifter til at gennemføre foranstaltninger, der kræves i henhold til den gældende miljølovgivning og lovgivningen om byplanlægning.
52 % of the shares in EEL GmbH are held by the district of Kleve and 48 % by the municipality of Weeze.
Den første del af ombygningen blev gennemført i 2001 (nedrivning af bunkere, infrastruktur til rensningsanlæg osv.) med henblik på at forberede lufthavnen til civil brug.
The then tasks of EEL GmbH were different from the tasks of FN GmbH.
Den økonomiske udvikling i EEL GmbH og FN GmbH
While FN GmbH had been created to manage the conversion of the former military airport, EEL GmbH was entrusted in particular with the administration of the facilities between the closure of the military airport in 1999 and its purchase by a private investor.
Umiddelbart efter oprettelsen i 1999 overtog EEL GmbH forvaltningen af lufthavnen gennem en leasingkontrakt.
In this regard, EEL GmbH had to tear down the infrastructures and facilities of the former military airport estate for a subsequent commercial use.
De første udviklingsforanstaltninger og de første anlægsarbejder blev gennemført mellem 2000 og 2001.
Following the authorisation by the Land Nordrhein-Westfalen on 23 August 2000 of the military airfield conversion plan submitted by the district of Kleve and the municipality of Weeze and the granting of a license to operate a civilian airport to FN GmbH by the Bezirksregierung Düsseldorf on 20 June 2001 [8], the privatisation of the airport operation and real estate took place in two steps:
Efter at Bezirksregierung Düsseldorf gav FN GmbH licens til at drive en civil lufthavn efter tysk luftfartslov, og efter at den private investorgruppe ANH havde fuldendt købet af FN GmbH den 1. juli 2001, tilbagebetalte ANH de omkostninger, som EEL GmbH havde afholdt til forvaltning af lufthavnsinfrastrukturen, herunder visse ombygningsarbejder.
Step 1: On 1 July 2001, the district of Kleve and the municipality Weeze withdrew from FN GmbH selling 99,261 % of the shares in the company for EUR [0,5-3] million by the district of Kleve and the municipality Weeze to a private investor, Airport Niederrhein Holding GmbH, (‘ANH GmbH’).
I løbet af 2002 overdrog EEL GmbH forvaltningen af lufthavnsinfrastrukturen til FN GmbH.
ANH GmbH is a 100 % subsidiary of the Dutch company Airport Network B.V.
Landkreis Kleve og Weeze kommune afviklede dog ikke EEL GmbH i 2003.
Until 31 December 2011, the district of Kleve and the municipality of Weeze held respectively 0,0459 % and 0,0279 % of the shares.
FN GmbH gav i starten tab, før selskabet begyndte at give overskud, hvilket fremgår af følgende tabel:
At the time of the sale of FN GmbH from the public authorities to ANH GmbH, FN GmbH had practically no physical assets […].
Tabel 2
Step 2: On 14 March 2002, the German Federal Government sold the real estate on which the airport was built for EUR [5-15] million to FN GmbH.
Årsresultat og EBITDA i perioden 2003-2011
Prior to selling this estate to FN GmbH, the Federal Government had contacted other potential purchasers on an informal basis.
Kilde: Tyskland.
Only one other investor had signalled an interest, offering a price of EUR […] million and an additional EUR […] million, if certain profit targets would be achieved by 2009.
(1000 EUR)
The German Federal Government established the sales price of the real estate on which the airport was built in accordance with Article 63(3) of the Bundeshaushaltsordnung and the Wertermittlungsverordnung.
Årligt overskud
This provision oblige the federal government to sell property at their current value, i.e. their market price as established by an independent expert following the rules laid down in the Wertermittlungsverordnung.
I starten af 2003 var FN GmbH i finansielle vanskeligheder, som udgjorde en trussel for påbegyndelsen af de kommercielle flyvninger (planlagt til den 1. maj 2003) og dermed hele lufthavnens ombygnings- og udviklingsprojekt.
As from 2001, the first construction measures were implemented (demolition of bunkers, infrastructure for clarification plants, etc.) in order to prepare the airport for civil use
EEL GmbH's offentlige ejere besluttede derfor at videreføre selskabets aktiviteter.
The economic development of EEL GmbH and FN GmbH
Den 11. april 2003 ydede EEL GmbH et første lån (»lån 1«) til FN GmbH på [11-20] mio. EUR til en rente på [1-5] procentpoint over basissatsen.
Immediately after its establishment in 1999, EEL GmbH took over the management of the airport real estate through a leasing contract.
Ifølge Tyskland var basissatsen for dette lån den almindelige sats, der er fastsat i artikel 247 i den tyske civilret (Bürgerliches Gesetzbuch, herefter »BGB«), som på det relevante tidspunkt var på 1,97 % [9].
The first development measures and the first construction measures were carried out between 2000 and 2001.
Tyskland har ikke fremlagt fuldstændige oplysninger om værdien af denne sikkerhed.
After the Bezirksregierung Düsseldorf granted the FN GmbH the licence to operate a civilian airport under German aviation law and upon completion of the purchase of FN GmbH by the private investor group ANH on 1 July 2001, the ANH group reimbursed EEL GmbH the costs that the latter has incurred to manage the airport infrastructure, including some conversion work.
Ifølge Tyskland ønskede de offentlige ejere af EEL GmbH med dette lån at give FN GmbH mellemfinansiering til dækning af operationelle likviditetsproblemer, således at selskabet kunne afslutte erhvervelsen og installationen af de aktiver, som var nødvendige for rettidigt at påbegynde lufthavnsdriften.
In the course of 2002, EEL GmbH handed over the management of the airport infrastructure to FN GmbH.
I betragtning af de heraf følgende igangværende finansielle problemer i FN GmbH fortsatte EEL GmbH med at yde lån til FN GmbH i løbet af 2004:
In 2002, FN GmbH made a loss of EUR 0,3 million.
Den 17. juni 2004 ydede EEL GmbH et andet lån (»lån 2«) til FN GmbH på [2-5] mio. EUR med samme forfaldsdato som det første lån, der blev ydet i 2003 (dvs. 30. juni 2005).
As of 2003, EEL GmbH no longer carries out tasks relating to the management of the airport real estate.
Renten blev sat [1-5] procentpoint højere end den gældende basissats.
Nevertheless, the district of Kleve and the municipality of Weeze did not liquidate the EEL GmbH in 2003.
Ifølge Tyskland var lånets basissats den, der er fastsat i artikel 247 i BGB, som på det tidspunkt var på 1,14 %.
FN GmbH initially accumulated financial losses before making profits, as illustrated in the following table:
Desuden blev der stillet sikkerhed i Airport Network BV's andele i ANH GmbH og i ANH GmbH's andele i FN GmbH.
Table 2
Ifølge Tyskland var lånets basisrente den, der er fastsat i artikel 247 i BGB, som på det tidspunkt var på 1,13 %.
Annual results and EBITDA 2003-2011
Desuden blev der stillet sikkerhed i Airport Network BV's andele i ANH GmbH og i ANH GmbH's andele i FN GmbH.
Source: Germany
Som sikkerhed blev EEL GmbH givet pant i lufthavnsgrunden og -bygningerne (Grundschuld) for et beløb svarende til lån 4 ([4-10] mio. EUR) i tillæg til forlængelsen af de tidligere garantier for lån 1, lån 2 og lån 3 (hvortil der skulle lægges [15-23] % i renter om året, såfremt sikkerhedsstillelsen skulle anvendes i tilfælde af manglende betaling).
On 11 April 2003, EEL GmbH granted a first loan (‘Loan 1’) of EUR [11-20] million, at an interest rate of [1-5] % above the base rate to FN GmbH.
Med denne garanti blev den foregående garanti, som var blevet stillet af […] den 8. juni 2003 i forbindelse med lån 1, forlænget.
According to Germany the base rate of interest applied to this loan was the ordinary rate provided for in Article 247 of the German Civil Code (Bürgerliches Gesetzbuch or ‘BGB’), which on the relevant date was 1,97 % [9].
Med hensyn til rentesatserne for de tre første lån indtil deres harmonisering med låneaftalen af 1. juli 2005 fremgår det af § 5 (5.4.) i forlængelseskontrakten (Darlehensverlängerungsvertrag) af 29. november 2010, at hvert af de fire lån forrentes med [15-23] % pr. år i tilfælde af manglende betaling [11].
In addition to that figure, [15-23] % interest was to be added annually, should the collateral be used in case of non-payment.
Tyskland anførte, at EEL GmbH indvilgede i med hensyn til panten i grunden at få en lavere prioritet i konkursordenen (Rangrücktritterklärung) mellem marts 2009 og 31. december 2010 for at give FN GmbH mulighed for at modtage et kortfristet lån fra [bank] (se betragtning 73).
Additionally, […] provided a personal guarantee for the loan (selbstschuldnerische Bürgschaft) for a maximum amount of EUR [5-15] million.
Beregnet pr. 31. december 2010, den kontraktligt fastsatte forfaldsdato, skyldte FN GmbH [20-30] mio. EUR i lån plus [7-10] mio. EUR i renter, dvs. i alt [24-40] mio. EUR, til EEL GmbH.
Germany did not provide details as regards the value of this personal guarantee.
EEL GmbH vedtog for anden gang at forlænge alle fire lån og betalingen af de kumulerede renter (forlængelse 2).
This personal guarantee was replaced on 8 June 2003 by a personal guarantee provided by the […] for the amount of EUR [5-15] million.
Tyskland anfører, at rentesatsen for låneaftalen af 29. november 2010 blev fastsat ved at lægge […] basispoint til referencesatsen på 1,24 % [12].
According to Germany, with this loan, the public owners of EEL GmbH wanted to provide FN GmbH with bridge financing to cover operational liquidity shortages in order to enable it to complete the acquisition and installation of assets necessary for the timely start of airport operations.
Oversigt over offentlige støtteforanstaltninger iværksat af EEL GmbH til fordel for FN GmbH
In view of the resulting on-going financial problems of FN GmbH, EEL GmbH continued to grant loans to FN GmbH in the course of 2004:
Dato for låneaftale
The interest rate was set at [1-5] % above the applicable base rate.
Rentesats
According to Germany, the base rate of interest applied to this loan was the one set out in Article 247 BGB on that date, i.e. 1,14 %.
Forfaldsdato/forlængelse af lån
As collateral, a charge was placed on the land and buildings of the airport (Grundschuld) in favour of EEL GmbH covering the amount of the loan of EUR [2-5] million.
Sikkerhedsstillelse
In addition [15-23] % interest was to be added annually, should the collateral be used in the event of non-payment.
Pant i grund og bygninger (Grundschulden)
According to Germany, the base rate of interest applied to this loan was the one set out in Article 247 BGB on that date, i.e. 1,13 %.
Sikkerhed i andele i ANH GmbH og i FN GmbH
Additionally a pledge on the shares of Airport Network BV's in ANH GmbH's capital and ANH GmbH's shares in FN GmbH's capital was established.
Lån ydet af Landkreis Kleve: ([5-15] mio. EUR til [1-5] %); [2-5] mio. EUR lån ydet af [bank], (offentlig garant: Weeze kommune).
Furthermore a pledge of the enterprise of FN GmbH was also established.
[1-5] procentpoint over basisrenten (1,14 %).
According to Germany, these loans were granted for the purpose of the development and conversion of the former, military used airport, not for operating expenses.
Lån ydet af Landkreis Kleve til EEL GmbH (»Kassenkredite«)
Repayment of Loan I and Loan 2 (together amounting to EUR [10-20] million) granted by EEL GmbH would have been due on 30 June 2005.
[3-8] procentpoint over basisrenten (1,13 %).
At that time, FN GmbH had reimbursed interests from previous loans partially.
Oprindelig forfaldsdato: 31.12.2007, forlænget første gang til 31.12.2010 og anden gang til 31.12.2016
According to Germany, the losses incurred by FN GmbH between 2002 and 2006 were however borne by its private owners.
Sikkerhed i andele i ANH GmbH og i FN GmbH
In that context, on 1 July 2005, EEL GmbH granted a fourth loan (‘Loan 4’) to FN GmbH, this time amounting to EUR [4-10] million with a maturity date of 31 December 2010.
Sikkerhed i virksomheden FN GmbH
Paragraph 1, point 2 of the loan agreement stipulated that the loan was earmarked for investments only.
Landkreis Kleve og Weeze kommune indskyder [0,4-1] mio. EUR i EEL GmbH
In addition, Loan 1, Loan 2 and Loan 3 amounting in total to EUR [15-30] million (without interest) were rolled over (‘Extension 1’).
Oprindelig forfaldsdato: 31.12.2010, forlænget til 31.12.2016
The maturity of these loans was harmonised and extended to 31 December 2010.
Personlig garanti […] (selbstschuldnerische Bürgschaft).
A fixed interest rate of [1-5] % was set for all these loans applicable as of 1 July 2005.
Sikkerhed i andel i ANH GmbH og i FN GmbH
Thus the interest rate for Loan 1, Loan 2 and Loan 3 was lowered.
[24-40] (= [20-30] (alle fire lån lagt sammen) plus akkumulerede renter (= [4-10])
As collateral, a charge was placed on the land and buildings of the airport (Grundschuld) in favour of EEL GmbH for the amount of the fourth loan (EUR [4-10] million) additionally to the extension of the previous pledges for Loan 1, Loan 2 and Loan 3 (on top of which was to be added [15-23] % interest per annum, should the collateral be used in case of non-payment).
Foranstaltning 2: Støtte fra Land Nordrhein-Westfalen
This guarantee extended the previous guarantee provided by […] on 8 June 2003 in relation to Loan 1.