Following the filling for insolvency by Level One Holding (Jersey) Ltd, an affiliated company of the Portier Loan borrower, an event of default was declared by the servicer on 20 August 2008 under the Portier Loan. The loan, which was granted to seven limited liability companies incorporated under German law, is secured by a multifamily portfolio located throughout Germany. On the July 2008 IPD, the loan had an A-loan LTV of 71.5% and a whole loan LTV of 87.5%. The default event entitled the