Despite these positive dynamics, the loan is in breach with respect to both financial covenants for LTV and ICR at 58.5% and 2.5x, respectively. Considering the continuous underperformance DBRS Morningstar adjusted its NCF assumption downward to GBP 15.8 million from GBP 19.1 million. DBRS Morningstar maintained its cap rate assumption of 10%, which was most recently changed in December 2020 from 7.4% at issuance. Based on this NCF and cap rate and giving credit to the debt reserve account (GBP 2.7 million), the DBRS Morningstar value is GBP 161.1 million, which represents a 25.4% haircut to the most recent valuation of GBP 216.0 million. The transaction benefits from a liquidity facility of GBP 4.4 million (GBP 5.0 million at issuance), which equals 3.5% of the total outstanding balance of the covered notes. The liquidity facility is provided by Deutsche Bank and can be used to cover any potential shortfalls on the Issuer's senior expenses, Class A and B interest, and property protection loans.