Titan Europe 2006-5

Notice to Noteholders

RNS Number : 1374W
Titan Europe 2006-5 PLC
06 February 2017
 

THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND  BENEFICIAL  OWNERS  OF  THE  SUBJECT  SECURITIES.  IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE THE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE SECURITIES IN A TIMELY MANNER.

Notice to Holders

TITAN EUROPE 2006-5 P.L.C.

€330,000,000 Class A1 Commercial Mortgage Backed Floating Rate Notes due 2019 (XS0277721618/XS0277724398)
€50,000 Class X Commercial Mortgage Backed Floating Rate Notes due 2019 (XS0277735758/XS0277736301)
€112,300,000 Class A2 Commercial Mortgage Backed Floating Rate Notes due 2019 (XS0277725361/XS0277725874)
€61,893,000 Class A3 Commercial Mortgage Backed Floating Rate Notes due 2019 (XS0277726500/XS0277727490)
€56,807,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2019 (XS0277728381/XS0277729272)
€43,000,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2019
(XS0277729439/XS0277731179)
€37,000,000 Class D Commercial Mortgage Backed Floating Rate Notes due 2019 (XS0277732144/XS0277732656)
€5,000,000 Class E Commercial Mortgage Backed Floating Rate Notes due 2019 (XS0277733548/XS0277733894)
€14,868,755 Class F Commercial Mortgage Backed Floating Rate Notes due 2019 (XS0277734199/XS0277734785)
€50,000 Class V Commercial Mortgage Backed Floating Rate Notes due 2019 (XS0277735089 / XS0277735329)
together, the "Notes"

 

6 February 2017

Reference is made to the trust deed dated 21 December 2006 (the "Trust Deed") made between ABN AMRO Trustees Limited (now U.S. Bank Trustees Limited) as note trustee (the "Note Trustee") and Titan Europe 2006-5 p.l.c. (the "Issuer") pursuant to which the Issuer issued the notes referred to above (the "Notes").

Capitalised terms used and not defined in this notice shall have the meanings set out in the Master Definitions Schedule referred to in Clause 1.1 of the Trust Deed.

Retention: Reference is made to (i) the notice dated 26 October 2016 whereby the Note Trustee notified the Noteholders of, amongst other things, its instruction to the Cash Manager to retain €50 million in the Collection Account (the "Retention") in order to provide for potential liabilities of the Issuer arising from contentions of the Class X Noteholder which were dependent on the outcome of proceedings before the court relating to four CMBS transactions - Titan Europe 2006-1 plc, Titan Europe 2006-2 plc Titan Europe 2007-2 Limited and Cornerstone Titan 2007-1 plc (the "Titan Proceedings") and (ii) the notice dated 25 November 2016 whereby the Note Trustee notified the Noteholders of further details relating to the Retention, as well as the fact that the NAI calculations set out in the Cash Manager's Statement to Noteholders dated 26 October 2016 were provisional owing to the Retention.

The Titan Proceedings were dismissed in a judgment by the Court of Appeal dated 20 December 2016 (the "Judgment") and the Class X Noteholder did not make an application for permission to appeal to the Supreme Court within 28 days of this judgment, and as such, the decision of the Court of Appeal is not subject to further appeal.

Application of Funds: The Note Trustee notes that following the expiry of the 28 day period following the Judgment, the Retention was released and the relevant funds became available for distribution in accordance with the terms of the Transaction Documents. On the most recent Payment Date, such funds were distributed for application by the Cash Manager in accordance with the Priority of Payments. Further details of such application are set out in the Cash Manager's Statement to Noteholders dated 6 February 2017.

NAI: As set out in the Cash Manager's Statement to Noteholders dated 6 February 2017, the NAI as of the most recent Payment Date reflects the release of the Retention and various other unrelated matters, including Final Recovery Determinations on certain Loans which were finalised during the last quarter.

Contacts: Noteholders who have queries concerning anything mentioned in this notice may contact the Note Trustee at:

Address:          U.S. Bank Trustees Limited
Fifth Floor
125 Old Broad Street
London EC2N 1AR

Attention:         Laurence Griffiths Fax:           +44 207 365 2577

E-mail:             [email protected]

This notice is given by U.S. BANK TRUSTEES LIMITED as Note Trustee

ISINs appearing herein have been included solely for convenience. The Trustee assumes no responsibility for the accuracy or use of such numbers.

 

 

 

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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