Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Taurus CMBS (P-E)7-1 (IRSH)

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Friday 21 April, 2017

Taurus CMBS (P-E)7-1

Notice to Noteholders

RNS Number : 9774C
Taurus CMBS (Pan-Europe) 2007-1 DAC
21 April 2017




For immediate Release


The date of this notice is 21 April 2017





Taurus CMBS (Pan-Europe) 2007-1 Designated Activity Company (the "Issuer")



€407,600,000 Class A1 Commercial Mortgage Backed Floating Rate Notes due 2020

(ISIN: XS0305732181)

€21,300,000 Class A2 Commercial Mortgage Backed Floating Rate Notes due 2020

(ISIN: XS0309194248)

€50,000 Class X1 Commercial Mortgage Backed Variable Rate Note due 2020

(ISIN: XS0305733668)

CHF 100,000 Class X2 Commercial Mortgage Backed Variable Rate Note due 2020

(ISIN: XS0305734476)

€31,500,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2020

(ISIN: XS0305744608)

€45,800,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2020

(ISIN: XS0305745597)

€36,200,000 Class D Commercial Mortgage Backed Floating Rate Notes due 2020

(ISIN: XS0305746215)

€5,000,000 Class E Commercial Mortgage Backed Floating Rate Notes due 2020

(ISIN: XS0309195567)

€2,500,000 Class F Commercial Mortgage Backed Floating Rate Notes due 2020

(ISIN: XS0309195997)


(together the "Notes")

The Notes are admitted to trading on the regulated market of The Irish Stock Exchange plc.

Reference is made to the Trust Deed constituting the Notes dated 2 August 2007 made between the Issuer and HSBC Trustee (C.I.) Limited as note trustee (as "Note Trustee").

Capitalised terms used but not defined in this notice shall have the meaning ascribed to such terms in the master definitions agreement dated 2 August 2007 between, inter alios, the Issuer and the Note Trustee and in the notice to Noteholders published on 23 December 2016 (the "December 2016 notice").

Reference is made to the the EUR 136,862,880 acquisition facility made available under the French law governed loan agreement dated 7 June 2007 between, amongst others, Kalkalit Paris 1 SNC; Kalkalit Lux 2 S.àr.l., Kalkalit Lux 3 S.àr.l., Selath Brest SASU; Selath Cholet SASU and Selath Meru SASU as borrowers (the "Fishman JEC Borrowers") and Merrill Lynch International Bank Limited, London Branch as lender (the "Fishman JEC Whole Loan").

Reference is made to the notices dated 16 June 2015, 24 June 2015, 1 July 2015, 7 July 2015, 28 July 2015 and 25 September 2015 in respect of the Fishman JEC Whole Loan.

The following notice has been prepared by and issued at the request of Capita Asset Services (UK) Limited (the "Special Servicer").  The Issuer has not independently verified the information contained in this notice.  Accordingly, the Issuer, based on information provided by the Special Servicer, hereby gives the following notice with respect to the Fishman JEC Whole Loan.

Update re performance of Safeguard Plans adopted by the French Courts

The Special Servicer held meetings with the borrower and the Safeguard administrator on 26 January and 10 April 2017 to discuss the sales and the payment issues as described in the December 2016 notice.

Based on legal advice to the Special Servicer a proposal to cancel the Safeguard Plan based on excluding the proceeds from two properties sold in 2015 to be used to calculate the amortisation hurdle of 5% as of September 2016 would increase the timing of recoveries and costs with no guarantee of success.

It was concluded that a French Court may determine that the sales fell outside of the Safeguard Plan but it is recognised that the French civil code does not allow payments to lenders in the time between submitting the Safeguard proposal to the Court and it being accepted. It could therefore be argued that the proceeds were unable to be allocated until the Court had approved the proposal and therefore the borrower was within its right to apply the sale proceeds to satisfy the September 2016 mandatory amortisation of 5% of the loan.

The Special Servicer has therefore determined that a combined borrower and administrator led open market sale process under the specific terms of the Safeguard Plan will maximise recoveries and therefore will not pursue a cancellation of the Safeguard Plan.

Anticipated sales during 2016 were delayed primarily due to the re-negotiation of leases to two anchor tenants in eight properties. Negotiations have now been finalised and it is anticipated that these properties will be sold in the third quarter of 2017.

Under the terms of the excess cash clause within the Safeguard Plan an amount of €5.6 million is available and will be used in repayment of the loan at the June 2017 loan payment date.

In addition the Safeguard plan allows for the cash reserve account to be reduced in line with capex budgets and it is proposed that €3million of funds in this account will be applied for amortisation at the June 2017 loan payment date.

Both of the above payments will be excluded from the 5% amortisation requirement under the Plan by 7 September 2017.

Further updates will be published to the market at the appropriate time.

Please address any queries in relation to this Notice to the Special Servicer:

Capita Asset Services (UK)  Frank Weber

Email:  [email protected]



Taurus CMBS (Pan-Europe) 2007-1 Designated Activity Company

Attn: Capita International Financial Services (Ireland) Limited

2 Grand Canal Square

Grand Canal Harbour

Dublin 2






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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