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Titan Europe 2006-2 (IRSH)

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Tuesday 20 December, 2016

Titan Europe 2006-2

Notice to Noteholders

RNS Number : 4060S
Titan Europe 2006-2 PLC
20 December 2016
 

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF THE REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED BELOW). ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO PASS THIS NOTICE TO THE BENEFICIAL OWNERS IN A TIMELY MANNER. IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD CONSULT THEIR OWN INDEPENDENT PROFESSIONAL ADVISERS AUTHORISED UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000 (IF THEY ARE IN THE UNITED KINGDOM) OR ANOTHER APPROPRIATELY AUTHORISED INDEPENDENT FINANCIAL ADVISER AND TAKE SUCH OTHER ADVICE FROM THEIR OWN PROFESSIONAL ADVISERS AS THEY DEEM NECESSARY, IMMEDIATELY.

 

 

 

IMPORTANT NOTICE TO NOTEHOLDERS

 

TITAN EUROPE 2006-2 PLC

 

(the Issuer)

 

€530,000,000 Class A Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0254356990/ XS0254358939)

€50,000 Class X Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0254357022/ XS0254359234)

€70,000,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0254357378/ XS0254359820)

€50,00,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0254357881/ XS0254360240)

€26,167,700 Class D Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0254357964/ XS0254361131)

€65,286,600 Class E Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0254358004/ XS0254361305)

€42,405,500 Class F Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0254358699/ XS0254361727)

€33,200,000 Class G Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0254648263/ XS0254648776)

€32,000,000 Class H Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0254647612/ XS0254648693)

€13,008,657 Class J Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0254653180/ XS0254654154)

€50,000 Class V Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0254358855/ XS0254362378)

 

(the Notes)

 

Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 (market abuse regulation) requires disclosure by or on behalf of the Issuer of any inside information concerning the Issuer.

 

Capitalised terms used but not otherwise defined in this notice shall have the meanings ascribed to them in the Master Definitions Schedule appended to the primary servicing agreement dated 31 May 2006 between, amongst others, the Issuer and U.S. Bank Trustees Limited (formerly ABN AMRO Trustees Limited) as the Note Trustee (the "Master Definitions Schedule").

 

Proceedings in respect of the Class X Notes

 

We refer to the notices issued by the Issuer dated 9 October 2015, 1 December 2015, 3 February 2016,12 February 2016, 5 May 2016, 25 May 2016, 30 June 2016 and 20 July 2016 in which it, respectively notified the Noteholders of, amongst other things, that (i) a holder of the Class X Notes issued proceedings under Part 8 of the of the Civil Procedure Rules seeking a number of declarations in relation to the alleged miscalculation of the Class X Interest Rate (the Proceedings), (ii) that the Issuer was notified by the Cash Manager that there was ambiguity in the Transaction Documents regarding the redemption of the Class X Note principal following the occurrence of the Maturity Date (the "Class X Redemption Uncertainty") and the Class X Noteholder had amended its claim in the existing proceedings in respect of the Class X Notes to raise the Class X Redemption Uncertainty, (iii) that the judgment was handed down on 28 April 2016 by The Chancellor of the High Court, sitting in the High Court of Justice - Chancery Division, and (iv) that the Class X Noteholder has received permission to appeal.

 

Judgment

 

Noteholders may access the full text of the judgment through the following link:

 

https://www.lawtel.com/UK/Searches/4921/AC0152965

 

Issues Determined

 

In respect of the issue for determination in the Proceedings, the judgment states, amongst other things, the following:

 

"the "per annum interest rate" in the definition in the Ts & Cs of "Net Mortgage Rate" is the ordinary rate of interest payable on the underlying loans exclusive of any element of default interest. So default interest payable on the underlying loans is not to be taken into account in calculating the Class X Interest Rate. There was also commercial logic in excluding default interest."

 

The Court (with Briggs LJ dissenting) reached the same conclusion as the Chancellor did in his judgment dated 28 April 2016 and accordingly dismissed the appeal.

 

Appeal

 

It is open to the Class X Noteholder to make an application for permission to appeal to the Supreme Court within 28 days of the judgment of the Court of Appeal. 
 

Queries may be addressed to the Issuer as follows:

 

Titan Europe 2006-2 plc

Fourth Floor

3 George's Dock

IFSC

Dublin 1

Ireland

 

Attention:          The Directors

Telephone:        +353 1 6125555

Fax:                  +353 1 6125550

Email:               [email protected]

Ref:                  Titan Europe 2006-2 plc

 

 

 

 

This notice is given by the Issuer on 20 December 2016.

 

TITAN EUROPE 2006-2 PLC

 

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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