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Triaxx Prime CDO07-1 (IRSH)

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Wednesday 09 January, 2019

Triaxx Prime CDO07-1

Notice of Event of Default to Junior Noteholders

RNS Number : 6050M
Triaxx Prime CDO 2007-1
09 January 2019
 

Notice to Holders of Junior Notes of Triaxx Prime CDO 2007-1, Ltd.

 

Class

CUSIP[1]

Reg S

CUSIP

Rule 144A

ISIN

Reg S

ISIN

Rule 144A

 

Class C Notes

G9064FAB9

89600PAB7

USG9064FAB97

US89600PAB76

Class X Notes

G9064FAA1

89600PAA9

USG9064FAA15

US89600PAA93

 

and notice to the parties listed on Schedule A attached hereto.

 

PLEASE FORWARD THIS NOTICE TO BENEFICIAL HOLDERS

 

Reference is made to the Fiscal Agency Agreement, dated as of March 29, 2007 (as amended through the date hereof, the "Fiscal Agency Agreement"), among Triaxx Prime CDO 2007-1, Ltd. as issuer (the "Issuer"), and U.S. Bank National Association (successor to Bank of America, N.A. (successor by merger to LaSalle Bank National Association)) ("U.S. Bank"), as fiscal agent (in such capacity, the "Fiscal Agent").  Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Fiscal Agency Agreement.

Pursuant to Section 6.2 of the Fiscal Agency Agreement, the Fiscal Agent hereby provides notice of its receipt of a "Notice of Event of Default" dated January 8, 2019 (the "Notice") from the Trustee.  A copy of the Notice is attached hereto as Exhibit A.

In addressing inquiries that may be directed to it, the Fiscal Agent may conclude that a specific response to a particular inquiry from an individual Noteholder is not consistent with equal and full dissemination of information to all Noteholders.  Noteholders should not rely on the Fiscal Agent as their sole source of information. The Fiscal Agent makes no recommendations, and gives no investment, tax or legal advice.  Each Noteholder should seek advice from its own counsel and advisors based on the Noteholder's particular circumstances.

The Fiscal Agent expressly reserves all rights under the Fiscal Agency Agreement, including without limitation its right to payment in full of all fees and costs (including, without limitation, fees and costs incurred or to be incurred by the Fiscal Agent in performing its duties, indemnities owing or to become owing to the Fiscal Agent, compensation for Fiscal Agent time spent and reimbursement for fees and costs of counsel and other agents it employs in performing its duties or to pursue remedies) prior to any distribution to Noteholders or other parties, as provided in and subject to the applicable terms of the Fiscal Agency Agreement, and its right, prior to exercising any rights or powers vested in it by the Fiscal Agency Agreement at the request or direction of any of the Noteholders, to receive security or indemnity satisfactory to it against all costs, expenses and liabilities which might be incurred in compliance therewith; and all rights that may be available to it under applicable law or otherwise.

Noteholders with questions regarding this notice should direct their inquiries, in writing, to: Ken Sliwa, U.S. Bank National Association, 190 South LaSalle St., 8th Floor, Chicago, IL 60603, Attention: Global Corporate Trust-Triaxx Prime CDO 2007-1, Ltd., or via email at [email protected].

 

U.S. BANK NATIONAL ASSOCIATION,                                         January 8, 2019

as TrustEE


Schedule A

 

Triaxx Prime CDO 2007-1, Ltd.

c/o Intertrust SPV Limited

190 Elgin Ave, George Town

Grand Cayman KY1-9005

Cayman Islands

Attention:  The Directors

 

Triaxx Asset Management LLC

459 Broadway Ave, 4th Floor

New York, NY 10013

 

Standard & Poor's, a division of The McGraw-Hill Companies, Inc.

55 Water Street, 41st Floor

New York, NY 10041

Attention: CDO Surveillance
Email: [email protected]

 

Moody's Investors Service

7 World Trade Center

250 Greenwich Street

New York, NY 10007

Attention: CBO/CLO Monitoring Group

Facsimile:  (212) 553-0355

Email: [email protected]

 

Euronext Dublin

28 Anglesea Street

Dublin 2, Ireland

Via website submission via

www.isedirect.ie

 



 

EXHIBIT A



 

Notice to Holders of Notes of Triaxx Prime CDO 2007-1, Ltd. and, as applicable, Triaxx Prime CDO 2007-1, LLC

 

Class

CUSIP[2]

Reg S

CUSIP

Rule 144A

ISIN

Reg S

ISIN

Rule 144A

 

Class A-1T Notes

G90640AA4

896006AA1

USG90640AA49

US896006AA11

Class A-1D Notes

G90640AB2

896006AB9

USG90640AB22

US896006AB93

Class A-2 Notes

G90640AC0

896006AC7

USG90640AC05

US896006AC76

Class B Notes

G90640AD8

896006AD5

USG90640AD87

US896006AD59

Class RM Notes

G9064FAC7

89600PAC5

USG9064FAC70

US89600PAC59

 

and notice to the parties listed on Schedule A attached hereto.

 

Notice of Event of Default

 

PLEASE FORWARD THIS NOTICE TO BENEFICIAL HOLDERS

 

Reference is made to the Indenture, dated as of March 29, 2007 (as amended through the date hereof, the "Indenture"), among Triaxx Prime CDO 2007-1, Ltd. as issuer (the "Issuer"), Triaxx Prime CDO 2007-1, LLC, as co-issuer, and U.S. Bank National Association (successor to Bank of America, N.A. (successor by merger to LaSalle Bank National Association)) ("U.S. Bank"), as trustee (in such capacity, the "Trustee").  Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Indenture.

Section 5.1(a) of the Indenture provides, in pertinent part, that an Indenture Event of Default will occur upon a default in the payment of any accrued interest on any Class A-1 Note, A-2 Note or Class B Note when the same becomes due and payable, and a continuation of such default for a period of three Business Days. 

On the Payment Date occurring on January 2, 2019, a default in the payment of accrued interest due and payable on the Class B Notes occurred.  Such default has continued for three Business Days.  Accordingly, pursuant to Section 6.2 of the Indenture, the Trustee hereby provides notice of the occurrence of an Indenture Event of Default pursuant to Section 5.1(a) of the Indenture.

In addressing inquiries that may be directed to it, the Trustee may conclude that a specific response to a particular inquiry from an individual Noteholder is not consistent with equal and full dissemination of information to all Noteholders.  Noteholders should not rely on the Trustee as their sole source of information. The Trustee makes no recommendations, and gives no investment, tax or legal advice.  Each Noteholder should seek advice from its own counsel and advisors based on the Noteholder's particular circumstances.

The Trustee expressly reserves all rights under the Indenture, including without limitation its right to payment in full of all fees and costs (including, without limitation, fees and costs incurred or to be incurred by the Trustee in performing its duties, indemnities owing or to become owing to the Trustee, compensation for Trustee time spent and reimbursement for fees and costs of counsel and other agents it employs in performing its duties or to pursue remedies) prior to any distribution to Noteholders or other parties, as provided in and subject to the applicable terms of the Indenture, and its right, prior to exercising any rights or powers vested in it by the Indenture at the request or direction of any of the Noteholders, to receive security or indemnity satisfactory to it against all costs, expenses and liabilities which might be incurred in compliance therewith; and all rights that may be available to it under applicable law or otherwise.

Noteholders with questions regarding this notice should direct their inquiries, in writing, to: Ken Sliwa, U.S. Bank National Association, 190 South LaSalle St., 8th Floor, Chicago, IL 60603, Attention: Global Corporate Trust-Triaxx Prime CDO 2007-1, Ltd., or via email at [email protected].

 

U.S. BANK NATIONAL ASSOCIATION,                                         January 8, 2019

as TrustEE


Schedule A

 

Triaxx Prime CDO 2007-1, Ltd.

c/o Intertrust SPV Ltd.

190 Elgin Ave, George Town

Grand Cayman KY1-9005

Cayman Islands

Attention:  The Directors

 

Triaxx Prime CDO 2007-1, LLC
c/o Puglisi & Associates

850 Library Ave, Suite 204

Newark, DE 19711

Attention:  Donald Puglisi, Esq.

 

Triaxx Asset Management LLC

459 Broadway Ave, 4th Floor

New York, NY 10013

 

Standard & Poor's, a division of The McGraw-Hill Companies, Inc.

55 Water Street, 41st Floor

New York, NY 10041

Attention: CDO Surveillance
Email: [email protected]

 

Moody's Investors Service

7 World Trade Center

250 Greenwich Street

New York, NY 10007

Attention: CBO/CLO Monitoring Group

Facsimile:  (212) 553-0355

Email: [email protected]

 

U.S. Bank National Association, as Fiscal Agent

190 South LaSalle St., 8th Floor
Chicago, IL 60603

Attention:  Global Corporate Trust --Triaxx Prime CDO 2007-1, Ltd.

 

Euronext Dublin

28 Anglesea Street

Dublin 2, Ireland

Via website submission via

www.isedirect.ie

 

This announcement has been issued through the Companies Announcement Service of Euronext Dublin.

 



[1]  The CUSIP/ISIN numbers appearing herein are included solely for the convenience of the Holders.  The Trustee is not responsible for the selection or use of CUSIP/ISIN numbers, or for the accuracy or correctness of CUSIP/ISIN numbers printed on any Securities or as indicated in this notice.

[2]  The CUSIP/ISIN numbers appearing herein are included solely for the convenience of the Holders.  The Trustee is not responsible for the selection or use of CUSIP/ISIN numbers, or for the accuracy or correctness of CUSIP/ISIN numbers printed on any Securities or as indicated in this notice.


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