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Windermere VII CMBS (IRSH)

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Friday 04 November, 2011

Windermere VII CMBS

LTV Ratio Event of Default

RNS Number : 5540R
Windermere VII CMBS Plc
04 November 2011
 



RIS NOTIFICATION

Headline:          LTV Ratio Event of Default

 

To:                   The Irish Stock Exchange Limited

                        28 Anglesea Street

                        Dublin 2

                        Ireland

 

Attention:          Regulatory Information Services

 

4 November 2011

 

Windermere VII CMBS p.l.c. (the "Issuer")

Class A1 Commercial Mortgage-Backed Notes due 2016

Class A2 Commercial Mortgage-Backed Notes due 2016

Class X Commercial Mortgage-Backed Notes

Class B Commercial Mortgage-Backed Notes due 2016

Class C Commercial Mortgage-Backed Notes due 2016

Class D Commercial Mortgage-Backed Notes due 2016

Class E Commercial Mortgage-Backed Notes due 2016

Class F Commercial Mortgage-Backed Notes due 2016

(together, the "Notes")

 

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

 

Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation together with Implementing Directive 2003/124/EC (as implemented in Ireland by the Market Abuse (Directive 2003/6/EC) Regulations 2005) requires disclosure of inside information relating to the Issuer.

 

Terms used and not otherwise defined herein have the meaning ascribed to them in the Prospectus in relation to the Notes dated 12 May 2006.

 

Accordingly, the Issuer hereby gives notice of the following in respect of the Nordostpark Mortgage Loan (the "Loan").

 

1.         The relevant Mortgage Loan Agreement states that the Nordostpark Borrower must ensure that, on any day, the Loan-to-Value Ratio does not exceed 85 per cent. (the "LTV Covenant").

2.         Such Mortgage Loan Agreement states that it is a Loan Event of Default if the LTV Covenant is not satisfied on either two consecutive Loan Payment Dates or any four Loan Payment Dates, there being no grace period available to the Nordostpark Borrower under the Mortgage Loan Agreement to remedy any such breach.

3.         On the Loan Payment Date of 15 July 2011, the Loan-to-Value Ratio was 102.91 per cent. On the following Loan Payment Date of 14 October 2011, the Loan-to-Value Ratio was 102.49 per cent. Consequently, a Loan Event of Default has occurred and is continuing (the "LTV Event of Default").

4.         However, the Master Servicer has agreed to refrain from exercising the right of the relevant Finance Parties to accelerate the Loan on their behalf following the LTV Event of Default until 30 November 2011, provided that:

(a)        no further default or Loan Event of Default occurs under the Mortgage Loan Agreement in addition to the LTV Event of Default;

(b)        the Nordostpark Borrower provides the Master Servicer with all reasonable information requests in relation to the Loan and/or the Nordostpark Mortgaged Property, including all necessary co-operation and consents regarding the transfer of the security agent role from Lehman Brothers International (Europe) (in administration) (as the existing Security Agent) to Hatfield Philips Agency Services Limited ("HPAS") (as the proposed successor Security Agent) (the "Agency Transfer Process"); and

(c)        the Nordostpark Borrower executes all such necessary documents to note the interest of HPAS as the successor Security Agent after the Agency Transfer Process completes.

5.         The relevant B Piece Lender has the right (but not the obligation) to cure the LTV Event of Default by making a cure payment in accordance with the terms of the Intercreditor Agreement, with an initial grace period of ten business days starting from 1 November 2011.

For queries relating to the above please contact: [email protected]

 

For and on behalf of Windermere VII CMBS p.l.c.

Signature:                                                                     Name:

Date of Notification:

 

 

 

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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