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Windermere VII CMBS (IRSH)

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Monday 21 November, 2011

Windermere VII CMBS

Servicing Transfer Event

RNS Number : 4842S
Windermere VII CMBS Plc
21 November 2011
 

RIS NOTIFICATION

Headline:          Servicing Transfer Event

 

To:                   The Irish Stock Exchange Limited

                        28 Anglesea Street

                        Dublin 2

                        Ireland

 

Attention:          Regulatory Information Services

 

21 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 and the RIS Notification dated 4 November 2011 in relation to the Nordostpark Mortgage Loan and the associated B Piece (the "Loan").

 

Accordingly, the Issuer hereby gives notice of the following:

 

1.    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 (the "Standstill").

2.    The B Piece Lenders had 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 Nordostpark Intercreditor Agreement, with an initial grace period of ten business days starting from 1 November 2011. The B Piece Lenders did not respond to the Master Servicer within such initial grace period, and the Master Servicer has concluded that the B Piece Lenders have in fact waived their rights to make a cure payment under the Nordostpark Intercreditor Agreement. 

3.    Notwithstanding the Standstill, the Master Servicer has determined that the LTV Event of Default is a material default that is not likely to be cured by the Nordostpark Borrower within 60 days after such default. Therefore, a Servicing Transfer Event has occurred with respect to the Loan as a consequence of the LTV Event of Default. As from the date of this notice, the Loan will become a Specially Serviced Mortgage Loan and the Special Servicer will formally assume special servicing duties in relation to the Loan.

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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