Company name Cornerstone 2005-1
Headline Notice to Noteholders


RNS Number : 0282I
Cornerstone Titan 2005-1 PLC
19 July 2012
 

 

 

 

THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE BENEFICIAL OWNERS OF THE NOTES. IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO PASS THIS NOTICE TO SUCH BENEFICIAL OWNERS IN A TIMELY MANNER.

 

NOTICE

 

to the holders of the outstanding

Cornerstone Titan 2005-1 p.l.c (the "Issuer")

Class A1 Commercial Mortgage Backed Floating Rate Notes due 2012

Class A2 Commercial Mortgage Backed Floating Rate Notes due 2012

Class X Commercial Mortgage Backed Floating Rate Notes due 2012

Class B Commercial Mortgage Backed Floating Rate Notes due 2012

Class C Commercial Mortgage Backed Floating Rate Notes due 2012

Class D Commercial Mortgage Backed Floating Rate Notes due 2012

Class E Commercial Mortgage Backed Floating Rate Notes due 2012

Class F Commercial Mortgage Backed Floating Rate Notes due 2012

Class VA Commercial Mortgage Backed Floating Rate Notes due 2012

Class VB Commercial Mortgage Backed Floating Rate Notes due 2012

 (being together, the "Notes")

 

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

 

Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse), together with implementing Commission Directives 2003/124/EC of 22 December 2003 and 2004/72/EC of 29 April 2004, as implemented by the relevant member states, require disclosure by or on behalf of the Issuer of any inside information concerning the Notes.

Capitalised terms used but not defined in this Notice shall have the meaning ascribed to such terms in the Offering Circular dated 11 October 2005 of the Issuer in connection with the Notes.

 

The Issuer hereby issues the following notice (the "Notice") with respect to the Eagle Office Portfolio Tranched Loan (the "Eagle Loan").

 

Non-Payment of the Eagle Loan

 

Reference is made to the Eagle Loan referred to as the "Eagle Office Portfolio Tranched Loan" in the Offering Circular. The Eagle Office Portfolio Borrower, Supreme Property Limited, under the Eagle Loan failed to repay in full the amounts due and payable on the Eagle Loan Maturity Date on 18 July 2012 (the "Non-Payment"). The Non-Payment constitutes a Loan Event of Default under the Credit Agreement relating to the Eagle Loan which is continuing as of the date of this Notice.

 

The Servicer has determined that the Non-Payment will only constitute a Servicing Transfer Event once the relevant period has expired for the Subordinate Lenders to exercise their cure rights under the relevant Intercreditor Deed.

 

The current outstanding principal balance of the Eagle Loan is £107,205,464.27. The value of the property securing the Eagle Loan was £70,750,000 as of the last valuation dated 30 March 2012.

 

In accordance with the terms of the Eagle Office Portfolio Intercreditor Deed, the Non-Payment will affect the priority of the allocation of amounts due to the Issuer and the Eagle Office Portfolio Subordinate Lenders.

 

The Servicer, on behalf of the Finance Parties has issued a letter of Non-Payment Default to the Eagle Office Portfolio Borrower and has reserved all rights of the Finance Parties.

 

For additional information please contacts:

 

Servicer:

Capita Asset Services (Ireland) Limited

c/o Capita Asset Services (UK) Limited

Attn: Raj Castillo, Tel. +44 (0) 20 7393 6307

Email: raj.castillo@capitaassetservices.co.uk

 

Issuer:

Cornerstone Titan 2005-1 p.l.c.

First Floor 7 Exchange Place

International Financial Services Centre

Dublin 1

Ireland

 

Date of Notification: 18 July 2012


END

 

 

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
 
END
 
 
ISEEAXXNFFAAEEF