Company name Cornerstone 2005-1
Headline Notice to Noteholders


RNS Number : 8530I
Cornerstone Titan 2005-1 PLC
30 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").

 

We refer to the RIS Notification dated 18 July 2012 (and published on the Irish Stock Exchange website on 19 July 2012) whereby we notified you that, amongst other things, that an Eagle Office Borrower, Supreme Property Limited failed to repay in full the amounts due and payable on the maturity date of the Eagle Loan on 18 July 2012 (the "Non-Payment"). The Non-Payment constituted a Loan Event of Default under the Credit Agreement relating to the Eagle Loan which is continuing as of the date of this Notice.

 

Given that as of the date hereof, the Non-Payment is continuing and the Subordinate Lender with respect to the Eagle Loan has not exercised their right to cure the Non-Payment, the Servicer, acting in accordance with the Servicing Standard, has determined that a Servicing Transfer Event has occurred with respect to the Eagle Loan and accordingly as of the date hereof the Eagle Loan has become a Specially Serviced Loan.

 

For additional information please contact:

 

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: 30 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
 
 
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