Attentus CDO I Offering Circular - Irish Stock Exchange

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CPDIs.............................................................................................................................................................164 Credit Risk Security........................................................................................................................................ 73 CS........................................................................................................................................................................ i CS Warehouse................................................................................................................................................. 45 Debt.................................................................................................................................................................. 73 Defaulted Interest............................................................................................................................................ 56 Defaulted Security .......................................................................................................................................... 73 Deferred Interest ...........................................................................................................................................115 Deferred Interest PIK Bond ........................................................................................................................... 74 Definitive Senior Notes .................................................................................................................................. 85 Definitive Subordinated Notes....................................................................................................................... 85 Deliverable Obligation .................................................................................................................................132 Designated Issuer..........................................................................................................................................143 Determination Date......................................................................................................................................... 74 Distribution Date.........................................................................................................................................ii, 55 Distribution Period........................................................................................................................................115 Dollars .............................................................................................................................................................. ix DTC ................................................................................................................................................................. 16 Due Period....................................................................................................................................................... 67 EBITDA .......................................................................................................................................................... 74 Eligibility Criteria .........................................................................................................................................137 Eligible Investments .....................................................................................................................................148 Employee Benefit Plan.................................................................................................................................... vi Equity Security..............................................................................................................................................141 ERISA.......................................................................................................................................................vi, 169 Euroclear ......................................................................................................................................................... 16 Euroclear Bank................................................................................................................................................ 16 Event of Default.............................................................................................................................................. 94 Excepted Investment Company ...................................................................................................................180 <strong>Exchange</strong> Act ................................................................................................................................................xxii Expense Account ..........................................................................................................................................151 Extension Period ...................................................................................................................................112, 115 FAS 150........................................................................................................................................................... 52 FASB ............................................................................................................................................................... 52 FIN 46.............................................................................................................................................................. 52 Financial Regulator in Ireland......................................................................................................................... ix First Incentive Collateral Management Fee ................................................................................................161 Fitch .................................................................................................................................................................... i Fitch Rating..................................................................................................................................................... 74 Fitch Rating Factor .......................................................................................................................................134 Fitch Recovery Rate ....................................................................................................................................... 74 Fitch Weighted Average Rating Factor.......................................................................................................134 Fitch Weighted Average Rating Factor Test...............................................................................................134 Fixed Charge Coverage Ratio........................................................................................................................ 74 Fixed Rate Excess.........................................................................................................................................136 Form-Approved Synthetic Security.............................................................................................................129 FSI..................................................................................................................................................................152 FSMA .............................................................................................................................................................xxi GAAP .............................................................................................................................................................. 74 GGP Loan......................................................................................................................................................144 Global Notes.................................................................................................................................................... 18 I-3
Global Senior Notes........................................................................................................................................ 16 Hedge Agreement .........................................................................................................................................144 Hedge Counterparties ...................................................................................................................................144 Hedge Counterparty......................................................................................................................................144 Hedge Counterparty Collateral Accounts ...................................................................................................147 Higher Semi-Annual Pay Quarter................................................................................................................140 Higher Semi-Annual Pay Quarter Percentage ............................................................................................140 Holder ......................................................................................................................................................57, 163 Homebuilder............................................................................................................................................13, 111 Incentive Collateral Management Fees .......................................................................................................161 Indemnified Party .........................................................................................................................................156 Indenture.........................................................................................................................................................i, 2 Indenture Trustee ..........................................................................................................................................122 Indirect Participants........................................................................................................................................ 94 Initial Purchaser ................................................................................................................................................. i Institutional Accredited Investor ..................................................................................................................viii Institutional Accredited Investors..........................................................................................................14, 175 Interest Collection Account..........................................................................................................................148 Interest Expense.............................................................................................................................................. 74 Interest Period ................................................................................................................................................. 57 Interest Proceeds ............................................................................................................................................. 75 Internal Rate of Return .................................................................................................................................162 Investment Company Act.................................................................................................................................. i Investment Company Event .........................................................................................................................123 IRA ................................................................................................................................................................172 IRS .................................................................................................................................................................162 Issuer...............................................................................................................................................................i, 3 Issuer Charter .................................................................................................................................................... 3 LIBOR ............................................................................................................................................................. 57 LIBOR Business Day ..................................................................................................................................... 58 LIBOR Determination Date ........................................................................................................................... 57 Liquidation ....................................................................................................................................................117 Liquidation Distribution...............................................................................................................................117 Losses ............................................................................................................................................................156 Lower Semi-Annual Pay Quarter ................................................................................................................140 Majority ........................................................................................................................................................... 63 Manager Party...............................................................................................................................................142 Market Value................................................................................................................................................... 75 Master Trust Agreement...............................................................................................................................111 Master Trust Trustee.....................................................................................................................................111 Measurement Date.......................................................................................................................................... 75 Moody’s.............................................................................................................................................................. i Moody’s Asset Correlation Factor...............................................................................................................133 Moody’s Asset Correlation Test ..................................................................................................................133 Moody’s Implied Weighted Average Rating Factor ..................................................................................133 Moody’s Implied Weighted Average Rating Factor Test ..........................................................................133 Moody’s Rating Factor.................................................................................................................................133 Moody's Recovery Rate.................................................................................................................................. 76 Mortgage Collateral........................................................................................................................................ 35 Mortgaged Property........................................................................................................................................ 35 NASD .............................................................................................................................................................. 87 I-4
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OFFERING CIRCULAR Attentus CDO I, L
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(other than the Class A-1 Notes) in
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DELIVERY OF THIS OFFERING CIRCULAR
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UNITED STATES PRIMARILY FOR THE BEN
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as defined in Regulation S under th
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DOLLAR EQUIVALENT OF AT LEAST A$500
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VARY DEPENDING ON THE RELEVANT JURI
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____________________ NOTICE TO RESI
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____________________ NOTICE TO RESI
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____________________ NOTICE TO RESI
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____________________ NOTICE TO RESI
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obtained from the Trustee. It is no
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TABLE OF CONTENTS (continued) Page
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The Class A-1 Notes, the Class A-2
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The Issuer will not have any materi
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payable on such next succeeding Bus
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the Offered Notes.” Additionally,
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Mandatory Redemption of Senior Note
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“Description of the Offered Notes
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Entities for which the primary expe
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Form, Registration and Transfer of
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nonexempt prohibited transaction un
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case of a governmental, foreign or
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No Combination Note (or any interes
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ERISA Matters: See “Certain ERISA
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Class and that remain outstanding h
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greater than the liquidation value
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As a general matter, in the case of
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of performing the Coverage Tests, a
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Backed Securities” and similar ri
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among other things, a substantial r
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Indenture intended to ensure that s
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Debentures and Trust Preferred Secu
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should arise in any manner, the Col
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Investment Company Act. None of the
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approximately equal to the market p
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Interest Rate Risk. The Senior Note
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Changes in Tax Law; Withholding on
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In January 2003, the Financial Acco
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verification purposes, an applicati
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Any interest on the Class C-2 Notes
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Calculation Agent by reference to r
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Class C-1 Notes, fifth, the Class C
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in its payment obligations thereund
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“Reg Y Institution” means any H
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Payments Payments in respect of pri
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(5) to the payment of accrued and u
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Notes has been paid in full; provid
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On the first Distribution Date, if
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new security or package of securiti
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that if any such date would otherwi
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to be equal to 50% of the outstandi
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“Tangible Net Worth Test” means
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The Class D Overcollateralization T
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If the calculation of the Class A/B
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Notes and the registration of trans
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DTC notifies the Issuer that it is
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Plan Investors owning 25% or more o
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(iii) In addition, no Reg Y Institu
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(x) DTC has advised the Co-Issuers
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or clause (ii) above under “Event
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obligations under any instrument in
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Counterparty that such Hedge Counte
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trust executed in connection with t
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Until such time as a Holder of a Co
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confirmation, together with any con
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Maples Finance Limited will act as
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of withdrawal to the Company Announ
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(iii) (iv) (v) (vi) (vii) (viii) (i
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The Portfolio It is expected that o
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Prior to the termination of any Ext
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amount equal to the aggregate Princ
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following such merger, consolidatio
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securities) initially issued after
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Certain Covenants If (i) there has
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Because the Issuer may own less tha
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maturity of any Senior Indebtedness
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The Collateral Manager shall prompt
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(iii) establishing recovery floors
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Moody's Rating Moody's Rating Facto
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Weighted Average Life Test. “Weig
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“B3”; (3) has received a long-t
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(xvi) if such Additional Collateral
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non-public or otherwise might prohi
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February 24, 2006 among, inter alia
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(or shall not have a long-term or s
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The obligations of the Issuer under
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in its capacity as a banking instit
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Account prior to the release of the
Page 179 and 180: Institutions Group at Morgan Stanle
Page 181 and 182: expense of the Co-Issuers under the
Page 183 and 184: The Collateral Manager may resign u
Page 185 and 186: Conflicts of Interest The Collatera
Page 187 and 188: equal to the shortfall will be defe
Page 189 and 190: purposes, and if the entity has tax
Page 191 and 192: U.S. Holder and stating that the No
Page 193 and 194: eporting requirement which may appl
Page 195 and 196: persons or the fiduciaries of the B
Page 197 and 198: LIMITATION, FOREIGN AND GOVERNMENTA
Page 199 and 200: CLOSING DATE BY PERMITTED PLANS) (D
Page 201 and 202: that the Initial Purchaser reasonab
Page 203 and 204: clauses (i)-(iii) above. In certain
Page 205 and 206: (ii) a transferee acquiring an inte
Page 207 and 208: of Regulation S Class E Notes (othe
Page 209 and 210: INTEREST HEREIN WAS IN BREACH, AT T
Page 211 and 212: PROVIDE WRITTEN NOTICE OF THE TRANS
Page 213 and 214: Securities and Exchange Commission
Page 215 and 216: investment is consistent with any a
Page 217 and 218: BUYER OR (2) AN ACCREDITED INVESTOR
Page 219 and 220: CODE (OR, IN THE CASE OF A GOVERNME
Page 221 and 222: The initial purchaser of Subordinat
Page 223 and 224: VOID AB INITIO, AND WILL NOT OPERAT
Page 225 and 226: LISTING AND GENERAL INFORMATION 1.
Page 227 and 228: LEGAL MATTERS Certain United States
Page 229: Class C-1 Deferred Interest........
Page 233 and 234: Real Estate Entities ..............
Page 235 and 236: Trust Preferred Securities Issuer..
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Attentus CDO I Offering Circular - Irish Stock Exchange

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