Pangaea Prospectus - Irish Stock Exchange

More documents

Recommendations

Info

Maturity Date................................................................................................................................................ 10, 50 Measurement Date..............................................................................................................................................50 Monthly Report........................................................................................................................................... 50, 145 N Net Portfolio Collateral Balance........................................................................................................................50 Non-Call Period ............................................................................................................................................ 13, 51 Non-Euro Currency Account.............................................................................................................................51 Non-Euro Portfolio Collateral...........................................................................................................................51 Non-Investment Grade Portfolio Collateral.....................................................................................................51 Non-U.S. Person..................................................................................................................................................51 Note Valuation Report ............................................................................................................................... 51, 146 Noteholders .........................................................................................................................................................51 Notes .......................................................................................................................................................................i NPL Securities ..................................................................................................................................................135 O Offer.....................................................................................................................................................................51 Offering ................................................................................................................................................................iv Ordinary Resolution...........................................................................................................................................51 Original Portfolio Collateral.................................................................................................................. 3, 51, 120 Outstanding.........................................................................................................................................................51 P Participants .......................................................................................................................................................103 Paying Agents......................................................................................................................................................51 Payment Account................................................................................................................................................51 Payment Date ...................................................................................................................................................i, 52 Payment Default .................................................................................................................................................52 Payment Period...................................................................................................................................................52 Permanent Global Note........................................................................................................................................3 Permanent Global Notes ......................................................................................................................................3 Person ..................................................................................................................................................................52 PIK Security........................................................................................................................................................52 Pledge Agreement ...............................................................................................................................................52 Portfolio...............................................................................................................................................................52 Portfolio Collateral.........................................................................................................................................3, 52 Portfolio Profile Tests................................................................................................................................. 52, 128 Post-Enforcement Priorities of Payment ..........................................................................................................93 Potential Event of Default..................................................................................................................................52 Principal Amount Outstanding .........................................................................................................................52 Principal Balance................................................................................................................................................52 Principal Collection Account.............................................................................................................................52 Principal Paying Agent ............................................................................................................................ 2, 36, 53 Principal Proceeds ..............................................................................................................................................53 Principal Proceeds Priorities of Payment................................................................................................... 10, 62 Priorities of Payment..........................................................................................................................................53 Proceedings .........................................................................................................................................................99 Proposed Portfolio ............................................................................................................................................125 <strong>Prospectus</strong> Directive ..............................................................................................................................................i Purchased Accrued Interest...............................................................................................................................53 R Ramp-Up Period.................................................................................................................................................53 Rated Balance .....................................................................................................................................................53 Rating Agencies................................................................................................................................................i, 53 Rating Agency.....................................................................................................................................................53 Rating Agency Confirmation.............................................................................................................................53 Rating Confirmation Plan..................................................................................................................................53 Receiver ...............................................................................................................................................................91 159
Record Date.........................................................................................................................................................53 Redemption Date ................................................................................................................................................53 Redemption Determination Date................................................................................................................. 53, 84 Redemption Notice .............................................................................................................................................54 Redemption Price ...............................................................................................................................................54 Redemption Threshold Amount.................................................................................................................. 54, 84 Reference Banks .................................................................................................................................................81 Reference Entity .................................................................................................................................................54 Reference Obligation..........................................................................................................................................54 Regulation S .....................................................................................................................................................i, 54 Reinvestment Criteria ................................................................................................................................ 54, 132 Reinvestment Period..................................................................................................................................... 14, 54 Reinvestment Redemption Amount ............................................................................................................ 54, 86 Relevant Persons..................................................................................................................................................iii Relevant Screen...................................................................................................................................................98 Replacement Asset Swap Agreement................................................................................................................54 Replacement Asset Swap Transaction ..............................................................................................................54 Report ..................................................................................................................................................................54 Required Portfolio Collateral Balance..........................................................................................................3, 55 Required Ratings ................................................................................................................................................55 Residential Mortgage Backed Securities ........................................................................................................135 Risk Factors ...........................................................................................................................................................i S S&P ...................................................................................................................................................................i, 55 S&P CDO Evaluator ........................................................................................................................................125 S&P CDO Rating Test ............................................................................................................................. 106, 123 S&P Class A/B Weighted Average Recovery Rate ........................................................................................125 S&P Class C Weighted Average Recovery Rate............................................................................................125 S&P Class D Weighted Average Recovery Rate............................................................................................125 S&P Notched Rating ........................................................................................................................................117 S&P Rating........................................................................................................................................................119 S&P Test Matrix...............................................................................................................................................125 S&P Weighted Average Recovery Rate Test..................................................................................................125 S1 Stated Coupon................................................................................................................................................98 Sale Proceeds.......................................................................................................................................................55 SARB .................................................................................................................................................................110 Scenario Default Rate.......................................................................................................................................123 Scheduled Periodic Asset Swap Counterparty Payment.................................................................................55 Scheduled Periodic Asset Swap Issuer Payment..............................................................................................55 Scheduled Principal Proceeds............................................................................................................................55 Screen Rate..........................................................................................................................................................80 Secured Parties ...................................................................................................................................................56 Secured Party......................................................................................................................................................56 Securities Act ...................................................................................................................................i, 56, 102, 152 Semi Annual Interest Received.................................................................................................................... 56, 71 Semi Annual Interest Smoothing Account .......................................................................................................56 Semi Annual Percentage .............................................................................................................................. 56, 72 Semi Annual Portfolio Collateral ................................................................................................................ 56, 72 Semi Annual Proportion .............................................................................................................................. 56, 72 Semi Annual Proportion Threshold Excess................................................................................................ 56, 72 Senior Notes ...........................................................................................................................................i, 1, 36, 56 shortfall................................................................................................................................................................75 SME Securities..................................................................................................................................................135 Stated Maturity...................................................................................................................................................56 Stated Principal Balance ....................................................................................................................................56 Sterling............................................................................................................................................................iv, 56 Structured Finance CDO Securities................................................................................................................135 Sub-Custodian.....................................................................................................................................................33 Subordinated Deferred Interest .............................................................................................................. 6, 56, 79 160
Page 1 and 2:
PANGAEA ABS 2007-1 B.V. (a private
Page 3 and 4:
AND MARKETS ACT 2000 (FINANCIAL PRO
Page 5 and 6:
TABLE OF CONTENTS Page SUMMARY OF T
Page 7 and 8:
Collateral Manager: Collateral Admi
Page 9 and 10:
interests in the Permanent Global N
Page 11 and 12:
enforceable. Following redemption i
Page 13 and 14:
(e) (f) (g) after the Effective Dat
Page 15 and 16:
Expense Reimbursement Account (incl
Page 17 and 18:
Dutch Account and the Issuer’s ri
Page 19 and 20:
the Aggregate Principal Amount of a
Page 21 and 22:
and the Class D Notes; • payments
Page 23 and 24:
Payment, subject to payment of all
Page 25 and 26:
RISK FACTORS An investment in the N
Page 27 and 28:
have been redeemed and repaid in fu
Page 29 and 30:
following redemption in full thereo
Page 31 and 32:
Following the occurrence of an Even
Page 33 and 34:
and the financial condition of the
Page 35 and 36:
Generally, upon the occurrence of c
Page 37 and 38:
equired by the Collateral Managemen
Page 39 and 40:
4.1 Conflicts of Interest Involving
Page 41 and 42:
CONDITIONS OF THE NOTES The followi
Page 43 and 44:
(b) (c) (d) (e) (f) (g) (h) (i) the
Page 45 and 46:
“Average Collateral Balance” me
Page 47 and 48:
“Class S1/D Component” means, i
Page 49 and 50:
(a) (b) (c) as to which pursuant to
Page 51 and 52:
“Eligible Investments” means: (
Page 53 and 54:
“Interest Collection Account” m
Page 55 and 56:
(iv) (v) the bid-side market value
Page 57 and 58:
Payment Date out of certain of the
Page 59 and 60:
“Redemption Notice” means a red
Page 61 and 62:
interim payments in the nature of p
Page 63 and 64:
schedule relating thereto) and, in
Page 65 and 66:
For the purposes of subordination a
Page 67 and 68:
ata the Class C Notes and, after th
Page 69 and 70:
(I) (J) (K) (L) (M) (N) (O) (P) aft
Page 71 and 72:
The Custody Account shall be establ
Page 73 and 74:
(3) at any time, any Asset Swap Iss
Page 75 and 76:
Required Portfolio Collateral Balan
Page 77 and 78:
Annual Portfolio Collateral which i
Page 79 and 80:
(viii) a floating charge over the w
Page 81 and 82:
(e) Exercise of Rights in Respect o
Page 83 and 84:
(xii) (xiii) otherwise than as cont
Page 85 and 86:
(d) Payment of Deferred Interest Cl
Page 87 and 88:
determine the Floating Rate of Inte
Page 89 and 90:
in each case at the request in writ
Page 91 and 92:
(iv) Class F Coverage Test If the C
Page 93 and 94:
paid in full, on the Class F Notes
Page 95 and 96:
Payment Date on which any payments
Page 97 and 98:
(ii) Upon any such notice being giv
Page 99 and 100:
(v) (vi) (vii) (viii) (ix) (x) (xi)
Page 101 and 102:
Noteholders of a Class may be conve
Page 103 and 104:
For the purposes of this Condition
Page 105 and 106:
USE OF PROCEEDS The net proceeds fr
Page 107 and 108:
holders with entitlements to each G
Page 109 and 110:
Payments by participants to owners
Page 111 and 112:
analysis of the strength of the por
Page 113 and 114: DESCRIPTION OF THE ISSUER 1. Genera
Page 115 and 116: DESCRIPTION OF THE COLLATERAL MANAG
Page 117 and 118: David Beadle joined Investec in May
Page 119 and 120: DESCRIPTION OF THE PORTFOLIO Capita
Page 121 and 122: Rating Agencies to such items of Po
Page 123 and 124: Cash Flow Residential Mortgages - p
Page 125 and 126: Any amounts received upon liquidati
Page 127 and 128: (e) Fitch Weighted Average Recovery
Page 129 and 130: will be determined by reference to
Page 131 and 132: S&P Recovery Rates* Asset Class Lia
Page 133 and 134: (j) Bivariate Risk Test The “Biva
Page 135 and 136: (xxiv) (xxv) (xxvi) the Aggregate P
Page 137 and 138: 5.5 Discretionary Sales During the
Page 139 and 140: price above par and provided that t
Page 141 and 142: “Tax/Government Receivable Securi
Page 143 and 144: Notice of Resignation or Removal: T
Page 145 and 146: (b) (c) (d) violation by the Collat
Page 147 and 148: Interest Proceeds that are availabl
Page 149 and 150: Agreement”, “Misrepresentation
Page 151 and 152: (b) the amount of interest accrued
Page 153 and 154: TAX CONSIDERATIONS General Purchase
Page 155 and 156: PLAN OF DISTRIBUTION The Manager, p
Page 157 and 158: TRANSFER RESTRICTIONS Because of th
Page 159 and 160: 7 Documents Available for Inspectio
Page 161 and 162: Class B Floating Rate of Interest..
Page 163: Fitch Weighted Average Recovery Rat
Page 167: REGISTERED OFFICE OF THE ISSUER PAN
show all

Pangaea Prospectus - Irish Stock Exchange

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?