Pangaea Prospectus - Irish Stock Exchange

SUMMARY OF TERMS
This summary does not purport to be complete and is qualified in its entirety by reference to the detailed
information appearing elsewhere in this Prospectus and related documents referred to herein. Prospective
investors are advised to read carefully, and should rely solely on, the detailed information appearing elsewhere
in this document relating to the Notes in making their investment decision. Capitalised terms not specifically
defined in this summary have the meanings set out in Condition 1 (Definitions) under “Conditions of the
Notes”. References to a “Condition” or “Conditions” are to the specified Condition or Conditions in the
“Conditions of the Notes” below. For a discussion of certain risk factors to be considered in connection with
an investment in the Notes, see “Risk Factors”.
The Issuer:
Notes:
Pangaea ABS 2007-1 B.V., a private company with limited liability
(besloten vennootschap met beperkte aansprakelijkheid) incorporated under
the laws of The Netherlands for the sole purpose of acquiring the Portfolio,
issuing the Notes and engaging in certain related transactions, having its
registered office at Locatellikade 1, 1076 AZ, Amsterdam, The Netherlands
(the “Issuer”).
€220,000,000 Class A Floating Rate Notes due 2096 (the “Class A Notes”);
€16,000,000 Class B Floating Rate Notes due 2096 (the “Class B Notes”);
€18,000,000 Class C Floating Rate Notes due 2096 (the “Class C Notes”);
€22,000,000 Class D Deferrable Floating Rate Notes due 2096 (the “Class
D Notes”);
€16,000,000 Class E Deferrable Floating Rate Notes due 2096 (the “Class E
Notes”);
€5,000,000 Class F Deferrable Floating Rate Notes due 2096 (the “Class F
Notes” and, together with the Class E Notes, the Class D Notes, the Class C
Notes, the Class B Notes and the Class A Notes, the “Senior Notes”);
€12,200,000 Subordinated Notes due 2096 (the “Subordinated Notes”);
and
€5,000,000 Class S1 Combination Notes due 2096 (the “Class S1
Combination Notes”).
The Senior Notes, the Subordinated Notes and the Class S1 Combination
Notes are together referred to as the “Notes” and, each, a “Class” of Notes.
The initial principal amount outstanding of the Class S1 Combination Notes
will consist of €4,000,000 of the Class D Notes (the “Class S1/D
Component”) and €1,000,000 of the Subordinated Notes (the “Class
S1/Subordinated Component”). Each of the Class S1/D Component and
the Class S1/Subordinated Component are collectively referred to as
“Components” and are comprised in the related Class of Notes listed above
and do not represent additional obligations of the Issuer. Unless the context
otherwise requires, all references to the Class D Notes and the Subordinated
Notes shall include the relevant Components comprised in the Class S1
Combination Notes.
The Notes will be constituted by and issued pursuant to a trust deed (the
“Trust Deed”) between, amongst others, the Issuer and The Law Debenture
Trust Corporation p.l.c. as Trustee (as defined below) on or about 23 March
2007 (the “Closing Date”).
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