Titan Europe 2007-1 (NHP) Limited - Irish Stock Exchange

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TABLE OF CONTENTS NOTICE TO INVESTORS.................................................................................................................................................................................... 3 EXECUTIVE SUMMARY.................................................................................................................................................................................. 11 STRUCTURE CHART........................................................................................................................................................................................ 13 SUMMARY ......................................................................................................................................................................................................... 14 RISK FACTORS.................................................................................................................................................................................................. 38 Loan Related Risks ..................................................................................................................................................................................... 38 Notes Related Risks .................................................................................................................................................................................... 62 Conflicts of Interest..................................................................................................................................................................................... 68 THE PARTIES..................................................................................................................................................................................................... 71 THE LIBRA LOAN AND PROPERTIES .......................................................................................................................................................... 73 General ........................................................................................................................................................................................................ 73 Certain Loan Definitions............................................................................................................................................................................. 73 Underwriting of the Libra Whole Loan ...................................................................................................................................................... 82 Obligors Under the Libra Whole Loan....................................................................................................................................................... 84 Certain Terms of the Libra Whole Loan..................................................................................................................................................... 86 Security for the Libra Whole Loan ............................................................................................................................................................. 90 Senior Intercreditor Deed............................................................................................................................................................................ 92 PIK Facility Intercreditor Deed .................................................................................................................................................................. 94 The Libra Properties.................................................................................................................................................................................... 95 Description of the Occupational Leases for the Principal Tenant.............................................................................................................. 97 CERTAIN CHARACTERISTICS OF THE LIBRA LOAN AND PROPERTIES.......................................................................................... 100 Additional Information ............................................................................................................................................................................. 101 Loan Sale Agreement................................................................................................................................................................................ 101 THE STRUCTURE OF THE ACCOUNTS...................................................................................................................................................... 106 The Libra Tranching Account................................................................................................................................................................... 106 The Issuer’s Accounts............................................................................................................................................................................... 106 DESCRIPTION OF THE NOTE TRUST DEED ............................................................................................................................................. 113 DESCRIPTION OF THE SWAP TRANSACTIONS....................................................................................................................................... 114 Swap Transactions .................................................................................................................................................................................... 114 SERVICING....................................................................................................................................................................................................... 118 Introduction ............................................................................................................................................................................................... 118 Roles of the Servicer and the Special Servicer......................................................................................................................................... 118 The Controlling Class ............................................................................................................................................................................... 119 The Controlling Party................................................................................................................................................................................ 120 Rights of the Controlling Party ................................................................................................................................................................. 122 Advancing ................................................................................................................................................................................................. 124 Appraisals and Valuations ........................................................................................................................................................................ 126 Annual Review Procedure ........................................................................................................................................................................ 127 Quarterly Reporting .................................................................................................................................................................................. 127 Enforcement of the Libra Whole Loan..................................................................................................................................................... 128 Modifications, Waivers, Amendments, Consents and Substitutions........................................................................................................ 131 Calculations............................................................................................................................................................................................... 132 Insurance ................................................................................................................................................................................................... 132 Delegation by the Servicer and the Special Servicer................................................................................................................................ 132 Servicing Fee, Special Servicing Fee, Liquidation Fee and Workout Fee............................................................................................... 133 Termination of Appointment of Servicer or Special Servicer.................................................................................................................. 134 General ...................................................................................................................................................................................................... 135 Purchase Right of the Servicer and the Special Servicer.......................................................................................................................... 135 Enforcement of the Notes ......................................................................................................................................................................... 136 CASH MANAGEMENT ................................................................................................................................................................................... 137 ESTIMATED AVERAGE LIVES OF THE NOTES AND ASSUMPTIONS................................................................................................. 141 THE ISSUER ..................................................................................................................................................................................................... 146 DESCRIPTION OF THE NOTES..................................................................................................................................................................... 150 TERMS AND CONDITIONS OF THE NOTES .............................................................................................................................................. 154 OFFERING EXPENSES ................................................................................................................................................................................... 185 CERTAIN ASPECTS OF THE LIBRA LOAN................................................................................................................................................ 186 Certain Matters of English Law................................................................................................................................................................ 186 Certain Matters of Scots Law ................................................................................................................................................................... 197 Certain Matters of Northern Irish law....................................................................................................................................................... 200 Certain Matters of Cayman Islands Law .................................................................................................................................................. 202 Certain Matters of Jersey Law .................................................................................................................................................................. 203 IRISH TAXATION............................................................................................................................................................................................ 207 UNITED KINGDOM TAXATION................................................................................................................................................................... 212 UNITED STATES TAXATION ....................................................................................................................................................................... 214 U.S. ERISA CONSIDERATIONS .................................................................................................................................................................... 220 LEGAL INVESTMENT .................................................................................................................................................................................... 222 SUBSCRIPTION AND SALE........................................................................................................................................................................... 223 TRANSFER RESTRICTIONS .......................................................................................................................................................................... 225 GENERAL INFORMATION ............................................................................................................................................................................ 227 APPENDIX 1 INDEX OF DEFINED TERMS................................................................................................................................................ 229 APPENDIX 2 FORM OF STATEMENT TO NOTEHOLDERS.................................................................................................................... 235 APPENDIX 3 COLLATERAL AND STRUCTURAL TERM SHEET.......................................................................................................... 236 APPENDIX 4 THE BORROWER ................................................................................................................................................................... 237 2
NOTICE TO INVESTORS The Notes of each class sold in reliance upon Rule 144A under the Securities Act (“Rule 144A”) will on issue be represented by one or more global notes in registered form for each such class of Notes (each, a “Rule 144A Global Note” and together, the “Rule 144A Global Notes”). The Notes of each class sold in offshore transactions in reliance on Regulation S under the Securities Act (“Regulation S”) will initially be represented by one or more global notes in registered form for each such class of Notes (each, a “Regulation S Global Note” and together, the “Regulation S Global Notes” and, together with the Rule 144A Global Notes, the “Global Notes”). The Global Notes will be deposited with or to the order of ABN AMRO GSTS Nominees Limited, as nominee for ABN AMRO Bank N.V. (London Branch), as common depository (the “Common Depository”) for the account of Euroclear and Clearstream, Luxembourg. Each of Euroclear and Clearstream, Luxembourg will record the beneficial interests in the Notes attributable to the relevant Global Notes (“Book-Entry Interests” and each, a “Book-Entry Interest”). Book-Entry Interests in the Notes will be shown on, and transfers thereof will be effected only through, records maintained in book entry form by Euroclear or Clearstream, Luxembourg, and their respective participants. Prior to the 40 th day after the Closing Date, beneficial interests in the Regulation S Global Notes may be held only through Euroclear or Clearstream, Luxembourg. No person who owns a Book-Entry Interest will be entitled to receive a Note in definitive form (a “Definitive Note”) unless Definitive Notes are issued in the limited circumstances described in “Terms and Conditions of the Notes—Condition 2 (Definitive Notes)”. Definitive Notes will be issued in registered form only. See also “Description of the Notes”. The Issuer accepts responsibility for the information contained in this Offering Circular (other than the information described in the following eight paragraphs). To the best of the knowledge and belief of the Issuer, the information contained in this Offering Circular (other than the information described in the following six paragraphs) is in accordance with the facts and does not omit anything likely to affect the import of such information. Libra 2007 (NHP) Limited (the “Loan Seller”) accepts responsibility for the information contained in the section of this Offering Circular entitled “The Parties” insofar as the same relates to it. To the best of the knowledge and belief of the Loan Seller the information contained in that section of this Offering Circular (insofar as the same relates to it) is in accordance with the facts and does not omit anything likely to affect the import of such information. CS Funding 1 Limited (the “Original Lender”) accepts responsibility for the information contained in the section of this Offering Circular entitled “The Parties” and “Certain Characteristics of the Libra Loan and the Properties” solely insofar as the same relates to it (the “Original Lender Information”). To the best of the knowledge and belief of the Original Lender, the Original Lender Information contained in this Offering Circular is in accordance with the facts and does not omit anything likely to affect the import of such information. Credit Suisse (the “Loan Arranger”) accepts responsibility for the information contained in the section of this Offering Circular entitled “The Parties” insofar as the same relates to it. To the best of the knowledge and belief of the Loan Arranger the information contained in that section of this Offering Circular (insofar as the same relates to it) is in accordance with the facts and does not omit anything likely to affect the import of such information. The Swap Provider accepts responsibility for the information contained in the section of this Offering Circular entitled “The Parties” and “Description of the Swap Transactions” insofar as the same relates to it. To the best of the knowledge and belief of the Swap Provider, the information contained in those sections of the Offering Circular (insofar as the same relates to it) is in accordance with the facts and does not omit anything likely to affect the import of such information. The Advance Provider accepts responsibility for the information contained in the section of this Offering Circular entitled “The Parties” insofar as the same relates to it. To the best of the knowledge and belief of the Advance Provider, the information contained in that section of the Offering Circular (insofar as the same relates to it) is in accordance with the facts and does not omit anything likely to affect the import of such information. The Backup Advance Provider accepts responsibility for the information contained in the section of this Offering Circular entitled “The Parties” insofar as the same relates to it. To the best of the knowledge and 3
Page 1: OFFERING CIRCULAR £638,100,000 Tit
Page 5 and 6: TRUE, COMPLETE AND NOT MISLEADING.
Page 7 and 8: (a) to legal entities which are aut
Page 9 and 10: all materials of any kind (includin
Page 11 and 12: EXECUTIVE SUMMARY This Executive Su
Page 13 and 14: STRUCTURE CHART The diagram below i
Page 15 and 16: Special Servicer ..................
Page 17 and 18: • relate to a particular Payment
Page 19 and 20: (b) charges over accounts into whic
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Page 23 and 24: espect of the timing or manner of e
Page 25 and 26: Principal and interest on the Class
Page 27 and 28: interest determined by reference to
Page 29 and 30: The Class V Notes will be subject t
Page 31 and 32: Prospectus to be approved. Applicat
Page 33 and 34: (b) NAI Amounts have been allocated
Page 35 and 36: (xvii) seventeenth, to pay to the A
Page 37 and 38: 1984, as amended. If your investmen
Page 39 and 40: The terms of the leases might affec
Page 41 and 42: Changes in Medical Practice: The me
Page 43 and 44: law fixed charges. The security ove
Page 45 and 46: Tenant Operator Group (1) Southern
Page 47 and 48: contained in the Security Agreement
Page 49 and 50: (b) serving a notice of default (in
Page 51 and 52: • in connection with its acquisit
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Under the terms of the Credit Agree
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Properties. However, there can be n
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until the premises are again render
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Pursuant to the Guarantee and Subor
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The enforcement of security in Scot
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The Notes and interest thereon will
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however, there is a conflict betwee
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profits or losses could arise in th
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including financing relationships,
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THE PARTIES Issuer Titan Europe 200
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THE LIBRA LOAN AND PROPERTIES Gener
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which (whether alone or in combinat
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(v) projected net rental income pay
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(d) any right or remedy of a Financ
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Care Standards Act 2000 (for Proper
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Properties located in Northern Irel
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Borrower Group Structure Chart (1)
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amount of: (i) £216,000 as an upfr
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subject to matters disclosed in the
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(b) first fixed charges over its in
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Loan Name Principal Amount Libra Lo
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there will be nothing to prevent th
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the Related Security has become enf
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Insurance: The landlord is to insur
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Properties by Country Country Numbe
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(l) Subject as set out in paragraph
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forfeited or irritated on bankruptc
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(C) any payment made by the Loan Ar
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Moneyline/Telerate Page 3937 or on
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(xv) fifteenth, to pay all principa
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DESCRIPTION OF THE NOTE TRUST DEED
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Each Swap Transaction and Basis Swa
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Credit Suisse Group 100% Credit Sui
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(f) except with respect to matters
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A “Subordinate Lender Control Val
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(h) any action to bring a Property
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“Assumed Scheduled Payment” mea
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(b) in the event the related Proper
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Rights of PIK Facility Lenders” a
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Provider or the Backup Advance Prov
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Servicing Fee, Special Servicing Fe
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purporting to give notice) provided
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CASH MANAGEMENT Cash Manager Pursua
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The Cash Manager will be permitted
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ESTIMATED AVERAGE LIVES OF THE NOTE
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available to an investor in such No
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Class D Payment Date Scenario 1 Sce
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Loan Capital £ Class A Commercial
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2. Notes to the financial informati
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Rule 144A Global Note directly thro
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applicable to Book-Entry Interests
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the time being of the Note Trustee,
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a new Definitive Note in respect of
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provided that paragraphs (A) to (E)
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4. Covenants Issuer will not (or th
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5. Interest the Special Servicer, a
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and (ii) the Class X Net Weighted A
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outstanding is redeemed in full pur
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cent. of the aggregate Principal Am
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Outstanding and Note Factor), and e
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elevant authorities for the amount
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other person as it may think fit to
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(e) The enforcement of the security
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Noteholders and/or the Class D Note
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senior class of Notes then outstand
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17. Privity of Contract The Notes d
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OFFERING EXPENSES Fees and expenses
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Floating Charge. A lender will typi
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Enforcement of Security in England
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Under Section 6 of the Law of Distr
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the same priority in respect of any
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The bankrupt’s estate is comprise
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incorporated overseas. As regards s
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Right of redemption. Under Section
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Floating Charge. Under Northern Iri
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shares. The right to the former is
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The effect of a declaration of dés
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IRISH TAXATION The following is a s
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There can be no assurance that the
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individual resident in another Memb
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y the purchaser in respect of the C
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A Note will be considered issued wi
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which will not be treated as intere
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included in income. Any gain from t
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PTCE 96-23, which exempts certain t
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SUBSCRIPTION AND SALE Credit Suisse
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TRANSFER RESTRICTIONS Because of th
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GENERAL INFORMATION 1. The issue of
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APPENDIX 1 INDEX OF DEFINED TERMS
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Financial Regulator in Ireland ....
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Prospectus Directive...............
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APPENDIX 2 FORM OF STATEMENT TO NOT
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Titan Europe 2007-1 (NHP) Limited C
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APPENDIX 4 THE BORROWER A. Informat
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REGISTERED AND HEAD OFFICE OF THE I
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Titan Europe 2007-1 (NHP) Limited - Irish Stock Exchange

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