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

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(vi) the Corporate Services Agreement; (vii) the Agency Agreement; and (viii) the Master Definitions Schedule; and (e) the consents referred to in paragraphs 8 and 9 below. 8. PricewaterhouseCoopers, auditors of the Issuer, has given and not withdrawn its written consent to the issue of this Offering Circular with the inclusion of its report and references to its name in the form and context in which they are included and has authorised the contents of that part of this Offering Circular for the purposes of Section 45 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005 of Ireland. PricewaterhouseCoopers is a member of the Institute of Chartered Accountants of Ireland. 9. King Sturge LLP has given and not withdrawn its written consent to the issue of this Offering Circular with the inclusion of certain information supplied by it and references to its views, reports, opinions and names in the form and context in which they are included and has authorised the contents of that part of the Offering Circular. 10. Contact details for the parties referred to in paragraphs 8 and 9 above are as follows: PricewaterhouseCoopers One Spencer Dock North Wall Quay Dublin 1 Ireland King Sturge LLP 40 Berkeley Square Bristol BS8 1HU United Kingdom None of the parties referred to in this paragraph 10 has a material interest in the Issuer. 11. Any internet website referred to in this Offering Circular or in any of the Appendices hereto does not form part of this Offering Circular. 12. The collateral and structural term sheet appended at Appendix 3 was prepared for information purposes of potential investors. 13. Any foreign language text included within this document is for convenience purposes only and does not form part of this Offering Circular. 14. Save as discussed herein, the Issuer does not intend to provide any post-issuance information in relation to the Notes. 228
APPENDIX 1 INDEX OF DEFINED TERMS £ £........................................................................... 10 € €........................................................................... 10 1 1970 Act .............................................................. 48 A Accounts.............................................................. 73 Additional Interest ............................................. 108 Administrative Cost Factor.......................... 26, 165 Administrative Cost Rate............................. 26, 165 Administrative Fees..................................... 26, 165 Advance....................................................... 21, 124 Advance Provider .......................................... 15, 72 Advances ..................................................... 21, 124 Adverse Rating Event........................................ 131 Affiliate ............................................................... 73 Agency Agreement............................................ 154 Agent Bank............................................ 15, 72, 154 Agents................................................................ 154 Allocated Loan Amount ...................................... 73 Annualised Base Rent.......................................... 73 Appraisal Reduction .......................................... 126 Assumed Final Payment Date.............................. 27 Assumed Scheduled Payment............................ 125 Authorised Entity............................................... 112 Available Funds........................................... 31, 110 Average Annualised Base Rent per Registered Bed................................................... 73 B B Loan ..................................................... 11, 58, 92 B0-1 Loan............................................................ 58 B0-1 Loan...................................................... 11, 18 B0-1 Loan............................................................ 92 B0-1 Loan Control Valuation Event............ 22, 120 B0-2 Loan.......................................... 11, 18, 58, 92 B0-2 Loan Control Valuation Event............ 22, 120 B1 Loan ............................................................... 58 B1 Loan ......................................................... 11, 18 B1 Loan ............................................................... 92 B1 Loan Control Valuation Event ............... 22, 120 B2 Loan ............................................................... 58 B2 Loan ......................................................... 11, 18 B2 Loan ............................................................... 92 B2 Loan Control Valuation Event ............... 22, 120 B3 Loan ............................................................... 58 B3 Loan ......................................................... 11, 18 B3 Loan ............................................................... 92 B3 Loan Control Valuation Event ............... 22, 120 B4 Loan ............................................................... 58 B4 Loan ......................................................... 11, 18 B4 Loan ............................................................... 92 B4 Loan Control Valuation Event ............... 22, 120 Backup Advance Provider ................................... 15 Backup Advance Provider Required Ratings ............................................................... 30 balance sheet test ............................................... 192 Balloon Payment................................................ 125 Basel Committee.................................................. 67 Basel II................................................................. 67 Basic Terms Modification.................................. 179 Basis Swap Agreement ................................ 20, 114 Basis Swap Confirmation ............................ 20, 114 Basis Swap Transaction ............................... 20, 114 BFIC ...................................................................... 7 BLHL................................................................... 53 Book-Entry Interest................................................ 3 Book-Entry Interests ...................................... 3, 156 Borrower........................................................ 11, 74 Borrower Group................................................... 74 Borrower Rent Collection Account................ 73, 74 Break Costs.......................................................... 74 Britannia Healthcare ............................................ 53 business day ....................................................... 172 Business Day................................................ 16, 163 C Capital Expenditure Reserve Account ................. 73 Capital Requirements Directive........................... 67 Care Contract ....................................................... 74 cash flow test ..................................................... 191 Cash Management Agreement................... 106, 137 Cash Management Services ............................... 137 Cash Manager ........................................ 15, 72, 137 Cash Reserve........................................................ 74 Cash Reserve Account ......................................... 73 CDI regulations.................................................. 217 Certificates of Title ........................................ 74, 83 chargee................................................................. 62 Chargee.............................................................. 203 Chargor .............................................................. 203 CJL..................................................................... 205 Class A Noteholders .................................... 27, 154 Class A Notes................................................. 1, 154 Class A Regulation S Global Notes ................... 155 Class A Rule 144A Global Notes ...................... 155 Class B Noteholders..................................... 29, 154 Class B Notes................................................. 1, 154 Class B Regulation S Global Notes ................... 155 Class B Rule 144A Global Notes....................... 155 Class C Noteholders..................................... 29, 154 Class C Notes................................................. 1, 154 229
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OFFERING CIRCULAR £638,100,000 Tit
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NOTICE TO INVESTORS The Notes of ea
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TRUE, COMPLETE AND NOT MISLEADING.
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(a) to legal entities which are aut
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all materials of any kind (includin
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EXECUTIVE SUMMARY This Executive Su
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STRUCTURE CHART The diagram below i
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Special Servicer ..................
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• relate to a particular Payment
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(b) charges over accounts into whic
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Period (such amounts, collectively,
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espect of the timing or manner of e
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Principal and interest on the Class
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interest determined by reference to
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The Class V Notes will be subject t
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Prospectus to be approved. Applicat
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(b) NAI Amounts have been allocated
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(xvii) seventeenth, to pay to the A
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1984, as amended. If your investmen
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The terms of the leases might affec
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Changes in Medical Practice: The me
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law fixed charges. The security ove
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Tenant Operator Group (1) Southern
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contained in the Security Agreement
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(b) serving a notice of default (in
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• 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
Page 177 and 178: (e) The enforcement of the security
Page 179 and 180: Noteholders and/or the Class D Note
Page 181 and 182: senior class of Notes then outstand
Page 183 and 184: 17. Privity of Contract The Notes d
Page 185 and 186: OFFERING EXPENSES Fees and expenses
Page 187 and 188: Floating Charge. A lender will typi
Page 189 and 190: Enforcement of Security in England
Page 191 and 192: Under Section 6 of the Law of Distr
Page 193 and 194: the same priority in respect of any
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Page 197 and 198: incorporated overseas. As regards s
Page 199 and 200: Right of redemption. Under Section
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Page 203 and 204: shares. The right to the former is
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Page 207 and 208: IRISH TAXATION The following is a s
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Page 211 and 212: individual resident in another Memb
Page 213 and 214: y the purchaser in respect of the C
Page 215 and 216: A Note will be considered issued wi
Page 217 and 218: which will not be treated as intere
Page 219 and 220: included in income. Any gain from t
Page 221 and 222: PTCE 96-23, which exempts certain t
Page 223 and 224: SUBSCRIPTION AND SALE Credit Suisse
Page 225 and 226: TRANSFER RESTRICTIONS Because of th
Page 227: GENERAL INFORMATION 1. The issue of
Page 231 and 232: Financial Regulator in Ireland ....
Page 233 and 234: Prospectus Directive...............
Page 235 and 236: APPENDIX 2 FORM OF STATEMENT TO NOT
Page 237 and 238: Titan Europe 2007-1 (NHP) Limited C
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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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