Credit Suisse Asset Management LLC v Titan Europe 2006-1 Plc & Ors [2016] EWHC 969 (Ch) (28 April 2016)

Credit Suisse Asset Management LLC v Titan Europe 2006-1 Plc & Ors [2016] EWHC 969 (Ch) (28 April 2016)

The Class X Interest Rate must be calculated without including default interest due under the Loans. The Class X Notes are to be redeemed immediately at their maturity date, and after maturity, the interest rate for unpaid principal on other Notes is 8% per annum, which must be used in the Class X Interest Rate calculation.

Citation
[2016] EWHC 969 (Ch)
Parties
Claimant: Credit Suisse Asset Management, LLC; First Defendant: Titan Europe 2006-1 PLC; Second Defendant: U. S. Bank Trustees Limited; Third Defendant: Elavon Financial Services Limited; Fourth Defendant: Attestor Value Master Fund LP
Jurisdiction
England and Wales
Judgment Date
28 April 2016
Procedural Posture
Commercial Interpretation Dispute / First Instance Judgment
Outcome
Claim dismissed
Legal Topics
Securitisation, Noteholder Rights, Contractual Interpretation, Priority of Payments, Interest Calculation
Commercial Law Banking Law Contract Law Securitisation Noteholder Rights Contractual Interpretation Priority of Payments Interest Calculation

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Parties

Credit Suisse Asset Management, LLC

Claimant

Titan Europe 2006-1 PLC

First Defendant

U. S. Bank Trustees Limited

Second Defendant

Elavon Financial Services Limited

Third Defendant

Attestor Value Master Fund LP

Fourth Defendant

Procedural Posture

Commercial Interpretation Dispute / First Instance Judgment

Legal Issues

  1. 1 Whether default interest under the Loans should be included in calculating the Class X Interest Rate
  2. 2 Rate of interest payable on unpaid interest on Class X Notes
  3. 3 Timing of redemption of Class X Notes relative to other Notes

Ratio Decidendi

The Class X Interest Rate must be calculated without including default interest due under the Loans. The Class X Notes are to be redeemed immediately at their maturity date, and after maturity, the interest rate for unpaid principal on other Notes is 8% per annum, which must be used in the Class X Interest Rate calculation.

Court Disposition

Claim dismissed

Orders

  • Class X Interest Rate to be calculated without default interest under the Loans
  • Class X Notes to be redeemed immediately at maturity