Credit Suisse Asset Management LLC v Titan Europe 2006-1 Plc & Ors

Credit Suisse Asset Management LLC v Titan Europe 2006-1 Plc & Ors

Default interest under the Loans is not to be included in the calculation of the Class X Interest Rate. The Class X Notes must be immediately redeemed upon their maturity date, and after maturity, the interest rate applicable to the Class A-H Notes for the purpose of calculating the Class X Interest Rate is 8% per annum as per the Trust Deed.

Parties
Claimant: Credit Suisse Asset Management, LLC; Defendant: Titan Europe 2006-1 PLC; Defendant: U. S. Bank Trustees Limited; Defendant: Elavon Financial Services Limited; Defendant: Attestor Value Master Fund LP
Jurisdiction
England and Wales
Judgment Date
28 April 2016
Procedural Posture
Civil (commercial) / Judgment at First Instance
Outcome
Claim dismissed (CSAM's claims rejected)
Legal Topics
Securitisation, Interpretation of Financial Instruments, Priority of Payments, Default Interest, Redemption of Notes
Banking and Finance Law Contract Law Securitisation Interpretation of Financial Instruments Priority of Payments Default Interest Redemption of Notes

Case Brief

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Parties

Credit Suisse Asset Management, LLC

Claimant

Titan Europe 2006-1 PLC

Defendant

U. S. Bank Trustees Limited

Defendant

Elavon Financial Services Limited

Defendant

Attestor Value Master Fund LP

Defendant

Procedural Posture

Civil (commercial) / Judgment at First Instance

Legal Issues

  1. 1 Whether default interest under the Loans should be included in calculating the Class X Interest Rate
  2. 2 At what rate interest is payable on unpaid interest on the Class X Notes
  3. 3 Whether the Class X Notes should be immediately redeemed upon maturity or remain outstanding until all other Notes are redeemed

Ratio Decidendi

Default interest under the Loans is not to be included in the calculation of the Class X Interest Rate. The Class X Notes must be immediately redeemed upon their maturity date, and after maturity, the interest rate applicable to the Class A-H Notes for the purpose of calculating the Class X Interest Rate is 8% per annum as per the Trust Deed.

Court Disposition

Claim dismissed (CSAM's claims rejected)

Orders

  • Default interest under the Loans is not to be included in the calculation of the Class X Interest Rate.
  • The Class X Notes are to be immediately redeemed upon their maturity date.