Intertrust

Capital Markets Members login

Send_me
Forgot password?

Question and Awnser Monastery and Chapel Notices

 

 

Chapel 2003-I B.V. , Chapel 2007 B.V., Monastery 2004-I B.V. and Monastery 2006-I B.V.

 

 

Certain Questions raised at noteholders meetings on August 29th, 2011 and answers.

 

In the noteholdermeetings on 29 August questions have been asked regarding certain aspects of the subdelegation agreements. These questions among other things relate to borrowers notification, interest reset procedure and duty of care handling in the case of a direct legal relationship between SPV's and Quion.

 

 

Borrowers notification.

The Security Trustees, the Issuers and the Bankruptcy Trustees are of the opinion that a borrowers notification for the servicing transfer to Quion is not neccessary and certainly not desirable in the interest of noteholders to preserve cash flows.

 

Interest reset procedure

The Bankruptcy Trustees are responsible for the interest reset policy of DSB originated loans and remain to be so after migration of the servicing to Quion. As many borrowers have loans held by DSB and/or one of more securitisation programs, a uniform and consistent interest reset policy across the portfolio, is of vital importance for noteholders.

 

Duty of care

In the servicing agreement with Quion, it is arranged that handling and settlement of duty of care compensations remain with the DSB estate. As a consequence, Quion in operational matters related to DoC settlements will solely act upon instruction of the Bankruptcy Trustees. The operational process will be documented once the Bankruptcy Trustees have reached agreement on a DoC compensation arrangement.   

 

Sub-Delegation Agreements

You have requested whether it is allowed to make the Sub-Delegation Agreements available to noteholders. After consultation with Quion, DSB can confirm that this is permitted in case of a specific request of noteholders and with the explicit limitation that it is solely for own use for the purpose of assessment of the Extraordinary Resolution.

 

 

Q & A in relation to :Chapel 2003-I B.V. , Chapel 2007 B.V., Monastery 2004-I B.V. and Monastery 2006 B.V.
Private Wealth Services