FCC Proudreed Properties 2005 HSBC SG CORPORATE ...
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FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

FCC Proudreed Properties 2005 HSBC SG CORPORATE ... FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

ise.ie
07.03.2014 Views

Property Number 10 Property Name Les Ulis Property Type Warehouse/Distribution Region South West Ile-de-France Year Built 1988 Year Refurbished 1999 Total Net Internal Floor Area (Sq.meters) 23,557 Occupancy Rate (%) 100% Market Value (u) 9,540,000 Vacant Possession Value (u) 8,740,000 Current Annual Rent (u) 919,210 ERV (u) 1,060,065 Number of Units 1 Number of Tenants 1 Initial Yield 9.09% Reversionary Yield 9.09% 33

PRINCIPAL FEATURES OF THE NOTES Below is a summary of the key features of the Notes. The information in this section does not purport to be complete and is qualified in its entirety by reference to the provisions of the Issuer Regulations and the Conditions of the Notes. The Notes The Notes will be issued in accordance with the terms of the Issuer Regulations and will be direct, unsecured and unconditional obligations of the Issuer. Status, Form and Denomination As between the Notes, the Class A Notes will rank in priority to the Class B Notes, the Class B Notes will rank in priority to the Class C Notes, the Class C Notes will rank in priority to the Class D Notes and the Class D Notes will rank in priority to the Class E Notes as to payment of both interest and principal in accordance with the applicable Issuer Priority of Payments. The Notes of each Class will rank pari passu and rateably among themselves without any preference or priority. The Notes will not be obligations or responsibilities of, or guaranteed by, any person or entity other than the Issuer. In particular, the Notes will not be obligations or responsibilities of, or guaranteed by the Management Company, the Custodian, the Lenders, the Joint Lead Managers, the Hedging Providers, the Liquidity Facility Provider, the Cash Manager, the Borrowers Account Banks, the Issuer Account Bank, the FCC Servicers, the Paying Agents, the Noteholder Representatives, the Borrowers, the Property Manager, the Parent Obligors or any of their respective affiliates. The Notes will not be secured, but amounts payable and repayable in respect of the Notes will be funded by the proceeds of the Receivables arising from the Commercial Mortgage Loan Agreements with the Borrowers (and the Issuer will benefit from the security initially granted in favour of the Lenders by the Borrowers pursuant to each Commercial Mortgage Loan Agreement). The Noteholders will be entitled to receive payments of interest on their Notes on each Interest Payment Date, and will be entitled to receive repayment of principal on the Final Maturity Date. Such entitlement will be subordinated to any liabilities ranking in priority to the relevant series of Notes including, inter alia, any and all amounts payable on the relevant Interest Payment Date to the Hedging Providers and the Liquidity Facility Provider (other than the Hedging Subordinated Amounts and the Liquidity Subordinated Amounts), and to the Management Company, the Custodian, the FCC Servicers, the Paying Agents, the Issuer Account Bank and the Cash Manager and any Noteholder Representative. For a more detailed description of the priority of payments, see further the section entitled ‘‘Resources Available to the Borrowers and the Issuer – Available Funds and their Priority of Application’’ below. The Notes are French law obligations as referred to in Article R 214-99 of the French Monetary and Financial Code and the Issuer Regulations and any other laws and regulations governing fonds communs de créances. The Issuer Regulations and the Conditions will contain provisions requiring the Management Company and each Noteholder Representative to have regard to the interests of the Noteholders. For further details as to Noteholder meetings, modifications, waivers and consents by the Management Company and the Noteholder Representative, see further the sections entitled ‘‘Terms and Conditions of the Notes’’, ‘‘Summary of Principal Documents’’ and ‘‘Risk Factors’’ below. The Notes will be in the denomination of u100,000. In accordance with the provisions of Article L. 211-4 of the French Monetary and Financial Code, the Notes will be issued in bearer form (au porteur) and will be represented in book-entry (dématérialisée) form. No physical document of title will be issued in respect of the Notes. Interest Interest on the Notes is payable by reference to successive Interest Periods. Interest will be payable quarterly in arrear on each Interest Payment Date. Each Interest Period will commence on (and include) an Interest Payment Date and end on (but exclude) the immediately succeeding Interest Payment Date. The first Interest Period will commence on (and include) the Closing Date and end on (but exclude) the Interest Payment Date falling in February 2006. The final Interest Period will commence on (and include) the Interest Payment Date falling in May 2017 and end on (but exclude) the Final Maturity Date. 34

Property Number 10<br />

Property Name<br />

Les Ulis<br />

Property Type<br />

Warehouse/Distribution<br />

Region<br />

South West Ile-de-France<br />

Year Built 1988<br />

Year Refurbished 1999<br />

Total Net Internal Floor Area (Sq.meters) 23,557<br />

Occupancy Rate (%) 100%<br />

Market Value (u) 9,540,000<br />

Vacant Possession Value (u) 8,740,000<br />

Current Annual Rent (u) 919,210<br />

ERV (u) 1,060,065<br />

Number of Units 1<br />

Number of Tenants 1<br />

Initial Yield 9.09%<br />

Reversionary Yield 9.09%<br />

33

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