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Titan Europe 2007-1 (NHP) v U.S. Bank – An analysis of the High Court Ruling

On 16 April 2014, Mr. Richard Snowden QC sitting as Deputy Judge for the High Court of Justice (Chancery Division) delivered his judgement on the directions sought by U.S. Bank Trustees Limited (the “Note Trustee”) with respect to the Titan Europe 2007-1 (NHP) CMBS transaction (the “NHP CMBS”). Those directions related to the interpretation of certain contractual provisions of the Servicing Agreement dealing with the special servicer’s replacement for the NHP CMBS. The decision rendered by the High Court is the first English law decision to deal with the interpretation of contractual provisions relating to the special servicer’s termination without cause in the context of European CMBS transactions. This decision will most likely define the parameters going forward for termination of appointment of the special servicer and other securitisation parties.

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