Borrowers in the European CMBS deal Titan Europe 2006-3 p.l.c were given a notice on Aug. 18 that an event of default had remained outstanding since the fourth quarter of 2008.

Borrowers were further notified on Aug. 27 that they have 10 business days to cure or remedy such event before further action may be undertaken.

The structure's Facility Agreement (Debt Service Cover) states that each borrower must ensure that the debt service cover is, at all times, at least 1.00%, ncluding any rental guarantee income.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.