TORONTO, April 17 /CNW/ - Xceed Mortgage Corporation (Xceed), as
financial services agent of Xceed Mortgage Trust (XMT or the Trust), announced
that today (a) the XMT Class A-2 Senior Notes, Series 2006-T1 (Class A-2
Notes) have matured but have not been fully repaid, and (b) an amortization
event has occurred in respect of the XMT Series 2006-T1 Notes and an
amortization period has commenced.
During the amortization period (a) principal and interest collections
from the asset pool will continue to be paid to holders of the Class A-2 Notes
monthly with coupon interest of 4.584% (converted to monthly equivalent rate
of 4.541%), and (b) holders of Class B, C, D, and E Subordinated Notes, Series
2006-T1 will continue to be paid interest monthly and will be sequentially
paid principal in priority sequence after the Class A-2 Notes have been fully
repaid, with the most subordinate tranche being paid last, in each case, as is
described more fully in the prospectus of the Trust relating to the Series
Each of DBRS Limited and Standard & Poor's Ratings Services confirmed
that the occurrence of an amortization event will not, in and of itself,
result in a downgrade or withdrawal of the ratings currently assigned to
Series 2006-T1 Notes.
XMT is a special purpose trust established under the laws of Ontario by
Computershare Trust Company of Canada, as issuer trustee, to, among other
things, purchase residential mortgages and related assets originated, acquired
or serviced by Xceed. Xceed is the financial services agent of XMT.
Forward-looking statements in this document are based on current
expectations that are subject to significant risks and uncertainties. Actual
results might differ materially due to various factors. Xceed assumes no
obligation to update these forward-looking statements, or to update the
reasons why actual results could differ from those reflected in these.
Additional information identifying risks and uncertainties is also contained
in XMT's regulatory filings, which are separately available at www.sedar.com.
For further information:
For further information: Investor and Media Relations: Richard Wertheim,
Wertheim + Company Inc., (416) 594-1600 or ((416) 518-8479 cell),