Monastery 2004-I Announcement Quion
THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION
This notice is made pursuant to section 5:25i of the Act on Financial Supervision (Wet op het financieel toezicht), pursuant to which inside information should be made forthwith available .
If you are in any doubt as to the action you should take, you are recommended to seek your own financial, legal or other advice immediately from your stockbroker, bank manager, solicitor, accountant or other appropriately authorised independent financial adviser.
MONASTERY 2004-I B.V.
Notice is hereby given with respect to notes of each of the following class(es):
€ 604,500,000 Senior Class A2 Mortgage-Backed Notes due 2037, issue price 100 per cent. ISIN XS0201262309
€ 24,500,000 Mezzanine Class B Mortgage-Backed Notes due 2037, issue price 100 per cent. ISIN XS0201262721
€ 21,500,000 Mezzanine Class C Mortgage-Backed Notes due 2037, issue price 100 per cent. ISIN XS0201263372
€ 8,500,000 Junior Class D Mortgage-Backed Notes due 2037, issue price 100 per cent. ISIN XS0201263612
€ 10,500,000 Junior Class E Mortgage-Backed Notes due 2037, issue price 100 per cent. ISIN XS0201264008
€ 3,000,000 Subordinated Class F Notes due 2037, issue price 100 per cent. ISIN XS0201264180
€ 7,500,000 Subordinated Class G Notes due 2037, issue price 100 per cent. ISIN XS0202244017
(the "Notes" and each class of Notes, a "Class of Notes" and together the "Classes of Notes", holders of Notes, "Noteholders" )
Amsterdam, 4 July 2011
The Notes are backed by certain loan receivables originated by DSB Bank N.V. ("DSB"). DSB was declared bankrupt on 19 October 2009.
The bankruptcy trustees of DSB have entered into a sub-delegation contract (the "Sub-delegation Contract") with Quion Services B.V. and Quion Groep B.V. (together, "Quion"), with the aim to transfer to Quion, on or about May 2012 (the "Conversion Date"), the servicing activities in relation to all Dutch (mortgage) loans originated by DSB, both held for its own account as well as those loans which have been securitised. The Sub-delegation Contract has an initial term of 5 years.
The services envisaged to be carried out by Quion as from the Conversion Date comprise all servicing activities currently conducted by the bankruptcy estate except for client handling in relation to due care claims.
In the Sub-delegation Contract, each of the securitisation SPV's, including the Issuer, has been granted the right, acknowledged by the bankruptcy trustees of DSB as well as Quion, to enter into a direct legal relationship with Quion on similar terms as agreed between Quion and the bankruptcy trustees in the Sub-delegation Contract, in due course.
Upon receipt of a request to such extent from the Issuer, Stichting Security Trustee Monastery 2004-I (the "Security Trustee") envisages to submit for adoption by the Noteholders of each Class of Notes, at a meeting of Noteholders of such Class of Notes, a resolution pursuant to which the Issuer may exercise the aforementioned right included in the Sub-delegation Contract. A notice to convene such Noteholders meetings is expected to be disseminated in due course. The Security Trustee report to be prepared in relation to such resolution will provide more detailed information on the terms of the Sub-delegation Contract.
The Security Trustee intends to continue to frequently update Noteholders on the developments in respect of DSB and the consequences for the Issuer and the Noteholders in the broadest sense through announcements on the website of the Issuer at www.atccapitalmarkets.com. The first upcoming update by conference call is expected shortly so you are advised to check said website latest end of this week for more details. The Royal Bank of Scotland N.V. acts as agent in respect of this announcement (the "Agent").
For assistance, please contact the Agent:
The Royal Bank of Scotland N.V.
Tel. +31 20 464 3707
Fax: + 31 20 464 1707
Amsterdamsch Trustee's Kantoor B.V.
Fred. Roeskestraat 123
1076 EE Amsterdam, the Netherlands