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E-MAC DE 2006-II B.V.

THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

 

This notice is made pursuant to the Act on Financial Supervision (Wet op het financieel toezicht) .

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.

 

E-MAC DE 2006-II B.V.
(the "Issuer")

Notice is hereby given with respect to notes of each of the following class(es):

€ 151,000,000 Senior Class A1 Mortgage Backed Notes 2006 due 2048, issue price 100 per cent.

ISIN: XS0276932539

€ 465,700,000 Senior Class A2 Mortgage Backed Notes 2006 due 2058, issue price 100 per cent.

ISIN: XS0276933347

€ 35,000,000 Mezzanine Class B Mortgage Backed Notes 2006 due 2058, issue price 100 per cent.

ISIN: XS0276933859

€ 24,500,000 Junior Class C Mortgage Backed Notes 2006 due 2058, issue price 100 per cent.

ISIN: XS0276934667

€ 14,000,000 Subordinated Class D Mortgage Backed Notes 2006 due 2058, issue price 100 per cent.

ISIN: XS0276935045

€ 9,800,000 Subordinated Class E Mortgage Backed Notes 2006 due 2058, issue price 100 per cent.

ISIN: XS0276936019

 ( the "Put Option Notes" and each class of Notes, a "Class of Put Option Notes" and together the "Classes of Put Option Notes" and the holders thereof the "Put Option Noteholders" )

Capitalised terms used herein have the meanings defined or construed in the Master Definitions Agreement dated 13 December 2006

Amsterdam, 2 6 September 2013

Pursuant to Condition 6(d)(iv)(1) of the Notes, the Issuer hereby notifies the Put Option Noteholders that in accordance with the Terms and Conditions of the Notes, each of the Put Option Noteholders has the right to exercise the Put Option and to offer to the Issuer any or all Put Option Notes held by it for redemption on the 25th of November 2013 (the "First Put Date"). The Put Option Notes in respect of which the Put Option is exercised may be redeemed, subject to the Terms and Conditions of the Notes, in particular but not limited to Condition 9 thereof, on the First Put Date.

 

The Issuer has received a letter from the MPT Provider stating that it will not, and also does not have the financial means to, grant the Servicing Advance loan on or before the First Put Date. Furthermore, the Issuer has reason to doubt that it will succeed in finding any third party which would be willing to purchase Mortgage Receivables or to provide the Servicing Advance loan on or before the First Put Date, at the terms provided for in the relevant documents. Consequently, the Issuer expects not to have sufficient funds available to redeem the Notes which are subject to redemption on the First Put Date.

 

To exercise the Put Option, the Put Option Noteholder must deliver, at the specified office of the Principal Paying Agent at any time during normal business hours of the Paying Agent by no later than 11 October 2013, a duly completed and signed notice of exercise in the form as required by Euroclear and Clearstream, Luxembourg (the "Put Notice") in which the Put Option Noteholder must specify a bank account to which payment is to be made under Condition 6(d) of the Notes accompanied by the Put Option Note(s) or evidence satisfactory to the Issuer that the relevant Put Option Note is upon delivery of the Put Notice, held to its order or under its control.

 

In the light of the Issuer’s expectation that it will not have sufficient funds available to redeem the Notes which are subject to redemption on the First Put Date and as to avoid that Notes would unnecessarily be blocked for trading from the moment of exercise of the Put Option by a Put Option Noteholder up to the First Put Date, Put Option Noteholders are hereby informed that the Notes in relation to which a notice of exercise of the Put Option is delivered will not be subject to blocking up to the First Put Date. Noteholders that had intended to exercise the Put Option would the Issuer have been in a position to honour such exercise or who regardless thereof wish to exercise the Put Option, should deliver a notice of exercise.

 

We refer to Condition 4(e) of the Notes, whereby The Royal Bank of Scotland plc. as the Extension Margin Agent shall determine the Extension Margins by selecting a panel of five of the then leading European securitisation underwriters to obtain quotes for the Extension Margins. 

The Extension Margin Agent has only been able to obtain quotes from a panel of two (rather than the prescribed five, whereas nine such underwriters were requested to provide quotes) leading European securitisation underwriters in respect of Classes of Notes A, B and C and from only 1 such underwriter in respect of Classes D and E which would have resulted in extension margins and assumed remaining average lives ("r.a.l.") as follows:

 

Class of Notes

Extension Margin

Assumed r.a.l.

Class A1 Notes

1.50 per cent

 0.35 years

Class A2 Notes

3.75 per cent

 7.39 years

Class B Notes

7.00 per cent

10.69 years

Class C Notes

5.00 per cent

10.69 years

Class D Notes

6.00 per cent

10.69 years

Class E Notes

7.00 per cent

10.69 years

 

HOWEVER, PLEASE NOTE: IN VIEW OF THE FACT THAT LESS THAN FIVE QUOTES HAVE BEEN OBTAINED, THE SECURITY TRUSTEE RESERVES ALL RIGHTS IN RESPECT HEREOF AND CONSEQUENTLY THESE MARGINS ARE PRELIMINARY AND SUBJECT TO FURTHER CONFIRMATION, CHANGE OR WITHDRAWAL, EACH AS PER A NOTICE BY THE SAME ULTIMATELY 21 CALENDAR DAYS BEFORE THE FIRST PUT DATE.

 

Deutsche Bank AG, London Branch, with the following address, is the Principal Paying Agent in respect of this announcement:

 

Deutsche Bank AG, London Branch

Corporate Trust Department – ABS/MBS Client Service

Winchester House

1 Great Winchester Street

London EC2N 2DB

Tel.: +44 207 545 8273

Fax:   +44 207 547 5919

Email: abs.mbs.london@list.db.com

 

 ATC Management B.V.

 Director of the Issuer

  Fred. Roeskestraat 123

 1076 EE Amsterdam, the Netherlands

 emac@atccapitalmarkets.com

Put Option Notice
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