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E-MAC Program II B.V. Compartment NL 2007-IV

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.

 

Capitalised terms used herein have the meanings defined or construed in the Master Definitions Schedule attached as Schedule 1 to the Programme Agreement

 

E-MAC Program II B.V.-Compartment NL 2007-IV
(the "Issuer")

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

€ 654,850,000 Senior Class A Notes 2007 due 2048, issue price 100 per cent. ISIN XS0325178548

€ 16,800,000 Mezzanine Class B Notes 2007 due 2048, issue price 100 per cent. ISIN XS0325183464

€ 12,600,000 Junior Class C Notes 2007 due 2048, issue price 100 per cent. ISIN XS0325183621

€ 15,750,000 Subordinated Class D Notes 2007 due 2048, issue price 100 per cent. ISIN XS0325184355

€ 2,800,000 Subordinated Class E Notes 2007 due 2048, issue price 100 per cent. ISIN XS0325185675

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

Amsterdam,   29 August 2014

Notice is hereby given by the Issuer that, in accordance with the Terms and Conditions of the Notes under the Program and the Final Terms of Compartment NL 2007-IV, 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 28th of October 2014 (the ‘First Put Date’). The Put Option Notes in respect of which the Put Option is exercised may be redeemed, subject to, in particular but not limited to Condition of the Notes 9, on the First Put Date.

 

The Issuer has been informed by the MPT Provider 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 Principal Paying Agent by no later than the 12th of September 2014, a duly completed and signed notice of exercise in the form obtainable from the Principal Paying Agent together with the relevant instruction 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 of the Notes 6(d) accompanied by the Put Option Note 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 (ii) (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.

 

In accordance with condition 4 (ii) (e) the Extension Margin Agent has requested a panel of five leading European underwriters to give quotes for the Extension Margins. The Extension Margin Agent has informed the Issuer that it has not obtained any quotes. As a result thereof the Extension Margins have not been determined. The Issuer and the Security Trustee are currently considering the situation that has arisen. The Issuer and/or the Security Trustee will give an additional notice in this respect in due course.

The assumed remaining average lives ("r.a.l.") as follows:

 

Class of Notes

Extension Margin

Assumed r.a.l.

Class A Notes

 to be determined

6.46  years

Class B Notes

 to be determined

8.63  years

Class C Notes

 to be determined

8.63  years

Class D Notes

 to be determined

8.63  years

Class E Notes

 to be determined

14.74 years

 

 

 

 

ABN AMRO Bank N.V. is the Principal Paying Agent in respect of this announcement:

 

Contact details of the Principal Paying Agent:

ABN AMRO Bank N.V.

Corporate Broking

Tel. +31 20 344 2000

Fax: + 31 20 628 8481

Email: corporate.broking@nl.abnamro.com

 

 

Intertrust Management B.V.

Director of the Issuer

Prins Bernhardplein 200

1097   JB Amsterdam, the Netherlands

emac@intertrustgroup.com

 

 

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