E-MAC Program III B.V. Compartment NL 2008-I
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), 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.
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 III B.V.
Compartment NL 2008-I
(the "Issuer")
Notice is hereby given with respect to notes of each of the following class(es):
€ 72,500,000 Senior Class A1 Notes due 2048, issue price 100 per cent. ISIN: XS0348427955
€ 160,000,000 Senior Class A2 Notes due 2048, issue price 100 per cent. ISIN: XS0344800957
€ 7,500,000 Mezzanine Class B Notes due 2048, issue price 100 per cent. ISIN XS0344801765
€ 3,900,000 Junior Class C Notes due 2048, issue price 100 per cent. ISIN XS0344801922
€ 6,100,000 Subordinated Class D Notes due 2048, issue price 100 per cent. ISIN XS0344802060
(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" )
Amsterdam, 20 October 2011
Notice is hereby given by the Issuer that, with reference to Condition 6 (iv) (d) of the Terms and Conditions of the Notes under the Program and the Final Terms of Compartment NL 2008-I, all of the Rating Agencies S&P, Fitch and Moody’s have confirmed the ratings currently assigned to the Put Option Notes.
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 upcoming Put Date, i.e. 25th October 2011. Furthermore, the Issuer has not found any third party which would be willing to purchase Mortgage Receivables or to provide the Servicing Advance loan on or before the upcoming Put Date, at the terms provided for in the relevant documents. Consequently, the Issuer does not have funds available to redeem the Put Option Notes which are subject to redemption on the upcoming Put Date. Therefore, with reference to Condition 6(d)(vi) none of the Put Option Notes will be redeemed on the upcoming Put Date and, consequently, the Extension Margins will apply as from the First Put Date as published on 25 February 2011.
ATC Management B.V.
Director of the Issuer
Fred. Roeskestraat 123
1076 EE Amsterdam, the Netherlands
emac@atccapitalmarkets.com
Important Notice regarding the Put Date