E-MAC Program III B.V. Compartment NL 2008-II
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 advisor.
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-II
(the "Issuer" and the security trustee in respect of the transaction pursuant to which the notes listed below were issued, the "Security Trustee")
Notice is hereby given with respect to notes of each of the following class(es):
€ 98,000,000 Senior Class A2 Notes 2008 due 2048, issue price 100 per cent. ISIN: XS0358002391
€ 5,250,000 Mezzanine Class B Notes 2008 due 2048, issue price 100 per cent. ISIN: XS0355463166
€ 1,950,000 Junior Class C Notes 2008 due 2048, issue price 100 per cent. ISIN: XS0355464560
€ 4,800,000 Subordinated Class D Notes 2008 due 2048, issue price 100 per cent. ISIN: XS0355464727
€ 1,650,000 Subordinated Class E Notes 2008 due 2048, issue price 100 per cent. ISIN: XS0355464990
(the "Notes" and each class of Notes, a "Class of Notes" and together the "Classes of Notes", the Class A1 Notes, Class A2 Notes, Class B Notes, Class C Notes and Class D Notes together the "Put Option Notes" and the holders thereof the "Put Option Noteholders")
Amsterdam, 25 August 2012
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 2008-II, 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 25 October 2012 (the ‘First Put Date’). The Put Option Notes in respect of which the Put Option is exercised are subject to redemption on the First Put Date subject to, amongst others, Condition of the Notes 9.
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 10 September 2012, 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 will, following delivery of the Put Notice, be held to its order or under its control.
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 Put Option Notes which are subject to redemption on the First Put Date.
In accordance with Condition 4(e) the Extension Margins and assumed remaining average lives (‘r.a.l.’) are as follows:
|
Class of Notes |
Extension Margin |
Assumed r.a.l. |
|
Class A2Notes |
2.42 per cent |
7.3 years |
|
Class B Notes |
4.10 per cent |
11.1 years |
|
Class C Notes |
5.80 per cent |
11.1 years |
|
Class D Notes |
7.90 per cent |
11.1 years |
|
Class E Notes |
10.50 per cent |
18.0 years |
Contact details of the Principal Paying Agent:
The Royal Bank of Scotland N.V.
Corporate Actions
Tel. +31 20 464 3707
Fax: + 31 20 464 1707
Email: corporate.actions@rbs.com
ATC Management B.V.
Director
Fred. Roeskestraat 123
1076 EE Amsterdam
emac@atccapitalmarkets.com Put Option Notice