EMF-NL Prime 2008-A 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.
Capitalised terms used herein have the meanings defined or construed in the Master Definitions Agreement entered into by the Issuer in connection with the issue of the Notes on 23 May 2008 as amended and restated.
EMF-NL Prime 2008-A B.V.
(the "Issuer")
Notice is hereby given with respect to notes of each of the following class(es):
EUR 110,000,000 Class A2 Mortgage Backed Floating Rate Notes due April 2041,
ISIN: XS0362465535 / US26868QAB41
EUR 10,000,000 Class A3 Mortgage Backed Floating Rate Notes due April 2041,
ISIN: XS0362465881 / US26868QAC24
EUR 12,000,000 Class B Mortgage Backed Floating Rate Notes due April 2041,
ISIN: XS0362466186/US26868QAD07
EUR 9,000,000 Class C Mortgage Backed Floating Rate Notes due April 2041,
ISIN: XS0362466269 / US26868QAE89
EUR 9,000,000 Class D Mortgage Backed Floating Rate Notes due April 2041,
ISIN: XS0362466772
( the "Put Option Notes" and holders thereof the "Put Option Noteholders" )
Amsterdam, 13 March 2014
Notice is hereby given by the Issuer in relation to the Put Option Date falling on 17 April 2014 (the "Put Option Date"). The Seller has decided not to repurchase the Mortgage Receivables from the Issuer. Furthermore, the Issuer has not identified any third party interested in purchasing Mortgage Receivables outstanding on or before the Put Option Date against the Redemption Repurchase Price as defined in the Transaction Documents.
Consequently, the Issuer will not redeem any of the Put Option Notes on the Put Option Date. In accordance with the Note Condition 5, the Relevant Margin for each class of Put Option Notes shall remain unchanged at the then-current margin (as set out in the following table) and the Reserve Fund Required Amount shall be increased to the Notes Principal Amount Outstanding of the Put Option Notes outstanding as at the immediately preceding Quarterly Instruments Payment Date.
|
Class of Notes |
Relevant Margin |
|
Class A2 Notes |
0.80 per cent. |
|
Class A3 Notes |
0.85 per cent. |
|
Class B Notes |
1.00 per cent. |
|
Class C Notes |
1.00 per cent. |
|
Class D Notes |
1.00 per cent. |
Due to the fact that the Seller has informed the Issuer that it will not repurchase the Mortgage Receivables on any Put Option Date until further notice and the fact that in the current market circumstances the Issuer does not expect to succeed in finding any third party interested in purchasing Mortgage Receivables outstanding against the Redemption Price, it is the intention of the Security Trustee to convene a meeting of the Put Option Noteholders before the first Put Option Date falling after 17 April 2014 in which the process of the offering of the Put Option Notes for redemption will be addressed.
Intertrust Management B.V.
Director of the Issuer
Prins Bernhardplein 200
1097 JB Amsterdam
Put Option Notice
