TIDM48AH
RNS Number : 5906F
Granite Mortgages 03-3 PLC
13 November 2015
13 November 2015
Granite Mortgages 03-3 plc (the "Issuer")
(Incorporated in England and Wales as a public limited company
under registered number 04823268)
USD 500,000,000 Series 1 Class A3 Notes due 2044 (ISIN:
US38741UAC18)
USD 72,000,000 Series 1 Class B Notes due 2044 (ISIN:
US38741UAD90)
USD 27,000,000 Series 1 Class M Notes due 2044 (ISIN:
US38741UAE73)
USD 50,000,000 Series 1 Class C Notes due 2044 (ISIN:
US38741UAF49)
EUR 640,000,000 Series 2 Class A Notes due 2044 (ISIN:
XS0176409927)
EUR 23,000,000 Series 2 Class B Notes due 2044 (ISIN:
XS0176410180)
EUR 7,500,000 Series 2 Class M Notes due 2044 (ISIN:
XS0176410347)
EUR 55,000,000 Series 2 Class C Notes due 2044 (ISIN:
XS0176410420)
GBP 340,000,000 Series 3 Class A Notes due 2044 (ISIN:
XS0176410693)
GBP 28,500,000 Series 3 Class B Notes due 2044 (ISIN:
XS0176410776)
GBP 11,500,000 Series 3 Class M Notes due 2044 (ISIN:
XS0176410859)
GBP 7,500,000 Series 3 Class C Notes due 2044 (ISIN:
XS0176411071)
Amendments to Transaction Documents
Terms used and not defined herein shall have the same meanings
given thereto in (i) the master definitions schedule dated 26 March
2001 as amended, supplemented and varied from time-to-time, and
(ii) the issuer master definitions schedule, dated 24 September
2003.
Amendments
With immediate effect, amendments have been made to the
Transaction Documents, including the following:
(a) Mortgages Trust Deed; and
(b) Master Definitions Schedule,
to grant NRAM plc ("NRAM") the right (the "Seller Call Option")
at any time on written notice to require the Mortgages Trustee to
sell the Mortgage Loans to NRAM or a person nominated by NRAM,
provided that the proceeds of sale are sufficient to fully redeem
all of the Notes issued by the Master Issuer and the Funding
Issuers and to pay any accrued but unpaid interest due in respect
of, and all amounts senior to (including programme costs), the
Notes on the Payment Date immediately following the exercise of the
Seller Call Option.
The proceeds of any sale of the Mortgage Loans shall be held as
Trust Property in the Mortgages Trust and distributed as Mortgages
Trustee Principal Receipts and Mortgages Trustee Available Revenue
Receipts to Funding and Funding 2 on the next following
Distribution Date in accordance with the terms of the Mortgages
Trust Deed. Such Mortgage Trustee Principal Receipts and Mortgages
Trustee Available Revenue Receipts shall then be available to be
applied in the usual way in accordance with the terms of, and the
applicable priority of payments set out in, the Funding Deed of
Charge.
Following the occurrence of a Non-Asset Trigger Event in 2008,
any amounts received by the Issuer in respect of the Mortgages
Trustee Principal Receipts shall be applied by the Issuer in the
redemption of the Notes until such time as the Funding Share is
repaid.
Sale of Mortgage Loans
As announced by NRAM today, NRAM and NRAM (No.1) Limited, each a
wholly owned subsidiary of UK Asset Resolution Limited have entered
into an agreement (the "Agreement") for (i) the sale of a portfolio
of mortgage and other loan assets to Cerberus European Residential
Holdings B.V. (the "Purchaser") and (ii) the entire issued share
capital of NRAM plc to Landmark Bidco Limited (the "Share
Purchaser"). Each of the Purchaser and the Share Purchaser are
affiliates of Cerberus Capital Management L.P. This portfolio to be
sold includes each of the Mortgage Loans and the sale is expected
to be completed following NRAM's exercise of the Seller Call Option
prior to the Distribution Date scheduled to fall on or around 9
December 2015 (the Relevant Distribution Date).
The proceeds of sale of the Mortgage Loans distributed on the
Relevant Distribution Date to Funding as:
(a) Mortgage Trustee Principal Receipts are expected to be
sufficient (after satisfaction of all amounts ranking in priority
to the Notes) to fund the redemption of all of the Notes issued by
each of the Funding Issuers (which includes the Issuer); and
(b) Mortgage Trustee Available Revenue Receipts are expected to
be sufficient (after satisfaction of all amounts ranking in
priority to the Notes) to fund the interest due on the next
following Payment Date in respect of each of the Notes issued by
each of the Funding Issuers (which includes the Issuer).
Completion of the sale of the Mortgage Loans remains subject to
the satisfaction of certain conditions precedent. Where the Seller
Call Option is exercised and the sale is completed prior to the
Relevant Distribution Date, the Notes shall be redeemed in full,
together with the payment of any accrued but unpaid interest, on
the Payment Date scheduled to fall on 20 January 2016.
For further information, please contact:
NRAM plc
Croft Road
Crossflatts
Bingley
West Yorkshire
BD16 2UA
Attention: Neil Vanham
Telephone: +44 (0) 1274 806 341
This information is provided by RNS
The company news service from the London Stock Exchange
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