TIDM12WM
RNS Number : 2905D
Blitzen Securities No.1 PLC
18 October 2022
RNS Number: 2905D
Blitzen Securities No.1 PLC
18 October 2022
Notice to Noteholders and Certificate holders
Blitzen Securities No. 1 Plc
(the "Issuer")
BLITZEN SECURITIES NO. 1 PLC
(a public company i ncorporated with limited liability in
England and Wales
with registered number 13012841)
(the "Issuer")
NOTICE
to the holders of:
GBP484,740,000 of Class A mortgage-backed floating rate notes
due 2062
(ISIN XS2374596109)
GBP25,660,000 of Class B mortgage-backed floating rate notes due
2062
(ISIN XS2374597255)
GBP25,660,000 of Class C mortgage-backed floating rate notes due
2062
ISIN: XS2374597503
GBP17,110,000 of Class D mortgage-backed floating rate notes due
2062
ISIN: XS2374597768
GBP11,410,000 of Class E mortgage-backed floating rate notes due
2062
ISIN: XS2374597925
GBP5,698,000 of Class F mortgage-backed floating rate notes due
2062
ISIN: XS2374598576
GBP14,260,000 of Class X mortgage-backed floating rate notes due
2062
ISIN: XS2374608128
(together the "Notes")
(ISIN XS2374596109)
Class Y Certificate due 2062
(ISIN XS2374723224)
Class RC1 Residual Certificate due 2062
(ISIN XS2374723901)
Class RC2 Residual Certificate due 2062
(ISIN XS2374724545)
(together, the "Certificates")
each issued by the Issuer and constituted by a trust deed dated
20th August 2021 between the Issuer and Deutsche Trustee Company
Limited in its capacity as Note Trustee and Security Trustee.
1. AMENDMENT TO THE SECURITISATION MORTGAGE SALE AGREEMENT
This Notice provides a summary of the amendment to the
Securitisation Mortgage Sale agreement.
A Further Advance Loan means a Further Advance is offered to a
Borrower and the funds for such Further Advance become due to the
relevant Borrower's solicitors. The original Clause 7.6 of the
Securitisation Mortgage Sale Agreement required the Seller to
repurchase any Loan in respect of which a Further Advance Loan is
being made, if a Further Advance Trigger has occurred or would
occur as a consequence of such Further Advance Loan being acquired
by the Issuer (an "Initial Trigger Further Advance Loan").
The Securitisation Mortgage Sale Agreement has been modified
such that the Initial Trigger Further Advance Loan will not be
required to be repurchased by the Seller, however all subsequent
Further Advance Loans (and the Loan to which such Further Advance
Loan relates) will be required to be so repurchased. No other
changes have been made to the Securitisation Mortgage Sale
Agreement or any other Transaction Document.
2. THE REVISED SECURITISATION MORTGAGE SALE AGREEMENT
The entire original clause 7.6 of the Securitisation Mortgage
Sale agreement was as follows:
7.6 If a Further Advance Trigger has occurred or would occur as
a consequence of the Further Advance Loan being sold to the Issuer,
the Seller shall be required to repurchase from the Issuer on the
Loan Repurchase Date any Loan in respect of which a Further Advance
Loan is being made if the (Further Advance Trigger has occurred) or
any Loan in respect of which a Further Advance Loan which would
cause the Further Advance Trigger to occur.
The entire original clause 7.6 of the Securitisation Mortgage
Sale Agreement has been deleted and replaced as follows:
7.6. If a Further Advance Trigger has occurred as a consequence
of a Further Advance Loan being sold to the Issuer, no subsequent
Further Advance Loans will be sold to the Issuer and the Seller
shall be required to repurchase from the Issuer on the Loan
Repurchase Date any Loan in respect of which a Further Advance Loan
is being made after the Further Advance Trigger has occurred.
The amended Securitisation Mortgage Sale Agreement will be
available for viewing electronically by the holders of the Notes
and the Certificates via the following links:
https://www.euroabs.com/IH.aspx?d=16353
https://www.secrep.co.uk
In addition, copies of the amended Securitisation Mortgage Sale
Agreement will be available for inspection by holders of the Notes
and the Certificates at the following office of the Issuer:
10th Floor, 5 Churchill Place, London, United Kingdom, E14
5HU
Capitalised terms used herein which are not specifically defined
have the meanings given to them in Schedule 1 (Master Definitions
Schedule) of the incorporated terms memorandum, dated 20th August
2020, entered into between, inter alios, the Issuer and Blitzen
Bidco DAC No.1 as Seller (as may be further amended, restated,
varied, replaced, supplemented and/or novated from time to
time).
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END
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