66OC Investec Bnk 23

RNS Number:6030P
Solar Funding 1 ld
7 January 2002



TO: COMPANY ANNOUNCEMENTS OFFICE



                                   Series No. 2
                   Euro 12,000,000 Signature Tranche C (First Loss) 
                  Secured Credit-Linked Notes due 2004 (the "Notes")
  Issued pursuant to the US$1,000,000,000 Secured Asset-Backed Medium Term Note 
                     Programme of Solar Funding I Limited



We refer to the above Notes issued by Solar Funding I Limited. Terms used in 
this notice and not otherwise defined shall have the meaning given to them in 
the terms and conditions of the Notes.



Credit Event relating to Railtrack plc

Following the determination by The Royal Bank of Scotland plc, as Calculation 
Agent in respect of the Notes, of a Bankruptcy Credit Event with respect to 
Railtrack plc (the "Railtrack Credit Event"), we hereby notify you that (a) a 
Credit Event Notice and Notice of Publicly Available Information were been 
delivered by the Calculation Agent on 8 November 2001; and (b) a Deliverable  
Obligations Notice (a copy of which is enclosed with this notice) was delivered 
by the Calculation Agent on 18 December 2001, in each case, in accordance with 
Paragraph 40 of the Pricing Supplement relating to the Notes.


Following the occurrence of the Railtrack Credit Event, an Early Redemption Date
occurred with respect to the Notes on 27 December 2001. On such date, the 
principal amount of the Notes were reduced by Euro 2,513,000 (such amount being 
equal to the principal amount of the Underlying Assets liquidated in order to 
realise a Reference Credit Amount of Euro 2,505,241. The Reference Credit Amount
was calculated by the Calculation Agent on the Valuation Date, being 20 December
2001, in accordance with Paragraph 40 of the Pricing Supplement and corresponds 
to the Cash Settlement Amount (as defined in the Related Agreement) payable by 
the Issuer to the Counterparty on the Cash Settlement Date (as defined in the 
Related Agreement) in accordance with the terms of the Related Agreement).


The aggregate principal amount of the Notes outstanding with effect from 27 
December 2001 is therefore Euro 9,487,000.



Credit Event relating to Enron Corporation


Following a further determination by the Calculation Agent of a Bankruptcy 
Credit Event with respect to Enron Corporation (the "Enron Credit Event"), we 
hereby further notify you that a Credit Event Notice and Notice of Publicly 
Available Information have been delivered by the Calculation Agent on 13 
December 2001 in accordance with Paragraph 40 of the Pricing Supplement relating
to the Notes.


The Valuation Date with respect to the Enron Credit Event (on which date the 
amount by which the principal amount of the Notes may be further reduced shall 
by calculated by the Calculation Agent) will occur on 30 January 2002.



Deferral of Payment of Interest


The Event Determination Dates with respect to the Railtrack Credit Event and the
Enron Credit Event occurred on 8 November 2001 and 13 December 2001, 
respectively. As each such date occurred less than 33 Transaction Business Days 
prior to an Interest Payment Date (being 17 December 2001) we hereby further 
notify you that the Noteholder shall not be entitled to payment of interest in 
respect of the Notes for the Interest Period ending on such Interest Payment 
Date until the first Presentation Business Day after the Early Redemption Date 
relating to the Enron Credit Event.



FROM: SOLAR FUNDING I LIMITED 

 
  

LETTER TO: SOLAR FUNDING I LIMITED


                                    Series 2 
             Euro 12,000,000 Signature Tranche C (First Loss) Secured
                    Credit-Linked Notes due 2004 (the "Notes")
  Issued pursuant to the US$1,000,000,000 Secured Asset-Backed Medium Term Note 
                Programme of Solar Funding I Limited (the "Issuer")


As Calculation Agent in respect of the Notes, we hereby deliver this Deliverable
Obligation Notice in accordance with the terms and conditions of the Notes (the 
"Conditions"). Terms used but not otherwise defined in this notice shall have 
the same meanings as set out in the Conditions.

Following the occurrence of a Credit Event with respect to Railtrack plc and in 
accordance with the Conditions;


   1. In the event that the Noteholder exercises its Physical Delivery Option,  
      we reasonably expect to Deliver on your behalf to the Noteholder the      
      following Deliverable Obligation:                                         
     

Reference        Type of            Detailed        ISIN Number     Relevant
Entity           Deliverable        Description                     Stock 
                 Obligation                                         Exchange


Railtrack plc    Bonds: Original    3.50% Bonds     XS0095053699    London
                 Issue Size GBP     due 2009
                 400,000,000



   2. On the Valuation Date, we shall determine (a) the Reference Security Price
      of the above Deliverable Obligation and (b) the Reference Credit Amount,  
      and shall thereupon promptly deliver a Loss Allocation Certificate to you.


A copy of this notice shall be delivered to the Noteholder.



LETTER FROM: THE ROYAL BANK OF SCOTLAND

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