56JX Sthn.pac 4a1ba

 
TIDM56JX 
 
THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF NOTEHOLDERS. 
IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD 
      SEEK THEIR OWN FINANCIAL AND LEGAL ADVICE, INCLUDING AS TO ANY TAX 
  CONSEQUENCES, IMMEDIATELY FROM THEIR STOCKBROKER, SOLICITOR, ACCOUNTANT OR 
                 OTHER INDEPENDENT FINANCIAL OR LEGAL ADVISER. 
 
                    IMPORTANT NOTICE TO THE HOLDERS OF THE 
 
      EUR325,700,000 Class A1a Mortgage Backed Floating Rate Notes due 2029 
 
                             (ISIN: XS0186711585) 
 
      $310,000,000 Class A1b Mortgage Backed Floating Rate Notes due 2029 
 
                      (ISIN: XS0186713102, US84359TAA51) 
 
      GBP177,700,000 Class A2 Mortgage Backed Floating Rate Notes due 2042 
 
                             (ISIN: XS0186713797) 
 
       GBP31,500,000 Class M Mortgage Backed Floating Rate Notes due 2042 
 
                      (ISIN: XS0186714506, US84359TAB35) 
 
        GBP6,000,000 Class B Mortgage Backed Floating Rate Notes due 2042 
 
                             (ISIN: XS0186715222) 
 
                   are together referred to as the "Notes". 
 
                                   issued by 
 
                     SOUTHERN PACIFIC SECURITIES 04-1 PLC 
 
                                (the "Issuer") 
 
                         on or about 23 February 2004 
 
Capitalised terms used but not otherwise defined herein shall have the meanings 
ascribed to them in the Terms and Conditions of the Notes set out in the Trust 
Deed (the "Trust Deed") dated on or about 26 February 2004 and entered into 
between the Issuer, MBIA Assurance S.A. and Capita IRG Trustees Limited (the " 
Trustee") and the master definitions schedule (the "Master Definitions Schedule 
") dated on or about 26 February 2004 and entered into between, among others, 
the Issuer and the Trustee. 
 
We refer to the notice issued by the Issuer to the holders of the Notes (the " 
Noteholders") dated 9 February 2010 (the "Notice"). 
 
Further to the Notice, the Issuer would like to inform Noteholders that 
Barclays Bank PLC, as the Account Bank, required that certain amendments were 
made to the Bank Agreement as a condition to the Account Bank agreeing to 
transfer the Collection Account held in the name of Southern Pacific Personal 
Loans Limited ("SPPL") into the name of the Issuer.  The Account Bank required 
that the amendments were made to accurately reflect the operational 
arrangements being undertaken by the Account Bank and the Cash/Bond 
Administrator in relation to the Collection Account and to include the Account 
Bank's standard terms (including the indemnification provisions in favour of 
the Account Bank) for the provision of direct debit sponsorship services 
provided in relation to the Collection Account. 
 
 
 
The amendments to the Bank Agreement were made pursuant to an accession, 
amendment and interface deed (the "Deed").  The Deed was entered into by the 
Issuer on 28 June 2010. Copies of the Deed in physical form may be inspected 
during normal business hours on any day (excluding Saturdays, Sundays and 
public holidays) at the offices of the Issuer. 
 
 
 
Further to the execution of the Deed, and the execution of further 
documentation as was requested by the Account Bank, the Collection Account is 
in the process of being transferred into the name of the Issuer. The Account 
Bank requires that legal title to the Mortgages originated by SPPL (the "SPPL 
Mortgages") are also transferred into the name of the Issuer before customer 
payments made by direct debit in relation to such SPPL Mortgages can be 
received into the Collection Account.  As a result, legal title to the SPPL 
Mortgages will also be transferred into the name of the Issuer. 
 
The Issuer is currently overseeing the transfer of the Collection Account and 
legal title to the SPPL Mortgages to the Issuer with the Cash/Bond 
Administrator, Mortgage Administrator and Account Bank. Due to the large number 
of SPPL Mortgages, the Mortgage and Collection Account transfer process will 
take some time but it is anticipated that legal title to approximately 90 per 
cent. of the SPPL Mortgages will be transferred into the name of the Issuer by 
the end of August 2010. Legal title to the remaining 10 per cent. of the SPPL 
Mortgages (which are non-conforming or include features that mean it will take 
longer for them to be transferred) are expected to be transferred during the 
course of September and October 2010. 
 
Queries may be addressed to the Issuer as follows: 
 
  * Southern Pacific Securities 04-1 PLC 
 
  * c/o Capita Trust Company Limited 
 
  * 7th Floor, Phoenix House 
 
  * 18 King William Street 
 
  * London EC4N 7HE 
 
  * Attention: Virginia Duncan 
 
  * Telephone: +44 (0) 20 7800 4118 
 
  * Fax: +44 (0) 20 7648 7499 
 
  * e-mail: vduncan@capitafiduciary.co.uk 
 
  * Ref: SPS 04-1 PLC 
 
This Notice is given by the Issuer 
 
12 August 2010 
 
 
 
 
END 
 

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