MORTGAGES NO.7 PLC - Notice to Holders of Mortgage Backed Floating
Rate Notes
THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF
CLASS A NOTEHOLDERS. IF CLASS A NOTEHOLDERS ARE IN ANY DOUBT AS TO
THE ACTION THEY SHOULD TAKE, THEY SHOULD CONSULT THEIR OWN
INDEPENDENT PROFESSIONAL ADVISERS AUTHORISED UNDER THE FINANCIAL
SERVICES AND MARKETS ACT 2000 IMMEDIATELY.
Mortgages No 7 plc
(the Issuer)
(Incorporated in England and Wales with limited liability under Registered
Number 5492092)
NOTICE
of the holders of those of the outstanding
£438,000,000 Class A2 Mortgage Backed Floating Rate Notes due 2038
£36,350,000 Class B Mortgage Backed Floating Rate Notes due 2038.
£24,400,000 Class C Mortgage Backed Floating Rate Notes due 2038
£11,250,000 Class D Mortgage Backed Floating Rate Notes due 2038
£7,500,000 Class E Mortgage Backed Floating Rate Notes due 2038
£7,500,000 Class F Mortgage Backed Floating Rate Notes due 2038
Unless otherwise defined in this Notice, capitalised terms used
in this Notice shall have the meanings ascribed to them in the
master definitions agreement dated 8 August,
2005 (as supplemented or amended from time to time) between,
among others, the Issuer and the Note Trustee (the Master
Definitions Agreement ).
NOTICE IS HEREBY GIVEN to the holders of the above Notes that,
following recent discussions amongst the relevant transaction
parties and their legal counsel, it has been determined that the
interpretation of the Reserve Fund Required Amount (the RFRA)
currently being applied is ambiguous in respect of the mechanics of
calculation of the RFRA and such interpretation does not reflect
the original intent of the interpretation. From the Interest
Payment Date falling in January 2013,
the RFRA will be adjusted down to the quantum of the Reserve Fund
at the point in time when the permitted amortisation of that fund
ceased in October 2008. The RFRA will
not increase above this balance on future Interest Payment
Dates.
This Notice is given by
Mortgages No 7 plc
As Issuer