39XK Gran.04 2 1a1

TIDM39XK

RNS Number : 5909F

Granite Mortgages 04-2 PLC

13 November 2015

13 November 2015

Granite Mortgages 04-2 plc (the "Issuer")

(Incorporated in England and Wales as a public limited company under registered number 05057377)

EUR 1,340,000,000 Series 2 Class A1 Notes due 2044 (ISIN: XS0193212825)

EUR 92,000,000 Series 2 Class B Notes due 2044 (ISIN: XS0193215414)

EUR 53,500,000 Series 2 Class M Notes due 2044 (ISIN: XS0193216578)

EUR 89,000,000 Series 2 Class C Notes due 2044 (ISIN: XS0193217030)

GBP 244,000,000 Series 2 Class A2 Notes due 2044 (ISIN: XS0193213807)

GBP 752,100,000 Series 3 Class A Notes due 2044 (ISIN: XS0193218350)

GBP 38,900,000 Series 3 Class B Notes due 2044 (ISIN: XS0193218863)

GBP 26,500,000 Series 3 Class M Notes due 2044 (ISIN: XS0193219754)

GBP 48,500,000 Series 3 Class C Notes due 2044 (ISIN: XS0193220927)

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 26 May 2004.

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 December 2015.

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

END

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November 13, 2015 02:00 ET (07:00 GMT)

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