Notice of Redemption


 

TIDM89NM 
 
RNS Number : 9430D 
Permanent Financing (No.5) PLC 
10 December 2009 
 
RNS ANNOUNCEMENT 
 
 
 
 
PERMANENT FINANCING (NO. 5) PLC (the Fifth Issuer) 
 
 
NOTICE OF REDEMPTION 
 
 EUR1,000,000,000 Series 4 Class A Asset Backed Floating Rate Notes due June 
2042 (ISIN: XS0197061251 - Common Code: 19706125 - CUSIP: N/A) 
 EUR43,500,000 
Series 4 Class B Asset Backed Floating Rate Notes due June 2042 (ISIN: 
XS0197061764 - Common Code: 19706176 - CUSIP: N/A) 
 EUR36,000,000 Series 4 
Class C Asset Backed Floating Rate Notes due June 2042 (ISIN: XS0197063117 - 
Common Code: 19706311 - CUSIP: N/A) 
 GBP500,000,000 Series 5 Class A1 Asset 
Backed 5.625% Fixed Rate Notes due June 2042 (ISIN: XS0197067613 - Common Code: 
19706761 - CUSIP: N/A) 
 GBP750,000,000 Series 5 Class A2 Asset Backed 
Floating Rate Notes due June 2042 (ISIN: XS0197069072 - Common Code: 19706907 - 
CUSIP: N/A) 
 GBP47,000,000 Series 5 Class B Asset Backed Floating Rate Notes 
due June 2042 (ISIN: XS0197070088 - Common Code: 19707008 - CUSIP: 
N/A) 
 GBP39,000,000 Series 5 Class C Asset Backed Floating Rate Notes due 
June 2042 (ISIN: XS0197070831 - Common Code: 19707083 - CUSIP: N/A) 
each issued by the Fifth Issuer 
 (the Fifth Issuer Notes and the holders 
thereof the Noteholders) 
constituted by a Trust Deed dated 22 July 2004 between the Fifth Issuer 
 and 
The Bank of New York Mellon (the Trustee) as trustee for the Noteholders (the 
Note Trustee) 
10 December 2009 
Notice is given by the Fifth Issuer to the Noteholders that the Seller on the 
Funding 1 Interest Payment Date that occurred on 10 December 2009 made a payment 
to Funding 1 pursuant to Clause 7.1(a) of the Mortgages Trust Deed in an amount 
which together with the Funding 1 Available Principal Receipts that were 
available to Funding 1 in accordance with the Funding 1 Pre-Enforcement 
Principal Priority of Payments was sufficient to enable Funding 1 to: 
 
 (a) 
     repay the final Scheduled Amortisation Instalment in respect of the Fourth 
Issuer Series 4 Term AAA Advance,




         the Fourth Issuer Series 4


Term AA Advance and the Fourth Issuer Series 4 Term A Advance due under the




         Fourth Issuer Intercompany Loan Agreement which enabled the


Fourth Issuer to redeem the following Fourth




         Issuer Notes in full


on the Interest Payment Date that occurred on 10 December 2009: 
 
 
(i)     EUR1,500,000,000 Series 4 Class A Asset Backed Floating Rate Notes due 
March 2034; 
 
 
          (ii)    EUR85,000,000 Series 4 Class B Asset Backed 
Floating Rate Notes due June 2042; and 
 
 
          (iii)   EUR62,500,000 
Series 4 Class M Asset Backed Floating Rate Notes due June 2042; 
 
 (b) 
repay the final Scheduled Amortisation Instalment in respect of the Fifth Issuer 
Series 4 Term AAA Advance, the




         Fifth Issuer Series 4 Term AA


Advance and the Fifth Issuer Series 4 Term BBB Advance due under the Fifth 
 
         Issuer Intercompany Loan Agreement which enabled the Fifth Issuer to 
redeem the following Fifth Issuer Notes in




         full on the Interest


Payment Date that occurred on 10 December 2009:

(i)


EUR1,000,000,000 Series 4 Class A Asset Backed Floating Rate Notes due June 
2042; 
 
 
          (ii)    EUR43,500,000 Series 4 Class B Asset Backed 
Floating Rate Notes due June 2042; and 
 
 
          (iii)   EUR36,000,000 
Series 4 Class C Asset Backed Floating Rate Notes due June 2042; 
 
 (c) 
 repay the final Scheduled Amortisation Instalment in respect of the Sixth 
Issuer Series 4 Term AAA Advance due




          under the Sixth Issuer


Intercompany Loan Agreement which enabled the Sixth Issuer to redeem the 
following Sixth




          Issuer Notes in part on the Interest Payment


Date that occurred on 10 December 2009: 
 
 
           (i)    EUR750,000,000 
Series 4 Class A Asset Backed Floating Rate Notes due June 2042; and 
 
 (d) 
     repay the Scheduled Amortisation Instalment in respect of the Seventh 
Issuer Series 3 Term AAA Advance due




          under the Seventh Issuer


Intercompany Loan Agreement which enabled the Seventh Issuer to redeem the 
following




          Seventh Issuer Notes in part on the Interest Payment


Date that occurred on 10 December 2009: 
 
 
           (i)    EUR1,700,000,000 
Series 3 Class A Asset Backed Floating Rate Notes due September 2032. 
All defined terms used in this notice shall have the meaning given to them in 
the Fourth Issuer Master Definitions and Construction Schedule dated 12 March 
2004, the Fifth Issuer Master Definitions and Construction Schedule dated 22 
July 2004, the Sixth Issuer Master Definitions and Construction Schedule dated 
18 November 2004, the Seventh Issuer Master Definitions and Construction 
Schedule dated 23 March 2005 and the Amended and Restated Master Definitions and 
Construction Schedule dated 24 September 2009 (as applicable). 
For further information please contact: 
 
 
Bank of Scotland plc 
Structured Securitisation Group 
10 Gresham Street 
London 
EC2V 7AE 
Attention: Gavin Parker 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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