Fastnet Securities 7 gets consent to amend mortgage-backed notes

By Angela McDaniels

Tacoma, Wash., Sept. 14 - Fastnet Securities 7 Ltd. said it received noteholder consent to make several amendments to its class A1, class A2, class A3 and class B mortgage-backed floating-rate notes due 2051.

For each series of class A notes, the principal amount was amended to €300 million from €375 million and the principal amount outstanding was changed to €272.6 million.

For the series B notes, the principal amount was amended to €600 million from €375 million and the principal amount outstanding was changed to €545,238,175.16.

The notes now carry a fixed interest rate of 0.1% instead of a floating rate, and interest payments will be made monthly instead of quarterly.

The final date on which further advances, new loans or substitute loan may occur was changed to coincide with the interest payment date falling in September.

Other changes include the following:

• The termination of the existing swap arrangements with no replacement swap arrangements being entered into by the issuer;

• The appointment of Standard & Poor's as an additional rating agency;

• The replacement of Irish Life & Permanent as account bank with Irish Life & Permanent to act as trust account bank only;

• The appointment of BNP Paribas Securities Services, London Branch as issuer account bank in respect of the transaction account and reserve account and as back-up cash manager;

• The appointment of BNP Paribas, London Branch as back-up servicer facilitator;

• The removal of the "contingency reserve ledger" and the "liquidity reserve ledger" from the documents;

• The reduction of the reserve ledger required amount; and

• The amendment of the mortgage management agreement, the mortgage sale agreement, the bank agreement, the paying agency agreement, the master definitions schedule and the conditions.

These changes were implemented on Sept. 14.

Fastnet Securities 7 is based in Dublin.

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