Hermes XVII (AFTER RESTRUCTURING)
| Type |
Residential Mortgage Backed Securities |
| Issue date |
December 15, 2010 |
| Legal Final |
April 2042 |
| 1st call date |
18th January 2013 |
| Class A - D Step-up date |
18th January 2042 |
| Class E Step-up date |
18th January 2013 |
| Substitution |
No substitution |
| Portfolio |
- First ranking mortgages
- Dutch residential properties
- Payments collected monthly by direct debit
|
| Regulatory call |
No |
| Clean-up call |
Yes (10%) |
| Payment dates |
Quarterly (18th of every Jan, Apr, Jul, Oct) |
| BLOOMBERG |
<HERME 17><MTGE> |
Since the closing of the Hermes XVII transaction on 14 May 2009 the transaction has
been amended and restructured several times to cater for developments of the rating
of SNS Bank and for newly published rating criteria. Below follows a short overview
of the amendments.
(A) on 4 February 2010, SNS Bank transferred its position as initial floating
rate gic provider under the Floating Rate GIC to Coöperatieve Centrale
Raiffeisen-Boerenleenbank B.A. as Floating Rate GIC Provider by way of
contract transfer ("contractsoverneming");
(B) on 28 April 2010, SNS Bank transferred its position as initial liquidity
facility provider under the Liquidity Facility Agreement to BNP Paribas as
Liquidity Facility Provider by way of contract transfer ("contractsoverneming")
and BNP Paribas acceded to inter alia the Master Definitions Agreement;
(C) on 8 October 2010, in order for the Senior Class A notes to meet the requirements
to be recognised as eligible collateral for Eurosystem monetary policy and
intra-day operations by the Eurosystem, the Parties entered into a restructuring
of the Hermes XVI transaction pursuant to which Moodys was added as a rating agency
to the transaction;
(D) On 11 October 2010, SNS Bank N.V. and BLG Hypotheekbank N.V., each a seller
under the original mortgage receivables purchase agreement dated 26 March 2007,
merged (“juridische fusie”) with BLG Hyptheekbank N.V. as disappearing entity;
(E) On 15 December 2010, in connection with the sale by the Subordinated Class E
noteholder of the Subordinated Class E notes and at the request of the Noteholders,
which was sanctioned by an Extraordinary Resolution of each Class of Noteholders,
the Master Definition Agreement, the Mortgage Receivables Purchase Agreement,
the Administration Agreement, the Trust Deed, the Conditions and the Swap
Agreement were amended;
(F) on 18 May 2011 a new clause was added to the Administration Agreement, this
clause stipulates that if at any time the rating of the long-term unsecured,
unsubordinated and unguaranteed debt obligations of SNS Bank, in its capacity as
Administrator, falls below Baa3 by Moody's or such rating is withdrawn, the Issuer
shall use its reasonable efforts (i) to replace SNS Bank in its capacity as
Administrator in relation to the services provided as issuer administrator and
(ii) to appoint a back-up administrator in relation to the services provided as
mortgage administrator for the Mortgage Loans and Mortgage Receivables within
forty (40) business days;
(G) on 6 March 2012 some additional amendments have been made (i) the Issuer entered into
a financial collateral agreement to secure the Seller's obligation to reimburse the
Issuer for set-off claims by Borrowers and (ii) the implementation of a collection
foundation structure is included in the documents, with these changes the Notification
Trigger for Fitch has been lowered from A- to BBB.