Repossession questioned by deeds not being signed

[marika41]

Hi,

No its OK the charge is what you need.

The charge is what the lender puts on for the mortgage.

A Deed is what the House is on so to speak as it all about the piece of land it sits on if you get it??

 

thank you isitme

[marika41]

Hi marika,

 

How do you know that it has been received by LR when there is no signature on the Royal Mail receipt. What does it show when you use Track and Trace? Has your cheque been cashed yet?

 

Hopefully, you will have been dealing directly with your local LR office, if you have been promised documents from LR then it should send you everything currently showing on the register. You should get your mortgage deed (official copy) and anything else showing for one fee of £11.00.

 

If you need any historical documents i.e. previous mortgage deeds, then it is £11.00 for each document required that is not currently shown on the register.

 

So, if LR are true to its word then you should get everything that you need.

 

hi mutt1 There is a telephone number to call the post office,it is an automated line, I gave the bar number code and it came back and said it was signed for at 11.54 on the 11/10/13 It did not tell me who signed for it so I have no idea, Yes I sent it to my local LR with a cheque for £11 and £7 i filled in two forms OC1 and OC2.I thought it was strange it was not showing my request on the system.I do want a copy of my original mortgage deed as well as the remortgage deed for a seperate complaint I have regarding my mortgage Do I fill in a different form to get that do you know?

[MUTT1]

Hi marika41,

 

What did you request in box 7. where it asks for nature of document on form OC2? Did you enter Mortgage Deed?

 

I don't know if you spoke to your local LR before you sent off your forms because you would have been provided with all of the information needed i.e. date of document, title number, number of copies etc.?

 

I think that what you have previously said that LR are going to send you the documents shown on the register, then you will be fine. If you have any worries still then, to be honest, if it were me I would get back on to LR (local office) and get them to confirm that you are going to receive an official copy of your morgage deed. LR refers to it as a Mortgage Deed and that's what you should get.

 

If you do phone and they start asking questions like they did with me, I would suggest that you reply that it is for personal use and it's private.

[marika41]

Hi marika41,

 

What did you request in box 7. where it asks for nature of document on form OC2? Did you enter Mortgage Deed?

 

I don't know if you spoke to your local LR before you sent off your forms because you would have been provided with all of the information needed i.e. date of document, title number, number of copies etc.?

 

I think that what you have previously said that LR are going to send you the documents shown on the register, then you will be fine. If you have any worries still then, to be honest, if it were me I would get back on to LR (local office) and get them to confirm that you are going to receive an official copy of your morgage deed. LR refers to it as a Mortgage Deed and that's what you should get.

 

If you do phone and they start asking questions like they did with me, I would suggest that you reply that it is for personal use and it's private.

 

Yes I wrote mortgage deed on one form and title register on the other,the lady who said she was sending me the copy of the charge said yes after i asked 3 times it is the deed, she said there was no request showing on the system but she will send me the charge,title and plans anyway though I do not think I asked for plans, unless they are included in the price?

[applecart]

Yes I wrote mortgage deed on one form and title register on the other,the lady who said she was sending me the copy of the charge said yes after i asked 3 times it is the deed, she said there was no request showing on the system but she will send me the charge,title and plans anyway though I do not think I asked for plans, unless they are included in the price?

 

Might have been idea, to avoid any confusion to follow through and make sure they are going to send you a copy of the 'approved form of charge' - which will and should be the 'mortgage deed'.....

 

For HMLR seem to be saying they are going to send you a copy of the 'title register'....and a copy of the title plan.....??

 

There seems to be some 'play' on words going on......

 

That's why it is important to know what you are talking about.....so that if they try to confuse you.....you can be sure to put them straight.....you must insist that they send you what you have paid for....

 

 

Call them again...and be sure please : )

 

Apple

[MUTT1]

Hi marika41,

 

I think that you will be fine, just out of interest, did you use Royal Mail Track & Trace to see if your application was signed for and which office it was sent from?

 

I have never used the phone number, just Google Track & Trace, this will bring you to the official RM site, select track an item, enter your barcode and you should see that it has been delivered. Next select check signature and that should show you who signed for it. This can be printed off if you need it for future reference.

 

Hope I am not telling you things that you already know.

[applecart]

Hi,

No its OK the charge is what you need.

The charge is what the lender puts on for the mortgage.

A Deed is what the House is on so to speak as it all about the piece of land it sits on if you get it??

 

HI Is It Me.... I get what you mean...but I can see how others may get slightly confused with what you have posted here.....

 

If ever you intend to talk about the 'charge'....it is a better thing to talk about the 'charge' for our purpose - as the 'approved "form" of charge'.....that way even if they are not quite with it.....they should quickly be able to make out that you are talking about the 'mortgage deed'.......best to use BOTH terms to be sure though.....me thinks....to be as sure s we can be that you and they are on the same page.....

 

Apple

[MUTT1]

Hi marika41,

 

Just looked at your post 2177 again, you will have ask LR what is currently showing on the register relating to legal charges, you may have both your current mortgage lender showing as well as your first lender however, I think that you will find that your first lender is now a historical entry and as such you will need to make a request using form OC2 box 7. for documents which are not referred to in the register. Under the title Nature of document, enter Mortgage Deed and the company name, enter the date in the next column (if you do not know this your local LR will provide all of the info that you need) & then number of copies. Rember it is £11.00 per copy so obviously just enter 1.

 

Sign & date in box 8 and send a cheque for £11.00. All to be sent as you already know to your local LR.

 

Hope this helps

[MUTT1]

Hi marika41,

 

Forgot to say, that I would wait to see what LR send you, you might find that they send you the first mortgage deed and if so that will save you £11.00. If not then do as my previous post.

[marika41]

Might have been idea, to avoid any confusion to follow through and make sure they are going to send you a copy of the 'approved form of charge' - which will and should be the 'mortgage deed'.....

 

For HMLR seem to be saying they are going to send you a copy of the 'title register'....and a copy of the title plan.....??

 

There seems to be some 'play' on words going on......

 

That's why it is important to know what you are talking about.....so that if they try to confuse you.....you can be sure to put them straight.....you must insist that they send you what you have paid for....

 

 

Call them again...and be sure please : )

 

Apple

 

Hi Apple I will ring them again first thing in the morning, I could not get through this afternoon, I just find it strange they kept saying there was no request on the system, knowing they definitely received it on the 10th, but as a favour they will send me copies, are they normally like this or slow at getting requests to show up on the system or is it to do with this thread that requests are going missing? Maybe I have just been unlucky though

[marika41]

Might have been idea, to avoid any confusion to follow through and make sure they are going to send you a copy of the 'approved form of charge' - which will and should be the 'mortgage deed'.....

 

For HMLR seem to be saying they are going to send you a copy of the 'title register'....and a copy of the title plan.....??

 

There seems to be some 'play' on words going on......

 

That's why it is important to know what you are talking about.....so that if they try to confuse you.....you can be sure to put them straight.....you must insist that they send you what you have paid for....

 

 

Call them again...and be sure please : )

 

Apple

 

Hi Apple Will do,could not get through this afternoon so will ring again first thing in the morning

[marika41]

Everyone is so kind and helpful on here, thank you very much all

[applecart]

Hi Apple I will ring them again first thing in the morning, I could not get through this afternoon, I just find it strange they kept saying there was no request on the system, knowing they definitely received it on the 10th, but as a favour they will send me copies, are they normally like this or slow at getting requests to show up on the system or is it to do with this thread that requests are going missing? Maybe I have just been unlucky though

 

Hii Marika41

 

I have no idea.....it is important to be clear what you are asking them for....they are 'administrators'....not lawyers......it is up to you to be crystal clear......

 

It does seem weird that they were not sure of the difference between a request for a mortgage deed and a title plan though.....considering...they 'guarantee' titles in the UK......if they can't even make this simple distinction, we are in for a 'rocky road'.......

 

Do your best to make sure they are sending you what you paid for tomorrow though : )

 

Marika41....just a quick question..........How much time do we have left before your defence needs to be with the court??

 

Apple

[applecart]

Hi marika41,

 

Just looked at your post 2177 again, you will have ask LR what is currently showing on the register relating to legal charges, you may have both your current mortgage lender showing as well as your first lender however, I think that you will find that your first lender is now a historical entry and as such you will need to make a request using form OC2 box 7. for documents which are not referred to in the register. Under the title Nature of document, enter Mortgage Deed and the company name, enter the date in the next column (if you do not know this your local LR will provide all of the info that you need) & then number of copies. Rember it is £11.00 per copy so obviously just enter 1.

 

Sign & date in box 8 and send a cheque for £11.00. All to be sent as you already know to your local LR.

 

Hope this helps

 

Just a quick question Mutt1......why do you think the old lender will be showing on the title register?

 

Apple

[marika41]

Hii Marika41

 

I have no idea.....it is important to be clear what you are asking them for....they are 'administrators'....not lawyers......it is up to you to be crystal clear......

 

It does seem weird that they were not sure of the difference between a request for a mortgage deed and a title plan though.....considering...they 'guarantee' titles in the UK......if they can't even make this simple distinction, we are in for a 'rocky road'.......

 

Do your best to make sure they are sending you what you paid for tomorrow though : )

 

Marika41....just a quick question..........How much time do we have left before your defence needs to be with the court??

 

Apple

I find it strange they said they have not received the forms i sent too, but maybe it was me not being clear enough. My defence 28 days began on the 9th october so has to be in by the 5th November I think as I am not sure if the 9th october counts as the first day

[applecart]

I find it strange they said they have not received the forms i sent too, but maybe it was me not being clear enough. My defence 28 days began on the 9th october so has to be in by the 5th November I think as I am not sure if the 9th october counts as the first day

 

It is strange that they did not receive them.... you can use the barcode shown on the receipt from the post office to go on to the post office website - look up 'tracking'......when you do...you should be able to download a copy of the signature of whomsoever 'signed' to say they received it..... try this - see if it works for you......

 

OK...... I hear you on the court deadline...... : )

 

Apple

[marika41]

Thank you thank you thank you

[marika41]

TY APPLE MUTT1 I now have the signature name time and date

[applecart]

TY APPLE MUTT1 I now have the signature name time and date

 

Brilliant....keep it on file......you may need to refer to it in due course : )

 

Apple

[alisono]

Good Evening All,

 

Thought I would drop a note to say I now have my court date and information from the Court.

Defense filed and served.

Interestingly enough the lender has sent me a letter saying it's date is for repossession of my home again, nothing about the Property Chamber or what I served as my defense.

The Court say it was a ruling to file and serve the claimants a fully pleaded defense

Claim ajourned for Directions

The defendant shall at the hearing produce evidence/correspondance relating to the timescales of the First Tier Tribunal as per my appplication dated 24/09/2013.

I served both my papers on the lender as instructed but not signed for so today before 5pm I faxed them to the legal department of PW&C who said they would send to the 1 director left of the company, they only use PW&C as a registered address.

IS IT ME hi I will need your services

[alisono]

Hi wanted to give you a bit of a laugh also, I received my statement from the Lender today, funny as it is signed : For and on the behalf of the London Mortgage Company Ltd. Uhmm some needs to tell them that the London Mortgage Company Ltd was actually dissolved at company's house on the 12th January 2011. I have told them this now twice and in a letter on the 30th August they told yes it had been dissolved I was correct. Why do they keep sending me letters signed this.

 

Southern Pacific Mortgage Ltd t/as London Mortgage Company in companies house, registered address 10-18 Union Street, London, SE1 1SZ, the company address of the liquidators for Lehman Brothers, Price Waterhouse & Cooper. It has 1 director Lee Brandon and has 2 mortgages to it's name. (19 in total, 17 Satisfied, 2 remaining)

[MUTT1]

Hi apple,

 

When I spoke to my local LR there were two entries on my title register, these were the very first mortgage lender and my current lender. I suppose that there will have to be a start point when the title was first registered and the last (current) point as to who is the lender now. Just my thoughts.

 

On the charges register however, there are a number of lenders shown (historically) who are not referred to in the register but, have been at some time. This is the result of having to remortgage several times to avoid repossession.

 

Hope that helps.

[UNRAM]

Hello Mutt1

 

In response to Apples question about POA, as Apple is fully aware the question is totally irrelevant. It is a mere and poor attempt to deflect from the actual problem with the argument.

 

Apple asserts that deeds (the RRO 2005 applied to all deeds and not just mortgage deeds), must be signed by both the grantor and the grantee otherwise they are void. A POA is an example of a deed that is only signed by the grantor and yet Apple accepts it to be valid and not void.

 

You can't say that deeds require both signatures and at the same time accept that a deed only needs one signature. You must be able to see there is a conflict in ideas there.

 

A clear case of having your cake and eating it. It is one or the other, as they are conflicting ideas you can't accept both ;-)

 

In response to your other question

 

A unilateral deed only requires the signature of the grantor - examples include POA's and the mortgage deeds I have posted to this thread. The reason why they only need to be signed by the grantor is that it is only the grantor that is either agreeing to or agreeing to do something. Look at the deeds posted, they do not include any clauses detailing anything to be done by the lender. The lender isn't agreeing to or agreeing to do anything. The mortgage deeds posted are examples of deeds in which it is the borrower that is agreeing to do a,b,c and d.

 

On the other hand a bilateral deed requires the signature of both parties as both parties are agreeing to or agreeing to do things.

 

You sign it to say you agree to what it says. If there is nothing for you to agree to, there is no need for you to sign.

 

Look at the mortgage deed for the Land Registry 'CH1 form' is is signed as a deed by the borrower it says full title guarantee / limited title guarantee and it says charge by legal mortgage.

 

It also confirms that it only needs to be signed by the lender if there is a stated obligation to provide a further advance.

 

I think we are getting to the core of the issue now... however, a mortgage is a bilateral agreement. By signing a mortgage deed I say "I grant you this security in return for the advance". I'm not just saying "I grant you this security". A deed does not exist in isolation - it terms (in my own case) are contractual in their nature insofar that they are defined and agreed in the mortgage offer which appears on its face to be a contract. The charge is granted under contract. If you do not agree can you refer to law that states it is unilateral?

[UNRAM]

bhall can you also elaborate further on the issue you raised of deeds with lender obligations not being signed by the lender. You previously said that if a lender has obligations but has not signed the deed a judge may simply strike off the obligations if they have not been called upon at the time of a dispute. i.e. obligations to make further advances not made may be erased from the deed? Am I quoting you correctly. Do you still agree that a judge can simply remove terms and conditions from a deed and doesnt this contradict what you said about obligations needing a signature?

[alisono]

Hi All,

I need so advice here and may need to post this somewhere else but there are so many threads.

 

I am trying to cover all my bases here on the repossession.

I have found this which was posted about Eurosail and my loan does sit in these pools, Acenden told me.

 

I really don't understand it so any of you guys that do any help would be grateful.

 

Eurosail loans bought and signed for November 2007 this obviously refers to when Lehamns collapsed.

 

Eurosail-UK 2007-6NC

Notice

RNS Number : 4294E

Eurosail-UK 2007-6NC Plc

18 December 2009

 



 

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF NOTEHOLDERS. IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD SEEK THEIR OWN FINANCIAL AND LEGAL ADVICE, INCLUDING AS TO ANY TAX CONSEQUENCES, IMMEDIATELY FROM THEIR STOCKBROKER, SOLICITOR, ACCOUNTANT OR OTHER INDEPENDENT FINANCIAL OR LEGAL ADVISER.

 

IMPORTANT NOTICE TO THE HOLDERS OF THE

Class A1a €158,040,000 mortgage backed floating rate notes due December 2029

(the "Class A1a Notes") (Rule 144A Notes ISIN: US29881HAA32 CUSIP: 29881HAA3 Reg S ISIN: XS0332284651)

Class A2a €111,140,000 mortgage backed floating rate notes due September 2045

(the "Class A2a Notes") (Rule 144A Notes ISIN: US29881HAD70 CUSIP: 29881HAD7 Reg S ISIN: XS0332285039)

Class A3a €170,530,000 mortgage backed floating rate notes due September 2045

(the "Class A3a Notes") (Rule 144A Notes ISIN: US29881HAG02 CUSIP: 29881HAG0 Reg S ISIN: XS0332285971)

Class B1a €30,330,000 mortgage backed floating rate notes due September 2045

(the "Class B1a Notes") (Rule 144A Notes ISIN: US29881HAK 14 CUSIP: 29881HAK1 Reg S ISIN: XS0332286862)

Class C1a €21,670,000 mortgage backed floating rate notes due September 2045

(the "Class C1a Notes") (Rule 144A Notes ISIN: US29881HAN52 CUSIP: 29881HAN5 Reg S ISIN: XS0332287084)

Class D1a €18,100,000 mortgage backed floating rate notes due September 2045

(the "Class D1a Notes") (Rule 144A Notes ISIN: US29881HAR66 CUSIP: 29881HAR6 Reg S ISIN: XS0332287597)

10,000 Residual Certificates

(the "Residual Certificates") (ISIN: XS0332376697)

 

issued by

EUROSAIL-UK 2007-6NC PLC

(the "Issuer")

on or about 28 November 2007

 

The Class A1a Notes, Class A2a Notes, Class A3a Notes, Class B1a Notes, Class C1a Notes and Class D1a Notes are together referred to as the "Notes".

 

References in this Notice to a Class of Notes shall be deemed to be a reference to the Class A1a Notes, the Class A2a Notes, the Class A3a Notes, the Class B1a Notes, the Class C1a Notes or the Class D1a Notes, as the case may be, and accordingly this Notice is convening a separate Meeting of the holders of the Notes of each Class.

 

NOTICE IS HEREBY GIVEN that separate Meetings of the holders of the Notes of each Class and the Residual Certificates convened by the Issuer will be held at the offices of Berwin Leighton Paisner LLP, at Adelaide House, London Bridge London EC4R 9HA on Tuesday, 12 January 2010 at 11.00 a.m. (in respect of the Class A1a Notes), 11.05 a.m. (in respect of the Class A2a Notes), 11.10 a.m. (in respect of the Class A3a Notes), 11.15 a.m. (in respect of the Class B1a Notes), 11.20 a.m. (in respect of the Class C1a Notes), 11.25 a.m. (in respect of the Class D1a Notes) and 11.30 a.m. (in respect of the Residual Certificates) (or, in each case, as soon after such time as the previous Meeting convened by this Notice shall have been concluded or adjourned and in each case London time), for the purpose of considering and, if thought fit, passing the Resolution set out below which will be proposed at each Meeting as an Extraordinary Resolution in accordance with the provisions of the Trust Deed dated 28 November 2007 (the Trust Deed) made between the Issuer and BNY Corporate Trustee Services Limited (the Trustee) as trustee for the Noteholders and constituting the Notes.

Capitalised terms used but not otherwise defined herein shall have the meanings ascribed to them in the Terms and Conditions of the Notes set out in the Trust Deed or the liquidity facility agreement (the "Liquidity Facility Agreement") dated 28 November 2007 between, among others, the Trustee and the Issuer.

EXTRAORDINARY RESOLUTION

 

"THAT this Meeting of the holders of the [Class A1a €158,040,000 mortgage backed floating rate notes due December 2029/Class A2a €111,140,000 mortgage backed floating rate notes due September 2045/Class A3a €170,530,000 mortgage backed floating rate notes due September 2045/Class B1a €30,330,000 mortgage backed floating rate notes due September 2045/Class C1a €21,670,000 mortgage backed floating rate notes due September 2045/Class D1a €18,100,000 mortgage backed floating rate notes due September 2045/10,000 Residual Certificates]1 of Eurosail-UK 2007-6NC plc presently outstanding (the Notes and the Issuer respectively) constituted by the Trust Deed dated 28 November 2007 (the Trust Deed) made between the Issuer and BNY Corporate Trustee Services Limited (the Trustee) as trustee for the holders of the Notes (the Noteholders) hereby:

approves and consents to the Issuer, in light of the response of Danske Bank A/S, London Branch (the Liquidity Facility Provider) described in the notice of meeting dated 18 December 2009, not pursuing the Stand-by Drawing under the Liquidity Facility Agreement (as defined below) despite the Issuer's obligation to make such Stand-by Drawing under clause 3.3(b) of the Liquidity Facility Agreement thereby leaving the Issuer with neither a liquidity facility nor a Stand-by Drawing (the Proposal);

authorises, directs, requests and empowers the Issuer and the Trustee to (i) concur with the Proposal, (ii) request the Issuer to give effect to the same and (iii) execute and do all such deeds, instruments, acts and things as may be necessary or appropriate to carry out and give effect to this Extraordinary Resolution and the implementation of the Proposal;

acknowledges that this Extraordinary Resolution shall be in all respects conditional on the requisite majority of the holders of each Class of Notes and the Residual Certificates issued by the Issuer, voting in favour of the Proposal by way of Extraordinary Resolution on substantially the same terms;

sanctions, every abrogation, modification, compromise or arrangement in respect of the rights of the Noteholders or Residual Certificateholders appertaining to the Notes or Residual Certificates against the Issuer and the Trustee, whether or not such rights arise under the Trust Deed, involved in or resulting from or to be effected by the Proposal and its implementation;

discharges and exonerates each of the Trustee and the Issuer from all liability for which it may have become or may become responsible under the Trust Deed, the Notes or the Residual Certificates in respect of any act or omission in connection with the Proposal, its implementation or this Extraordinary Resolution;

acknowledges that capitalised terms used but not otherwise defined herein shall have the meanings ascribed to them in the Terms and Conditions of the Notes and the Terms and Conditions of the Residual Certificates set out in the Trust Deed or the liquidity facility agreement (the Liquidity Facility Agreement) dated 28 November 2007 between the Issuer and the Liquidity Facility Provider; and

resolves that this resolution shall take effect as an Extraordinary Resolution (as defined in the Trust Deed) of the [Noteholders/Residual Certificateholders2].

 

BACKGROUND TO THE EXTRAORDINARY RESOLUTION

 

Reference is made to the notice to Noteholders (the Notice) dated 10 November 2009 convening an informal conference call (the Conference Call) at 3 P.M. (London time) on 20 November 2009 and the Conference Call.

The Liquidity Facility Provider has informed the Issuer that it has refused both the renewal of the liquidity facility and the Stand-By Drawing request based on the Issuer not being able to make the representation in Clause 13.1(e) of the Liquidity Facility Agreement which states: "(e) No default: no event has occurred which constitutes, or which with the giving of notice and/or lapse of time and/or relevant determination would constitute, a contravention of, or default under, any agreement or instrument by which the Issuer or any of its assets is bound or affected, being a contravention or default which has a material adverse effect on the business, assets or condition of the Issuer or adversely affects its ability to observe or perform its obligations under this Agreement;".

The argument made by the Liquidity Facility Provider is that the cross currency swaps with Lehman Brothers Special Financing Inc. ("LBSF") defaulted by virtue of LBSF's insolvency and the subsequent early termination notices that were served by the Issuer were further to that default. Further, the Liquidity Facility Provider considers that the default will have a material adverse effect on either the business, the assets or the condition of the Issuer, or that the default will adversely affect its ability to observe or perform its obligations under the Liquidity Facility Agreement. It is on that basis that the Liquidity Facility Provider has refused the request for the Stand-by Drawing.

Their analysis appears to be solely based on the size of the claim made by the Issuer against LBSF and its guarantor Lehman Brothers Holdings Inc, as being demonstrably "material"; we have not had further substantive analysis or information.

The Issuer currently disputes that the aforementioned default will have a material adverse effect on either its business, assets or condition, or that the default will adversely affect its ability to observe or perform its obligations under the Liquidity Facility Agreement. The Liquidity Facility Agreement does not provide the parties with an obvious means to resolve this dispute and the Issuer believes that in the absence of Noteholder and Residual Certificateholder directions to the contrary, it has the obligation to pursue the Stand-By Drawing. It is the Issuer's view that it was never envisaged by the Transaction Documents that there be neither a liquidity facility nor a Stand-by Drawing. The Noteholders and Residual Certificateholders should also consider that it is not possible to find a replacement Liquidity Facility Provider at this time.

The Issuer has had some discussions with leading counsel and counsel's view is that the Issuer does have a position to argue and that the Issuer could bring proceedings on the basis that the Liquidity Facility Provider is in breach of contract by not providing the Stand-by Drawing (the "Issuer's Rights").

However Noteholders and Residual Certificateholders should be aware that if the Issuer does go to court to pursue the Issuer's Rights, then the costs to the deal will also increase, not least because of the costs of court proceedings themselves, but also because the interest rates charged on the Stand-By Drawing is greater than the Commitment Fee (the "Increased Costs"). The Noteholders and Residual Certificateholders also need to consider the potential costs of the proceedings which ultimately may not be decided in the Issuer's favour (and thus requiring the Issuer to pay costs to the Liquidity Facility Provider) (the "Potential Costs", and together with the Increased Costs, the "Expense").

The indication by some Noteholders on the Conference Call is that they did not believe the liquidity facility valuable enough to warrant the Expense to be incurred by the Issuer in pursuing the Issuer's Rights. Consequentially, the Issuer would like to seek formal Noteholders' and Residual Certificateholders' directions on the necessity of the liquidity facility so as to enable the Issuer to determine the appropriate course of action in light of the actions of the Liquidity Facility Provider.

In accordance with normal practice, the Trustee expresses no opinion as to the merits of any Proposal (as defined in each Extraordinary Resolution above). In addition to the information contained in this Notice, Noteholders should note and take into consideration the information previously distributed to Noteholders in Notices from the Issuer and/or the Trustee. The Trustee makes no representation that all relevant information has been disclosed to Noteholders in this Notice or otherwise. Accordingly, the Trustee urges Noteholders who are in any doubt as to the impact of the implementation of any Proposal to seek their own independent financial and/or legal advice.

VOTING AND QUORUM

IMPORTANT: The Notes are currently in fully-registered global form. The registered global notes are either (i) held by, and registered in the name of The Bank of New York (Depository) Nominees Limited as nominee for, a common depositary for Euroclear Bank S.A./N.V. (Euroclear) and Clearstream Banking, société anonyme (Clearstream, Luxembourg, together with Euroclear, the Clearing Systems and each a Clearing System) or (ii) held by a custodian for, and registered in the name of Cede & Co. as nominee for, The Depository Trust Company (DTC).

The provisions governing the convening and holding of the Meeting are set out in Schedule 4 to the Trust Deed, a copy of which is available for inspection as referred to above. The voting procedures for the meetings are different depending on whether Notes are held through the Clearing Systems or through DTC. The two procedures are described below.

For the purposes of this section, the terms "Notes" and "Noteholders" shall be deemed to include references to "Residual Certificates" and "Residual Certificateholders", respectively.

A. For Notes held through Euroclear or Clearstream, Luxembourg:

This section A only applies to Notes held through Euroclear or Clearstream, Luxembourg.

Each person (a Beneficial Owner) who is the owner of a particular principal amount of the Notes through the Clearing Systems or their respective account holders (Accountholders) should note that such person is not considered to be a Noteholder for the purposes of Notes held through the Clearing Systems and will only be entitled to attend and vote at the Meeting or to appoint a proxy to do so in accordance with the procedures set out below. On this basis, the only Noteholder for the purposes of Notes held through the Clearing Systems is the registered holder of the Reg S Global Notes which is The Bank of New York (Depository) Nominees Limited as nominee for the common depositary for the Clearing Systems (the Registered Holder).

The Registered Holder may by instrument in writing in the English language (a form of proxy) in the form available from the office of the Principal Paying Agent specified below signed by the Registered Holder or, in the case of a corporation, executed under its common seal or signed on its behalf by an attorney or a duly authorised officer of the corporation and delivered to the specified office of the Principal Paying Agent not less than 48 hours before the time fixed for the relevant Meeting, appoint any person (a proxy) to act on his or its behalf in connection with the Meeting (or any adjourned such Meeting).

A proxy so appointed shall so long as such appointment remains in force be deemed, for all purposes in connection with the relevant Meeting (or any adjourned such Meeting) to be the holder of the Notes to which such appointment relates and the Registered Holder of the Notes shall be deemed for such purposes not to be the holder.

A Beneficial Owner or Accountholder may instruct (through the Clearing Systems) the Registered Holder to appoint the Principal Paying Agent (or its nominee) (as the Registered Holder shall determine) as proxy to cast the votes relating to the Notes in which he has an interest at the relevant Meeting (or any adjourned such Meeting).

Alternatively, Beneficial Owners and Accountholders who wish a different person to be appointed as their proxy to attend and vote at the relevant Meeting (or any adjourned such Meeting) should contact the relevant Clearing System to make arrangements for such person to be appointed as a proxy (by the Registered Holder) in respect of the Notes in which they have an interest for the purposes of attending and voting at the relevant Meeting (or any adjourned such Meeting).

In either case, Beneficial Owners and Accountholders must have made arrangements to vote with the relevant Clearing System by not later than 48 hours before the time fixed for the Meeting and within the relevant time limit specified by the relevant Clearing System and request or make arrangements for the relevant Clearing System to block the Notes in the relevant Accountholder's account and to hold the same to the order or under the control of the Principal Paying Agent.

Any Note(s) so held and blocked for either of these purposes will be released to the Accountholder by the relevant Clearing System on the earlier of (i) the conclusion of the Meeting (or any adjourned such Meeting) and (ii) upon such Note(s) ceasing in accordance with the procedures of the relevant Clearing System and with the agreement of the Principal Paying Agent to be held to its order or under its control; provided, however, in the case of (ii) above, that if the Beneficial Owner or Accountholder has caused a proxy to be appointed in respect of such Note(s), such Note(s) will not be released to the relevant Accountholder unless and until the Principal Paying Agent has received notice of the necessary revocation of or amendment to such proxy.

B. For Notes held through DTC:

This section B only applies to Notes held through DTC.

For the purposes of Notes held through DTC, each direct participant in DTC holding a principal amount of the Notes, as reflected in the records of DTC, as at the close of business in New York on 17 December 2009 (the Record Date) will be considered to be a Noteholder upon DTC granting an omnibus proxy authorising DTC direct participants to vote at the relevant Meeting (by delivering a form of proxy).

The Record Date has been fixed as the date for the determination of Noteholders entitled to vote at the Meetings. The delivery of a form of proxy, as defined and described below, will not affect a Noteholder's right to sell or transfer any Notes, and a sale or transfer of any Notes after the Record Date will not have the effect of revoking any form of proxy properly delivered by a Noteholder. Therefore, each properly delivered form of proxy will remain valid notwithstanding any sale or transfer of any Notes to which such form of proxy relates.

A DTC direct participant, duly authorised by an omnibus proxy from DTC, may, by an instrument in writing in the English language (a form of proxy) in the form available from the office of the Principal Paying Agent specified below signed by such DTC direct participant, or, in the case of a corporation, executed under its common seal or signed on its behalf by an attorney or a duly authorised officer of the corporation and delivered to the specified office of the Principal Paying Agent no later than 48 hours before the time fixed for the relevant Meeting, appoint any person (a proxy) to act on his or its behalf in connection with any Meeting (and any adjourned such Meeting).

A proxy so appointed shall so long as such appointment remains in force be deemed, for all purposes in connection with the relevant Meeting (or any adjourned such Meeting) to be the holder of the Notes to which such appointment relates and the relevant Noteholder shall be deemed for such purposes not to be the holder.

Only Noteholders (i.e. DTC direct participants) may deliver a form of proxy. A beneficial owner of an interest in Notes held through a DTC direct participant must direct such DTC direct participant to deliver a form of proxy on its behalf.

Any DTC direct participant who intends to deliver one or more properly completed forms of proxy should deliver the same by registered mail, hand delivery, overnight courier or by e-mail or facsimile (with an original delivered subsequently) to the Principal Paying Agent at its address, e-mail address or facsimile number set forth below. Such forms of proxy must be received by the Principal Paying Agent no later than 48 hours before the time fixed for the relevant Meeting.

The registered ownership of a Note as of the Record Date shall be proved by the Registrar. The ownership of Notes held through DTC by DTC direct participants shall be established by a DTC security position listing provided by DTC as of the Record Date.

C. General provisions relating to the Meetings:

The quorum required at each Meeting is one or more persons present being proxies and representing in the aggregate over 50 per cent. of the aggregate Sterling Equivalent Principal Amount Outstanding of the Notes of the relevant Class for the time being outstanding or, in the case of Residual Certificateholders, over 50 per cent. of the Total Number of Outstanding Residual Certificates. If a quorum is not present at any Meeting, such Meeting will be adjourned and the Extraordinary Resolution will be considered at an adjourned Meeting (notice of which will be given to the Noteholders of the relevant Class and the Residual Certificateholders, as applicable). The quorum at such an adjourned Meeting shall be (i) in the case of a meeting of all Noteholders not less than 50 per cent. of the Sterling Equivalent Principal Amount Outstanding of the Notes for the time being Outstanding and (ii) in the case of a meeting of Residual Certificateholders, not less than 50 per cent. of the Total Number Outstanding of the Residual Certificates.

Every question submitted to each Meeting will be decided on a show of hands unless a poll is duly demanded by the Chairman of the Meeting, the Issuer, the Trustee or by any person present being a proxy (whatever the principal amount of Notes of the relevant Class or number of Residual Certificates so represented by him). On a show of hands every person who is present in person and produces a voting certificate or is a proxy shall have one vote. On a poll every person who is so present in person and produces a voting certificate or is a proxy shall have one vote in respect of each €1.00 Principal Amount Outstanding represented or held by him and in the case of Residual Certificates, each Residual Certificate represented or held by him.

To be passed, the Extraordinary Resolution requires a majority in favour consisting of not less than 75 per cent. of the persons voting thereat upon a show of hands or if a poll is duly demanded by a majority consisting not less than 75 per cent. of the votes cast on such poll, as the case may be. However as this Extraordinary Resolution proposes that the Issuer undertake actions that are not Permitted Activities, it will accordingly be required that the Extraordinary Resolution be passed by holders of not less than 50 per cent. of each of (x) the aggregate Sterling Equivalent Principal Amount Outstanding of the Notes and (y) the Total Number Outstanding of the Residual Certificates.

REGISTRAR

 

The Bank of New York Mellon (Luxembourg) S.A.

Aerogolf Center, 1A, Hoehenhof,

L-1736 Senningerberg

Luxembourg

PRINCIPAL PAYING AGENT

The Bank of New York Mellon, London Branch

One Canada Square

London E14 5AL

CT Events Administration

Telephone: +44 20 7964 4958

Fax: +44 20 7964 2536 (for the attention of CT Events Administration)

e-mail: [email protected]

 

TRUSTEE

 

BNY Corporate Trustee Services Limited

One Canada Square

London E14 5AL

This Notice is given by Eurosail-UK 2007-6NC PLC

 

Dated 18 December 2009.