Noteholder Notice

 

TIDM52LJ 
 
RNS Number : 4899E 
Southern Pacific Securities 04-2PLC 
21 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 
EUR100,000,000 Class A1a Mortgage Backed Floating Rate Notes due 2025 
(ISIN: US84359VAA08, XS0196609829) 
$100,000,000 Class A1b Mortgage Backed Floating Rate Notes due 2025 
(ISIN: US84359VAB80, XS0196610835) 
GBP180,900,000 Class A1c Mortgage Backed Floating Rate Notes due 2025 
(ISIN: XS0196611569, US84359VAC63) 
EUR100,000,000 Class A2a Mortgage Backed Floating Rate Notes due 2042 
(ISIN: US84359VAD47, XS0196612021) 
GBP235,200,000 Class A2c Mortgage Backed Floating Rate Notes due 2042 (with 
Detachable A2c Coupons) 
(ISIN: XS0196612963, XS0197412736) 
$22,500,000 Class B1b Mortgage Backed Floating Rate Notes due 2042 
(ISIN: US84359VAH50, XS0196613425) 
GBP31,600,000 Class B1c Mortgage Backed Floating Rate Notes due 2042 
(ISIN: US84359VAJ17, XS0196614829) 
EUR5,000,000 Class C1a Mortgage Backed Floating Rate Notes due 2042 
(ISIN: US84359VAK89, XS0196615396) 
GBP19,400,000 Class C1c Mortgage Backed Floating Rate Notes due 2042 
(ISIN: US84359VAM46, XS0196616360) 
EUR5,000,000 Class D1a Mortgage Backed Floating Rate Notes due 2042 
(ISIN: US84359VAN29, XS0196616527) 
GBP19,400,000 Class D1c Mortgage Backed Floating Rate Notes due 2042 
(ISIN: US84359VAQ59, XS0196618069) 
and 
GBP7,000,000 Class E Mortgage Backed Floating Rate Notes due 2042 
(ISIN: XS0196618499) 
are together referred to as the "Notes". 
 
 
issued by 
SOUTHERN PACIFIC SECURITIES 04-2 PLC 
(the "Issuer") 
on or about 29 July 2004 
We refer to: 
(a)    the Mortgage Administration Agreement (the "Mortgage Administration 
Agreement") dated 9 August 2004 between, among others, Southern Pacific Mortgage 
Limited (whose role has been transferred to Capstone Mortgage Services 
Limited) (the "Mortgage Administrator"), Capita IRG Trustees Limited (the 
"Trustee") and the Issuer; and 
(b)    the Bank Agreement (the "Bank Agreement") dated 9 August 2004 between, 
among others, Southern Pacific Mortgage Limited (whose role has been transferred 
to Capstone Mortgage Services Limited) (the "Cash/Bond Administrator"), Capita 
IRG Trustees Limited (the "Trustee") and the Issuer. 
Southern Pacific Personal Loans Limited ("SPPL") is an originator and current 
holder of the legal title to the Mortgages. The SPPL re SPS 04-2 Trust 
Collection Account (the "Collection Account") held by Barclays into which 
repayment amounts are paid by Borrowers is also in the name of SPPL. 
The Issuer has been informed that SPPL has no directors and may be made 
insolvent imminently. In any case, the Issuer notes that a lack of directors may 
be considered evidence of the imminent insolvency of SPPL. 
The imminent insolvency of SPPL will have various implications, such 
implications including but not limited to, issues relating to the holding of 
title to the Mortgages relating to each Loan comprised in the Mortgage Pool and 
the Collection Account. 
 
 
Capitalised terms used but not otherwise defined in this notice shall have the 
meanings ascribed to them in the Mortgage Administration Agreement and the Bank 
Agreement. 
 
 
Clause 15.1(b) of the Mortgage Administration Agreement provides that the 
Mortgage Administrator shall, if requested by the Issuer (with the consent of 
the Trustee) or the Trustee, deliver to the Issuer (with the consent of the 
Trustee) or the Trustee, as the case may require, all Property Deeds and 
up-to-date schedules for attachment to the Transfers and give formal notice of a 
legal assignment as the case may require of each Mortgage relating to each Loan 
comprised in the Mortgage Pool and of such charge and guarantee to the relevant 
Borrowers, insurers and other persons all in such form or forms as may be 
required by the Issuer (with the consent of the Trustee) or the Trustee (the 
"Mortgage Administrator Actions") if the Trustee considers that the Charged 
Property or any part of it is in jeopardy (including due to the possible 
insolvency of a SPML or SPPL) where legal title to any Mortgage is vested in 
SPML or SPPL, as the case may be. 
 
 
The Trustee has given its consent to the Issuer for the Issuer to request the 
Mortgage Administrator to perform the Mortgage Administrator Actions and once 
all the necessary arrangements have been made, including the transfer of the 
Collection Account into the name of the Issuer, the Issuer will instruct the 
Mortgage Administrator to perform the Mortgage Administrator Actions 
accordingly. 
Clause 9.2 of the Bank Agreement provides that Barclays (with the consent of 
SPML and SPPL) agrees upon receipt of notice by the Trustee to the effect that 
SPML or SPPL has become insolvent, to comply with any direction of the Trustee 
expressed to be given by the Trustee pursuant to the Trust Deed to the extent 
amounts standing to the credit of the Collection Account are attributable to the 
Loans. 
Due to the imminent insolvency of SPPL, the Trustee has directed Barclays to 
accept instructions from the Cash/Bond Administrator in relation to the 
Collection Account. Once all the necessary arrangements have been made the 
Issuer, the Cash/Bond Administrator, Barclays and the Trustee will work together 
to arrange the transfer of the Collection Account from SPPL to the Issuer. 
Queries may be addressed to the Issuer as follows: 
SOUTHERN PACIFIC SECURITIES 04-2 PLC 
c/o Capita Trust Company Limited 
7th Floor, Phoenix House 
18 King William Street 
London EC4N 7HE 
Attention:      Emma Hamley 
Telephone:    [phone] 
Fax:           [phone] 
e-mail:      [e-mail] 
Ref:           SPS 04-2 PLC 
This Notice is given by the Issuer. 
15 December 2009 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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