Statement re Notification to Noteholders

 
TIDM36AV 
 
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 
 
      EUR153,000,000 Class A1a Mortgage Backed Floating Rate Notes due 2025 
 
                      (ISIN: XS0212690696, US84359WAA80) 
 
      GBP160,850,000 Class A1c Mortgage Backed Floating Rate Notes due 2025 
 
                      (ISIN: XS0212690852, US84359WAB63) 
 
      EUR153,000,000 Class A2a Mortgage Backed Floating Rate Notes due 2043 
 
                      (ISIN: XS0212691157, US84359WAC47) 
 
      GBP230,850,000 Class A2c Mortgage Backed Floating Rate Notes due 2043 
 
                             (ISIN: XS0212691314) 
 
      GBP45,500,000 Class B1c Mortgage Backed Floating Rate Notes due 2043 
 
                      (ISIN: XS0212691660, US84359WAE03) 
 
      GBP26,250,000 Class C1c Mortgage Backed Floating Rate Notes due 2043 
 
                      (ISIN: XS0212691744, US84359WAF77) 
 
      GBP22,750,000 Class D1c Mortgage Backed Floating Rate Notes due 2043 
 
                      (ISIN: XS0212692122, US84359WAG50) 
 
                                      and 
 
      the GBP3,500,000 Class E Mortgage Backed Floating Rate Notes due 2043 
 
                             (ISIN: XS0212692478) 
 
                   are together referred to as the "Notes". 
 
                                   issued by 
 
                     SOUTHERN PACIFIC SECURITIES 05-1 PLC 
 
                                (the "Issuer") 
 
                         on or about 15 February 2005 
 
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 (the "Trust Deed") dated on or about 23 February 2005 and entered into 
between the Issuer and Capita IRG Trustees Limited (the "Trustee") and the 
master definitions schedule (the "Master Definitions Schedule") dated on or 
about 23 February 2005 and entered into between, among others, the Issuer and 
the Trustee. 
 
We refer to the notice issued by the Issuer to the holders of the Notes (the " 
Noteholders") dated 15 December 2009 (the "Notice"). 
 
  * Further to the Notice, the Issuer would like to inform Noteholders that 
    Barclays Bank PLC, as the Account Bank, required that certain amendments 
    were made to the Bank Agreement as a condition to the Account Bank agreeing 
    to transfer the Collection Account held in the name of Southern Pacific 
    Personal Loans Limited ("SPPL") into the name of the Issuer. The Account 
    Bank required that the amendments were made to accurately reflect the 
    operational arrangements being undertaken by the Account Bank and the Cash/ 
    Bond Administrator in relation to the Collection Account and to include the 
    Account Bank's standard terms (including the indemnification provisions in 
    favour of the Account Bank) for the provision of direct debit sponsorship 
    services provided in relation to the Collection Account. 
 
  * The amendments to the Bank Agreement were made pursuant to an accession, 
    amendment and interface deed (the "Deed"). The Deed was entered into by the 
    Issuer on 28 June 2010. Copies of the Deed in physical form may be 
    inspected during normal business hours on any day (excluding Saturdays, 
    Sundays and public holidays) at the offices of the Issuer. 
 
  * Further to the execution of the Deed, and the execution of further 
    documentation as was requested by the Account Bank, the Collection Account 
    is in the process of being transferred into the name of the Issuer. The 
    Account Bank requires that legal title to the Mortgages originated by SPPL 
    (the "SPPL Mortgages") are also transferred into the name of the Issuer 
    before customer payments made by direct debit in relation to such SPPL 
    Mortgages can be received into the Collection Account. As a result, legal 
    title to the SPPL Mortgages will also be transferred into the name of the 
    Issuer. 
 
  * The Issuer is currently overseeing the transfer of the Collection Account 
    and legal title to the SPPL Mortgages to the Issuer with the Cash/Bond 
    Administrator, Mortgage Administrator and Account Bank. Due to the large 
    number of SPPL Mortgages, the Mortgage and Collection Account transfer 
    process will take some time but it is anticipated that legal title to 
    approximately 90 per cent. of the SPPL Mortgages will be transferred into 
    the name of the Issuer by the end of August 2010. Legal title to the 
    remaining 10 per cent. of the SPPL Mortgages (which are non-conforming or 
    include features that mean it will take longer for them to be transferred) 
    are expected to be transferred during the course of September and October 
    2010. 
 
Queries may be addressed to the Issuer as follows: 
 
  * Southern Pacific Securities 05-1 PLC 
 
  * c/o Capita Trust Company Limited 
 
  * 7th Floor, Phoenix House 
 
  * 18 King William Street 
 
  * London EC4N 7HE 
 
  * Attention: Virginia Duncan 
 
  * Telephone: [phone] 
 
  * Fax: [phone] 
 
  * e-mail: [e-mail] 
 
  * Ref: SPS 05-1 PLC 
 
This Notice is given by the Issuer 
 
12 August 2010 
 
 
 
 
 
 
END