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WM Covered Bond Prog (36YV)

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Wednesday 01 September, 2010

WM Covered Bond Prog

Notice to Covered Bondholders

RNS Number : 9920R
WM Covered Bond Program
01 September 2010
 



 

NOTICE TO COVERED BONDHOLDERS

August 27, 2010

€2,000,000,000 Aggregate Principal Amount of Series 2 Covered Bonds (the "Series 2 Covered Bonds") issued by WM Covered Bond Program (the "Issuer") under the €20,000,000,000 Covered Bond Program

 

 

This is a notice to holders of the Series 2 Covered Bonds given by the Issuer pursuant to Condition 12(f) and Condition 12(h)(v) of the Terms and Conditions of the Series 2 Covered Bonds.  Capitalized terms used but not defined in this notice have the meanings assigned to such terms in the Indenture, dated as of September 27, 2006, between the Issuer and The Bank of New York Mellon (f/k/a The Bank of New York), as Bond Trustee (the "Bond Trustee").

The Issuer, The Royal Bank of Scotland N.V. (formerly known as ABN AMRO Bank, N.V.) ("RBS N.V.") and The Royal Bank of Scotland Plc ("RBS Plc") have entered into a Novation Agreement, dated as of August 27, 2010 (the "Novation Agreement"), with respect to the Swap Agreement between the Issuer and RBS N.V. relating to the Series 2 Covered Bonds (the "Swap Agreement").  Pursuant to the terms of a separate agreement, the parent company of RBS Plc has purchased the wholesale business of RBS N.V.  In connection with such transaction, and pursuant to the terms of the Novation Agreement, RBS Plc has agreed to assume the liabilities and obligations of RBS N.V. as Swap Provider under the Swap Agreement.

The Issuer and the Bond Trustee have entered into a Supplemental Indenture, dated as of August 27, 2010, which amends the definition of "Swap Provider" set out in the Series Supplement relating to the Series 2 Covered Bonds to mean "with respect to the Series 2 Covered Bonds, each of (i) The Royal Bank of Scotland PLC and any permitted successor thereto in such capacity and (ii) Barclays Bank PLC and any permitted successor thereto in such capacity."  A copy of the Supplemental Indenture is available free of charge during usual business hours on any weekday (public holidays excepted) from the registered office of the Issuer or from the office of the Principal Paying Agent, The Bank of New York Mellon, at 1 Canada Square, London E14 5AL, United Kingdom.



Yours truly,

WM COVERED BOND PROGRAM

By:  Wilmington Trust Company,

not in its individual capacity but solely

as Administrative Trustee

 

By: ______________________________

Name:

Title:


This information is provided by RNS
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