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Notice of Redemption

10th Dec 2009 15:51

RNS Number : 9435D

Permanent Financing (No.7) PLC

10 December 2009

RNS ANNOUNCEMENT

PERMANENT FINANCING (NO. 7) PLC (the Seventh Issuer)

NOTICE OF REDEMPTION

€1,700,000,000 Series 3 Class A Asset Backed Floating Rate Notes due September 2032 (ISIN: XS0215348896 - Common Code: 021534889 - CUSIP: N/A) €73,700,000 Series 3 Class B Asset Backed Floating Rate Notes due June 2042 (ISIN: XS0215349944 - Common Code: 021534994 - CUSIP: N/A) €71,800,000 Series 3 Class C Asset Backed Floating Rate Notes due June 2042 (ISIN: XS0215351254 - Common Code: 021535125 - CUSIP: N/A) £850,000,000 Series 4 Class A Asset Backed Floating Rate Notes due September 2032 (ISIN: XS0215352906 - Common Code: 021535290 - CUSIP: N/A) £36,800,000 Series 4 Class B Asset Backed Floating Rate Notes due June 2042 (ISIN: XS0215353896 - Common Code: 021535389 - CUSIP: N/A) £35,900,000 Series 4 Class C Asset Backed Floating Rate Notes due June 2042 (ISIN: XS0215355081 - Common Code: 021535508 - CUSIP: N/A) £500,000,000 Series 5 Class A Asset Backed Floating Rate Notes due September 2032 (ISIN: XS0215356485 - Common Code: 021535648 - CUSIP: N/A)

each issued by the Seventh Issuer (the Seventh Issuer Notes and the holders thereof the Noteholders)

constituted by a Trust Deed dated 23 March 2005 between the Seventh Issuer and The Bank of New York Mellon (the Trustee) as trustee for the Noteholders (the Note Trustee)

10 December 2009

Notice is given by the Seventh Issuer to the Noteholders that the Seller on the Funding 1 Interest Payment Date that occurred on 10 December 2009 made a payment to Funding 1 pursuant to Clause 7.1(a) of the Mortgages Trust Deed in an amount which together with the Funding 1 Available Principal Receipts that were available to Funding 1 in accordance with the Funding 1 Pre-Enforcement Principal Priority of Payments was sufficient to enable Funding 1 to:

(a) repay the final Scheduled Amortisation Instalment in respect of the Fourth Issuer Series 4 Term AAA Advance, the Fourth Issuer Series 4 Term AA Advance and the Fourth Issuer Series 4 Term A Advance due under the Fourth Issuer Intercompany Loan Agreement which enabled the Fourth Issuer to redeem the following Fourth Issuer Notes in full on the Interest Payment Date that occurred on 10 December 2009:

(i) €1,500,000,000 Series 4 Class A Asset Backed Floating Rate Notes due March 2034;

(ii) €85,000,000 Series 4 Class B Asset Backed Floating Rate Notes due June 2042; and

(iii) €62,500,000 Series 4 Class M Asset Backed Floating Rate Notes due June 2042;

(b) repay the final Scheduled Amortisation Instalment in respect of the Fifth Issuer Series 4 Term AAA Advance, the Fifth Issuer Series 4 Term AA Advance and the Fifth Issuer Series 4 Term BBB Advance due under the Fifth Issuer Intercompany Loan Agreement which enabled the Fifth Issuer to redeem the following Fifth Issuer Notes in full on the Interest Payment Date that occurred on 10 December 2009:

(i) €1,000,000,000 Series 4 Class A Asset Backed Floating Rate Notes due June 2042;

(ii) €43,500,000 Series 4 Class B Asset Backed Floating Rate Notes due June 2042; and

(iii) €36,000,000 Series 4 Class C Asset Backed Floating Rate Notes due June 2042;

(c) repay the final Scheduled Amortisation Instalment in respect of the Sixth Issuer Series 4 Term AAA Advance due under the Sixth Issuer Intercompany Loan Agreement which enabled the Sixth Issuer to redeem the following Sixth Issuer Notes in part on the Interest Payment Date that occurred on 10 December 2009:

(i) €750,000,000 Series 4 Class A Asset Backed Floating Rate Notes due June 2042; and

(d) repay the Scheduled Amortisation Instalment in respect of the Seventh Issuer Series 3 Term AAA Advance due under the Seventh Issuer Intercompany Loan Agreement which enabled the Seventh Issuer to redeem the following Seventh Issuer Notes in part on the Interest Payment Date that occurred on 10 December 2009:

(i) €1,700,000,000 Series 3 Class A Asset Backed Floating Rate Notes due September 2032.

All defined terms used in this notice shall have the meaning given to them in the Fourth Issuer Master Definitions and Construction Schedule dated 12 March 2004, the Fifth Issuer Master Definitions and Construction Schedule dated 22 July 2004, the Sixth Issuer Master Definitions and Construction Schedule dated 18 November 2004, the Seventh Issuer Master Definitions and Construction Schedule dated 23 March 2005 and the Amended and Restated Master Definitions and Construction Schedule dated 24 September 2009 (as applicable).

For further information please contact:

Bank of Scotland plc

Structured Securitisation Group

10 Gresham Street

London

EC2V 7AE

Attention: Gavin Parker

This information is provided by RNS

The company news service from the London Stock Exchange

END

STREASAEFLSNFFE

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