THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF NOTEHOLDERS. IF ANY NOTEHOLDER IS IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD SEEK ADVICE IMMEDIATELY FROM THEIR OWN INDEPENDENT PROFESSIONAL ADVISERS, SUITABLY REGULATED, AS TO ANY FINANCIAL, LEGAL, REGULATORY, ACCOUNTING OR TAX CONSEQUENCES.
Notice to Noteholders
Navigator Credit Funding plc (the "Issuer")
Navigator Credit Funding plc Series 2007-2 EUR 6,000,000 Navigator Credit Strategy Principal Rated Zero Coupon Notes due 2014 (ISIN: XS0281667294)
Navigator Credit Funding plc Series 2007-3 USD 5,000,000 Navigator Credit Strategy Principal Rated Conditional Floating Rate Notes due 2017 (ISIN: XS0281667708)
Navigator Credit Funding plc Series 2007-7 Series 2007-7 EUR 40,000,000 Navigator Credit Strategy Principal Rated Conditional Floating Rate Notes due 2017 (ISIN: XS0286032742)
(together, the "Notes" and each a "Relevant Series")
RE: New Master Credit Support Agreement
Reference is made to the issue of the Notes by the Issuer and the relevant trust instrument (or equivalent document) between the Issuer, Deutsche Bank AG, London Branch ("DB") and the other parties therein in respect of each Relevant Series, as amended or supplemented from time to time (the "Trust Instrument" in respect of such Relevant Series).
Capitalised terms not defined herein shall bear the same meaning as set out in the Trust Instrument.
DB, as Swap Counterparty in respect of the Relevant Series, the Trustee and the Issuer have entered into a credit support annex pursuant to a master credit support agreement in respect of each Relevant Series (in the form annexed hereto) (the "Master Credit Support Agreement"). The credit support annex will allow DB to post collateral if so required pursuant to the terms of the Relevant Series in the event of a rating downgrade of DB.
A copy of the Trust Instrument and the Master Credit Support Agreement is available for physical inspection free of charge during normal business hours on any day (Saturday