JSE
BIBAY
BIBAY - Bayport Securitisation (RF) Ltd - Amendment of transaction documents
Bayport Securitisation (RF) Ltd
(Incorporated with limited liability in the Republic of South Africa)
(Registration number M2008/003557/06)
Formerly called Bayport Securitisation (Proprietary) Limited
(with registration number 2008/003557/07)
("Bayport Securitisation" or the "Company")
AMENDMENT OF TRANSACTION DOCUMENTS
On 20 May 2011, Bayport Securitisation established its R4,400,000,000.00 Asset-
Backed Note Programme (the "Programme") pursuant to a programme memorandum
dated 20 May 2011 as supplemented by the Supplements thereto dated 22
September 2011 and 25 April 2012 (the "Programme Memorandum".
Historically, a loan by the Company has been written off for accounting
purposes as unrecoverable when the Company is unable to trace and rehabilitate
the client after 8 months. Despite the fact that such loans are recorded as
bad debts for accounting purposes, they are still followed up for collection.
A more appropriate bad and doubtful debt policy is to write off a loan as a
bad debt once there is objective evidence that the probability of successful
recovery is negligible. Changes to the Bad and Doubtful Debt Policy are
necessary to achieve this and also to ensure that in all cases, such policy
must be subject to International Financial Reporting Standards (IFRS).
Bayport Securitisation has received the necessary consent of its funders to
make such amendments to its Bad and Doubtful Debt Policy (which policy is an
annexure to each of the Security Trust Deed, the Management Agreement and the
Sale of Claims Agreement). Each of those three Transaction Documents are
amended with effect on 24 May 2012.
24 May 2012
Debt Sponsor
Deutsche Bank AG, Johannesburg Branch
Date: 24/05/2012 13:39:01 Produced by the JSE SENS Department.
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