THE NITRO SECURITISATION 5 ISSUER TRUST - Notification of the Availability of the Amended Common Terms Agreement and Update to the Offering Circular
N5D23 N5E23 201805300009A
Notification of the Availability of the Amended Common Terms Agreement and Update to the Offering Circular
The Nitro Securitisation 5 Issuer Trust
(Incorporated in the Republic of South Africa)
(Master’s Reference No. IT022168/2014)
Company code: NITI
(“Nitro 5” or “the Issuer”)
NOTIFICATION OF THE AVAILABILITY OF THE AMENDED COMMON TERMS AGREEMENT AND
UPDATE TO THE OFFERING CIRCULAR
Nitro 5 has entered into an Amended Common Terms Agreement (the “Agreement”) with
bondholders of the ZAR 2,457,000,000.00 asset backed notes Offering Circular (the “OC”). A summary
of the changes effected is provided below.
- Amendments to the required credit rating, per 3.1 of the Agreement, by the rating agency has
been made as follows:
Required Credit Rating Previous Rating New Rating
Bank Account BBB- on a long-term global BB on a long-term global scale
scale (local currency) (local currency)
Derivative Counterparty BBB- on a long-term global BB on a long-term global scale
scale (local currency) (local currency)
Permitted Investments in BBB- on a long-term global BB on a long-term global scale
respect of the investment scale (local currency) (local currency)
or entity
- The rating in respect of the Servicer, other transaction parties required to hold a rating in
terms of the transaction documents and each other case remains unchanged.
- Amendments to the ISDA Master Agreements and Schedules, as stipulated in 3.2 of the
Agreement, resulting in a change to the definitions of the S&P Collateralisation Event and the
S&P Replacement Event in the ISDA Master Agreement as well as the ISDA CSA definitions to
accommodate the changes to the required credit ratings;
- Amendments to the definitions referred to in Condition 1 of the Terms and Conditions to
accommodate the changes to the required credit rating as per 3.3 of the Agreement; and
- Amendment to the OC to include wording to incorporate that the OC must be read in
conjunction with the Agreement.
The updated OC and the Agreement is available for inspection at the registered office of the Issuer
and on their website, https://www.rmb.co.za/conduits/nitro
30 May 2018
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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