Material Event concerning BBVA RMBS 3 FONDO DE

Material Event concerning BBVA RMBS 3 FONDO DE

Material Event concerning
BBVA RMBS 3 FONDO DE TITULIZACIÓN DE ACTIVOS
Deferment of Series B and C Bond interest on the Payment
Date falling on August 20, 2015
Pursuant to the Prospectus for BBVA RMBS 3 FONDO DE TITULIZACIÓN DE ACTIVOS (the
“Fund”) notice is given to the COMISIÓN NACIONAL DEL MERCADO DE VALORES of the
following material event:
•
Capitalised terms used herein shall have the same meaning as in the Deed of
Constitution and/or the Prospectus registered by the CNMV on July 19, 2007 under
registration number 8816.
•
In accordance with the provisions of section 3.4.6.2.1 of the Securities Note Building
Block (Available Funds: source and application), calculations have been duly made for
applying the Available Funds on the Payment Date falling on August 20, 2015.
•
This Management Company has resolved that Mortgage Loans removed from the
Fund’s assets following court award or acceptance in lieu of foreclosure of the mortgage
properties be classified as Doubtful Mortgage Loans even if they have been in arrears
for a period of less than twelve (12) months of delay in payment of overdue amounts. In
classifying those Mortgage Loans as Doubtful Mortgage Loans account is taken of both
the date on which the court award or acceptance in lieu of foreclosure of the property is
booked and the Outstanding Balance immediately before that date.
•
Accordingly, the ratio of the cumulative Outstanding Balance of the Doubtful Mortgage
Loans to the initial Outstanding Balance of the Mortgage Loans upon the Fund being
established for the purpose of calculating deferment of Series B and C Bond interest,
has been additionally increased, to 12.57%, which is above the limits set in section
3.4.6.2.1.2 of the Securities Note Building Block for deferment of payment of Series B
and C Bond interest (respectively 12.50% and 10.00%).
•
Consequently, payment of Series B and C Bond interest has been deferred in the
Priority of Payments respectively from 5th and 6th place to 8th and 9th place in the
application of the Available Funds, and will not be made on the Payment Date falling on
August 20, 2015, due to a shortfall of Available Funds.
Madrid, August 18, 2015.
Mario Masiá Vicente
General Manager
Lagasca, 120 (1º) -28006 MADRID- Telf.: (34) 91 411 84 67 – Fax: (34) 91 411 84 68 – www.edt-sg.com – [email protected]
Registro Mercantil de Madrid. Tomo 5461, Folio 49, Sección 8, Hoja M-89355, Inscripción 1ª Fecha 11/03/93 NIF A-80514466