BIBAY - Bayport Securitisation (RF) Ltd - Amendment of transaction documents

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 Supplied by www.sharenet.co.za                     
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