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LONDON - Tower Bridge Funding 2024-2 PLC announced Tuesday it has entered into a new edition of its swap agreement to correct a mutual mistake in the previous version.
The company said Edition 3 of the swap agreement was signed by the issuer, swap counterparty and security trustee to address an error in Edition 2 that had unnecessarily removed certain circumstances requiring the swap counterparty to deliver eligible credit support.
According to the notice, the amendment restores provisions that could require the swap counterparty to provide additional GBP collateral to the issuer in respect of the counterparty’s liabilities under the agreement, potentially improving the position of the issuer and noteholders compared to Edition 1.
The correction relates to rating requirements imposed by Moody’s and S&P in the definitions of "Moody’s Collateral Trigger Requirements" and "Collateral S&P Rating Event" as defined in the swap agreement.
Tower Bridge Funding 2024-2 PLC has uploaded Edition 3 of the swap agreement to the UK and EU Reports Repositories, and physical copies are available for inspection at the company’s registered office in London.
The company stated in its press release that the amendment does not involve any adverse effect on the position of the issuer, noteholders or certificateholders.
Tower Bridge Funding 2024-2 PLC is the issuer of £267 million Class A Mortgage Backed Floating Rate Notes, along with several other classes of notes totaling £43.5 million, all due May 2066.
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