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ChesterAsstRecs2003C (80YA)

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Monday 21 June, 2010

ChesterAsstRecs2003C

Sale of Receivables by UK Rec

RNS Number : 9923N
Chester Asset Rec. Deal. 2003-C PLC
21 June 2010
 



Chester Asset Receivables Dealings 2003-C Plc

(Company No. 04846229)

 

Registered Address

c/o Wilmington Trust, SP Services London Limited

Fifth Floor 6 Broad Street Place

London

EC2M 7JH

 

Announcement by Chester Asset Receivables Dealings 2003-C Plc (the "CARDS Issuer") of Sale by Credit Card Securitisation Europe Limited (the "Receivables Trustee") of Receivables currently owned by the UK Receivables Trust II (the "Receivables Trust II").

 

Relevant Series:

Series UK2003-C €621,000,000 Class A Asset Backed Floating Rate Notes scheduled to be redeemed in 2010

Series UK2003-C €35,500,000 Class B Asset Backed Floating Rate Notes scheduled to be redeemed in 2010

Series UK2003-C €49,500,000 Class C Asset Backed Floating Rate Notes scheduled to be redeemed in 2010

 

Date: 21 June 2010

We have been informed that, to address a recent change in charge-off policy as a result of discussions with the OCC, MBNA Europe Bank Limited ("MBNA Europe" or "Servicer") altered the procedures applying to the timing of charging-off accounts that are subject to the Servicer's debt management procedures (the "Debt Management Accounts"). As a result of these changes, MBNA Europe would be required on 23 June 2010 to charge-off approximately £122,975,207 of principal receivables arising on Debt Management Accounts that are part of the portfolio of receivables which are currently owned by the Receivables Trust II.

 

MBNA Europe and the Receivables Trustee entered into a sale and call option agreement dated today's date (the "Sale and Call Option Agreement") pursuant to which the Receivables Trustee sold and MBNA Europe purchased all present and future receivables on certain Debt Management Accounts prior to them being charged-off, the purchase price being 100% of the principal value of the aggregate principal receivables on such Debt Management Accounts.

 

MBNA Europe has informed us that details of the exact amount of principal receivables repurchased by MBNA Europe as Transferor under the Sale and Call Option Agreement will be set out in the Monthly Servicer's Reports following the repurchase.

 

For further information, please contact:
The Directors
Tel: 020 7614 1111

 


This information is provided by RNS
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