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ChesterAsstRecs2003C (80YA)

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Tuesday 23 February, 2010

ChesterAsstRecs2003C

UK Receivables Trusts - Non-C

RNS Number : 5453H
Chester Asset Rec. Deal. 2003-C PLC
23 February 2010
 

Chester Asset Receivables Dealings 2003-C PLC

 

Announcement by Chester Asset Receivables Dealings 2003-C PLC ("CARDS 2003-C") in respect of (a) subscription by MBNA of (i) a note issued by Chester Asset Receivables Dealings 2009-1 Limited ("CARDS 2009-1") which has subscribed for a loan note issued by Deva One Limited, an existing beneficiary of UK Receivables Trust II ("UKRT II"), and (ii) a loan note issued by Deva Three Limited, a beneficiary of UKRT II; (b) the purchase of defaulted receivables by CARDS 2009-1 from Credit Cards Securitisation Europe Limited (the "Trust II Receivables Trustee") and (c) the assignment of receivables by MBNA to the Trust II Receivables Trustee at a discount.

 

Date: 23 February 2010

 

In order to provide support for the outstanding series under UKRT II, including Series 2003-C issued by CARDS 2003-C, (the "Referenced Series"), MBNA has implemented a transaction pursuant to which  it has subscribed for a zero coupon note issued by CARDS 2009-1 ("Series 2009-1") and a zero coupon loan note issued by Deva Three Limited (the "Series 2009-2 Loan Note").  Both the note issued by Series 2009-1 and the Series 2009-2 Loan Note will be contractually subordinated to the Referenced Series such that any finance charge collections and, in certain circumstances, principal collections allocated to these series will be applied towards making up losses to the Referenced Series. 

As part of this transaction MBNA, the Trust II Receivables Trustee and each of the beneficiaries of UKRT II have entered into a defaulted receivables purchase agreement pursuant to which defaulted receivables will be purchased from the Trust II Receivables Trustee by CARDS 2009-1.  The effect of the defaulted receivables purchase agreement will be to decrease the amount of defaults allocated to outstanding issuances under UKRT II and thereby increase enhancement for the outstanding issuances under UKRT II.

MBNA has agreed, pursuant to the terms of the existing Receivables Securitisation Agreement, for UKRT II, to assign receivables to the Trust II Receivables Trustee at a price less than principal par.  The assignment at a discount is expected to increase finance charge collections in UKRT II and thereby increase the amount of yield available to existing issuances under UKRT II

Should you require further information, please contact:

The Directors

Tel: 020 7614 1111

 


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