Company name PCL Funding II PLC
Headline Notice of Amendment


RNS Number : 3010L
PCL Funding II PLC
17 July 2017
 

COMPANY ANNOUNCEMENT



For Immediate Release

17 July 2017



PCL Funding II PLC

 


Notice of amendment

                                                                                         

 

We refer to the note trust deed dated 13 June 2017  (the "Series 2017-1 Note Trust Deed") between, among others, PCL Funding II PLC (the "Company") and Deutsche Trustee Company Limited (as the "Series 2017-1 Trustee")  including the conditions of  £254,250,000 Class A Floating Rate Asset-Backed Notes (the "Series 2017-1 Class A Notes"); £16,500,000 Class B Floating Rate Asset-Backed Notes (the "Series 2017-1 Class B Notes"); £11,250,000 Class C Floating Rate Asset-Backed Notes (the "Series 2017-1 Class C Notes"); and £18,000,000 Class D Residual Notes (the "Series 2017-1 Class D Notes" together with the Series 2017-1 Class A Notes, the Series 2017-1 Class B Notes and Series 2017-1 Class C Notes, the "Series 2017-1 Notes")).

 

Capitalised terms used but not specifically defined in this Notice will bear the same meanings as in the Series 2017-1 Note Trust Deed.

 

The Directors of the Company wish to announce to the holders of the Series 2017-1 Notes that pursuant to Condition 16.3(a) (Modification) and consistent with original commercial intent, the Company and the Series 2017-1 Trustee have agreed to amend the definition of "Required Reserve Amount" to also include, as of any date of determination, the aggregate Trust Senior Expense Contribution scheduled to be paid by the Series 2017-1 Issuer over the next the three calendar months.

 

Accordingly, following such amendment the "Required Reserve Amount"  means, with respect to each Business Day, an amount, as calculated by the Servicer or, subject to the terms of the Series 2017-1 Cash Management Agreement, the Series 2017-1 Cash Manager (in each case, on behalf of the Series 2017-1 Issuer) (and any such calculation shall use the Stressed Rate of Interest equal to the sum of (a) the aggregate Trust Senior Expense Contribution scheduled to be paid over the next three calendar months in accordance with sub-paragraph (a) of the Series 2017-1 Daily Priority of Payments and (b) the aggregate amount scheduled to be paid on the next three (3) Series 2017-1 Settlement Dates in accordance with sub-paragraphs (a) through (f) of the Series 2017-1 Pre-Enforcement Priority of Payments.

 

 

 

Enquiries:




Matheson

Grace Mulvihill

Phone: +353 1 232 2000

 

 

 

 

 

 

 

 

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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