TD Bank (TD) Completes MBNA Canada Portfolio Acquisition from BofA (BAC)
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The purchase by The Toronto-Dominion Bank (NYSE: TD) from MBNA Canada Bank of substantially all of MBNA Canada's credit card portfolio, as well as certain other assets and liabilities, from Bank of America Corporation (NYSE: BAC), was completed
In connection with the sale transaction, amendments were made to the program agreements under the Gloucester Credit Card Trust securitization program in order to effect the replacement of MBNA Canada as seller and servicer of the securitized receivables by TD and the replacement of MBNA Canada as Gloucester's administrative agent by TD. Effective immediately TD has assumed all of MBNA Canada's obligations to Gloucester as seller, servicer and administrative agent. TD will delegate certain servicing functions to MBNA Canada, Bank of America and their affiliates during an interim transition period.
The rating agencies rating the Gloucester notes have confirmed that the amendments made to the program agreements will not result in a downgrade or withdrawal of any of their ratings.
In connection with the sale transaction, amendments were made to the program agreements under the Gloucester Credit Card Trust securitization program in order to effect the replacement of MBNA Canada as seller and servicer of the securitized receivables by TD and the replacement of MBNA Canada as Gloucester's administrative agent by TD. Effective immediately TD has assumed all of MBNA Canada's obligations to Gloucester as seller, servicer and administrative agent. TD will delegate certain servicing functions to MBNA Canada, Bank of America and their affiliates during an interim transition period.
The rating agencies rating the Gloucester notes have confirmed that the amendments made to the program agreements will not result in a downgrade or withdrawal of any of their ratings.
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