FL-2022-000014 - [2025] EWHC 2631 (Ch)

Fecha: 15-Oct-2025

The securitised funding arrangements

The securitised funding arrangements

39.

In order to facilitate the issue of securitised notes, GCUK entered into agreements with Hoffman, a private limited company incorporated under Luxembourg law, and Citibank (as Note Trustee).

40.

On 21 December 2017:

GCUK, Hoffman and Citibank entered into a Master Assignment Agreement dated 21 December 2017, which operated as an umbrella agreement setting out the terms on which GCUK could sell and assign its right, title and interest in a Payment Obligation (as defined in the Master Assignment Agreement) and all of GCUK’s Additional Rights (as defined therein) relating to that Payment Obligation, to Hoffman.

ii)

Hoffman, as Initial Issuer, entered into the Master Trust Deed with Citibank as Note Trustee, originally dated 13 October 2017 and supplemented by a Supplemental Master Trust Deed dated 21 December 2017 (“the Master Trust Deed”) (and, as explained below, a Second Supplemental Trust Deed B dated 18 December 2019). The Master Trust Deed set out the terms on which notes would be issued under the Hoffman Note Programme and on which security would be created, by issuing Pricing Supplements in relation to Tranches of notes incorporating Supplemental Trust Deeds.