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TWGP > SEC Filings for TWGP > Form 8-K on 25-Nov-2013All Recent SEC Filings

Show all filings for TOWER GROUP INTERNATIONAL, LTD. | Request a Trial to NEW EDGAR Online Pro



Triggering Events That Accelerate or Increase a Direct Financial

Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

Tower Group International, Ltd. (the "Company") was unable to comply with its reporting covenant as a guarantor under that certain indenture, dated as of September 20, 2010 (the "Indenture"), by and between Tower Group, Inc., a subsidiary of the Company, and U.S. Bank National Association, as trustee (the "Trustee"), as the Company did not timely provide a copy of its Form 10-Q for the second quarter of 2013 ("Form 10-Q") to the Trustee within the time period prescribed under the Indenture, which resulted in an Event of Default (as defined in the Indenture) on November 19, 2013.

Under the terms of the Indenture, the Company may elect, as the sole remedy for such non-compliance, to pay additional interest to the holders of the notes issued thereunder (the "Notes") for a period of up to 90 days from November 19, 2013 at an annual rate equal to 0.25% of the principal amount of the Notes until the Company has complied with such reporting covenant (the "Additional Interest"). The Company elected to pay the Additional Interest prior to the occurrence of such Event of Default. Should the Company not file the Form 10-Q within the 90-day period beginning on November 19, 2013, then either the Trustee or the holders of at least 25% in aggregate principal amount of the Notes then outstanding may declare the full amount of the principal of and accrued and unpaid interest on the Notes to be immediately due and payable.

Upon filing of the Form 10-Q during the 90-day period beginning on November 19, 2013, the Event of Default will be cured and the Company will only be obligated to pay the Additional Interest for the period from November 19, 2013 to the filing date of the Form 10-Q.

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