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TWGP > SEC Filings for TWGP > Form 8-K on 26-Nov-2013All Recent SEC Filings




Other Events

Item 8.01 Other Events

As Tower Group International, Ltd. (the "Company") previously disclosed on November 25, 2013, 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.

The Company filed the Form 10-Q on November 26, 2013. As a result of such filing, the Event of Default was cured and the Company was only obligated to pay additional interest to the holders of the notes issued under the Indenture (the "Notes") at an annual rate equal to 0.25% of the principal amount of the Notes for the period from November 19, 2013 to November 26, 2013. Accordingly, the Event of Default did not result in a material increase in the Company's obligations under the Indenture.

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