The Trust Agreement was executed by Automotores Gildemeister S.A., Automotores Gildemeister Peru S.A. and AG – Creditos S.p.A. as trustors, TMF Peru S.R.L. as beneficiary and La Fiduciaria as trustee.
Recent changes in Peruvian insolvency laws will now allow financial institutions and insurance company counterparties to close-out and net obligations under derivatives and repurchase agreements with Peruvian financial institutions or insurance companies which become subject to bankruptcy proceedings.