Demand Liabilities. Demand Liabilities represents the value of notes and coins in circulation. These liabilities are fully funded by the Currency Reserve Assets. Under the Law (2008 Revision), the Currency Reserve Assets represent external and local assets that: shall only be used to satisfy demand liabilities; shall be segregated from all other assets of the Authority; and shall not be chargeable with any liability arising from any other business of the Authority.
Demand Liabilities. If any of the Liabilities are by their terms demand obligations, nothing contained herein shall affect, impair or modify the demand nature of such obligations, and the occurrence of a Default or an Event of Default shall not be a prerequisite for Lender's requiring payment of such obligations.
Demand Liabilities. Demand Liabilities represents the value of notes and coins in circulation. These liabilities are fully funded by the Currency Reserve Assets. Under the Law, the Currency Reserve Assets represent external and local assets that: shall only be used to satisfy demand liabilities; shall be segregated from all other assets of the Authority; and shall not be chargeable with any liability arising from any other business of the Authority. Total demand liabilities comprise: 2008 i. Currency notes in circulation $62,250,000 ii. Currency coins in circulation $7,250,000 Total $72,500,000 At 30 June 2008, the value of Currency Reserve Assets is projected to be $90,692,018 representing 125% of total demand liabilities. After all demand liabilities are extinguished, any surplus Currency Reserve Assets would form, in part, the assets of the General Reserve ±see Note 6.
