Asset Percentage definition

Asset Percentage has the meaning specified in Section 2.05(b)(ii).

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Asset Percentage shall be determined as follows: (1) On or prior to the Guarantor Payment Date immediately following the Calculation Date falling in February, May, August and November of each year, and on such other date as the Limited Partner may request following the date on which the Limited Partner is required to assign the Interest Rate Swap Agreement to a third party (each such date, a “Cash Flow Model Calculation Date”), the Managing GP (or the Cash Manager on its behalf) will determine the percentage figure selected by it as the Asset Percentage based on such methodologies as the Rating Agencies may prescribe from time to time (to ensure sufficient credit enhancement for the Covered Bond Guarantee will be maintained) for the Covered Bond Portfolio based on the value of the Portfolio Assets in the Covered Bond Portfolio as at the Calculation Date immediately preceding the Cash Flow Model Calculation Date as a whole or on the basis of a sample of Randomly Selected Loans in the Covered Bond Portfolio, such calculations to be made on the same basis throughout unless the Rating Agency Condition has been satisfied in respect thereof. (2) The Asset Percentage (including as applied in respect of item A or item B of the Asset Coverage Test) will from time to time be adjusted in accordance with the various methodologies of the Rating Agencies to ensure that sufficient credit enhancement for the Covered Bond Guarantee will be maintained. (3) The Managing GP (or the Cash Manager on its behalf) will, or will use all reasonable efforts to determine the Asset Percentage at least two days prior to the Guarantor Payment Date following a relevant Cash Flow Model Calculation Date and shall apply such Asset Percentage to any calculations in respect of the Calculation Period ending on such Cash Flow Model Calculation Date and each Calculation Period thereafter until the following Calculation Period ending on a Cash Flow Model Calculation Date in respect of which the Asset Percentage is to be determined in accordance with this Schedule 2. (4) Notwithstanding anything to the contrary in this Schedule 2, the Asset Percentage shall at all times be less than or equal to 93%, as determined in accordance with this Schedule 2 and as provided by Clause 14 of the Trust Deed, provided that the Asset Percentage shall not be less than 80% unless otherwise agreed by the Bank (and following an Issuer Event of Default, the Partnership for the purposes of making certain determinations in respect of the...

Asset Percentage means 78 per cent. or such other percentage figure as is determined from time to time in accordance with the Asset Monitoring Agreement as described above.

Examples of Asset Percentage in a sentence

• Prior to the date on which a relevant Rating Agency has provided the CBC (or the Administrator on its behalf) with a new Asset Percentage, the CBC (or the Administrator on its behalf) will be entitled to rely on the previously provided Asset Percentage.

• Any adjustment of the Asset Percentage will appear from the relevant Investor Report as the new Asset Percentage as determined in accordance with this Clause.

• For greater certainty, following an Issuer Event of Default, the Asset Coverage Test will be conducted and the Asset Percentage calculated, solely for the purpose of determining the amount of the Demand Loan repayable on the relevant repayment date and that the Asset Coverage Test will be met after giving effect to any such repayment.

• In the event the Asset Percentages (as computed in response to the relevant Rating Agency calculations) prior to any Calculation Date differ, the CBC (or the Administrator on its behalf) shall on such Calculation Date apply the lowest Asset Percentage.

• If more than one Rating Agency assigns ratings to the Covered Bonds under the Programme, then in the event the Asset Percentages (as computed in response to the relevant Rating Agency calculations) prior to any Calculation Date differ, the CBC (or the Administrator on its behalf) shall on such Calculation Date apply the lowest Asset Percentage.

More Definitions of Asset Percentage

Asset Percentage means 91.1% as at the date hereof, as the same may be adjusted from time to time in accordance with, and subject to the restrictions set out in, Schedule 2 of the Guarantor LP Agreement;

Asset Percentage shall be determined as follows:

Asset Percentage has the meaning specified in, and shall be determined in accordance with Schedule 2 to the Guarantor Agreement, and the “Asset Percentage” as determined at any time shall be less than or equal to the maximum asset percentage as disclosed in the current Investor Report at such time;

Asset Percentage means such percentage figure as is determined from time to time in accordance with Clause 3.2 of the Asset Monitoring Agreement, being 95% as of the date on which this Agreement was lastly amended and restated.

Asset Percentage has the meaning given to it in Schedule 2 to the Guarantor Agreement;

Asset Percentage means, at any date of determination, the ratio, expressed as a percentage, of (a) the Consolidated total assets of the Guarantors and their respective Consolidated Subsidiaries, exclusive of intercompany receivables and interests in Subsidiaries that are not Consolidated Subsidiaries, to (b) the Consolidated total assets of the Borrower and its Consolidated Subsidiaries.

Asset Percentage means the percentage (not exceeding 100%) of the value of the covered bond collateral which is represented by the Canadian dollar equivalent of the principal amount of all covered bonds outstanding under the registered covered bond program (using foreign exchange rates reflected in related Covered Bond Collateral Hedges) where the value of the covered bond collateral is determined in accordance with Section 4.6 of this Guide in the case of Eligible Loans or, in the case of Substitute Assets, calculated at the face value of the Substitute Assets.