Excess Swap Collateral definition

Excess Swap Collateral means, in respect of a Swap Agreement, an amount (which shall be transferred directly to the Swap Counterparty in accordance with the Swap Agreement) equal to the amount by which the value of the collateral (or the applicable part of any collateral) provided by the Swap Counterparty to the Issuer pursuant to the Swap Agreement exceeds the Swap Counterparty's liability under the Swap Agreement as at the date of termination of the Swap Agreement or which it is otherwise entitled to have returned to it under the terms of the Swap Agreement.

Excess Swap Collateral means an amount equal to the value of the collateral (or the applicable part of any collateral) provided by any Issuer Hedge Counterparty to the Issuer in respect of the relevant Issuer Hedge Counterparty’s obligations to transfer collateral to the Issuer under the relevant Issuer Hedging Agreement, which is in excess of that Issuer Hedge Counterparty’s liability to the Issuer under the relevant Issuer Hedging Agreement as at the date of termination of the transaction under the relevant Issuer Hedging Agreement, or which the relevant Issuer Hedging Counterparty is otherwise entitled to have returned to it under the terms of the relevant Issuer Hedging Agreement.

Excess Swap Collateral means an amount equal to the value of the collateral (or the applicable part of any collateral) provided by the relevant Swap Counterparty to the Guarantor in respect of the relevant Swap Counterparty’s obligations to transfer collateral to the Guarantor under the credit support annex to the relevant Swap Agreement (i) which is in excess of the termination payment (if any) that would have otherwise been payable by the relevant Swap Counterparty to the Guarantor had the collateral not been provided under the credit support annex to the relevant Swap Agreement as at the date of termination of the relevant Covered Bond Swap or Mortgage Pool Swap (as applicable) or (ii) which the relevant Swap Counterparty is otherwise entitled to have returned to it under the terms of the relevant Swap Agreement.

Examples of Excess Swap Collateral in a sentence

• Any Excess Swap Collateral owing to the relevant Swap Counterparty pursuant to the relevant Swap Agreement shall not be available to Transaction Creditors and shall be returned to such Swap Counterparty outside of the Order of Priority.

• The Noteholders and the other Secured Creditors shall not have recourse on any assets of the Issuer other than (i) the Mortgage Receivables and the Beneficiary Rights relating thereto, (ii) the balance standing to the credit of the Issuer Accounts and (iii) the amounts receivable by the Issuer under the Transaction Documents excluding, for the avoidance of doubt, any amount relating to Excess Swap Collateral and any Tax Credit.

• Any Excess Swap Collateral owing to the respective Swap Counterparty pursuant to such Swap Agreement shall not be available to Transaction Creditors and shall be returned to such Swap Counterparty in accordance with the applicable Swap Agreement and outside of the Order of Priority.

• After the service of a Master Intercompany Loan Acceleration Notice, all amounts standing to the credit of the Funding 2 Swap Collateral Accounts (if any) will be applied in accordance with the Funding 2 Swap Agreement and any Excess Swap Collateral will be applied in or towards the obligation of Funding 2 to pay such amounts to the Funding 2 Swap Provider under the Funding 2 Swap Agreement.

• Notwithstanding the provisions of Clause 7.3 (Application of Amounts in Respect of Swap Collateral, Excess Swap Collateral, Swap Tax Credits and Replacement Swap Premium), no payment, transfer or withdrawal from the Bank Accounts or any Swap Collateral Account may be made under this Clause 6 at any time after a Note Acceleration Notice has been served (which has not been withdrawn) other than with the prior written consent of the Security Trustee.

More Definitions of Excess Swap Collateral

Excess Swap Collateral means an amount equal to the value of any collateral transferred to the Issuer by the Swap Counterparty under the Swap Agreement that is in excess of the Swap Counterparty's liability to the Issuer thereunder (i) as at the date such Swap Agreement is terminated or(ii) as at any other date of valuation in accordance with the terms of the Swap Agreement. Any amounts remaining in such accounts upon termination of the Swap Agreement which are not owed to the Issuer by the Swap Counterparty shall be transferred directly to the Swap Counterparty on the termination date under the Swap Agreement. Priority of Payments in respect of interestPrior to the delivery of an Enforcement Notice by the Security Trustee, the sum of the following amounts, calculated as at each Calculation Date (being the second business day prior to each Payment Date) and which have been received during the Calculation Period immediately preceding such Calculation Date (items (i) up to and including (xi) being hereafter referred to as the "Interest Available Amount"):

Excess Swap Collateral means an amount equal to the value of any collateral transferred to the Issuer by the Swap Counterparty under the Swap Agreement that is in excess of the Swap Counterparty’s liability to the Issuer thereunder (i) as at the termination date of the transaction entered into under such Swap Agreement or (ii) as at any other date of valuation in accordance with the terms of the Swap Agreement.

Excess Swap Collateral means, in respect of a Swap Agreement, an amount (which shall be transferred directly to the Swap Counterparty in accordance with the Swap Agreement) equal to the amount by which the value of the collateral (or the applicable part of any collateral) provided by the Swap Counterparty to the Issuer pursuant to the Swap Agreement exceeds the Swap Counterparty's liability under the Swap Agreement as at the date of termination of the Swap Agreement or which it is otherwise entitled to have returned to it under the terms of the Swap Agreement. "Excluded Amounts" comprise the following, which are not sold to the Issuer: (a) any Supplemental Servicer Fee, (b) any credit protection, asset value or other insurance premiums payable by Obligors to the relevant insurers via the Servicer, (c) the VAT Component on payments received by the Servicer, (d) any amounts (together with any VAT thereon) payable by an Obligor in respect of refurbishment charges, wear-and-tear and other similar types of recoveries and charges (other than excess mileage charges); (e) any amount of VAT payable by an Obligor in respect of excess mileage charges, (f) any option to purchase fee specified in the Financing Contract; and (g) any cashflows from maintenance contracts.

Excess Swap Collateral means in respect of a Hedging Agreement, an amount (which will be transferred directly to the Hedging Counterparty in accordance with the Hedging Agreement) equal to the amount by which the value of the collateral (or the applicable part of any collateral) provided by the Hedging Counterparty to the Issuer pursuant to the Hedging Agreement exceeds the Hedging Counterparty's liability under the Hedging Agreement (such liability determined as if no collateral had been provided) which it is otherwise entitled to have returned to it under the terms of the Hedging Agreement;

Excess Swap Collateral means (a) cash and/or securities which the Issuer is obliged to transfer to the Funding Swap Counterparty under the Credit Support Annex and/or, as applicable, (b) in respect solely of an Early Termination Date designated as a result of a Counterparty Default, the amount (if any) that the Issuer is obliged to pay the Funding Swap Counterparty under the Funding Charged Agreement];

Excess Swap Collateral means an amount equal to the value of any collateral transferred to the Issuer by the Interest Swap Counterparty under the Interest Swap Agreement that is in excess of the Interest Swap Counterparty's liability to the Issuer thereunder (i) as at the date such Interest Swap Agreement is terminated or (ii) as at any other date of valuation in accordance with the terms of the Interest Swap Agreement. Any amounts remaining on such accounts upon termination of the Interest Swap Agreement which are not owed to the Issuer by the Interest Swap Counterparty shall be transferred directly to the Interest Swap Counterparty on the termination date under the Interest Swap Agreement. The same applies for any tax credit, allowance, set-off or repayment from the tax authorities of any jurisdiction obtained by the Issuer relating to any deduction or withholding giving rise to a payment made by the Interest Swap Counterparty in accordance with the Interest Swap Agreement, the cash benefit in respect of which shall be paid by the Issuer to the Interest Swap Counterparty pursuant to the terms of the Swap Agreement ('Tax Credit').

Excess Swap Collateral means an amount equal to the value of any collateral transferred to the Issuer by the Swap Counterparty under the Swap Agreement that is in excess of the Swap Counterparty's liability to the Issuer thereunder (i) as at the date such Swap Agreement is terminated or