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, 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 any collateral transferred to the Issuer by the Swap Counterparty and accrued 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 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 Swap Counterparty in accordance with the Swap Agreement, the cash benefit in respect of which ("Tax Credit") shall be paid by the Issuer to the Swap Counterparty prior to the distribution of any amounts due to the Noteholders or the other Secured Parties (outside of any Priority of Payments) pursuant to the terms of 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 on each Quarterly Calculation Date as being received or deposited or held during the Quarterly Calculation Period as calculated immediately preceding such Quarterly Calculation Date (items (i) up to and including (xii) and less (xiii) hereafter being referred to as the "Notes Interest Available Amount"):
Examples of Excess Swap Collateral in a sentence
Swap Collateral means, at any time, any asset (including, without limitation, cash and/or securities) other than Excess Swap Collateral, which is paid or transferred by a Hedging Counterparty to the Issuer as collateral in respect of the performance by such Hedging Counterparty of its obligations under the relevant Hedging Agreement together with any income or distributions received in respect of such asset and any equivalent of such asset into which such asset is transformed.
However, where the Swap Counterparty is the defaulting party any amount which does not constitute Excess Swap Collateral shall be part of the Available Funds and shall be applied in accordance with the relevant Priority of Payments.
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.
There are so many challenges that it’s very hard to keep up with all of them.
No payments or deliveries may be made in respect of such accounts other than in relation to the provision of collateral or the return of Excess Swap Collateral, unless pursuant to the termination of the Swap Agreement, an amount is owed by the Swap Counterparty to the Issuer, in which case, the collateral may be applied in accordance with the Trust Deed.
More Definitions of Excess Swap Collateral
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.
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 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, 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 (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 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
Excess Swap Collateral means an amount equal to the value of the collateral (or the applicable part of any collateral) provided by the Swap Counterparty to the Issuing Entity in respect of the Swap Counterparty's obligations to transfer collateral to the Issuing Entity under the relevant Swap Agreement (as a result of the ratings downgrade provisions in that Swap Agreement), which is in excess of the Swap Counterparty's liability to the Issuing Entity under the relevant Swap Agreement, or which the Swap Counterparty is otherwise entitled to have returned to it under the relevant Swap Agreement;