Examples of GIC Provider in a sentence
In particular, but without limitation, the Servicer has been appointed to service Loans in the Portfolio, the Cash Manager has been appointed to calculate and monitor compliance with the Asset Coverage Test and the Amortisation Test and to provide cash management services to the LLP, the Account Bank has been appointed to provide banking services and the GIC Provider has been appointed to receive and hold moneys on behalf of the LLP and to provide an agreed rate of interest thereon.
The parties to the Transaction Documents who receive and hold moneys pursuant to the terms of such documents (such as the Account Bank and the GIC Provider) are required to satisfy certain criteria in order that they can continue to receive and hold moneys.These criteria include requirements imposed under the FSMA and requirements in relation to the short-term, unguaranteed and unsecured ratings ascribed to such party by Fitch and Moody's.
If the CBC has the obligation to pay interest accruing on the balances standing to the credit of any of the GIC Accounts to the GIC Provider instead of receiving interest thereon, this will reduce the income of the CBC and its possibility to generate further income on the assets held in the form of cash in the GIC Accounts.
Any negative interest will be payable by the CBC to the GIC Provider.
Ultimately, such negative interest rate and/or an enduring obligation of the CBC to make such payments in respect thereof to the GIC Provider could result in the CBC having insufficient funds to pay any amounts due under the Guarantee to Covered Bondholders.