Examples of Independent Amount in a sentence
Additionally, Suppliers that are rated at or below BBB-/Baa3 will be required to post an Independent Amount equal to 10% of the notional value of each Load Block awarded.
The Independent Amount is intended to address, in part, any claims that may rank ahead of the claims of the relevant holders of the Secured Notes.
However, any required periodic valuations of the Collateral Pool will not value or otherwise take into account any such prior ranking claims, and the Independent Amount, if any, will not be changed from time to time.
The deed creating the security over a Collateral Pool (the "Supplemental Trust Deed") may provide for payment of a specified amount (an "Independent Amount"), in which case the Issuer will be required to maintain in the Collateral Pool at all times an additional amount equal to the Independent Amount.
To the extent that the amounts payable in respect of prior ranking claims exceed the Independent Amount (if any) applicable to that Collateral Pool, the net proceeds realised from that Collateral Pool may be insufficient to meet in full the claims of the holders of the relevant Secured Notes.