Interest Available Amount definition

Interest Available Amount means on a Calculation Date an amount equal to the aggregate of (without double counting):

Interest Available Amount means on a Calculation Date an amount equal to the aggregate of (without double counting): (i) the amount of Interest Receipts received during the previous calendar month; (ii) other net income of the CBC including all amounts of interest received on the CBC Transaction Accounts (excluding the Swap Collateral Account) and the Substitution Assets in the preceding calendar month;

Interest Available Amount means on a Calculation Date an amount equal to the aggregate of (without double counting): (i) the amount of Interest Receipts received during the previous calendar month; (ii) other net income of the CBC including all amounts of interest received on the CBC Transaction Accounts (excluding the Swap Collateral Account) and the Substitution Assets in the preceding calendar month; (iii) all amounts in respect of interest received or to be received by the CBC under the Swap Agreements on the relevant CBC Payment Date (or in the CBC Payment Period immediately preceding the relevant CBC Payment Date but excluding the preceding CBC Payment Date) except for any payments in respect of interest received under the Swap Agreements that have been applied towards payment of a Series of Covered Bonds (and, for the avoidance of doubt, excluding Swap Collateral Amounts);

Examples of Interest Available Amount in a sentence

• The Interest Available Amount shall be calculated by reference to the payment from amounts received by the Issuer during the previous Collection Period.

• On each Quarterly Payment Date prior to the issuance of an Enforcement Notice, the Administrator, on behalf of the Issuer, shall apply the Interest Available Amount in making the payments or provisions, in the order of priority described in Condition 2.3.

• If and to the extent that the Interest Available Amount on any Quarterly Payment Date exceeds the aggregate amount applied in satisfaction of items (i) up to and including (iii) of the Interest Priority of Payments, such amount will be credited to the Expenses Account until the balance standing to the credit thereof equals the Expenses Account Target Level (as defined below).

• On the Quarterly Payment Date on which all Notes have been redeemed in accordance with the Conditions, the Expenses Account Target Level becomes zero and the remaining balance standing to the credit of the Reserve Account will be transferred to the Transaction Account as Expenses Account Excess and form part of the Interest Available Amount on such date.

• Any interest accrued on the proceeds of such Reserve Account shall not be part of the Interest Available Amount, but shall accrue and be paid out on the benefit of the Seller.

• To the extent that Principal Available Amount and Interest Available Amount are insufficient to repay any principal and accrued interest outstanding on any Class of Notes on the Final Redemption Date, any amount of the Principal Amount Outstanding of, and accrued interest on, such Notes in excess of the amount available for redemption or payment at such time, will cease to be payable by the Issuer.

• To the extent that on any Quarterly Payment Date, the Interest Available Amount is not sufficient to pay the Accrued Interest in respect of all Class B Notes, the amount of such shortfall (the Class B Interest Deficiency) shall be recorded in the Class B Interest Deficiency Ledger.

• On each Quarterly Calculation Date the Administrator will calculate the amount of the Interest Available Amount and the Principal Available Amount which will be available to the Issuer in the Transaction Account on the following Quarterly Payment Date to satisfy its obligations under the Notes.

• If and to the extent that the Interest Available Amount (which would remain available after satisfaction of items (i) up to and including (iii) of the Interest Priority of Payments) exceeds the amount required to deposit in, or replenish, the Expenses Account up to the Expenses Account Closing Date Level, such excess amount will be used as part of the Interest Available Amount towards satisfaction of items (v) up to and including (xii) of the Interest Priority of Payments.

• On each Quarterly Calculation Date, the Administrator shall calculate the Interest Available Amount which is to be applied on the immediately succeeding Quarterly Payment Date.