Negative Carry Factor definition

Negative Carry Factor has the meaning given to it in Schedule 2 of the Guarantor Agreement;
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Negative Carry Factor means 0 (zero) or such other percentage provided by the Issuer on behalf of the Guarantor and notified to the Representative of the Covered Bondholders, to the Master Servicer and to the Calculation Agent.
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Negative Carry Factor means “0.5%” or such higher percentage procured by the Issuer on behalf of the Guarantor and notified to the Representative of the Covered Bondholders and to the Test Calculation Agent.
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Examples of Negative Carry Factor in a sentence

  • As part of the Negative Carry Factor calculation, Series 2021-1 uses the quarterly bond rate plus bond margin.

  • Substitute AssetsE = Reserve Fund BalanceY = Contingent Collateral AmountZ = Negative Carry Factor Calculation Total: A + B + C + D + E - Y - Z Asset Coverage Test Note: Due to rounding, numbers presented may not add up precisely to the totals provided.


More Definitions of Negative Carry Factor

Negative Carry Factor means the number, expressed as a percentage, equal to (a) the WA Swap Margin paid by the Guarantor to the Covered Bond Swap Provider(s), under the relevant Covered Bond Swap Agreement, or, absent such Covered Bond Swap Agreement, (b) the WA CB Margin or (c) combination of (a) and (b) above, as the case maybe, or any other higher percentage designated as such by the Issuer and notified to the Test Calculation Agent and the Rating Agencies.
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Negative Carry Factor means a percentage calculated by reference to the weighted average margin of the Covered Bonds and will, in any event, not be less than 0.90 per cent;
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Negative Carry Factor is, if the weighted average margin of the interest rate payable on the Principal Amount Outstanding of the Covered Bonds relative to the interest rate receivable on the Covered Bond Portfolio is (i) less than or equal to 0.1 per cent. per annum, 0.5 per cent. or (ii) greater than 0.1 per cent. per annum, 0.5 per cent. plus such margin minus 0.1 per cent.; provided that if the weighted average remaining maturity of the Covered Bonds then MT DOCS 14908741v6 Intercompany Loan Agreement outstanding is less than one year, the weighted average maturity shall be deemed, for the purposes of this calculation, to be one year, unless and for so long as the Interest Rate Swap Agreement (x) has an effective date that has occurred prior to the related Calculation Date, and (y) provides for the hedging of interest received in respect of (i) the Loans and their Related Security in the Covered Bond Portfolio; (ii) any Substitute Assets; and (iii) cash balances held in the GIC Account; whereupon the Negative Carry Factor shall be zero.
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Negative Carry Factor has the meaning given to it in Schedule 2 of the Limited Partnership Agreement;
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Negative Carry Factor means a percentage (which will never be less than 0.50 per cent.) calculated by reference to the weighted average margin of the Covered Bonds;
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Negative Carry Factor means 0.50% as long as the Issuer’s rating is equal to or higher than A2. If the Issuer is downgraded below A2, it shall be equal to the algebraic difference, if positive, between (i) (a) the WA Swap Margin paid by the Covered Bonds Guarantor to the CB Hedging Counterparty under the CB Swaps or, absent such CB Swaps, (b) the WA CB Margin or (c) a combination of (a) and (b), and (ii) the 6-Month Euribor Equivalent Margin.”
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Related to Negative Carry Factor

  • Targeted Overcollateralization Amount means, for a Payment Date, an amount equal to:

  • Reduction Percentage means the percentage rate by which the Initial Per Certificate Entitlement will reduce on a daily basis on the assumption that the daily rate will be theper annum rate specified in the Final Terms divided by 365 and applied accordingly. B.26 Investment managementNot applicable - there is no active management of the assets of the Issuer. B.27 Further issuances backed by same pool of assetsNot applicable – the Issuer will not issue further securities backed by the same pool of assets. B.29 Description of the flow of fundsSave to the extent that the Authorised Participant as subscribed for the issue of Certificates in whole or in part by the physical delivery of the relevant Precious Metal in respect of the Series (the "Underlying Precious Metal"), the net proceeds from each issue of Certificates will be used (a) to purchase the Underlying Precious Metal and (b) to pay any listing fees incurred in connection with the listing of the Certificates. The Certificates will not bear interest. On redemption, a Certificateholder will, in respect of a Certificate, receive on a date on or before the third business day following the relevant Eligible Redemption Valuation Date(being any business day) (in each case the "Settlement Date"):