Reserve Fund Required Amount definition
Reserve Fund Required Amount means, (i) for any Payment Date on which the Note Balance is greater than $0, $3,485,416.70 (i.e., 0.25% of the Cutoff Date Adjusted Pool Balance) or (ii) if the Notes have been paid in full, $0.
Reserve Fund Required Amount means, with respect to any Distribution Date, an amount equal to the product of (a) 0.35% and (b) the outstanding principal balance of the Certificates on such Distribution Date (after giving effect to any changes therein on such Distribution Date).
Reserve Fund Required Amount means Nil, unless the ratings of the Issuer’s short-term or long-term (as applicable) unsecured, unsubordinated and unguaranteed debt obligations or issuer default ratings, as applicable, by the Rating Agencies fall below the Reserve Fund Required Amount Ratings and then, for so long as such ratings are below the Reserve Fund Required Amount Ratings, an amount equal to the Canadian Dollar Equivalent of scheduled interest due on any outstanding Series of Covered Bonds over the next three months together with an amount equal to three-twelfths of the anticipated aggregate annual amount payable in respect of the items specified in paragraphs (a) to (c) and if applicable (d) and/or (e) of the Pre-Acceleration Revenue Priority of Payments;
Examples of Reserve Fund Required Amount in a sentence
On each Determination Date, the Servicer shall calculate the Reserve Fund Amount, the Reserve Fund Required Amount, the Reserve Fund Draw Amount and the amount, if any, by which the Reserve Fund Required Amount exceeds the Reserve Fund Amount (after giving effect to any deposits to the Reserve Fund and the withdrawal of the Reserve Fund Draw Amount for such Payment Date).
On each Determination Date, the Servicer shall calculate the Reserve Fund Amount, the Reserve Fund Required Amount, the Reserve Fund Draw Amount and the amount, if any, by which the Reserve Fund Required Amount exceeds the Reserve Fund Amount (after giving effect to any deposits to the Reserve Fund and the withdrawal of the Reserve Fund Draw Amount for such Distribution Date).
PML as Administrator (on behalf of the Issuer) will fund the General Reserve Fund from part of the proceeds of the Noteholders' subscription for the Class S Notes in an amount equal to the General Reserve Fund Required Amount as at the Closing Date.
Any amount representing the General Reserve Fund Required Amount on the Closing Date will be paid into the Transaction Account (with a corresponding credit recorded to the General Reserve Fund Ledger).
The Cash Manager on behalf of the Issuer will fund the General Reserve Fund from part of the proceeds of the Noteholders' subscription for the Class X Notes in an amount equal to the General Reserve Fund Required Amount as at the Closing Date.
More Definitions of Reserve Fund Required Amount
Reserve Fund Required Amount means nil, unless the Issuer’s ratings by one or more Rating Agencies fall below the Reserve Fund Required Amount Ratings, as applicable, and then an amount equal to the Canadian Dollar Equivalent of scheduled interest due on all outstanding Series of Covered Bonds over the next three months together with an amount equal to three-twelfths of the anticipated aggregate annual amount payable in respect of the items specified in paragraphs (a) to (d) of the Pre-Acceleration Revenue Priority of Payments;
Reserve Fund Required Amount means nil, unless the ratings of the Issuer’s short-term, unsecured, unsubordinated and unguaranteed debt obligations (or issuer default rating, as applicable) by the Rating Agencies fall below the Reserve Fund Required Amount Ratings and then an amount equal to the Canadian Dollar Equivalent of scheduled interest due on all outstanding Series of Covered Bonds over the next three months together with an amount equal to three-twelfths of the anticipated aggregate annual amount payable in respect of the items specified in paragraphs (a) to (c) and, if applicable, (d) of the Pre-Acceleration Revenue Priority of Payments;
Reserve Fund Required Amount has the meaning specified in the Sale and Servicing Agreement.
Reserve Fund Required Amount means the aggregate of the Reserve Fund Base Amount and the Reserve Fund Cap Amounts (as defined below).
Reserve Fund Required Amount means, with respect to any Distribution Date, an amount equal to the product of 0.35%, times the Adjusted Invested Amount on such Distribution Date (after giving effect to any changes therein on such Distribution Date); provided, however, that the Reserve Fund Required Amount for the Closing Date is the Reserve Fund Initial Amount; and, provided, further, that for any Distribution Date with respect to the Early Amortization Period, the Reserve Fund Required Amount for such Distribution Date will be the product of 5%, times the Initial Note Principal Balance.
Reserve Fund Required Amount means on an LLP Payment Date, if the Issuer's short-term, unsecured, unsubordinated and unguaranteed debt obligations are rated at least A–1+ by S&P, F1 by Fitch and P–1 by ▇▇▇▇▇'s and the Issuer's long-term, unsecured, unsubordinated and unguaranteed debt obligations are rated at least A by Fitch, nil or such other amount as Santander UK plc shall direct the LLP from time to time and otherwise, an amount equal to the Sterling Equivalent of the interest falling due on each Series of Covered Bonds in the next following three month period together with an amount equal to the anticipated amounts payable in respect of the items specified in paragraphs (a) to (b) of the Pre-Acceleration Revenue Priority of Payments falling due in the next following three month period plus £600,000 provided that in determining the amount of the Reserve Fund Required Amount, where any amount in respect of the Covered Bonds or Covered Bond Swap Agreements is determined by reference to a floating rate, then (i) (unless the floating rate is determined by reference to a compounded daily ▇▇▇▇A rate) the interest rate for the purpose of such calculation shall be the then current floating rate as at the date on which the amount is calculated or (ii) (if the floating rate is determined by reference to a compounded daily ▇▇▇▇A rate), the interest rate for the purpose of such calculation shall be deemed to be equal to the sum of (x) the ▇▇▇▇A Spot Rate published on the date on which the amount is calculated (or, if such day is not a London Business Day, on the immediately preceding London Business Day), compounded daily over the relevant period and (y) the Margin or the margin in relation to the Covered Bond Swaps, as applicable, for such period, or such higher amount as Santander UK plc shall direct the LLP from time to time; Reserve Ledger means the ledger on the GIC Account of such name maintained by the Cash Manager pursuant to the Cash Management Agreement, to record the crediting of Revenue Receipts and (if so directed by the Seller) Cash Capital Contributions to the Reserve Fund and the debiting of such Reserve Fund in accordance with the terms of the LLP Deed; Revenue Ledger means the ledger on the GIC Account of such name maintained by the Cash Manager pursuant to the Cash Management Agreement, to record credits and debits of Revenue Receipts in accordance with the terms of the LLP Deed;
Reserve Fund Required Amount means, for any Reset Date or Payment Date, 0.50% of the Funded Amount (after giving effect to any change therein on such Reset Date or Payment Date).