Securitisation Notes definition

Securitisation Notes means notes issued by one or more special purpose companies or funds (the "Issuer") structured by or on behalf of Greece or the Greek privatisation agency (the "Hellenic Republic Asset Development Fund", or "HRADF") or any successor or replacement body and (i) which hold shares in state owned companies which will be privatised by way of initial public offerings, private sales of shares or private sales of assets, or (ii) which hold land and buildings, natural gas storage rights, economic rights, voting rights or other assets or rights which will be privatised by way of sale, or (iii) which hold the right to the receipts or the proceeds of privatisation transactions which rights have been assigned, transferred or pledged to such company by Greece or by HRADF (or any successor or replacement thereof) (the "Securitised Assets"), provided that EFSF is satisfied that (a) the Issuer is compliant with rating agency criteria for bankruptcy-remoteness of a structured finance note issuer and has full and unencumbered legal and beneficial title to the Securitised Assets, (b) the notes have a minimum rating acceptable to EFSF from at least two (2) of S&P, Xxxxx'x and/or Fitch, (c) the notes are first ranking as to payment both of interest and of principal and (d) the coupon on the notes is at least equal to the Interest Rate on the DBB Instalment and provided that EFSF is supplied with such information or legal opinions it may reasonably request in order for it to make an assessment of any Securitisation Notes." and

Examples of Securitisation Notes in a sentence

• No assurance can be provided that the transaction described in this Prospectus will be designated as an STS Securitisation under the Securitisation Regulation at any point in the future and the Issuer cannot asses and has not assessed whether or not the Notes issued by it will qualify as STS Securitisation Notes.

• As security for the payment of its obligations in respect of the Securitisation Notes, the SPV has granted security over all of its assets including all of its rights in the Securitised Assets and the SPV Accounts (as defined below).

• The SPV has no business operations or significant assets or sources of income other than the cash flows of the Securitisation Facility and as such the ability of the SPV to make any payments to the holders of the Securitisation Notes will be dependent upon payments the SPV receives from the Securitised Assets.

• The final legal maturity date of the Securitisation Notes falls in September 2018.

• For the purposes of the foregoing sections, the Outstanding Principal of the Securitisation Notes on the date of the Early Liquidation of the Fund will be understood as a payment obligation derived from the Notes plus the accrued interest outstanding as of that date, less any tax retention, which shall for all legal purposes be considered due and payable on that date.

• Once the CNMV has registered this Prospectus and before the Note Subscription Period, the Fund Manager, together with Banco Pastor, shall proceed to grant the public deed of formation of GC FTPYME PASTOR 2, Asset Securitisation Fund, assignment of the loans and issue of the Securitisation Notes (hereinafter, “Deeds of Formation” or “Deed of Fund Formation”), in the terms set forth in Royal Decree 926/1998.

• Liabilities: (i) The face value of the Securitisation Notes issued; (ii) The amount of the Subordinate Loan and the amount of the Participative Loan.

• Liabilities: (i) The Outstanding Principal Balance of the Securitisation Notes; (ii) The unpaid balances of the Subordinate Loan and the Participative Loan; (iii) Outstanding principal, interests, commissions and miscellaneous expenses.

• The AEWT is funded by Securitisation Notes of which 70% were initially held by MBL as the lender to the AEWT (Warehouse Lender) and 30% by ACN Co. Following our appointment, on 17 May 2019 MBL sold its debt to Deutsche Bank AG (DB).

• The AEWT is funded by Securitisation Notes of which 70% were initially held by MBL as the Warehouse Lender to the AEWT (Warehouse Lender) and 30% by ACN Co. The balances outstanding under the SWF Agreement as at March 2019 are shown in the table above.