Substitution Assets definition

Substitution Assets means any valeur de remplacement of the Lender, within the meaning, and complying with the provisions, of Articles L.515- 17 and R.515-7 of the FMFC, and which is not a Permitted Investment.2 Permitted Investments means any valeur de remplacement of the Lender, within the meaning, and complying with the provisions, of Articles L.515-17 and R.515-7 of the FMFC. Substitution Assets will be valued using the same methodology as the specific controller of the Lender, which is denominated in Euro and falls into one of the following categories:(a) deposits denominated in Euro made with a credit institution whose registered office is located in a member state either of the European Economic Area or of the Organisation for Economic Co-operation and Development ("OECD"), with the exception of investment firms, having a rating no lower than A+ (long term) (or A (long term), but in that case, together with A-1 (short term)) by S&P and P-1 (short term) by Moody's, and which may be repaid or withdrawn at any moment at the request of the Issuer in order to make sums available within twenty-four (24) hours at the latest, having a remaining maturity date of thirty (30) days or less and mature at least one (1) Business Day prior to the next Payment Date;(b) French treasury bonds (bons du Trésor) having a remaining maturity date of thirty (30) days or less and mature at least one (1) Business Day prior to the next Payment Date and having a rating no lower than A+ (long term) (or A (long term), but in that case, together with A-1 (short term)) by S&P and P-1 (short term) by Moody's;(c) debt instruments referred to in paragraph 2 of Article D. 214-94 of the Financial Code and denominated in Euro, provided that:(i) they are traded on a regulated market located in a country that is party to the agreement on the European Economic Area, with the exception of securities giving access directly or indirectly to the share capital of a company;(ii) they have a fixed principal amount at maturity;(iii) they are not interest-only strips;(iv) they are not purchased at a premium over par;(v) they are not issued by mutual funds or any securitisation special purpose vehicle; and(vi) they have a remaining maturity date of thirty (30) days or less and mature at least one (1) Business Day prior to the next Payment Date and having a rating no lower than A+ (long term) (or A (long term), but in that case, together with A-1 (short term)) by S&P and P-1 (short term) by Moody's;(d) negotiable debt in...

Substitution Assets means cover assets that contribute to the coverage requirements, other than primary assets;

Substitution Assets means the classes of assets denominated in euro from time to time eligible under Article 129(1)(a)-(g) (but excluding (d)) of the CRR and the CB Regulations to collateralise covered bonds, provided that the aggregate value of such eligible assets, at any time, shall not exceed in aggregate an amount equal to 20 per cent., or such other percentage as required from time to time to comply with the CB Regulations, of the aggregate nominal value of the Transferred Assets at such time.

Examples of Substitution Assets in a sentence

• Nature of eligible property: Residential Mortgage Loans and the Related Security, Substitution Assets, and Authorised Investments.

• The Covered Bond Guarantor will be entitled to apply principal collections it receives in respect of the Mortgage Loans together with the principal proceeds of the sale of any Substitution Assets it holds in order to repay earlier maturing Series of Covered Bonds, which may mean that there may be fewer assets available to support later maturing Series of Covered Bonds.

• The purpose of the Trust is the acquisition, management and sale of amongst other things, Mortgage Loans and the Related Security, the borrowing of moneys to fund the acquisition of such assets, the hedging of risks associated with such assets and such funding, the acquisition, management and sale of Substitution Assets and Authorised Investments, the giving of guarantees, the granting of security and any other business as the Trust Manager shall direct.

• Alternatively, the Covered Bond Guarantor may purchase Substitution Assets or request drawings under the Demand Loan Agreement in order to ensure that the Covered Bond Guarantor is in compliance with the Asset Coverage Test.

• Pursuant to the Servicing Agreement, the Servicer must establish and maintain the Asset Register so that it is an up-to-date and accurate record of the assets of the Trust (including the Mortgage Loan Portfolio, the Authorised Investments, the Substitution Assets and Trust Accounts) held by the Covered Bond Guarantor.

More Definitions of Substitution Assets

Substitution Assets means each of:

Substitution Assets means any valeur de remplacement of the Lender, within the meaning, and complying with the provisions, of Articles L.515-17 and R.515-7 of the FMFC, and which is not a Permitted Investment.

Substitution Assets means assets contributing to the coverage requirements, other than the primary assets;

Substitution Assets means any Substitute Shares, Cash Offer Amount and Offered Property, as applicable.

Substitution Assets means assets in the cover pool that contribute to the coverage requirements (i.e. the extent of overcollateralization), other than the primary assets.

Substitution Assets means the Substitute Shares, the Cash Offer Amount and the Offered Property.

Substitution Assets means the classes of assets denominated in euro from time to time eligible under Article 129(1)(a)-