Excess Swap Collateral means, in respect of a Swap Agreement, an amount (which shall be transferred directly to the Swap Counterparty in accordance with the Swap Agreement) equal to the amount by which the value of the collateral (or the applicable part of any collateral) provided by the Swap Counterparty to the Issuer pursuant to the Swap Agreement exceeds the Swap Counterparty's liability under the Swap Agreement as at the date of termination of the Swap Agreement or which it is otherwise entitled to have returned to it under the terms of the Swap Agreement.
Excess Swap Collateral means an amount equal to the value of the collateral (or the applicable part of any collateral) provided by any Issuer Hedge Counterparty to the Issuer in respect of the relevant Issuer Hedge Counterparty’s obligations to transfer collateral to the Issuer under the relevant Issuer Hedging Agreement, which is in excess of that Issuer Hedge Counterparty’s liability to the Issuer under the relevant Issuer Hedging Agreement as at the date of termination of the transaction under the relevant Issuer Hedging Agreement, or which the relevant Issuer Hedging Counterparty is otherwise entitled to have returned to it under the terms of the relevant Issuer Hedging Agreement.
Excess Swap Collateral means an amount equal to the value of any collateral transferred to the Issuer by the Swap Counterparty under the Swap Agreement that is in excess of the Swap Counterparty's liability to the Issuer thereunder (i) as at the date such Swap Agreement is terminated or(ii) as at any other date of valuation in accordance with the terms of the Swap Agreement. Any amounts remaining in such accounts upon termination of the Swap Agreement which are not owed to the Issuer by the Swap Counterparty shall be transferred directly to the Swap Counterparty on the termination date under the Swap Agreement. Priority of Payments in respect of interestPrior to the delivery of an Enforcement Notice by the Security Trustee, the sum of the following amounts, calculated as at each Calculation Date (being the second business day prior to each Payment Date) and which have been received during the Calculation Period immediately preceding such Calculation Date (items (i) up to and including (xi) being hereafter referred to as the "Interest Available Amount"):
Examples of Excess Swap Collateral in a sentence
Swap Collateral means, at any time, any asset (including, without limitation, cash and/or securities) other than Excess Swap Collateral, which is paid or transferred by a Hedging Counterparty to the Issuer as collateral in respect of the performance by such Hedging Counterparty of its obligations under the relevant Hedging Agreement together with any income or distributions received in respect of such asset and any equivalent of such asset into which such asset is transformed.
However, where the Swap Counterparty is the defaulting party any amount which does not constitute Excess Swap Collateral shall be part of the Available Funds and shall be applied in accordance with the relevant Priority of Payments.
The Noteholders and the other Secured Creditors shall not have recourse on any assets of the Issuer other than (i) the Mortgage Receivables and the Beneficiary Rights relating thereto, (ii) the balance standing to the credit of the Issuer Accounts and (iii) the amounts receivable by the Issuer under the Transaction Documents excluding, for the avoidance of doubt, any amount relating to Excess Swap Collateral and any Tax Credit.
No payments or deliveries may be made in respect of such accounts other than to return Excess Swap Collateral to the Swap Counterparty (outside of the Interest Priority of Payments) and to satisfy all or part of any termination amount payable by the Swap Counterparty to the Issuer on termination of the swap transaction, as more particularly described in the Swap Agreement.
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More Definitions of Excess Swap Collateral
Excess Swap Collateral means an amount equal to the value of the collateral (or the applicable part of any collateral) provided by the relevant Swap Counterparty to the Guarantor in respect of the relevant Swap Counterparty’s obligations to transfer collateral to the Guarantor under the credit support annex to the relevant Swap Agreement (i) which is in excess of the termination payment (if any) that would have otherwise been payable by the relevant Swap Counterparty to the Guarantor had the collateral not been provided under the credit support annex to the relevant Swap Agreement as at the date of termination of the relevant Covered Bond Swap or Mortgage Pool Swap (as applicable) or (ii) which the relevant Swap Counterparty is otherwise entitled to have returned to it under the terms of the relevant Swap Agreement.
Excess Swap Collateral means an amount equal to the value of any collateral transferred to the Issuer by the Swap Counterparty under the Swap Agreement that is in excess of the Swap Counterparty’s liability to the Issuer thereunder (i) as at the termination date of the transaction entered into under such Swap Agreement or (ii) as at any other date of valuation in accordance with the terms of the Swap Agreement.
Excess Swap Collateral means in respect of a Hedging Agreement, an amount (which will be transferred directly to the Hedging Counterparty in accordance with the Hedging Agreement) equal to the amount by which the value of the collateral (or the applicable part of any collateral) provided by the Hedging Counterparty to the Issuer pursuant to the Hedging Agreement exceeds the Hedging Counterparty's liability under the Hedging Agreement (such liability determined as if no collateral had been provided) which it is otherwise entitled to have returned to it under the terms of the Hedging Agreement;
Excess Swap Collateral means (a) cash and/or securities which the Issuer is obliged to transfer to the Funding Swap Counterparty under the Credit Support Annex and/or, as applicable, (b) in respect solely of an Early Termination Date designated as a result of a Counterparty Default, the amount (if any) that the Issuer is obliged to pay the Funding Swap Counterparty under the Funding Charged Agreement];
Excess Swap Collateral means, in respect of a Swap Agreement, an amount (which shall be transferred directly to the Swap Counterparty in accordance with the Swap Agreement) equal to the amount by which the value of the collateral (or the applicable part of any collateral) provided by the Swap Counterparty to the Issuer pursuant to the Swap Agreement exceeds the Swap Counterparty's liability under the Swap Agreement as at the date of termination of the Swap Agreement or which it is otherwise entitled to have returned to it under the terms of the Swap Agreement. "Excluded Amounts" comprise the following, which are not sold to the Issuer: (a) any Supplemental Servicer Fee, (b) any credit protection, asset value or other insurance premiums payable by Obligors to the relevant insurers via the Servicer, (c) the VAT Component on payments received by the Servicer, (d) any amounts (together with any VAT thereon) payable by an Obligor in respect of refurbishment charges, wear-and-tear and other similar types of recoveries and charges (other than excess mileage charges); (e) any amount of VAT payable by an Obligor in respect of excess mileage charges, (f) any option to purchase fee specified in the Financing Contract; and (g) any cashflows from maintenance contracts.
Excess Swap Collateral means an amount equal to the value of any collateral transferred to the Issuer by the Swap Counterparty and accrued under the Swap Agreement that is in excess of the Swap Counterparty's liability to the Issuer thereunder (i) as at the date the Swap Agreement is terminated or (ii) as at any other date of valuation in accordance with the terms of the Swap Agreement. Any tax credit, allowance, set-off or repayment from the tax authorities of any jurisdiction obtained by the Issuer relating to any deduction or withholding giving rise to a payment made by the Swap Counterparty in accordance with the Swap Agreement, the cash benefit in respect of which ('Tax Credit') shall be paid by the Issuer to the Swap Counterparty prior to the distribution of any amounts due to the Noteholders or the other Secured Parties (outside of any Priority of Payments) pursuant to the terms of the Swap Agreement.
Excess Swap Collateral means an amount equal to the value of any collateral transferred to the Issuer by the Interest Swap Counterparty under the Interest Swap Agreement that is in excess of the Interest Swap Counterparty's liability to the Issuer thereunder as at any date of valuation in accordance with the terms of the Interest Swap Agreement. CalculationsThe Issuer Administrator will calculate the amounts available to the Issuer on the basis of information received by it, including but not limited to the Mortgage Reports provided by the Pool Servicer for each Mortgage Calculation Period. In the event that the Issuer Administrator does not receive a Mortgage Report from the Pool Servicer with respect to a Mortgage Calculation Period, then the Issuer and the Issuer Administrator on its behalf may use the three most recent Mortgage Reports for the purposes of the calculation of the amounts available to the Issuer to make payments, as further set out in the Administration Agreement. When the Issuer Administrator receives the Mortgage Reports relating to the Mortgage Calculation Period for which such calculations have been made, it will make reconciliation calculations and reconciliation payments by drawing amounts from the Interest Reconciliation Ledger and the Principal Reconciliation Ledger as set out in the Administration Agreement. Any (i) calculations properly done on the basis of such estimates in accordance with the Administration Agreement, (ii) payments made and not made under any of the Notes and Relevant Documents in accordance with such calculations and (iii) reconciliation calculations andreconciliation payments made or payments not made as a result of such reconciliation calculations, each in accordance with the Administration Agreement, shall be deemed to be done, made or not made in accordance with the provisions of the Relevant Documents and will in itself not lead to an Event of Default or any other default under any of the Relevant Documents or breach of any triggers included therein (including but not limited to Assignment Notification Events or Trustee Notification Events).