Spens Amount definition
Spens Amount is specified in the applicable Final Terms, the Make Whole Redemption Price shall be an amount equal to the higher of (i) 100.00 per cent. of the principal amount outstanding of the Notes to be redeemed and (ii) the principal amount outstanding of the Notes to be redeemed multiplied by the price, as reported to the Issuer by the Determination Agent, at which the Gross Redemption Yield on such Notes on the Reference Date is equal to the sum of (x) the Gross Redemption Yield (determined by reference to the middle market price) at the Quotation Time specified in the applicable Final Terms on the Reference Date of the Reference Bond, plus (y) the Redemption Margin, all as determined by the Determination Agent.
Spens Amount has the meaning given to it in Condition 7.3(a) above.
Spens Amount means the amount by which (A) the Default Amount in respect of the Bonds exceeds (B) the Outstanding Principal Amount of the Bonds where the Bonds are redeemed in accordance with Condition 5 (c) or Condition 8, in either case, following a Spens Acceleration Event.
More Definitions of Spens Amount
Spens Amount means that the amount you receive on redemption is the higher of (i) face value and (ii) an amount based on the yield of a benchmark UK gilt (referred to as the “Reference Bond”) specified in the applicable Final Terms or selected by a financial adviser (the “Financial Adviser”) (in which case it is referred to as the “FA Selected Bond”). Since there will almost certainly be a difference in creditworthiness between the Issuer and the UK government (i.e. the UK government is likely to be more creditworthy), a deduction may be made when calculating the amount under (ii) above to reflect the lower yield on the Reference Bond associated with the UK government’s greater creditworthiness. Such deduction is referred to as the “Redemption Margin” and will be specified in the applicable Final Terms. Please note that the Spens Amount may never be less than the face value of the Notes. See Condition 7.3 for further details.