Examples of Available Revenue in a sentence
Amounts standing to the credit of the Interest Accumulation Ledger in respect of each such Accumulation Series of Covered Bonds will be applied on the relevant Loan Interest Payment Date or Interest Payment Date, as the case may be, together with Available Revenue Receipts (applied in accordance with the relevant Priorities of Payments), to make payments under the Term Advances or Covered Bonds, as applicable.
Available Revenue Funds shall mean, on any Notes Calculation Date, the sum of the following amounts, calculated as at such Notes Calculation Date as being received or held by the Issuer during the Notes Calculation Period immediately preceding such Notes Calculation Date (items (i) up to and including (xii)) less an amount equal to 25 per cent.
If on any Notes Payment Date, the Issuer has insufficient Available Revenue Funds to pay all amounts then due and payable, it shall be under no obligation to pay any (default) interest or damages or other form of compensation to Noteholders in respect of any amounts of interest that remains unpaid as a result of there being insufficient Available Revenue Funds on any Notes Payment Date.
The Cash Manager may only transfer funds from the GIC Account to the Transaction Account on an Interest Payment Date for such purpose and no amounts may remain standing to the credit of the Transaction Account following the application of Available Revenue Receipts and Available Principal Receipts in accordance with the Pre-Acceleration Revenue Priority of Payments and the Pre-Acceleration Principal Priority of Payments on any Interest Payment Date.
It is expected that during the course of the life of the Notes, any principal deficiencies (should they arise) will be recouped from Available Revenue Receipts (including from the General Reserve Fund Excess Amount and the Class A Liquidity Reserve Fund Excess Amount).
On each Interest Payment Date, the Cash Manager will transfer amounts standing to the credit of the GIC Account (to the extent required to constitute Available Revenue Receipts and Available Principal Receipts on such Interest Payment Date) to the Transaction Account for application by the Issuer (or the Cash Manager on its behalf) in accordance with the Pre-Acceleration Revenue Priority of Payments and the Pre-Acceleration Principal Priority of Payments on such Interest Payment Date.
Upon the Class A Notes and the Class B Notes being redeemed in full, the balance standing to the credit of the Reserve Account will form part of the Available Revenue Funds and, subject to the Revenue Priority of Payments, be available for redemption of the Class C Notes.
Available Funds of the Issuer:Prior to an Enforcement Notice being served on the Issuer, the Cash Manager on behalf of the Issuer will apply Available Revenue Receipts and Available Redemption Receipts on each Interest Payment Date in accordance with the Pre-Enforcement Revenue Priority of Payments and the Pre-Enforcement Redemption Priority of Payments respectively, as set out below.
The purpose of the Reserve Account will be to enable the Issuer to meet the Issuer's payment obligations under items (a) to (e) (inclusive) in the Revenue Priority of Payments in the event that the Available Revenue Funds are not sufficient to meet such payment obligations on a Notes Payment Date.
The priority of the Notes are further set out in "Cashflows Application of Available Revenue Receipts prior to the service of an Enforcement Notice on the Issuer", "Cashflows Application of Available Redemption Receipts prior to the service of an Enforcement Notice on the Issuer" and "Cashflows Distributions Following the Service of an Enforcement Notice on the Issuer".