Breach of Amortisation Test Notice definition

Breach of Amortisation Test Notice means a notice served by the Security Trustee addressed to the CBC informing it that a Breach of the Amortisation Test has occurred and that all Covered Bonds become Pass-Through Covered Bonds.
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Examples of Breach of Amortisation Test Notice in a sentence

  • Except as provided in the applicable Final Terms, the amount of interest payable on each Interest Payment Date in respect of the Fixed Interest Period ending on (but excluding) such date will amount to the Fixed Coupon Amount except if a Breach of Amortisation Test Notice is served on the CBC in which case the interest will be calculated as set out below.

  • Interest Basis: [For the [Fixed Rate period/Floating Rate period] (the period from (and including) the Issue Date to (but excluding) the Maturity Date or, if earlier, the date on which a Breach of Amortisation Test Notice has been served):][[…] per cent.

  • If an Issuer Event of Default has occurred and a Breach of Amortisation Test Notice has been served, all Covered Bonds will become Pass-Through Covered Bonds.

  • Pass-Through Covered Bonds:(a) if a Covered Bond has not been repaid in full on its Maturity Date, such Covered Bond becomes a Pass-Through Covered Bond; and(b) if an Issuer Event of Default has occurred and a Notice to Pay on the CBC and a Breach of Amortisation Test Notice have been served, all Covered Bonds become Pass-Through Covered Bonds.

  • Interest will be payable in arrears on the Interest Payment Date(s) in each year up (i) to (and including) the Maturity Date (if that date does not fall on an Interest Payment Date), or, (ii) if earlier, up to, but excluding the date on which a Breach of Amortisation Test Notice is served on the CBC.

  • Interest Basis: For the Fixed Rate period (the period from (and including) the Issue Date to (but excluding) the Maturity Date or, if earlier, the date on which a Breach of Amortisation Test Notice has been served): 0.375 per cent.

  • After the service of a Breach of Amortisation Test Notice, which does not result in a CBC Acceleration Notice, the CBC will be required to use all funds available to redeem all Series on a pro rata basis.

  • Interest Basis: [For the [Fixed Rate period/Floating Rate period] (the period from (and including) the Issue Date to (but excluding) the Maturity Date or, if earlier, the date on which a Breach of Amortisation Test Notice has been served):][[...] per cent.

  • Interest will be payable in arrears on the Interest Payment Date(s) in each year (i) up to (and including) the Maturity Date (if that date does not fall on an Interest Payment Date), or, (ii) if earlier, up to, but excluding the date on which a Breach of Amortisation Test Notice is served on the CBC.

  • Interest Payment Date(s): Each CBC Payment Date after the earlier of (i) the Maturity Date up to and including the Extended Due for Payment Date and (ii) the date on which a Breach of Amortisation Test Notice is served, up to and including the Extended Due for Payment Date, if applicable subject to the Business Day Convention.

Related to Breach of Amortisation Test Notice

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  • Breaching Party has the meaning set forth in Section 12.2.

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  • Class C Coverage Tests means the Class C Interest Coverage Test and the Class C Par Value Test.

  • Persistent Breach means a Default which has occurred on three or more separate occasions with a continuous period of six (6) months.

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  • Service Level Credit is defined in Section 8.

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  • Class C Interest Coverage Test means the test which will apply as of any Measurement Date occurring on and after the Determination Date immediately preceding the second Payment Date and which will be satisfied on such Measurement Date if the Class C Interest Coverage Ratio is at least equal to 110.0 per cent.