Reserve Fund Required Amount means, (i) for any Payment Date on which the Note Balance is greater than $0, $2,128,635.19 (i.e., 0.25% of the Cutoff Date Adjusted Pool Balance) or (ii) if the Notes have been paid in full, $0; provided, however, that the Reserve Fund Required Amount may not exceed the Note Balance.
Reserve Fund Required Amount means, with respect to any Distribution Date, an amount equal to the product of (a) 0.35% and (b) the outstanding principal balance of the Certificates on such Distribution Date (after giving effect to any changes therein on such Distribution Date).
Reserve Fund Required Amount means Nil, unless the ratings of the Issuer’s short-term or long-term (as applicable) unsecured, unsubordinated and unguaranteed debt obligations or issuer default ratings, as applicable, by the Rating Agencies fall below the Reserve Fund Required Amount Ratings and then, for so long as such ratings are below the Reserve Fund Required Amount Ratings, an amount equal to the Canadian Dollar Equivalent of scheduled interest due on any outstanding Series of Covered Bonds over the next three months together with an amount equal to three-twelfths of the anticipated aggregate annual amount payable in respect of the items specified in paragraphs (a) to (c) and if applicable (d) and/or (e) of the Pre-Acceleration Revenue Priority of Payments;
Examples of Reserve Fund Required Amount in a sentence
If the Notes have been redeemed in full and all other obligations in respect of the Notes have been satisfied on the Quarterly Payment Date immediately before such Quarterly Calculation Date or will be satisfied on the next Quarterly Payment Date, all amounts standing to the credit of the Reserve Fund Account may be released and thus the Reserve Fund Required Amount will be reduced to zero, save for any amounts reasonably determined by the Administrator.
If the balance standing to the credit of the Reserve Fund Account on any Quarterly Calculation Date, exceeds the Reserve Fund Required Amount, such excess amount shall be debited from the Reserve Fund Account on the next following Quarterly Payment Date, credited to the Transaction Account, and form part of the Quarterly Interest Available Funds, to be applied in accordance with the Quarterly Interest Priority of Payments.
IssuerIf rating falls below both F1 (short-term) and A(long-term)If rating falls below Prime-1 (short-term) (cr) Requirement to establish Reserve Fund up to the Reserve Fund Required Amount.
In addition, the Issuer will, as consideration for the CBC assuming the Guarantee, pay all costs and expenses of the CBC and make, receive all payments to be made or received by the CBC under any Swap Agreement (if any) and fund the Reserve Fund up to the Reserve Fund Required Amount.
All required trainings shall be offered on at least two (2) separate dates during the summer that are at least three (3) weeks apart.
More Definitions of Reserve Fund Required Amount
Reserve Fund Required Amount means Nil, unless the applicable ratings of the Issuer from one or more Rating Agencies fall below the Reserve Fund Required Amount Ratings and then an amount equal to the Canadian Dollar Equivalent of scheduled interest due on all outstanding Series of Covered Bonds over the next three months together with an amount equal to three-twelfths of the anticipated aggregate annual amount payable in respect of the items specified in paragraphs (a) to (d) of the Pre-Acceleration Revenue Priority of Payments;
Reserve Fund Required Amount means nil, unless the ratings of the Issuer’s short-term, unsecured, unsubordinated and unguaranteed debt obligations (or issuer default rating, as applicable) by the Rating Agencies fall below the Reserve Fund Required Amount Ratings and then an amount equal to the Canadian Dollar Equivalent of scheduled interest due on all outstanding Series of Covered Bonds over the next three months together with an amount equal to three-twelfths of the anticipated aggregate annual amount payable in respect of the items specified in paragraphs (a) to (c) and, if applicable, (d) of the Pre-Acceleration Revenue Priority of Payments;
Reserve Fund Required Amount means on an LLP Payment Date, if the Issuer's short-term, unsecured, unsubordinated and unguaranteed debt obligations are rated at least A–1+ by S&P, F1 by Fitch and P–1 by Xxxxx'x and the Issuer's long-term, unsecured, unsubordinated and unguaranteed debt obligations are rated at least A by Fitch, nil or such other amount as Santander UK plc shall direct the LLP from time to time and otherwise, an amount equal to the Sterling Equivalent of the interest falling due on each Series of Covered Bonds in the next following three month period together with an amount equal to the anticipated amounts payable in respect of the items specified in paragraphs (a) to (b) of the Pre-Acceleration Revenue Priority of Payments falling due in the next following three month period plus £600,000 or such higher amount as Santander UK plc shall direct the LLP from time to time; Reserve Ledger means the ledger on the GIC Account of such name maintained by the Cash Manager pursuant to the Cash Management Agreement, to record the crediting of Revenue Receipts and (if so directed by the Seller) Cash Capital Contributions to the Reserve Fund and the debiting of such Reserve Fund in accordance with the terms of the LLP Deed; Reset Date has the meaning given to it in the ISDA Definitions; Revenue Ledger means the ledger on the GIC Account of such name maintained by the Cash Manager pursuant to the Cash Management Agreement, to record credits and debits of Revenue Receipts in accordance with the terms of the LLP Deed;
Reserve Fund Required Amount means on an LLP Payment Date, if the Issuer's short-term, unsecured, unsubordinated and unguaranteed debt obligations are rated at least A–1+ by S&P, F1 by Fitch and P–1 by Moody's and the Issuer's long-term, unsecured, unsubordinated and unguaranteed debt obligations are rated at least A by Fitch, nil or such other amount as Santander UK plc shall direct the LLP from time to time and otherwise, an amount equal to the Sterling Equivalent of the interest falling due on each Series of Covered Bonds in the next following three month period together with an amount equal to the anticipated amounts payable in respect of the items specified in paragraphs (a) to (b) of the Pre-Acceleration Revenue Priority of Payments falling due in the next following three month period plus £600,000 provided that in determining the amount of the Reserve Fund Required Amount, where any amount in respect of the Covered Bonds or Covered Bond Swap Agreements is determined by reference to a floating rate, then (i) (unless the floating rate is determined by reference to a compounded daily XXXXX rate) the interest rate for the purpose of such calculation shall be the then current floating rate as at the date on which the amount is calculated or (ii) (if the floating rate is determined by reference to a compounded daily XXXXX rate), the interest rate for the purpose of such calculation shall be deemed to be equal to the sum of (x) the XXXXX Spot Rate published on the date on which the amount is calculated (or, if such day is not a London Business Day, on the immediately preceding London Business Day), compounded daily over the relevant period and (y) the Margin or the margin in relation to the Covered Bond Swaps, as applicable, for such period, or such higher amount as Santander UK plc shall direct the LLP from time to time;
Reserve Fund Required Amount has the meaning specified in the Sale and Servicing Agreement.
Reserve Fund Required Amount means the aggregate of the Reserve Fund Base Amount and the Reserve Fund Cap Amounts (as defined below).
Reserve Fund Required Amount means, with respect to any Distribution Date, an amount equal to the product of 0.35%, times the Adjusted Invested Amount on such Distribution Date (after giving effect to any changes therein on such Distribution Date); provided, however, that the Reserve Fund Required Amount for the Closing Date is the Reserve Fund Initial Amount; and, provided, further, that for any Distribution Date with respect to the Early Amortization Period, the Reserve Fund Required Amount for such Distribution Date will be the product of 5%, times the Initial Note Principal Balance.