Target Cash Reserve Amount means € 60,035,980 (being an amount equal to two per cent. of the aggregate Principal Amount Outstanding of the Notes as at the Issue Date) save that the Target Cash Reserve Amount will be reduced to zero in respect of the Interest Payment Date on which the Class A Notes are redeemed in full. Subordination Payments of interest and repayment of principal under the Class A Notes are subject to certain subordination and ranking provisions. For a more detailed description of the ranking among the various Classes of Notes and the relative subordination provisions see “Key features - Summary of the Notes – Ranking” and Condition 3(b) (Ranking).See “Key features - Priority of Payments”, “Risk factors – Subordination” and “Terms and Conditions of the Notes”. Note Security The Notes will be secured by the Note Security. See “Key features - Summary of the Notes, Security for the Notes”. First Demand Guarantee Pursuant to the terms of the First Demand Guarantee, Banco Popolare, in its capacity as First Demand Guarantor, will unconditionally and irrevocably guarantee to the Issuer:
Target Cash Reserve Amount means €5,664,770.75 (being an amount equal to 1.5 per cent of the Principal Amount Outstanding of the Class A Notes as at the Increase Date) save that:
Target Cash Reserve Amount means € 122,500,000 (being an amount equal to 3.5 per cent. of the aggregate Principal Amount Outstanding of the Notes as at the Issue Date) save that on the Calculation Date immediately preceding the Interest Payment Date on which the Class A Notes will be redeemed in full, the Target Cash Reserve Amount will be reduced to zero.On each Interest Payment Date, subject to the availability of Interest Available Funds, the Cash Reserve will be replenished, up to the Target Cash Reserve Amount out of the Interest Available Funds and in accordance with the Pre-Enforcement Interest Priority of Payments.On each Calculation Date, the Cash Reserve (or part of it) will be utilised to augment the Interest Available Funds to the extent necessary to make the payments falling due on the immediately following Interest Payment Date under items (i) to (viii) of the Pre-Enforcement Interest Priority of Payments.The Principal Deficiency Ledger On each Interest Payment Date, subject to the availability ofAmount Interest Available Funds, provisions will be made by the Issuer against any Principal Deficiency Amount in accordance with the Pre-Enforcement Interest Priority of Payments. Such provisions (being the Principal Deficiency Ledger Amount, as defined below) will be used, on the same Interest Payment Date, to augment the Principal Available Funds and will therefore be applied to make payments or provisions due on the same date in accordance with the Pre-Enforcement Principal Priority of Payments including, without limitation, payments due in respect of interest on the Class A Notes to the extent not paid under the Pre-Enforcement Interest Priority of Payments due to the insufficiency of Interest Available Funds.
Examples of Target Cash Reserve Amount in a sentence
Pre-enforcement Interest Priority of Payments 3, Target Cash Reserve Amount 4.
On each Payment Date prior to the service of a Trigger Notice, up to (but excluding) the Payment Date on which the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are redeemed in full or cancelled, subject to the availability of Interest Available Funds, the Cash Reserve will be replenished up to the Target Cash Reserve Amount out of the Interest Available Funds and in accordance with the Pre-Trigger Notice Interest Priority of Payments.
The Cash Reserve was funded up to the Target Cash Reserve Amount on the Issue Date by using the proceeds of the issuance of the Existing Junior Notes and will be increased up to the Target Cash Reserve Amount using part of the proceeds of the issuance of the Junior Notes on the Increase Date.
Principal TransactionThereafter, on each Payment Date prior to the delivery of a Trigger Notice to (but excluding) the Payment Date on which the Senior Notes are redeemed in full, the Issuer will, in accordance with the Pre-Trigger Notice Priority of Payments, pay into the Cash Reserve Account an amount to bring the balance of such account equal to the Target Cash Reserve Amount.
As at the Issue Date, the amount credited to the Cash Reserve Account will equal the Target Cash Reserve Amount.
More Definitions of Target Cash Reserve Amount
Target Cash Reserve Amount means € 119,714,220 (being an amount equal to three per cent. of the aggregate Principal Amount Outstanding of the Notes as at the Issue Date) save that the Target Cash Reserve Amountwill be reduced to zero in respect of the Interest Payment Date on which the Class A Notes are redeemed in full.Swap Agreement The Issuer has entered into the Swap Agreement with the SwapCounterparty in order to hedge against the potential interest rate exposure of the Issuer in relation to its floating and fixed rate interest obligations under the Class A Notes.Letter of Undertaking Pursuant to a letter of undertaking in relation to the Issuer (the “Letter ofUndertaking”) dated the Signing Date between the Issuer, the Representative of the Noteholders, BP Crema, BP Cremona, BPL, BPN, BPV, Creberg and CR Lupili (in such capacity, the “Financing Banks”), the Financing Banks have undertaken to provide the Issuer with all necessary monies (in any form of financing deemed appropriate by the Representative of the Noteholders, for example by way of a subordinated loan, the repayment of which is effected in compliance with item (xii)(C) of the Pre-Enforcement Priority of Payments or, as the case may be, item (x)(C) of the Post-Enforcement Priority of Payments) in order for the Issuer to pay any losses, costs, expenses or liabilities in respect of certain exceptional liabilities set out in the Letter of Undertaking.First Demand Guarantee Pursuant to the First Demand Guarantee, Banco Popolare, in its capacityas First Demand Guarantor, will unconditionally and irrevocably guarantee to the Issuer:
Target Cash Reserve Amount means € 166,400,000.00 (being an amount equal to 6.6 per cent. of the aggregate Principal Amount Outstanding of the Rated Notes as at the Subsequent Issue Date) provided that the Target Cash Reserve Amount will be equal to zero on the earlier of (i) the Maturity Date; (ii) the Final Redemption Date (iii) the Interest Payment Date on which the Rated Notes are redeemed in full; and (iv) the Interest Payment Date on which the Class B Notes may be fully redeemed also utilising the amounts which would otherwise be credited to the item (sixth) of the Pre-Enforcement Priority of Payments on such Interest Payment Date. Letter of Undertaking Pursuant to a letter of undertaking in relation to the Issuer (the
Target Cash Reserve Amount means €10,438,000 (being an amount equal to 2.1 per cent. of the aggregate Principal Amount Outstanding of the Notes as at the Issue Date) save that:
Target Cash Reserve Amount means: (i) with respect to Portfolio 1 on each Payment Date an amount equal to the higher of
Target Cash Reserve Amount means the amount equal to €64.000.000 save that the Target Cash Reserve Amount will be reduced to zero in respect of the Interest Payment Date on which the Class A Notes are redeemed in full. Letter of Undertaking Pursuant to a letter of undertaking in relation to the Issuer (the
Target Cash Reserve Amount means, on each Payment Date, an amount equal to 4.5% of the Principal Amount Outstanding of Class A Notes as of the Business Day following the immediately preceding Payment Date (or, in respect of the First Payment Date, on the Issue Date), provided that the Target Cash Reserve Amount will be equal to 0 (zero) on the earlier of (i) the Payment Date on which the Class A Notes can be redeemed in full, (ii) the Final Maturity Date, and (iii) the Final Redemption Date (and on each Payment Date thereafter).
Target Cash Reserve Amount means € 80,802,000.00 (being an amount equal to 6 per cent. of the aggregate Principal Amount Outstanding of the Rated Notes as at the Issue Date) provided that the Target Cash Reserve Amount will be equal to zero on the earlier of (i) the Maturity Date; (ii) the Final Redemption Date