liquidity facility
means a facility provided in respect of a traditional or synthetic securitisation scheme in order to cover deficiencies in cash flows within the said securitisation scheme(s), resulting from, amongst other things,
| a) |
time differences between the payment of interest and principal on the assets transferred, or other payments due in terms of a traditional securitisation scheme, and payment in respect of the senior commercial paper; or |
| b) |
time differences between the payment of interest and principal on assets that serve as collateral, purchased in terms of a synthetic securitisation scheme, and payment in respect of the senior commercial paper; or |
| c) |
market disruptions; or |
| d) |
a combination of any of the matters specified above, |
and which facility does not constitute a credit-enhancement facility;
Civil Aviation Act, 2009
