Amortisation Test. Subject to Clauses 3.4 and 3.6, following the service of a Notice to Pay, the Asset Monitor shall by no later than ten (10) Business Days following the receipt of the relevant information to be provided to it pursuant to Clause 4, report on the findings resulting from the agreed upon procedures on the calculations performed by the CBC (or the Administrator on its behalf) in relation to the Amortisation Test on each Calculation Date. In this respect, the Asset Monitor shall be provided with figures for the items listed in Clause 4.2 and shall perform the following procedures:
Amortisation Test. 4.1 The CBC shall use reasonable efforts to procure that for so long as the Covered Bonds remain outstanding, as at the end of each calendar month following service of a Notice to Pay (but prior to service of a CBC Acceleration Notice), the Amortisation Test Aggregate Asset Amount (as defined in Schedule 2 hereto) will be an amount at least equal to the aggregate Principal Amount Outstanding of the Covered Bonds as at the end of each calendar month (or with respect to item B as defined in Schedule 2 hereto, up to the date specified in item B), all as calculated on the immediately succeeding Calculation Date (the ''Amortisation Test'').
Amortisation Test. 4.1 The CBC shall use reasonable efforts to procure that for so long as the Covered Bonds remain outstanding, as at the end of each calendar month following service of a Notice to Pay (but prior to service of a CBC Acceleration Notice):
Amortisation Test. The Amortisation Test is intended to ensure that, following service of a Notice to Pay, the assets of the Covered Bond Guarantor do not fall below a certain threshold to ensure that the assets of the Covered Bond Guarantor are sufficient to meet its obligations under the Covered Bond Guarantee and senior expenses which rank in priority or pari passu with amounts due on the Covered Bonds. Pursuant to the Establishment Deed, the Covered Bond Guarantor must ensure that on each Calculation Date following service of a Notice to Pay on the Covered Bond Guarantor but prior to the service of a Covered Bond Guarantee Acceleration Notice and/or the realisation of the Security and/or the commencement of winding up proceedings against the Trust, the Amortisation Test Aggregate Mortgage Loan Amount is in an amount at least equal to the NZ Dollar Equivalent of the aggregate Principal Amount Outstanding under the Covered Bonds. If the aggregate collateral value of the Mortgage Loan Portfolio has not been maintained in accordance with the terms of the Asset Coverage Test or the Amortisation Test, then that may affect the realisable value of the Mortgage Loan Portfolio or any part thereof (both before and after the occurrence of a Covered Bond Guarantor Event of Default) and/or the ability of the Covered Bond Guarantor to make payments under the Covered Bond Guarantee. Failure to satisfy the Amortisation Test on any Calculation Date following an Issuer Event of Default will constitute a Covered Bond Guarantor Event of Default, thereby entitling the Bond Trustee to accelerate the Covered Bonds against the Issuers and the Guarantor (in the case of Covered Bonds issued by BNZ-IF) (to the extent not already accelerated against the Issuers and the Guarantor) and also the Covered Bond Guarantor’s obligations under the Covered Bond Guarantee against the Covered Bond Guarantor subject to and in accordance with the Conditions.
Amortisation Test. 12.1 For so long as the Covered Bonds remain outstanding, the LLP and each Member (other than the Liquidation Member) shall procure that on each Calculation Date following the service of a Notice to Pay on the LLP (but prior to the service of an LLP Acceleration Notice on the LLP and/or the commencement of winding-up proceedings against the LLP and/or the realisation of the Security), the Amortisation Test Aggregate Loan Amount (as defined below) will be in an amount at least equal to the Sterling Equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds as calculated on the relevant Calculation Date (the Amortisation Test).
Amortisation Test. The Asset Monitor test of arithmetical accuracy of the Amortisation Test will comprise the following steps:
Amortisation Test. Subject to Clauses 3.4 and 3.6 and after the service of a Notice to Pay, the Asset Monitor shall by no later than ten (10) Business Days following the receipt of the relevant information to be provided to it pursuant to Clause 4, test the arithmetic accuracy of the calculations performed by the CBC (or the Administrator on its behalf) in relation to the Amortisation Test on each Calculation Date, with a view to confirmation of the accuracy or otherwise of such calculations. In this respect, the Asset Monitor shall be provided with figures for the items listed in Clause 4.2 and shall test that (a) A, B, C, Y and Z and the Amortisation Test Aggregate Asset Amount have been calculated in accordance with Schedule 3 to the Asset Monitoring Agreement; and (b) whether or not the Amortisation Test Aggregate Asset Amount is equal to or greater than the aggregate Principal Amount Outstanding of the Covered Bonds; and (c) whether the First Regulatory Current Balance Amount is equal to or greater than 105% of the aggregate Principal Amount Outstanding of the Covered Bonds, or such other percentage as may be required from time to time under the CB Regulations; and (d) whether the Second Regulatory Current Balance Amount is equal to or greater than 100% of the aggregate Principal Amount Outstanding of the Covered Bonds, or such other percentage as may be required form time to time under the CB Regulations. The Asset Monitor is not required to test the arithmetic accuracy of α, β, the Current Balance, the Indexed Valuation for each Mortgage Receivable nor the accuracy of the Asset Percentage and the LTV Cut-Off Percentage.
Amortisation Test. Subject to Clause 3.6, following the service of a Notice to Pay, the Asset Monitor shall by no later than ten (10) Business Days following the receipt of the relevant information to be provided to it pursuant to Clause 4, perform agreed upon procedures with respect to the calculations performed by the CBC (or the Administrator on its behalf) in relation to the Amortisation Test on or before each Calculation Date, with a view to confirm the accuracy or otherwise of such calculations. The CBC (or the Administrator on its behalf) shall timely notify the Asset Monitor of the timing of the agreed upon procedures referred to in this sub-Clause 3.2. In this respect, the Asset Monitor shall be provided with figures for the items listed in Clause 4.2 and shall perform the following clerical accuracy check:
Amortisation Test. Subject to Clauses 3.4 and 3.6 and after the service of a Notice to Pay, the Asset Monitor shall by no later than ten (10) Business Days following the receipt of the relevant information to be provided to it pursuant to Clause 4, test the arithmetic accuracy of the calculations performed by the CBC (or the Administrator on its behalf) in relation to the Amortisation Test on each Calculation Date, with a view to confirmation of the accuracy or otherwise of such calculations. In this respect, the Asset Monitor shall be provided with figures for the items listed in Clause 4.2 and shall test that (a) A, B, C, Y and Z and the Amortisation Test Aggregate Asset Amount have been calculated in accordance with Schedule 3 to the Asset Monitoring Agreement; and (b) whether or not the Amortisation Test Aggregate Asset Amount is equal to or greater than the aggregate Principal Amount Outstanding of the Covered Bonds. The Asset Monitor is not required to test the arithmetic accuracy of α, β, the Current Balance, the Indexed Valuation for each Mortgage Receivable nor the accuracy of the Asset Percentage and the LTV Cut-Off Percentage.
