Common use of Amortisation Test Clause in Contracts

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: (a) assess the arithmetic accuracy of items A, B, C and Z and the Amortisation Test Aggregate Asset Amount in accordance with Schedule 2 to the Asset Monitoring Agreement; and (b) assess the arithmetic accuracy of the comparison between the Amortisation Test Aggregate Asset Amount and the aggregate Principal Amount Outstanding of the Covered Bonds. The Asset Monitor is not required to test the arithmetic accuracy of α nor the Current Balance.

Amortisation Test. Subject to Clauses 3.4 3.5 and 3.63.7, 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: (a) assess the arithmetic accuracy of items A, B, C and Z and the Amortisation Test Aggregate Asset Amount in accordance with Schedule 2 to the Asset Monitoring Agreement; and (b) assess the arithmetic accuracy of the comparison between the Amortisation Test Aggregate Asset Amount and the aggregate Principal Amount Outstanding of the Covered Bonds. The Asset Monitor is not required to test the arithmetic accuracy of α nor the Current Balance.