Common use of Amortisation Test Clause in Contracts

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 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 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 Clauses 3.4 and 3.6 and after 3.7, following the service of a Notice to Pay, the Asset Monitor shall by no later than ten (10) Business Days 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 or before each Calculation Date, with a view to confirmation of confirm 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 A 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 at least equal to or greater than the aggregate Principal Amount Outstanding of the Covered Bonds; Bonds and (c) whether the First Regulatory Current Balance Amount is at least 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, of the aggregate Principal Amount Outstanding of the Covered Bonds; and (d) whether the Second Regulatory Current Balance Amount is at least equal to 100%, or greater than 100% such other percentage as may be required from time to time under the CB Regulations, 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 Percentagepercentage nor any other parameters used in the Asset Cover Test.