Common use of Amortisation Test Clause in Contracts

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: (a) that A, B, C and Z and the Amortisation Test Aggregate Asset Amount have been calculated in accordance with Schedule 2 to the Asset Monitoring Agreement; and (b) whether or not the Amortisation Test Aggregate Asset Amount is equal to or greater than the euro equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds. The Asset Monitor is not required to perform agreed upon procedures with respect to test the arithmetic accuracy of α, β, the Current Balance, the Adjusted Valuation for each Mortgage Receivable nor the accuracy of the Asset Percentage and the LTV Cut-Off Percentage.