Common use of Asset Cover Test Clause in Contracts

Asset Cover Test. Subject to Clauses 3.5 and 3.7, prior to the service of a Notice to Pay or a CBC Acceleration Notice, 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 Asset Cover Test on each Calculation Date immediately preceding each anniversary of the Programme Date, as applicable. 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, D and Z and the Adjusted Aggregate Asset Amount in accordance with Schedule 1 to the Asset Monitoring Agreement; (b) assess the arithmetic accuracy of the comparison between the Adjusted Aggregate Asset Amount and the aggregate Principal Amount Outstanding of the Covered Bonds; (c) assess the arithmetic accuracy of the First Regulatory Current Balance Amount in accordance with Schedule 1 to the Asset Monitoring Agreement and assess the arithmetic accuracy of the ratio of the First Regulatory Current Balance Amount compared to the aggregate Principal Amount Outstanding of the Covered Bonds; and (d) assess the arithmetic accuracy of the Second Regulatory Current Balance Amount in accordance with Schedule 1 to the Asset Monitoring Agreement and assess the arithmetic accuracy of the ratio of the Second Regulatory Current Balance Amount compared to 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 and the Indexed Valuation for each Mortgage Receivable as well as the accuracy of the Asset Percentage and the LTV Cut-Off Percentage and/or any other parameters used in the Asset Cover Test.

Asset Cover Test. Subject to Clauses 3.5 and 3.7Error! Reference source not found., prior to the service of a Notice to Pay or a CBC Acceleration Notice, 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 perform agreed upon procedures on with respect to the calculations performed by the CBC (or the Administrator on its behalf) in relation to the Asset Cover Test on each Calculation Date immediately preceding each anniversary of the Programme Date, as applicable. 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, D and Z and the Adjusted Aggregate Asset Amount in accordance with Schedule 1 to the Asset Monitoring Agreement; (b) assess the arithmetic accuracy of the comparison between the Adjusted Aggregate Asset Amount and the aggregate Principal Amount Outstanding of the Covered Bonds; (c) assess the arithmetic accuracy of the First Regulatory Current Balance Amount in accordance with Schedule 1 to the Asset Monitoring Agreement and assess the arithmetic accuracy of the ratio of the First Regulatory Current Balance Amount compared to the aggregate Principal Amount Outstanding of the Covered Bonds; and (d) assess the arithmetic accuracy of the Second Regulatory Current Balance Amount in accordance with Schedule 1 to the Asset Monitoring Agreement and assess the arithmetic accuracy of the ratio of the Second Regulatory Current Balance Amount compared to the aggregate Principal Amount Outstanding of the Covered Bonds. The Asset Monitor is not required to test the arithmetic accuracy of perform agreed upon procedures with respect to α, β, the Current Balance and the Indexed Valuation for each Mortgage Receivable as well as the accuracy of the Asset Percentage and the LTV Cut-Off Percentage and/or any other parameters used in the Asset Cover Test.