Establishment Deed definition

Establishment Deed means the establishment deed for each Fund.

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Establishment Deed means a separate deed providing for the establishment of a Fund, containing in respect of that Fund any of the particulars set out in Schedule 1 that the Supervisor and Manager consider necessary or appropriate for that Fund, subject to clause 3.4;

Establishment Deed means a deed executed by the Trustee and the Manager by which each Fund is established in or to the effect of the form set out in Schedule 1 of the Trust Deed or such other form as the Trustee may agree;

Examples of Establishment Deed in a sentence

• To protect the value of the Housing Loan Portfolio, the Establishment Deed provides that, prior to the service of a Notice to Pay on the Covered Bond Guarantor, the assets of the Covered Bond Guarantor are subject to the Asset Coverage Test.

• Such provisions are similar in effect to the terms which are included in the Programme Documents (in particular the Establishment Deed and the Security Deed) relating to the subordination of Excluded Swap Termination Amounts.

• To protect the value of the Mortgage Loan Portfolio, the Establishment Deed provides that, prior to the service of a Notice to Pay on the Covered Bond Guarantor, the assets of the Covered Bond Guarantor are subject to the Asset Coverage Test.

• The Establishment Deed, the Mortgage Sale Agreement, the Servicing Agreement, the Intercompany Loan Agreement, the Demand Loan Agreement, the Management Agreement, the Security Deed, the Definitions Schedule, the Asset Monitor Agreement and the Account Bank Agreement are governed by, and will be construed in accordance with, New Zealand law.

• The proceeds from any such sale shall be deposited into the GIC Account and applied in accordance with the applicable Priority of Payments (see "Summary of the Principal Documents – Establishment Deed – Sale of Selected Mortgage Loans").

• The proceeds from any such sale shall be deposited into the GIC Account and applied in accordance with the applicable Priority of Payments (see "Overview of the Principal Documents – Establishment Deed – Sale of Selected Mortgage Loans").

• If the Pre-Maturity Test is breached within such specified period and certain actions are not taken, an Issuer Event of Default will occur (see “Summary of the Principal Documents – Establishment Deed - Sale of Selected Mortgage Loans if the Pre-Maturity Test is Breached”).

• 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 enforcement of the Security in accordance with the Security Deed, 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.

• A New Zealand court would be unlikely to apply a law other than the law of New Zealand to the priority of distribution in respect of Excluded Swap Termination Amounts under the Establishment Deed.

• Covered Bondholders will have no right to consent to or approve of any actions taken by the Trust Manager under the Establishment Deed or the Management Agreement.

More Definitions of Establishment Deed

Establishment Deed means the establishment deed for the relevant Fund. “FMCA” means Financial Markets Conduct Act 2013.

Establishment Deed means any establishment deed referred to in clause 6.1 that sets out the terms and conditions of a Fund;

Establishment Deed means a deed executed by the Supervisor and the Manager by which each Trust is established in or to the effect of the form set out in the Third Schedule or such other form as the Supervisor and the Manager shall agree;

Establishment Deed means any establishment deed referred to in clause 2.4 that sets out the terms of an Initial Fund, or any establishment deed that establishes a New Fund in accordance with clause 2.5.