Common use of Actions by Asset Monitor on Breach Clause in Contracts

Actions by Asset Monitor on Breach. 3.4.1 If the agreed upon procedures conducted by the Asset Monitor in accordance with Clauses 3.1 or 3.2, as applicable, reveal errors in the relevant calculations such that: (a) the Asset Cover Test had failed on the relevant Calculation Date (in respect of previous month's end where it had been recorded as having been satisfied); or (b) the reported Adjusted Aggregate Asset Amount or the reported Amortisation Test Aggregate Asset Amount, as applicable, was misstated by an amount exceeding 1 per cent. of the Adjusted Aggregate Asset Amount or the Amortisation Test Aggregate Asset Amount, as applicable, (as at the date of the relevant Asset Cover Test or the relevant Amortisation Test) as calculated by the Asset Monitor, then for each of the four (4) consecutive Calculation Dates thereafter the Asset Monitor shall conduct the tests of the calculations referred to in Clause 3.1 (in case of failure of the Asset Cover Test) or Clauses 3.1 or 3.2 (in case of misstatement of the Adjusted Aggregate Asset Amount or Amortisation Test Aggregate Asset Amount), by no later than ten (10) Business Days following the receipt of the relevant information to be provided to it pursuant to Clause 4. 3.4.2 If the agreed upon procedures conducted by the Asset Monitor in accordance with Clause Error! Reference source not found. reveal errors in the relevant calculations such that the Mandatory Liquidity Test has failed on the relevant Calculation Date, then the Asset Monitor shall promptly notify the CBC, the Administrator, the Security Trustee and the Issuer thereof in accordance with Clause 3.5.

Actions by Asset Monitor on Breach. 3.4.1 If the agreed upon procedures conducted by the Asset Monitor in accordance with Clauses 3.1 or 3.2, as applicable, reveal errors in the relevant calculations such that: (a) the Asset Cover Test had failed on the relevant Calculation Date (in respect of previous month's end where it had been recorded as having been satisfied); or (b) the reported Adjusted Aggregate Asset Amount or the reported Amortisation Test Aggregate Asset Amount, as applicable, was misstated by an amount exceeding 1 per cent. of the Adjusted Aggregate Asset Amount or the Amortisation Test Aggregate Asset Amount, as applicable, (as at the date of the relevant Asset Cover Test or the relevant Amortisation Test) as calculated by the Asset Monitor, then for each of the four (4) consecutive Calculation Dates thereafter the Asset Monitor shall conduct the tests of the calculations referred to in Clause 3.1 (in case of failure of the Asset Cover Test) or Clauses 3.1 or 3.2 (in the case of misstatement of the Adjusted Aggregate Asset Amount or Amortisation Test Aggregate Asset Amount), by no later than ten (10) Business Days following the receipt of the relevant information to be provided to it pursuant to Clause 4. 3.4.2 If the agreed upon procedures conducted by the Asset Monitor in accordance with Clause Error! Reference source not found3.3. reveal reveals errors in the relevant calculations such that the Mandatory Liquidity Test has failed on the relevant Calculation Date, then the Asset Monitor shall promptly notify the CBC, the Administrator, the Security Trustee and the Issuer thereof in accordance with Clause 3.5.

Actions by Asset Monitor on Breach. 3.4.1 If the agreed upon procedures conducted by the Asset Monitor in accordance with Clauses 3.1 or 3.2, as applicable, reveal errors in the relevant calculations such that: (a) the Asset Cover Test had failed on the relevant Calculation Date (in respect of previous month's end where it had been recorded as having been satisfied); or (b) the reported Adjusted Aggregate Asset Amount or the reported Amortisation Test Aggregate Asset Amount, as applicable, was misstated by an amount exceeding 1 per cent. of the Adjusted Aggregate Asset Amount or the Amortisation Test Aggregate Asset Amount, as applicable, (as at the date of the relevant Asset Cover Test or the relevant Amortisation Test) as calculated by the Asset Monitor, then for each of the four (4) consecutive Calculation Dates thereafter the Asset Monitor shall conduct the tests of the calculations referred to in Clause 3.1 (in case of failure of the Asset Cover Test) or Clauses 3.1 or 3.2 (in case of misstatement of the Adjusted Aggregate Asset Amount or Amortisation Test Aggregate Asset Amount), by no later than ten (10) Business Days following the receipt of the relevant information to be provided to it pursuant to Clause 4. 3.4.2 If the agreed upon procedures conducted by the Asset Monitor in accordance with Clause Error! Reference source not found. 3.3 reveal errors in the relevant calculations such that the Mandatory Liquidity Test has failed on the relevant Calculation Date, then the Asset Monitor shall promptly notify the CBC, the Administrator, the Security Trustee and the Issuer thereof in accordance with Clause 3.5.

Actions by Asset Monitor on Breach. 3.4.1 If the agreed upon procedures conducted by the Asset Monitor in accordance with Clauses 3.1 or 3.2, as applicable, reveal errors in the arithmetic accuracy of the relevant calculations performed such that: (a) the Asset Cover Test had failed on the relevant Calculation Date (in respect of the previous month's end end) (where it had been recorded as having been satisfied); or (b) the reported Adjusted Aggregate Asset Amount or the reported Amortisation Test Aggregate Asset Amount, as applicable, was misstated by an amount exceeding 1 per cent. of the Adjusted Aggregate Asset Amount or the Amortisation Test Aggregate Asset Amount, as applicable, (as at the date of the relevant Asset Cover Test or the relevant Amortisation Test) as calculated by the Asset Monitor, then for each of the four (4) consecutive Calculation Dates thereafter the Asset Monitor shall conduct the tests of agreed upon procedures with respect to the calculations referred to in Clause 3.1 (in case of failure of the Asset Cover TestTest as described in Clause 3.4.1) or Clauses 3.1 or 3.2 (in the case of misstatement of the Adjusted Aggregate Asset Amount or the Amortisation Test Aggregate Asset AmountAmount as described in Clause 3.4.1), by no later than ten (10) Business Days following the receipt of the relevant information to be provided to it pursuant to Clause 4. 3.4.2 If the agreed upon procedures conducted by the Asset Monitor in accordance with Clause Error! Reference source not found. 0 reveal errors in the relevant calculations such that the Mandatory Liquidity Test has failed on the relevant Calculation Date, then the Asset Monitor shall promptly notify the CBC, the Administrator, the Security Trustee and the Issuer thereof in accordance with Clause 3.53.4.2.

Actions by Asset Monitor on Breach. 3.4.1 3.5.1 If the agreed upon procedures conducted by the Asset Monitor in accordance with Clauses 3.1 or 3.2, as applicable, reveal errors in the relevant calculations such that: (a) the Asset Cover Test had failed on the relevant Calculation Date (in respect of previous month's end where it had been recorded as having been satisfied); or (b) the reported Adjusted Aggregate Asset Amount or the reported Amortisation Test Aggregate Asset Amount, as applicable, was misstated by an amount exceeding 1 per cent. of the Adjusted Aggregate Asset Amount or the Amortisation Test Aggregate Asset Amount, as applicable, (as at the date of the relevant Asset Cover Test or the relevant Amortisation Test) as calculated by the Asset Monitor, then for each of the four (4) consecutive Calculation Dates thereafter the Asset Monitor shall conduct the tests of the calculations referred to in Clause 3.1 (in case of failure of the Asset Cover Test) or Clauses 3.1 or 3.2 (in the case of misstatement of the Adjusted Aggregate Asset Amount or Amortisation Test Aggregate Asset Amount), by no later than ten (10) Business Days following the receipt of the relevant information to be provided to it pursuant to Clause 4. 3.4.2 3.5.2 If the agreed upon procedures conducted by the Asset Monitor in accordance with Clause Error! Reference source not found. 3.3 reveal errors in the relevant calculations such that the Mandatory Liquidity Test has failed on the relevant Calculation Date, then the Asset Monitor shall promptly notify the CBC, the Administrator, the Security Trustee and the Issuer thereof in accordance with Clause 3.53.6.

Actions by Asset Monitor on Breach. 3.4.1 If the agreed upon procedures conducted by the Asset Monitor in accordance with Clauses 3.1 or 3.2, as applicable, reveal errors in the arithmetic accuracy of the relevant calculations performed such that: (a) the Asset Cover Test had failed on the relevant Calculation Date (in respect of the previous month's end end) (where it had been recorded as having been satisfied); or (b) the reported Adjusted Aggregate Asset Amount or the reported Amortisation Test Aggregate Asset Amount, as applicable, was misstated by an amount exceeding 1 per cent. 1% of the Adjusted Aggregate Asset Amount or the Amortisation Test Aggregate Asset Amount, as applicable, (as at the date of the relevant Asset Cover Test or the relevant Amortisation Test) as calculated by the Asset Monitor, then for each of the four (4) consecutive Calculation Dates thereafter the Asset Monitor shall conduct the tests of agreed upon procedures with respect to the calculations referred to in Clause 3.1 (in case of failure of the Asset Cover TestTest as described in Clause 3.4.1) or Clauses 3.1 or 3.2 (in the case of misstatement of the Adjusted Aggregate Asset Amount or the Amortisation Test Aggregate Asset AmountAmount as described in Clause 3.4.1), by no later than ten (10) Business Days following the receipt of the relevant information to be provided to it pursuant to Clause 4. 3.4.2 If the agreed upon procedures conducted by the Asset Monitor in accordance with Clause Error! Reference source not found3.3. reveal reveals errors in the relevant calculations such that the Mandatory Liquidity Test has failed on the relevant Calculation Date, then the Asset Monitor shall promptly notify the CBC, the Administrator, the Security Trustee and the Issuer thereof in accordance with Clause 3.5.