Amortisation Test Sample Clauses

Amortisation Test. 4.1 The CBC shall use reasonable efforts to procure that for so long as the Covered Bonds remain outstanding, as at the end of each calendar month following service of a Notice to Pay (but prior to service of a CBC Acceleration Notice): (i) the Amortisation Test Aggregate Asset Amount (as defined in Schedule 3 hereto) will be an amount at least equal to the euro equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds as at the end of such calendar month (or with respect to item B of the Amortisation Test, up to the date specified in item B), all as calculated on the immediately succeeding Calculation Date; and (ii) the First Regulatory Current Balance Amount shall be at least equal to 105%, 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 at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date; (iii) the Outstanding Principal Amount of all Mortgage Receivables, excluding any Defaulted Receivables, plus (a) the Collateral Market Value of all Transferred Collateral in the form of Substitution Assets plus (b) all amounts standing to the balance of the CBC Transaction Accounts, excluding Swap Collateral and excluding amounts standing to the balance of the Construction Account, will always be at least equal to 115% of the aggregate Principal Amount Outstanding of the Covered Bonds; and (iv) the Second Regulatory Current Balance Amount will be at least equal to 100%, 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 at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date, (items (i) up to and including (iv) the "Amortisation Test"), all in accordance with Schedule 3 hereto. 4.2 The CBC (or the Administrator on its behalf) shall, on each Calculation Date following the service of a Notice to Pay, conduct the Amortisation Test. 4.3 If on any Calculation Date following the service of a Notice to Pay the Amortisation Test is not met per the end of the previous calendar month (such failure to meet the Amortisation Test on the next succeeding Calculation Date being a "Breach of Amort...

Amortisation Test. 4.1 The CBC shall use reasonable endeavours to procure that for so long as the Covered Bonds remain outstanding, as at the end of each calendar month following service of a Notice to Pay (but prior to service of a CBC Acceleration Notice), the Amortisation Test Aggregate Asset Amount (as defined in Schedule 2 hereto) shall be an amount at least equal to the aggregate Principal Amount Outstanding of the Covered Bonds as at the end of each calendar month (or with respect to item B of the Amortisation Test, up to the date specified in item B), all as calculated on the immediately succeeding Calculation Date (the ''Amortisation Test''). 4.2 The CBC (or the Administrator on its behalf) shall, on each Calculation Date following the service of a Notice to Pay, conduct the Amortisation Test. 4.3 If on any Calculation Date following the service of a Notice to Pay the Amortisation Test is not met per the end of the previous calendar month, then that shall constitute a breach of the Amortisation Test and the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee thereof in writing, and the Security Trustee shall be entitled to serve a CBC Acceleration Notice under the Terms and Conditions.

Amortisation Test. Subject to Clauses 3.4 and 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, 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 Amortisation Test on each Calculation Date. 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 and Z and the Amortisation Test Aggregate Asset Amount in accordance with Schedule 2 to the Asset Monitoring Agreement; and (b) assess the arithmetic accuracy of the comparison between the Amortisation Test Aggregate Asset Amount and the aggregate Principal Amount Outstanding of the Covered Bonds. The Asset Monitor is not required to test the arithmetic accuracy of α nor the Current Balance.

Amortisation Test. The Amortisation Test is intended to ensure that, following service of a Notice to Pay, the assets of the Covered Bond Guarantor do not fall below a certain threshold to ensure that the assets of the Covered Bond Guarantor are sufficient to meet its obligations under the Covered Bond Guarantee and senior expenses which rank in priority or pari passu with amounts due on the Covered Bonds. 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. If the aggregate collateral value of the Mortgage Loan Portfolio has not been maintained in accordance with the terms of the Asset Coverage Test or the Amortisation Test, then that may affect the realisable value of the Mortgage Loan Portfolio or any part thereof (both before and after the occurrence of a Covered Bond Guarantor Event of Default) and/or the ability of the Covered Bond Guarantor to make payments under the Covered Bond Guarantee. Failure to satisfy the Amortisation Test on any Calculation Date following an Issuer Event of Default will constitute a Covered Bond Guarantor Event of Default, thereby entitling the Bond Trustee to accelerate the Covered Bonds against the Issuers and the Guarantor (in the case of Covered Bonds issued by BNZ-IF) (to the extent not already accelerated against the Issuers and the Guarantor) and also the Covered Bond Guarantor’s obligations under the Covered Bond Guarantee against the Covered Bond Guarantor subject to and in accordance with the Conditions.

Amortisation Test. Subject to Clauses 3.4 and 3.7, 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, 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 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 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 the aggregate Principal Amount Outstanding of the Covered Bonds and (c) whether the First Regulatory Current Balance Amount is at least equal to 105%, 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 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. 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 nor any other parameters used in the Asset Cover Test.

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.

Amortisation Test. 3.2.1 Subject to Clauses 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. In this respect, the Asset Monitor shall be provided with figures for the items listed in Clause

Amortisation Test. The Asset Monitor test of arithmetical accuracy of the Amortisation Test will comprise the following steps: (a) Ensure that the Cash Manager has provided, in accordance with Clause 3.1 of the Asset Monitor Agreement: (i) figures A, B, C, Y and Z as described in the Amortisation Test; (ii) the constituent figures used in the calculations of items A, B, Y and Z. Specifically, for each Loan: (A) outstanding principal balance (B) latest valuation (C) Reference indexed valuation (D) whether Loan is 3 months or more in arrears • the Sterling Equivalent of the Principal Amount Outstanding of the Covered Bonds as calculated by the Cash Manager on the relevant Calculation Date. (iii) a nil balance where applicable. (b) For A: (i) determine the lower of A(a) and A(b). (c) For B: (i) sum the amount of any cash standing to the credit of the GIC Account and the principal amount of any Authorised Investments. (d) For Z: (i) multiply the weighted average remaining maturity of all Covered Bonds then outstanding by the Sterling Equivalent of the Principal Amount Outstanding of the Covered Bonds both figures as calculated by the Cash Manager on the relevant Calculation Date. (ii) multiply the result by the Negative Carry Factor to give Z. (e) Re-perform the calculation A + B + C - Y - Z (f) Compare this calculation to that provided by the Cash Manager. (g) Complete the Asset Pool Monitor Report. Abbey Xxxxxxxx Xxxxx 0 Xxxxxx Xxxxxx Xxxxxx XX0 0XX (the “LLP”) NW1 3AN (the “Issuer”) Deutsche Trustee Company Limited Xxxxxxxxxx Xxxxx 0 Xxxxx Xxxxxxxxxx Xxxxxx Xxxxxx XX0X 0XX (the “Security Trustee” and “Bond Trustee”) [date] Dear Sirs We have performed the following procedures as agreed by the LLP and the Issuer in accordance with our engagement letter dated [date] (the “Engagement Letter”), a copy of which is attached as Appendix i and the Asset Monitor Agreement dated 3 June 2005 as amended and restated on 24 December 2012 and 25 June 2014 and as further amended (together, the “Asset Monitor Agreement”). The procedures were performed solely for the purpose of performing certain agreed upon procedures on certain loans in the loan pool (the “Loan Pool”) in order to assist you in your confirmation of your compliance with regulations 16 & 17 of the Regulated Covered Bonds Regulations 2008 as amended by the Regulated Covered Bonds (Amendment) Regulations 2011 and the Regulated Covered Bonds (Amendment) Regulations 2012 (together, the “Regulations”) governed by The Financial Conduc...

Amortisation Test. 4.1 The CBC shall use reasonable endeavours to procure that for so long as the Covered Bonds remain outstanding, as at the end of each calendar month following the service of a Notice to Pay on the CBC (but prior to the service of a CBC Acceleration Notice on the CBC), the Amortisation Test Aggregate Asset Amount (as defined in Schedule 2 hereto) shall be an amount at least equal to the aggregate Principal Amount Outstanding of the Covered Bonds as at the end of such calendar month (or with respect to item B of the Amortisation Test, up to the date specified in item B), all as calculated on the immediately succeeding Calculation Date (the "Amortisation Test"). 4.2 The CBC (or the Administrator on its behalf) shall, on each Calculation Date following the service of a Notice to Pay, conduct the Amortisation Test. 4.3 If on any Calculation Date following the service of a Notice to Pay the Amortisation Test is not met per the end of the previous calendar month (such failure to meet the Amortisation Test on the next succeeding Calculation Date being a "Breach of the Amortisation Test" on such Calculation Date), then the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee thereof in writing, and the Security Trustee will be entitled to serve a CBC Acceleration Notice under the Terms and Conditions.

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. 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.