Common use of Asset Conditions Clause in Contracts

Asset Conditions. The following conditions (the Asset Conditions) to be met at each Monthly Test Date in respec t of any Further Advances, Product Switches and Tested Underpayment Options made in the Monthly Period immediately preceding the Monthly Test Date are: (a) the Current Balance of the Loans comprising the Portfolio, in respect of which the aggregate amount in arrears is more than three times the Monthly Payment then due, is less than 3 per cent. of the aggregate Current Balance of the Loans comprising the Portfolio at that date; (b) the General Reserve Fund is at the General Reserve Required Amount; (c) the Cash Manager is not aware that the then current ratings of the Class A Notes then outstanding would be downgraded, withdrawn or qualified as a result of the relevant Further Advance, Product Switch and/or Tested Underpayment Option remaining in the Portfolio; (d) each Loan and its Related Security which is the subject of a Further Advance, Product Switch and/or a Tested Underpayment Option complies at the date of such Further Advance, Product Switch and/or Tested Underpayment Option with the Loan Warranties; (e) the relevant Rating Agency Tests will not be breached as a result of the relevant Further Advance, Product Switch and/or Tested Underpayment Option remaining in the Portfolio (after taking into account any drawing under the Class Z VFN); (f) the Eligibility Criterion has not been breached; (g) if the making of a Product Switch would result in a New Loan Type being included in the Portfolio and advance notice in writing of any such Loans subject to a Product Switch and/or Further Advance remaining in the Portfolio has been provided to Moody's and Fitch and there being no reduction, qualification or withdrawal by Moody's or Fitch of the then current ratings of the Class A Notes as a consequence thereof; (h) the Interest Rate Swap Transaction and the Interest Rate Cap Transaction, which comply with the applicable Moody's and Fitch criteria, xxxxxx against the interest rates payable in respect of such Further Advance, Product Switch and/or Tested Underpayment Option until the maturity of such Loan; (i) the Class A Principal Deficiency Ledger does not have a debit balance as at the most rec ent Interest Payment Date after applying all Available Revenue Receipts on that Interest Payment Date; (j) the aggregate amount of all Further Advances made since the Initial Portfolio Creation Date does not exceed 2 per cent. of the Current Balance of the Loans comprised in the Portfolio on the Initial Portfolio Creation Date; (k) if the short-term unsecured, unguaranteed and unsubordinated debt obligation rating of the Seller or (where the Seller does not have an independent rating) YBS is rated less than P-2 by Moody's or the short-term issuer default rating of the Seller or (where the Seller does not have an independent rating) YBS is rated less than F-2 by Fitch, respectively as at a Monthly Pool Date, the Seller has delivered a solvency certificate to the Security Trustee in accordance with Clause 5.5 (Solvency Certificate); (l) in respect of Further Advances, Product Switches or Tested Underpayment Options, the Advance Date, the Switch Date or the Option Date (as the case may be) falls before the Step- Up Date; (m) in respect of Further Advances, such Further Advances will not be or become Capped Rate Loans; (n) in respect of Further Advances that are Reversionary Discount Loans, the loan will not become a Discounted SVR Loan for a period of greater than three years and the combined period that the loan is a Fixed Rate Loan or a Discounted SVR Loan will not exceed five years and six months; (o) in respect of Further Advances that are Reversionary Discount Loans, the interest rate during the period that the Loan is a Discounted SVR Loan will exceed Compounded Daily XXXXX, determined for the last Interest Payment Date prior to the Monthly Test Date, plus 2.35%; (p) in respect of Product Switches, a Loan does not become a Fixed Rate Loan with a remaining fixed rate term of more than five years and six months (such term determined from the date the new loan is entered into by the relevant Borrower); and (q) no Seller Insolvency Event has occurred.

Asset Conditions. The following conditions (the Asset Conditions) to be met at each Monthly Test Date in respec t respect of any Further Advances, Product Switches and Tested Underpayment Options made in the Monthly Period immediately preceding the Monthly Test Date are: (a) the Current Balance of the Loans comprising the Portfolio, in respect of which the aggregate amount in arrears is more than three times the Monthly Payment then due, is less than 3 per cent. of the aggregate Current Balance of the Loans comprising the Portfolio at that date; (b) the General Reserve Fund is at the General Reserve Required Amount; (c) the Cash Manager is not aware that the then current ratings of the Class A Notes then outstanding would be downgraded, withdrawn or qualified as a result of the relevant Further Advance, Product Switch and/or Tested Underpayment Option remaining in the Portfolio;Portfolio;‌ (d) each Loan and its Related Security which is the subject of a Further Advance, Product Switch and/or a Tested Underpayment Option complies at the date of such Further Advance, Product Switch and/or Tested Underpayment Option with the Loan Warranties; (e) the relevant Rating Agency Tests will not be breached as a result of the relevant Further Advance, Product Switch and/or Tested Underpayment Option remaining in the Portfolio (after taking into account any drawing under the Class Z VFN); (f) the Eligibility Criterion has not been breached;breached;‌ (g) if the making of a Product Switch would result in a New Loan Type being included in the Portfolio and advance notice in writing of any such Loans subject to a Product Switch and/or Further Advance remaining in the Portfolio has been provided to Moody's and Fitch and there being no reduction, qualification or withdrawal by Moody's or Fitch of the then current ratings of the Class A Notes as a consequence thereof; (h) the Interest Rate Swap Transaction and the Interest Rate Cap Transaction, which comply complies with the applicable Moody's and Fitch criteria, xxxxxx against the interest rates payable in respect of such Further Advance, Product Switch and/or Tested Underpayment Option until the maturity of such Loan; (i) the Class A Principal Deficiency Ledger does not have a debit balance as at the most rec ent recent Interest Payment Date after applying all Available Revenue Receipts on that Interest Payment Date; (j) the aggregate amount of all Further Advances made since the Initial Portfolio Creation Date does not exceed 2 per cent. of the Current Balance of the Loans comprised in the Portfolio on the Initial Portfolio Creation Date; (k) if the short-term unsecured, unguaranteed and unsubordinated debt obligation rating of the Seller or (where the Seller does not have an independent rating) YBS is rated less than P-2 by Moody's or the short-term issuer default rating of the Seller or (where the Seller does not have an independent rating) YBS is rated less than F-2 by Fitch, respectively as at a Monthly Pool Date, the Seller has delivered a solvency certificate to the Security Trustee in accordance with Clause 5.5 4.5 (Solvency Certificate); (l) in respect of Further Advances, Product Switches or Tested Underpayment Options, the Advance Date, the Switch Date or the Option Date (as the case may be) falls before the Step- Up Date; (m) in respect of Further Advances, such Further Advances will not be or become Capped Rate Loans; (n) in respect of Further Advances that are Reversionary Discount Loans, the loan will not become a Discounted SVR Loan for a period of greater than three years and the combined period that the loan is a Fixed Rate Loan or a Discounted SVR Loan will not exceed five years and six months; (o) in respect of Further Advances that are Reversionary Discount Loans, the interest rate during the period that the Loan is a Discounted SVR Loan will exceed Compounded Daily XXXXX, determined for the last Interest Payment Date prior to the Monthly Test Date, plus 2.35%; (p) in respect of Product Switches, a Loan does not become a no Fixed Rate Loan with includes a remaining fixed rate term of more than five years and six months (such term determined from the date the new loan is entered into by the relevant Borrower)ending after 30 June 2036; and (q) no Seller Insolvency Event has occurred.

Asset Conditions. The following conditions (the Asset Conditions) to be met at each Monthly Test Date in respec t respect of any Further Advances, Product Switches and Tested Underpayment Options made in the Monthly Period immediately preceding the Monthly Test Date are: (a) the Current Balance of the Loans comprising the Portfolio, in respect of which the aggregate amount in arrears is more than three times the Monthly Payment then due, is less than 3 per cent. of the aggregate Current Balance of the Loans comprising the Portfolio at that date; (b) the General Reserve Fund is at the General Reserve Required Amount, or failing such condition, a drawing is made under the Class Z VFN in order to replenish the General Reserve Fund to the General Reserve Required Amount; (c) the Cash Manager is not aware that the then current ratings of the Class A Notes then outstanding would be downgraded, withdrawn or qualified as a result of the relevant Further Advance, Product Switch and/or Tested Underpayment Option remaining in the Portfolio; (d) each Loan and its Related Security which is the subject of a Further Advance, Product Switch and/or a Tested Underpayment Option complies at the date of such Further Advance, Product Switch and/or Tested Underpayment Option with the Loan Warranties; (e) the relevant Rating Agency Tests will not be breached as a result of the relevant Further Advance, Product Switch and/or Tested Underpayment Option remaining in the Portfolio (after taking into account any drawing under the Class Z VFN); (f) the Eligibility Criterion has not been breached; (g) if the making of a Product Switch would result in a New Loan Type being included in the Portfolio and advance notice in writing of any such Loans subject to a Product Switch and/or Further Advance remaining in the Portfolio has been provided to Moody's and Fitch and there being no reduction, qualification or withdrawal by Moody's or Fitch of the then current ratings of the Class A Notes as a consequence thereof; (h) the Interest Rate Swap Transaction and the Interest Rate Cap Transaction, which comply with the applicable Moody's and Fitch criteria, xxxxxx against the interest rates payable in respect of such Further Advance, Product Switch and/or Tested Underpayment Option until the maturity of such Loan; (i) the Class A Principal Deficiency Ledger does not have a debit balance as at the most rec ent recent Interest Payment Date after applying all Available Revenue Receipts on that Interest Payment Date; (j) the aggregate amount of all Further Advances made since the Initial Portfolio Creation Date does not exceed 2 per cent. of the Current Balance of the Loans comprised in the Portfolio on the Initial Portfolio Creation Date; (k) if the short-term unsecured, unguaranteed and unsubordinated debt obligation rating of the Seller or (where the Seller does not have an independent rating) YBS is rated less than P-2 by Moody's or the short-term issuer default rating of the Seller or (where the Seller does not have an independent rating) YBS is rated less than F-2 by Fitch, respectively as at a Monthly Pool Date, the Seller has delivered a solvency certificate to the Security Trustee in accordance with Clause 5.5 (Solvency Certificate); (l) in respect of Further Advances, Product Switches or Tested Underpayment Options, the Advance Date, the Switch Date or the Option Date (as the case may be) falls before the Step- Up Date; (m) in respect of Further Advances, such Further Advances will not be or become Capped Rate Loans; (n) in respect of Further Advances that are Reversionary Discount Loans, the loan will not become a Discounted SVR Loan for a period of greater than three years and the combined period that the loan is a Fixed Rate Loan or a Discounted SVR Loan will not exceed five years and six monthsyears; (o) in respect of Further Advances that are Reversionary Discount Loans, the interest rate during the period that the Loan is a Discounted SVR Loan will exceed Compounded Daily XXXXX, determined for the last Interest Payment Date prior to the Monthly Test Date, plus 2.35%; (p) in respect of Product Switches, a Loan does not become a Fixed Rate Loan with a remaining fixed rate term of more than five years and six months (such term determined from the date the new loan is entered into by the relevant Borrower); and (q) no Seller Insolvency Event has occurred.

Asset Conditions. The following conditions (the Asset Conditions) to be met at each Monthly Test Date in respec t respect of any Further Advances, Product Switches and Tested Underpayment Options made in the Monthly Period immediately preceding the Monthly Test Date are: (a) the Current Balance of the Loans comprising the Portfolio, in respect of which the aggregate amount in arrears is more than three times the Monthly Payment then due, is less than 3 per cent. of the aggregate Current Balance of the Loans comprising the Portfolio at that date; (b) the General Reserve Fund is at the General Reserve Required Amount, or failing such condition, a drawing is made under the Class Z VFN in order to replenish the General Reserve Fund to the General Reserve Required Amount; (c) the Cash Manager is not aware that the then current ratings of the Class A Notes then outstanding would be downgraded, withdrawn or qualified as a result of the relevant Further Advance, Product Switch and/or Tested Underpayment Option remaining in the Portfolio; (d) each Loan and its Related Security which is the subject of a Further Advance, Product Switch and/or a Tested Underpayment Option complies at the date of such Further Advance, Product Switch and/or Tested Underpayment Option with the Loan Warranties; (e) the relevant Rating Agency Tests will not be breached as a result of the relevant Further Advance, Product Switch and/or Tested Underpayment Option remaining in the Portfolio (after taking into account any drawing under the Class Z VFN); (f) the Eligibility Criterion has not been breached; (g) if the making of a Product Switch would result in a New Loan Type being included in the Portfolio and advance notice in writing of any such Loans subject to a Product Switch and/or Further Advance remaining in the Portfolio has been provided to Moody's and Fitch and there being no reduction, qualification or withdrawal by Moody's or Fitch of the then current ratings of the Class A Notes as a consequence thereof; (h) the Interest Rate Swap Transaction and the Interest Rate Cap Transaction, which comply complies with the applicable Moody's and Fitch criteriaXxxxx'x criteria at that time, xxxxxx against the interest rates payable in respect of such Further Advance, Product Switch and/or Tested Underpayment Option until the maturity of such Loan; (i) the Class A Principal Deficiency Ledger does not have a debit balance as at the most rec ent recent Interest Payment Date after applying all Available Revenue Receipts on that Interest Payment Date; (j) the aggregate amount of all Further Advances made since the Initial Portfolio Creation Date does not exceed 2 per cent. of the Current Balance of the Loans comprised in the Portfolio on the Initial Portfolio Creation Date; (k) if the short-term term, unsecured, unguaranteed and unsubordinated debt obligation rating of the Seller or (where the Seller does not have an independent rating) YBS is rated less than P-2 by Moody's or the short-term issuer default rating of the Seller or (where the Seller does not have an independent rating) YBS is rated less than F-2 by Fitch, respectively as at a Monthly Pool Date, the Seller has delivered a solvency certificate to the Security Trustee in accordance with Clause 5.5 (Solvency Certificate); (l) in respect of Further Advances, Product Switches or Tested Underpayment Options, the Advance Date, the Switch Date or the Option Date (as the case may be) falls before the Step- Up Date; (m) in respect of Further Advances, such Further Advances will not be or become Capped Rate Loans; (n) in respect of Further Advances, such Further Advances that are will not be Reversionary Discount Loans, the loan will not become a Discounted SVR Loan for a period of greater than three years and the combined period that the loan is a Fixed Rate Loan or a Discounted SVR Loan will not exceed five years and six months; (o) in respect of Further Advances that are Reversionary Discount Loans, the interest rate during the period that the Loan is a Discounted SVR Loan will exceed Compounded Daily XXXXX, determined for the last Interest Payment Date prior to the Monthly Test Date, plus 2.35%; (p) in respect of Product Switches, a Loan does not become a Fixed Rate Loan with a remaining fixed rate term of more than five years and six months (such term determined from the date the new loan is entered into by the relevant Borrower); and (qp) no Seller Insolvency Event has occurred.

Asset Conditions. The following conditions (the Asset Conditions) to be met at each Monthly Test Date in respec t respect of any Further Advances, Product Switches and Tested Underpayment Options made in the Monthly Period immediately preceding the Monthly Test Date are: (a) the Current Balance of the Loans comprising the Portfolio, in respect of which the aggregate amount in arrears is more than three times the Monthly Payment then due, is less than 3 per cent. of the aggregate Current Balance of the Loans comprising the Portfolio at that date; (b) the General Reserve Fund is at the General Reserve Required Amount, or failing such condition, a drawing is made under the Class Z VFN in order to replenish the General Reserve Fund to the General Reserve Required Amount; (c) the Cash Manager is not aware that the then current ratings of the Class A Notes then outstanding would be downgraded, withdrawn or qualified as a result of the relevant Further Advance, Product Switch and/or Tested Underpayment Option remaining in the Portfolio; (d) each Loan and its Related Security which is the subject of a Further Advance, Product Switch and/or a an Tested Underpayment Option complies at the date of such Further Advance, Product Switch and/or Tested Underpayment Option with the Loan Warranties; (e) the relevant Rating Agency Tests will not be breached as a result of the relevant Further Advance, Product Switch and/or Tested Underpayment Option remaining in the Portfolio (after taking into account any drawing under the Class Z VFN); (f) the Eligibility Criterion has not been breached; (g) if the making of a Product Switch would result in a New Loan Type being included in the Portfolio and advance notice in writing of any such Loans subject to a Product Switch and/or Further Advance remaining in the Portfolio has been provided to Moody's Xxxxx'x and Fitch and there being no reduction, qualification or withdrawal by Moody's Xxxxx'x or Fitch of the then current ratings of the Class A Notes as a consequence thereof; (h) the Interest Rate Swap Transaction and the Interest Rate Cap TransactionAgreement, which comply complies with the applicable Moody's Xxxxx'x and Fitch criteriaXxxxx'x criteria at that time, xxxxxx against the interest rates payable in respect of such Further Advance, Product Switch and/or Tested Underpayment Option until the maturity of such Loan; (i) the Class A Principal Deficiency Ledger does not have a debit balance as at the most rec ent recent Interest Payment Date after applying all Available Revenue Receipts on that Interest Payment Date; (j) the aggregate amount of all Further Advances made since the Initial Portfolio Creation Closing Date does not exceed 2 per cent. of the Current Balance of the Loans comprised in the Portfolio on the Initial Portfolio Creation day before the Closing Date; (k) if the short-term term, unsecured, unguaranteed and unsubordinated debt obligation rating of the Seller or (where the Seller does not have an independent rating) YBS is rated less than P-2 by Moody's Xxxxx'x or the short-term issuer default rating of the Seller or (where the Seller does not have an independent rating) YBS is rated less than F-2 by Fitch, respectively as at a Monthly Pool Date, the Seller has delivered a solvency certificate to the Security Trustee in accordance with Clause 5.5 4.5 (Solvency Certificate); (l) in respect of Further Advances, Product Switches or Tested Underpayment Options, the Advance Date, the Switch Date or the Option Date (as the case may be) falls before the Step- Up Date; (m) in respect of Further AdvancesProduct Switches, a Loan does not become an Interest-only Loan following such Further Advances will not be or become Capped Rate LoansProduct Switch; (n) in respect of Further Advances that are Reversionary Discount Loans, the loan will not become a Discounted SVR Loan for a period of greater than three years and the combined period that the loan is a Fixed Rate Loan or a Discounted SVR Loan will not exceed five years and six months; (o) in respect of Further Advances that are Reversionary Discount Loans, the interest rate during the period that the Loan is a Discounted SVR Loan will exceed Compounded Daily XXXXX, determined for the last Interest Payment Date prior to the Monthly Test Date, plus 2.35%; (p) in respect of Product Switches, a Loan does not become a Fixed Rate Loan with a remaining fixed rate term of more than five 5 years and six 6 months (such term determined from the date the new loan is entered into by the relevant Borrower); and (qo) no Seller Insolvency Event has occurred.

Asset Conditions. The following conditions (the Asset Conditions) to be met at each Monthly Test Date in respec t respect of any Further Advances, Product Switches and Tested Underpayment Options made in the Monthly Period immediately preceding the Monthly Test Date are: (a) the Current Balance of the Loans comprising the Portfolio, in respect of which the aggregate amount in arrears is more than three times the Monthly Payment then due, is less than 3 per cent. of the aggregate Current Balance of the Loans comprising the Portfolio at that date; (b) the General Reserve Fund is at the General Reserve Required Amount, or failing such condition, a drawing is made under the Class Z VFN in order to replenish the General Reserve Fund to the General Reserve Required Amount; (c) the Cash Manager is not aware that the then current ratings of the Class A Notes then outstanding would be downgraded, withdrawn or qualified as a result of the relevant Further Advance, Product Switch and/or Tested Underpayment Option remaining in the Portfolio; (d) each Loan and its Related Security which is the subject of a Further Advance, Product Switch and/or a an Tested Underpayment Option complies at the date of such Further Advance, Product Switch and/or Tested Underpayment Option with the Loan Warranties; (e) the relevant Rating Agency Tests will not be breached as a result of the relevant Further Advance, Product Switch and/or Tested Underpayment Option remaining in the Portfolio (after taking into account any drawing under the Class Z VFN); (f) the Eligibility Criterion has not been breached; (g) if the making of a Product Switch would result in a New Loan Type being included in the Portfolio and advance notice in writing of any such Loans subject to a Product Switch and/or Further Advance remaining in the Portfolio has been provided to Moody's Xxxxx'x and Fitch and there being no reduction, qualification or withdrawal by Moody's Xxxxx'x or Fitch of the then current ratings of the Class A Notes as a consequence thereof; (h) the Interest Rate Swap Transaction and the Interest Rate Cap TransactionAgreement, which comply complies with the applicable Moody's Xxxxx'x and Fitch criteriaXxxxx'x criteria at that time, xxxxxx against the interest rates payable in respect of such Further Advance, Product Switch and/or Tested Underpayment Option until the maturity of such Loan; (i) the Class A Principal Deficiency Ledger does not have a debit balance as at the most rec ent recent Interest Payment Date after applying all Available Revenue Receipts on that Interest Payment Date; (j) the aggregate amount of all Further Advances made since the Initial Portfolio Creation Date does not exceed 2 per cent. of the Current Balance of the Loans comprised in the Portfolio on the Initial Portfolio Creation Date; (k) if the short-term term, unsecured, unguaranteed and unsubordinated debt obligation rating of the Seller or (where the Seller does not have an independent rating) YBS is rated less than P-2 by Moody's Xxxxx'x or the short-term issuer default rating of the Seller or (where the Seller does not have an independent rating) YBS is rated less than F-2 by Fitch, respectively as at a Monthly Pool Date, the Seller has delivered a solvency certificate to the Security Trustee in accordance with Clause 5.5 (Solvency Certificate); (l) in respect of Further Advances, Product Switches or Tested Underpayment Options, the Advance Date, the Switch Date or the Option Date (as the case may be) falls before the Step- Up Date; (m) in respect of Further Advances, such Further Advances will not be or become Capped Rate Loans; (n) in respect of Further Advances that are Reversionary Discount Loans, the loan will not become a Discounted SVR Loan for a period of greater than three years and the combined period that the loan is a Fixed Rate Loan or a Discounted SVR Loan will not exceed five years and six months; (o) in respect of Further Advances that are Reversionary Discount Loans, the interest rate during the period that the Loan is a Discounted SVR Loan will exceed Compounded Daily XXXXX, determined for the last Interest Payment Date prior to the Monthly Test Date, plus 2.35%; (p) in respect of Product Switches, a Loan does not become a Fixed Rate Loan with a remaining fixed rate term of more than five 5 years and six 6 months (such term determined from the date the new loan is entered into by the relevant Borrower); and (qn) no Seller Insolvency Event has occurred.