Asset Cover Test. 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration Notice or CBC Acceleration Notice has been served:
Asset Cover Test. Subject to Clauses 3.4 and 3.6 and prior to the service of a Notice to Pay or a CBC Acceleration Notice, the Asset Monitor shall by no later than ten
Asset Cover Test. Subject to Clauses 3.4 and 3.6 and prior to 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 Asset Cover Test on the First Issue Date and on each Calculation Date immediately preceding each anniversary of the Programme Date, as applicable, 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 (a) that A, B, C and Z and the Adjusted Aggregate Asset Amount have been calculated in accordance with Schedule 2 to the Asset Monitoring Agreement; and
Asset Cover Test. Subject to Clause 3.6, 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, perform agreed upon procedures with respect to the calculations performed by the CBC (or the Administrator on its behalf) in relation to the Asset Cover Test on or before each Calculation Date immediately preceding each anniversary of the Programme Date, as applicable, 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 3.1. 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:
Asset Cover Test. Subject to Clauses 3.4 and 3.6 and prior to 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 Asset Cover Test on the First Issue Date and on each Calculation Date immediately preceding each anniversary of the Programme Date, as applicable, 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 (a) that A, B, C, Y and Z and the Adjusted Aggregate Asset Amount have been calculated in accordance with Schedule 2 to the Asset Monitoring Agreement; and (b) whether or not the Adjusted Aggregate Asset Amount is an amount at least equal to the euro equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds; and (c) whether the First Regulatory Current Balance Amount is equal to or greater than 105% of the aggregate Principal Amount Outstanding of the Covered Bonds, or such other percentage as may be required from time to time under the CB Regulations; and (d) whether the Second Regulatory Current Balance Amount is equal to or greater than 100% of the aggregate Principal Amount Outstanding of the Covered Bonds, or such other percentage as may be required from time to time under the CB Regulations. 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 3.4 and 3.6, 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:
Asset Cover Test. 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Notice to Pay or CBC Acceleration Notice has been served, (i) the Adjusted Aggregate Asset Amount (as defined in Schedule 1) shall be an amount at least equal to 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 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 and (iii) the Second Regulatory Current Balance Amount is at least equal to 100 per cent., or such other percentage as may be required from time to time under the CB Regulations, of the nominal value of the obligations in respect of the Covered Bonds, which include repayment of principal, payment of interest, payment obligations under derivative contracts and expected costs related to maintenance and administration for the winding-down of the Programme (in each case within the meaning of the CB Regulations), 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 item (iii), the "Asset Cover Test").
Asset Cover Test. As Asset Monitor we shall be provided by the SB CBC with figures as at 31 October 2023 for the items listed in Clause 4.2 of the Asset Monitor Appointment Agreement and shall establish the following: • A and Z and the Adjusted Aggregate Asset Amount have been calculated in accordance with Schedule 2 to the Asset Monitoring Agreement • Whether or not the Adjusted Aggregate Asset Amount is an amount at least equal to the aggregate Principal Amount Outstanding of the Covered Bonds • The Net Outstanding Principal Amount of all Mor tgage Receivables, excluding any Defaulted Mor tgage Receivables, plus (ii) the Collateral Market Value of all Transferred Collateral in the form of Substitution Assets plus (iii) all amounts standing to the balance of the SB CBC Transaction Accounts, excluding Swap Collateral and excluding amounts standing to the balance of the Construction Account, are at least equal to 115% of the Principal Amount Outstanding of the Covered Bonds • Whether the nominal value of the eligible cover assets subject to the restrictions in accordance with the CB Legislation, including by reference to Article 129(1)-(3) CRR (First Regulatory Current Balance Amount) is at least equal to 105% or such other percentage as may be required from t ime to time under the CB Legislation, of the aggregate Principal Amount Outstanding of the Covered Bonds, whereas we have been informed by NIBC Bank N.V. that • The nominal value of the eligible cover assets subject to the restrictions in accordance with the CB Legislation, including by reference to Article 129(1)-(3) CRR equals the of (i) the Outstanding Principal Amount of the Mor tgage Receivables and (ii) the Substitution Assets Amount.
Asset Cover Test. As Asset Monitor we shall be provided by the SB CBC with figures as at 31 October 2023 for the items listed in Clause 4.2 of the Asset Monitor Appointment Agreement and shall establish the following: • A, B, C, D and Z and the Adjusted Aggregate Asset Amount have been calculated in accordance with Schedule 1 to the Asset Monitoring Agreement • Whether or not the Adjusted Aggregate Asset Amount is an amount at least equal to the aggregate Principal Amount Outstanding of the Covered Bonds • Whether or not the nominal value of the eligible cover assets subject to the restrictions in accordance with the CB Legislation, including by reference to Article 129(1)-(3) CRR (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 Legislation, of the aggregate Principal Amount Outstanding of the Covered Bonds, whereas we have been informed by NIBC Bank N.V. that: • The nominal value of the eligible cover assets subject to the restrictions in accordance with the CB Legislation, including by reference to Article 129(1)-(3) CRR equals the of (i) the Outstanding Ernst & Young Accountants LLP is a limited liability partnership incorporated under the laws of England and Wales and registe red with Companies House under number OC335594. The term partner in relation to Ernst & Young Accountants LLP is used to refer to (the representative of) a member of Ernst & Young Accountants LLP. Ernst & Young Accountants LLP has its registered office at 0 Xxxx Xxxxxx Xxxxx, Xxxxxx, XX0 0XX, Xxxxxx Xxxxxxx, its principal place of business at Xxxxxxxx 000, 0000 XX Xxxxxxxxx, xxx Xxxxxxxxxxx and is registered with the Chamber of Commerce Rotterdam number 24432944. Our services are subject to general terms and conditions, which contain a limitation of liability clause. Principal Amount of the Mortgage Receivables and (ii) the Substitution Assets Amount, where the following is defined:
Asset Cover Test. The Asset Monitor shall be provided by the SB CBC with figures as per the Calculation Date for the items listed in Clause 4.1 of the Asset Monitor Appointment Agreement and shall establish the following: • A, B, C, D and Z and the Adjusted Aggregate Asset Amount have been calculated in accordance with Schedule 1 to the Asset Monitoring Agreement • Whether or not the Adjusted Aggregate Asset Amount is an amount at least equal to the aggregate Principal Amount Outstanding of the Covered Bonds • Whether or not the First Regulatory Current Balance Amount is at least equal to 105% of the aggregate Principal Amount Outstanding of the Covered Bonds, or such other percentage as may be required from time to time under the CB Regulations • Whether or not the Second Regulatory Current Balance Amount is at least equal to 100% of the aggregate Principal Amount Outstanding of the Covered Bonds, or such other percentage as may be required from time to time under the CB Regulations We are not required to establish the arithmetic accuracy of α, β, the Current Balance and 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.
