Determination. (a) On or before each Current Issuer Note Determination Date immediately preceding a Payment Date, the Current Issuer Cash Manager shall determine each of the following in accordance with this paragraph 1: (i) the amount of any Current Issuer Available Revenue Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2; (ii) the amount of any Current Issuer Available Principal Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 of this Schedule 2; (iii) whether there will be an excess or a deficit of the Current Issuer Available Revenue Receipts to pay items (A) through (P) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2; (iv) the various amounts, balances and rates to be calculated in accordance with the Current Issuer Swap Agreements, and shall promptly notify the Current Issuer, the Note Trustee and each Calculation Agent (as defined in each Current Issuer Swap Agreement) of such amounts, balances and rates; and (v) the Principal Amount Outstanding of the Current Issuer Notes, the Pool Factor, and the Note Principal Payment of the Current Issuer Notes in accordance with the Conditions. (b) If the Current Issuer Cash Manager determines (as set forth in paragraph 1(a)(iii)) that there is a Current Issuer Income Deficit and the Current Issuer has provided for that deficit by the application of funds standing to the credit of the Current Issuer Principal Ledger, if any, then the Current Issuer Cash Manager shall make a corresponding debit entry in the relevant Current Issuer Principal Deficiency Sub Ledger, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) of the Current Issuer Pre-
Appears in 5 contracts
Samples: Issuer Cash Management Agreement (Granite Mortgages 04-2 PLC), Issuer Cash Management Agreement (Granite Mortgages 04-1 PLC), Issuer Cash Management Agreement (Granite Mortgages 04-3 PLC)
Determination. (a) On or before each Current Issuer Note Determination Distribution Date immediately based on the aggregate amount of monies standing to the credit of the Mortgages Trustee Transaction Account and the Mortgages Trustee GIC Account as at close of business on the preceding a Payment Dateday, the Current Issuer Cash Manager shall determine each of the following following:
(i) the amount of Principal Receipts and Revenue Receipts received during the immediately preceding Trust Calculation Period and during each Interim Calculation Period (as defined in the Mortgages Trust Deed), if any, during such immediately preceding Trust Calculation Period;
(ii) the amount of any Mortgages Trustee Available Revenue Receipts received during the immediately preceding Trust Calculation Period;
(iii) the amount of any net credit on the Non-Flexible Overpayments Sub Ledger;
(iv) the amount of Mortgages Trustee Available Revenue Receipts and Principal Receipts to be distributed to Funding and to the Seller on such Distribution Date;
(v) whether each of the Issuer Arrears Test, the Issuer Reserve Requirement and the Subordinated Principal Test is satisfied on such date and shall promptly notify the Issuer Cash Manager of such determinations; and
(vi) the various amounts, balances and rates to be calculated in accordance with this paragraph 1any Basis Rate Swap and/or any Currency Rate Swap, and shall promptly notify the Issuer, the First Issuer Cash Manager, the Note Trustee and each Calculation Agent (as defined in each Basis Rate Swap Agreement and Currency Swap Agreement) of such amounts, balances and rates.
(b) On or before each Distribution Date (and, in respect of Clause 1(b)(ii) below, on each Assignment Date), the Cash Manager shall determine each of the following:
(i) the amount of any Current Issuer Losses incurred on the Mortgage Loans during the immediately preceding Trust Calculation Period and during each Interim Calculation Period (as defined in the Mortgages Trust Deed), if any, during such immediately preceding Trust Calculation Period;
(ii) (the Funding Share, the Seller Share, the Funding Share Percentage and the Seller Share Percentage in accordance with Clause 8 (Adjustment of Funding Share Percentage and Seller Share Percentage) of the Mortgages Trust Deed;
(iii) to the extent the Seller has assigned New Mortgage Loans to the Mortgages Trustee during the immediately preceding Trust Calculation Period, the Weighted Average Funding Share Percentage and the Weighted Average Seller Share Percentage (in respect of Revenue Receipts, Principal Receipts and Losses) in accordance with Clause 8.3 (Weighted Average Funding Share Percentage) and Clause 8.7 (Weighted Average Seller Share Percentage), respectively, of the Mortgages Trust Deed; and
(iv) the Minimum Seller Share in accordance with Clause 9.2 (Fluctuation of Minimum Seller Share on each Distribution Date) of the Mortgages Trust Deed.
(c) No later than each Distribution Date immediately prior to each Payment Date, the Cash Manager shall determine each of the following:
(i) the amount of any Funding Available Revenue Receipts to be applied on the relevant Payment Date in accordance with the Funding Pre-Enforcement Revenue Priority of Payments; and
(ii) the amount of any Funding Available Principal Receipts to be applied on the following Payment Date in accordance the Funding Pre-Enforcement Principal Priority of Payments.
(d) No later than each Distribution Date immediately prior to each Payment Date, the Cash Manager shall determine each of the following:
(i) the amount of any Issuer Allocable Revenue Receipts for each Issuer to be applied on the relevant Payment Date in accordance with the Current Issuer Funding Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2Payments;
(ii) the amount of any Current Issuer Available Allocable Principal Receipts for each Issuer to be applied on the following Payment Date in accordance the Funding Pre-Enforcement Principal Priority of Payments; and
(iii) the amount of any Shared Issuer Revenue Receipts and Shared Issuer Principal Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Funding Priority of Payments set forth Payments.
(e) The Cash Manager shall make all the determinations referred to in paragraph 4 paragraphs 1(a) to (d) herein on the basis of this Schedule 2the following assumptions:
(i) that the amount of any Losses will not increase;
(ii) that any debit balance on any Issuer Principal Deficiency Ledger will not increase; and
(iii) whether there will be an excess or a deficit of such other assumptions (including without limitation as to the Current Issuer Available Revenue Receipts to pay items (A) through (P) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account amount of any Group 1 Shared Issuer Revenue Receipts payments or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2;
(iv) the various amounts, balances and rates provisions to be calculated made in accordance with the Current Issuer Swap Agreementsapplicable Funding Priority of Payments during the period from and including the Distribution Date immediately prior to each Payment Date to and excluding such Payment Date) as the Cash Manager considers appropriate. The Cash Manager shall notify the Mortgages Trustee, Funding and the Security Trustee on request of any such other assumptions and shall promptly notify take account of any representations made by the Current IssuerMortgages Trustee, Funding and the Note Security Trustee and each Calculation Agent (as defined the case may be) in each Current Issuer Swap Agreement) of such amounts, balances and rates; andrelation thereto.
(vf) The Cash Manager shall:
(i) make or procure to be made all returns and filings required to be made by Funding and the Principal Amount Outstanding Mortgages Trustee;
(ii) itself on behalf of Funding and the Mortgages Trustee, provided that such moneys are at the relevant time available to Funding and the Mortgages Trustee, pay all out-of-pocket expenses of Funding and the Mortgages Trustee incurred in the performance of the Current Issuer NotesCash Manager's duties hereunder including, without limitation, all fees payable to the Pool FactorLondon Stock Exchange Limited.
(g) The Cash Manager shall, if necessary, perform all currency conversions free of charge, cost or expense at the relevant exchange rate (for the purposes of any calculations referred to above, (i) all percentages resulting from such calculations will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (e.g. 9.876541% being rounded down to 9.87654% and the Note Principal Payment of the Current Issuer Notes (ii) any currency amounts used in or resulting from such calculations will be rounded in accordance with the Conditionsrelevant market practice).
(bh) If the Current Issuer Cash Manager determines Each determination made in accordance with this paragraph 1 shall (as set forth in paragraph 1(a)(iii)) that there is a Current Issuer Income Deficit and the Current Issuer has provided for that deficit by the application of funds standing to the credit of the Current Issuer Principal Ledger, if any, then the Current Issuer Cash Manager shall make a corresponding debit entry in the relevant Current Issuer Principal Deficiency Sub Ledgerabsence of bad faith, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest wilful default, negligence and manifest error) be final and binding on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) of the Current Issuer Pre-all persons.
Appears in 5 contracts
Samples: Cash Management Agreement (Granite Mortgages 02-1 PLC), Cash Management Agreement (Granite Mortgages 02-1 PLC), Cash Management Agreement (Granite Mortgages 03-1 PLC)
Determination. (a) On or before each Current Issuer Note Determination Calculation Date based on the amount of monies standing to the credit of the Mortgages Trustee GIC Account as at close of business on the London Business Day immediately preceding a Payment the relevant Calculation Date, the Current Issuer Cash Manager shall determine each of the following:
(i) the amount of Principal Receipts and Revenue Receipts received during the preceding Calculation Period;
(ii) the amount of any Mortgages Trust Available Revenue Receipts received during the preceding Calculation Period; and
(iii) the amount of Mortgages Trust Available Revenue Receipts and Principal Receipts to be distributed to Funding 1 and to the Seller on the Distribution Date immediately following in accordance with this paragraph 1the relevant Calculation Date.
(b) On each Calculation Date, the Cash Manager shall determine each of the following:
(i) the amount of any Current Issuer Losses incurred on the Loans in the period from the immediately preceding Calculation Date to the relevant Calculation Date;
(ii) the Funding 1 Share, the Seller Share, the Funding 1 Share Percentage and the Seller Share Percentage in accordance with Clause 8 of the Mortgages Trust Deed; and
(iii) the Minimum Seller Share in accordance with Clause 9.2 of the Mortgages Trust Deed.
(c) Four Business Days prior to each Funding 1 Interest Payment Date the Cash Manager shall determine each of the following:
(i) the amount of any Funding 1 Available Revenue Receipts to be applied on the following Funding 1 Interest Payment Date in accordance with the Current Issuer Funding 1 Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2Payments;
(ii) the amount of any Current Issuer Funding 1 Available Principal Receipts to be applied on the following Funding 1 Interest Payment Date in accordance with Funding 1’s Principal Priorities of Payments; and
(iii) the Current Issuer Pre-Enforcement amount of any Funding 1 Income Deficit.
(d) The Cash Manager shall make all the determinations referred to in paragraphs 1(a) to (c) above on the basis of the following assumptions:
(i) that the amount of any Losses will not increase;
(ii) that any debit balance on the Principal Deficiency Ledger will not increase; and
(iii) such other assumptions (including without limitation as to the amount of any payments or provisions to be made in accordance with the applicable Funding 1 Priority of Payments set forth during the period from and including the Intercompany Loan Determination Date prior to each Funding 1 Interest Payment Date to and excluding such Funding 1 Interest Payment Date) as the Cash Manager considers appropriate. The Cash Manager shall on request notify the Mortgages Trustee, Funding 1 and the Security Trustee in paragraph 4 writing of this Schedule 2any such other assumptions and shall take account of any representations made by the Mortgages Trustee, Funding 1 and the Trustee (as the case may be) in relation thereto.
(e) The Cash Manager shall:
(i) make or procure to be made all returns and filings required to be made by Funding 1 and the Mortgages Trustee;
(ii) provide or procure the provision of company secretarial and administration services to Funding 1 and the Mortgages Trustee including the keeping of all registers and the making of all returns required by applicable law or by UK regulatory authorities, co-operate in the convening of board and general meetings and provide registered office facilities;
(iii) whether there itself on behalf of Funding 1 and the Mortgages Trustee, provided that such moneys are at the relevant time available to Funding 1 and the Mortgages Trustee, pay all out-of-pocket expenses of Funding 1 and the Mortgages Trustee incurred in the performance of the Cash Manager’s duties hereunder including, without limitation, all fees payable to the London Stock Exchange Limited.
(f) The Cash Manager shall, if necessary, perform all currency conversions free of charge, cost or expense at the relevant exchange rate (for the purposes of any calculations referred to above, (i) all percentages resulting from such calculations will be an excess rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (e.g. 9.876541% being rounded down to 9.87654% and (ii) any currency amounts used in or a deficit of the Current Issuer Available Revenue Receipts to pay items (A) through (P) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2;
(iv) the various amounts, balances and rates to resulting from such calculations will be calculated rounded in accordance with the Current Issuer Swap Agreements, and shall promptly notify the Current Issuer, the Note Trustee and each Calculation Agent (as defined in each Current Issuer Swap Agreement) of such amounts, balances and rates; andrelevant market practice).
(vg) the Principal Amount Outstanding of the Current Issuer Notes, the Pool Factor, and the Note Principal Payment of the Current Issuer Notes Each determination made in accordance with the Conditions.
this paragraph 1 shall (b) If the Current Issuer Cash Manager determines (as set forth in paragraph 1(a)(iii)) that there is a Current Issuer Income Deficit and the Current Issuer has provided for that deficit by the application of funds standing to the credit of the Current Issuer Principal Ledger, if any, then the Current Issuer Cash Manager shall make a corresponding debit entry in the relevant Current Issuer Principal Deficiency Sub Ledgerabsence of bad faith, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest wilful default, negligence and manifest error) be final and binding on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) of the Current Issuer Pre-all persons.
Appears in 3 contracts
Samples: Cash Management Agreement (Permanent Mortgages Trustee LTD), Cash Management Agreement (Permanent Mortgages Trustee LTD), Cash Management Agreement (Permanent Mortgages Trustee LTD)
Determination. (a) On or before each Current Issuer Note Determination Distribution Date immediately based on the aggregate amount of monies standing to the credit of the Mortgages Trustee Transaction Account and the Mortgages Trustee GIC Account as at close of business on the preceding a Payment Dateday, the Current Issuer Cash Manager shall determine each of the following in accordance with this paragraph 1following:
(i) the amount of any Current Issuer Available Principal Receipts and Revenue Receipts to be applied on received during the following Payment Date immediately preceding Trust Calculation Period and during each Interim Calculation Period (as defined in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2Mortgages Trust Deed), if any, during such immediately preceding Trust Calculation Period;
(ii) the amount of any Current Issuer Mortgages Trustee Available Principal Revenue Receipts to be applied on received during the following Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 of this Schedule 2immediately preceding Trust Calculation Period;
(iii) whether there will be an excess or a deficit of the Current Issuer Available Revenue Receipts to pay items (A) through (P) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account amount of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2net credit on the Non-Flexible Overpayments Sub Ledger;
(iv) the amount of Mortgages Trustee Available Revenue Receipts and Principal Receipts to be distributed to Funding and to the Seller on such Distribution Date;
(v) whether each of the Issuer Arrears Test, the Issuer Reserve Requirement and the Subordinated Principal Test is satisfied on such date and shall promptly notify the Issuer Cash Manager of such determinations; and
(vi) the various amounts, balances and rates to be calculated in accordance with the Current Issuer any Basis Rate Swap Agreementsand/or any Currency Rate Swap, and shall promptly notify the Current each Issuer, each Issuer Cash Manager, the Note Trustee and each Calculation Agent (as defined in each Current Issuer Basis Rate Swap Agreement and Currency Swap Agreement) of such amounts, balances and rates; and
(v) the Principal Amount Outstanding of the Current Issuer Notes, the Pool Factor, and the Note Principal Payment of the Current Issuer Notes in accordance with the Conditions.
(b) If On or before each Distribution Date (and, in respect of Clause 1(b)(ii) below, on each Assignment Date and Funding Contribution Date), the Current Issuer Cash Manager determines shall determine each of the following:
(i) the amount of any Losses incurred on the Mortgage Loans during the immediately preceding Trust Calculation Period and during each Interim Calculation Period (as set forth defined in paragraph 1(a)(iiithe Mortgages Trust Deed)) that there is a Current Issuer Income Deficit and the Current Issuer has provided for that deficit by the application of funds standing to the credit of the Current Issuer Principal Ledger, if any, then during such immediately preceding Trust Calculation Period;
(ii) (the Current Issuer Funding Share, the Seller Share, the Funding Share Percentage and the Seller Share Percentage in accordance with Clause 8 (Adjustment of Funding Share Percentage and Seller Share Percentage) of the Mortgages Trust Deed;
(iii) to the extent (i) the Seller has sold and assigned New Mortgage Loans, or (ii) Funding has made a Further Contribution, to the Mortgages Trustee during the immediately preceding Trust Calculation Period, the Weighted Average Funding Share Percentage and the Weighted Average Seller Share Percentage (in respect of Revenue Receipts, Principal Receipts and Losses) in accordance with Clause 8.3 (Weighted Average Funding Share Percentage) and Clause 8.7 (Weighted Average Seller Share Percentage), respectively, of the Mortgages Trust Deed; and
(iv) the Minimum Seller Share in accordance with Clause 9.2 (Fluctuation of Minimum Seller Share on each Distribution Date) of the Mortgages Trust Deed.
(c) On each Distribution Date, in relation to the Mortgages Trustee Revenue Receipts received from the Mortgages Trustee on such Distribution Date, the Cash Manager shall make a corresponding debit entry in determine each of the relevant Current Issuer Principal Deficiency Sub Ledgerfollowing amounts:
(i) an amount equal to all amounts to be applied on the immediately succeeding Payment Dates for Group 1 Issuers and Group 2 Issuers set forth under items (A)-(D) of the Funding Pre-Enforcement Revenue Priority of Payments or, PROVIDED THAT as the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest on any class case may be, items (A)-(C) of Current Issuer Notes if and the Funding Post-Enforcement Priority of Payments, and
(ii) (A) an amount which is equal to the extent that would result in a deficiency being recordedlesser of:
(1) an amount equal to the aggregate of the amounts to be applied on the immediately succeeding Payment Date for all Group 1 Issuers as set forth under items (E)-(Q) of the Funding Pre-Enforcement Revenue Priority of Payments or, or an existing deficiency being increasedas the case may be, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class items (D)-(G) of Current Issuer Notesthe Funding Post-Enforcement Priority of Payments (but excluding any principal amount due under any Intercompany Loan (save that, and furthermore that Current Issuer Principal Receipts are for the avoidance of doubt, such exclusion shall not used to make up any deficit other than apply in respect of items (A) through (E), (G), (Iany Group 1 Available Revenue Receipts which are applied by any Group 1 Issuer to credit that Issuer's Principal Deficiency Ledgers and thereby reduce the principal payable under that Issuer's Intercompany Loan) and any amount of Deferred Contribution under item (KP) of the Current Issuer Pre-Funding Pre-Enforcement Revenue Priority of Payments and/or item (F) of the Funding Post-Enforcement Priority of Payments), less all other amounts (not derived from the distribution of Mortgages Trustee Available Revenue Receipts under the Mortgages Trust) which will constitute Group 1 Available Revenue Receipts on the immediately succeeding Payment Date; and
(2) an amount (not less than zero) equal to: remaining Mortgages Trustee Available Revenue Receipts x Group 1 Share Percentage allocated to Funding
Appears in 3 contracts
Samples: Cash Management Agreement (Granite Mortgages 03-2 PLC), Cash Management Agreement (Granite Mortgages 03-2 PLC), Cash Management Agreement (Granite Mortgages 04-2 PLC)
Determination. (a) On or before each Current Issuer Note Determination Distribution Date immediately based on the aggregate amount of monies standing to the credit of the Mortgages Trustee Transaction Account and the Mortgages Trustee GIC Account as at close of business on the preceding a Payment Dateday, the Current Issuer Cash Manager shall determine each of the following in accordance with this paragraph 1following:
(i) the amount of any Current Issuer Available Principal Receipts and Revenue Receipts to be applied on received during the following Payment Date immediately preceding Trust Calculation Period and during each Interim Calculation Period (as defined in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2Mortgages Trust Deed), if any, during such immediately preceding Trust Calculation Period;
(ii) the amount of any Current Issuer Mortgages Trustee Available Principal Revenue Receipts to be applied on received during the following Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 of this Schedule 2immediately preceding Trust Calculation Period;
(iii) whether there will be an excess or a deficit of the Current Issuer Available Revenue Receipts to pay items (A) through (P) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account amount of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2net credit on the Non-Flexible Overpayments Sub Ledger;
(iv) the amount of Mortgages Trustee Available Revenue Receipts and Principal Receipts to be distributed to Funding and to the Seller on such Distribution Date;
(v) whether each of the Issuer Arrears Test, the Issuer Reserve Requirement and the Subordinated Principal Test is satisfied on such date and shall promptly notify the Issuer Cash Manager of such determinations; and
(vi) the various amounts, balances and rates to be calculated in accordance with the Current Issuer any Basis Rate Swap Agreementsand/or any Currency Rate Swap, and shall promptly notify the Current each Issuer, each Issuer Cash Manager, the Note Trustee and each Calculation Agent (as defined in each Current Issuer Basis Rate Swap Agreement and Currency Swap Agreement) of such amounts, balances and rates; and
(v) the Principal Amount Outstanding of the Current Issuer Notes, the Pool Factor, and the Note Principal Payment of the Current Issuer Notes in accordance with the Conditions.
(b) If On or before each Distribution Date (and, in respect of Clause 1(b)(ii) below, on each Assignment Date and Funding Contribution Date), the Current Issuer Cash Manager determines shall determine each of the following:
(i) the amount of any Losses incurred on the Mortgage Loans during the immediately preceding Trust Calculation Period and during each Interim Calculation Period (as defined in the Mortgages Trust Deed), if any, during such immediately preceding Trust Calculation Period;
(ii) (the Funding Share, the Seller Share, the Funding Share Percentage and the Seller Share Percentage in accordance with Clause 8 (Adjustment of Funding Share Percentage and Seller Share Percentage) of the Mortgages Trust Deed;
(iii) to the extent (i) the Seller has sold and assigned New Mortgage Loans, or (ii) Funding has made a Further Contribution, to the Mortgages Trustee during the immediately preceding Trust Calculation Period, the Weighted Average Funding Share Percentage and the Weighted Average Seller Share Percentage (in respect of Revenue Receipts, Principal Receipts and Losses) in accordance with Clause 8.3 (Weighted Average Funding Share Percentage) and Clause 8.7 (Weighted Average Seller Share Percentage), respectively, of the Mortgages Trust Deed; and
(iv) the Minimum Seller Share in accordance with Clause 9.2 (Fluctuation of Minimum Seller Share on each Distribution Date) of the Mortgages Trust Deed.
(c) On each Distribution Date, in relation to the Mortgages Trustee Revenue Receipts received from the Mortgages Trustee on such Distribution Date, the Cash Manager shall determine each of the following amounts:
(i) an amount equal to all amounts to be applied on the immediately succeeding Payment Dates for Group 1 Issuers and Group 2 Issuers set forth under items (A)-(D) of the Funding Pre-Enforcement Revenue Priority of Payments or, as the case may be, items (A)-(C) of the Funding Post-Enforcement Priority of Payments, and
(ii) an amount which is equal to the lesser of:
(A) an amount equal to the aggregate of the amounts to be applied on the immediately succeeding Payment Date for all Group 1 Issuers as set forth under items (E)-(Q) of the Funding Pre-Enforcement Revenue Priority of Payments or, as the case may be, items (D)-(G) of the Funding Post-Enforcement Priority of Payments (but excluding any principal amount due under any Intercompany Loan (save that, for the avoidance of doubt, such exclusion shall not apply in respect of any Group 1 Available Revenue Receipts which are applied by any Group 1 Issuer to credit that Issuer's Principal Deficiency Ledgers and thereby reduce the principal payable under that Issuer's Intercompany Loan) and any amount of Deferred Contribution under item (P) of the Funding Pre-Enforcement Revenue Priority of Payments and/or item (F) of the Funding Post-Enforcement Priority of Payments), less all other amounts (not derived from the distribution of Mortgages Trustee Available Revenue Receipts under the Mortgages Trust) which will constitute Group 1 Available Revenue Receipts on the immediately succeeding Payment Date; and
(B) an amount (not less than zero) equal to: remaining Mortgages Trustee Available Revenue Receipts x Group 1 Share Percentage allocated to Funding
(iii) an amount which is equal to the lesser of:
(A) an amount equal to the aggregate of the amounts to be applied on the immediately succeeding Payment Date for all Group 2 Issuers as set forth under items (E)-(Q) of the Funding Pre-Enforcement Revenue Priority of Payments or, as the case may be, items (D)-(G) of the Funding Post-Enforcement Priority of Payments (but excluding any principal amount due under any Intercompany Loan (save that, for the avoidance of doubt, such exclusion shall not apply in respect of any Group 2 Available Revenue Receipts which are applied by any Group 2 Issuer to credit that Issuer's Principal Deficiency Ledger and thereby reduce the principal payable under that Issuer's Intercompany Loan) and any amount of Deferred Contribution under item (P) of the Funding Pre-Enforcement Revenue Priority of Payments and/or item (F) of the Funding Post-Enforcement Priority of Payments), less all other amounts (not derived from the distribution of Mortgages Trustee Available Revenue Receipts under the Mortgages Trust) which will constitute Group 2 Available Revenue Receipts on the immediately succeeding Payment Date; and
(B) an amount (not less than zero) equal to: remaining Mortgages Trustee Available Revenue Receipts x Group 2 Share Percentage allocated to Funding
(iv) either:
(A) an amount in respect of all Group 1 Issuers towards any remaining revenue amounts which will be due and payable (taking into account the amount determined under paragraph 1(c)(ii) above) on the immediately succeeding Payment Date for Group 1 Issuers under such Issuers' Intercompany Loans; or
(B) an amount in respect of all Group 2 Issuers towards any remaining revenue amounts which will be due and payable (taking into account the amount determined under paragraph 1(c)(iii) above) on the immediately succeeding Payment Date for Group 2 Issuers under such Issuers' Intercompany Loans; Following determination of the amounts under this paragraph 1(c), the Cash Manager shall allocate the Mortgages Trustee Available Principal Receipts to expenses, the Group 1 Issuers and the Group 2 Issuers by recording such amounts on the Funding Expenses Sub-Ledger, the Group 1 Revenue Sub- Ledger or the Group 2 Revenue Sub-Ledger, as the case may be, as set forth in paragraph 1(a)(iii)13 below.
(d) that there is a Current Issuer Income Deficit On each Distribution Date in relation to Mortgages Trustee Available Principal Receipts received from the Mortgages Trustee on such Distribution Date and the Current Issuer has provided for that deficit by the application of funds amounts standing to the credit of the Current Funding Principal Ledger (taking into account amounts already standing to the credit of the Group 1 Principal Sub-Ledger and the Group 2 Principal Sub-Ledger), the Cash Manager shall determine each of the following amounts as follows:-
(A) for each Issuer, an amount by which the Issuer Liquidity Reserve Fund relating to that Issuer will be less than the Issuer Liquidity Reserve Required Amount, in each case prior to the distribution of Group 1 Available Principal LedgerReceipts or Group 2 Available Principal Receipts, as applicable, on the Payment Date for such Issuer immediately succeeding such Distribution Date; and
(B) for each Issuer, an amount distributable on the immediately succeeding Payment Dates for Group 1 Issuers and Group 2 Issuers to any Group 1 and Group 2 Issuers in respect of Money Market Notes of such Issuers having Controlled Amortisation Amounts due on such Payment Dates;
(ii) (A) an amount which is equal to the lesser of:-
(1) the principal amount due on the Intercompany Loans of all Group 1 Issuers equal to the Controlled Amortisation Amounts due for non-Money Market Notes, if any, then on the Current Payment Date for Group 1 Issuers immediately succeeding such Distribution Date (in each case determined on the assumption that the Issuer Cash Manager shall make a corresponding debit entry in Reserve Requirement, the relevant Current Issuer Arrears Test and the Subordinated Principal Deficiency Sub Ledger, PROVIDED THAT the Current Issuer Cash Manager shall ensure Test are satisfied on that Current Issuer Payment Date); and
(2) an amount equal to: Mortgages Trustee Principal Receipts are not used to pay interest on plus any class of Current Issuer Notes if and amounts standing to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) credit of the Current Issuer Pre-Funding x Group 1 Share Principal Ledger (less Percentage any amounts applied in paragraph (i) above)
Appears in 3 contracts
Samples: Cash Management Agreement (Granite Mortgages 03-3 PLC), Cash Management Agreement (Granite Mortgages 03-1 PLC), Cash Management Agreement (Granite Mortgages 04-2 PLC)
Determination. (a) On or before each Current Issuer Note Determination Date immediately preceding a Payment Date, the Current Issuer Cash Manager shall determine each of the following in accordance with this paragraph 1:
(i) the amount of any Current Issuer Available Revenue Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2;
(ii) the amount of any Current Issuer Available Principal Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 of this Schedule 2;
(iii) whether there will be an excess or a deficit of the Current Issuer Available Revenue Receipts to pay items (A) through (PO) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2;
(iv) the various amounts, balances and rates to be calculated in accordance with the Current Issuer Swap Agreements, and shall promptly notify the Current Issuer, the Note Trustee and each Calculation Agent (as defined in each Current Issuer Swap Agreement) of such amounts, balances and rates; and
(v) the Principal Amount Outstanding of the Current Issuer Notes, the Pool Factor, and the Note Principal Payment of the Current Issuer Notes in accordance with the Conditions.
(b) If the Current Issuer Cash Manager determines (as set forth in paragraph 1(a)(iii)) that there is a Current Issuer Income Deficit and the Current Issuer has provided for that deficit by the application of funds standing to the credit of the Current Issuer Principal Ledger, if any, then the Current Issuer Cash Manager shall make a corresponding debit entry in the relevant Current Issuer Principal Deficiency Sub Ledger, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) of the Current Issuer Pre-Pre-Enforcement Revenue
Appears in 2 contracts
Samples: Issuer Cash Management Agreement (Granite Mortgages 03-2 PLC), Issuer Cash Management Agreement (Granite Mortgages 03-2 PLC)
Determination. (a) On or before each Current Issuer Note Determination Date immediately preceding a Payment Date, the Current Issuer Cash Manager shall determine each of the following in accordance with this paragraph 1:
(i) the amount of any Current Issuer Available Revenue Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2;
(ii) the amount of any Current Issuer Available Principal Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 of this Schedule 2;
(iii) whether there will be an excess or a deficit of the Current Issuer Available Revenue Receipts to pay items (A) through (PO) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2;
(iv) the various amounts, balances and rates to be calculated in accordance with the Current Issuer Basis Rate Swap Agreementsand the Current Issuer Currency Swaps, and shall promptly notify the Current Issuer, the Note Trustee and each Calculation Agent (as defined in each Current Issuer Basis Rate Swap Agreement and each Current Issuer Currency Swap Agreement) of such amounts, balances and rates; and
(v) the Principal Amount Outstanding of the Current Issuer Notes, the Pool Factor, and the Note Principal Payment of the Current Issuer Notes in accordance with the Conditions.
(b) If the Current Issuer Cash Manager determines (as set forth in paragraph 1(a)(iii)) that there is a deficit (a "CURRENT ISSUER INCOME DEFICIT") in the amount of Current Issuer Income Deficit Available Revenue Receipts to pay items (A) through (E), (G) and/or (I) of the Current Issuer Pre-Enforcement Revenue Priority of Payments, and the Current Issuer has provided for that deficit by the application of funds standing to the credit of the Current Issuer Principal Ledger, if any, then the Current Issuer Cash Manager shall make a corresponding debit entry in the relevant Current Issuer Principal Deficiency Sub Ledger, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) of the Current Issuer Pre-ranking
Appears in 2 contracts
Samples: Issuer Cash Management Agreement (Granite Mortgages 02-2 PLC), Issuer Cash Management Agreement (Granite Mortgages 03-1 PLC)
Determination. (a) On or before each Current Issuer Note Determination Date immediately preceding a Payment Date, the Current Issuer Cash Manager shall determine each of the following in accordance with this paragraph 1:
(i) the amount of any Current Issuer Available Revenue Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2;
(ii) the amount of any Current Issuer Available Principal Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 of this Schedule 2;
(iii) whether there will be an excess or a deficit of the Current Issuer Available Revenue Receipts to pay items (A) through (PO) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2;
(iv) the various amounts, balances and rates to be calculated in accordance with the Current Issuer Swap Agreements, and shall promptly notify the Current Issuer, the Note Trustee and each Calculation Agent (as defined in each Current Issuer Swap Agreement) of such amounts, balances and rates; and
(v) the Principal Amount Outstanding of the Current Issuer Notes, the Pool Factor, and the Note Principal Payment of the Current Issuer Notes in accordance with the Conditions.
(b) If the Current Issuer Cash Manager determines (as set forth in paragraph 1(a)(iii)) that there is a Current Issuer Income Deficit and the Current Issuer has provided for that deficit by the application of funds standing to the credit of the Current Issuer Principal Ledger, if any, then the Current Issuer Cash Manager shall make a corresponding debit entry in the relevant Current Issuer Principal Deficiency Sub Ledger, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) of the Current Issuer Pre-Pre-Enforcement Revenue Priority of Payments. The Current Issuer Cash Manager shall thereafter record as a debit on the Current Issuer Revenue Ledger the application by the Current Issuer of any excess Current Issuer Available Revenue Receipts to extinguish any balance on a Current Issuer Principal Deficiency Sub Ledger.
(c) The Current Issuer Cash Manager may make all the determinations referred to in paragraph 1(a) on the basis of any reasonable and proper assumptions as the Current Issuer Cash Manager considers appropriate (including without limitation as to the amount of any payments to be made under paragraph 3 below during the period from and including the Current Issuer Note Determination Date immediately preceding a Payment Date to but excluding such Payment Date).
Appears in 2 contracts
Samples: Issuer Cash Management Agreement (Granite Mortgages 03-3 PLC), Issuer Cash Management Agreement (Granite Mortgages 03-3 PLC)
Determination. (a) On or before 1.1 As of each Current Issuer Note Determination Date immediately preceding a Payment Calculation Date, the Current Issuer Cash Manager shall determine each of the following in accordance accordanc e with this paragraph 1:
(ia) the amount of any Current Issuer Available Principal Receipts, Available Revenue Receipts to be applied on Receipts, Revenue Deficiency, Class A1 Target Amortisation Amount Shortfall, Class A Target Amortisation Amount Shortfall, Class A2 Target Amortisation Amount Shortfall, COVID-19 Payment Holiday Amount, Initial Revenue Shortfall and any COVID-19 Revenue Shortfall Amount for the following relevant Interest Payment Date in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2Date;
(iib) the amount of any Current Issuer Available Principal Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 of this Schedule 2Maximum Class Z VFN Amount;
(iii) whether there will be an excess or a deficit of the Current Issuer Available Revenue Receipts to pay items (A) through (P) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2;
(iv) the various amounts, balances and rates to be calculated in accordance with the Current Issuer Swap Agreements, and shall promptly notify the Current Issuer, the Note Trustee and each Calculation Agent (as defined in each Current Issuer Swap Agreement) of such amounts, balances and rates; and
(vc) the Principal Amount Outstanding of the Current Issuer NotesNotes in accordance with the Conditions;
(d) the General Reserve Required Amount, and, if the Liquidity Reserve Fund has been established, the Pool FactorLiquidity Reserve Fund Required Amount;
(e) such other amounts as are required to be determined by the Issuer or Cash Manager in accordance with the Conditions;
(f) certain amounts in relation to the Interest Rate Swap Transaction including, but not limited to, the Fixed Rate Notional Amount; and
(g) certain amounts in relation to the Interest Rate Cap Transaction including, but not limited, the Cap Notional Amount.
(a) On or prior to the Monthly Test Date following the Monthly Period in which an Advance Date occurred, the Cash Manager shall determine whether the Issuer has sufficient funds to pay in full the relevant Further Advance Purchase Price and in the event that the Cash Manager determines that the Issuer has insufficient funds, the Cash Manager will record the amount of such shortfall.
(b) The Cash Manager will notify the Issuer and the Note Principal Servicer on the date falling three (3) Business Days prior to each Interest Payment Date, of the Current results of any determination made under paragraph 1.2(a) above.
(a) The Cash Manager may make all the determinations referred to in paragraphs 1.1 and 1.2 on the basis of any reasonable and proper assumptions as the Cash Manager considers appropriate.
(b) The Cash Manager shall on request notify the Issuer Notes and the Security Trustee in w riting of any such other assumptions and shall take account of any representations made by the Issuer in relation thereto.
(c) The Cash Manager shall notify the Interest Rate Hedge Provider of the Pool Fac tor ( w hic h shall be determined under paragraph 1.1(e) above) at the same time as it notifies the Issuer of the same in accordance with the Conditions.
(b) If the Current Issuer 1.4 The Cash Manager determines (as set forth in paragraph 1(a)(iii)) that there is a Current Issuer Income Deficit will make any other determinations and the Current Issuer has provided for that deficit calculations required to be made by the application of funds standing to Issuer under the credit of the Current Issuer Principal Ledger, if any, then the Current Issuer Cash Manager Interest Rate Swap Transaction.
1.5 Each determination made in accordance with this paragraph 1 shall make a corresponding debit entry (in the relevant Current Issuer Principal Deficiency Sub Ledgerabsence of fraud, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest w ilful default, negligence and/or manifest error) be final and binding on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) of the Current Issuer Pre-all persons.
Appears in 1 contract
Samples: Cash Management Agreement
Determination. (a) On or before 1.1 As of each Current Issuer Note Determination Date immediately preceding a Payment Calculation Date, the Current Issuer Cash Manager shall determine each of the following in accordance with this paragraph 1:
(ia) the amount of any Current Issuer Available Principal Receipts, Available Revenue Receipts to be applied on Receipts, Revenue Deficiency and each Class A Target Amortisation Amount Shortfall for the following relevant Interest Payment Date in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2Date;
(iib) the amount of any Current Issuer Available Principal Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 of this Schedule 2Maximum Class Z VFN Amount;
(iii) whether there will be an excess or a deficit of the Current Issuer Available Revenue Receipts to pay items (A) through (P) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2;
(iv) the various amounts, balances and rates to be calculated in accordance with the Current Issuer Swap Agreements, and shall promptly notify the Current Issuer, the Note Trustee and each Calculation Agent (as defined in each Current Issuer Swap Agreement) of such amounts, balances and rates; and
(vc) the Principal Amount Outstanding of the Current Issuer Notes, the Pool Factor, and the Note Principal Payment of the Current Issuer Notes in accordance with the Conditions;
(d) the General Reserve Required Amount, and, if the Liquidity Reserve Fund has been established, the Liquidity Reserve Fund Required Amount;
(e) such other amounts as are required to be determined by the Issuer or Cash Manager in accordance with the Conditions;
(f) certain amounts in relation to the Currency Swap Transaction;
(g) certain amounts in relation to the Interest Rate Swap Transaction including, but not limited to, the Fixed Rate Notional Amount; and
(h) certain amounts in relation to the Interest Rate Cap Transaction including, but not limited, the Cap Notional Amount.
(a) On or prior to the Monthly Test Date following the Monthly Period in which an Advance Date occurred, the Cash Manager shall determine whether the Issuer has sufficient funds to pay in full the relevant Further Advance Purchase Price and in the event that the Cash Manager determines that the Issuer has insufficient funds, the Cash Manager will record the amount of such shortfall.
(b) The Cash Manager will notify the Issuer and the Servicer on the date falling three (3) Business Days prior to each Interest Payment Date, of the results of any determination made under paragraph 1.2(a) above.
(a) The Cash Manager may make all the determinations referred to in paragraphs 1.1 and 1.2 on the basis of any reasonable and proper assumptions as the Cash Manager considers appropriate.
(b) If the Current Issuer Cash Manager determines (as set forth in paragraph 1(a)(iii)) that there is a Current Issuer Income Deficit and the Current Issuer has provided for that deficit by the application of funds standing to the credit of the Current Issuer Principal Ledger, if any, then the Current Issuer The Cash Manager shall make a corresponding debit entry on request notify the Issuer and the Security Trustee in writing of any such other assumptions and shall take account of any representations made by the relevant Current Issuer Principal Deficiency Sub Ledger, PROVIDED THAT the Current Issuer in relation thereto.
(c) The Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest on any class of Current Issuer Notes if notify the Interest Rate Hedge Provider and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) Currency Swap Provider of the Current Pool Factor (which shall be determined under paragraph 1.1(e) above) at the same time as it notifies the Issuer Pre-of the same in accordance with the Conditions.
Appears in 1 contract
Samples: Cash Management Agreement
Determination. (a) On or before each Current Issuer Note Determination Date immediately preceding a Payment Date, the Current Issuer Cash Manager shall determine each of the following in accordance with this paragraph 1:
(i) the amount of any Current Issuer Available Revenue Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2;
(ii) the amount of any Current Issuer Available Principal Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 of this Schedule 2;
(iii) whether there will be an excess or a deficit of the Current Issuer Available Revenue Receipts to pay items (A) through (PO) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2;
(iv) the various amounts, balances and rates to be calculated in accordance with the Current Issuer Basis Rate Swap Agreementsand the Current Issuer Currency Swaps, and shall promptly notify the Current Issuer, the Note Trustee and each Calculation Agent (as defined in each Current Issuer Basis Rate Swap Agreement and each Current Issuer Currency Swap Agreement) of such amounts, balances and rates; and
(v) the Principal Amount Outstanding of the Current Issuer Notes, the Pool Factor, and the Note Principal Payment of the Current Issuer Notes in accordance with the Conditions.
(b) If the Current Issuer Cash Manager determines (as set forth in paragraph 1(a)(iii)) that there is a deficit (a "CURRENT ISSUER INCOME DEFICIT") in the amount of Current Issuer Income Deficit Available Revenue Receipts to pay items (A) through (E), (G) and/or (I) of the Current Issuer Pre-Enforcement Revenue Priority of Payments, and the Current Issuer has provided for that deficit by the application of funds standing to the credit of the Current Issuer Principal Ledger, if any, then the Current Issuer Cash Manager shall make a corresponding debit entry in the relevant Current Issuer Principal Deficiency Sub Ledger, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (KI) of the Current Issuer Pre-Pre-Enforcement Revenue Priority of Payments. The Current Issuer Cash Manager shall thereafter record as a debit on the Current Issuer Revenue Ledger the application by the Current Issuer of any excess Current Issuer Available Revenue Receipts to extinguish any balance on a Current Issuer Principal Deficiency Sub Ledger.
(c) The Current Issuer Cash Manager may make all the determinations referred to in paragraph 1(a) on the basis of any reasonable and proper assumptions as the Current Issuer Cash Manager considers appropriate (including without limitation as to the amount of any payments to be made under paragraph 3 below during the period from and including the Current Issuer Note Determination Date immediately preceding a Payment Date to but excluding such Payment Date). The Current Issuer Cash Manager shall notify the Current Issuer and the Note Trustee on request of any such other assumptions and shall take account of any representations made by the Current Issuer and the Note Trustee (as the case may be) in relation thereto.
(d) Each determination made in accordance with this paragraph 1 shall (in the absence of bad faith, wilful default, negligence and manifest error) be final and binding on all persons.
Appears in 1 contract
Samples: Issuer Cash Management Agreement (Granite Mortgages 02-2 PLC)
Determination. (a) On or before each Current Issuer Note Determination Distribution Date immediately preceding a prior to each Monthly Payment DatePeriod, the Current Issuer Cash Manager shall determine each of the following in accordance with this paragraph 1following:
(i) the aggregate amount of any Current Issuer Available Revenue Receipts to be applied on the following each Monthly Payment Date falling in the relevant Monthly Payment Period in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2Payments;
(ii) the aggregate amount of any Current Issuer Available Principal Receipts to be applied on the following each Monthly Payment Date falling in the relevant Monthly Payment Period in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 of this Schedule 2Payments;
(iii) whether there will be an excess or a deficit of the Current Issuer Available Revenue Receipts to pay satisfy the aggregate of the payments and provisions set out in items (A) through (PM) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth that are required to be made on each Monthly Payment Date falling in paragraph 3 of this Schedule 2the relevant Monthly Payment Period;
(iv) whether there will be an excess or deficit of Issuer Available Principal Receipts to pay the aggregate of the principal amounts due on each Monthly Payment Date falling in the relevant Monthly Payment Period in respect of any Original Bullet Loan Tranche in accordance with the Issuer Pre-Enforcement Principal Priority of Payments;
(v) the various amounts, balances and rates to be calculated in accordance with the Current each Issuer Swap Agreements, Agreement in respect of the payments and shall promptly notify provisions to be made on each Monthly Payment Date falling in the Current Issuer, the Note Trustee and each Calculation Agent (as defined in each Current Issuer Swap Agreement) of such amounts, balances and ratesrelevant Monthly Payment Period; and
(vvi) the Principal Amount Outstanding of the Current Issuer Notes, the Pool Factor, and the Note Principal Payment of the Current Issuer Notes in accordance with the Conditions. If the Master Issuer or the Issuer Cash Manager fail to make the determinations in this sub-clause (vi), such determinations will be made by the Note Trustee in accordance with the Conditions.
(b) If the Current The Issuer Cash Manager determines (as set forth may make all the determinations referred to in paragraph 1(a)(iii)1(a) that there is a Current on the basis of any reasonable and proper assumptions as the Issuer Income Deficit and the Current Issuer has provided for that deficit by the application of funds standing Cash Manager considers appropriate (including without limitation as to the credit amount of any payments to be made under paragraph 1 of Schedule 2 of the Current Issuer Principal Ledger, if any, then Deed of Charge during the Current period from and including any Distribution Date immediately prior to the relevant Monthly Payment Period to and excluding the first day of the relevant Monthly Payment Period).
(c) The Issuer Cash Manager shall make a corresponding debit entry notify the Master Issuer and the Issuer Security Trustee on request of any such other assumptions and shall take account of any representations made by the Master Issuer and the Issuer Security Trustee (as the case may be) in relation thereto.
(d) Each determination made in accordance with this paragraph 1 shall (in the relevant Current Issuer Principal Deficiency Sub Ledgerabsence of bad faith, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest wilful default, negligence and manifest error) be final and binding on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) of the Current Issuer Pre-all persons.
Appears in 1 contract
Samples: Issuer Cash Management Agreement (Granite Finance Trustees LTD)
Determination. (a) On or before each Current Issuer Note Determination Date immediately preceding a Payment Date, the Current Issuer Cash Manager shall determine each of the following in accordance with this paragraph 1:
(i) the amount of any Current Issuer Available Revenue Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2;
(ii) the amount of any Current Issuer Available Principal Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 of this Schedule 2;
(iii) whether there will be an excess or a deficit of the Current Issuer Available Revenue Receipts to pay items (A) through (PO) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2;
(iv) the various amounts, balances and rates to be calculated in accordance with the Current Issuer Basis Rate Swap Agreementsand the Current Issuer Currency Swaps, and shall promptly notify the Current Issuer, the Note Trustee and each Calculation Agent (as defined in each Current Issuer Basis Rate Swap Agreement and each Current Issuer Currency Swap Agreement) of such amounts, balances and rates; and
(v) the Principal Amount Outstanding of the Current Issuer Notes, the Pool Factor, and the Note Principal Payment of the Current Issuer Notes in accordance with the Conditions.
(b) If the Current Issuer Cash Manager determines (as set forth in paragraph 1(a)(iii)) that there is a deficit (a "CURRENT ISSUER INCOME DEFICIT") in the amount of Current Issuer Income Deficit Available Revenue Receipts to pay items (A) through (E), (G) and/or (I) of the Current Issuer Pre-Enforcement Revenue Priority of Payments, and the Current Issuer has provided for that deficit by the application of funds standing to the credit of the Current Issuer Principal Ledger, if any, then the Current Issuer Cash Manager shall xxxxl make a corresponding debit entry in the relevant Current Issuer Principal Deficiency Sub Ledger, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) of the Current Issuer Pre-ranking
Appears in 1 contract
Samples: Issuer Cash Management Agreement (Granite Mortgages 03-2 PLC)
Determination. (a) On or before each Current Issuer Note Determination Date immediately preceding a Payment Date, the Current Issuer Cash Manager shall determine each of the following in accordance with this paragraph 1:
(i) the amount of any Current Issuer Available Revenue Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2;
(ii) the amount of any Current Issuer Available Principal Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 of this Schedule 2;
(iii) whether there will be an excess or a deficit of the Current Issuer Available Revenue Receipts to pay items (A) through (PO) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2;
(iv) the various amounts, balances and rates to be calculated in accordance with the Current Issuer Swap Agreements, and shall promptly notify the Current Issuer, the Note Trustee and each Calculation Agent (as defined in each Current Issuer Swap Agreement) of such amounts, balances and rates; and
(v) the Principal Amount Outstanding of the Current Issuer Notes, the Pool Factor, and the Note Principal Payment of the Current Issuer Notes in accordance with the Conditions.
(b) If the Current Issuer Cash Manager determines (as set forth in paragraph 1(a)(iii)) that there is a Current Issuer Income Deficit and the Current Issuer has provided for that deficit by the application of funds standing to the credit of the Current Issuer Principal Ledger, if any, then the Current Issuer Cash Manager shall make a corresponding debit entry in the relevant Current Issuer Principal Deficiency Sub Ledger, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) of the Current Issuer Pre-Pre-Enforcement Revenue Priority of Payments. The Current Issuer Cash Manager shall thereafter record as a debit on the Current Issuer Revenue Ledger the application by the Current Issuer of any excess Current Issuer Available Revenue Receipts to extinguish any balance on a Current Issuer Principal Deficiency Sub Ledger.
(c) The Current Issuer Cash Manager may make all the determinations referred to in paragraph 1(a) on the basis of any reasonable and proper assumptions as the Current Issuer Cash Manager considers appropriate (including without limitation as to the amount of any payments to be made under paragraph 3 below during the period from and including the Current Issuer Note Determination Date immediately preceding a Payment Date to but excluding such Payment Date). The Current Issuer Cash Manager shall notify the Current Issuer and the Note Trustee on request of any such other assumptions and shall take account of any representations made by the Current Issuer and the Note Trustee (as the case may be) in relation thereto.
(d) Each determination made in accordance with this paragraph 1 shall (in the absence of bad faith, wilful default, negligence and manifest error) be final and binding on all persons.
Appears in 1 contract
Samples: Issuer Cash Management Agreement (Granite Mortgages 03-3 PLC)
Determination. (a) On or before each Current Issuer Note Determination Date immediately preceding a Payment Date, the Current Issuer Cash Manager shall determine each of the following in accordance with this paragraph 1:
(i) the amount of any Current Issuer Available Revenue Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2;
(ii) the amount of any Current Issuer Available Principal Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 of this Schedule 2;
(iii) whether there will be an excess or a deficit of the Current Issuer Available Revenue Receipts to pay items (A) through (PO) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2;
(iv) the various amounts, balances and rates to be calculated in accordance with the Current Issuer Basis Rate Swap Agreementsand the Current Issuer Currency Swaps, and shall promptly notify the Current Issuer, the Note Trustee and each Calculation Agent (as defined in each Current Issuer Basis Rate Swap Agreement and each Current Issuer Currency Swap Agreement) of such amounts, balances and rates; and
(v) the Principal Amount Outstanding of the Current Issuer Notes, the Pool Factor, and the Note Principal Payment of the Current Issuer Notes in accordance with the Conditions.
(b) If the Current Issuer Cash Manager determines (as set forth in paragraph 1(a)(iii)) that there is a deficit (a "Current Issuer Income Deficit Deficit") in the amount of Current Issuer Available Revenue Receipts to pay items (A) through (E), (G) and/or (I) of the Current Issuer Pre-Enforcement Revenue Priority of Payments, and the Current Issuer has provided for that deficit by the application of funds standing to the credit of the Current Issuer Principal Ledger, if any, then the Current Issuer Cash Manager shall make a corresponding debit entry in the relevant Current Issuer Principal Deficiency Sub Ledger, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) of the Current Issuer Pre-ranking
Appears in 1 contract
Samples: Issuer Cash Management Agreement (Granite Mortgages 03-1 PLC)
Determination. (a) On or before each Current Issuer Note Determination Distribution Date immediately preceding a Monthly Payment Date, the Current Issuer Cash Manager shall determine each of the following in accordance with this paragraph 1:
(i) the amount of any Current Issuer Available Revenue Receipts to be applied on the following Monthly Payment Date in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 1 of this Schedule 22 of the Issuer Deed of Charge;
(ii) the amount of any Current Issuer Available Principal Receipts to be applied on the following Monthly Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 2 of this Schedule 22 of the Issuer Deed of Charge;
(iii) whether there will be an excess or a deficit of the Current Issuer Available Revenue Receipts to pay items (A) through (PM) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 1 of this Schedule 22 of the Issuer Deed of Charge;
(iv) whether there will be an excess or deficit of Issuer Available Principal Receipts to pay principal due in respect of any Original Bullet Loan Tranche in accordance with the Issuer Pre-Enforcement Principal Priority of Payments set forth in Schedule 2 to the Issuer Deed of Charge;
(v) the various amounts, balances and rates to be calculated in accordance with the Current Issuer Swap Agreements, and shall promptly notify the Current Master Issuer, the Note Issuer Security Trustee and each Calculation Agent (as defined in each Current Issuer Swap Agreement) of such amounts, balances and rates; and
(vvi) the Principal Amount Outstanding of the Current Issuer Notes, the Pool Factor, and the Note Principal Payment of the Current Issuer Notes in accordance with the Conditions. If the Master Issuer or the Issuer Cash Manager fail to make the determinations in this sub-clause (vi), such determinations will be made by the Note Trustee.
(b) If the Current The Issuer Cash Manager determines (as set forth may make all the determinations referred to in paragraph 1(a)(iii)1(a) that there is a Current on the basis of any reasonable and proper assumptions as the Issuer Income Deficit and the Current Issuer has provided for that deficit by the application of funds standing Cash Manager considers appropriate (including without limitation as to the credit amount of any payments to be made under paragraph 1 of Schedule 2 of the Current Issuer Principal Ledger, if any, then Deed of Charge during the Current period from and including any Distribution Date immediately preceding a Monthly Payment Date to but excluding such Monthly Payment Date).
(c) The Issuer Cash Manager shall make a corresponding debit entry notify the Master Issuer and the Issuer Security Trustee on request of any such other assumptions and shall take account of any representations made by the Master Issuer and the Issuer Security Trustee (as the case may be) in relation thereto.
(d) Each determination made in accordance with this paragraph 1 shall (in the relevant Current Issuer Principal Deficiency Sub Ledgerabsence of bad faith, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest wilful default, negligence and manifest error) be final and binding on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) of the Current Issuer Pre-all persons.
Appears in 1 contract
Samples: Issuer Cash Management Agreement (Granite Finance Funding 2 LTD)
Determination. (a) 1.1 On or before each Current Issuer Note Determination Date immediately preceding a Payment Calculation Date, the Current Issuer Cash Manager shall determine each of the following in accordance with this paragraph 1:
(ia) the amount of any Current Issuer Available Revenue Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Acceleration Revenue Priority of Payments set forth (and if, on such Payment Calculation Date, a Currency Swap Agreement is not in paragraph 3 force in relation to the US$ Notes, the Issuer Cash Manager will make, or, as applicable, procure the making of this Schedule 2such determination with respect to such US$ Notes by reference to the Spot Rate (as if booked on that Payment Calculation Date for conversion for value on the immediately succeeding Payment Date));
(iib) the amount of any Current Issuer Available Principal Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Acceleration Principal Priority of Payments set forth (and if, on such Payment Calculation Date, a Currency Swap Agreement is not in paragraph 4 force in relation to the US$ Notes, the Issuer Cash Manager will make, or, as applicable, procure the making of this Schedule 2such determination with respect to such US$ Notes by reference to the Spot Rate (as if booked on that Payment Calculation Date for conversion for value on the immediately succeeding Payment Date));
(iiic) whether there will be a Revenue Shortfall or an excess or a deficit of the Current Issuer Available Revenue Receipts to pay items (Ai) through to (Pvii) and item (ix) of the Current Issuer Pre- Acceleration Revenue Priority of Payments;
(d) having regard to expected Issuer Available Revenue Receipts for the next succeeding Interest Period, whether there is likely to be a Revenue Shortfall for the next succeeding Interest Period to pay or provide for items (i) to (vii) and item (ix) of the Issuer Pre-Enforcement Acceleration Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2on the immediately following Payment Date;
(ive) the Liquidity Reserve Required Amount;
(f) the various amounts, balances and rates to be calculated in accordance with the Current Issuer each Basis Rate Swap Agreements, and Currency Swap and shall promptly notify the Current Issuer, Issuer and the Note Trustee and each applicable Calculation Agent (as defined in each Current Issuer Basis Rate Swap Agreementand Currency Swap) under each Basis Rate Swap or, as applicable, Currency Swap of such amounts, balances and rates; and;
(vg) the Principal Amount Outstanding of the Current Issuer Notes, the Sterling Equivalent Principal Amount Outstanding of the US$ Notes and the Pool FactorFactor in accordance with Condition 5(D), and the Note Principal Payment GBP Equivalent of amounts due and payable in respect of the Current Issuer Notes in accordance with the Conditions.applicable Priorities of Payments;
(bh) If the amount of principal and interest to be paid on the Notes on the following Payment Date in accordance with the relevant Issuer Pre-Acceleration Priority of Payments;
(i) the Net Monthly Issuer Amount;
(j) the Current Issuer Cash Manager determines Balance of: (as set forth in paragraph 1(a)(iii)i) that there is a Current Issuer Income Deficit and the Current Issuer has provided for that deficit by the application of funds standing to the credit of the Current Issuer Principal Ledger, if any, then the Current Issuer Cash Manager shall make a corresponding debit entry in the relevant Current Issuer Principal Deficiency Sub Ledger, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) of the Current Issuer Pre-Performing Fixed Rate Mortgage Loans;
Appears in 1 contract
Samples: Issuer Cash Management Agreement
Determination. (a) On or before each Current Issuer Note Determination Distribution Date immediately preceding a Payment Date, the Current Issuer Cash Manager shall determine each of the following in accordance with this paragraph 1:
(i) the amount of any Current Issuer Available Revenue Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 1 of this Schedule 22 of the Issuer Deed of Charge;
(ii) the amount of any Current Issuer Available Principal Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 2 of this Schedule 22 of the Issuer Deed of Charge;
(iii) whether there will be an excess or a deficit of the Current Issuer Available Revenue Receipts to pay items (A) through (PL) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 1 of this Schedule 22 of the Issuer Deed of Charge;
(iv) whether there will be an excess or deficit of Issuer Available Principal Receipts to pay principal due in respect of any Original Bullet Loan Tranche in accordance with the Issuer Pre-Enforcement Principal Priority of Payments set forth in Schedule 2 to the Issuer Deed of Charge;
(v) the various amounts, balances and rates to be calculated in accordance with the Current Issuer Swap Agreements, and shall promptly notify the Current Master Issuer, the Note Issuer Security Trustee and each Calculation Agent (as defined in each Current Issuer Swap Agreement) of such amounts, balances and rates; and
(vvi) the Principal Amount Outstanding of the Current Issuer Notes, the Pool Factor, and the Note Principal Payment of the Current Issuer Notes in accordance with the Conditions.
(b) If the Current The Issuer Cash Manager determines (as set forth may make all the determinations referred to in paragraph 1(a)(iii)1(a) that there is a Current on the basis of any reasonable and proper assumptions as the Issuer Income Deficit and the Current Issuer has provided for that deficit by the application of funds standing Cash Manager considers appropriate (including without limitation as to the credit amount of any payments to be made under paragraph 1 of Schedule 2 of the Current Issuer Principal Ledger, if any, then Deed of Charge during the Current period from and including any Distribution Date immediately preceding a Payment Date to but excluding such Payment Date).
(c) The Issuer Cash Manager shall make a corresponding debit entry notify the Master Issuer and the Issuer Security Trustee on request of any such other assumptions and shall take account of any representations made by the Master Issuer and the Issuer Security Trustee (as the case may be) in relation thereto.
(d) Each determination made in accordance with this paragraph 1 shall (in the relevant Current Issuer Principal Deficiency Sub Ledgerabsence of bad faith, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest wilful default, negligence and manifest error) be final and binding on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) of the Current Issuer Pre-all persons.
Appears in 1 contract
Samples: Issuer Cash Management Agreement (Granite Finance Trustees LTD)
Determination. (a) On or before 1.1 As of each Current Issuer Note Determination Date immediately preceding a Payment Calculation Date, the Current Issuer Cash Manager shall determine each of the following in accordance with this paragraph 1:
(ia) the amount of any Current Issuer Available Principal Receipts, Available Revenue Receipts to be applied on and Revenue Deficiency for the following relevant Interest Payment Date in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2Date;
(iib) the amount of any Current Issuer Available Principal Receipts to be applied on the following Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 of this Schedule 2Maximum Class Z VFN Amount;
(iii) whether there will be an excess or a deficit of the Current Issuer Available Revenue Receipts to pay items (A) through (P) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2;
(iv) the various amounts, balances and rates to be calculated in accordance with the Current Issuer Swap Agreements, and shall promptly notify the Current Issuer, the Note Trustee and each Calculation Agent (as defined in each Current Issuer Swap Agreement) of such amounts, balances and rates; and
(vc) the Principal Amount Outstanding of the Current Issuer NotesNotes in accordance with the Conditions;
(d) the General Reserve Required Amount, and, if the Liquidity Reserve Fund has been established, the Pool FactorLiquidity Reserve Fund Required Amount;
(e) such other amounts as are required to be determined by the Issuer or Cash Manager in accordance with the Conditions; and
(f) certain amounts in relation to the Interest Rate Swap Agreement including, but not limited to, the Fixed Rate Notional Amount.
(a) On or prior to the Monthly Test Date following the Monthly Period in which an Advance Date occurred, the Cash Manager shall determine whether the Issuer has sufficient funds to pay in full the relevant Further Advance Purchase Price and in the event that the Cash Manager determines that the Issuer has insufficient funds, the Cash Manager will record the amount of such shortfall.
(b) The Cash Manager will notify the Issuer and the Note Principal Servicer on the date falling three (3) Business Days prior to each Interest Payment Date, of the Current results of any determination made under paragraph 1.2(a) above.
(a) The Cash Manager may make all the determinations referred to in paragraphs 1.1 and 1.2 on the basis of any reasonable and proper assumptions as the Cash Manager considers appropriate.
(b) The Cash Manager shall on request notify the Issuer Notes and the Security Trustee in writing of any such other assumptions and shall take account of any representations made by the Issuer in relation thereto.
(c) The Cash Manager shall notify the Interest Rate Swap Provider of the Pool Factor (which shall be determined under paragraph 1.1(e) above) at the same time as it notifies the Issuer of the same in accordance with the Conditions.
(b) If the Current Issuer 1.4 The Cash Manager determines (as set forth in paragraph 1(a)(iii)) that there is a Current Issuer Income Deficit will make any other determinations and the Current Issuer has provided for that deficit calculations required to be made by the application of funds standing to Issuer under the credit of the Current Issuer Principal Ledger, if any, then the Current Issuer Cash Manager Interest Rate Swap Agreement.
1.5 Each determination made in accordance with this paragraph 1 shall make a corresponding debit entry (in the relevant Current Issuer Principal Deficiency Sub Ledgerabsence of fraud, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest wilful default, negligence and/or manifest error) be final and binding on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) of the Current Issuer Pre-all persons.
Appears in 1 contract
Samples: Cash Management Agreement
Determination. (a) 1.1 On or before each Current Issuer Note Determination Date immediately preceding a Payment Calculation Date, the Current Issuer Cash Manager shall determine each of the following in accordance by reference to the information provided by the Servicer with this paragraph 1respect to the Mortgage Portfolio and with respect to the following Interest Payment Date and the related Collection Period, as applicable:
(iA) the amount of any Current Issuer Losses incurred on the Mortgage Loans;
(B) any Mortgage Loans which have Capitalised Arrears;
(C) the General Reserve Fund Required Amount;
(D) the Principal Amount Outstanding of each class of Notes in accordance with the Conditions;
(E) the General Reserve Ledger Residual Amounts;
(F) the amount of any Revenue Shortfall;
(G) the amount of any Further Class A Shortfall;
(H) prior to the service of an Enforcement Notice, the amount to be applied as Available Revenue Receipts to be applied on the following Interest Payment Date in accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments set forth in paragraph 3 of this Schedule 2Payments;
(iiI) prior to the service of an Enforcement Notice, the amount of any Current Issuer to be applied as Available Principal Receipts to be applied on the following Interest Payment Date in accordance with the Current Issuer Pre-Enforcement Principal Priority of Payments set forth in paragraph 4 of this Schedule 2Payments;
(iiiJ) whether the immediately following Interest Payment Date is the Final Maturity Date;
(K) if there will be are sufficient Available Principal Receipts available to redeem the Notes in full on the immediately following Interest Payment Date;
(L) after the service of an excess or a deficit Enforcement Notice, the amount of the Current Issuer Post-Enforcement Amounts, if so instructed by the Trustee;
(M) the Pool Factor in respect of each class of Notes;
(N) the amount of the Class X Note to be repaid and the Class X Payment;
(O) whether the Available Revenue Receipts Commitment of the Servicer Advance Facility Provider under the Servicer Advance Facility is reasonably likely on the following Interest Payment Date (taking into account any expected repayment of the Servicer Advance Facility on such Interest Payment Date) to pay items (A) through be less than the expected Servicer Advance Drawdown Amount calculated in respect of the related Interest Period; and
(P) of the Current Issuer Pre-Enforcement Revenue Priority of Payments (after taking account of any Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue Receipts available therefor) as set forth in paragraph 3 of this Schedule 2;
(iv) the various amounts, balances and rates other amounts not referred to above which are required to be calculated determined by the Issuer or the Cash Manager in accordance with the Current Issuer Swap Agreements, Conditions and shall promptly notify the Current IssuerTransaction Documents.
1.2 If a Determination Period arises, the Note Trustee Cash Manager shall (i) calculate the Interest Determination Ratio, the Calculated Revenue Receipts and each the Calculated Principal Receipts in respect of such Determination Period on the Calculation Agent Date prior to the following Interest Payment Date and (as defined ii) upon receipt by the Cash Manager of the Servicer Report Information in respect of such Determination Period, reconcile the calculations to the actual Collections set out in the Servicer Report Information by allocating the Reconciliation Amounts, in each Current Issuer Swap Agreementcase in accordance with Schedule 5 (Determinations and Reconciliation) of such amountsthis Agreement.
1.3 The Cash Manager shall:
(A) make all the determinations referred to in Paragraphs 1.1 and 1.2 on the basis of any reasonable and proper assumptions which the Cash Manager considers to be appropriate, balances and ratesincluding, without limitation, as to the amount of any payments or provisions to be made in accordance with the applicable Priorities of Payments; and
(vB) on request, notify the Principal Amount Outstanding Issuer or the Trustee in writing of any such assumptions and shall take account of any representations made by the Current Issuer Notesor the Trustee in relation thereto.
1.4 The Cash Manager shall, if necessary, perform all currency conversions free of charge, cost or expense at the Pool Factorrate which the Cash Manager is able to obtain for the purposes of any calculations referred to above, and the Note Principal Payment of the Current Issuer Notes any currency amounts used in or resulting from such calculations will be rounded in accordance with the Conditionsrelevant market practice.
1.5 Each determination made in accordance with this Paragraph 1 of Schedule 2 shall (b) If the Current Issuer Cash Manager determines (as set forth in paragraph 1(a)(iii)) that there is a Current Issuer Income Deficit and the Current Issuer has provided for that deficit by the application of funds standing to the credit of the Current Issuer Principal Ledger, if any, then the Current Issuer Cash Manager shall make a corresponding debit entry in the relevant Current Issuer Principal Deficiency Sub Ledgerabsence of fraud, PROVIDED THAT the Current Issuer Cash Manager shall ensure that Current Issuer Principal Receipts are not used to pay interest wilful default, gross negligence or manifest error) be final and binding on any class of Current Issuer Notes if and to the extent that would result in a deficiency being recorded, or an existing deficiency being increased, on a Current Issuer Principal Deficiency Sub Ledger relating to a higher ranking Class of Current Issuer Notes, and furthermore that Current Issuer Principal Receipts are not used to make up any deficit other than in respect of items (A) through (E), (G), (I) and (K) of the Current Issuer Pre-all persons.
Appears in 1 contract
Samples: Cash Management Agreement
