Common use of Interest Rate Shortfall Clause in Contracts

Interest Rate Shortfall. (a) On each Payment Date the Administrator shall determine, having regard to: (i) the income which Funding would expect to receive during the next succeeding Interest Period; (ii) the Mortgage Rates in respect of the Mortgage Loans which the Administrator proposes to set under this Clause 4; and (iii) the other resources available to Funding including the Funding Reserve Fund and amounts standing to the credit of any Issuer Reserve Fund and/or any Issuer Liquidity Reserve Fund, whether Funding would receive an amount of income during that Interest Period which when aggregated with the funds otherwise available to it is less than the amount which is the aggregate of (1) the amount of interest which will be payable by Funding in order to fund (whether by payment to a swap provider or otherwise) the amount of interest payable in respect of the Class A Notes of the First Issuer (and the highest ranking class of notes of any New Issuer, if any) and all amounts which rank in priority thereto on the Payment Date occurring at the end of such Interest Period, and (2) all other amounts payable by Funding which rank in priority to or pari passu with interest due on the First Issuer Intercompany Loan in respect of interest which is payable on the Class A Notes of the First Issuer (and any New Intercompany Loan, if any, in respect of interest which is payable by any New Issuer on the highest rated class of Notes issued by such New Issuer, if any) (the amount (if any) by which it is less being the "Interest Rate Shortfall"). (b) If the Administrator determines that there will be an Interest Rate Shortfall, it will within one (1) London Business Day of such determination give written notice thereof to the Mortgages Trustee, Funding and the Security Trustee of such Interest Rate Shortfall and of the Standard Variable Rate and other discretionary rates and margins applicable to the Mortgage Loans which would, in the Administrator's opinion, need to be set in order for no Interest Rate Shortfall to arise, having regard to the obligations of Funding under all Intercompany Loans. (c) If the Mortgages Trustee, Funding and/or the Security Trustee notify the Administrator that, having regard to the obligations of Funding, the Standard Variable Rate and other discretionary rates and margins should be increased (which shall be the same rates as previously notified to the Mortgages Trustee, Funding and the Security Trustee in accordance with Clause 4.3(b)), the Administrator, as agent for and on behalf of the Mortgages Trustee, shall take all steps which are necessary, including publishing any notice which is required in accordance with the Mortgage Terms, to effect such change in the applicable rates on the date(s) specified in the notice referred to in Clause 4.3(b) herein.

Interest Rate Shortfall. (a) On each Payment Date the Administrator shall determine, having regard to: (i) the income which Funding would expect to receive during the next succeeding Interest Period; (ii) the Mortgage Rates Standard Variable Rate in respect of the Mortgage Loans which the Administrator proposes to set under this Clause 4; and (iii) the other resources available to Funding including the Funding Reserve Fund and amounts standing to the credit of any Issuer Reserve Fund and/or any Issuer Liquidity Reserve Fund, whether Funding would receive an amount of income during that Interest Period which when aggregated with the funds otherwise available to it is less than the amount which is the aggregate of (1) the amount of interest which will be payable by Funding in order to fund (whether by payment to a swap provider or otherwise) the amount of interest payable in respect of the Class A Notes of the First Issuer (and the highest ranking class of notes of any New Issuer, if any) and all amounts which rank in priority thereto on the Payment Date occurring at the end of such Interest Period, and (2) all other amounts payable by Funding which rank in priority to or pari passu with interest due on the First Issuer Intercompany Loan in respect of interest which is payable on the Class A Notes of the First Issuer (and any New Intercompany Loan, if any, in respect of interest which is payable by any New Issuer on the highest rated class of Notes issued by such New Issuer, if any) (the amount (if any) by which it is less being the "Interest Rate ShortfallINTEREST RATE SHORTFALL"). (b) If the Administrator determines that there will be an Interest Rate Shortfall, it will within one (1) London Business Day of such determination give written notice thereof to the Mortgages Trustee, Funding and the Security Trustee of such Interest Rate Shortfall and of the Standard Variable Rate and other discretionary rates and margins applicable to the Mortgage Loans which would, in the Administrator's opinion, need to be set in order for no Interest Rate Shortfall to arise, having regard to the obligations of Funding under all Intercompany Loans. (c) If the Mortgages Trustee, Funding and/or the Security Trustee notify the Administrator that, having regard to the obligations of Funding, the Standard Variable Rate and other discretionary rates and margins should be increased (which shall be the same rates rate as previously notified to the Mortgages Trustee, Funding and the Security Trustee in accordance with Clause 4.3(b)), the Administrator, as agent for and on behalf of the Mortgages Trustee, shall take all steps which are necessary, including publishing any notice which is required in accordance with the Mortgage Terms, to effect such change in the applicable rates Standard Variable Rate on the date(s) specified in the notice referred to in Clause 4.3(b) herein.

Interest Rate Shortfall. (a) On each Monthly Payment Date the Administrator Servicer shall determine, having regard to: (i) the income which each of Funding and Funding 2 would expect to receive during the next succeeding Interest Period; (ii) the Mortgage Rates in respect of the Mortgage Loans which the Administrator Servicer proposes to set under this Clause 4; and (iii) the other resources available to Funding including (but not limited to) the Funding Reserve Fund and amounts standing to the credit of any applicable Issuer Reserve Fund and/or any applicable Issuer Liquidity Reserve Fund and the other resources available to Funding 2 including (but not limited to) the Funding 2 Reserve Fund, whether the Funding 2 Liquidity Reserve Fund and any applicable Issuer Reserve Fund, whether: (A) Funding would receive an amount of income during that Interest Period which when aggregated with the funds otherwise available to it is less than the amount which is the aggregate of (1) the amount of interest which will be payable by Funding in order to fund (whether by payment to a swap provider or otherwise) the amount of interest payable in respect of the Class A Notes of the First Issuer (and the highest ranking class of notes of any New Issuer, if any) Funding Issuers and all amounts which rank in priority thereto on the Payment Date occurring at the end of such Interest Period, and (2) all other amounts payable by Funding which rank in priority to or pari passu with interest due on the First Issuer each Funding Intercompany Loan in respect of interest which is payable on the Class A Notes of the First Issuer (and any New Intercompany Loan, if any, in respect of interest which is payable by any New Issuer on the highest rated class of Notes issued by such New Issuer, if any) Funding Issuers (the amount (if any) by which it is less being the "Funding Interest Rate Shortfall"); and (B) Funding 2 would receive an amount of income during that Interest Period which when aggregated with the funds otherwise available to it is less than the amount which is the aggregate of (1) the amount of interest which would be payable by Funding 2 in order to fund (whether by payment to a swap provider or otherwise) the amount of interest payable in respect of the AAA Loan Tranches of each Funding 2 Intercompany Loan and all amounts which rank in priority thereto on the Monthly Payment Date occurring at the end of such Interest Period and (2) all other amounts payable by Funding 2 which rank in priority to or pari passu with interest due on each Funding 2 Intercompany Loan in respect of the AAA Loan Tranches (the amount (if any) by which it is less being a "Funding 2 Interest Rate Shortfall"). (b) If the Administrator Servicer determines that there will be an either a Funding Interest Rate Shortfall or a Funding 2 Interest Rate Shortfall, it will within one (1) London Business Day of such determination give written notice thereof to the Mortgages Trustee, each Funding Beneficiary and the each Funding Security Trustee of such Interest Rate Shortfall Shortfall(s) and of the Standard Variable Rate and other discretionary rates and margins applicable to the Mortgage Loans which would, in the AdministratorServicer's opinion, need to be set in order for for: (i) no Funding Interest Rate Shortfall to arise, having regard to the obligations of Funding under all Funding Intercompany Loans; (ii) no Funding 2 Interest Rate Shortfall to arise, having regard to the obligations of Funding 2 under all Funding 2 Intercompany Loans; and (iii) no Interest Rate Shortfalls to arise, having regard to the obligations of Funding and Funding 2 under all Intercompany Loans. (c) If the Mortgages Trustee, Funding and/or the Security Trustee notify the Administrator Servicer that, having regard to the obligations of Funding, the Standard Variable Rate and other discretionary rates and margins should be increased (which shall be the same rates as previously notified in order for no Funding Interest Rate Shortfall to arise, but no notification is provided to the Mortgages Trustee, Funding and the Security Trustee Servicer in accordance with Clause 4.3(b)), 4.3(d) then the AdministratorServicer, as agent for and on behalf of the Mortgages Trustee, shall take all steps which are necessary, including publishing any notice which is required in accordance with the Mortgage Terms, to effect the changes in such change rates (such changes being those previously notified in the applicable rates relation to Clause 4.3(b)(i)) on the date(s) specified in the notice referred to in Clause 4.3(b) herein. (d) If the Mortgage Trustee, Funding 2 and/or the Funding 2 Security Trustee notify the Servicer that having regard to the obligations of Funding 2, the Standard Variable Rate and the other discretionary rates and margins should be increased in order for no Funding 2 Interest Rate Shortfall to arise, but no notification is provided to the Servicer in accordance with Clause 4.3(c) then the Servicer, as agent for and on behalf of the Mortgages Trustee, shall take all steps which are necessary, including publishing any notice which is required in accordance with the Mortgage Terms, to effect the changes in such rates (such changes being those previously notified in relation to Clause 4.3(b)(ii)) on the date(s) specified in the notice referred to in Clause 4.3(b) herein. (e) If the Servicer receives notification from: (i) the Mortgages Trustee, Funding and/or the Security Trustee in accordance with Clause 4.3(c); and (ii) the Mortgage Trustee, Funding 2 and/or the Funding 2 Security Trustee in accordance with Clause 4.3(d), then the Servicer, as agent for and on behalf of the Mortgages Trustee, shall take all steps which are necessary, including publishing any notice which is required in accordance with the Mortgage Terms, to effect the changes in such rates (such changes being those previously notified in relation to Clause 4.3(b)(iii)) on the date(s) specified in the notice referred to in Clause 4.3(b) herein.

Interest Rate Shortfall. (a) On each Payment Date the Administrator shall determine, having regard to: (i) the income which Funding would expect to receive during the next succeeding Interest Period; (ii) the Mortgage Rates in respect of the Mortgage Loans which the Administrator proposes to set under this Clause 4; and (iii) the other resources available to Funding including the Funding Reserve Fund and amounts standing to the credit of any Issuer Reserve Fund and/or any Issuer Liquidity Reserve Fund, whether Funding would receive an amount of income during that Interest Period which when aggregated with the funds otherwise available to it is less than the amount which is the aggregate of (1) the amount of interest which will be payable by Funding in order to fund (whether by payment to a swap provider or otherwise) the amount of interest payable in respect of the Class A Notes of the First Issuer (and the highest ranking class of notes of any New Issuer, if any) and all amounts which rank in priority thereto on the Payment Date occurring at the end of such Interest Period, and (2) all other amounts payable by Funding which rank in priority to or pari passu with interest due on the First Issuer Intercompany Loan in respect of interest which is payable on the Class A Notes of the First Issuer (and any New Intercompany Loan, if any, in respect of interest which is payable by any New Issuer on the highest rated class of Notes issued by such New Issuer, if any) (the amount (if any) by which it is less being the "Interest Rate ShortfallINTEREST RATE SHORTFALL"). (b) If the Administrator determines that there will be an Interest Rate Shortfall, it will within one (1) London Business Day of such determination give written notice thereof to the Mortgages Trustee, Funding and the Security Trustee of such Interest Rate Shortfall and of the Standard Variable Rate and other discretionary rates and margins applicable to the Mortgage Loans which would, in the Administrator's opinion, need to be set in order for no Interest Rate Shortfall to arise, having regard to the obligations of Funding under all Intercompany Loans. (c) If the Mortgages Trustee, Funding and/or the Security Trustee notify the Administrator that, having regard to the obligations of Funding, the Standard Variable Rate and other discretionary rates and margins should be increased (which shall be the same rates as previously notified to the Mortgages Trustee, Funding and the Security Trustee in accordance with Clause 4.3(b)), the Administrator, as agent for and on behalf of the Mortgages Trustee, shall take all steps which are necessary, including publishing any notice which is required in accordance with the Mortgage Terms, to effect such change in the the applicable rates on the date(s) specified in the notice referred to in Clause 4.3(b) herein.

Interest Rate Shortfall. (a) On each Payment Date (in relation to Funding) and on or before the Administrator last Loan Payment Date falling in a Monthly Payment Period (in relation to Funding 2) the Servicer shall determine, having regard to: (i) the income which each of Funding and Funding 2 would expect to receive during the next succeeding Interest PeriodPeriod (in the case of Funding) and, during the next succeeding Interest Periods ending in the next following Monthly Payment Period (in the case of Funding 2); (ii) the Mortgage Rates in respect of the Mortgage Loans which the Administrator Servicer proposes to set under this Clause 4; and (iii) the other resources available to Funding including (but not limited to) the Funding Reserve Fund and amounts standing to the credit of any applicable Issuer Reserve Fund and/or any applicable Issuer Liquidity Reserve Fund and the other resources available to Funding 2 including (but not limited to) the Funding 2 Reserve Fund, whether the Funding 2 Liquidity Reserve Fund and any applicable Issuer Reserve Fund, whether: (A) Funding would receive an amount of income during that Interest Period which when aggregated with the funds otherwise available to it is less than the amount which is the aggregate of (1) the amount of interest which will be payable by Funding in order to fund (whether by payment to a swap provider or otherwise) the amount of interest payable in respect of the Class A Notes of the First Issuer (and the highest ranking class of notes of any New Issuer, if any) Funding Issuers and all amounts which rank in priority thereto on the Payment Date occurring at the end of such Interest Period, and (2) all other amounts payable by Funding which rank in priority to or pari passu with interest due on the First Issuer each Funding Intercompany Loan in respect of interest which is payable on the Class A Notes of the First Issuer (and any New Intercompany Loan, if any, in respect of interest which is payable by any New Issuer on the highest rated class of Notes issued by such New Issuer, if any) Funding Issuers (the amount (if any) by which it is less being the "Funding Interest Rate Shortfall"); and (B) Funding 2 would receive an amount of income during such Interest Periods which when aggregated with the funds otherwise available to it is less than the amount which is the aggregate of (1) the amount of interest which would be payable by Funding 2 in order to fund (whether by payment to a swap provider or otherwise) the amount of interest payable in respect of the AAA Loan Tranches of each Funding 2 Intercompany Loan and all amounts which rank in priority thereto on the Monthly Payment Dates falling in the next following Monthly Payment Period and (2) all other amounts payable by Funding 2 which rank in priority to or pari passu with interest due on each Funding 2 Intercompany Loan in respect of the AAA Loan Tranches (the amount (if any) by which it is less being a "Funding 2 Interest Rate Shortfall"). (b) If the Administrator Servicer determines that there will be an either a Funding Interest Rate Shortfall or a Funding 2 Interest Rate Shortfall, it will within one (1) London Business Day of such determination give written notice thereof to the Mortgages Trustee, each Funding Beneficiary and the each Funding Security Trustee of such Interest Rate Shortfall Shortfall(s) and of the Standard Variable Rate and other discretionary rates and margins applicable to the Mortgage Loans which would, in the AdministratorServicer's opinion, need to be set in order for for: (i) no Funding Interest Rate Shortfall to arise, having regard to the obligations of Funding under all Funding Intercompany Loans; (ii) no Funding 2 Interest Rate Shortfall to arise, having regard to the obligations of Funding 2 under all Funding 2 Intercompany Loans; and (iii) no Interest Rate Shortfalls to arise, having regard to the obligations of Funding and Funding 2 under all Intercompany Loans. (c) If the Mortgages Trustee, Funding and/or the Security Trustee notify the Administrator Servicer that, having regard to the obligations of Funding, the Standard Variable Rate and other discretionary rates and margins should be increased (which shall be the same rates as previously notified in order for no Funding Interest Rate Shortfall to arise, but no notification is provided to the Mortgages Trustee, Funding and the Security Trustee Servicer in accordance with Clause 4.3(b)), 4.3(d) then the AdministratorServicer, as agent for and on behalf of the Mortgages Trustee, shall take all steps which are necessary, including publishing any notice which is required in accordance with the Mortgage Terms, to effect the changes in such change rates (such changes being those previously notified in the applicable rates relation to Clause 4.3(b)(i)) on the date(s) specified in the notice referred to in Clause 4.3(b) herein. (d) If the Mortgage Trustee, Funding 2 and/or the Funding 2 Security Trustee notify the Servicer that having regard to the obligations of Funding 2, the Standard Variable Rate and the other discretionary rates and margins should be increased in order for no Funding 2 Interest Rate Shortfall to arise, but no notification is provided to the Servicer in accordance with Clause 4.3(c) then the Servicer, as agent for and on behalf of the Mortgages Trustee, shall take all steps which are necessary, including publishing any notice which is required in accordance with the Mortgage Terms, to effect the changes in such rates (such changes being those previously notified in relation to Clause 4.3(b)(ii)) on the date(s) specified in the notice referred to in Clause 4.3(b) herein. (e) If the Servicer receives notification from: (i) the Mortgages Trustee, Funding and/or the Security Trustee in accordance with Clause 4.3(c); and (ii) the Mortgage Trustee, Funding 2 and/or the Funding 2 Security Trustee in accordance with Clause 4.3(d), then the Servicer, as agent for and on behalf of the Mortgages Trustee, shall take all steps which are necessary, including publishing any notice which is required in accordance with the Mortgage Terms, to effect the changes in such rates (such changes being those previously notified in relation to Clause 4.3(b)(iii)) on the date(s) specified in the notice referred to in Clause 4.3(b) herein.

Interest Rate Shortfall. (a) On each Payment Date the Administrator shall determine, having regard to: (i) the income which each of Funding and Funding 2 would expect to receive during the next succeeding Interest Period; (ii) the Mortgage Rates in respect of the Mortgage Loans which the Administrator proposes to set under this Clause 4; and (iii) the other resources available to Funding including (but not limited to) the Funding Reserve Fund and amounts standing to the credit of any applicable Issuer Reserve Fund and/or any applicable Issuer Liquidity Reserve Fund and the other resources available to Funding 2 including (but not limited to) the Funding 2 Reserve Fund, whether the Funding 2 Liquidity Reserve Fund and any applicable Issuer Reserve Fund, whether: (A) Funding would receive an amount of income during that Interest Period which when aggregated with the funds otherwise available to it is less than the amount which is the aggregate of (1) the amount of interest which will be payable by Funding in order to fund (whether by payment to a swap provider or otherwise) the amount of interest payable in respect of the Class A Notes of the First Issuer (and the highest ranking class of notes of any New Issuer, if any) Funding Issuers and all amounts which rank in priority thereto on the Payment Date occurring at the end of such Interest Period, and (2) all other amounts payable by Funding which rank in priority to or pari passu with interest due on the First Issuer each Funding Intercompany Loan in respect of interest which is payable on the Class A Notes of the First Issuer (and any New Intercompany Loan, if any, in respect of interest which is payable by any New Issuer on the highest rated class of Notes issued by such New Issuer, if any) Funding Issuers (the amount (if any) by which it is less being the "Funding Interest Rate Shortfall"); and (B) Funding 2 would receive an amount of income during that Interest Period which when aggregated with the funds otherwise available to it is less than the amount which is the aggregate of (1) the amount of interest which would be payable by Funding 2 in order to fund (whether by payment to a swap provider or otherwise) the amount of interest payable in respect of the AAA Loan Tranches of each Funding 2 Intercompany Loan and all amounts which rank in priority thereto on the Payment Date occurring at the end of such Interest Period and (2) all other amounts payable by Funding 2 which rank in priority to or pari passu with interest due on each Funding 2 Intercompany Loan in respect of the AAA Loan Tranches (the amount (if any) by which it is less being a "Funding 2 Interest Rate Shortfall"). (b) If the Administrator determines that there will be an either a Funding Interest Rate Shortfall or a Funding 2 Interest Rate Shortfall, it will within one (1) London Business Day of such determination give written notice thereof to the Mortgages Trustee, each Funding Beneficiary and the each Funding Security Trustee of such Interest Rate Shortfall Shortfall(s) and of the Standard Variable Rate and other discretionary rates and margins applicable to the Mortgage Loans which would, in the Administrator's opinion, need to be set in order for for: (i) no Funding Interest Rate Shortfall to arise, having regard to the obligations of Funding under all Funding Intercompany Loans; (ii) no Funding 2 Interest Rate Shortfall to arise, having regard to the obligations of Funding 2 under all Funding 2 Intercompany Loans; and (iii) no Interest Rate Shortfalls to arise, having regard to the obligations of Funding and Funding 2 under all Intercompany Loans. (c) If the Mortgages Trustee, Funding and/or the Security Trustee notify the Administrator that, having regard to the obligations of Funding, the Standard Variable Rate and other discretionary rates and margins should be increased (which shall be the same rates as previously notified in order for no Funding Interest Rate Shortfall to arise, but no notification is provided to the Mortgages Trustee, Funding and the Security Trustee Administrator in accordance with Clause 4.3(b)), 4.3(d) then the Administrator, as agent for and on behalf of the Mortgages Trustee, shall take all steps which are necessary, including publishing any notice which is required in accordance with the Mortgage Terms, to effect the changes in such change rates (such changes being those previously notified in the applicable rates relation to Clause 4.3(b)(i)) on the date(s) specified in the notice referred to in Clause 4.3(b) herein. (d) If the Mortgage Trustee, Funding 2 and/or the Funding 2 Security Trustee notify the Administrator that having regard to the obligations of Funding 2, the Standard Variable Rate and the other discretionary rates and margins should be increased in order for no Funding 2 Interest Rate Shortfall to arise, but no notification is provided to the Administrator in accordance with Clause 4.3(c) then the Administrator, as agent for and on behalf of the Mortgages Trustee, shall take all steps which are necessary, including publishing any notice which is required in accordance with the Mortgage Terms, to effect the changes in such rates (such changes being those previously notified in relation to Clause 4.3(b)(ii)) on the date(s) specified in the notice referred to in Clause 4.3(b) herein. (e) If the Administrator receives notification from: (i) the Mortgages Trustee, Funding and/or the Security Trustee in accordance with Clause 4.3(c); and (ii) the Mortgage Trustee, Funding 2 and/or the Funding 2 Security Trustee in accordance with Clause 4.3(d), then the Administrator, as agent for and on behalf of the Mortgages Trustee, shall take all steps which are necessary, including publishing any notice which is required in accordance with the Mortgage Terms, to effect the changes in such rates (such changes being those previously notified in relation to Clause