Overcollateralisation Test definition

Overcollateralisation Test shall be calculated on each Distribution Date and shall be breached on any Distribution Date where the aggregate Current Balance of Mortgage Loans in the Mortgage Portfolio on such Distribution Date is less than an amount equal to the product of 1.05 and the Principal Amount Outstanding of all Notes of all Issuers at such Distribution Date, and for this purpose, where such Notes outstanding are Controlled Amortisation Notes, the Principal Amount Outstanding of such Notes will be calculated on a straight-line basis by applying the appropriate CPR to such Notes on a monthly, rather than a quarterly basis.

Overcollateralisation Test means the Class A/B Overcollateralisation Test, the Class C Overcollateralisation Test and the Class D Overcollateralisation Test.

Overcollateralisation Test shall be calculated on each Distribution Date and shall be breached on any Distribution Date where the aggregate Current Balance of Mortgage Loans in the Mortgage Portfolio on such Distribution Date is less than an amount equal to the product of 1.05 and the aggregate Principal Amount Outstanding of all Notes of all Issuers at such Distribution Date, and for this purpose:

Examples of Overcollateralisation Test in a sentence

• Collateral Enhancement Obligations and any income or return generated thereby are not taken into account for the purposes of determining satisfaction of, or required to satisfy, any of the Coverage Tests, the Portfolio Profile Tests, the Collateral Quality Tests or the Reinvestment Overcollateralisation Test.

• Ratings on Collateral Debt ObligationsThe Collateral Quality Tests, the Portfolio Profile Tests, the Coverage Tests and the Reinvestment Overcollateralisation Test are sensitive to variations in the ratings applicable to the underlying Collateral Debt Obligations.

• The Collateral Quality Tests, the Portfolio Profile Tests, the Coverage Tests and the Reinvestment Overcollateralisation Test are sensitive to variations in the ratings applicable to the underlying Collateral Obligations.

• Collateral Enhancement Obligations and any income or return generated thereby are not taken into account for the purposes of determining satisfaction of, or required to satisfy, any of the Coverage Tests, Reinvestment Overcollateralisation Test, Portfolio Profile Tests or Collateral Quality Tests.

• Ratings on Collateral ObligationsThe Collateral Quality Tests, the Portfolio Profile Tests, the Coverage Tests and the Reinvestment Overcollateralisation Test are sensitive to variations in the ratings applicable to the underlying Collateral Obligations.

• In addition, if any Coverage Test or the Reinvestment Overcollateralisation Test fails, amounts that would otherwise be distributed to the holders of the Subordinated Notes on any Payment Date may be paid to other investors (or reinvested, as applicable) in accordance with the Priorities of Payment.

• The Collateral Quality Tests, the Portfolio Profile Tests, the Coverage Tests and the Reinvestment Overcollateralisation Test are sensitive to variations in the ratings applicable to the underlying Collateral Debt Obligations.

• Generally, deteriorations in the business environment or increases in the business risks facing any particular Obligor may result in downgrade of its obligations, which may result in such obligation becoming a Credit Impaired Obligation, a CCC Obligation, a Caa Obligation or a Defaulted Obligation (and therefore potentially subject to haircuts in the determination of the Par Value Tests and the Reinvestment Overcollateralisation Test and restriction in the Portfolio Profile Tests).

• Generally, deteriorations in the business environment or increases in the business risks facing any particular Obligor may result in downgrade of its obligations, which may result in such obligation becoming a Credit Risk Obligation, a CCC Obligation, a Caa Obligation or a Defaulted Obligation (and therefore potentially subject to haircuts in the determination of the Par Value/Coverage Tests and the Reinvestment Overcollateralisation Test and restriction in the Portfolio Profile Tests).

• INCOME TAX EXPENSE 2008 2007 £’000£’000 Current tax expense847440 Prior year under/(over) provision of tax123(48) Deferred tax expense resulting from the origination and reversal of temporary differences7985 Tax on profit on ordinary activities1,049477 FACTORS AFFECTING TAX CHARGE FOR THE YEARThe tax assessed for the year is higher (2007: lower) than the standard rate of corporation tax in the UK (28.5%).

More Definitions of Overcollateralisation Test

Overcollateralisation Test means the Senior Overcollateralisation Test or the Class C Overcollateralisation Test or the Class D Overcollateralisation Test or the Class E Overcollateralisation Test (as applicable) (and together, the “Overcollateralisation Tests”);

Overcollateralisation Test means any one of the Class A-2 Overcollateralisation Test and the Class A-3 Overcollateralisation Test (and together, the "Overcollateralisation Tests").