FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

Determination of Rates of Interest and Calculation of Interest Amounts
(d) The Management Company shall, on each Interest Determination Date, determine and as
soon as practicable after 11.00 a.m. (Paris time) notify to the Cash Manager, each Noteholder
Representative, the Principal Paying Agent and the Hedging Providers and the FCC Servicers
in respect of each Class of Notes:
(i) the Rate of Interest applicable to the relevant Interest Period; and
(ii) the aggregate amount of interest due on each Note of each Class for the relevant Interest
Period which shall be an amount equal to the product of:
(A) an amount equal to the product of (aa) the Rate of Interest for that Class of Note and
(bb) the Principal Amount Outstanding of such Note on the first day of the relevant
Interest Period (after giving effect to any Note Principal Payments made by the Issuer on
that date); and
(B) an amount equal to the quotient of (aa) the actual number of days in the relevant Interest
Period and (bb) 360 days (the ‘‘Interest Amount’’). The resulting figure shall be rounded
down to the nearest cent.
Publication of Rate of Interest, Interest Amounts
(e) As soon as practicable after being informed of the determination pursuant to Condition 4(d)
(Interest – Determination of Rates of Interest and Calculation of Interest Amounts), the
Management Company shall cause the Rate of Interest and the Interest Amount applicable to
each Class of Notes for the relevant Interest Period and the Interest Payment Date on which
that Interest Period will end to be notified to the Principal Paying Agent and the Irish Stock
Exchange (for so long as the Notes are listed on the Irish Stock Exchange) and will cause the
same to be published in accordance with Condition 13 (Notices and Information). The Interest
Amounts and Interest Payment Date so notified may subsequently be amended (or appropriate
alternative arrangements made by way of adjustment) without notice if the Interest Period is
extended or shortened. Interest Deferral and Accrual
Interest Deferral and Accrual
(f) Payments of interest on each Class of Notes, other than the Most Senior Class of Notes then
outstanding, will be subject to deferral to the extent there are insufficient funds standing to the
credit of the Issuer Transaction Account (after taking into account any amount available for
drawing under the Liquidity Facility Agreement) on any Interest Payment Date to pay in full
the amount of interest that would otherwise be payable on that Class of Notes in accordance
with the Issuer Pre-Enforcement Priority of Payments, provided that this provision shall cease
to apply upon the Class E Notes becoming the Most Senior Class of Notes outstanding.
In addition, payments of interest on each Class of Notes to which a Principal Loss has been
allocated in accordance with Condition 5(f) (Note Principal Payments, Principal Amount
Outstanding, Adjusted Principal Amount Outstanding and Pool Factor) will, insofar as such
interest relates to any amount by which the Principal Amount Outstanding of that Class of
Notes exceeds the Adjusted Principal Amount Outstanding of that Class of Notes, be subject
to deferral to the extent that there are insufficient amounts standing to the credit of the Issuer
Transaction Account on any Interest Payment Date to pay in full in accordance with the Issuer
Pre-Enforcement Priority of Payments the amount of interest which would otherwise be
payable on that Class of Notes. Amounts may not be drawn under the Liquidity Facility
Agreement to cover any such shortfall.
The amount by which the aggregate amount of interest paid on any Class of Notes on any
Interest Payment Date in accordance with this Condition 4 (Interest) falls short of the
aggregate amount of interest which otherwise would be payable on the relevant Notes on that
date, shall be aggregated with the amount of, and treated for the purposes of, this Condition 4
(Interest) as if it were interest due on each such Class of Notes and, subject as provided in this
condition, shall be payable on the next succeeding Interest Payment Date. The amount of any
such shortfall that has remained outstanding for a period of one year shall, without prejudice
to the provisions of this Condition 4(f), be deemed to form part of the Principal Amount
Outstanding of the relevant Class of Notes for the purposes of the calculation of interest in
accordance with Condition 4(d).
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