FCC Proudreed Properties 2005 HSBC SG CORPORATE ...
FCC Proudreed Properties 2005 HSBC SG CORPORATE ...
FCC Proudreed Properties 2005 HSBC SG CORPORATE ...
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Determination of Rates of Interest and Calculation of Interest Amounts<br />
(d) The Management Company shall, on each Interest Determination Date, determine and as<br />
soon as practicable after 11.00 a.m. (Paris time) notify to the Cash Manager, each Noteholder<br />
Representative, the Principal Paying Agent and the Hedging Providers and the <strong>FCC</strong> Servicers<br />
in respect of each Class of Notes:<br />
(i) the Rate of Interest applicable to the relevant Interest Period; and<br />
(ii) the aggregate amount of interest due on each Note of each Class for the relevant Interest<br />
Period which shall be an amount equal to the product of:<br />
(A) an amount equal to the product of (aa) the Rate of Interest for that Class of Note and<br />
(bb) the Principal Amount Outstanding of such Note on the first day of the relevant<br />
Interest Period (after giving effect to any Note Principal Payments made by the Issuer on<br />
that date); and<br />
(B) an amount equal to the quotient of (aa) the actual number of days in the relevant Interest<br />
Period and (bb) 360 days (the ‘‘Interest Amount’’). The resulting figure shall be rounded<br />
down to the nearest cent.<br />
Publication of Rate of Interest, Interest Amounts<br />
(e) As soon as practicable after being informed of the determination pursuant to Condition 4(d)<br />
(Interest – Determination of Rates of Interest and Calculation of Interest Amounts), the<br />
Management Company shall cause the Rate of Interest and the Interest Amount applicable to<br />
each Class of Notes for the relevant Interest Period and the Interest Payment Date on which<br />
that Interest Period will end to be notified to the Principal Paying Agent and the Irish Stock<br />
Exchange (for so long as the Notes are listed on the Irish Stock Exchange) and will cause the<br />
same to be published in accordance with Condition 13 (Notices and Information). The Interest<br />
Amounts and Interest Payment Date so notified may subsequently be amended (or appropriate<br />
alternative arrangements made by way of adjustment) without notice if the Interest Period is<br />
extended or shortened. Interest Deferral and Accrual<br />
Interest Deferral and Accrual<br />
(f) Payments of interest on each Class of Notes, other than the Most Senior Class of Notes then<br />
outstanding, will be subject to deferral to the extent there are insufficient funds standing to the<br />
credit of the Issuer Transaction Account (after taking into account any amount available for<br />
drawing under the Liquidity Facility Agreement) on any Interest Payment Date to pay in full<br />
the amount of interest that would otherwise be payable on that Class of Notes in accordance<br />
with the Issuer Pre-Enforcement Priority of Payments, provided that this provision shall cease<br />
to apply upon the Class E Notes becoming the Most Senior Class of Notes outstanding.<br />
In addition, payments of interest on each Class of Notes to which a Principal Loss has been<br />
allocated in accordance with Condition 5(f) (Note Principal Payments, Principal Amount<br />
Outstanding, Adjusted Principal Amount Outstanding and Pool Factor) will, insofar as such<br />
interest relates to any amount by which the Principal Amount Outstanding of that Class of<br />
Notes exceeds the Adjusted Principal Amount Outstanding of that Class of Notes, be subject<br />
to deferral to the extent that there are insufficient amounts standing to the credit of the Issuer<br />
Transaction Account on any Interest Payment Date to pay in full in accordance with the Issuer<br />
Pre-Enforcement Priority of Payments the amount of interest which would otherwise be<br />
payable on that Class of Notes. Amounts may not be drawn under the Liquidity Facility<br />
Agreement to cover any such shortfall.<br />
The amount by which the aggregate amount of interest paid on any Class of Notes on any<br />
Interest Payment Date in accordance with this Condition 4 (Interest) falls short of the<br />
aggregate amount of interest which otherwise would be payable on the relevant Notes on that<br />
date, shall be aggregated with the amount of, and treated for the purposes of, this Condition 4<br />
(Interest) as if it were interest due on each such Class of Notes and, subject as provided in this<br />
condition, shall be payable on the next succeeding Interest Payment Date. The amount of any<br />
such shortfall that has remained outstanding for a period of one year shall, without prejudice<br />
to the provisions of this Condition 4(f), be deemed to form part of the Principal Amount<br />
Outstanding of the relevant Class of Notes for the purposes of the calculation of interest in<br />
accordance with Condition 4(d).<br />
226