FCC Proudreed Properties 2005 HSBC SG CORPORATE ...
FCC Proudreed Properties 2005 HSBC SG CORPORATE ...
FCC Proudreed Properties 2005 HSBC SG CORPORATE ...
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(i) first, to the Class E Notes, until the Adjusted Principal Amount Outstanding of such Notes is<br />
zero;<br />
(ii) second, to the Class D Notes, until the Adjusted Principal Amount Outstanding of such Notes<br />
is zero;<br />
(iii) third, to the Class C Notes, until the Adjusted Principal Amount Outstanding of such Notes<br />
is zero;<br />
(iv) fourth, to the Class B Notes, until the Adjusted Principal Amount Outstanding of such Notes<br />
is zero;<br />
(v) fifth, to the Class A Notes, until the Adjusted Principal Amount Outstanding of such Notes is<br />
zero.<br />
With respect to each Class of Notes on (or as soon as practicable after) each Reporting Date<br />
immediately preceding an Interest Payment Date on which such a redemption will take place or such<br />
a Principal Loss will be allocated, the Management Company shall:<br />
(i) determine the amount of the Note Principal Payment (if any) due on the Interest Payment<br />
Date next following such Reporting Date in respect of each Note of that Class;<br />
(ii) determine the Principal Amount Outstanding of each Note of that Class after deducting the<br />
amount redeemable;<br />
(iii) determine the Adjusted Principal Amount Outstanding of each Note of the relevant Class to<br />
which a Principal Loss has been allocated; and<br />
(iv) determine the fraction expressed as a decimal to the sixth point (the ‘‘Pool Factor’’), of which<br />
the numerator is the Adjusted Principal Amount Outstanding of a Note of that Class referred<br />
to in sub-paragraph (iii) and the denominator is u100,000.<br />
The Management Company will cause each determination of a Note Principal Payment, Principal<br />
Amount Outstanding, Adjusted Principal Amount Outstanding and Pool Factor to be notified not<br />
less than three Business Days prior to the relevant Interest Payment Date to the Issuer, each<br />
Noteholder Representative, the Paying Agents and (for so long as the Notes are listed on the Irish<br />
Stock Exchange) the Irish Stock Exchange, and will cause notice of each such determination to be<br />
given in accordance with Condition 13 (Notices and Information) not less than three Business Days<br />
prior to the relevant Interest Payment Date.<br />
Notice of Redemption Irrevocable<br />
(g) A notice of redemption under Condition 5(d) (Redemption, Purchase and Cancellation –<br />
Optional Redemption for Tax Reasons), or Condition 5(f) (Redemption, Purchase and<br />
Cancellation – Note Principal Payments, Principal Amount Outstanding and Pool Factor) shall<br />
be irrevocable and the Issuer shall be bound to redeem the relevant Notes in accordance with<br />
these Conditions on the Interest Payment Date specified in the notice.<br />
Cancellation<br />
(h) All Notes redeemed in full under this Condition will be cancelled upon redemption and may<br />
not be resold or re-issued.<br />
No Purchase by Issuer<br />
(i) The Issuer will not be permitted to purchase any of the Notes.<br />
6. PAYMENTS<br />
Payments of Principal in respect of the Notes<br />
(a) Any payment of interest or principal in respect of a Note shall be paid outside the United<br />
States and its possessions in euro on the corresponding Interest Payment Date to the person<br />
in whose name such Note is registered in the registers of Euroclear France, Clearstream,<br />
Luxembourg, or Euroclear (together with Clearstream, Luxembourg and Euroclear France<br />
the ‘‘Relevant Clearing Systems’’). Any payment of principal and/or interest shall be made in<br />
accordance with the rules of the Relevant Clearing Systems.<br />
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