FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

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