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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Fitch means Fitch Ratings Ltd., or any successor to its rating business;<br />
Forward-Looking Calculation Period means, in respect of any Loan Calculation Date, the period of three<br />
months which begins on (and excludes) the Calendar Quarter Date immediately preceding such Loan<br />
Calculation Date (or, in respect of the first Forward-Looking Calculation Period, the later of such<br />
Calendar Quarter Date and the Closing Date) and ends on (and includes) the next following Calendar<br />
Quarter Date;<br />
French Commercial Code means the French Code de commerce;<br />
French Monetary and Financial Code means the French Code monétaire et financier;<br />
Gross Cash Proceeds means in the case of any Permitted Disposal, the total consideration received by the<br />
relevant Borrower in connection with such disposal (net of any amounts that notaries are legally entitled<br />
to retain and in respect of which they are liable in the normal course of their business, including any costs<br />
relating to releases of an Obligor Security);<br />
Gross Rental Income means, for any period, the aggregate of all amounts received or, as applicable,<br />
invoiced by or for the account of the Borrowers in connection with the letting or other use of the Secured<br />
<strong>Properties</strong> (together with any amounts attributable to VAT), as reported in the relevant Quarterly<br />
Operating Reports including each of the following items (without double counting):<br />
(a) rent and other usage fees invoiced during that period, adjusted to reflect the variation in delinquent<br />
payments during that period;<br />
(b) a sum invoiced or received in respect of any apportionment of rent allowed in favour of the<br />
Borrower in respect of that period;<br />
(c) any Ancillary Income invoiced during that period, adjusted to reflect the variation in delinquent<br />
payments during that period;<br />
(d) any sum received during that period under any policy of insurance in respect of loss of rent,<br />
including for the payment of default interest;<br />
(e) any sum received (or the value of any consideration given) during that period for the surrender or<br />
variation of any Occupational Lease;<br />
(f) any sum received during that period from any guarantor of any Occupational Tenant under any<br />
Occupational Lease;<br />
(g) any interest on, and any damages, compensation or settlement, received during that period in<br />
respect of, any sum referred to above less any related fees and expenses incurred for the recovery<br />
thereof (which have not been reimbursed by another person) by the Borrower;<br />
(h) any sum invoiced or received by way of reimbursement of or provision for service charges and rental<br />
taxes;<br />
(i) any contribution to a sinking fund by an Occupational Tenant;<br />
provided that, when used in connection with a Forward-Looking Calculation Period, amounts referred to<br />
above, as having been invoiced or received (as set out in the relevant Quarterly Operating Reports or as<br />
adjusted to reflect the variation in delinquent payments during that period, as the case may be) shall be<br />
interpreted as meaning amounts to be invoiced or received;<br />
Hedging Agreement means each ISDA Master Agreement (1992 Multi-currency Cross-border Version),<br />
the schedule thereto and each confirmation, each dated the Closing Date between the Management<br />
Company on behalf of the Issuer, the Custodian and each Hedging Provider and the transactions effected<br />
thereunder, together the Hedging Agreements;<br />
Hedging Credit Support Document means, in respect of each Hedging Agreement and Hedging Provider,<br />
the 1995 ISDA Credit Support Annex (Bilateral Form-Transfer) or such other collateral agreement as<br />
may be entered into between the Issuer and the relevant Hedging Provider;<br />
Hedging Downgrade Event has the meaning given in the Hedging Agreements but, in any event, equating<br />
to the Hedging Providers ceasing to have a short term debt rating of A-1 by S&P and a combined short<br />
term rating of at least F1 and long term rating of at least A by Fitch;<br />
Hedging Payments means those payments due from the Hedging Providers under the Hedging Agreements;<br />
Hedging Providers means, as at the Closing Date, <strong>HSBC</strong> Bank plc and Société Générale, acting through<br />
their offices at 8 Canada Square, London, E14 5HQ, United Kingdom and 17 Cours Valmy 92987 Paris<br />
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