FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

May 2014 and end on (but exclude) the Final
Repayment Date.
Final Repayment Date: Loan Interest Payment Date falling in August 2014.
Voluntary Prepayment:
Each Borrower is, provided that each other Borrower
within the same Borrower Group prepays its
Commercial Mortgage Loan in the same proportion
subject to certain conditions described in ‘‘Summary
of the Principal Documents – The Commercial
Mortgage Loan Agreements – Prepayment of the
Commercial Mortgage Loans’’, entitled to prepay its
Commercial Mortgage Loan in whole or in part on
any Loan Interest Payment Date upon giving not
less than 45 days prior written notice to the Issuer.
Amounts prepaid may not be redrawn.
Mandatory Prepayment: Each Borrower must prepay its Commercial
Mortgage Loan on the next Interest Payment Date
(or in certain cases on any date with breakage costs
equal to interest until the next Loan Interest Payment
Date) in the circumstances described in ‘‘Summary
of the Principal Documents – The Commercial
Mortgage Loan Agreements – Prepayment of the
Commercial Mortgage Loans’’.
Financial covenants:
Each Borrower has undertaken to ensure that the
ratio of net rental income to interest charges (both
for an historic calculation period of 12 months and a
projected calculation period of 3 months) in respect
of the relevant Borrower Group is not less than 1.2:1.
If the ratio of net rental income to interest charges in
respect of a Borrower Group falls below 1.3:1 during
the First Reference Period or 2.0:1 during the Second
Reference Period, the monies not required to pay
interest and other prior ranking expenses of the
Borrowers in that Borrower Group will no longer be
distributed to those Borrowers but will instead be
held in the Cash Trap Account of each relevant
Borrower. Such monies, together with other monies
that would otherwise be distributed to the Borrowers
in the relevant Borrower Group, will be applied in
mandatory prepayment if such ratio remains below
1.3:1 for four consecutive quarters or more, until
both the Historical ICR and the Projected ICR are
equal to or above 1.3:1 for more than two consecutive
quarters. If both the Historical ICR and the Projected
ICR in respect of a Borrower Group are equal to or
above 1.5:1 for more than four consecutive quarters,
all amounts then standing to the credit of the Cash
Trap Account of each Borrower in that Borrower
Group will be paid into the Borrower Transaction
Account of each such Borrower and applied in
accordance with the relevant Obligor Priority of
Payments except during the Second Reference Period
where such amounts will be retained in the relevant
Cash Trap Account. For further details of the
financial covenants and the operation of the Cash
Trap Accounts, please see the sections entitled
‘‘Summary of Principal Documents – Commercial
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