NEWGATE FUNDING PLC - Irish Stock Exchange
NEWGATE FUNDING PLC - Irish Stock Exchange
NEWGATE FUNDING PLC - Irish Stock Exchange
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Level: 8 – From: 8 – Wednesday, December 19, 2007 – 9:31 pm – mac8 – 3894 Section 03 : 3894 Section 03<br />
under the Series Interest Rate Cap Agreement pursuant to the Series Interest Rate Cap<br />
Agreement during the relevant Interest Period (other than any cap termination payments<br />
received from the Series Interest Rate Cap Provider to be applied towards the appointment of<br />
a replacement Series Interest Rate Cap Provider) and (ii) an amount equal to the amount<br />
standing to the credit of the Series Cap Reserve Ledger immediately prior to making any<br />
payments on such Distribution Date; and<br />
(ii)<br />
on any Distribution Date on which all Notes are redeemed in full, to pay to the Series Interest<br />
Rate Cap Certificate Holders the lower of (A) any remaining Available Revenue Funds after<br />
paying or providing for amounts under paragraphs (a) to (v) above and (B) the sum of (i)<br />
amounts paid under the Series Interest Rate Cap Agreement pursuant to the Series Interest Rate<br />
Cap Agreement during the relevant Interest Period (other than any cap termination payments<br />
received from the Series Interest Rate Cap Provider to be applied towards the appointment of<br />
a replacement Series Interest Rate Cap Provider) and (ii) an amount equal to the amount<br />
standing to the credit of the Series Cap Reserve Ledger immediately prior to making any<br />
payments on such Distribution Date;<br />
(x)<br />
(y)<br />
twenty-fourth, to pay amounts payable in respect of the Series Residuals; and<br />
twenty-fifth, to provide for any remaining amounts to the Issuer or other persons entitled thereto<br />
provided that such amounts will be retained in the Series Transaction Account and applied by or on<br />
behalf of the Security Trustee on the next Distribution Date as Available Revenue Funds under this<br />
priority of payments or applied under the Series Post-Acceleration Priority of Payments, as<br />
applicable. After satisfaction in full of amounts ranking in priority to this paragraph (taking into<br />
account any such amounts payable on any future Distribution Date), Available Revenue Funds in an<br />
amount equal to the amount otherwise payable under this paragraph will be applied by or on behalf<br />
of the Security Trustee as Actual Redemption Funds under the Series Pre-Acceleration Principal<br />
Priority of Payments. After the satisfaction in full of all amounts under the Series Pre-Acceleration<br />
Principal Priority of Payments (taking into account any such amounts payable on any future<br />
Distribution Date), Available Revenue Funds payable under this paragraph will be deposited in the<br />
Programme Account for application in accordance with the Programme Priority of Payments set out<br />
in the Offering Circular.<br />
Series Pre-Acceleration Principal Priority of Payments<br />
Actual Redemption Funds means as at any Determination Date, an amount calculated as the aggregate of:<br />
(a)<br />
(b)<br />
(c)<br />
(d)<br />
the amount standing to the credit of the relevant Series Principal Ledger as at the end of the Business<br />
Day before the Determination Date and the amount (if any) standing to the credit of the relevant Series<br />
Further Advances Ledger (before the transfer of the Committed Further Advances calculated on that<br />
Determination Date from the relevant Series Principal Ledger) (and, for the avoidance of doubt, such<br />
amount (if any) shall be transferred to the relevant Series Principal Ledger on such Determination<br />
Date);<br />
the amount (if any) calculated on that Determination Date pursuant to the Series Pre-Enforcement<br />
Revenue Priority of Payments, to be the amount by which the debit balance on any of the relevant<br />
Series Principal Deficiency Ledgers is expected to be reduced by the application of Available Revenue<br />
Funds on the immediately succeeding Distribution Date; less<br />
the Committed Further Advances calculated on such Determination Date; and<br />
the amount (if any) payable by the Issuer for Substitute Loans on the immediately succeeding<br />
Distribution Date.<br />
42