NEWGATE FUNDING PLC - Irish Stock Exchange

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