The Calculation Agent is the entity appointed to prepare the payment reports and calculate the amounts due to the noteholders and the other creditors of the issuer under the terms and conditions of the notes and the other transaction documents.
Its services include:
A. as regards the portfolio:
- checking the contents of the servicing reports;
- verifying the balances of the servicing reports against the funds standing to the credit of the bank accounts of the SPV.
B. On each interest payment sate:
- monitoring the statements of accounts of the bank accounts;
- monitoring the performance of the investments;
- calculating and allocating the funds available to the vehicle in accordance with the priority of payment;
- verifying the occurrence of any performance trigger;
- drawing up the reports set forth in the transaction documents (payments report and investors report);
- preparing the instructions to transfer funds to the various counterparties.