An Authorised Person is not required to calculate a Capital Requirement for Early Amortisation in the following situations:
(a) replenishment structures where the underlying Exposures do not revolve and the Early Amortisation ends the ability of the Authorised Person to add new Exposures;
(b) where the risk associated with revolving assets containing amortisation features that mimic term structures, where the risk does not return to the Authorised Person;
(c) structures where the Authorised Person securitises one or more credit lines and where investors remain fully exposed to future draws by borrowers so that the risk on the underlying facilities does not return to the Originator even after an Early Amortisation event has occurred; or
(d) where the Early Amortisation clause is solely triggered by events not related to the performance of the securitised assets or the Authorised Person, such as material changes in tax laws or regulations.