Common use of ALLOCATION AND DISTRIBUTION OF MORTGAGES TRUST AVAILABLE REVENUE RECEIPTS Clause in Contracts

ALLOCATION AND DISTRIBUTION OF MORTGAGES TRUST AVAILABLE REVENUE RECEIPTS. On each Distribution Date the Cash Manager (at the direction of the Mortgages Trustee and on behalf of the Beneficiaries at their direction and with their consent) will allocate and distribute Mortgages Trust Available Revenue Receipts as follows: (a) firstly, in or towards satisfaction pari passu and pro rata according to the respective amounts thereof of: (i) any costs, charges, liabilities and expenses then due or to become due to the Mortgages Trustee under the provisions of this Deed or any terms agreed by the Mortgages Trustee with the Seller and Funding 1 in writing together with VAT thereon as provided herein (if payable); and (ii) any amounts due and payable by the Mortgages Trustee to third parties in respect of the Mortgages Trust and incurred without breach by the Mortgages Trustee of the documents to which it is a party and for which payment has not been provided for elsewhere), (including amounts due to H.M Customs and Excise and/or to the Inland Revenue or any other taxation authority which has jurisdiction over the Trust Property or the Mortgages Trustee in respect of any stamp, issue, registration, documentary and other fees, duties and taxes (including interest and penalties) payable by the Mortgages Trustee in connection with (i) the execution and delivery of this Deed; (ii) any action to be taken by or on behalf of the Mortgages Trustee to enforce or to resolve any doubt concerning or, for any other purpose in relation to, the Mortgages Trust Deed; and (iii) any such tax which is primarily due from either or both of the Seller and Funding 1 in their capacities as Beneficiaries (and, for the avoidance of doubt, only in such capacities) in circumstances where the Mortgages Trustee has made a payment of such tax (or part thereof) by reason of a failure by the Seller or Funding 1 to discharge their primary liability in respect of such tax); (b) secondly, in or towards satisfaction of any remuneration then due and payable or to become due and payable during the following Calculation Period to the Servicer and any costs, charges, liabilities and expenses then due or to become due to the Servicer under the provisions of the Servicing Agreement, together with VAT thereon as provided therein (if payable); (c) thirdly, to allocate and pay to Funding 1 an amount equal to the lesser of:

ALLOCATION AND DISTRIBUTION OF MORTGAGES TRUST AVAILABLE REVENUE RECEIPTS. On each Distribution Date the Cash Manager (at the direction of the Mortgages Trustee and on behalf of the Beneficiaries at their direction and with their consent) will allocate and distribute Mortgages Trust Available Revenue Receipts as follows: (a) firstly, in or towards satisfaction pari passu and pro rata according to the respective amounts thereof of: (i) any costs, charges, liabilities and expenses then due or to become due to the Mortgages Trustee under the provisions of this Deed or any terms agreed by the Mortgages Trustee with the Seller and Funding 1 in writing together with VAT thereon as provided herein (if payable); and (ii) any amounts due and payable by the Mortgages Trustee to third parties in respect of the Mortgages Trust and incurred without breach by the Mortgages Trustee of the documents to which it is a party and for which payment has not been provided for elsewhere), (including amounts due to H.M Customs and Excise and/or to the Inland Revenue or any other taxation authority which has jurisdiction over the Trust Property or the Mortgages Trustee in respect of any stamp, issue, registration, documentary and other fees, duties and taxes (including interest and penalties) payable by the Mortgages Trustee in connection with (i) the execution and delivery of this Deed; (ii) any action to be taken by or on behalf of the Mortgages Trustee to enforce or to resolve any doubt concerning or, for any other purpose in relation to, the Mortgages Trust Deed; and (iii) any such tax which is primarily due from either or both of the Seller Halifax and Funding 1 in their capacities as Beneficiaries (and, for the avoidance of doubt, only in such capacities) in circumstances where the Mortgages Trustee has made a payment of such tax (or part thereof) by reason of a failure by the Seller Halifax or Funding 1 to discharge their primary liability in respect of such tax); (b) secondly, in or towards satisfaction of any remuneration then due and payable or to become due and payable during the following Calculation Period to the Servicer and any costs, charges, liabilities and expenses then due or to become due to the Servicer under the provisions of the Servicing Agreement, together with VAT thereon as provided therein (if payable); (c) thirdly, to allocate and pay to Funding 1 an amount equal to the lesser of:

ALLOCATION AND DISTRIBUTION OF MORTGAGES TRUST AVAILABLE REVENUE RECEIPTS. On each Distribution Date the Cash Manager (at the direction of the Mortgages Trustee and on behalf of the Beneficiaries at their direction and with their consent) will allocate and distribute Mortgages Trust Available Revenue Receipts as follows: (a) firstly, in or towards satisfaction pari passu and pro rata according to the respective amounts thereof of: (i) any costs, charges, liabilities and expenses then due or to become due to the Mortgages Trustee under the provisions of this Deed or any terms agreed by the Mortgages Trustee with the Seller and Funding 1 in writing together with VAT thereon as provided herein (if payable); and (ii) any amounts due and payable by the Mortgages Trustee to third parties in respect of the Mortgages Trust and incurred without breach by the Mortgages Trustee of the documents to which it is a party and for which payment has not been provided for elsewhere), (including amounts due to H.M Customs and Excise and/or to the Inland Revenue or any other taxation authority which has jurisdiction over the Trust Property or the Mortgages Trustee in respect of any stamp, issue, registration, documentary and other fees, duties and taxes (including interest and penalties) payable by the Mortgages Trustee in connection with (i) the execution and delivery of this Deed; (ii) any action to be taken by or on behalf of the Mortgages Trustee to enforce or to resolve any doubt concerning or, for any other purpose in relation to, the Mortgages Trust Deed; and (iii) any such tax which is primarily due from either or both of the Seller and Funding 1 in their capacities as Beneficiaries (and, for the avoidance of doubt, only in such capacities) in circumstances where the Mortgages Trustee has made a payment of such tax (or part thereof) by reason of a failure by the Seller or Funding 1 to discharge their primary liability in respect of such tax); (b) secondly, in or towards satisfaction of any remuneration then due and payable or to become due and payable during the following Calculation Period to the Servicer and any costs, charges, liabilities and expenses then due or to become due to the Servicer under the provisions of the Servicing Agreement, together with VAT thereon as provided therein (if payable); (c) thirdly, to allocate and pay to Funding 1 an amount equal to the lesser of: