Consequences of an Enforcement Notice Sample Clauses

Consequences of an Enforcement Notice. The Account Bank agrees that, if it receives notice in writing from the Issuer or the Trustee to the effect that (a) the Trustee has served an Enforcement Notice on the Issuer or (b) that the appointment of both Paragon Mortgages (2010) Limited and Paragon Bank plc as Administrators under the Administration Agreement have been terminated (but without prejudice to Clause 11.1 above), all right, authority and power of the Administrator in respect of the Transaction Account shall be terminated and be of no further effect and the Account Bank agrees that it shall, upon receipt of such notice from the Issuer or the Trustee, act solely in accordance with the directions of the Trustee or any successor administrator appointed by the Issuer (subject to such successor administrator having entered into an agreement on terms substantially similar to those set out in this Agreement, provided that (i) where the Issuer or an Administrator determines that it is not practicable, taking into account the then prevailing market conditions, to agree terms substantially similar to those set out in this Agreement with such replacement administrator, the Issuer, or, as the case may be, the Administrators, shall have certified in writing to the Trustee that, to the extent the terms are not substantially similar as aforementioned, such terms are reasonable commercial terms taking into account the then prevailing current market conditions, which certificate may be relied upon by the Trustee without liability and without further enquiry and shall be conclusive and binding on all parties and the Secured Parties and (ii) the Trustee shall not be obliged to enter into any such arrangements if to do so would, in the sole opinion of the Trustee, have the effect of increasing the obligations or duties, or decreasing the protections, of the Trustee in the Relevant Documents and/or the Conditions) in relation to the operation of the Transaction Account.
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Consequences of an Enforcement Notice. 8.4 The Second Transaction Account Bank acknowledges that, if it receives notice in writing from (a) the Security Trustee that it has served an Enforcement Notice, or (b) the Issuer, the Mortgages Trustee or (following the delivery of an Enforcement Notice) the Security Trustee that the appointment of Virgin Money as Trust Property Cash Manager or Issuer Cash Manager under the Trust Property Cash Management Agreement or the Issuer Cash Management Agreement has been terminated all rights, authority and power of the relevant Cash Manager in respect of the Transaction Accounts shall be terminated and be of no further effect and the Second Transaction Account Bank agrees that it shall, upon receipt of such notice from the Issuer or the Security Trustee, as the case may be, comply with the directions of the Security Trustee in the case of (a) above, or in the case of (b) above, any successor Trust Property Cash Manager or Issuer Cash Manager appointed by the Mortgages Trustee or Issuer, as the case may be (subject to such successor Trust Property Cash Manager or Issuer Cash Manager having entered into an agreement with that Second Transaction Account Bank on substantially the same terms as this Agreement) in relation to the operation of the relevant Second Transaction Account.
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Consequences of an Enforcement Notice. 8.3 The VM Mortgages Trustee Account Bank acknowledges that, if it receives notice in writing from (a) the Security Trustee that it has served an Enforcement Notice, or (b) the Mortgages Trustee or (following the delivery of an Enforcement Notice) the Security Trustee that the appointment of Virgin Money as Trust Property Cash Manager under the Trust Property Cash Management Agreement has been terminated all rights, authority and power of the Trust Property Cash Manager in respect of the VM Mortgages Trustee Account shall be terminated and be of no further effect and the VM Mortgages Trustee Account Bank agrees that it shall, upon receipt of such notice from the Security Trustee comply with the directions of the Security Trustee in the case of (a) above, or in the case of (b) above, any successor Trust Property Cash Manager appointed by the Mortgages Trustee (subject to such successor Trust Property Cash Manager having entered into an agreement with the VM Mortgages Trustee Account Bank on substantially the same terms as this Agreement) in relation to the operation of the VM Mortgages Trustee Account.
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Consequences of an Enforcement Notice. 8.3 The VM Issuer Account Bank acknowledges that, if it receives notice in writing from
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Related to Consequences of an Enforcement Notice

  • Consequences of an Event of Default (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following:

  • Consequences of Default Upon the occurrence of any Event of Default, as defined in the Revenue Sharing Agreement:

  • CONSEQUENCES OF TERMINATION AND EXPIRY 28.1 Notwithstanding the service of a notice to terminate this Framework Agreement, the Supplier shall continue to fulfil its obligations under this Framework Agreement until the date of expiry or termination of this Framework Agreement or such other date as required under this Clause 28 (Consequences of Termination and Expiry).

  • Default and Consequences of Default 18.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a half percent (2.5%) per calendar month (and at the Supplier’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.

  • Consequences of Force Majeure If the Affected Party has taken all necessary steps towards mitigating the effect of a Force Majeure event, then:

  • Consequences of Termination Upon the termination of this Agreement:

  • Consequences of Breach Without prejudice to any rights that may be available to the Principal/Owner under law or the Contract or its established policies and laid down procedures, the Principal/Owner shall have the following rights in case of breach of this Integrity Pact by the Tenderer(s)/Contractor(s) and the Tenderer/ Contractor accepts and undertakes to respect and uphold the Principal/Owner’s absolute right:

  • Consequences of Expiry or Termination 50.1. Where the Authority terminates the Contractor’s interest in the Framework Agreement under clause 42 (Termination Rights) and makes other arrangements for the supply of Services, the Contractor indemnifies the Authority against all costs incurred in making those arrangements.

  • CONSEQUENCES OF EARLY TERMINATION OR OTHER BREACH BY APPLICANT A. In the event that the Applicant terminates this Agreement without the consent of the District, except as provided in Section 7.2 of this Agreement, the Applicant shall pay to the District liquidated damages for such failure within thirty (30) days after receipt of the notice of breach.

  • Consequences of termination or expiry 27.1 Notwithstanding the provisions of Clause 23, wherever the Authority chooses to put out to tender for a replacement service provider some or all of the Services, the Service Provider shall disclose to tenderers such information concerning the Services as the Authority may require for the purposes of such tender. The Service Provider may impose upon any recipient of such information such obligations of confidentiality as it may require.

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