Common use of Consequences of an Enforcement Notice Clause in Contracts

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.

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 Administrator under the Administration Agreement have has been terminated (but without prejudice to Clause 11.1 (Account Bank to Comply with Administrator's Instructions) 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 the 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 AdministratorsAdministrator, 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.

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 (Account Bank to Comply with Administrators' Instructions) 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.

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.

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 Administrator under the Administration Agreement have has been terminated (but without prejudice to Clause 11.1 (Account Bank to Comply with Administrator's Instructions) 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 the 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 AdministratorsAdministrator, 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.