Common use of Consequences of an Enforcement Notice Clause in Contracts

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.

Consequences of an Enforcement Notice. 8.4 The Second First 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 First 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 First Transaction Account Bank on substantially the same terms as this Agreement) in relation to the operation of the relevant Second First Transaction Account.