Common use of Consequences of an Intercompany Loan Enforcement Notice Clause in Contracts

Consequences of an Intercompany Loan Enforcement Notice. The Account Bank acknowledges that, if it receives notice in writing from the Security Trustee to the effect that (a) the Security Trustee has served an Intercompany Loan Enforcement Notice or (b) that the appointment of Northern Rock plc as Cash Manager under the Cash Management Agreement has been terminated (but without prejudice to Clause 6.1 (Account Bank to Comply with Cash Manager's Instructions) above) all right, authority and power of Funding and the Cash Manager in respect of the Funding (Current Issuer) GIC 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 Security Trustee, comply with the directions of the Security Trustee or any successor cash manager appointed by the Security Trustee (subject to such successor cash manager having entered into an agreement with the Account Bank on substantially the same terms as this Agreement) in relation to the operation of the Funding (Current Issuer) GIC Account.

Consequences of an Intercompany Loan Enforcement Notice. The Each of the Account Bank Banks acknowledges that, if it receives notice in writing from the Security Trustee to the effect that (a) the Security Trustee has served an Intercompany Loan Enforcement Notice or (b) that the appointment of Northern Rock Santander UK plc as Cash Manager under the Cash Management Agreement has been terminated (but without prejudice to Clause 6.1 (Account Bank to Comply with Cash Manager's Instructions) above) all right, authority and power of Funding and the Cash Manager in respect of the Mortgages Trustee GIC Account, the Funding (Current Issuer) Transaction Account or the Funding GIC Account shall be terminated and be of no further effect and each of the Account Bank Xxxxx agrees that it shall, upon receipt of such notice from the Security Trustee, comply with the directions of the Security Trustee or any successor cash manager appointed by the Security Trustee (subject to such successor cash manager having entered into an agreement with the Account Bank Banks on substantially the same terms as this Agreement) in relation to the operation of (i) the Funding Transaction Account, in respect of Account Bank A and (Current Issuerii) the Mortgages Trustee GIC Account and the Funding GIC Account., in respect of Account Bank B.

Consequences of an Intercompany Loan Enforcement Notice. The Each of the Account Bank Banks acknowledges that, if it receives notice in writing from the Security Trustee to the effect that (a) the Security Trustee has served an Intercompany Loan Enforcement Notice or (b) that the appointment of Northern Rock Santander UK plc as Cash Manager under the Cash Management Agreement has been terminated (but without prejudice to Clause 6.1 (Account Bank to Comply with Cash Manager's Instructions) above) all right, authority and power of Funding and the Cash Manager in respect of the Mortgages Trustee GIC Account, the Funding (Current Issuer) Transaction Account or the Funding GIC Account shall be terminated and be of no further effect and each of the Account Bank Banks agrees that it shall, upon receipt of such notice from the Security Trustee, comply with the directions of the Security Trustee or any successor cash manager appointed by the Security Trustee (subject to such successor cash manager having entered into an agreement with the Account Bank Banks on substantially the same terms as this Agreement) in relation to the operation of (i) the Funding Transaction Account, in respect of Account Bank A and (Current Issuerii) the Mortgages Trustee GIC Account and the Funding GIC Account., in respect of Account Bank B.

Consequences of an Intercompany Loan Enforcement Notice. The Account Bank acknowledges that, if it receives notice in writing from the Security Trustee to the effect that (a) the Security Trustee has served an Intercompany Loan Enforcement Notice or (b) that the appointment of Northern Rock plc Abbey National as Cash Manager under the Cash Management Agreement has been terminated (but without prejudice to Clause 6.1 (Account Bank to Comply with Cash Manager's Instructions) above) all right, authority and power of Funding and the Cash Manager in respect of the Mortgages Trustee GIC Account, the Funding (Current Issuer) Transaction Account or the Funding GIC 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 Security Trustee, comply with the directions of the Security Trustee or any successor cash manager appointed by the Security Trustee (subject to such successor cash manager having entered into an agreement with the Account Bank on substantially the same terms as this Agreement) in relation to the operation of each of the Funding (Current Issuer) Transaction Account, the Funding GIC Account and the Mortgages Trustee GIC Account.