Counterparty Downgrade Collateral Account. The Account Bank confirms that it has opened the Counterparty Downgrade Collateral Account in the name of and for the benefit of the Issuer with IBAN XX00XXXX00000000000000 which is subject to English law and denominated in Sterling. The Counterparty Downgrade Collateral Account is a cash only account. The Counterparty Downgrade Collateral Account may be supplemented by a securities account to be opened with The Bank of New York Mellon, London Branch following the downgrade of the Swap Counterparty's ratings, and may not go into overdraft.
Counterparty Downgrade Collateral Account. Following the downgrade of a Swap Counterparty's rating, the Account Bank shall, upon request by the Issuer, open the Counterparty Downgrade Collateral Account within ten (10) Business Days in the name of and for the benefit of the Issuer which is subject to English law and denominated in GBP or EUR and confirm that it has opened such account to the Issuer. The Counterparty Downgrade Collateral Account shall be a cash only account, which may be supplemented by a securities account to be opened with the Counterparty Downgrade Collateral Account Bank following the downgrade of the ratings of any of the Swap Counterparties, and may not go into overdraft.
Counterparty Downgrade Collateral Account. Following the downgrade of a Swap Counterparty's rating, the Account Bank shall, upon request by the Issuer, open the Counterparty Downgrade Collateral Account within ten (10) Business Days in the name of and for the benefit of the Issuer which is subject to English law and denominated in GBP and confirm that it has opened such account to the Issuer. The Counterparty Downgrade Collateral Account shall be a cash only account, which may be supplemented by a securities account to be opened with the Counterparty Downgrade Collateral Account Bank following the downgrade of the ratings of any of the Swap Counterparties, and may not go into overdraft.
4.1 Additional Rules in Relation to the Accounts: Additional Rules in Relation to the Distribution Account
(a) The Distribution Account shall be used for the fulfilment of the payment obligations of the Issuer. The Issuer shall ensure that all payments made to it shall be made by way of a bank transfer to or deposit or in any other way into the Distribution Account.
(b) Upon satisfaction of the conditions contained in this Agreement and in particular in clause 7 (Operating/Release Procedure) below, the Principal Paying Agent shall be entitled to receive, pursuant to clause 7 (Duties of Principal Paying Agent, Calculation Agent and Interest Determination Agent) of the Agency Agreement, by debit by the Account Bank of the Distribution Account, the amount notified to the Principal Paying Agent according to clause 7 (Operating/Release Procedure) below. The Issuer shall procure that the Principal Paying Agent shall receive: (a) before 11:00 a.m. Luxembourg time one Business Day before each Payment Date a copy of the Issuer's irrevocable payment instruction; (b) before 12:00 p.m. Luxembourg time one Business Day before each Payment Date a copy of irrevocable payment instruction by SWIFT MT 100 from the Account Bank or any other bank through which the payment is to be made.
(c) The Counterparty Downgrade Collateral Account shall be opened with the Counterparty Downgrade Collateral Account Bank upon request from the Issuer within ten (10) Business Days. The Counterparty Downgrade Collateral Account shall be used for deposits of collateral posted by a Swap Counterparty as described in clause 19 (
Counterparty Downgrade Collateral Account. The Account Bank confirms that it has opened the Counterparty Downgrade Collateral Account in the name of and for the benefit of the Issuer with IBAN: XX00XXXX00000000000000 which is subject to English law and denominated in Sterling. The Counterparty Downgrade Collateral Account is a cash only account. The Counterparty Downgrade Collateral Account may be supplemented by a securities account to be opened with Elavon Financial Services DAC following the downgrade of the Swap Counterparty's ratings, and may not go into overdraft. Upon downgrade of the Swap Counterparty's ratings and to the extent the Swap Counterparty decides to post cash denominated in EUR as collateral under the Swap Counterparty, the Account Bank shall open an additional Counterparty Downgrade Collateral Account which shall be subject to English law and denominated in EUR. Such additional Counterparty Downgrade Collateral Account shall be a cash only account and may not go into overdraft.
