Covenant to Pay and to Perform. Subject to the provisions of the Funding Transaction Documents, including, without limitation, any limited recourse provisions, Funding covenants with and undertakes to the Security Trustee for itself and as trustee for the Funding Secured Creditors that it will: (a) duly and punctually pay and discharge all monies and liabilities whatsoever which now are or at any time hereafter may (whether before or after demand) become due and payable by Funding to the Security Trustee (whether for its own account or as trustee for the Funding Secured Creditors) or to any of the other Funding Secured Creditors, whether actually or contingently, under this Deed or any other of the Funding Transaction Documents; and (b) observe, perform and satisfy all its other obligations and liabilities under this Deed and/or any of the Funding Transaction Documents, PROVIDED THAT every payment in respect of any Funding Transaction Document made to the relevant Funding Secured Creditor in the manner provided in such Funding Transaction Document shall operate in satisfaction pro tanto of the relevant covenant and undertaking by Funding in this Clause.
Appears in 4 contracts
Samples: Second Priority Funding Deed of Charge (Granite Mortgages 04-3 PLC), Second Priority Funding Deed of Charge (Granite Mortgages 04-1 PLC), Second Priority Funding Deed of Charge (Granite Mortgages 04-1 PLC)
Covenant to Pay and to Perform. Subject to the provisions of the Funding Transaction Documents, including, without limitation, any limited recourse provisions, Funding covenants with and undertakes to the Security Trustee for itself and as trustee for the Funding Secured Creditors that it will:
(a) duly and punctually pay and discharge all monies and liabilities whatsoever which now are or at any time hereafter may (whether before or after demand) become due and payable by Funding to the Security Trustee (whether for its own account or as trustee for the Funding Secured Creditors) or to any of the other Funding Secured Creditors, whether actually or contingently, under this Deed or any other of the Funding Transaction Documents; and
(b) observe, perform and satisfy all its other obligations and liabilities under this Deed and/or any of the Funding Transaction Documents, PROVIDED THAT every payment in respect of any Funding Transaction Document made to the relevant Funding Secured Creditor in the manner provided in such Funding Transaction Document shall operate in satisfaction pro tanto of the relevant covenant and undertaking by Funding in this Clause.
Appears in 1 contract
Samples: Funding Deed of Charge (Granite Mortgages 03-2 PLC)
