Common use of Eligible Banks Clause in Contracts

Eligible Banks. Notwithstanding the provisions of clauses 7.1 and 7.2 of the Funding Deed of Charge: (a) Account Bank A will act upon instructions from the Cash Manager to place all or part of the amounts standing to the credit of the Funding Transaction Account with Eligible Banks or to transfer all or part of such amounts to the Funding GIC Account. The Cash Manager shall in providing such instructions act in accordance with the Panel Bank Guidelines and the Cash Management Agreement and upon receipt of such instructions from the Cash Manager or Funding in relation to placing such amounts with Eligible Banks, the parties agree that Account Bank A is acting in accordance with and subject to the Eligible Bank Terms and Conditions and has the benefit of the rights and is subject to the obligations set out therein. The Cash Manager shall ensure that instructions are provided to deposit amounts standing to the credit of the Funding Transaction Account from time to time with Eligible Banks only to the extent that the interest rate achievable on these deposits is equal to or higher than (i) the Funding GIC Rate or (ii) if Santander UK is no longer acting as Funding GIC Provider, such other minimum interest rate (as notified to the Rating Agencies) which shall not cause the then current ratings of the Notes to be downgraded, withdrawn or qualified. The Cash Manager shall promptly confirm with the Rating Agencies whether such rates would cause the then current ratings of the Notes to be downgraded, withdrawn or qualified. If, following such notification, the Cash Manager does not receive any indication from the Rating Agencies that such rates would cause the then current ratings of the Notes to be downgraded, withdrawn or qualified, the Cash Manager shall continue to deposit monies in accordance with this Clause 7.4(a); (b) Account Bank A will, in placing all or part of the amounts standing to the credit of the Funding Transaction Account with Eligible Banks, be acting as agent in the name and on behalf of Funding. Account Bank A acknowledges and agrees that it shall have no entitlement to such amounts and shall procure that (i) such amounts are invested for the benefit of Funding and (ii) any right, title, benefit and interest in, to and under such amounts shall at all times (including in the event of the insolvency of Account Bank A) be vested in Funding and further acknowledges and agrees that (x) Funding, or the Cash Manager on its behalf, may direct Eligible Banks to make payments in respect of such amounts otherwise than as provided in the relevant Eligible Bank Account Agreement in the event of the insolvency of Account Bank A and (y) to the extent that Account Bank A holds any right, title, benefit and interest in, to and under such amounts, Account Bank A shall hold such right, title, benefit and interest on trust for Funding; and (c) on (or promptly after) each Distribution Date, Account Bank A will provide to the Cash Manager and Funding a monthly report in the form set out in Schedule 2 below.

Eligible Banks. Notwithstanding the provisions of clauses 7.1 and 7.2 of the Funding 1 Deed of Charge: (a) Account Bank A will act upon instructions from the Cash Manager or Funding 1 to place all or part of the amounts standing to the credit of the Funding 1 Transaction Account with Eligible Banks or to transfer all or part of such amounts to the Funding 1 GIC Account. The Cash Manager shall in providing such instructions act in accordance with the Panel Bank Guidelines and the Cash Management Agreement and upon receipt of such instructions from the Cash Manager or Funding 1 in relation to placing such amounts with Eligible Banks, the parties agree that Account Bank A is acting in accordance with and subject to the Eligible Bank Terms and Conditions and has the benefit of the rights and is subject to the obligations set out therein. The Cash Manager shall ensure that instructions are provided to deposit amounts standing to the credit of the Funding 1 Transaction Account from time to time with Eligible Banks only to the extent that the interest rate or other rate of return achievable on these deposits is equal to or higher than (i) the Funding 1 GIC Rate or (ii) if Santander UK is no longer acting as Funding GIC Provider, such other minimum interest rate (as applicable to any account used in place of the Funding 1 GIC Account which is notified to the Rating Agencies) Agencies which shall not cause the then current ratings of the Rated Notes to be downgraded, withdrawn or qualified. The Cash Manager shall promptly confirm with the Rating Agencies whether such rates would cause the then current ratings of the Rated Notes to be downgraded, withdrawn or qualified. If, following such notification, the Cash Manager does not receive any indication from the Rating Agencies that such rates would cause the then current ratings of the Rated Notes to be downgraded, withdrawn or qualified, the Cash Manager shall continue to deposit monies in accordance with this Clause 7.4(a7.3(a); (b) Account Bank A will, in placing all or part of the amounts standing to the credit of the Funding 1 Transaction Account with Eligible Banks, be acting as agent in the name and on behalf of FundingFunding 1. Account Bank A acknowledges and agrees that it shall have no entitlement to such amounts and shall procure that (i) such amounts are invested deposited for the benefit of Funding 1 and (ii) any right, title, benefit and interest in, to and under such amounts shall at all times (including in the event of the insolvency of Account Bank A) be vested in Funding 1 and further acknowledges and agrees that (x) Funding, or the Cash Manager on its behalf, may direct Eligible Banks to make payments in respect of such amounts otherwise than as provided in the relevant Eligible Bank Account Agreement in the event of the insolvency of Account Bank A and (y) to the extent that Account Bank A holds any right, title, benefit and interest in, to and under such amounts, Account Bank A shall hold such right, title, benefit and interest on trust for Funding; and (c) on (or promptly after) each Distribution Date, Account Bank A will provide to the Cash Manager and Funding a monthly report in the form set out in Schedule 2 below.that

Eligible Banks. Notwithstanding the provisions of clauses 7.1 and 7.2 of the Funding Deed of Charge: (a) Account Bank A will act upon instructions from the Cash Manager to place all or part of the amounts standing to the credit of the Funding Transaction Account with Eligible Banks or to transfer all or part of such amounts to the Funding GIC Account. The Cash Manager shall in providing such instructions act in accordance with the Panel Bank Guidelines and the Cash Management Agreement and upon receipt of such instructions from the Cash Manager or Funding in relation to placing such amounts with Eligible Banks, the parties agree that Account Bank A is acting in accordance with and subject to the Eligible Bank Terms and Conditions and has the benefit of the rights and is subject to the obligations set out therein. The Cash Manager shall ensure that instructions are provided to deposit amounts standing to the credit of the Funding Transaction Account from time to time with Eligible Banks only to the extent that the interest rate achievable on these deposits is equal to or higher than (i) the Funding GIC Rate or (ii) if Santander UK is no longer acting as Funding GIC Provider, such other minimum interest rate (as notified to the Rating Agencies) which shall not cause the then current ratings of the Notes to be downgraded, withdrawn or qualified. The Cash Manager shall promptly confirm with the Rating Agencies whether such rates would cause the then current ratings of the Notes to be downgraded, withdrawn or qualified. If, following such notification, the Cash Manager does not receive any indication from the Rating Agencies that such rates would cause the then current ratings of the Notes to be downgraded, withdrawn or qualified, the Cash Manager shall continue to deposit monies in accordance with this Clause 7.4(a); (b) Account Bank A will, in placing all or part of the amounts standing to the credit of the Funding Transaction Account with Eligible BanksXxxxxxxx Xxxxx, be acting as agent in the name and on behalf of Funding. Account Bank A acknowledges and agrees that it shall have no entitlement to such amounts and shall procure that (i) such amounts are invested for the benefit of Funding and (ii) any right, title, benefit and interest in, to and under such amounts shall at all times (including in the event of the insolvency of Account Bank A) be vested in Funding and further acknowledges and agrees that (x) Funding, or the Cash Manager on its behalf, may direct Eligible Banks to make payments in respect of such amounts otherwise than as provided in the relevant Eligible Bank Account Agreement in the event of the insolvency of Account Bank A and (y) to the extent that Account Bank A holds any right, title, benefit and interest in, to and under such amounts, Account Bank A shall hold such right, title, benefit and interest on trust for Funding; and (c) on (or promptly after) each Distribution Date, Account Bank A will provide to the Cash Manager and Funding a monthly report in the form set out in Schedule 2 below.