Common use of Following an Event of Default Clause in Contracts

Following an Event of Default. At any time after any Event of Default or Potential Event of Default shall have occurred, which has not been waived by the Note Trustee or remedied to its satisfaction, the Note Trustee may: 3.6.1 by notice in writing to the Issuing Entity, the Principal Paying Agent and the other Agents require the Principal Paying Agent and the other Agents or any of them: (a) to act thereafter, until otherwise instructed by the Note Trustee, as agents of the Note Trustee under the provisions of this Note Trust Deed on the terms provided in the Paying Agency and Agent Bank Agreement (with consequential amendments as necessary and save that the Note Trustee's liability under any provisions thereof for the indemnification, remuneration and payment of out of pocket expenses of the Agents shall be limited to amounts for the time being held by the Note Trustee on the trusts of the Security Documents in relation to the Notes on the terms of this Note Trust Deed and available to the Note Trustee for such purpose) and thereafter to hold all Notes and all sums, documents and records held by them in respect of Notes on behalf of the Note Trustee; and/or (b) to deliver up all Note Certificates and all sums, documents and records held by them in respect of Note Certificates to the Note Trustee or as the Note Trustee shall direct in such notice PROVIDED THAT such notice shall be deemed not to apply to any document or record which the relevant Agent is obliged not to release by any law or regulation; and 3.6.2 by notice in writing to the Issuing Entity require the Issuing Entity to make all subsequent payments in respect of Note Certificates to or to the order of the Note Trustee and, with effect from the issue of any such notice until such notice is withdrawn, then (so far as it concerns payments by the Issuing Entity) Clause 13.4 (Payment to Noteholders) shall cease to have effect.

Following an Event of Default. At any time after any Event of Default or Potential Event of Default shall have occurred, which has not been waived by the Note Trustee or remedied to its satisfaction, the Note Trustee may: 3.6.1 11.2.1 by notice in writing to the Issuing EntityIssuer, the Principal Paying Agent and the other Agents Agents, require the Principal Paying Agent and the other Agents or any of them, until notified by the Trustee to the contrary: (a) to act thereafter, until otherwise instructed by the Note Trustee, thereafter as agents of the Note Trustee under the provisions of this Note Trust Deed on the terms provided in the Paying Agency and Agent Bank Agreement (with consequential amendments as necessary and save that the Note Trustee's liability under any provisions thereof for the indemnification, remuneration and payment of out of out-of-pocket expenses of the Agents shall be limited to amounts for the time being held by the Note Trustee on the trusts of the Security Documents this Trust Deed in relation to the Notes Bonds on the terms of this Note Trust Deed and available to the Note Trustee for such purpose) and thereafter to hold all Notes and all sums, documents and records held by them in respect of Notes on behalf of the Note Trustee; and/or (b) to deliver up all Note Bond Certificates and all sums, documents and records held by them in respect of Note Bonds on behalf of the Trustee; and/or (b) to deliver up all Bond Certificates and all sums, documents and records held by them in respect of Bonds to the Note Trustee or as the Note Trustee shall direct in such notice PROVIDED THAT provided that such notice shall be deemed not to apply to any document or record which the relevant Agent is obliged not to release by any law or regulation; and 3.6.2 11.2.2 by notice in writing to the Issuing Entity Issuer, require the Issuing Entity it to make all subsequent payments in respect of Note Certificates Bonds to or to the order of the Note Trustee and, and with effect from the issue of any such notice until such notice is withdrawn, then sub-clause 11.1.1 of Clause 11.1 (Covenant to Repay) and (so far as it concerns payments by the Issuing EntityIssuer) Clause 13.4 19.2 (Payment to NoteholdersBondholders) shall cease to have effect.

Following an Event of Default. At any time after any Event of Default or Potential Event of Default shall have occurred, which has not have been waived by the Note Trustee or remedied to its satisfaction, the Note Trustee may: 3.6.1 by notice in writing to the Issuing EntityIssuer, the Principal Paying Agent and the other Agents require the Principal Paying Agent and the other Agents or any of them: (a) to act thereafter, until otherwise instructed by the Note Trustee, as agents Agents of the Note Trustee under the provisions of this Note Trust Deed the Security Documents on the terms provided in the Paying Agency and Agent Bank Agreement (with consequential amendments as necessary and save that the Note Trustee's liability under any provisions thereof for the indemnification, remuneration and payment of out of out-of-pocket expenses of the Agents shall be limited to amounts for the time being held by the Note Trustee on the trusts of the Security Documents in relation to the Notes on the terms of this Arran Funding Note Trust Deed and available to the Note Trustee for such purpose) and thereafter to hold all Notes and all sums, documents and records held by them in respect of Notes on behalf of the Note Trustee; and/or (b) to deliver up all Note Certificates and all sums, documents and records held by them in respect of Note Certificates to the Note Trustee or as the Note Trustee shall direct in such notice PROVIDED THAT such notice shall be deemed not to apply to any document or record which the relevant Agent is obliged not to release by any law or regulation; and 3.6.2 by notice in writing to the Issuing Entity Issuer, require the Issuing Entity Issuer to make all subsequent payments in respect of Note Certificates to or to the order of the Note Trustee and, with effect from the issue of any such notice until such notice is withdrawn, then (so far as it concerns payments by the Issuing EntityIssuer) Clause 13.4 12.4 (Payment Payments to Noteholders) shall cease to have effect.

Following an Event of Default. At any time after any Event of Default or Potential Event of Default shall have occurredoccurred and is continuing in relation to the Bonds, which has not been waived the Trustee may (and shall, subject to Section 9.2.3 (Trustee’s Discretion), if instructed by the Note Trustee holders of at least one-quarter in aggregate principal amount of the then outstanding Bonds) or remedied to its satisfaction, directed by an Extraordinary Resolution of the Note Trustee mayBondholders: 3.6.1 2.3.1 by notice in writing to the Issuing EntityIssuer, the Principal Paying Paying, Transfer and Conversion Agent and the other Agents Agents, require the Principal Paying Paying, Transfer and Conversion Agent and the other Agents or any of them, until notified by the Trustee to the contrary, so far as permitted by any applicable law: (ai) to act thereafter, until otherwise instructed by the Note Trustee, as agents Agents of the Note Trustee under the provisions of this Note Trust Deed on the terms provided in the Paying Paying, Transfer and Conversion Agency and Agent Bank Agreement (with consequential amendments as necessary and save that the Note Trustee's ’s liability under any provisions thereof for the indemnification, remuneration and payment of out of out-of-pocket expenses of the Agents shall be limited to amounts for the time being held by the Note Trustee on the trusts of the Security Documents trust under this Trust Deed in relation to the Notes Bonds on the terms of this Note Trust Deed and available to the Note Trustee for such purpose) and thereafter to hold all Notes Bonds and all sums, documents and records held by them in respect of Notes the Bonds on behalf of the Note Trustee; and/or (bii) to deliver up all Note Certificates Bonds and all sums, documents and records held by them in respect of Note Certificates Bonds to the Note Trustee or as the Note Trustee shall direct in such notice PROVIDED THAT provided that such notice shall be deemed not to apply to any document or record which the relevant Agent is obliged not to release by any law or regulation; and 3.6.2 2.3.2 by notice in writing to the Issuing Entity Issuer require the Issuing Entity it to make all subsequent payments in respect of Note Certificates Bonds to or to the order of the Note Trustee and, with effect from the issue of any such notice notice, until such notice is withdrawn, then sub-Section 2.2.1 to Section 2.2 (Covenant to Pay) and (so far as it concerns payments by the Issuing Entity) Clause 13.4 Issuer), Section 8.3 (Payment Payments to NoteholdersBondholders) shall cease to have effect.

Following an Event of Default. At any time after any Event of Default or Potential Event of Default shall have occurred, which has not been waived by the Note Trustee or remedied to its satisfaction, the Note Trustee may: 3.6.1 by notice in writing to the Issuing EntityIssuer, the Principal Paying Agent and the other Agents require the Principal Paying Agent and the other Agents or any of them: (a) to act thereafter, until otherwise instructed by the Note Trustee, as agents Agents of the Note Trustee under the provisions of this Note Trust Deed on the terms provided in the Paying Agency and Agent Bank Agreement (with consequential amendments as necessary and save that the Note Trustee's liability under any provisions thereof for the indemnification, remuneration and payment of out of out-of-pocket expenses of the Agents shall be limited to amounts for the time being held by the Note Trustee on the trusts of the Security Documents in relation to the Notes on the terms of this Note Trust Deed and available to the Note Trustee for such purpose) and thereafter to hold all Notes and all sums, documents and records held by them in respect of Notes on behalf of the Note Trustee; and/or (b) to deliver up all Note Certificates and all sums, documents and records held by them in respect of Note Certificates to the Note Trustee or as the Note Trustee shall direct in such notice PROVIDED THAT such notice shall be deemed not to apply to any document or record which the relevant Agent is obliged not to release by any law or regulation; and 3.6.2 by notice in writing to the Issuing Entity Issuer require the Issuing Entity Issuer to make all subsequent payments in respect of Note Certificates to or to the order of the Note Trustee and, with effect from the issue of any such notice until such notice is withdrawn, then (so far as it concerns payments by the Issuing EntityIssuer) Clause 13.4 12.4 (Payment Payments to Noteholders) shall cease to have effect.

Following an Event of Default. At any time after any Event of Default or Potential Event of Default shall have occurred, which has not been waived by the Note Trustee or remedied to its satisfaction, the Note Trustee may: 3.6.1 2.2.1 by notice in writing to the Issuing EntityIssuer, the Guarantor, the Principal Paying Agent and the other Paying Agents require the Principal Paying Agent and the other Paying Agents or any of them: (a) to act thereafter, until otherwise instructed by the Note Trustee, as agents Paying Agents of the Note Trustee under the provisions of this Note Trust Deed on the terms provided in the Paying Agency and Agent Bank Agreement (with consequential amendments as necessary and save that the Note Trustee's liability under any provisions thereof for the indemnification, remuneration and payment of out of out-of-pocket expenses of the Paying Agents shall be limited to amounts for the time being held by the Note Trustee on the trusts of the Security Documents this Trust Deed in relation to the Notes on the terms of this Note Trust Deed and available to the Note Trustee for such purpose) and thereafter to hold all Notes and Coupons and all sums, documents and records held by them in respect of Notes and Coupons on behalf of the Note Trustee; and/or (b) to deliver up all Note Certificates Notes and Coupons and all sums, documents and records held by them in respect of Note Certificates Notes and Coupons to the Note Trustee or as the Note Trustee shall direct in such notice PROVIDED THAT provided that such notice shall be deemed not to apply to any document or record which the relevant Paying Agent is obliged not to release by any law or regulation; and 3.6.2 2.2.2 by notice in writing to the Issuing Entity Issuer and the Guarantor require the Issuing Entity each of them to make all subsequent payments in respect of Note Certificates Notes and Coupons to or to the order of the Note Trustee and, and with effect from the issue of any such notice until such notice is withdrawn, then sub-clause 2.1.1 of Clause 2.1 (Covenant to Repay) and (so far as it concerns payments by the Issuing EntityIssuer or the Guarantor) Clause 13.4 9.4 (Payment to NoteholdersNoteholders and Couponholders) shall cease to have effect.

Following an Event of Default. At any time after any Event of Default or Potential Event of Default shall have occurredoccurred and is continuing in relation to the Bonds, which has not been waived the Trustee (acting at the direction of the U.S. Trustee) may (and shall, subject to Section 9.2.3 (Trustee’s Discretion), if instructed by the Note Trustee holders of at least one-quarter in aggregate principal amount of the Bonds then Outstanding) or remedied to its satisfaction, the Note Trustee maydirected by an Extraordinary Resolution: 3.6.1 2.3.1 by notice in writing to the Issuing EntityIssuer, the Principal Paying Paying, Transfer and Conversion Agent and the other Agents Agents, require the Principal Paying Paying, Transfer and Conversion Agent and the other Agents or any of them, until notified by the Trustee to the contrary, so far as permitted by any applicable law: (ai) to act thereafter, until otherwise instructed by the Note Trustee, as agents Agents of the Note Trustee under the provisions of this Note Trust Deed on the terms provided in the Paying Paying, Transfer and Conversion Agency and Agent Bank Agreement (with consequential amendments as necessary and save that the Note Trustee's ’s liability under any provisions thereof for the indemnification, remuneration and payment of out of out-of-pocket expenses of the Agents shall be limited to amounts for the time being held by the Note Trustee on the trusts of the Security Documents trust under this Trust Deed in relation to the Notes Bonds on the terms of this Note Trust Deed and available to the Note Trustee for such purpose) and thereafter to hold all Notes Bonds and all sums, documents and records held by them in respect of Notes the Bonds on behalf of the Note Trustee; and/or (bii) to deliver up all Note Certificates Bonds and all sums, documents and records held by them in respect of Note Certificates Bonds to the Note Trustee or as the Note Trustee shall direct in such notice PROVIDED THAT provided that such notice shall be deemed not to apply to any document or record which the relevant Agent is obliged not to release by any law or regulation; and 3.6.2 2.3.2 by notice in writing to the Issuing Entity Issuer require the Issuing Entity it to make all subsequent payments in respect of Note Certificates Bonds to or to the order of the Note Trustee and, with effect from the issue of any such notice notice, until such notice is withdrawn, then sub-Section 2.2.1 to Section 2.2 (Covenant to Pay) and (so far as it concerns payments by the Issuing Entity) Clause 13.4 Issuer), Section 8.3 (Payment Payments to NoteholdersBondholders) shall cease to have effect.