Following Enforcement. The Current Issuer Cash Manager hereby undertakes to each of the other parties hereto that, following any enforcement of the Current Issuer Security, it will hold on trust for, and will pay to, the Note Trustee or the Receiver, as the case may be, all monies received or recovered by it (whether by way of set-off or otherwise) otherwise than in accordance with the Current Issuer Post-Enforcement Priority of Payments in order that such monies may be applied by the Note Trustee or the Receiver in accordance with the Current Issuer Post-Enforcement Priority of Payments.
Appears in 12 contracts
Samples: Management Agreement (Granite Mortgages 04-2 PLC), Management Agreement (Granite Mortgages 03-3 PLC), Management Agreement (Granite Mortgages 04-3 PLC)
Following Enforcement. The Current Issuer Cash Manager hereby undertakes to each of the other parties hereto that, following any enforcement of the Current Issuer Security, it will hold on trust for, and will pay to, the Note Trustee or the Receiver, as the case may be, all monies received or recovered by it (whether by way of set-off or otherwise) otherwise than in accordance with the Current Issuer Post-Enforcement Priority of Payments in order that such monies may be applied by the Note Trustee or the Receiver in accordance with the Current Issuer Post-Post- Enforcement Priority of Payments.
Appears in 3 contracts
Samples: Management Agreement (Granite Mortgages 03-2 PLC), Issuer Cash Management Agreement (Granite Mortgages 03-1 PLC), Management Agreement (Granite Mortgages 03-2 PLC)
Following Enforcement. The Current Issuer Cash Manager hereby undertakes to each of the other parties hereto that, following any enforcement of the Current Issuer Security, it will hold on trust for, and will pay to, the Note Issuer Security Trustee or the Receiver, as the case may be, all monies received or recovered by it (whether by way of set-off or otherwise) otherwise than in accordance with the Current Issuer Post-Enforcement Priority of Payments in order that such monies may be applied by the Note Issuer Security Trustee or the Receiver in accordance with the Current Issuer Post-Enforcement Priority of Payments.
Appears in 3 contracts
Samples: Management Agreement (Granite Finance Funding 2 LTD), Management Agreement (Granite Finance Trustees LTD), Management Agreement (Granite Finance Trustees LTD)
