Following Enforcement. The Cash Manager hereby undertakes to each of the other parties hereto that, following any enforcement of the Funding Security, it will hold on trust for, and will pay to, the 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) from Funding or in respect of any amount due hereunder by Funding, otherwise than in accordance with the Funding Post-Enforcement Priority of Payments in order that such monies may be applied by the Security Trustee or the Receiver in accordance with the Funding Post-Enforcement Priority of Payments.
Appears in 4 contracts
Samples: Management Agreement (Granite Mortgages 02-2 PLC), Cash Management Agreement (Granite Mortgages 03-1 PLC), Management Agreement (Granite Mortgages 02-1 PLC)
