INITIAL MINIMUM SELLER SHARE. The Seller Share of the Trust Property includes an amount equal to the Minimum Seller Share. Unless and until the Funding 1 Share of the Trust Property is in an amount equal to zero or an Asset Trigger Event occurs, the Seller will not be entitled to receive Principal Receipts which would reduce the Seller Share of the Trust Property to an amount less than the Minimum Seller Share and the Seller consents and directs the Mortgages Trustee accordingly.
Appears in 7 contracts
Samples: Permanent Financing (No. 6) PLC, Permanent Mortgages Trustee LTD, Permanent Mortgages Trustee LTD
INITIAL MINIMUM SELLER SHARE. The Seller Share of the Trust Property includes an amount equal to the Minimum Seller Share. Unless and until the Funding 1 Share of the Trust Property is in an amount equal to zero zero, or following the occurrence of an Asset Trigger Event occursEvent, the Seller will not be entitled to receive Mortgages Trustee Principal Receipts which would reduce the Seller Share of the Trust Property to an amount less than the Minimum Seller Share and the Seller consents and directs the Mortgages Trustee accordingly.
Appears in 7 contracts
Samples: Granite Mortgages 03-1 PLC, Granite Mortgages 02-1 PLC, Granite Mortgages 04-1 PLC
INITIAL MINIMUM SELLER SHARE. The Seller Share of the Trust Property includes an amount equal to the Minimum Seller Share. Unless and until the Funding 1 Share of the Trust Property is in an amount equal to zero zero, or following the occurrence of an Asset Trigger Event occursEvent, the Seller will not be entitled to receive Principal Receipts which would reduce the Seller Share of the Trust Property to an amount less than the Minimum Seller Share and the Seller consents and directs the Mortgages Trustee accordingly.
Appears in 4 contracts
Samples: Granite Mortgages 02-2 PLC, Granite Mortgages 02-2 PLC, Granite Mortgages 03-1 PLC
INITIAL MINIMUM SELLER SHARE. The Seller Share of the Trust Property includes an amount equal to the Minimum Seller Share. Unless and until the Funding 1 Share of the Trust Property is in an amount equal to zero or an Asset Trigger Event occurs, the Seller will not be entitled to receive Principal Receipts which would reduce the Seller Share of the Trust Property to an amount less than the Minimum Seller Share and the Seller consents and directs the Mortgages Trustee accordingly.
Appears in 4 contracts
Samples: HOLMES FINANCING (No. 9) PLC, Holmes Financing No 6 PLC, HOLMES FINANCING (No. 9) PLC
INITIAL MINIMUM SELLER SHARE. The Seller Share of the Trust Property includes an amount equal to the Minimum Seller Share. Unless and until both the Funding 1 Share and the Funding 2 Share of the Trust Property is are in an amount equal to zero or following the occurrence of an Asset Trigger Event occursEvent, the Seller will not be entitled to receive Mortgages Trustee Principal Receipts which would reduce the Seller Share of the Trust Property to an amount less than the Minimum Seller Share and the Seller consents and directs the Mortgages Trustee accordingly.
Appears in 2 contracts
Samples: Granite Finance Trustees LTD, Granite Finance Trustees LTD