Common use of Note Issue Direction for a Trust Clause in Contracts

Note Issue Direction for a Trust. (a) (Delivery of direction) If the Manager proposes that the Trustee will issue Notes as trustee of a Trust, it shall, at least 5 Business Days (or such other period agreed by the Trustee or as specified in a relevant Supplementary Terms Notice) prior to the proposed Note Issue Date, deliver to the Trustee a Note Issue Direction directing amongst other Page (25) Master Trust Xxxx Xxxxx Xxxxx & Xxxxxxx -------------------------------------------------------------------------------- things that the Trustee (subject to this Deed and the relevant Supplementary Terms Notice): (i) (transfer benefit of Receivables) hold as trustee of the Trust the benefit of the Portfolio of Receivables specified by the Manager in the Note Issue Direction; and (ii) (issue Notes) issue as trustee of the Trust the Notes specified by the Manager in the Note Issue Direction. (b) (Conditions precedent to first direction) The right of the Manager to give a Note Issue Direction for any Trust is subject to the Trustee receiving in form and substance satisfactory to it: (i) in relation to the first Note Issue Direction for that Trust, a certificate in relation to the relevant Servicer, the Manager and (if any) the relevant Approved Seller (except where the Approved Seller is a Trust) given by a director or secretary of that company substantially in the form of Schedule 3 with the attachments referred to in that certificate; (ii) in relation to the first Note Issue Direction for that Trust, unless the Trustee already holds a copy as trustee of another Trust, a duly executed counterpart of this Deed; (iii) in relation to the first Note Issue Direction for that Trust, a legal opinion on this Deed; and (iv) any other document or condition specified in the relevant Supplementary Terms Notice.

Note Issue Direction for a Trust. (a) (Delivery of direction) If the Trust Manager proposes that the Trustee will issue Notes as trustee of a Trust, it shall, at least 5 3 Business Days (or such other period agreed by the Trustee or as specified in a relevant Supplementary Terms Series Notice) prior to the proposed Note Issue Date, deliver to the Trustee a Note Issue Direction directing amongst other Page (25) Master Trust Xxxx Xxxxx Xxxxx & Xxxxxxx -------------------------------------------------------------------------------- things that the Trustee (subject to this Deed deed and the relevant Supplementary Terms Series Notice): (i) (transfer benefit of ReceivablesMortgages) hold as trustee of the Trust the benefit of the Portfolio of Receivables specified by the Trust Manager in the Note Issue Direction; and (ii) (issue Notes) issue as trustee of the Trust the Notes specified by the Trust Manager in the Note Issue Direction. (b) (Conditions precedent to first direction) The right of the Trust Manager to give a Note Issue Direction for any Trust is subject to the Trustee receiving in form and substance satisfactory to it: (i) in relation to the first Note Issue Direction for that Trust, a certificate in relation to the relevant Servicer, the Trust Manager and (if any) the relevant Approved Seller (except where the Approved Seller is a Trust) given by a director or secretary of that company substantially in the form of Schedule 3 6 with the attachments referred to in that certificate; (ii) in relation to the first Note Issue Direction for that Trust, unless the Trustee already holds a copy as trustee of another Trust, Trust a duly executed and stamped counterpart of this Deeddeed; (iii) in relation to the first Note Issue Direction for that Trust, a legal opinion on this Deeddeed, or the Trustee being satisfied that it will receive that legal opinion on or before the first proposed Note Issue Date; and (iv) any other document or condition specified in the relevant Supplementary Terms Series Notice.