Common use of Notwithstanding Clauses 6 Clause in Contracts

Notwithstanding Clauses 6. 5.1 and 6.5.2, PML as Administrator may at any time transfer: (a) (x) any Collection Account to HSBC Bank plc; or (y) the PB Collection Account to Barclays Bank plc, in each case without the consent of the Trustee or any other party hereto provided that at such time HSBC Bank plc or Barclays Bank plc (as applicable) (a) (i) has a short-term, issuer default rating by Fitch of at least F2 or (ii) has a long-term issuer default rating by Fitch of at least BBB; and (b) whose long-term, unsecured and unsubordinated debt rated at least Baa3 by Xxxxx'x; or HSBC Bank plc or Barclays Bank plc (as applicable) has at such time such other ratings as are consistent with the then current criteria of Xxxxx'x as being the minimum ratings that are required to support the then rating of the Most Senior Class of Rated Notes; and/or (b) the Transaction Account to HSBC Bank plc and/or Barclays Bank plc without the consent of the Trustee or any other party hereto provided that at such time HSBC Bank plc or Barclays Bank plc (i) has a short- term issuer default rating by Fitch of at least F1 or (ii) has a long-term issuer default rating by Fitch of at least A; and whose long-term, unsecured and unguaranteed debt is rated at least A3 by Xxxxx'x; or HSBC Bank plc or Barclays Bank plc has at such time such other ratings as are consistent with the then-current criteria of the relevant Rating Agencies as being the minimum ratings required to support the then- current ratings of the Most Senior Class of Rated Notes.

Notwithstanding Clauses 6. 5.1 and 6.5.2, PML as Administrator may at any time transfer:transfer:‌ (a) (x) any Collection Account to HSBC Bank plc; or (y) the PB Collection Account to Barclays Bank plc, in each case without the consent of the Trustee or any other party hereto provided that at such time HSBC Bank plc or Barclays Bank plc (as applicable) (a) (i) has a short-term, issuer default rating by Fitch of at least F2 or (ii) has a long-term issuer default rating by Fitch of at least BBBBBB+; and (b) whose long-term, unsecured and unsubordinated debt rated at least Baa3 by Xxxxx'xMoody's; or HSBC Bank plc or Barclays Bank plc (as applicable) has at such time such other ratings as are consistent with the then current criteria of Xxxxx'x as being the minimum ratings that are required to support the then rating of the Most Senior Class of Rated Notes; and/or (b) the Transaction Account to HSBC Bank plc and/or Barclays Bank plc and/or Xxxxx Fargo Bank, N.A. without the consent of the Trustee or any other party hereto provided that at such time HSBC Bank plc or Barclays Bank plc or Xxxxx Fargo Bank, N.A. (i) has a short- short-term issuer default rating by Fitch of at least F1 or (ii) has a long-term issuer default rating by Fitch of at least A; and whose long-term, unsecured and unguaranteed debt is rated at least A3 by Xxxxx'xMoody's; or HSBC Bank plc or plc, Barclays Bank plc or, as the case may be, Xxxxx Fargo Bank, N.A. has at such time such other ratings as are consistent with the then-then- current criteria of the relevant Rating Agencies as being the minimum ratings required to support the then- then-current ratings of the Most Senior Class of Rated Notes.

Notwithstanding Clauses 6. 5.1 and 6.5.2, PML as Administrator may at any time transfer:transfer:‌ (a) (x) any Collection Account to HSBC Bank plc; or (y) the PB Collection Account to Barclays Bank plc, in each case without the consent of the Trustee or any other party hereto provided that at such time HSBC Bank plc or Barclays Bank plc (as applicable) (a) (i) has a short-term, issuer default rating by Fitch of at least F2 or (ii) has a long-term issuer default rating by Fitch of at least BBBBBB+; and (b) whose long-term, unsecured and unsubordinated debt rated at least Baa3 by Xxxxx'x; or HSBC Bank plc or Barclays Bank plc (as applicable) has at such time such other ratings as are consistent with the then current criteria of Xxxxx'x as being the minimum ratings that are required to support the then rating of the Most Senior Class of Rated Notes; and/or (b) the Transaction Account to HSBC Bank plc and/or Barclays Bank plc and/or Xxxxx Fargo Bank, N.A. without the consent of the Trustee or any other party hereto provided that at such time HSBC Bank plc or Barclays Bank plc or Xxxxx Fargo Bank, N.A. (i) has a short- short-term issuer default rating by Fitch of at least F1 or (ii) has a long-term issuer default rating by Fitch of at least A; and whose long-term, unsecured and unguaranteed debt is rated at least A3 by Xxxxx'x; or HSBC Bank plc or plc, Barclays Bank plc or, as the case may be, Xxxxx Fargo Bank, N.A. has at such time such other ratings as are consistent with the then-then- current criteria of the relevant Rating Agencies as being the minimum ratings required to support the then- then-current ratings of the Most Senior Class of Rated Notes.

Notwithstanding Clauses 6. 5.1 and 6.5.2, PML as Administrator may at any time transfer:transfer:‌ (a) (x) any Collection Account to HSBC Bank plc; or (y) the PB Collection Account to Barclays Bank plc, in each case without the consent of the Trustee or any other party hereto provided that at such time HSBC Bank plc or Barclays Bank plc (as applicable) (a) (i) has a short-term, issuer default rating by Fitch of at least F2 or (ii) has a long-term issuer default rating by Fitch of at least BBB; and (b) whose long-term, unsecured and unsubordinated debt rated at least Baa3 by Xxxxx'x; or HSBC Bank plc or Barclays Bank plc (as applicable) has at such time such other ratings as are consistent with the then current criteria of Xxxxx'x as being the minimum ratings that are required to support the then rating of the Most Senior Class of Rated Notes; and/or (b) the Transaction Account to HSBC Bank plc and/or Barclays Bank plc without the consent of the Trustee or any other party hereto provided that at such time HSBC Bank plc or Barclays Bank plc (i) has a short- term issuer default rating by Fitch of at least F1 or (ii) has a long-term issuer default rating by Fitch of at least A; and whose long-term, unsecured and unguaranteed debt is rated at least A3 by Xxxxx'x; or HSBC Bank plc or Barclays Bank plc has at such time such other ratings as are consistent with the then-current criteria of the relevant Rating Agencies as being the minimum ratings required to support the then- current ratings of the Most Senior Class of Rated Notes.

Notwithstanding Clauses 6. 5.1 and 6.5.2, PML as Administrator may at any time transfer: (a) (x) any Collection Account to HSBC Bank plc; or (y) the PB Collection Account to Barclays Bank plc, in each case without the consent of the Trustee or any other party hereto provided that at such time HSBC Bank plc or Barclays Bank plc (as applicable) (a) (i) has a short-term, issuer default rating by Fitch of at least F2 or (ii) has a long-term issuer default rating by Fitch of at least BBBBBB+; and (b) whose long-term, unsecured and unsubordinated debt rated at least Baa3 by Xxxxx'x; or HSBC Bank plc or Barclays Bank plc (as applicable) has at such time such other ratings as are consistent with the then current criteria of Xxxxx'x as being the minimum ratings that are required to support the then rating of the Most Senior Class of Rated Notes; and/or (b) the Transaction Account to HSBC Bank plc and/or Barclays Bank plc and/or Xxxxx Fargo Bank, N.A. without the consent of the Trustee or any other party hereto provided that at such time HSBC Bank plc or Barclays Bank plc or Xxxxx Fargo Bank, N.A. (i) has a short- short-term issuer default rating by Fitch of at least F1 or (ii) has a long-term issuer default rating by Fitch of at least A; and whose long-term, unsecured and unguaranteed debt is rated at least A3 by Xxxxx'x; or HSBC Bank plc or plc, Barclays Bank plc or, as the case may be, Xxxxx Fargo Bank, N.A. has at such time such other ratings as are consistent with the then-current criteria of the relevant Rating Agencies as being the minimum ratings required to support the then- then-current ratings of the Most Senior Class of Rated Notes.