Payments Accounts Ledgers. PML as Administrator hereby confirms that the Transaction Account has been established on or before the date hereof and mandates substantially in the agreed forms will apply thereto prior to the Closing Date and that as at the Closing Date the Transaction Account will have a credit balance of not less than £1.00. The Administrator undertakes that at the Closing Date the Transaction Account will be operative and that it will not knowingly create or permit to subsist any Security Interest in relation to the Transaction Account, other than as created under the Deed of Charge.
Payments Accounts Ledgers. Establishment of the Mortgages Trustee Transaction Accounts
4.1 The Trust Property Cash Manager hereby confirms that the Mortgages Trustee Transaction Accounts have been established on or before the date hereof pursuant to the Account Bank Agreements and that the Mortgages Trustee Transaction Account Mandates in the agreed form will apply thereto at the Closing Date. The Trust Property Cash Manager undertakes (to the extent to which the same is within its control) that at the Closing Date the Mortgages Trustee Transaction Accounts will be operative and that the Trust Property Cash Manager will not knowingly create or permit to subsist any Security Interest in relation to the Mortgages Trustee Transaction Accounts (but without prejudice to the Mortgages Trust and the other Transaction Documents).
Payments Accounts Ledgers. 4.1 NINTH ISSUER BANK ACCOUNT
(a) The Ninth Issuer Cash Manager hereby confirms that the Ninth Issuer Transaction Accounts and the Issuer Collateral Account have been established on or before the date hereof and that mandates in the agreed form will apply thereto at the Ninth Issuer Closing Date. The Ninth Issuer Cash Manager undertakes (to the extent to which the same is within its control in its capacity as Ninth Issuer Cash Manager) that at the Ninth Issuer Closing Date, the Ninth Issuer Transaction Accounts will be operative and that the Ninth Issuer Cash Manager will not knowingly create or permit to subsist any Security Interest in relation to the Ninth Issuer Transaction Accounts other than as created under or permitted pursuant to the Ninth Issuer Deed of Charge.
(b) The Ninth Issuer Cash Manager shall procure that the following amounts are paid into the Ninth Issuer Transaction Accounts:
(i) all amounts of interest paid on the Ninth Issuer Term Advances;
(ii) all repayments of principal on the Ninth Issuer Term Advances;
(iii) all amounts received by the Ninth Issuer pursuant to the Dollar Currency Swap Agreements and, the Euro Currency Swap Agreement (other than any amounts of collateral required to be transferred by a Ninth Issuer Swap Provider which shall be paid into the relevant Issuer Collateral Account); and
(iv) any other amounts whatsoever received by or on behalf of the Ninth Issuer after the Ninth Issuer Closing Date, and the Ninth Issuer Cash Manager shall procure that all interest earned on the Ninth Issuer Transaction Accounts and all investment proceeds from Authorised Investments purchased from amounts standing to the credit of the Ninth Issuer Bank Accounts are credited to such account except that any interest earned in respect of any collateral transferred by any Ninth Issuer Swap Provider under any Ninth Issuer Swap Agreement or any investment proceeds from Authorised Investments in which such collateral is invested shall be paid into the Issuer Collateral Account. All amounts received by the Ninth Issuer denominated (i) in Sterling shall be paid into the Ninth Issuer Sterling Account; (ii) in Dollars shall be paid into the Ninth Issuer Dollar Account; and (iii) in Euro shall be paid into the Ninth Issuer Euro Account.
(c) Each of the payments into the Ninth Issuer Transaction Accounts referred to in Clause 4.1(b) shall be made forthwith upon receipt by the Ninth Issuer or the Ninth Issuer Cash Manager of the amount in question....
Payments Accounts Ledgers