Pounds Sterling Account Sample Clauses
The Pounds Sterling Account clause establishes that a specific account will be maintained in British pounds (GBP) for the purposes of the agreement. This means that all payments, deposits, or financial transactions related to the contract will be conducted using this currency and through the designated account. By specifying the use of a Pounds Sterling account, the clause ensures clarity in financial dealings and helps avoid confusion or disputes over currency conversions and payment methods.
Pounds Sterling Account. (i) On each Reset Date when the Reset Rate Notes are to be reset to be denominated in Pounds Sterling during the next Reset period, the Trust shall establish on the Closing Date and shall maintain a Pounds Sterling Account the Reset Rate Notes.
(ii) Any payments in Pounds Sterling received from any Currency Swap Counterparty will be deposited into the Pounds Sterling Account for the benefit of the Reset Rate Noteholders during any Reset Period when the Reset Rate Notes are denominated in Pounds Sterling.
(iii) No later than the Business Day preceding each Distribution Date, the Administrator shall instruct the London Paying Agent in writing to distribute all amounts on deposit in the Pounds Sterling Account during any Reset Period when the Reset Rate Notes are denominated in Pounds Sterling, to the related Reset Rate Noteholders by 1:00 p.m. (New York time) on the related Distribution Date; provided, however, that with respect to any Distribution Date that coincides with a Reset Date for such class, the Administrator will instruct the London Paying Agent to distribute the amounts in the Pounds Sterling Account to the related Reset Rate Noteholders by 1:00 p.m. (New York time) on the second Business Day following such Distribution Date. If the related Swap Agreement is not in effect, the Administrator, on behalf of the Trust, shall convert, or shall instruct the Indenture Trustee to convert, U.S. Dollars into Pounds Sterling in amounts sufficient to make the distributions specified in this Agreement and the Indenture.
Pounds Sterling Account. (i) On the Closing Date, the Trust shall establish or maintain a Pounds Sterling Account for the Reset Rate Notes.
(ii) Any payments in Pounds Sterling received from any Cross-Currency Swap Counterparty will be deposited in the related Pounds Sterling Account for the benefit of the Reset Rate Noteholders.
(iii) The Administrator shall instruct the London Paying Agent in writing no later than the Business Day preceding each Distribution Date to distribute all amounts on deposit in the Pounds Sterling Account to the holders of the Reset Rate Notes then denominated in Pounds Sterling by 1:00 p.m. (New York time) on the related Distribution Date; provided, however, that with respect to any Distribution Date that coincides with a Reset Date when the Reset Rate Notes are then in Foreign Exchange Mode, the Administrator will instruct the London Paying Agent to distribute the amounts in the Pounds Sterling Account to the related Noteholders by 1:00 p.m. (New York time) on the second Business Day following such Distribution Date. If a related Swap Agreement is not in effect, the Administrator shall cause U.S. Dollars to be converted into Pounds Sterling in amounts sufficient to make the distributions specified in this Agreement and the Indenture.
Pounds Sterling Account. (i) The Trust shall establish on the Closing Date and shall maintain a Pounds Sterling Account for any class of Reset Rate Notes during any Reset Period (including the initial Reset Period for the Class A-4 Notes) when any class of Reset Rate Notes is denominated in Pound Sterling.
(ii) Any payments in Pounds Sterling received from any Currency Swap Counterparty will be deposited into the Pounds Sterling Account for the benefit of the related Reset Rate Noteholders during any Reset Period when any class of Reset Rate Notes is denominated in Pounds Sterling.