Common use of Priority of Payments when Covered Bonds Repaid Clause in Contracts

Priority of Payments when Covered Bonds Repaid. From the date when either (a) the Covered Bonds have been irrevocably and fully repaid and the Security constituted by the Security Agreement has been released by the Bond Trustee; or (b) the Bond Trustee is satisfied that the Partnership has Substitute Assets and/or cash standing to the credit of the GDA Account, alone or together equal to the Required Redemption Amount in respect of each Series of Covered Bonds outstanding, all remaining amounts standing to the credit of the Guarantor Accounts (excluding all amounts required to repay higher ranking amounts in the relevant Priority of Payment pursuant to this Article 6) shall be allocated and paid by the Managing GP (or the Cash Manager on its behalf) in accordance with Schedule 8.

Priority of Payments when Covered Bonds Repaid. From the date when either (a) the Covered Bonds have been irrevocably and fully repaid and the Security constituted by the Security Agreement has been released by the Bond Trustee; or (b) the Bond Trustee is satisfied that the Partnership has Substitute Assets Authorized Investments in a principal amount, and/or cash standing to the credit of the GDA GIC Account, alone or together equal to the Required Redemption Amount in respect of each Series of Covered Bonds outstanding, all remaining amounts standing to the credit of the Guarantor LP Accounts (excluding all amounts required to repay higher ranking amounts in the relevant Priority of Payment pursuant to this Article 6) shall be allocated and paid by the Managing GP (or the Cash Manager on its behalf) in accordance with Schedule 8.

Priority of Payments when Covered Bonds Repaid. From the date when either (a) the Covered Bonds have been irrevocably and fully repaid and the Security constituted by the Security Agreement has been released by the Bond Trustee; or (b) the Bond Trustee is satisfied that the Partnership has Substitute Assets in a principal amount, and/or cash standing to the credit of the GDA GIC Account, alone or together equal to the Required Redemption Amount in respect of each Series of Covered Bonds outstanding, all remaining amounts standing to the credit of the Guarantor LP Accounts (excluding all amounts required to repay higher ranking amounts in the relevant Priority of Payment pursuant to this Article 6) shall be allocated and paid by the Managing GP (or the Cash Manager on its behalf) in accordance with Schedule 87.

Priority of Payments when Covered Bonds Repaid. From the date when either (a) the Covered Bonds have been irrevocably and fully repaid and the Security constituted by the Security Agreement has been released by the Bond Trustee; or (b) the Bond Trustee is satisfied that the Partnership has Substitute Assets in a principal amount, and/or cash standing to the credit of the GDA GIC Account, alone or together equal to the Required Redemption Amount in respect of each Series of Covered Bonds outstanding, all remaining amounts standing to the credit of the Guarantor LP Accounts (excluding all amounts required to repay higher ranking amounts in the relevant Priority of Payment pursuant to this Article 6) shall be allocated and paid by the Managing GP (or the Cash Manager on its behalf) in accordance with Schedule 8.

Priority of Payments when Covered Bonds Repaid. From the date when either (a) the Covered Bonds have been irrevocably and fully repaid and the Security constituted by the Security Agreement and the Security Documents has been released by the Bond Trustee; or (b) the Bond Trustee is satisfied that the Partnership has Substitute Assets and/or cash standing to the credit of the GDA GIC Account, alone or together equal to the Required Redemption Amount in respect of each Series of Covered Bonds outstanding, all remaining amounts standing to the credit of the Guarantor Accounts (excluding all amounts required to repay higher ranking amounts in the relevant Priority of Payment pursuant to this Article 6) shall be allocated and paid by the Managing GP (or the Cash Manager Manager), on its behalf) behalf of the Partnership, in accordance with Schedule 8.