Spot Rate Conversions. In the event that any payment is to be made from the Current Issuer Available Revenue Receipts or the Current Issuer Available Principal Receipts by the Current Issuer under the Current Issuer Priority of Payments and the Current Issuer Available Revenue Receipts or the Current Issuer Available Principal Receipts, as applicable, do not comprise a sufficient amount in the relevant currency in which such payment is to be made, the Current Issuer Cash Manager shall arrange for any remaining amounts comprised in the Current Issuer Available Revenue Receipts or the Current Issuer Available Principal Receipts, as applicable, to be converted (by such person as the Current Issuer Cash Manager may reasonably select) into such currency at the then prevailing spot rate of exchange as may be required in order to be applied in or towards such payment.
Appears in 5 contracts
Samples: Management Agreement (Granite Mortgages 03-3 PLC), Management Agreement (Granite Mortgages 03-3 PLC), Management Agreement (Granite Mortgages 04-1 PLC)
Spot Rate Conversions. In the event that any payment is to be made from the Current Issuer Available Revenue Receipts or the Current Issuer Available Principal Receipts by the Current Issuer under the Current Issuer Priority of Payments and the Current Issuer Available Revenue Receipts or the Current Issuer Available Principal Receipts, as applicable, do not comprise a sufficient amount in the relevant currency in which such payment is to be made, the Current Issuer Cash Manager shall arrange for any remaining amounts comprised in the Current Issuer Available Revenue Receipts or the Current Issuer Available Principal Receipts, as applicable, to be converted (by such person as the Current Issuer Cash Manager may reasonably select) into such currency at the then prevailing spot rate of exchange as may be required in order to be applied in or towards such payment.
Appears in 5 contracts
Samples: Issuer Cash Management Agreement (Granite Mortgages 03-1 PLC), Issuer Cash Management Agreement (Granite Mortgages 03-2 PLC), Management Agreement (Granite Mortgages 03-2 PLC)
Spot Rate Conversions. In the event that any payment is to be made from the Current Issuer Available Revenue Receipts or the Current Issuer Available Principal Receipts by the Current Master Issuer under the Current Issuer Priority of Payments and the Current Issuer Available Revenue Receipts or the Current Issuer Available Principal Receipts, as applicable, do not comprise a sufficient amount in the relevant currency in which such payment is to be made, the Current Issuer Cash Manager shall arrange for any remaining amounts comprised in the Current Issuer Available Revenue Receipts or the Current Issuer Available Principal Receipts, as applicable, and available to be utilised for such payment and to be converted (by such person as the Current Issuer Cash Manager may reasonably select) into such currency at the then prevailing spot rate of exchange as may be required in order to be applied in or towards such paymentexchange.
Appears in 2 contracts
Samples: Management Agreement (Granite Finance Trustees LTD), Management Agreement (Granite Finance Funding 2 LTD)
