Common use of Termination by Account Bank Clause in Contracts

Termination by Account Bank. Each Account Bank may terminate this Agreement and cease to operate (i) the Funding Transaction Account, with regard to Account Bank A and (ii) the Mortgages Trustee GIC Account and/or the Funding GIC Account, with regard to Account Bank B at any time: (a) on giving not less than 60 London Business Days’ prior written notice thereof ending on any London Business Day which does not fall on either an Interest Payment Date or less than 10 London Business Days before an Interest Payment Date to each of the other parties hereto without assigning any reason therefor; and (b) on giving not less than 30 London Business Days’ prior written notice thereof ending on any London Business Day which does not fall on either an Interest Payment Date or less than 10 London Business Days before an Interest Payment Date to each of the other parties hereto, if the relevant Account Bank shall have demanded payment of its due charges or any interest and the same shall have remained unpaid for a period of 30 London Business Days, provided that if the relevant amounts have been paid on or before the date 20 London Business Days after the date of delivery of such notice then the notice shall have no effect, provided that such termination shall not take effect: (i) until Funding and/or the Cash Manager has/have appointed or procured the appointment of a replacement financial institution or institutions (in each case, (1) whose short-term, unsubordinated, unguaranteed and unsecured debt obligations are rated at least P-1 by Moody's, (2) whose unsubordinated, unguaranteed and unsecured debt obligations are rated at least A-1 short-term and A long-term (or, if such institution has no short-term rating from S&P, at least A+ long-term) by S&P and (3) whose short-term and long-term “Issuer Default Ratings” are at least F1 and A (respectively), by Fitch) and such replacement financial institution has entered into an agreement in form and substance similar to this Agreement; and (ii) if the then current ratings of the Rated Notes would be adversely affected thereby. In either case the Account Banks shall not be responsible for any costs or expenses occasioned by such termination and cessation. In the event of such termination and cessation the Account Banks shall assist the other parties hereto to effect an orderly transition of the banking arrangements documented hereby.

Termination by Account Bank. Each The Account Bank may terminate this Agreement and cease to operate (i) the Funding Transaction Account, with regard to Account Bank A and (ii) the Mortgages Trustee GIC Account and/or the Funding GIC Account, with regard to Account Bank B Accounts at any time: (a) on giving not less than 60 London Business Days’ six months' prior written notice thereof ending on any London Business Day which does not fall on either an a Distribution Date, a Funding 1 Interest Payment Date or a Funding 2 Interest Payment Date or less than 10 ten London Business Days before an Interest Payment Date any such date to each of the other parties hereto without assigning any reason therefor; and (b) on giving not less than 30 London Business Days’ three months' prior written notice thereof ending on any London Business Day which does not fall on either an a Distribution Date, a Funding 1 Interest Payment Date or a Funding 2 Interest Payment Date or less than 10 ten London Business Days before an Interest Payment Date any such date to each of the other parties hereto, if the relevant Account Bank shall have demanded payment of its due charges or any interest and the same shall have remained unpaid for a period of 30 London Business Daysone month, provided that if the relevant amounts have been paid on or before the date 20 London Business Days six weeks after the date of delivery of such notice then the notice shall have no effect, provided Provided that such termination shall not take effect: (i) until Funding and/or the Cash Manager has/have appointed or procured the appointment of a replacement financial institution or institutions (in each case, (1x) whose short-term, unsubordinated, unguaranteed and unsecured debt obligations are rated with at least P-1 by Moody'sthe applicable Fitch Required Ratings, (2) whose unsubordinatedthe Funding Xxxxx'x Required Ratings and the Funding S&P Required Ratings or such other ratings as would not cause the then current rating of the Notes to be reduced, unguaranteed and unsecured debt obligations are rated at least A-1 short-term and A long-term (or, if such institution has no short-term rating from S&P, at least A+ long-term) by S&P withdrawn or qualified and (3y) whose short-term being an authorised institution under the Financial Services and long-term “Issuer Default Ratings” are at least F1 and A (respectively), by FitchMarkets Act 2000) and such replacement financial institution has shall have entered into an agreement in form and substance similar to this Agreement; and (ii) if the then current ratings of the Rated Notes would be adversely affected thereby. In either case the Account Banks Bank shall not be responsible for any costs or expenses occasioned by such termination and cessation. In the event of such termination and cessation the Account Banks Bank shall assist the other parties hereto to effect an orderly transition of the banking arrangements documented hereby.