Common use of TRUST OF MONEYS Clause in Contracts

TRUST OF MONEYS. 3.1 Notwithstanding the sales effected by this Agreement (or by any Scottish Declaration of Trust made pursuant hereto), if at, or at any other time after, the relevant Assignment Date (but prior to any repurchase in accordance with Clause 6) the Seller holds, or there is held to its order, or it receives, or there is received to its order any property, interests, rights or benefits and/or the proceeds thereof hereby agreed to be sold, the Seller undertakes to each of the LLP and the Security Trustee that, subject to Clause 4, it will promptly remit, assign and/or transfer the same to the LLP or, if appropriate, the Security Trustee or as either of them shall direct and until it does so or to the extent that the Seller is unable to effect such remittance, assignment, assignation or transfer, it will hold such property, interests, rights or benefits and/or the proceeds thereof upon trust for the LLP. 3.2 If at, or at any other time after, the relevant Assignment Date the LLP holds, or there is held to its order, or it receives, or there is received to its order, any property, interests, rights or benefits relating to any Loan and its Related Security repurchased by the Seller pursuant to Clause 6 and/or the proceeds thereof, or relating to (without prejudice to Clause 8) any amounts payable by a Borrower to the Seller in respect of any Loan in the Portfolio which the Seller has not agreed to sell to the LLP, the LLP undertakes to the Seller that it will remit, assign, re-assign, retrocede or transfer the same to the Seller, as the case may require, and until it does so or to the extent that the LLP is unable to effect such remittance, assignment, assignation, re-assignment, retrocession or transfer, the LLP undertakes to hold such property, interests, rights or benefits and/or the proceeds thereof upon trust for the Seller as the beneficial owner thereof or as the Seller may direct provided that the LLP shall not be in breach of its obligations under this Clause 3 if, having received any such moneys and paid them to third parties in error, it pays an amount equal to the moneys so paid in error to the Seller in accordance with the relevant Servicing Agreement. In addition, if the Seller is required or elects to repurchase any Loan and its Related Security pursuant to Clause 6 and such Loan or its Related Security, or any part thereof, or any property, interest, right or benefit therein or any of the proceeds thereof (each, a relevant asset), is held by the Seller subject to a trust pursuant to this Clause 3.2, then the Seller, the LLP and the Security Trustee agree that such relevant asset shall be released from the trust constituted pursuant to Clause 3.1 on the date that such relevant asset is repurchased or retransferred pursuant to Clause 6.

TRUST OF MONEYS. 3.1 Notwithstanding the sales effected by this Agreement (or by any Scottish Declaration of Trust made pursuant hereto), if at, or at any other time after, the relevant Assignment Date (but prior to any repurchase in accordance with Clause 6) the Seller holds, or there is held to its order, or it receives, or there is received to its order any property, interests, rights or benefits and/or the proceeds thereof hereby agreed to be sold, the Seller undertakes to each of the LLP and the Security Trustee that, subject to Clause 4, it will promptly remit, assign and/or transfer the same to the LLP or, if appropriate, the Security Trustee or as either of them shall direct and until it does so or to the extent that the Seller is unable to effect such remittance, assignment, assignation or transfer, it will hold such property, interests, rights or benefits and/or the proceeds thereof upon trust for the LLP. 3.2 If at, or at any other time after, the relevant Assignment Date the LLP holds, or there is held to its order, or it receives, or there is received to its order, any property, interests, rights or benefits relating to any Loan and its Related Security repurchased by the Seller pursuant to Clause 6 and/or the proceeds thereof, or relating to (without prejudice to Clause 8) any amounts payable by a Borrower to the Seller in respect of any Loan in the Portfolio which the Seller has not agreed to sell to the LLP, the LLP undertakes to the Seller that it will remit, assign, re-assign, retrocede or transfer the same to the Seller, as the case may require, and until it does so or to the extent that the LLP is unable to effect such remittance, assignment, assignation, re-assignment, retrocession or transfer, the LLP undertakes to hold such property, interests, rights or benefits and/or the proceeds thereof upon trust for the Seller as the beneficial owner thereof or as the Seller may direct provided that the LLP shall not be in breach of its obligations under this Clause 3 if, having received any such moneys and paid them to third parties in error, it pays an amount equal to the moneys so paid in error to the Seller in accordance with the relevant Servicing Agreement. In addition, if the Seller is required or elects to repurchase any Loan and its Related Security pursuant to Clause 6 and such Loan or its Related Security, or any part thereof, or any property, interest, right or benefit therein or any of the proceeds thereof (each, a relevant asset), is held by the Seller subject to a trust pursuant to this Clause 3.2, then the Seller, the LLP and the Security Trustee agree that such relevant asset shall be released from the trust constituted pursuant to Clause Clause 3.1 on the date that such relevant asset is repurchased or retransferred pursuant to Clause 6.

TRUST OF MONEYS. 3.1 5.1 Notwithstanding the sales sales, assignments, transfers and conveyances effected by this Agreement (or by any Scottish Declaration of Trust made pursuant hereto)Agreement, if at, or at any other time after, the relevant Assignment First Purchase Date (but prior to any repurchase in accordance with Clause 6) Section 8) the Seller holds, or there is held to its order, or it receives, or there is received to its order any property, interests, rights or benefits and/or the proceeds thereof hereby agreed to be sold, assigned, transferred and conveyed, the Seller undertakes to each of the LLP Guarantor and the Security Bond Trustee that, subject to Clause 4Section 6, it will promptly remit, assign and/or transfer the same to the LLP Guarantor or, if appropriate, the Security Bond Trustee or as either of them shall direct and until it does so or to the extent that the Seller is unable to effect such remittance, assignment, assignation or transfer, it will hold such property, interests, rights or benefits and/or the proceeds thereof upon in trust for the LLPGuarantor. 3.2 5.2 If aton, or at any other time after, the relevant Assignment First Purchase Date the LLP Guarantor holds, or there is held to its order, or it receives, or there is received to its order, any property, interests, rights or benefits relating to any Loan and its Related Security repurchased by the Seller pursuant to Clause 6 Section 8 and/or the proceeds thereof, or relating to (without prejudice to Clause 8) Section 10) any amounts payable by a Borrower to the Seller in respect of any Loan included in the Portfolio which the Seller has not agreed to sell sold to the LLPGuarantor, the LLP Guarantor undertakes to the Seller that it will remit, assign, re-assign, retrocede or transfer the same to the Seller, as the case may require, and until it does so or to the extent that the LLP Guarantor is unable to effect such remittance, assignment, assignation, re-assignment, retrocession or transfer, the LLP Guarantor undertakes to hold such property, interests, rights or benefits and/or the proceeds thereof upon in trust for the Seller as the beneficial owner thereof or as the Seller may direct provided that the LLP Guarantor shall not be in breach of its obligations under this Clause 3 Section 5.2 if, having received any such moneys and paid them to third parties in error, it pays an amount equal to the moneys so paid in error to the Seller in accordance with the relevant Servicing Agreement. In addition, if the Seller is required or elects to repurchase any Loan and its Related Security pursuant to Clause 6 Section 8 and such Loan or its Related Security, or any part thereof, or any property, interest, right or benefit therein or any of the proceeds thereof (each, a relevant asset), is held by the Seller subject to a trust pursuant to this Clause 3.2Section 5.1, then the Seller, the LLP Guarantor and the Security Bond Trustee agree that such relevant asset shall be released from the trust constituted pursuant to Clause 3.1 Section 5.1 on the date that such relevant asset is repurchased or retransferred re-transferred pursuant to Clause 6Section 8.

TRUST OF MONEYS. ‌ 3.1 Notwithstanding the sales effected by this Agreement (or by any Scottish Declaration of Trust made pursuant hereto), if at, or at any other time after, the relevant Assignment Date (but prior to any repurchase in accordance with Clause 6) the Seller holds, or there is held to its order, or it receives, or there is received to its order any property, interests, rights or benefits and/or the proceeds thereof hereby agreed to be sold, the Seller undertakes to each of the LLP and the Security Trustee that, subject to Clause 4, it will promptly remit, assign and/or transfer the same to the LLP or, if appropriate, the Security Trustee or as either of them shall direct and until it does so or to the extent that the Seller is unable to effect such remittance, assignment, assignation or transfer, it will hold such property, interests, rights or benefits and/or the proceeds thereof upon trust for the LLP.LLP.‌ 3.2 If at, or at any other time after, the relevant Assignment Date the LLP holds, or there is held to its order, or it receives, or there is received to its order, any property, interests, rights or benefits relating to any Loan and its Related Security repurchased by the Seller pursuant to Clause 6 and/or the proceeds thereof, or relating to (without prejudice to Clause 8) any amounts payable by a Borrower to the Seller in respect of any Loan in the Portfolio which the Seller has not agreed to sell to the LLP, the LLP undertakes to the Seller that it will remit, assign, re-assign, retrocede or transfer the same to the Seller, as the case may require, and until it does so or to the extent that the LLP is unable to effect such remittance, assignment, assignation, re-assignment, retrocession or transfer, the LLP undertakes to hold such property, interests, rights or benefits and/or the proceeds thereof upon trust for the Seller as the beneficial owner thereof or as the Seller may direct provided that the LLP shall not be in breach of its obligations under this Clause 3 if, having received any such moneys and paid them to third parties in error, it pays an amount equal to the moneys so paid in error to the Seller in accordance with the relevant Servicing Agreement. In addition, if the Seller is required or elects to repurchase any Loan and its Related Security pursuant to Clause 6 and such Loan or its Related Security, or any part thereof, or any property, interest, right or benefit therein or any of the proceeds thereof (each, a relevant asset), is held by the Seller subject to a trust pursuant to this Clause 3.2, then the Seller, the LLP and the Security Trustee agree that such relevant asset shall be released from the trust constituted pursuant to Clause Clause‌ 3.1 on the date that such relevant asset is repurchased or retransferred pursuant to Clause 6.