Common use of TRUST OF MONIES Clause in Contracts

TRUST OF MONIES. 5.1 Notwithstanding the sales effected by this Agreement, if at, or at any other time after, the Initial Closing Date (but prior to any repurchase in accordance with Clause 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, the Seller undertakes to each of the Mortgages Trustee, the Funding Companies and the Funding Security Trustees that, subject to Clause 6, it will promptly remit, assign and/or transfer the same to the Mortgages Trustee or as it 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 Mortgages Trustee.

TRUST OF MONIES. 5.1 Notwithstanding the sales effected by this Agreement, if at, or at any other time after, the Initial a Closing Date (but prior to any repurchase in accordance with Clause 8) CLAUSE 8.5) the Seller holds, or there is held to its order, or it receives, or there is received to its order, order any property, interests, rights or benefits and/or the proceeds thereof hereby agreed to be sold, the Seller undertakes to each of the Mortgages Trustee, Funding 1, Funding 2, the Funding Companies 1 Security Trustee and the Funding 2 Security Trustees Trustee that, subject to Clause CLAUSE 6, it will promptly remit, assign and/or transfer the same to the Mortgages Trustee or as it shall direct or, if appropriate, the Funding 1 Security Trustee and the Funding 2 Security Trustee 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 Mortgages TrusteeTrustee subject at all times to the Mortgages Trust.