Funding 2 Share definition

Funding 2 Share means the Current Funding 2 Share;

Funding 2 Share has the meaning given to such term in the Master Definitions Schedule.

Funding 2 Share means, only in respect of the period prior to the first Distribution Date, the Initial Funding 2 Share, and thereafter means the Current Funding 2 Share;

Examples of Funding 2 Share in a sentence

• Subject to the Security Interests created under the Funding 2 Deed of Charge, it is and will remain the absolute beneficial owner of the Funding 2 Share and absolute legal and beneficial owner of all other assets charged or assigned by the Funding 2 Deed of Charge to which it is a party.

• None of the Funding 1 Share, the Funding 2 Share or the Seller Share may be reduced below zero.

• At all times the sum of the Funding 1 Share Percentage, the Funding 2 Share Percentage and the Seller Share Percentage shall be equal to 100 per cent.

• Unless and until both the Funding 1 Share and the Funding 2 Share of the Trust Property are in an amount equal to zero or an Asset Trigger Event occurs, the Seller will not be entitled to receive Principal Receipts which would reduce the Seller Share of the Trust Property to an amount less than the Minimum Seller Share and the Seller consents and directs the Mortgages Trustee accordingly.

• When the Funding 1 Share and the Funding 2 Share of the Trust Property are zero, the remaining Mortgages Trust Available Principal Receipts (if any) shall be allocated to the Seller.

• Subject as provided in this Deed (and in particular, CLAUSE 8), all Losses sustained on the Loans during a Calculation Period shall be applied in reducing pro rata the Funding 1 Share, the Funding 2 Share and the Seller Share of the Trust Property.

• Subject to CLAUSE 3.4, the Mortgages Trustee shall hold the Trust Property as to both capital and income on trust absolutely for Funding 1 (as to the Funding 1 Share), for Funding 2 (as to the Funding 2 Share) and for the Seller (as to the Seller Share) as beneficial tenants in common upon, with and subject to all the trusts, powers and provisions of this Deed.

• On each Calculation Date (the RELEVANT CALCULATION DATE) or on the date that the Mortgages Trust terminates, the Current Funding 1 Share Percentage and the Current Funding 2 Share Percentage will be recalculated and the recalculated amount will take effect from the next Distribution Date immediately succeeding the next following Calculation Date.

• Funding 2 assigns by way of first fixed security (or, to the extent not assignable, charges by way of a first fixed charge) all of its rights in respect of the Funding 2 Share of the Trust Property (including, without limitation, the Scottish Trust Property, present and future, comprised in the Trust Property).

• On each Calculation Date, the CURRENT SELLER SHARE PERCENTAGE will be an amount calculated to the accuracy of five decimal places equal to: 100% - (Current Funding 1 Share Percentage + Current Funding 2 Share Percentage (each as calculated on such Calculation Date)).

More Definitions of Funding 2 Share

Funding 2 Share means, only in respect of the period prior to the first Distribution Date, the Initial Funding 2 Share, and thereafter means the Current Funding 2 Share; Funding 2 Start-up Loan means a start-up loan that the Funding 2 Start-up Loan Provider makes available to Funding 2 pursuant to a Funding 2 Start-up Loan Agreement; Funding 2 Start-up Loan Agreement means an agreement entered into on any Master Issuer Closing Date between Funding 2, the Funding 2 Start-up Loan Provider and the Funding 2 Security Trustee relating to the provision of a Funding 2 Start-up Loan to Funding 2 (as the same may be amended, restated, supplemented, replaced and/or novated from time to time); Back to Contents Funding 2 Start-up Loan Provider means initially Halifax and, as of the Reorganisation Date, Bank of Scotland in its capacity as provider of the Funding 2 Start-up Loan; Funding 2 Swap means the swap documented under the Funding 2 Swap Agreement which enables Funding 2 to hedge against the possible variance between the Mortgages Trustee Variable Base Rate payable on the Variable Rate Loans, the fixed rates of interest payable on the Fixed Rate Loans and the rates of interest payable on the Tracker Rate Loans and a LIBOR based rate for three-month sterling deposits; Funding 2 Swap Agreement means the ISDA Master Agreement and schedule relating to the Funding 2 Swap entered into on or about the Programme Date and any confirmation documented thereunder from time to time, each between Funding 2, the Funding 2 Swap Provider and the Funding 2 Security Trustee (as the same may be further amended and/or restated from time to time);