Examples of Funding Transaction Account in a sentence
The Cash Manager undertakes (to the extent to which the same is within its control) that at the Initial Closing Date the Funding Transaction Account will be operative and that the Cash Manager will not knowingly create or permit to subsist any Security Interest in relation to the Funding Transaction Account other than as created under or permitted pursuant to the Funding Deed of Charge.
In administering the Mortgages Trustee Transaction Account, the Mortgages Trustee GIC Account, the Funding Transaction Account, the Funding GIC Account and any Funding (Issuer) GIC Account on behalf of the Mortgages Trustee, Funding and the Security Trustee, as applicable, the Cash Manager shall comply with the provisions of Schedule 2 hereto prior to receipt by the Cash Manager of a copy of any Intercompany Loan Enforcement Notice served by the Security Trustee on Funding.
On each Payment prior to the security becoming enforceable pursuant to Clause 7.2 (Enforceable), the Security Trustee hereby authorises Funding or the Cash Manager in its place to withdraw Funding Available Revenue Receipts from the Funding Transaction Account and to apply such monies in accordance with the rules and the order of priority of the Funding Pre-Enforcement Revenue Priority of Payments.
Except in the case of the Principal Deficiency Ledger, a debit item shall only be made in respect of any of the Mortgages Trustee Ledgers and the Funding Ledgers and the corresponding payment or transfer (if any) may only be made from the Mortgages Trustee GIC Account, the Funding GIC Account or the Funding Transaction Account, as the case may be, to the extent that such entry does not cause the relevant ledger to have a debit balance.
The charges of the Account Bank for the operation of the Funding (Current Issuer) GIC Account shall be debited to the Funding Transaction Account only on the first day of each month (or, if such day is not a London Business Day, the next succeeding London Business Day) in accordance with the order of priority set out in the Funding Deed of Charge, and Funding by its execution hereof irrevocably agrees that this shall be done.
Amounts shall only be credited to the Funding Transaction Account to the extent that Account Bank A has received cleared funds in respect of such credit.
Funding, the Cash Manager and the Security Trustee shall (in accordance with the Funding Transaction Account Mandate attached in Schedule 1) provide Account Bank A with the names and specimen signatures of each Authorised Person that Account Bank A is authorised to comply with and rely upon any such notices, instructions, directions or other communications believed by it to have been sent or given by an Authorised Person.
The parties hereto agree and acknowledge that, on or prior to the date of this Agreement the existing transaction account held with Santander UK in the name of Funding will be closed and the new Funding Transaction Account will be opened with The Bank of New York Mellon, acting through its London Branch (in its capacity as Account Bank A), subject to the terms of this Agreement and the Funding Transaction Account Mandate.
The charges shall be payable at the same rates as are generally applicable to the business customers of the Account Bank provided that, subject to Clause 8.6 (Termination by Account Bank), if there are insufficient funds standing to the credit of the Funding Transaction Account to pay such charges the Account Bank shall not be relieved of its obligations in respect of the Funding (Current Issuer) GIC Account.
Notwithstanding the provisions of Clause 2.1, amounts shall only be withdrawn from the Funding Transaction Account, the Funding GIC Account or the Mortgages Trustee GIC Account (as appropriate) to the extent that such withdrawal does not cause the Funding Transaction Account, the Funding GIC Account or the Mortgages Trustee GIC Account (as appropriate), to have a negative balance.