GIC Account definition

GIC Account means the account in the name of the Guarantor (account number ) held with the Account Bank and maintained subject to the terms of this Agreement, the Guaranteed Investment Contract, the Bank Account Agreement and the Security Agreement and includes such additional or replacement account(s) as may be put in place for the Guarantor with the prior consent of the Bond Trustee and designated as such (including the Standby GIC Account);

GIC Account or “GDA Account” means the account in the name of the Guarantor LP (branch number 00002, account number 00002-003:106-662-0) held with the Account Bank and maintained subject to the terms of this Agreement, the Bank Account Agreement and the Security Agreement and includes such additional or replacement account(s) as may be for the time being be put in place for the Guarantor LP with the prior consent of the Bond Trustee and designated as such (including the Standby GIC Account);

GIC Account means the account in the name of the LLP held with Abbey and maintained subject to the terms of the Guaranteed Investment Contract, the Bank Account Agreement, the Deed of Charge and the LLP Deed or such additional or replacement account as may be for the time being be in place pursuant to the Cash Management Agreement with the prior consent of the Security Trustee and designated as such; GIC Balance means, on any day, the amount standing to the credit of the GIC Account as at the opening of business on such day; GIC Provider means Santander UK in its capacity as GIC provider or any successor GIC provider appointed from time to time;

Examples of GIC Account in a sentence

• Pursuant to the Cash Management Agreement, the Cash Manager (at the direction of the Mortgages Trustee on behalf of the Beneficiaries at their direction and with their consent) will deduct, as and when identified, Third Party Amounts from the Revenue Receipts standing to the credit of the Mortgages Trustee GIC Account, and pay over the same to the proper recipients thereof.

• The Cash Manager undertakes (to the extent to which the same is within its control) that at the Initial Closing Date the Funding GIC 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 GIC Account other than as created under or permitted pursuant to the Funding Deed of Charge.

• However, it should be noted that the Asset Coverage Test, the Amortisation Test and the Eligibility Criteria are intended to ensure that there will be an adequate amount of Loans in the Portfolio and moneys standing to the credit of the GIC Account to enable the LLP to repay the Covered Bonds following service on the LLP of a Notice to Pay or an LLP Acceleration Notice.

• The Excess Proceeds will thereafter form part of the Security and will be used by the LLP in the same manner as all other moneys from time to time standing to the credit of the GIC Account.

• If Selected Loans are not sold for an amount equal to or in excess of the Adjusted Required Redemption Amount, the LLP may have insufficient funds available to pay the Covered Bonds.On the Final Maturity Date of a Series of Covered Bonds or, as applicable on each Interest Payment Date up to and including, the Extended Due for Payment Date, the LLP will apply all proceeds standing to the credit of the GIC Account to redeem the relevant Series of Covered Bonds.

More Definitions of GIC Account

GIC Account means the euro denominated account established in the name of the Issuer with the GIC Account Bank (IBAN: GB03BARC20325383441222), as the same may be renumbered or redesignated from time to time, or such other substitute account as may be opened in accordance with the GIC Agreement.

GIC Account means the account in the name of the Guarantor to be opened and held with the Account Bank and maintained subject to the terms of this Agreement, the Guaranteed Investment Contract and subject to the security interest granted by the Guarantor in the Security Agreement and includes such additional or replacement Guarantor Account(s) as may be put in place for the Guarantor with the prior written consent of the Bond Trustee and designated as such;

GIC Account means the account in the name of the LLP held with Abbey and maintained subject to the terms of the Guaranteed Investment Contract, the Bank Account Agreement, the Deed of Charge and the LLP Deed or such additional or replacement account as may be for the time being be in place pursuant to the Cash Management Agreement with the prior consent of the Security Trustee and designated as such; GIC Account Mandate means the bank account mandate between the LLP and the Account Bank relating to the operation of the GIC Account in or substantially in the form set out in Schedule 1 to the Bank Account Agreement; GIC Balance means, on any day, the amount standing to the credit of the GIC Account as at the opening of business on such day; GIC Provider means Santander UK in its capacity as GIC provider or any successor GIC provider appointed from time to time;

GIC Account means the euro denominated account established in the name of the Issuer with the GIC Account Bank with number 45391233 (IBAN: GB08 BARC 2000 5245 3912 33), as the same may be renumbered or redesignated from time to time, or such other substitute account as may be opened in accordance with the GIC Agreement.

GIC Account means an account in the name of the Issuer at the Account Bank to which amounts invested in accordance with the Guaranteed Investment Contract will be transferred from time to time.

GIC Account means the account in the name of the LLP held with Abbey and maintained subject to the terms of the Guaranteed Investment Contract, the Bank Account Agreement, the Deed of Charge and the LLP Deed or such additional or replacement account as may be for the time being be in place pursuant to the Cash Management Agreement with the prior consent of the Security Trustee and designated as such; Event of Default means any of the conditions, events or acts provided in Condition 9.2 (LLP Events of Default) of the Terms and Conditions; FCA means the Financial Conduct Authority;

GIC Account means the account in the name of the Fund held with Arion Bank hf. and maintained subject to the terms of the Guaranteed Investment Contract and the Bank Account Agreement or such additional or replacement account as may be for the time being be in place with the prior consent of the Representative and designated as such; GIC Account Mandate means the bank account mandate between the Fund and the Account Bank relating to the operation of the GIC Account in or substantially in the form set out in Schedule 1 to the Bank Account Agreement; GIC Balance means, on any day, the amount standing to the credit of the GIC Account as at the opening of business on such day; GIC Provider means Arion Bank hf. in its capacity as GIC provider or any successor GIC provider appointed from time to time;