Examples of Mortgages Trustee GIC 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 Mortgages Trustee GIC Account will be operative and that it will not (save as contemplated by the Transaction Documents) create or permit to subsist any Security Interest in relation to the Mortgages Trustee GIC Account (but without prejudice to the Mortgages Trust).
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 Cash Manager shall (unless the intended recipient of the relevant payment agrees otherwise) on each Distribution Date, withdraw Cash from the Mortgages Trustee GIC Account (to the extent only that such withdrawal does not cause the Mortgages Trustee GIC Account to become overdrawn) in an aggregate amount equal to the Mortgages Trust Available Principal Receipts on each Distribution Date to make the payments in the order of priority set out in clause 14 of the Mortgages Trust Deed.
In administering the Mortgages Trustee GIC Account, the Funding 1 Transaction Account and the Funding 1 GIC Account on behalf of the Mortgages Trustee, Funding 1 and the Funding 1 Security Trustee respectively, the Cash Manager shall comply with the provisions of Schedule 2 prior to receipt by the Cash Manager of a copy of any Intercompany Loan Acceleration Notice served by the Funding 1 Security Trustee on Funding 1 (with a copy to the Cash Manager and the Mortgages Trustee).
Except in the case of the Funding 1 Principal Deficiency, a debit item shall only be made in respect of any of the Mortgages Trustee Ledgers and the Funding 1 Ledgers and the corresponding payment or transfer (if any) may only be made from the Mortgages Trustee GIC Account, the Funding 1 GIC Account or the Funding 1 Transaction Account, as the case may be, to the extent that such entry does not cause the relevant ledger to have a debit balance.