Examples of Principal Trust Deed in a sentence
Upon a determination by the Trustee (or any receiver, agent or other person so appointed) that an Excess Assets Event has occurred, it shall notify the Holders of Securities, the Other Creditors or the Obligees (as defined in the Principal Trust Deed), as the case may be, in accordance with Clause 6.6 (Excess Assets Direction) of the Principal Trust Deed.
The Transaction Security over the Mortgaged Property shall become enforceable (i) if there is an Event of Default pursuant to Condition 11(a) (Events of Default); or (ii) as otherwise provided in Clause 5.5 (Enforcement of Transaction Security) of the Principal Trust Deed.
Where an Excess Assets Direction is delivered, Clause 6.5 (Division of Transaction Security) of the Principal Trust Deed shall not apply.
The Issuer hereby confirms that unless it or, following a Relevant Event (as defined in the Principal Trust Deed), the Trustee notifies the Principal Paying Agent to the contrary, the Principal Paying Agent is authorised to release from the relevant Account as and when necessary such funds as shall satisfy the Issuer’s payment obligations to the Noteholders of each Series under the Conditions.
For the avoidance of doubt, nothing in an Excess Assets Direction shall modify the manner in which the Trustee is required to apply monies received by it in connection with the realisation or enforcement of the Transaction Security pursuant to Clause 6.2 (Post-Enforcement) of the Principal Trust Deed.