Common use of RULES FOR APPLICATION OF FUNDING AVAILABLE REVENUE RECEIPTS Clause in Contracts

RULES FOR APPLICATION OF FUNDING AVAILABLE REVENUE RECEIPTS. (1) Subject as provided in paragraphs (2) through (4) below, the portion of Issuer Allocable Revenue Receipts, if any, not required to be applied by the Issuer on a Payment Date to pay interest on the Notes or to credit the related Issuer Principal Deficiency Ledger or to pay any other costs and expenses due by the Issuer on that date pursuant to the relevant Issuer Priority of Payments, together with the portion of Issuer Allocable Revenue Receipts relating to all other Issuers not required to be so applied by those other Issuers on that Payment Date (excluding any Issuer Reserve Fund or Issuer Liquidity Reserve Fund (if any) of any Issuer), constitute "SHARED ISSUER REVENUE RECEIPTS". Shared issuer revenue receipts will be reallocated by the Cash Manager and distributed among the Issuers as payments of interest and fees under the applicable Intercompany Loans to the extent required to make payments of interest due on the Notes, to credit the related Issuer Principal Deficiency Ledgers and to pay other costs, expenses and third party amounts payable by the Issuers under the relevant Issuer Priority of Payments (but excluding principal payable under any Intercompany Loan). Each Issuer will be entitled to receive a portion of the Shared Issuer Revenue Receipts equal to: Outstanding Principal Balance of the Intercompany Loan of the Issuer Amount of Shared Issuer Revenue Receipts x -------------------------------------------------------------------------------- Aggregate Outstanding Principal Balance of the Intercompany Loans of all Issuers

Appears in 1 contract

Samples: Granite Mortgages 03-2 PLC

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RULES FOR APPLICATION OF FUNDING AVAILABLE REVENUE RECEIPTS. (1) Subject as provided in paragraphs (2) through (4) below, the portion of Issuer Allocable Revenue Receipts, if any, not required to be applied by the an Issuer on a Payment Date to pay interest on the Notes or to credit the related Issuer Principal Deficiency Ledger or to pay any other costs and expenses due by the that Issuer on that date pursuant to the relevant Issuer Priority of Payments, together with the portion of Issuer Allocable Revenue Receipts relating to all other Issuers not required to be so applied by those other Issuers on that Payment Date (excluding any Issuer Reserve Fund or Issuer Liquidity Reserve Fund (if any) of any Issuer), shall constitute "SHARED ISSUER REVENUE RECEIPTS". Shared issuer revenue receipts Issuer Revenue Receipts will be reallocated by the Cash Manager and distributed on such Payment Date among the Issuers as payments of interest and fees under the applicable Intercompany Loans to the extent required to make payments of interest due on the Notes, to credit the related Issuer Principal Deficiency Ledgers and to pay other costs, expenses and third party amounts payable by the Issuers under the relevant Issuer Priority of Payments (but excluding principal payable under any Intercompany Loan). Each Such reallocation and distribution will continue to be made on such Payment Date until there are no remaining amounts of Shared Issuer Revenue Receipts to be reallocated and distributed on such Payment Date. If there is more than one Issuer that is entitled to Shared Issuer Revenue Receipts then each such Issuer will be entitled to receive reallocated a portion of the Shared Issuer Revenue Receipts equal to: Outstanding Principal Balance of the Intercompany Loan of the Issuer Amount of Shared Issuer Revenue Receipts x -------------------------------------------------------------------------------- ------------------------------------------- Aggregate Outstanding Principal Balance of the Intercompany Loans of all Issuers

Appears in 1 contract

Samples: Granite Mortgages 02-2 PLC

RULES FOR APPLICATION OF FUNDING AVAILABLE REVENUE RECEIPTS. (1) Subject as provided in paragraphs (2) through (4) below, the portion of Issuer Allocable Revenue Receipts, if any, not required to be applied by the an Issuer on a Payment Date to pay interest on the Notes or to credit the related Issuer Principal Deficiency Ledger or to pay any other costs and expenses due by the that Issuer on that date pursuant to the relevant Issuer Priority of Payments, together with the portion of Issuer Allocable Revenue Receipts relating to all other Issuers not required to be so applied by those other Issuers on that Payment Date (excluding any Issuer Reserve Fund or Issuer Liquidity Reserve Fund (if any) of any Issuer), shall constitute "SHARED ISSUER REVENUE RECEIPTS". Shared issuer revenue receipts Issuer Revenue Receipts will be reallocated by the Cash Manager and distributed on such Payment Date among the Issuers as payments of interest and fees under the applicable Intercompany Loans to the extent required to make payments of interest due on the Notes, to credit the related Issuer Principal Deficiency Ledgers and to pay other costs, expenses and third party amounts payable by the Issuers under the relevant Issuer Priority of Payments (but excluding principal payable under any Intercompany Loan). Each Such reallocation and distribution will continue to be made on such Payment Date until there are no remaining amounts of Shared Issuer Revenue Receipts to be reallocated and distributed on such Payment Date. If there is more than one Issuer that is entitled to Shared Issuer Revenue Receipts then each such Issuer will be entitled to receive reallocated a portion of the Shared Issuer Revenue Receipts equal to: Outstanding Principal Balance of the Intercompany Loan of the Issuer Amount of Shared Issuer Revenue Receipts x -------------------------------------------------------------------------------- X __________________________________________________________________________________ Aggregate Outstanding Principal Balance of the Intercompany Loans of all Issuers

Appears in 1 contract

Samples: Granite Mortgages 03-2 PLC

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RULES FOR APPLICATION OF FUNDING AVAILABLE REVENUE RECEIPTS. (1) Subject as provided in paragraphs (2) through (4) below, the portion of Issuer Allocable Revenue Receipts, if any, not required to be applied by the an Issuer on a Payment Date to pay interest on the Notes or to credit the related Issuer Principal Deficiency Ledger or to pay any other costs and expenses due by the that Issuer on that date pursuant to the relevant Issuer Priority of Payments, together with the portion of Issuer Allocable Revenue Receipts relating to all other Issuers not required to be so applied by those other Issuers on that Payment Date (excluding any Issuer Reserve Fund or Issuer Liquidity Reserve Fund (if any) of any Issuer), shall constitute "SHARED ISSUER REVENUE RECEIPTS". Shared issuer revenue receipts Issuer Revenue Receipts will be reallocated by the Cash Manager and distributed on such Payment Date among the Issuers as payments of interest and fees under the applicable Intercompany Loans to the extent required to make payments of interest due on the Notes, to credit the related Issuer Principal Deficiency Ledgers and to pay other costs, expenses and third party amounts payable by the Issuers under the relevant Issuer Priority of Payments (but excluding principal payable under any Intercompany Loan). Such reallocation and distribution will continue to be made on such Payment Date until there are no remaining amounts of Shared Issuer Revenue Receipts to be reallocated and distributed on such Payment Date. Each Issuer will be entitled to receive a portion of the Shared Issuer Revenue Receipts equal to: Outstanding Principal Balance of the Intercompany Loan of the Issuer Amount of Shared Issuer Revenue Receipts x -------------------------------------------------------------------------------- x--------------------------------- Aggregate Outstanding Principal Balance of the Intercompany Loans of all Issuers

Appears in 1 contract

Samples: Granite Mortgages 02-2 PLC

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