Common use of Support Facilities Clause in Contracts

Support Facilities. (a) (Enter into Support Facilities) The Trustee shall in relation to any Trust, on the prior direction of the Trust Manager (and following a review by the Trustee of the documentation for the proposed Support Facility), enter into or acquire and perform any Support Facilities on such terms and conditions as are reasonably required by the Trust Manager (subject to this deed). (b) (Rating of parties to Support Facility) If Notes have been, or are proposed to be, issued by the Trustee as trustee of a Rated Trust, the Trust Manager shall (subject to this deed): (i) direct the Trustee that each Support Facility for the benefit of the Rated Trust must be taken out or executed with a person having at that time a Designated Rating (if required by the corresponding Designated Rating Agency); and (ii) take, or direct the Trustee to take, such other action as may be necessary to satisfy the requirements of the relevant Designated Rating Agency in relation to that Rated Trust. (c) (Support Facilities for Rated Trusts) If Notes have been, or are proposed to be, issued by the Trustee as trustee of a Rated Trust, any Support Facility for the benefit of the Rated Trust shall be entered into by the Trustee prior to or on the Note Issue Date in relation to those Notes provided that the Trustee may, on the prior direction of the Trust Manager: (i) enter into a new Support Facility as trustee of a Rated Trust after a Note Issue Date, if and only if, the Trust Manager has received written confirmation from any Designated Rating Agency that entering into the Support Facility will not result in a downgrading of the Notes; or (ii) substitute a new Support Facility for any existing Support Facility entered into in accordance with this clause 4.6 where it has previously issued Notes as trustee of a Rated Trust, if and only if, the Trust Manager considers the same to be in the interests of that Rated Trust and the Trust Manager has received written confirmation from any Designated Rating Agency that the new Support Facility will not result in a downgrading of the Notes. (d) (Downgrading of parties) If a person providing a Support Facility to the Trustee as trustee of a Rated Trust ceases to have a Designated Rating (if the corresponding Designated Rating Agency requires it to have a Designated Rating) and the Designated Rating Agency has downgraded, or has indicated that it proposes to downgrade, its rating of the Notes, the Trustee shall, if directed by the Trust Manager and subject to this deed: (i) enter into any substitute or additional Support Facility identified by the Trust Manager, and on such terms required by the Trust Manager; or (ii) take such other action as may be required by the relevant Designated Rating Agency, to maintain the rating of the Notes as it stood prior to such downgrading or proposed downgrading of the rating of the Notes. (e) (No obligation to have Support Facilities) Nothing in this clause or this deed shall be construed as requiring that any given Trust has the benefit of any Support Facility. The Trustee is not required to enter into any Support Facility except as provided in this clause.