LLP Deed definition

LLP Deed means the limited liability partnership deed entered into on the Programme Date as supplemented on 16 August 2005, 4 October 2007, 20 May 2008, 8 September 2009, 24 December 2012 and 12 July 2013 and as amended and restated on 1 June 2016 by the Deed of Substitution, Novation and Amendment, between the LLP, the Seller, the Liquidation Member, the Bond Trustee and the Security Trustee (as the same may be amended, restated, modified, supplemented, replaced or restated from time to time); LLP Management Board means the management board which will act on behalf of the LLP and to which (other than any decision to approve the audited accounts of the LLP or to make a resolution for the voluntary winding up of the LLP, which require a unanimous decision of the Members) the Members delegate all matters relating to the business of the LLP and its management; LLP Name means Abbey Covered Bonds LLP or such other name as may be chosen as the LLP Name by unanimous decision of the Management Board, provided that such name shall at all times comply with the requirements of the Business Names Act 1985 and shall be notified to the Registrar of Companies under the LLP Act; LLP Payment Date means the 12th day of each month or, if not a London Business Day, the next following London Business Day; LLP Payment Period means the period from (and including) an LLP Payment Date to (but excluding) the next following LLP Payment Date; LLP Power of Attorney means the security power of attorney executed by the LLP pursuant to the Deed of Charge; LLP Registrar means the registrar of limited liability partnerships at Companies House appointed pursuant to the Companies Act;

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

LLP Deed means, in respect of each LLP Group Member, its membership deed or agreement adopted pursuant to a resolution of its members, as in existence on or after the Closing Date (as the same may be amended or replaced from time to time).

LLP Deed means the limited liability partnership deed entered into on the Programme Date as supplemented on 16 August 2005, 4 October 2007, 20 May 2008, 8 September 2009, 24 December 2012 and 12 July 2013 and as amended and restated on 1 June 2016 by the Deed of Substitution, Novation and Amendment, between the LLP, the Seller, the Liquidation Member, the Bond Trustee and the Security Trustee (as the same may be amended, restated, modified, supplemented, replaced or restated from time to time); LLP Event of Default has the meaning given to it in Condition 9.2 (Events of Default, Acceleration and Enforcement – LLP Events of Default) of the Programme Conditions;

Examples of LLP Deed in a sentence

• There shall be a deemed Cash Capital Contribution by the Seller (in its capacity as Member) in an amount equal to the relevant increase in respect of the Loan, in accordance with clause 8.3 of the LLP Deed.

• As consideration for the assignment of the Further Advance or Flexible Loan Drawing to the LLP, there shall be a deemed Capital Contribution in Kind by the Seller (in its capacity as Member) in an amount equal to the relevant increase of the Outstanding Principal Balance of the Loan, in accordance with clause 8.3 of the LLP Deed.

• If the Seller fails to so indemnify the Security Trustee and the LLP within 30 London Business Days of demand being made therefor, then the amounts due may be deducted by way of set-off from income due to the Seller pursuant to clause 14.3(j) of the LLP Deed.

• The New Member is admitted as a Member by the execution of this deed which shall be deemed to have had effect from the date of the LLP Deed as if it had been an original party thereof.

• Prior to and following enforcement of the Security all amounts at any time held by the LLP, the Cash Manager or the Security Trustee in respect of the security created under or pursuant to this Deed shall be held and/or applied by such person subject to and in accordance with the relevant provisions of the LLP Deed, the Cash Management Agreement and the Deed of Charge.

• The charges of the Account Banks for the operation of the each of the LLP Accounts (other than the Swap Payments Accounts and the Swap Collateral Accounts) held with the relevant Account Bank shall be debited to the GIC Account only on the first of each month in accordance with the order of priority set out in the LLP Deed and the Deed of Charge, and the LLP by its execution hereof irrevocably agrees that this shall be done.

• This Agreement shall automatically terminate (if not terminated earlier pursuant to this Clause 7) on the date falling 90 days after the termination of the LLP Deed.

• Subject to paragraph (f) of Schedule 1, prior to service of a Notice to Pay or an LLP Acceleration Notice on the LLP, the Cash Manager will procure that Available Principal Receipts standing to the credit of the Payment Ledger on the GIC Account are applied on each LLP Payment Date in accordance with the Pre-Acceleration Principal Priority of Payments (subject to, if an Asset Coverage Test Breach Notice has been served and has not been revoked, Clause 16 of the LLP Deed).

• Such moneys so receivable by the Cash Manager shall be paid by the LLP, on the dates on which they would otherwise have fallen due hereunder and under the terms of the LLP Deed and the Deed of Charge.

• Such moneys so receivable by the Servicer shall be paid by the LLP in accordance with the provisions of the LLP Deed on the dates on which they would otherwise have fallen due hereunder.

More Definitions of LLP Deed

LLP Deed means the limited liability partnership deed entered into on the Programme Date as supplemented on or about 15 August 2005, 4 October 2007, 20 May 2008, 8 September 2009, 24 December 2012 and 12 July 2013 between the LLP, Abbey, the Liquidation Member, the Bond Trustee and the Security Trustee (as the same may be amended, restated, modified, supplemented, replaced or restated from time to time), a copy of which is attached as Schedule 1 to this Agreement;