TRUST OF MONIES. 5.1 Notwithstanding the sales effected by this Agreement, if at, or at any other time after, the Closing Date (but prior to any repurchase in accordance with CLAUSE 8.5) the Seller holds, or there is held to its order, or it receives, or there is received to its order any property, interests, rights or benefits and/or the proceeds thereof hereby agreed to be sold, the Seller undertakes to each of the Mortgages Trustee, Funding 1 and the Security Trustee that, subject to CLAUSE 6, it will promptly remit, assign and/or transfer the same to the Mortgages Trustee or, if appropriate, the Security Trustee and until it does so or to the extent that the Seller is unable to effect such remittance, assignment, assignation or transfer, it will hold such property, interests, rights or benefits and/or the proceeds thereof upon trust for the Mortgages Trustee subject at all times to the Mortgages Trust.
TRUST OF MONIES. 10 6. Completion of the Transfer of Loans...................................11 7. Undertakings..........................................................12 8. Warranties and Repurchase by the Seller...............................15 9.
TRUST OF MONIES. 5.1 Notwithstanding the assignment effected by this Agreement if at, or at any other time after, the Initial Closing Date (but prior to any repurchase in accordance with Clause 8.5) the Seller holds, or there is held to its order, or it receives, or there is received to its order any property, interest, right or benefit and/or the proceeds thereof hereby agreed to be sold the Seller undertakes with the Mortgages Trustee, Funding and the Security Trustee that it will hold such property, interest, right or benefit and/or the proceeds thereof upon trust for the Mortgages Trustee subject at all times to the Mortgages Trust.
TRUST OF MONIES. 5.1 Trust in favour of Mortgages Trustee: Notwithstanding the assignment and transfer effected by this Agreement (or by any Scottish Trust Deed made pursuant hereto) if at, or at any other time after, the Initial Closing Date or, as the case may be in respect of any New Mortgage Portfolio, the relevant Assignment Date (but prior to any repurchase in accordance with Clause 8.5 (Purchase of Product Switches, Further Advances and purchases relating to Personal Secured Loans)) the Seller holds, or there is held to its order, or it receives, or there is received to its order any property, interest, right or benefit and/or the proceeds thereof hereby agreed to be sold to the Mortgages Trustee, the Seller undertakes with the Mortgages Trustee, Funding and the Security Trustee that it will hold such property, interest, right or benefit and/or the proceeds thereof upon trust for the Mortgages Trustee (pursuant, in the case of any property, interest, right or benefit and/or the proceeds thereof relating to a Scottish Mortgage Loan or its Related Security, to the relevant Scottish Trust Deed) subject at all times to the Mortgages Trust. In addition, if for any reason the assignment and transfer of the Initial Mortgage Portfolio, or any New Mortgage Portfolio (or any part thereof), or any property, interest, right or benefit therein or any of the proceeds thereof (each a "relevant asset"), is held to be ineffective or unenforceable against any Borrower, the Seller undertakes with the Mortgages Trustee, Funding and the Security Trustee and hereby declares that it will hold such relevant asset upon trust for the Mortgages Trustee. The Mortgages Trustee agrees that it will hold its beneficial interest in such relevant asset subject at all times to the Mortgages Trust.
TRUST OF MONIES. 5.1 Notwithstanding the sales effected by this Agreement, if at, or at any other time after, the Initial Closing Date (but prior to any repurchase in accordance with Clause 8) the Seller holds, or there is held to its order, or it receives, or there is received to its order, any property, interests, rights or benefits and/or the proceeds thereof hereby agreed to be sold, the Seller undertakes to each of the Mortgages Trustee, the Funding Companies and the Funding Security Trustees that, subject to Clause 6, it will promptly remit, assign and/or transfer the same to the Mortgages Trustee or as it shall direct and until it does so or to the extent that the Seller is unable to effect such remittance, assignment, assignation or transfer, it will hold such property, interests, rights or benefits and/or the proceeds thereof upon trust for the Mortgages Trustee.
TRUST OF MONIES. 6.1 Notwithstanding the sales effected by and pursuant to this Agreement, if at, or at any other time after the Closing Date (or in respect of Additional Loans, the relevant Further Sale Date) (but in each case prior to any repurchase in accordance with Clause 9 (Warranties and Repurchase by the Seller)) the Seller holds, or there is held to its order, or it receives, or there is received to its order any property, interests, rights or benefits and/or the proceeds thereof (including, without limitation, the proceeds of any claim under the Third Party Buildings Policies) hereby agreed to be sold to the Issuer (and not repurchased by the Seller pursuant to Clause 9 (Warranties and Repurchase by the Seller)), the Seller undertakes to each of the Issuer and the Security Trustee that, subject to Clause 7 (Perfection of the Sale), it will promptly remit, assign and/or transfer the same to the Issuer or, if appropriate, the Security Trustee or as any of them shall direct and until it does so or to the extent that the Seller is unable to effect such remittance, assignment or transfer, it will hold such property, interests, rights or benefits and/or the proceeds thereof upon trust for the Issuer and in particular in terms of the relevant Scottish Declaration of Trust as applicable to Scottish Loans.
TRUST OF MONIES. 5.1 Notwithstanding the sales effected by this Agreement, if at, or at any other time after, a Closing Date (but prior to any repurchase in accordance with Clause 8.5) the Seller holds, or there is held to its order, or it receives, or there is received to its order any property, interests, rights or benefits and/or the proceeds thereof hereby agreed to be sold, the Seller undertakes to each of the Mortgages Trustee, Funding 1, Funding 2, the Funding 1 Security Trustee and the Funding 2 Security Trustee that, subject to Clause 6, it will promptly remit, assign and/or transfer the same to the Mortgages Trustee or, if appropriate, the Funding 1 Security Trustee and the Funding 2 Security Trustee and until it does so or to the extent that the Seller is unable to effect such remittance, assignment, assignation or transfer, it will hold such property, interests, rights or benefits and/or the proceeds thereof upon trust for the Mortgages Trustee subject at all times to the Mortgages Trust.
TRUST OF MONIES. 9 6. Perfection of the Assignment......................................... 9 7. Undertakings......................................................... 11 8. Warranties and Repurchase by the Seller.............................. 13 9.
TRUST OF MONIES. (a) If, for any reason, any Receivables cannot be sold, transferred and assigned to the Purchaser as contemplated in Clause 2.1 (Sale and Purchase of Receivables) or for any reason are not (or determined not to have been) sold, transferred and assigned to the Buyer in contravention of the intent of this Deed, then, with effect from the date of the purported sale, transfer and assignment thereof the Seller irrevocably undertakes to hold, and hereby declares that it does hold, on trust such Receivables (including the Related Rights) and any proceeds thereof for and to the order of the Buyer absolutely.
TRUST OF MONIES
