RULING OFF. If the Security Trustee receives notice of any Encumbrance affecting the whole or any part of the Funding Charged Property or any security granted hereunder in contravention of the provisions hereof, in each case other than the Security Interests created under or pursuant to the First Priority Funding Deed of Charge: (a) the Security Trustee may open a new account in the name of Funding and, if it does not, it shall nevertheless be deemed to have done so at the time it received such notice; and (b) all payments made by Funding to the Security Trustee after the Security Trustee receives such notice shall be credited or deemed to have been credited to the new account, and in no circumstances whatsoever shall operate to reduce the Funding Secured Obligations as at the time the Security Trustee received such notice.
Appears in 3 contracts
Sources: Second Priority Funding Deed of Charge (Granite Mortgages 04-1 PLC), Second Priority Funding Deed of Charge (Granite Mortgages 04-3 PLC), Second Priority Funding Deed of Charge (Granite Mortgages 04-2 PLC)