ASSIGNMENT, FLOATING CHARGE AND DECLARATION OF TRUST. The Issuer with full title guarantee and as continuing security for all the moneys and other Liabilities payable or owing by the Issuer under this Deed hereby assigns absolutely by way of first fixed security to the Trustee all of the Issuer's right, title, and interest in and to, and the entire benefit of, the Programme Dealer Agreement and charges to the Trustee, by way of first floating charge, the whole of its undertaking and assets to the extent that such undertaking and assets are not effectively encumbered by the security created by or pursuant to any MTN Supplement or any Supplementary Security Document executed in relation to any Series and the Trustee shall hold the property so assigned or charged in this Clause 4.1 on trust for itself and the Secured Creditors of all Series, provided that such security may only be enforced and the floating charge shall crystallise in accordance with the provisions of Clause 6.
Appears in 5 contracts
Samples: Management Agreement (Barclaycard Funding PLC), Management Agreement (Gracechurch Receivables Trustee LTD), Management Agreement (Gracechurch Receivables Trustee LTD)
