Common use of Consequences of Enforceable Security Clause in Contracts

Consequences of Enforceable Security. From the date on which the Series 2023-1 (A1) Security becomes enforceable in accordance with Clause 13 (Security Enforceable) above and subject to the provisions of the Conditions and the Note Trust Deed including, without limitation, Clause 12.2 (Enforcement Notice) of the Note Trust Deed and its rights at all times to be indemnified and/or secured to its satisfaction: (a) the Note Trustee on behalf of the Series 2023-1 (A1) Secured Creditors may enforce its rights in respect of the Series 2023-1 (A1) Secured Property; (b) if it has not already crystallised, the Floating Charge, created pursuant to the Note Trust Deed, shall crystallise; (c) subject to the provisions of the Conditions and the Note Trust Deed, the Note Trustee may institute such proceedings against the Issuer and take such action as it may think fit to enforce all or any part of the Series 2023-1 (A1) Security; (d) the Note Trustee shall hold upon trust and apply all moneys received by it under the Note Trust Deed and this Note Trust Deed Supplement in connection with the realisation of the Series 2023-1 (A1) Secured Property or enforcement of the security interest in respect of Series 2023-1 (A1) in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (e) amounts may be withdrawn from the Series 2023-1 (A1) Charged Accounts only by the Note Trustee and shall be applied only in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (f) the Note Trustee may appoint a Receiver in relation to the Series 2023-1 (A1) Security in accordance with Clause 6 (Appointment and Removal of Receiver and Administrator) of the Note Trust Deed; (g) whether or not it has appointed a Receiver, the Note Trustee may exercise all or any of the powers, authorities and discretions: (i) conferred by the Series 2023-1 (A1) Security Documents on any Receiver; (ii) conferred by the LPA (as varied or extended by the Series 2023-1 (A1) Security Documents) on mortgagees; or (iii) otherwise conferred by law on mortgagees or receivers.

Consequences of Enforceable Security. From the date on which the Series 20232005-1 (A1) B Security becomes enforceable in accordance with Clause 13 12 (Security Enforceable) above and subject to the provisions of the Conditions and the Arran Funding Note Trust Deed including, including without limitation, limitation Clause 12.2 (Enforcement Notice) 11.2 of the Arran Funding Note Trust Deed and its rights at all times to be indemnified and/or secured to its satisfactionDeed: (a) 13.1.1 the Note Trustee on behalf of the Series 20232005-1 (A1) B Secured Creditors may enforce its rights in respect of the Series 20232005-1 (A1) B Secured Property; (b) 13.1.2 if it has not already crystallised, the Floating Charge, created pursuant to the Arran Funding Note Trust Deed, shall crystallise; (c) subject to the provisions of the Conditions and the Note Trust Deed, 13.1.3 the Note Trustee may institute such proceedings against the Issuer and take such action as it may think fit to enforce all or any part of the Series 20232005-1 (A1) SecurityB Security subject in the case of the Series 2005-B Issuer Jersey Security Interest to the Jersey Security Interests Law; (d) 13.1.4 the Note Trustee shall hold upon trust and apply all moneys monies received by it under the Arran Funding Note Trust Deed and this Arran Funding Note Trust Deed Supplement in connection with the realisation of the Series 20232005-1 (A1) B Secured Property or enforcement of the security interest in respect of Series 20232005-1 (A1) B in accordance with the priority of payments upon enforcement as contained in Condition 4(c)4; (e) 13.1.5 amounts may be withdrawn from the Series 20232005-1 (A1) B Charged Accounts and each and every Ledger thereto only by the Note Trustee and shall be applied only in accordance with the priority of payments upon enforcement as contained in Condition 4(c)4; (f) 13.1.6 the Note Trustee may appoint a Receiver in relation to the Series 2023-1 (A1) Security in accordance with Clause 6 (Appointment and Removal of Receiver and Administrator) of the Arran Funding Note Trust Deed; (g) 13.1.7 whether or not it has appointed a Receiver, the Note Trustee may exercise all or any of the powers, authorities and discretions: (ia) conferred by the Series 20232005-1 (A1) B Security Documents on any Receiver; (iib) conferred by the LPA (as varied or extended by the Series 20232005-1 (A1) B Security Documents) on mortgagees; or (iiic) otherwise conferred by law on mortgagees or receivers; and 13.1.8 in the case of the Series 2005-B Issuer Jersey Security Interest, subject to the provisions of Articles 6(5) and 8(3) of the Jersey Security Interests Law, service by the Note Trustee of a notice upon the Issuer specifying the Event of Default in respect of the Series 2005-B Notes and, if the default is capable of remedy, requiring the Issuer to remedy it, shall constitute notice for the purposes of the Jersey Security Interests Law of an event of default in respect of such Issuer Jersey Security Interest and the Note Trustee shall have an immediate power of sale over the Series 2005-B Issuer Jersey Secured Property, without having to apply to the Royal Court of Jersey for authority to exercise the same.

Consequences of Enforceable Security. From the date on which the Series 20232005-1 (A1) A Security becomes enforceable in accordance with Clause 13 12 (Security Enforceable) above and subject to the provisions of the Conditions and the Arran Funding Note Trust Deed including, including without limitation, limitation Clause 12.2 (Enforcement Notice) 11.2 of the Arran Funding Note Trust Deed and its rights at all times to be indemnified and/or secured to its satisfactionDeed: (a) 13.1.1 the Note Trustee on behalf of the Series 20232005-1 (A1) A Secured Creditors may enforce its rights in respect of the Series 20232005-1 (A1) A Secured Property; (b) 13.1.2 if it has not already crystallised, the Floating Charge, created pursuant to the Arran Funding Note Trust Deed, shall crystallise; (c) subject to the provisions of the Conditions and the Note Trust Deed, 13.1.3 the Note Trustee may institute such proceedings against the Issuer and take such action as it may think fit to enforce all or any part of the Series 20232005-1 (A1) SecurityA Security subject in the case of the Series 2005-A Issuer Jersey Security Interest to the Jersey Security Interests Law; (d) 13.1.4 the Note Trustee shall hold upon trust and apply all moneys monies received by it under the Arran Funding Note Trust Deed and this Arran Funding Note Trust Deed Supplement in connection with the realisation of the Series 20232005-1 (A1) A Secured Property or enforcement of the security interest in respect of Series 20232005-1 (A1) A in accordance with the priority of payments upon enforcement as contained in Condition 4(c)4; (e) 13.1.5 amounts may be withdrawn from the Series 20232005-1 (A1) A Charged Accounts and each and every Ledger thereto only by the Note Trustee and shall be applied only in accordance with the priority of payments upon enforcement as contained in Condition 4(c)4; (f) 13.1.6 the Note Trustee may appoint a Receiver in relation to the Series 2023-1 (A1) Security in accordance with Clause 6 (Appointment and Removal of Receiver and Administrator) of the Arran Funding Note Trust Deed; (g) 13.1.7 whether or not it has appointed a Receiver, the Note Trustee may exercise all or any of the powers, authorities and discretions: (ia) conferred by the Series 20232005-1 (A1) A Security Documents on any Receiver; (iib) conferred by the LPA (as varied or extended by the Series 20232005-1 (A1) A Security Documents) on mortgagees; or (iiic) otherwise conferred by law on mortgagees or receivers; and 13.1.8 in the case of the Series 2005-A Issuer Jersey Security Interest, subject to the provisions of Articles 6(5) and 8(3) of the Jersey Security Interests Law, service by the Note Trustee of a notice upon the Issuer specifying the Event of Default in respect of the Series 2005-A Notes and, if the default is capable of remedy, requiring the Issuer to remedy it, shall constitute notice for the purposes of the Jersey Security Interests Law of an event of default in respect of such Issuer Jersey Security Interest and the Note Trustee shall have an immediate power of sale over the Series 2005-A Issuer Jersey Secured Property, without having to apply to the Royal Court of Jersey for authority to exercise the same.

Consequences of Enforceable Security. From the date on which the Series 2023-1 2 (A1A2) Security becomes enforceable in accordance with Clause 13 (Security Enforceable) above and subject to the provisions of the Conditions and the Note Trust Deed including, without limitation, Clause 12.2 (Enforcement Notice) of the Note Trust Deed and its rights at all times to be indemnified and/or secured to its satisfaction: (a) the Note Trustee on behalf of the Series 2023-1 2 (A1A2) Secured Creditors may enforce its rights in respect of the Series 2023-1 2 (A1A2) Secured Property; (b) if it has not already crystallised, the Floating Charge, created pursuant to the Note Trust Deed, shall crystallise; (c) subject to the provisions of the Conditions and the Note Trust Deed, the Note Trustee may institute such proceedings against the Issuer and take such action as it may think fit to enforce all or any part of the Series 2023-1 2 (A1A2) Security; (d) the Note Trustee shall hold upon trust and apply all moneys received by it under the Note Trust Deed and this Note Trust Deed Supplement in connection with the realisation of the Series 2023-1 2 (A1A2) Secured Property or enforcement of the security interest in respect of Series 2023-1 2 (A1A2) in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (e) amounts may be withdrawn from the Series 2023-1 2 (A1A2) Charged Accounts only by the Note Trustee and shall be applied only in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (f) the Note Trustee may appoint a Receiver in relation to the Series 2023-1 2 (A1A2) Security in accordance with Clause 6 (Appointment and Removal of Receiver and Administrator) of the Note Trust Deed; (g) whether or not it has appointed a Receiver, the Note Trustee may exercise all or any of the powers, authorities and discretions: (i) conferred by the Series 2023-1 2 (A1A2) Security Documents on any Receiver; (ii) conferred by the LPA (as varied or extended by the Series 2023-1 2 (A1A2) Security Documents) on mortgagees; or (iii) otherwise conferred by law on mortgagees or receivers.

Consequences of Enforceable Security. From the date on which the Series 2023-1 2 (A1) Security becomes enforceable in accordance with Clause 13 (Security Enforceable) above and subject to the provisions of the Conditions and the Note Trust Deed including, without limitation, Clause 12.2 (Enforcement Notice) of the Note Trust Deed and its rights at all times to be indemnified and/or secured to its satisfaction: (a) the Note Trustee on behalf of the Series 2023-1 2 (A1) Secured Creditors may enforce its rights in respect of the Series 2023-1 2 (A1) Secured Property; (b) if it has not already crystallised, the Floating Charge, created pursuant to the Note Trust Deed, shall crystallise; (c) subject to the provisions of the Conditions and the Note Trust Deed, the Note Trustee may institute such proceedings against the Issuer and take such action as it may think fit to enforce all or any part of the Series 2023-1 2 (A1) Security; (d) the Note Trustee shall hold upon trust and apply all moneys received by it under the Note Trust Deed and this Note Trust Deed Supplement in connection with the realisation of the Series 2023-1 2 (A1) Secured Property or enforcement of the security interest in respect of Series 2023-1 2 (A1) in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (e) amounts may be withdrawn from the Series 2023-1 2 (A1) Charged Accounts only by the Note Trustee and shall be applied only in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (f) the Note Trustee may appoint a Receiver in relation to the Series 2023-1 2 (A1) Security in accordance with Clause 6 (Appointment and Removal of Receiver and Administrator) of the Note Trust Deed; (g) whether or not it has appointed a Receiver, the Note Trustee may exercise all or any of the powers, authorities and discretions: (i) conferred by the Series 2023-1 2 (A1) Security Documents on any Receiver; (ii) conferred by the LPA (as varied or extended by the Series 2023-1 2 (A1) Security Documents) on mortgagees; or (iii) otherwise conferred by law on mortgagees or receivers.

Consequences of Enforceable Security. From the date on which the Series 20232020-1 (A1A4) Security becomes enforceable in accordance with Clause 13 (Security Enforceable) above and subject to the provisions of the Conditions and the Note Trust Deed including, without limitation, Clause 12.2 (Enforcement Notice) of the Note Trust Deed and its rights at all times to be indemnified and/or secured to its satisfaction: (a) the Note Trustee on behalf of the Series 20232020-1 (A1A4) Secured Creditors may enforce its rights in respect of the Series 20232020-1 (A1A4) Secured Property; (b) if it has not already crystallised, the Floating Charge, created pursuant to the Note Trust Deed, shall crystallise; (c) subject to the provisions of the Conditions and the Note Trust Deed, the Note Trustee may institute such proceedings against the Issuer and take such action as it may think fit to enforce all or any part of the Series 20232020-1 (A1A4) Security; (d) the Note Trustee shall hold upon trust and apply all moneys received by it under the Note Trust Deed and this Note Trust Deed Supplement in connection with the realisation of the Series 20232020-1 (A1A4) Secured Property or enforcement of the security interest in respect of Series 20232020-1 (A1A4) in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (e) amounts may be withdrawn from the Series 20232020-1 (A1A4) Charged Accounts only by the Note Trustee and shall be applied only in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (f) the Note Trustee may appoint a Receiver in relation to the Series 20232020-1 (A1A4) Security in accordance with Clause 6 (Appointment and Removal of Receiver and Administrator) of the Note Trust Deed; (g) whether or not it has appointed a Receiver, the Note Trustee may exercise all or any of the powers, authorities and discretions: (i) conferred by the Series 20232020-1 (A1A4) Security Documents on any Receiver; (ii) conferred by the LPA (as varied or extended by the Series 20232020-1 (A1A4) Security Documents) on mortgagees; or (iii) otherwise conferred by law on mortgagees or receivers.

Consequences of Enforceable Security. From the date on which the Series 20232020-1 (A1A2) Security becomes enforceable in accordance with Clause 13 (Security Enforceable) above and subject to the provisions of the Conditions and the Note Trust Deed including, without limitation, Clause 12.2 (Enforcement Notice) of the Note Trust Deed and its rights at all times to be indemnified and/or secured to its satisfaction: (a) the Note Trustee on behalf of the Series 20232020-1 (A1A2) Secured Creditors may enforce its rights in respect of the Series 20232020-1 (A1A2) Secured Property; (b) if it has not already crystallised, the Floating Charge, created pursuant to the Note Trust Deed, shall crystallise; (c) subject to the provisions of the Conditions and the Note Trust Deed, the Note Trustee may institute such proceedings against the Issuer and take such action as it may think fit to enforce all or any part of the Series 20232020-1 (A1A2) Security; (d) the Note Trustee shall hold upon trust and apply all moneys received by it under the Note Trust Deed and this Note Trust Deed Supplement in connection with the realisation of the Series 20232020-1 (A1A2) Secured Property or enforcement of the security interest in respect of Series 20232020-1 (A1A2) in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (e) amounts may be withdrawn from the Series 20232020-1 (A1A2) Charged Accounts only by the Note Trustee and shall be applied only in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (f) the Note Trustee may appoint a Receiver in relation to the Series 20232020-1 (A1A2) Security in accordance with Clause 6 (Appointment and Removal of Receiver and Administrator) of the Note Trust Deed; (g) whether or not it has appointed a Receiver, the Note Trustee may exercise all or any of the powers, authorities and discretions: (i) conferred by the Series 20232020-1 (A1A2) Security Documents on any Receiver; (ii) conferred by the LPA (as varied or extended by the Series 20232020-1 (A1A2) Security Documents) on mortgagees; or (iii) otherwise conferred by law on mortgagees or receivers.

Consequences of Enforceable Security. From the date on which the Series 20232020-1 (A1) Security becomes enforceable in accordance with Clause 13 (Security Enforceable) above and subject to the provisions of the Conditions and the Note Trust Deed including, without limitation, Clause 12.2 (Enforcement Notice) of the Note Trust Deed and its rights at all times to be indemnified and/or secured to its satisfaction: (a) the Note Trustee on behalf of the Series 20232020-1 (A1) Secured Creditors may enforce its rights in respect of the Series 20232020-1 (A1) Secured Property; (b) if it has not already crystallised, the Floating Charge, created pursuant to the Note Trust Deed, shall crystallise; (c) subject to the provisions of the Conditions and the Note Trust Deed, the Note Trustee may institute such proceedings against the Issuer and take such action as it may think fit to enforce all or any part of the Series 20232020-1 (A1) Security; (d) the Note Trustee shall hold upon trust and apply all moneys received by it under the Note Trust Deed and this Note Trust Deed Supplement in connection with the realisation of the Series 20232020-1 (A1) Secured Property or enforcement of the security interest in respect of Series 20232020-1 (A1) in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (e) amounts may be withdrawn from the Series 20232020-1 (A1) Charged Accounts only by the Note Trustee and shall be applied only in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (f) the Note Trustee may appoint a Receiver in relation to the Series 20232020-1 (A1) Security in accordance with Clause 6 (Appointment and Removal of Receiver and Administrator) of the Note Trust Deed; (g) whether or not it has appointed a Receiver, the Note Trustee may exercise all or any of the powers, authorities and discretions: (i) conferred by the Series 20232020-1 (A1) Security Documents on any Receiver; (ii) conferred by the LPA (as varied or extended by the Series 20232020-1 (A1) Security Documents) on mortgagees; or (iii) otherwise conferred by law on mortgagees or receivers.

Consequences of Enforceable Security. From the date on which the Series 2023-1 (A1A3) Security becomes enforceable in accordance with Clause 13 (Security Enforceable) above and subject to the provisions of the Conditions and the Note Trust Deed including, without limitation, Clause 12.2 (Enforcement Notice) of the Note Trust Deed and its rights at all times to be indemnified and/or secured to its satisfaction: (a) the Note Trustee on behalf of the Series 2023-1 (A1A3) Secured Creditors may enforce its rights in respect of the Series 2023-1 (A1A3) Secured Property; (b) if it has not already crystallised, the Floating Charge, created pursuant to the Note Trust Deed, shall crystallise; (c) subject to the provisions of the Conditions and the Note Trust Deed, the Note Trustee may institute such proceedings against the Issuer and take such action as it may think fit to enforce all or any part of the Series 2023-1 (A1A3) Security; (d) the Note Trustee shall hold upon trust and apply all moneys received by it under the Note Trust Deed and this Note Trust Deed Supplement in connection with the realisation of the Series 2023-1 (A1A3) Secured Property or enforcement of the security interest in respect of Series 2023-1 (A1A3) in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (e) amounts may be withdrawn from the Series 2023-1 (A1A3) Charged Accounts only by the Note Trustee and shall be applied only in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (f) the Note Trustee may appoint a Receiver in relation to the Series 2023-1 (A1A3) Security in accordance with Clause 6 (Appointment and Removal of Receiver and Administrator) of the Note Trust Deed; (g) whether or not it has appointed a Receiver, the Note Trustee may exercise all or any of the powers, authorities and discretions: (i) conferred by the Series 2023-1 (A1A3) Security Documents on any Receiver; (ii) conferred by the LPA (as varied or extended by the Series 2023-1 (A1A3) Security Documents) on mortgagees; or (iii) otherwise conferred by law on mortgagees or receivers.

Consequences of Enforceable Security. From the date on which the Series 20232020-1 (A1A3) Security becomes enforceable in accordance with Clause 13 (Security Enforceable) above and subject to the provisions of the Conditions and the Note Trust Deed including, without limitation, Clause 12.2 (Enforcement Notice) of the Note Trust Deed and its rights at all times to be indemnified and/or secured to its satisfaction: (a) the Note Trustee on behalf of the Series 20232020-1 (A1A3) Secured Creditors may enforce its rights in respect of the Series 20232020-1 (A1A3) Secured Property; (b) if it has not already crystallised, the Floating Charge, created pursuant to the Note Trust Deed, shall crystallise; (c) subject to the provisions of the Conditions and the Note Trust Deed, the Note Trustee may institute such proceedings against the Issuer and take such action as it may think fit to enforce all or any part of the Series 20232020-1 (A1A3) Security; (d) the Note Trustee shall hold upon trust and apply all moneys received by it under the Note Trust Deed and this Note Trust Deed Supplement in connection with the realisation of the Series 20232020-1 (A1A3) Secured Property or enforcement of the security interest in respect of Series 20232020-1 (A1A3) in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (e) amounts may be withdrawn from the Series 20232020-1 (A1A3) Charged Accounts only by the Note Trustee and shall be applied only in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (f) the Note Trustee may appoint a Receiver in relation to the Series 20232020-1 (A1A3) Security in accordance with Clause 6 (Appointment and Removal of Receiver and Administrator) of the Note Trust Deed; (g) whether or not it has appointed a Receiver, the Note Trustee may exercise all or any of the powers, authorities and discretions: (i) conferred by the Series 20232020-1 (A1A3) Security Documents on any Receiver; (ii) conferred by the LPA (as varied or extended by the Series 20232020-1 (A1A3) Security Documents) on mortgagees; or (iii) otherwise conferred by law on mortgagees or receivers.

Consequences of Enforceable Security. From the date on which the Series 2023-1 (A1A2) Security becomes enforceable in accordance with Clause 13 (Security Enforceable) above and subject to the provisions of the Conditions and the Note Trust Deed including, without limitation, Clause 12.2 (Enforcement Notice) of the Note Trust Deed and its rights at all times to be indemnified and/or secured to its satisfaction: (a) the Note Trustee on behalf of the Series 2023-1 (A1A2) Secured Creditors may enforce its rights in respect of the Series 2023-1 (A1A2) Secured Property; (b) if it has not already crystallised, the Floating Charge, created pursuant to the Note Trust Deed, shall crystallise; (c) subject to the provisions of the Conditions and the Note Trust Deed, the Note Trustee may institute such proceedings against the Issuer and take such action as it may think fit to enforce all or any part of the Series 2023-1 (A1A2) Security; (d) the Note Trustee shall hold upon trust and apply all moneys received by it under the Note Trust Deed and this Note Trust Deed Supplement in connection with the realisation of the Series 2023-1 (A1A2) Secured Property or enforcement of the security interest in respect of Series 2023-1 (A1A2) in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (e) amounts may be withdrawn from the Series 2023-1 (A1A2) Charged Accounts only by the Note Trustee and shall be applied only in accordance with the priority of payments upon enforcement as contained in Condition 4(c); (f) the Note Trustee may appoint a Receiver in relation to the Series 2023-1 (A1A2) Security in accordance with Clause 6 (Appointment and Removal of Receiver and Administrator) of the Note Trust Deed; (g) whether or not it has appointed a Receiver, the Note Trustee may exercise all or any of the powers, authorities and discretions: (i) conferred by the Series 2023-1 (A1A2) Security Documents on any Receiver; (ii) conferred by the LPA (as varied or extended by the Series 2023-1 (A1A2) Security Documents) on mortgagees; or (iii) otherwise conferred by law on mortgagees or receivers.