Common use of INVESTMENT BY TRUSTEE Clause in Contracts

INVESTMENT BY TRUSTEE. (A) IF the amount of the moneys at any time available for the payment of principal and interest in respect of the Notes issued by the relevant Issuer under Clause 10 shall be less than 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding the Trustee may at its discretion invest such moneys in some or one of the investments authorised below. The Trustee at its discretion may vary such investments and may accumulate such investments and the resulting income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding and then such accumulations and funds shall be applied under Clause 10. (B) Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments for the time being authorised by English law for the investment by trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the Trustee or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution is the Trustee or a Subsidiary, holding or associated company of the Trustee, it need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such investments for or into other investments or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.

INVESTMENT BY TRUSTEE. 12.1 No provision of these presents shall (Aa) IF confer on the amount Trustee any right to exercise any investment discretion in relation to the assets subject to the trust constituted by these presents and, to the extent permitted by law, Section 3 of the Trustee Act 2000 shall not apply to the duties of the Trustee in relation to the trusts constituted by these presents and (b) require the Trustee to do anything which may cause the Trustee to be considered a sponsor of a covered fund under Section 619 of the Xxxx- Xxxxx Xxxx Street Reform and Consumer Protection Act and any regulations promulgated thereunder. 12.2 The Trustee may place moneys at any time available for the payment of principal and interest in respect of the Notes issued by the relevant Issuer under Clause 10 shall be less than 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding the Trustee may at or Coupons on deposit in its discretion invest such moneys in some or one of the investments authorised below. The Trustee at its discretion may vary such investments and may accumulate such investments and the resulting income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding and then such accumulations and funds shall be applied under Clause 10. (B) Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the its control of the Trustee in any investments for the time being authorised by English law for the investment by trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the Trustee or by placing the same on deposit in the name or under the control of the Trustee an account at such bank or other financial institution and in such currency as the Trustee may may, in its absolute discretion, think fit. If that bank or financial institution is the Trustee or a Subsidiary, holding Holding Company or associated company of the Trustee, it the Trustee need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. . 12.3 The parties acknowledge and agree that in the event that any deposits in respect of the Notes or Coupons are held by a bank or a financial institution in the name of the Trustee and the interest rate in respect of certain currencies is a negative value such that the application thereof would result in amounts being debited from funds held by such bank or financial institution (“negative interest”), the Trustee shall not be liable to make up any shortfall or be liable for any loss. 12.4 The Trustee may at its discretion accumulate such deposits and the resulting interest and other income derived thereon. The accumulated deposits shall be applied under Clause 10. All interest and other income deriving from such deposits shall be applied first in payment or satisfaction of all amounts then due and unpaid under Clause 15 and/or Clause 16(j) to the Trustee and/or any time vary any such investments Appointee and otherwise held for the benefit of and paid to the Noteholders or into other investments or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or depositsthe holders of the related Coupons, whether due to depreciation in value, fluctuations in exchange rates or otherwiseas the case may be.

INVESTMENT BY TRUSTEE. (A) IF the amount of the moneys at any time available for the payment of principal principal, premium (if any) and interest in respect of the Notes issued by the relevant Issuer Securities under Clause 10 9 shall be less than 10 per cent. of the nominal principal amount of the Notes issued by such Issuer Securities then outstanding the Trustee may at its discretion invest such moneys in some or one of the investments authorised below. The Trustee at its discretion may vary such investments and may accumulate such investments and the resulting income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal principal amount of the Notes issued by such Issuer Securities then outstanding and then such accumulations and funds shall be applied under Clause 109. (B) Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments for the time being authorised by English law for the investment by trustees of trust moneys or other assets in any other investments part of the world whether similar to the aforesaid or not which may be selected by the Trustee they produce income or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution is the Trustee or a Subsidiary, holding or associated company of the Trustee, it need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such investments for or into other investments or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.

INVESTMENT BY TRUSTEE. (A) IF the amount of the moneys at any time available for the payment of principal and interest in respect of the Notes issued by the relevant Issuer under Clause 10 9 shall be less than 10 per cent. of the nominal amount of the Notes issued by such the Issuer then outstanding the Trustee may at its discretion invest such moneys in some or one of the investments authorised below. The Trustee at its discretion may vary such investments and may accumulate such investments and the resulting income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal amount of the Notes issued by such the Issuer then outstanding and then such accumulations and funds shall be applied under Clause 109. (B) Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments for the time being authorised by English law for the investment by trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the Trustee or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution is the Trustee or a Subsidiarysubsidiary, holding or associated company of the Trustee, it need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such investments for or into other investments or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.

INVESTMENT BY TRUSTEE. (A) IF the amount of the moneys at any time available for the payment of principal and interest in respect of the Notes issued by the relevant Issuer under Clause 10 shall be less than 10 per cent. of the nominal principal amount of the Notes issued by such Issuer then outstanding the Trustee may at its discretion invest such moneys in some or one of the investments authorised below. The Trustee at its discretion may vary such investments and may accumulate such investments and the resulting income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal principal amount of the Notes issued by such Issuer then outstanding and then such accumulations and funds shall be applied under Clause 10. (B) Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any of the investments for the time being authorised by English law for the investment by trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the Trustee or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution (the long term debt of which has a current credit rating of at least A+ from Standard & Poor’s Ratings Services, a division of the McGraw Hill Companies, Inc. or A1 from Xxxxx’x Investors Service Limited) and in such currency as the Trustee may think fit. If that bank or other financial institution is the Trustee or a Subsidiarysubsidiary, holding or associated company of the Trustee, it such bank or other financial institution need only account for an amount of interest equal to the largest amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such investments for or into other investments or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.

INVESTMENT BY TRUSTEE. (A) IF 11.1 If the amount of the moneys at any time available for the payment of principal and interest in respect of the Notes issued by the relevant Issuer under Clause 10 9 shall be less than 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding the Trustee may at its discretion invest such moneys in some or one of the investments authorised below. The Trustee at its discretion may vary such investments and may accumulate such investments and the resulting income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding and then such accumulations and funds shall be applied under Clause 109. (B) 11.2 Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments for or other assets in any part of the time being world, in each case authorised by English law for the investment by the trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the Trustee they produce income or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution is the Trustee or a Subsidiary, holding or associated company of the Trustee, it need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such investments for or into other investments authorised as referred to above or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.

INVESTMENT BY TRUSTEE. (A) IF 12.1 If the amount of the moneys at any time available for the payment of principal and interest in respect of the Notes issued by the relevant Issuer under Clause 10 shall be less than 10 per cent. of the nominal amount of the Notes issued by such the Issuer then outstanding outstanding, the Trustee may at its discretion invest such moneys in some or one of the investments authorised below. The Trustee at its discretion may vary such investments and may accumulate such investments and the resulting income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal amount of the Notes issued by such the Issuer then outstanding and then such accumulations and funds shall be applied under Clause 10. (B) 12.2 Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments or other assets in any part of the world in each case for the time being authorised by English law for the investment by trustees of trust moneys or in any other investments this money whether similar to the aforesaid or not which may be selected by the Trustee they produce income or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution is the Trustee or a Subsidiarysubsidiary, holding or associated company of the Trustee, it need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such investments for or into other investments or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.

INVESTMENT BY TRUSTEE. (A) IF 12.1 If the amount of the moneys held by the Trustee at any time available for the payment of principal and interest in respect of the Notes issued by the relevant Issuer of any Series under Clause 10 (Application of Moneys) shall be less than a sum sufficient to pay at least 10 per cent. of the nominal principal amount of the Notes issued by of such Issuer Series then outstanding outstanding, the Trustee may at its discretion invest election place such moneys on deposit into an account bearing a market rate interest (and for the avoidance of doubt, the Trustee shall not be required to obtain best rates, be responsible for any loss occasioned by such deposit or exercise any other form of investment discretion with respect to such deposits) in some the name or one under the control of the investments authorised belowTrustee at such bank or other financial institution and in such currency as the Trustee may think fit in light of the cash needs of the transaction and not for purposes of generating income. The Trustee may at its discretion may vary such investments and may accumulate such investments and the resulting income moneys until the accumulations, accumulations together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal principal amount of the Notes issued by of such Issuer Series then outstanding and then such accumulations and funds (after deduction of, or provision for, any applicable taxes) shall then be applied as provided under Clause 10. 10 (B) Any Application of Moneys). If such moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments for the time being authorised by English law for the investment by trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the Trustee or by placing the same are placed on deposit in the name or under the control of the Trustee at such with a bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution which is the Trustee or a Subsidiarysubsidiary, holding company, affiliate or associated company of the Trustee, it need only account for an amount of interest equal to the standard amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. For the avoidance of doubt, and save as provided in this Clause 12, the Trustee shall in no circumstances have any discretion to invest any moneys referred to in this Clause 12 in any other investments or other assets. 12.2 Notwithstanding anything in this Trust Deed to the contrary, the Trustee shall not do, or be authorised or required to do, anything which might constitute a regulated activity for the purpose of the FSMA, unless it is authorised under the FSMA to do so. The Trustee may shall have the discretion at any time vary (i) to delegate any of the functions which fall to be performed by an authorised person under the FSMA to any agent or person which has the necessary authorisations and licences and (ii) to apply for authorisation under the FSMA and perform any or all such investments for functions itself if, in its absolute discretion, it considers it necessary, desirable or into other investments appropriate to do so. Nothing in these presents shall require the Trustee to assume an obligation of the Issuer or convert any moneys so deposited into Guarantor arising under any provisions of the listing, prospectus, disclosure or transparency rules (or equivalent rules of any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwisecompetent authority besides the Financial Conduct Authority).

INVESTMENT BY TRUSTEE. (A) IF the amount of the moneys at any time available for the payment of principal and interest in respect of the Notes issued by the relevant Issuer under Clause 10 11 shall be less than 10 per cent. of the nominal principal amount of the Notes issued by such Issuer then outstanding the Trustee may at its discretion invest such moneys in some or one of the investments authorised below. The Trustee at its discretion may vary such investments and may accumulate such investments and the resulting income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal principal amount of the Notes issued by such Issuer then outstanding and then such accumulations and funds shall be applied under Clause 1011. (B) Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any of the investments for the time being authorised by English law for the investment by trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the Trustee or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution (the long term debt of which has a current credit rating of at least A+ from Standard & Poor’s Ratings Services, a division of the McGraw Hill Companies, Inc. or A1 from Xxxxx’x Investors Service Limited) and in such currency as the Trustee may think fit. If that bank or other financial institution is the Trustee or a Subsidiarysubsidiary, holding or associated company of the Trustee, it such bank or other financial institution need only account for an amount of interest equal to the largest amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such Table of Contents investments for or into other investments or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.

INVESTMENT BY TRUSTEE. (A) IF 12.1 If the amount of the moneys at any time available for the payment of principal and interest in respect of the Notes issued by the relevant Issuer under Clause 10 shall be less than 10 per cent. of the nominal amount of the Notes issued by such the Issuer then outstanding the Trustee may at its discretion invest such moneys in some or one of the investments authorised below. The Trustee at its discretion may vary such investments and may my accumulate such investments and the resulting income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal amount of the Notes issued by such the Issuer then outstanding and then such accumulations and funds shall be applied under Clause 10. (B) 12.2 Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments for or other assets in any part of the time being world, in each case authorised by English law for the investment by the trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the Trustee they produce income or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution is the Trustee or a Subsidiary, holding or associated company of the Trustee, it need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such investments for or into in to other investments authorised as referred to above or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.

INVESTMENT BY TRUSTEE. (A) IF ‌ 12.1 If the amount of the moneys held by the Trustee at any time available for the payment of principal and interest in respect of the Notes issued by the relevant Issuer of any Series under Clause 10 (Application of Moneys) shall be less than a sum sufficient to pay at least 10 per cent. of the nominal principal amount of the Notes issued by of such Issuer Series then outstanding outstanding, the Trustee may at its discretion invest election place such moneys on deposit into an account bearing a market rate interest (and for the avoidance of doubt, the Trustee shall not be required to obtain best rates, be responsible for any loss occasioned by such deposit or exercise any other form of investment discretion with respect to such deposits) in some the name or one under the control of the investments authorised belowTrustee at such bank or other financial institution and in such currency as the Trustee may think fit in light of the cash needs of the transaction and not for purposes of generating income. The Trustee may at its discretion may vary such investments and may accumulate such investments and the resulting income moneys until the accumulations, accumulations together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal principal amount of the Notes issued by of such Issuer Series then outstanding and then such accumulations and funds (after deduction of, or provision for, any applicable taxes) shall then be applied as provided under Clause 10. 10 (B) Any Application of Moneys). If such moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments for the time being authorised by English law for the investment by trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the Trustee or by placing the same are placed on deposit in the name or under the control of the Trustee at such with a bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution which is the Trustee or a Subsidiarysubsidiary, holding company, affiliate or associated company of the Trustee, it need only account for an amount of interest equal to the standard amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. For the avoidance of doubt, and save as provided in this Clause 12, the Trustee shall in no circumstances have any discretion to invest any moneys referred to in this Clause 12 in any other investments or other assets. 12.2 Notwithstanding anything in this Trust Deed to the contrary, the Trustee shall not do, or be authorised or required to do, anything which might constitute a regulated activity for the purpose of the FSMA, unless it is authorised under the FSMA to do so. The Trustee may shall have the discretion at any time vary (i) to delegate any of the functions which fall to be performed by an authorised person under the FSMA to any agent or person which has the necessary authorisations and licences and (ii) to apply for authorisation under the FSMA and perform any or all such investments for functions itself if, in its absolute discretion, it considers it necessary, desirable or into other investments appropriate to do so. Nothing in these presents shall require the Trustee to assume an obligation of the Issuer or convert any moneys so deposited into Guarantor arising under any provisions of the listing, prospectus, disclosure or transparency rules (or equivalent rules of any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwisecompetent authority besides the Financial Conduct Authority).

INVESTMENT BY TRUSTEE. (A) IF 9.1 If the amount of the moneys at any time available for the payment of principal and interest in respect of the Class A Notes, the Class B Notes issued by or the relevant Issuer Class C Notes, as the case may be, under Clause 10 8.2 of the Deed of Charge shall be less than 10 per cent. cent of the nominal amount aggregate Principal Amount Outstanding of the Class A Notes, the Class B Notes issued by such Issuer and the Class C Notes then outstanding the Trustee may at its discretion invest such moneys in some or one of the investments hereinafter authorised below. The Trustee with power from time to time at its the like discretion may to vary such investments and may accumulate such investments and with the resulting income therefrom may be accumulated until the accumulations, accumulations together with any other funds for the time being under the control of the Trustee and available for such purpose, purpose shall amount to at least a sum being not less than 10 per cent. of the nominal amount aggregate Principal Amount Outstanding of the Class A Notes, the Class B Notes issued by such Issuer and the Class C Notes then outstanding and then such accumulations and funds shall be applied under in the manner provided in Clause 108.2 of the Deed of Charge. (B) 9.2 Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments for Authorised Investments and the time being authorised by English law for the investment by trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the Trustee or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution is the Trustee or a Subsidiary, holding or associated company of the Trustee, it need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time or times vary any such investments for or Authorised Investments into other investments or convert any moneys so deposited into any other currency Authorised Investments and shall not be responsible for or any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwiseotherwise resulting from any such Authorised Investments.

INVESTMENT BY TRUSTEE. (A) IF 11.1 If the amount of the moneys at any time available for the payment of principal and interest in respect of the Notes issued by the relevant Issuer under Clause 10 9 shall be less than 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding the Trustee may at its discretion invest such moneys in some or one of the investments authorised below. The Trustee at its discretion may vary such investments and may accumulate such investments and the resulting income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding and then such accumulations and funds (after deduction of, or provision for, any applicable taxes) shall be applied under Clause 109. (B) 11.2 Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments for or other assets in any part of the time being world, in each case authorised by English law for the investment by the trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the Trustee they produce income or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution is the Trustee or a Subsidiary, holding or associated company of the Trustee, it need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such investments for or into other investments authorised as referred to above or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.

INVESTMENT BY TRUSTEE. (A) IF the amount of the 12.1 The Trustee may at its discretion and pending payment invest moneys at any time available for the payment of principal and interest in respect of on the Notes issued by the relevant Issuer under Clause 10 shall be less than 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding the Trustee may at its discretion invest such moneys in some or one of the investments hereinafter authorised below. The Trustee for such periods as it may consider expedient with power from time to time at its the like discretion may to vary such investments and may to accumulate such investments and the resulting interest and other income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per centderived therefrom. of the nominal amount of the Notes issued by such Issuer then outstanding and then such accumulations and funds The accumulated investments shall be applied under Clause clause 10. All interest and other income deriving from such investments shall be applied first in payment or satisfaction of all amounts then due and unpaid under clause 15 to the Trustee and/or any Appointee and otherwise held for the benefit of and paid to the Noteholders or the holders of the related Coupons, as the case may be. (B) 12.2 Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments for the time being authorised by English law for the investment by trustees of trust moneys or other assets in any other investments part of the world whether similar to the aforesaid or not which may be selected by the Trustee they produce income or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution is the Trustee or a Subsidiarysubsidiary, holding or associated company of the Trustee, it need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such investments for or into other investments or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.

INVESTMENT BY TRUSTEE. (A) IF the amount of the moneys at any time available for the payment of principal and interest in respect of the Notes issued by the relevant Issuer under Clause 10 shall be less than 10 per cent. of the nominal principal amount of the Notes issued by such Issuer then outstanding the Trustee may at its discretion invest such moneys in some or one of the investments authorised below. The Trustee at its discretion may vary such investments and may accumulate such investments and the resulting income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal principal amount of the Notes issued by such Issuer then outstanding and then such accumulations and funds shall be applied under Clause 10. (B) Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any of the investments for the time being authorised by English law for the investment by trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the Trustee or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution (the long term debt of which has a current credit rating of at least A+ from Standard & Poor's Ratings Services, a division of the McGraw Hill Companies, Inc. or A1 from Xxxxx'x Investors Service Limited) and in such currency as the Trustee may think fit. If that bank or other financial institution is the Trustee or a Subsidiarysubsidiary, holding or associated company of the Trustee, it such bank or other financial institution need only account for an amount of interest equal to the largest amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such investments for or into other investments or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.

INVESTMENT BY TRUSTEE. (A) IF the amount of the moneys at any time available for the payment of principal and interest in respect of the Notes issued by the relevant Issuer under Clause 10 9 shall be less than 10 per cent. of the nominal amount of the Notes issued by such the relevant Issuer then outstanding the Trustee may at its discretion invest such moneys in some or one of the investments authorised below. The Trustee at its discretion may vary such investments and may accumulate such investments and the resulting income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal amount of the Notes issued by such the relevant Issuer then outstanding and then such accumulations and funds shall be applied under Clause 109. (B) Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments for or other assets in any part of the time being world, in each case authorised by English law for the investment by the trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the Trustee they produce income or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution is the Trustee or a Subsidiary, holding or associated company of the Trustee, it need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such investments for or into other investments authorised as referred to above or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.

INVESTMENT BY TRUSTEE. 13.1 No provision of these presents shall (Aa) IF confer on the amount Trustee any right to exercise any investment discretion in relation to the assets subject to the trust constituted by these presents and, to the extent permitted by law, Section 3 of the Trustee Act 2000 shall not apply to the duties of the Trustee in relation to the trusts constituted by these presents and (b) require the Trustee to do anything which may cause the Trustee to be considered a sponsor of a covered fund under Section 619 of the Xxxx- Xxxxx Xxxx Street Reform and Consumer Protection Act and any regulations promulgated thereunder. 13.2 The Trustee may place moneys at any time available for the payment of principal and interest in respect of the Notes issued by the relevant Issuer under Clause 10 shall be less than 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding the Trustee may at or Coupons on deposit in its discretion invest such moneys in some or one of the investments authorised below. The Trustee at its discretion may vary such investments and may accumulate such investments and the resulting income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding and then such accumulations and funds shall be applied under Clause 10. (B) Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the its control of the Trustee in any investments for the time being authorised by English law for the investment by trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the Trustee or by placing the same on deposit in the name or under the control of the Trustee an account at such bank or other financial institution and in such currency as the Trustee may may, in its absolute discretion, think fit. If that bank or financial institution is the Trustee or a Subsidiary, holding Holding Company or associated company of the Trustee, it the Trustee need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. . 13.3 The parties acknowledge and agree that in the event that any deposits in respect of the Notes or Coupons are held by a bank or a financial institution in the name of the Trustee and the interest rate in respect of certain currencies is a negative value such that the application thereof would result in amounts being debited from funds held by such bank or financial institution (“negative interest”), the Trustee shall not be liable to make up any shortfall or be liable for any loss. 13.4 The Trustee may at its discretion accumulate such deposits and the resulting interest and other income derived thereon. The accumulated deposits shall be applied under Clause 10. All interest and other income deriving from such deposits shall be applied first in payment or satisfaction of all amounts then due and unpaid under Clause 15 and/or Clause 16(j) to the Trustee and/or any time vary any such investments Appointee and otherwise held for the benefit of and paid to the Noteholders or into other investments or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or depositsthe holders of the related Coupons, whether due to depreciation in value, fluctuations in exchange rates or otherwiseas the case may be.

INVESTMENT BY TRUSTEE. (A) IF the amount of the THE Trustee may at its discretion and pending payment invest moneys at any time available for the payment of principal and interest in respect of on the Notes issued by the relevant Issuer under Clause 10 shall be less than 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding the Trustee may at its discretion invest such moneys any Series in some or one of the investments hereinafter authorised below. The Trustee for such periods as it may consider expedient with power from time to time at its the like discretion may to vary such investments and may to accumulate such investments and the resulting interest and other income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per centdesired therefrom. of the nominal amount of the Notes issued by such Issuer then outstanding and then such accumulations and funds The accumulated investments shall be applied under Clause 10. All interest and other income from such investments shall be applied first in payment or satisfaction of all amounts then done and unpaid under Clauses 15 and/or 16(J) to the Trustee and/or any Appointee and otherwise held for the benefit of an unpaid to the holders of the Notes of such Series or the holders of the related Coupons, as the case may be. (B) Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments for the time being authorised by English law for the investment by trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the Trustee or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution is the Trustee or a Subsidiary, holding or associated company of the Trustee, it need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such investments for or into other investments or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.

INVESTMENT BY TRUSTEE. (A) IF ‌ 11.1 If the amount of the moneys at any time available for the payment of principal and interest in respect of the Notes issued by the relevant Issuer under Clause 10 9 shall be less than 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding the Trustee may at its discretion invest such moneys in some or one of the investments authorised below. The Trustee at its discretion may vary such investments and may accumulate such investments and the resulting income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding and then such accumulations and funds shall be applied under Clause 109. (B) 11.2 Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments for or other assets in any part of the time being world, in each case authorised by English law for the investment by the trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the Trustee they produce income or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution is the Trustee or a Subsidiary, holding or associated company of the Trustee, it need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such investments for or into other investments authorised as referred to above or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.

INVESTMENT BY TRUSTEE. (A) IF 14.1 The Trustee may at its discretion and pending payment invest moneys at any time available for the payment of principal and interest on the Notes of any Series in some or one of the investments hereinafter authorised for such periods as it may consider expedient with power from time to time at the like discretion to vary such investments and to accumulate such investments and the resulting interest and other income derived therefrom. The accumulated investments shall be applied under Clause 12. All interest and other income deriving from such investments shall be applied first in payment or satisfaction of all amounts then due and unpaid under Clause 17 to the Trustee and/or any Appointee and otherwise held for the benefit of and paid to the Noteholders of such Series or the holders of the related Coupons. 14.2 If the amount of the moneys at any time available for the payment of principal and interest in respect of the Notes issued by the relevant Issuer under Clause 10 12 shall be less than 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding the Trustee may at its discretion invest such moneys in some or one of the investments authorised below. The Trustee at its discretion may vary such investments and may accumulate such investments and the resulting income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding and then such accumulations and funds shall be applied under Clause 1012. (B) 14.3 Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments for the time being authorised by English law for the investment by trustees of trust moneys or other assets in any other investments part of the world whether similar to the aforesaid or not which may be selected by the Trustee they produce income or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution is the Trustee or a Subsidiary, holding or associated company of the Trustee, it need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such investments for or into other investments or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.

INVESTMENT BY TRUSTEE. (A) IF the amount of the The Trustee may at its discretion and pending payment invest moneys at any time available for the payment of principal and interest in respect of on the Notes issued by the relevant Issuer under Clause 10 shall be less than 10 per cent. of the nominal amount of the Notes issued by such Issuer then outstanding the Trustee may at its discretion invest such moneys in some or one of the investments hereinafter authorised below. The Trustee for such periods as it may consider expedient with power from time to time at its the like discretion may to vary such investments and may to accumulate such investments and the resulting interest and other income until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per centderived therefrom. of the nominal amount of the Notes issued by such Issuer then outstanding and then such accumulations and funds The accumulated investments shall be applied under Clause 10. All interest and other income deriving from such investments shall be applied first in payment or satisfaction of all amounts then due and unpaid under Clause 15 to the Trustee and/or any Appointee and otherwise held for the benefit of and paid to the Noteholders or the holders of the related Coupons, as the case may be. (B) Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments for the time being authorised by English law for the investment by trustees of trust moneys or other assets in any other investments part of the world, whether similar to the aforesaid or not which may be selected by the Trustee they produce income or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution is the Trustee or a Subsidiary, holding or associated company of the Trustee, it need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such investments for or into other investments or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.