Common use of PAYMENTS TO SECURED CREDITORS Clause in Contracts

PAYMENTS TO SECURED CREDITORS. The Issuer shall pay to the Trustee all amounts due to the Secured Creditors of a Series in accordance with the terms and conditions of the relevant Series Documents PROVIDED, HOWEVER, that payment of any sum due to a Secured Creditor of such Series made to such Secured Creditor shall, to that extent, satisfy such obligation. This covenant shall only have effect each time obligations are owed to Secured Creditors when the Trustee shall hold the benefit of this covenant in relation to each Series on trust for itself and each Secured Creditor of such Series according to their respective interests.

PAYMENTS TO SECURED CREDITORS. The Issuer shall pay to the Trustee all amounts due to the Secured Creditors of a Series in accordance with the terms and conditions of the relevant Series Documents PROVIDEDProvided, HOWEVERHowever, that payment of any sum due to a Secured Creditor of such Series made to such Secured Creditor shall, to that extent, satisfy such obligation. This covenant shall only have effect each time obligations are owed to Secured Creditors when the Trustee shall hold the benefit of this covenant in relation to each Series on trust for itself and each Secured Creditor of such Series according to their respective interests.