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.
Appears in 4 contracts
Samples: Security Trust Deed and MTN Cash Management Agreement (Gracechurch Receivables Trustee LTD), Security Trust Deed and MTN Cash Management Agreement (Barclaycard Funding PLC), Security Trust Deed and MTN Cash Management Agreement (Barclaycard Funding PLC)
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.
Appears in 1 contract
Samples: Security Trust Deed and MTN Cash Management Agreement (Gracechurch Receivables Trustee LTD)
