Common use of PAYMENTS TO SECURED CREDITORS Clause in Contracts

PAYMENTS TO SECURED CREDITORS. The Issuer hereby covenants to pay to the Note Trustee all amounts due to the Secured Creditors of a Series in accordance with the order of priority of payments prior to and post enforcement of the security in respect of that Series as set out in the relevant Arran Funding Note Trust Deed Supplement, Condition 4 (Status, Security and Priority of Payments) (in terms of post enforcement) and Clause 12 (Application of Monies) and any other amounts payable by the Issuer hereunder which the Note Trustee determines in its sole discretion are referable or allocable to a Series (the "SECURED OBLIGATIONS") 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 Note 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. For the avoidance of doubt, nothing in this Arran Funding Note Trust Deed shall prevent the Issuer from creating security pursuant to an Arran Funding Note Trust Deed Supplement over specific assets in relation to a Series in favour of a specific sub-group of Secured Creditors or in respect of Secured Obligations in relation to such Series. Subject as provided in the relevant Arran Funding Note Trust Deed Supplement, the provisions of this Arran Funding Note Trust Deed shall, where the context permits, apply to any such Security mutatis mutandis as if it were Secured Property created in respect of Secured Obligations owed to Secured Creditors hereunder.

PAYMENTS TO SECURED CREDITORS. The Subject to paragraph 6 (Limited Recourse; Non-Petition) of the Common Terms, the Loan Note Issuer hereby covenants to pay to the Note Security Trustee all amounts due to the Secured Creditors of a Series of Loan Notes in accordance with the order of priority of payments prior to associated Loan Note Conditions and post enforcement of the security in respect of that Series as set out in the relevant Arran Funding Note Trust Deed Supplement, Condition 4 (Status, Security and Priority of Payments) (in terms of post enforcement) and Clause 12 (Application of Monies) Series Documents and any other amounts payable by the Loan Note Issuer hereunder or under any other Transaction Documents which the Note Security Trustee determines in its sole discretion are referable or allocable to a such Series of Loan Notes (the "SECURED OBLIGATIONSSecured Obligations") PROVIDED), HOWEVERprovided, however, that payment of any sum due to a Secured Creditor of such Series of Loan Notes 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 Note Security 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. For the avoidance of doubt, nothing in this Arran Funding Note Trust Deed shall prevent the Loan Note Issuer from creating security pursuant to an Arran Funding a Loan Note Trust Deed Supplement over specific assets (for the avoidance of doubt, not including the property charged or (as the case may be) assigned under Clause 6.1.1 (Assignment and Floating Charge)) in relation to a Series of Loan Notes in favour of a specific sub-group of Secured Creditors secured creditors or in respect of Secured Obligations secured obligations in relation to such SeriesSeries of Loan Notes. Subject as provided in the relevant Arran Funding Loan Note Trust Deed Supplement, the provisions of this Arran Funding Note Trust Deed shall, where the context permits, apply to any such Security security mutatis mutandis as if it were created over Secured Property created in respect of Secured Obligations owed to Secured Creditors hereunder.

PAYMENTS TO SECURED CREDITORS. The Issuer Issuing Entity hereby covenants to pay to the Note Trustee all amounts due to the Secured Creditors of a Series in accordance with the order of priority of payments prior to and post enforcement of the security Security in respect of that Series as set out in the relevant Arran Funding Note Trust Deed Supplement, Condition 4 3 (Status, Security and Priority of Payments) (in terms of post enforcement) and Clause 12 13 (Application of MoniesMoneys) and any other amounts payable by the Issuer Issuing Entity hereunder which the Note Trustee determines determines, in its sole discretion discretion, are referable or allocable to a Series (the "SECURED OBLIGATIONS") PROVIDED, HOWEVER, that 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 Note Trustee shall hold the benefit of this covenant in relation to each Series on trust for itself and each other Secured Creditor of such Series according to its and their respective interests. For the avoidance of doubt, nothing in this Arran Funding Note Trust Deed shall prevent the Issuer Issuing Entity from creating security Security pursuant to an Arran Funding a Note Trust Deed Supplement over specific assets in relation to a Series in favour of a specific sub-group of Secured Creditors or in respect of Secured Obligations in relation to such Series. Subject as provided in the relevant Arran Funding Note Trust Deed Supplement, the provisions of this Arran Funding Note Trust Deed shall, where the context permits, apply to any such Security mutatis mutandis as if it were Secured Property created in respect of Secured Obligations owed to Secured Creditors hereunder.

PAYMENTS TO SECURED CREDITORS. The Subject to paragraph 6 (Limited Recourse; Non-Petition) of the Common Terms, the Loan Note Issuer hereby covenants to pay to the Note Security Trustee all amounts due to the Secured Creditors of a Series of Loan Notes in accordance with the order of priority of payments prior to and post enforcement Loan Note Conditions of the security in respect of that relevant Series as set out in the relevant Arran Funding Note Trust Deed Supplement, Condition 4 (Status, Security and Priority of Payments) (in terms of post enforcement) and Clause 12 (Application of Monies) Documents and any other amounts payable by the Loan Note Issuer hereunder or under any other Transaction Documents which the Note Security Trustee determines in its sole discretion are referable or allocable to a such Series of Loan Notes (the "SECURED OBLIGATIONSSecured Obligations") PROVIDED), HOWEVERprovided, however, that payment of any sum due to a Secured Creditor of such Series of Loan Notes 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 Note Security 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. For the avoidance of doubt, nothing in this Arran Funding Note Trust Deed shall prevent the Loan Note Issuer from creating security pursuant to an Arran Funding a Loan Note Trust Deed Supplement over specific assets (for the avoidance of doubt, not including the property charged or (as the case may be) assigned under Clause 6.1.1 (Assignment and Floating Charge)) in relation to a Series of Loan Notes in favour of a specific sub-group of Secured Creditors secured creditors or in respect of Secured Obligations secured obligations in relation to such SeriesSeries of Loan Notes. Subject as provided in the relevant Arran Funding Loan Note Trust Deed Supplement, the provisions of this Arran Funding Note Trust Deed shall, where the context permits, apply to any such Security security mutatis mutandis as if it were created over Secured Property created in respect of Secured Obligations owed to Secured Creditors hereunder.

PAYMENTS TO SECURED CREDITORS. The Loan Note Issuer hereby covenants to pay to the Note Security Trustee all amounts due to the Secured Creditors of a Series in accordance with the order of priority of payments prior to terms and post enforcement conditions of the security in respect of that relevant Series as set out in the relevant Arran Funding Note Trust Deed Supplement, Condition 4 (Status, Security and Priority of Payments) (in terms of post enforcement) and Clause 12 (Application of Monies) Documents and any other amounts payable by the Loan Note Issuer hereunder which the Note Security Trustee determines in its sole discretion are referable or allocable to a Series (the "SECURED OBLIGATIONS") 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 Note Security 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. For the avoidance of doubt, nothing in this Arran Funding Note Security Trust Deed shall prevent the Loan Note Issuer from creating security pursuant to an Arran Funding a Loan Note Trust Deed Supplement over specific assets in relation to a Series in favour of a specific sub-group of Secured Creditors secured creditors or in respect of Secured Obligations secured obligations in relation to such Series. Subject as provided in the relevant Arran Funding Loan Note Trust Deed Supplement, the provisions of this Arran Funding Note Security Trust Deed shall, where the context permits, apply to any such Security security mutatis mutandis as if it were Secured Property created in respect of Secured Obligations owed to Secured Creditors hereunder.