Common use of PAYMENTS TO SECURED CREDITORS Clause in Contracts

PAYMENTS TO SECURED CREDITORS. The Loan Note Issuer hereby covenants to pay to the Security Trustee all amounts due to the Secured Creditors of a Series in accordance with the terms and conditions of the relevant Series Documents and any other amounts payable by the Loan Note Issuer hereunder which the 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 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 Security Trust Deed shall prevent the Loan Note Issuer from creating security pursuant to a Loan Note Supplement over specific assets in relation to a Series in favour of a specific sub-group of secured creditors or secured obligations in relation to such Series. Subject as provided in the relevant Loan Note Supplement, the provisions of this Security 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 Security Trustee all amounts due to the Secured Creditors of a Series of Loan Notes in accordance with the terms associated Loan Note Conditions and conditions of the relevant Series Documents and any other amounts payable by the Loan Note Issuer hereunder or under any other Transaction Documents which the 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 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 Security Trust Deed shall prevent the Loan Note Issuer from creating security pursuant to a Loan Note 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 or secured obligations in relation to such SeriesSeries of Loan Notes. Subject as provided in the relevant Loan Note Supplement, the provisions of this Security Trust Deed shall, where the context permits, apply to any such 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 Subject to paragraph 6 (Limited Recourse; Non-Petition) of the Common Terms, the Loan Note Issuer hereby covenants to pay to the Security Trustee all amounts due to the Secured Creditors of a Series of Loan Notes in accordance with the terms and conditions Loan Note Conditions of the relevant Series Documents and any other amounts payable by the Loan Note Issuer hereunder or under any other Transaction Documents which the 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 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 Security Trust Deed shall prevent the Loan Note Issuer from creating security pursuant to a Loan Note 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 or secured obligations in relation to such SeriesSeries of Loan Notes. Subject as provided in the relevant Loan Note Supplement, the provisions of this Security Trust Deed shall, where the context permits, apply to any such 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 Security Note Trustee all amounts due to the Secured Creditors of a Series in accordance with the terms order of priority of payments prior to and conditions post enforcement of the security in respect of that Series as set out in the relevant Series Documents 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 Loan Note Issuer hereunder which the Security 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 Security 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 Security Arran Funding Note Trust Deed shall prevent the Loan Note Issuer from creating security pursuant to a Loan 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 Secured Creditors or secured obligations in respect of Secured Obligations in relation to such Series. Subject as provided in the relevant Loan Arran Funding Note Trust Deed Supplement, the provisions of this Security Arran Funding Note 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.