Common use of PRIORITY SECURED CREDITOR The relevant Clause in Contracts

PRIORITY SECURED CREDITOR The relevant. Supplemental Trust Deed will enable the Trustee to determine a Priority Secured Creditor (as defined in the Master Schedule of Definitions), which may be the Noteholders of the most senior ranking Class of Notes and, for such purpose the Noteholders of the most senior ranking Class of Notes such Series will be deemed to be a single Secured Creditor. Such Priority Secured Creditor will enjoy preferential ranking in the order of priority of payments on enforcement of the relevant Security or following a Mandatory Redemption (as set out in Condition 6.2), and the Trustee will, where the interests of such Priority Secured Creditor conflict with those of the other Secured Creditors (as defined in Condition 3.1.2), prefer the interests of such Priority Secured Creditor over that of other Secured Creditors (and shall not take into account the interests of such other Secured Creditors). If, following a request as aforesaid and unless the Trustee has already taken action pursuant to such request which (in its sole discretion it determines) it would not be practical to reverse, the identity of the Priority Secured Creditor changes to another Secured Creditor (as so provided in the definition of Priority Secured Creditor in the Master Schedule of Definitions), the Trustee shall in its absolute discretion and without liability therefor be entitled to take into account the request of such succeeding Priority Secured Creditor, but shall not be obliged to do so and shall not incur any liability for determining that it is impractical to take account of the change of identity of the Priority Secured Creditor.

PRIORITY SECURED CREDITOR The relevant. Supplemental Trust Deed Loan Note Supplement will enable the Security Trustee to determine a Priority Secured Creditor (as defined in the Master Schedule of DefinitionsFramework Agreement), which may be the Loan Noteholders of the most senior ranking Class of Loan Notes and, for such purpose the Loan Noteholders of the most senior ranking Class of Loan Notes such of a Series will be deemed to be a single Secured Creditor. Such Priority Secured Creditor will enjoy preferential ranking in the order of priority of payments on enforcement of the relevant Security or following a Mandatory Early Redemption (as set out in Condition 6.2), and the Security Trustee will, where the interests of such Priority Secured Creditor conflict with those of the other Secured Creditors (as defined in Condition 3.1.2), prefer the interests of such Priority Secured Creditor over that of other Secured Creditors (and shall not take into account the interests of such other Secured Creditors). If, following a request as aforesaid and unless the Security Trustee has already taken action pursuant to such request which (in its sole discretion it determines) it would not be practical to reverse, the identity of the Priority Secured Creditor changes to another Secured Creditor (as so provided in the definition of Priority Secured Creditor in the Master Schedule of DefinitionsFramework Agreement), the Security Trustee shall in its absolute discretion and without liability therefor be entitled to take into account the request of such succeeding Priority Secured Creditor, but shall not be obliged to do so and shall not incur any liability for determining that it is impractical to take account of the change of identity of the Priority Secured Creditor.