Common use of RETENTION OF MASTER ISSUER SECURITY Clause in Contracts

RETENTION OF MASTER ISSUER SECURITY. (a) If the Master Issuer Security Trustee has reasonable grounds for believing that the Master Issuer may be unable to pay its debts as they fall due as at the date of any payment made by the Master Issuer to the Master Issuer Security Trustee, the Noteholders or any of the other Master Issuer Secured Creditors, then the Master Issuer Security Trustee may retain the Master Issuer Security until the expiry of a period of (subject to paragraph (b) below) one month plus the statutory period within which any assurance, security, guarantee or payment can be avoided or invalidated after the payment and discharge in full of all Master Issuer Secured Liabilities notwithstanding any release, settlement, discharge or arrangement which may be given or made by the Master Issuer Security Trustee on, or as a consequence of, such payment or discharge of liability. (b) If, at any time within the period referred to in paragraph (a) above, any person presents a petition, or files documents with a court or any registrar for the winding-up or administration of the Master Issuer or any analogous proceedings are commenced by or against the Master Issuer, the Master Issuer Security Trustee may continue to retain the Master Issuer Security for such further period as it may determine and the Master Issuer Security will be deemed to continue to be held as security for the payment and discharge to the Master Issuer Security Trustee of all of the Master Issuer Secured Liabilities.

RETENTION OF MASTER ISSUER SECURITY. (a) If the Master Issuer Security Trustee has reasonable grounds for believing that the Master Issuer may be unable to pay its debts as they fall due as at the date of any payment made by the Master Issuer to the Master Issuer Security Trustee, the Noteholders or any of the other Master Issuer Secured Creditors, then the Master Issuer Security Trustee may retain the Master Issuer Security until the expiry of a period of (subject to paragraph (b) below) one month plus the statutory period within which any assurance, security, guarantee or payment can be avoided or invalidated after the payment and discharge in full of all Master Issuer Secured Liabilities notwithstanding any release, settlement, discharge or arrangement which may be given or made by the Master Issuer Security Trustee on, or as a consequence of, such payment or discharge of liability. (b) If, at any time within the period referred to in paragraph (a) above, any person presents a petition, or files documents with a court or any registrar for the winding-up or administration of the Master Issuer or any analogous proceedings are commenced by or against the Master Issuer, the Master Issuer Security Trustee may continue to retain the Master Issuer Security for such further period as it may determine and the Master Issuer Security will be deemed to continue to be held as security for the payment and discharge to the Master Issuer Security Trustee of all of the Master Issuer Secured Liabilities.

RETENTION OF MASTER ISSUER SECURITY. (a) If the Master Issuer Security Trustee has reasonable grounds for believing that the Master Issuer may be unable to pay its debts as they fall due as at the date of any payment made by the Master Issuer to the Master Issuer Security Trustee, the Noteholders or any of the other Master Issuer Secured Creditors, then the Master Issuer Security Trustee may retain the Master Issuer Security until the expiry of a period of (subject to paragraph (b) below) one month plus the statutory period within which any assurance, security, guarantee or payment can be avoided or invalidated after the payment Back to Contents and discharge in full of all Master Issuer Secured Liabilities notwithstanding any release, settlement, discharge or arrangement which may be given or made by the Master Issuer Security Trustee on, or as a consequence of, such payment or discharge of liability. (b) If, at any time within the period referred to in paragraph (a) above, any person presents a petition, or files documents with a court or any registrar for the winding-up or administration of the Master Issuer or any analogous proceedings are commenced by or against the Master Issuer, the Master Issuer Security Trustee may continue to retain the Master Issuer Security for such further period as it may determine and the Master Issuer Security will be deemed to continue to be held as security for the payment and discharge to the Master Issuer Security Trustee of all of the Master Issuer Secured Liabilities.