Common use of Right of appropriation Clause in Contracts

Right of appropriation. To the extent that any of the Series 2023-1 (A2) Secured Property constitutes "financial collateral" and the Note Trust Deed, as supplemented by this Note Trust Deed Supplement, and the obligations of the Issuer thereunder and hereunder constitute a "security financial collateral arrangement" (in each case as defined in, and for the purposes of, the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226) (the Financial Collateral Regulations) the Note Trustee shall have the right to appropriate all or any part of such financial collateral in or towards discharge of the Series 2023-1 (A2) Secured Obligations. For this purpose, the parties agree that the value of such financial collateral so appropriated shall be (a) in the case of cash, the amount standing to the credit of the Series 2023-1 (A2) Charged Accounts in which the Issuer may at any time in respect of Series 2023-1 (A2) have any Benefit, together with any accrued but unposted interest, at the time the right of appropriation is exercised; and (b) in the case of the Series 2023-1 (A2) Loan Note, the market price of the Series 2023- 1 (A2) Loan Note determined by the Note Trustee or any appointee or agent appointed by the Note Trustee or any Receiver or by such process as the Note Trustee or any appointee or agent appointed by the Note Trustee or any Receiver may select, including independent valuation. In each case, the parties agree that the method of valuation provided for in this Note Trust Deed Supplement shall constitute a commercially reasonable method of valuation for the purposes of the Financial Collateral Regulations.

Right of appropriation. To the extent that any of the Series 2023-1 (A2A1) Secured Property constitutes "financial collateral" and the Note Trust Deed, as supplemented by this Note Trust Deed Supplement, and the obligations of the Issuer thereunder and hereunder constitute a "security financial collateral arrangement" (in each case as defined in, and for the purposes of, the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226) (the Financial Collateral Regulations) the Note Trustee shall have the right to appropriate all or any part of such financial collateral in or towards discharge of the Series 2023-1 (A2A1) Secured Obligations. For this purpose, the parties agree that the value of such financial collateral so appropriated shall be (a) in the case of cash, the amount standing to the credit of the Series 2023-1 (A2A1) Charged Accounts in which the Issuer may at any time in respect of Series 2023-1 (A2A1) have any Benefit, together with any accrued but unposted interest, at the time the right of appropriation is exercised; and (b) in the case of the Series 2023-1 (A2A1) Loan Note, the market price of the Series 2023- 1 (A2A1) Loan Note determined by the Note Trustee or any appointee or agent appointed by the Note Trustee or any Receiver or by such process as the Note Trustee or any appointee or agent appointed by the Note Trustee or any Receiver may select, including independent valuation. In each case, the parties agree that the method of valuation provided for in this Note Trust Deed Supplement shall constitute a commercially reasonable method of valuation for the purposes of the Financial Collateral Regulations.

Right of appropriation. To the extent that any of the Series 2023-1 2 (A2A1) Secured Property constitutes "financial collateral" and the Note Trust Deed, as supplemented by this Note Trust Deed Supplement, and the obligations of the Issuer thereunder and hereunder constitute a "security financial collateral arrangement" (in each case as defined in, and for the purposes of, the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226) (the Financial Collateral Regulations)) the Note Trustee shall have the right to appropriate all or any part of such financial collateral in or towards discharge of the Series 2023-1 2 (A2A1) Secured Obligations. For this purpose, the parties agree that the value of such financial collateral so appropriated shall be (a) in the case of cash, the amount standing to the credit of the Series 2023-1 2 (A2A1) Charged Accounts in which the Issuer may at any time in respect of Series 2023-1 2 (A2A1) have any Benefit, together with any accrued but unposted interest, at the time the right of appropriation is exercised; and (b) in the case of the Series 2023-1 2 (A2A1) Loan Note, the market price of the Series 2023- 1 2023-2 (A2A1) Loan Note determined by the Note Trustee or any appointee or agent appointed by the Note Trustee or any Receiver or by such process as the Note Trustee or any appointee or agent appointed by the Note Trustee or any Receiver may select, including independent valuation. In each case, the parties agree that the method of valuation provided for in this Note Trust Deed Supplement shall constitute a commercially reasonable method of valuation for the purposes of the Financial Collateral Regulations.

Right of appropriation. To the extent that any of the Series 20232020-1 (A2A4) Secured Property constitutes "financial collateral" and the Note Trust Deed, as supplemented by this Note Trust Deed Supplement, and the obligations of the Issuer thereunder and hereunder constitute a "security financial collateral arrangement" (in each case as defined in, and for the purposes of, the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226) (the Financial Collateral Regulations) the Note Trustee shall have the right to appropriate all or any part of such financial collateral in or towards discharge of the Series 20232020-1 (A2A4) Secured Obligations. For this purpose, the parties agree that the value of such financial collateral so appropriated shall be (a) in the case of cash, the amount standing to the credit of the Series 20232020-1 (A2A4) Charged Accounts in which the Issuer may at any time in respect of Series 20232020-1 (A2A4) have any Benefit, together with any accrued but unposted interest, at the time the right of appropriation is exercised; and (b) in the case of the Series 20232020-1 (A2A4) Loan Note, the market price of the Series 2023- 2020-1 (A2A4) Loan Note determined by the Note Trustee or any appointee or agent appointed by the Note Trustee or any Receiver or by such process as the Note Trustee or any appointee or agent appointed by the Note Trustee or any Receiver may select, including independent valuation. In each case, the parties agree that the method of valuation provided for in this Note Trust Deed Supplement shall constitute a commercially reasonable method of valuation for the purposes of the Financial Collateral Regulations.

Right of appropriation. To the extent that any of the Series 2023-1 2 (A2) Secured Property constitutes "financial collateral" and the Note Trust Deed, as supplemented by this Note Trust Deed Supplement, and the obligations of the Issuer thereunder and hereunder constitute a "security financial collateral arrangement" (in each case as defined in, and for the purposes of, the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226) (the Financial Collateral Regulations)) the Note Trustee shall have the right to appropriate all or any part of such financial collateral in or towards discharge of the Series 2023-1 2 (A2) Secured Obligations. For this purpose, the parties agree that the value of such financial collateral so appropriated shall be (a) in the case of cash, the amount standing to the credit of the Series 2023-1 2 (A2) Charged Accounts in which the Issuer may at any time in respect of Series 2023-1 2 (A2) have any Benefit, together with any accrued but unposted interest, at the time the right of appropriation is exercised; and (b) in the case of the Series 2023-1 2 (A2) Loan Note, the market price of the Series 2023- 1 2 (A2) Loan Note determined by the Note Trustee or any appointee or agent appointed by the Note Trustee or any Receiver or by such process as the Note Trustee or any appointee or agent appointed by the Note Trustee or any Receiver may select, including independent valuation. In each case, the parties agree that the method of valuation provided for in this Note Trust Deed Supplement shall constitute a commercially reasonable method of valuation for the purposes of the Financial Collateral Regulations.

Right of appropriation. To the extent that any of the Series 20232020-1 (A2) Secured Property constitutes "financial collateral" and the Note Trust Deed, as supplemented by this Note Trust Deed Supplement, and the obligations of the Issuer thereunder and hereunder constitute a "security financial collateral arrangement" (in each case as defined in, and for the purposes of, the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226) (the Financial Collateral Regulations) the Note Trustee shall have the right to appropriate all or any part of such financial collateral in or towards discharge of the Series 20232020-1 (A2) Secured Obligations. For this purpose, the parties agree that the value of such financial collateral so appropriated shall be (a) in the case of cash, the amount standing to the credit of the Series 20232020-1 (A2) Charged Accounts in which the Issuer may at any time in respect of Series 20232020-1 (A2) have any Benefit, together with any accrued but unposted interest, at the time the right of appropriation is exercised; and (b) in the case of the Series 20232020-1 (A2) Loan Note, the market price of the Series 2023- 2020-1 (A2) Loan Note determined by the Note Trustee or any appointee or agent appointed by the Note Trustee or any Receiver or by such process as the Note Trustee or any appointee or agent appointed by the Note Trustee or any Receiver may select, including independent valuation. In each case, the parties agree that the method of valuation provided for in this Note Trust Deed Supplement shall constitute a commercially reasonable method of valuation for the purposes of the Financial Collateral Regulations.

Right of appropriation. To the extent that any of the Series 20232020-1 (A2A1) Secured Property constitutes "financial collateral" and the Note Trust Deed, as supplemented by this Note Trust Deed Supplement, and the obligations of the Issuer thereunder and hereunder constitute a "security financial collateral arrangement" (in each case as defined in, and for the purposes of, the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226) (the Financial Collateral Regulations) the Note Trustee shall have the right to appropriate all or any part of such financial collateral in or towards discharge of the Series 20232020-1 (A2A1) Secured Obligations. For this purpose, the parties agree that the value of such financial collateral so appropriated shall be (a) in the case of cash, the amount standing to the credit of the Series 20232020-1 (A2A1) Charged Accounts in which the Issuer may at any time in respect of Series 20232020-1 (A2A1) have any Benefit, together with any accrued but unposted interest, at the time the right of appropriation is exercised; and (b) in the case of the Series 20232020-1 (A2A1) Loan Note, the market price of the Series 2023- 2020-1 (A2A1) Loan Note determined by the Note Trustee or any appointee or agent appointed by the Note Trustee or any Receiver or by such process as the Note Trustee or any appointee or agent appointed by the Note Trustee or any Receiver may select, including independent valuation. In each case, the parties agree that the method of valuation provided for in this Note Trust Deed Supplement shall constitute a commercially reasonable method of valuation for the purposes of the Financial Collateral Regulations.