Without prejudice to the. foregoing provisions of this Clause, the Lender hereby covenants with the Issuer and the Note Trustee that if, whether in the liquidation of the Issuer or otherwise (and notwithstanding the provisions of this Clause 9.4), any payment (which shall include any set- off, combination or withholding) is received by it in respect of the Loan or any interest thereon other than in accordance with the Trust Deed the amount so paid shall be paid over to the Note Trustee forthwith upon receipt PROVIDED, HOWEVER, that this Clause 9.4 shall have effect only to the extent that it does not constitute or create and is not deemed to constitute or create any mortgage, charge or other security interest of any kind PROVIDED, FURTHER, that as between the Note Trustee and the Issuer or any liquidator thereof such amounts paid under this Clause 9.4 shall be deemed to be paid and as between the Lender and the Issuer or any liquidator thereof such amounts paid under this Clause 9.4 shall be deemed not to have been paid.
Appears in 3 contracts
Samples: Expenses Loan Agreement (Gracechurch Receivables Trustee LTD), Expenses Loan Agreement (Barclaycard Funding PLC), Expenses Loan Agreement (Gracechurch Receivables Trustee LTD)
Without prejudice to the. foregoing provisions of this Clause, the Lender hereby covenants with the Issuer and the Note Trustee that if, whether in the liquidation of the Issuer or otherwise (and notwithstanding the provisions of this Clause 9.4), any payment (which shall include any set- set-off, combination or withholding) is received by it in respect of the Loan or any interest thereon other than in accordance with the Trust Deed the amount so paid shall be paid over to the Note Trustee forthwith upon receipt PROVIDED, HOWEVER, that this Clause 9.4 shall have effect only to the extent that it does not constitute or create and is not deemed to constitute or create any mortgage, charge or other security interest of any kind PROVIDED, FURTHER, that as between the Note Trustee and the Issuer or any liquidator thereof such amounts paid under this Clause 9.4 shall be deemed to be paid and as between the Lender and the Issuer or any liquidator thereof such amounts paid under this Clause 9.4 shall be deemed not to have been paid.
Appears in 2 contracts
Samples: Expenses Loan Agreement (Barclaycard Funding PLC), Expenses Loan Agreement (Barclaycard Funding PLC)
