EXHIBIT 4.13
Dated 19 June 2003
BARCLAYS BANK PLC
as Excess Interest Beneficiary
and
BARCLAYCARD FUNDING PLC
as Series 03-2 Investor Beneficiary
and
GRACECHURCH RECEIVABLES TRUSTEE LIMITED
as Receivables Trustee
---------------------------------
AGREEMENT BETWEEN BENEFICIARIES
---------------------------------
CONTENTS
CLAUSE PAGE
1. Interpretation............................................................2
2. Assignment Of Entitlement To Excess Spread Relating To Series 03-2........3
3. Acknowledgements..........................................................3
4. Representations And Warranties............................................3
5. Contract (Rights Of Third Parties) Act....................................4
6. Execution In Counterparts, Severability...................................4
7. Governing Law.............................................................4
8. Jurisdiction..............................................................4
1
THIS DEED is made on 19 June 2003
BETWEEN:
(1) GRACECHURCH RECEIVABLES TRUSTEE LIMITED, a company incorporated in Jersey
with registered number 75210 having its registered office at 26 New
Street, St. Helier, Jersey JE2 3RA in its capacity as trustee of the
trust constituted by a Declaration of Trust and Trust Cash Management
Agreement dated 23 November 1999 as the same has been supplemented from
time to time (the "RECEIVABLES TRUSTEE");
(2) BARCLAYS BANK PLC, an institution authorised for the purposes of the
Financial Services and Markets Act 2000 of the United Kingdom, acting
through its business unit "Barclaycard", having its principal place of
business at 1234 Pavilion Drive, Northampton NN4 7SG, in its capacity as
Excess Interest Beneficiary (the "EXCESS INTEREST BENEFICIARY") of the
Receivables Trust pursuant to the terms of a Declaration of Trust and
Trust Cash Management Agreement dated 23 November 1999 as the same has
been supplemented from time to time; and
(3) BARCLAYCARD FUNDING PLC, a public limited company incorporated in England
and Wales, with company number 2530163, having its registered office at
54 Lombard Street, London EC3P 3AH, in its capacity as Investor
Beneficiary for Series 03-2 (the "SERIES 03-2 INVESTOR BENEFICIARY").
WHEREAS:
(1) The MTN Issuer has issued the Series 03-2 MTN Certificate to Gracechurch
Card Funding (No.4) PLC at par with a right to further payments of
premium by way of Deferred Subscription Price.
(2) The Excess Interest Beneficiary wishes to assign to the MTN Issuer its
entitlement to excess spread in relation to Series 03-2 in consideration
for payments from the MTN Issuer of Excess Entitlement Consideration in
amounts equal to the Deferred Subscription Price.
(3) On each Distribution Date, the MTN Issuer will pay an amount equal to the
excess spread relating to Series 03-2 paid to the Series 03-2 Investor
Beneficiary on such Distribution Date (together with (where applicable)
certain amounts accruing to the MTN Issuer in its capacity as Series 03-2
Investor Beneficiary) to the Issuer as additional interest on the Series
03-2 MTN Certificate.
(4) The Deferred Subscription Price on any Distribution Date will be an
amount equal to the said amount paid as additional interest on the Series
03-2 MTN Certificate to the Issuer on such Distribution Date but which is
not otherwise utilised by the Issuer.
THE PARTIES AGREE as follows:
1. INTERPRETATION
1.1 In this Deed the following expressions have the following meanings:
2
"DEFERRED SUBSCRIPTION PRICE" means the deferred subscription price
payable by the Issuer to the MTN Issuer as deferred consideration for the
issue of the Series 03-2 MTN Certificate.
"EXCESS ENTITLEMENT CONSIDERATION" means the consideration payable by the
Series 03-2 Investor Beneficiary to the Excess Interest Beneficiary in
respect of the assignment made pursuant to Clause 2.1 hereof in an amount
equal to the Deferred Subscription Price.
1.2 The headings in this Deed do not affect its interpretation.
1.3 Terms defined in the Master Definitions Schedule dated 23 November 1999
and amended and restated on 7 July 2000 and the Series 03-2 Supplement to
the Declaration of Trust and Trust Cash Management Agreement dated [*]
2003, (the "SERIES 03-2 SUPPLEMENT"), shall have the same meanings when
used in this Deed unless the context requires otherwise. PROVIDED,
HOWEVER, that in the event that any term or provision contained herein
shall conflict with or be inconsistent with any provision contained in
the Series 03-2 Supplement or the terms of the Master Definitions
Schedule, the terms and provisions of this Deed shall prevail with
respect to Series 03-2 only.
2. ASSIGNMENT OF ENTITLEMENT TO EXCESS SPREAD RELATING TO SERIES 03-2
2.1 The Excess Interest Beneficiary hereby assigns its entitlement to Excess
Finance Charge Amounts relating to Series 03-2 to the Series 03-2
Investor Beneficiary (the "ASSIGNED EXCESS SPREAD") and in consideration
for that assignment the Series 03-2 Investor Beneficiary hereby
undertakes to pay to the Excess Interest Beneficiary the Excess
Entitlement Consideration from time to time on each Distribution Date.
2.2 Each of the Series 03-2 Investor Beneficiary and the Excess Interest
Beneficiary agree that the Assigned Excess Spread shall henceforth for
calculation purposes be treated as forming part of the Series 03-2
Investor Interest.
3. ACKNOWLEDGEMENTS
3.1 The Receivables Trustee acknowledges (i) the assignment made pursuant to
Clause 2.1 hereof; and (ii) that the Assigned Excess Spread shall
henceforth for calculation purposes be treated as forming part of the
Series 03-2 Investor Interest.
3.2 The Series 03-2 Investor Beneficiary will create security over the
Assigned Excess Spread under the Series 03-2 MTN Supplement to the
Security Trust Deed and MTN Cash Management Agreement.
4. REPRESENTATIONS AND WARRANTIES
Each party hereto represents and warrants to the other parties, in each
case with respect to itself only, that it has the capacity and authority
to enter into this Deed and that this Deed constitutes its legal, valid
and binding obligation enforceable in accordance with its terms.
3
5. CONTRACT (RIGHTS OF THIRD PARTIES) ACT
A person who is not a party to this Deed has no right under the Contracts
(Rights of Third Parties) Act 1999 to enforce any provision of the terms
of this Deed.
6. EXECUTION IN COUNTERPARTS, SEVERABILITY
6.1 This Agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same agreement.
6.2 If any provision in or obligation under this Agreement shall be invalid,
illegal, unenforceable or not permitted to be adduced in evidence in any
jurisdiction, the validity, legality, enforceability or ability to be
adduced in evidence of the remaining provisions or obligations under this
Agreement, or of such provisions or obligations in any other
jurisdiction, shall not be affected or impaired thereby.
7. GOVERNING LAW
The laws of England and Wales shall govern this Deed and all matters
arising from or connected with it.
8. JURISDICTION
8.1 Each of the parties hereto irrevocably agrees for the benefit of each
other party that the Royal Courts of Jersey shall have exclusive
jurisdiction to hear and determine any suit, action or proceeding, and to
settle any disputes, which may arise out of or in connection with this
Deed and agrees not to claim that any such court is not a convenient or
appropriate forum, and, for such purposes, irrevocably submits to the
exclusive jurisdiction of such courts.
8.2 Each party hereto irrevocably waives any objection which it might now or
hereafter have to the courts of Jersey referred to above being nominated
as the forum to hear and determine any suit, action or proceeding, and to
settle any disputes, which may arise out of or in connection with this
Deed and the transactions which it acknowledges and agrees not to claim
that any such court is not a convenient or appropriate forum.
8.3 Each of the Series 03-2 Investor Beneficiary and the Excess Interest
Beneficiary irrevocably appoints the person specified against its name on
the execution pages hereto to accept service of any process on its behalf
and further undertakes to the other parties hereto that it will at all
times during the continuance of this Deed maintain the appointment of
some person in Jersey as its agent for the service of process and
irrevocably agrees that service of any writ, notice or other document for
the purposes of any suit, action or proceeding in the courts of Jersey
shall be duly served upon it if delivered or sent by registered post to
the address of such appointee (or to such other address in Jersey as that
party may notify to the other parties hereto).
BY THEIR SIGNATURE HEREOF the Receivables Trustee, the Excess Interest
Beneficiary and the Series 03-2 Investor Beneficiary have caused this Deed to
be duly executed and
4
delivered in Jersey by their duly authorised representatives, on the day and
year first written above.
5
EXECUTION
RECEIVABLES TRUSTEE
EXECUTED AS A DEED BY )
GRACECHURCH RECEIVABLES ) R. GERWAT
TRUSTEE LIMITED )
by its duly authorised signatory )
EXCESS INTEREST BENEFICIARY
EXECUTED AS A DEED BY )
BARCLAYS BANK PLC )
acting by its duly authorised attorney )
in the presence of:
PROCESS AGENT
Bedell Cristin Trust Company
26 New Street
St. Helier
Jersey JE2 3RA
SERIES 03-2 INVESTOR BENEFICIARY
EXECUTED AS A DEED BY )
BARCLAYCARD FUNDING PLC )
by )
PROCESS AGENT
Bedell Cristin Trust Company
26 New Street
St. Helier
Jersey JE2 3RA
6