Exhibit 4.6
C L I F F O R D LIMITED LIABILITY PARTNERSHIP
C H A N C E
Draft Date: 15 August 2003
GRACECHURCH CARD FUNDING (NO.5) PLC
as Issuer
THE BANK OF NEW YORK
as Principal Paying Agent and Agent Bank
THE BANK OF NEW YORK
as New York Paying Agent, Custodian, Registrar and Transfer Agent
THE BANK OF NEW YORK
as Note Trustee
---------------------------------------------------------------------
paying AGENCY AND AGENT BANK agreement
in respect of up to
$[ ] Class A1 Floating Rate Asset-Backed Notes due [ ]
$[ ] Class A2 Fixed Rate Asset-Backed Notes due [ ]
$[ ] Class B Floating Rate Asset-Backed Notes due [ ]
$[ ] Class C Floating Rate Asset-Backed Notes due [ ]
---------------------------------------------------------------------
CONTENTS
Clause Page
1. Interpretation.........................................................2
2. Appointment Of The Agents..............................................3
3. The Notes..............................................................4
4. Transfers Of Notes.....................................................6
5. Replacement Note Certificates..........................................7
6. Payments To The New York Paying Agent..................................7
7. Payments To Noteholders................................................8
8. Custody Arrangements..................................................11
9. Miscellaneous Duties Of The Agents....................................13
10. Fees And Expenses.....................................................15
11. Terms Of Appointment..................................................16
12. Termination Of Appointment............................................17
13. Non-Petition ........................................................20
14. Time ........................................................20
15. Notices ........................................................20
16. Counterparts ........................................................22
17. Governing Law And Jurisdiction........................................22
18. Contract (Rights Of Third Parties) Act................................23
Schedule 1 SPECIFIED OFFICES OF THE AGENTS..............................24
Schedule 2 CUSTODY ACCOUNT DETAILS......................................25
THIS AGREEMENT is made on [ ] September 2003
BETWEEN
(1) GRACECHURCH CARD FUNDING (NO. 5) PLC a public limited company
incorporated under the laws of England and Wales with registered number
4763104 whose registered office is at 54 Lombard Street, London EC3P 3AH
(hereinafter called the "Issuer");
(2) THE BANK OF NEW YORK a New York banking corporation acting through its
London Branch at 48th Floor, One Canada Square, London E14 5AL as
principal paying agent and as agent bank (in such respective capacities
hereafter the "Principal Paying Agent" or the "Agent Bank");
(3) THE BANK OF NEW YORK a New York banking corporation acting through its
office at One Wall Street, New York, New York USA 10286 as paying agent,
custodian and registrar in such respective capacities hereafter (the
"New York Paying Agent", the "Custodian" and the "Registrar") (the
Principal Paying Agent and the New York Paying Agent together
hereinafter the "Paying Agents") and, in the event that Individual Notes
Certificates are issued, as transfer agent (the "Transfer Agent"
respectively); and
(4) THE BANK OF NEW YORK a New York banking corporation acting through its
London Branch at 48th Floor, One Canada Square, London E14 5AL (in its
capacity as note trustee hereinafter called the "Note Trustee", which
expression shall include such company and all other persons for the time
being acting as the trustee or trustees under the Trust Deed).
WHEREAS
(A) The Issuer has pursuant to a resolution of its board of directors passed
on [ ] August 2003 duly authorised the issue by the Issuer of $[ ] Class
A1 Asset-Backed Floating Rate Notes due [ ] (the "Class A1 Notes"), $[ ]
Class A2 Asset-Backed Fixed Rate Notes due [ ] (the "Class A2 Notes")
$[ ] Class B Asset-Backed Floating Rate Notes due [ ] (the "Class B
Notes") and $[ ] Class C Asset-Backed Floating Rate Notes due [ ] (the
"Class C Notes" and together with the Class A1 Notes, the Class A2 Notes
and the Class B Notes, the "Notes").
(B) The Class A1 Notes, the Class A2 Notes, the Class B Notes and the Class
C Notes will initially be represented in registered form in an
Authorised Denomination and will be sold in a public offering in the
United States.
(C) The Notes of each class will be represented by one or more global note
certificates in registered form (the "Global Note Certificates") and
will be deposited with, and registered in the name of Cede & Co., a
nominee for The Depository Trust Company ("DTC") and will be deposited
with the depository of the DTC on or about the Closing Date.
(D) The Notes will be subject to and constituted by a trust deed of even
date herewith (the "Trust Deed") between the Issuer and the Note
Trustee.
-1-
(E) Beneficial interests in the Global Note Certificates will only be
exchangeable for individual note certificates (the "Individual Note
Certificates" and together with the Global Note Certificates, the "Note
Certificates") in the limited circumstances specified in the Trust Deed
and such Global Note Certificates.
(F) The Issuer, the Agents, the Agent Bank, the Custodian and the Note
Trustee wish to record certain arrangements which they have made in
relation to the Notes.
IT IS AGREED as follows:
1. INTERPRETATION
1.1 In this Agreement (and the recitals):
"Agents" means the Paying Agents, the Registrar, the Custodian, the
Agent Bank and the Transfer Agent and "Agent" means any of them;
"Authorised Denomination" means, with respect to the Class A1 Notes, the
Class A2 Notes, the Class B Notes and the Class C Notes, $1,000;
"Due Date" means the due date for any payment in respect of the Notes;
"Interest Amount", "Interest Determination Date", "Interest Payment
Date", "Interest Period" and "Rate of Interest" have the respective
meanings ascribed thereto in the Note Conditions;
"Note Conditions" means the Terms and Conditions applicable to the Notes
in the form or substantially in the form set out in the Seventh Schedule
of the Trust Deed, as the same may from time to time be modified in
accordance with the terms of the Trust Deed and any reference in this
Agreement to a particular numbered Condition shall be construed
accordingly;
"Register" means the register maintained by the Registrar in accordance
with Clause 4.1;
"SEC" means the United States Securities and Exchange Commission;
"Securities Act" means the United States Securities Act 1933, as
amended;
"Specified Office" means, in relation to any Agent, the office specified
against the name of the relevant Agent in the Schedule or such other
office in the same city as such office as such Agent may specify by
notice to the Issuer, the Note Trustee and (in the case of a Paying
Agent other than the Principal Paying Agent) the Principal Paying Agent;
and
"Transfer Agent" means the Bank of New York and any transfer agent
appointed in relation to the Individual Note Certificates.
1.2 Currency
1.2.1 "(pound)" and "Sterling" denote the lawful currency for the time
being of the United Kingdom of Great Britain and Northern
Ireland.
1.2.2 "$" and "Dollars" denote the lawful currency for the time being
of the United States of America.
-2-
1.3 Clauses and Schedules
Any reference in this Agreement to a Clause or a Schedule is, unless
otherwise stated, to a clause hereof or a schedule hereto.
1.4 Headings
Headings and sub-headings are for ease of reference only and shall not
affect the construction of this Agreement.
1.5 Construction
All capitalised terms used and not otherwise defined herein shall have
the same meanings as in the Trust Deed.
2. APPOINTMENT OF THE AGENTS
2.1 Appointment
The Issuer appoints each Agent acting through its Specified Office as
its agent in relation to the Notes for the purposes specified in this
Agreement and in the Note Conditions.
2.2 Acceptance of appointment by Paying Agents
Each of the Paying Agents accepts its appointment as agent of the Issuer
in relation to the Notes and shall comply with the provisions of this
Agreement and the Note Conditions.
2.3 Acceptance of appointment by Agent Bank
The Agent Bank accepts its appointment as agent of the Issuer for the
purpose, inter alia, of calculating the Rate of Interest on the Notes in
accordance with the provisions of the Note Conditions and this
Agreement.
2.4 Acceptance of appointment by Custodian
The Custodian accepts its appointment as agent of the Issuer for the
purpose, inter alia, of holding the Series 03-3 MTN and performing the
tasks set out in Clause 8, in accordance with the provisions of this
Agreement.
2.5 Acceptance of Appointment by Registrar
The Registrar accepts its appointment as agent of the Issuer for the
purpose, inter alia, of establishing and maintaining the Register, all
in accordance with the provisions of the Note Conditions and this
Agreement.
2.6 Transfer Agent
The Transfer Agent accepts its appointment as agent of the Issuer for
the purpose of enabling certain transfers in connection with any
Individual Note Certificates issued by the Issuer, in accordance with
the provisions of the Note Conditions and this Agreement.
-3-
3. THE NOTES
3.1 Global Note Certificates
Each Global Note Certificate shall:
3.1.1 be in substantially the form set out in the First Schedule of
the Trust Deed in respect of the Class A1 Notes, in the Second
Schedule of the Trust Deed in respect of the Class A2 Notes, in
the Third Schedule of the Trust Deed in respect of the Class B
Notes and in the Fourth Schedule of the Trust Deed in respect of
the Class C Notes; and
3.1.2 be executed manually or in facsimile by or on behalf of the
Issuer and authenticated manually by or on behalf of the
Registrar upon receipt of written instruction from the Issuer.
3.2 Individual Note Certificates
Each Individual Note Certificate shall:
3.2.1 be in substantially the form set out in the Fifth Schedule of
the Trust Deed in respect of each Class A1 Individual Note
Certificate, in the Sixth Schedule of the Trust Deed in respect
of each Class A2 Individual Note Certificate, in the Seventh
Schedule of the Trust Deed in respect of each Class B Individual
Note Certificate and in the Eighth Schedule of the Trust Deed in
respect of each Class C Individual Note Certificate;
3.2.2 be security printed in accordance with all applicable legal and
stock exchange requirements;
3.2.3 have a unique certificate number printed thereon;
3.2.4 be executed manually or in facsimile by two Directors of the
Issuer and authenticated by or on behalf of an authorised
signatory of the Registrar; and
3.2.5 otherwise be in accordance with the customary practice of the
international Eurobond market.
3.3 Signatures
Any signature on a Note Certificate on behalf of the Issuer shall be
that of a person who at the date of printing of the Note Certificates is
a Director of the Issuer notwithstanding that at the time of issue of
any of the Note Certificates he may have ceased for any reason to be the
holder of such office.
3.4 Availability
3.4.1 Global Note Certificates
The Global Note Certificates shall be deposited with and
registered in the name of Cede & Co., a nominee for a depository
of the DTC.
-4-
3.4.2 Individual Note Certificates
If the Issuer is required to deliver Individual Note
Certificates pursuant to the terms of the Global Note
Certificates, the Issuer shall arrange for $[ ] of Class A1
Individual Note Certificates, $[ ] of Class A2 Individual Note
Certificates, $[ ] of Class B Individual Note Certificates and
$[ ] of Class C Individual Note Certificates to be made
available to or to the order of the Registrar by the later of
the expiry of 30 days after the date hereof and the date falling
25 days after the occurrence of the relevant event as set out in
Clause 3.2 of the Trust Deed. Such Individual Note Certificates
will be in registered form each in an Authorised Denomination.
The Individual Note Certificates will be held to the Issuer's
order pending delivery. The Issuer shall also arrange, on
request, for such Individual Note Certificates as are required
to enable the Registrar to perform its obligations under Clause
4 to be made available to or to the order of the Registrar from
time to time.
3.5 Duties of the Agent Bank
3.5.1 On each Quotation Date, the Agent Bank shall establish the Rate
of Interest on the Notes and the Interest Amount (together with
any Additional Interest and/or Deferred Interest) applicable to
the next Interest Period in accordance with the provisions of
the Notes. Further, the Agent Bank shall notify promptly, and in
no event later than the seventh Business Day following each such
Quotation Date, the Issuer, the Note Trustee, the other Agents
and the London Stock Exchange plc (the "London Stock Exchange")
of the Rate of Interest so established, the Interest Amount
payable in respect of interest for such Interest Period and the
Interest Payment Date in respect of such Interest Period. The
Agent Bank's notification shall also specify the quotations upon
which the Rate of Interest is based.
3.5.2 The Notes, on issue, are expected to be listed on the London
Stock Exchange and registered with the United States Securities
and Exchange Commission. The Issuer will advise the Agent Bank,
if such listing or registration is withdrawn or if the Notes
become listed on any other stock exchange.
3.6 Publication of Rate of Interest
It shall be the responsibility of the Agent Bank to cause notice of such
Rate of Interest, Interest Amount and Interest Payment Date to be
published in accordance with Condition 5 and Condition 14 of the Notes
and any cost in so doing shall be borne by the Issuer.
3.7 Authority to authenticate
The Registrar or its designated agent is authorised and instructed by
the Issuer to authenticate such Note Certificates as may be required to
be authenticated hereunder by the signature of any of its officers or
any other person duly authorised for the purpose by the Registrar.
-5-
3.8 Duties of the Registrar
It shall be a term of the appointment of the Registrar that the
Registrar or its designated agent shall:
3.8.1 hold in safe custody all unauthenticated Note Certificates
delivered to it in accordance with Clause 3.4.2;
3.8.2 ensure that such Note Certificates are authenticated and
delivered only in accordance with the terms hereof, of the Trust
Deed and of the Note Conditions; and
3.8.3 establish and maintain the Register at its Specified Office.
4. TRANSFERS OF NOTES
4.1 Maintenance of the Register
The Registrar shall maintain the Register in relation to the Notes,
which shall be kept at its Specified Office and be made available by the
Registrar to the Issuer, the Note Trustee and the other Agents for
inspection and for the taking of copies or extracts therefrom at all
reasonable times. The Register shall show the aggregate principal
amount, serial numbers and dates of issue of each Note Certificate, the
names and addresses of the initial holders thereof and the dates of all
transfers to, and the names and addresses of, all subsequent holders
thereof, all cancellations of Note Certificates and all replacements of
Note Certificates.
4.2 Registration of Transfers in the Register
The Registrar shall receive requests for the transfer of Notes in
accordance with the Conditions and the Regulations and shall make the
necessary entries in the Register.
4.3 Transfer Agents to Receive Requests for Transfers of Notes
Each Transfer Agent appointed in respect of the Notes in definitive form
shall receive requests for the transfer of Notes in accordance with the
Conditions and the Regulations and assist, if required, in the issue of
new Individual Note Certificates to give effect to such transfers and,
in particular, upon any such request being duly made, shall promptly
notify the Registrar of:
4.3.1 the aggregate principal amount of the Notes in definitive form
to be transferred;
4.3.2 the name(s) and addresses to be entered on the Register of the
holder(s) of the new Individual Note Certificates to be issued
in order to give effect to such transfer; and
4.3.3 the place and manner of delivery of the new Individual Note
Certificates to be delivered in respect of such transfer,
and shall forward the Individual Note Certificates relating to the Notes
to be transferred (with the relevant form(s) of transfer duly completed)
to the Registrar with such notification.
-6-
5. REPLACEMENT NOTE CERTIFICATES
5.1 Delivery of Replacements
The Registrar shall, upon and in accordance with the instructions of the
Issuer (which instructions may, without limitation, include such terms
as to the payment of expenses and as to evidence, security and indemnity
as the Issuer, the Principal Paying Agent and the Registrar may
reasonably require), complete, authenticate and deliver a Note
Certificate as a replacement for any Note Certificate which has been
mutilated or defaced or which is alleged to have been destroyed, stolen
or lost; provided, however, the Registrar shall not deliver any Note
Certificate as a replacement for any Note Certificate which has been
mutilated or defaced otherwise than against surrender of the same.
5.2 Replacements to be numbered
Each replacement Note Certificate delivered hereunder shall bear a
unique serial number.
5.3 Cancellation and destruction
The Registrar shall cancel and destroy each mutilated or defaced Note
Certificate surrendered to it and in respect of which a replacement has
been delivered.
5.4 Notification
The Registrar shall notify the Issuer of the delivery by it in
accordance herewith of any replacement Note Certificate, specifying the
serial number thereof and the serial number (if any and if known) of the
Note Certificate which it replaces and confirming (if such be the case)
that the Note Certificate which it replaces has been cancelled or
destroyed and the Registrar shall as promptly as is practicable, enter
such details in the Register.
6. PAYMENTS TO THE NEW YORK PAYING AGENT
6.1 Issuer to pay New York Paying Agent
In order to provide for the payment of interest and principal in respect
of the Notes as the same becomes due and payable, the Issuer shall pay
to the New York Paying Agent or otherwise cause it to receive on or
before the date on which such payment becomes due, an amount which is
equal to the amount of principal or interest then falling due in respect
of the Notes on such date.
6.2 Manner and time of payment
Each amount payable by the Issuer under Clause 6.1 shall be paid
unconditionally by credit transfer in Dollars in immediately available,
freely transferable funds not later than 10.00 a.m. (New York time) on
the relevant day to such account with such bank in New York as the New
York Paying Agent has by notice to the Issuer and the Note Trustee
specified for the purpose. The Issuer shall, before 2.00 p.m. (New York
time) on the second Business Day before the due date of each payment by
it under Clause 6.1, notify the New York Paying Agent by tested telex or
authenticated SWIFT message (or such other method as shall be agreed) of
its irrevocable payment instructions to such bank in New York through
which such payment to the New York Paying Agent is to be made.
-7-
6.3 Exclusion of liens and interest
The Agents shall not:
6.3.1 exercise any lien, right of set-off or similar claim in respect
of monies received by the New York Paying Agent in connection
with its activities hereunder;
6.3.2 be liable to any person for interest thereon; and
6.3.3 be obliged to hold any funds received by it hereunder in a
segregated account or accounts.
6.4 Application by New York Paying Agent
The New York Paying Agent shall apply (or direct or cause application
of) each amount paid to it hereunder in accordance with Clauses 7.1 and
7.2 in respect of the Note Certificates (if any) and shall not be
obliged to repay any such amount other than as provided herein or unless
the claim for the relevant payment becomes void under the Note
Conditions in which event it shall repay to the Issuer such portion of
such amount as relates to such payment by paying the same by credit
transfer in to such account with such bank as the Issuer has by notice
to the New York Paying Agent specified for the purpose.
6.5 Failure to notify payment instructions
If the New York Paying Agent has not, by 4.30 p.m. (New York Time) on
the second Business Day before the due date of any payment to it under
Clause 6.1, received notification of the relevant irrevocable payment
instructions referred to in Clause 6.2 it shall forthwith notify the
Principal Paying Agent, the Note Trustee and the Issuer. If the New York
Paying Agent subsequently receives notification of such payment
instructions, it shall forthwith notify the Principal Paying Agent, the
Note Trustee and the Issuer.
6.6 Notification of Partial Redemptions
In the event there is to be any partial redemption of the Notes pursuant
to Note Condition 6 on any Interest Payment Date, the Issuer shall give
each of the Principal Paying Agent and the New York Paying Agent five
Business Days notice of the amount of the Principal Amount Outstanding
of each Note to be redeemed on such Interest Payment Date.
7. PAYMENTS TO NOTEHOLDERS
7.1 Payments by New York Paying Agent
The New York Paying Agent acting through its Specified Office in New
York shall make payments of interest and principal in respect of the
Notes in accordance with the Note Conditions (and, in the case of the
Note Certificates, the terms thereof) provided, however, that:
7.1.1 the New York Paying Agent shall not be obliged (but shall be
entitled) to make payments of interest or principal in respect
of the Notes:
-8-
(a) if it has not received the full amount of any payment
due to it under Clause 6.1; or
(b) if it has given notice in accordance with Clause 6.5
that the relevant irrevocable payment instructions have
not been received, unless it has subsequently received
such payment instructions;
7.1.2 the Registrar shall cancel each Note Certificate against
surrender of which it has made full payment and shall, if
necessary, deliver each Note Certificate so cancelled by it to
or to the order of the Registrar; and
7.1.3 the New York Paying Agent shall notify the Note Trustee
forthwith in the event that it does not, on or before the due
date for any payment of principal or interest in respect of any
of the Notes, receive unconditionally the full amount in Dollars
and/or there are not sufficient funds in Dollars available to
the New York Paying Agent to discharge the amount of the monies
payable thereon in accordance with the Note Conditions and/or
the provisions of the Trust Deed on such due date.
7.2 Payments in respect of Note Certificates
7.2.1 The Registrar will notify the New York Paying Agent, not later
than five Business Days after each day that falls on the
fifteenth day before an Interest Payment Date ("Record Date"),
whether any Noteholder has elected to receive payments by
transfer to a bank account and, if so, the relevant details of
such bank account. For those Noteholders who have chosen not to
receive payments by transfer to a bank account, the Registrar
will notify the New York Paying Agent of the address of such
Noteholder appearing in the Register to which cheques should be
posted.
7.2.2 The New York Paying Agent shall make or shall procure payments
of interest and principal in respect of the Note Certificates in
accordance with the Conditions by mailing a U.S. dollar cheque
drawn on a bank in New York respectively to the address of the
Noteholder appearing in the Register on the Record Date or, if
the Noteholder has elected to do so, by transfer to a U.S.
dollar account (as the case may be).
7.3 Exclusion of liens and commissions
The New York Paying Agent shall not exercise any lien, right of set-off
or similar claim against any person to whom it makes any payment under
Clause 7.1 in respect thereof, nor shall any commission or expense be
charged by it to any such person in respect thereof.
7.4 Appropriation by New York Paying Agent
If the New York Paying Agent makes any payment in accordance with Clause
7.1, it shall be entitled to appropriate for its own account out of the
funds received by it under Clause 6.1 an amount equal to the amount so
paid by it.
-9-
7.5 Reimbursement by Issuer
If the New York Paying Agent makes a payment in respect of the Notes at
a time at which the New York Paying Agent has not received the full
amount of the relevant payment due to it from the Issuer under Clause
6.1, the Issuer shall from time to time on demand pay to the New York
Paying Agent:
7.5.1 the amount so paid out by the New York Paying Agent and not so
reimbursed to it; and
7.5.2 interest on such amount from the date on which the New York
Paying Agent made such payment until the date of reimbursement
of such amount,
provided, however, that any payment made under Clause 7.5.1 above shall
satisfy pro tanto the Issuer's obligations under Clause 6.1.
7.6 Partial payments
If at any time and for any reason the New York Paying Agent makes a
partial payment in respect of any Note the Registrar shall annotate the
Register with such details. In addition, if, on any due date for
payment, less than the full amount of any principal or interest is paid
in respect of the Notes, the Registrar will note on the Register a
memorandum of the amount and date of any payment then made and, if the
Global Note Certificate or any Individual Note Certificate is presented
for payment in accordance with the Conditions and no payment is then
made, the date of presentation of the Global Note Certificate or (as the
case may be) such Individual Note Certificate.
7.7 Agents to act for Note Trustee
At any time after an Event of Default in respect of the Notes shall have
occurred or at any time after Individual Note Certificates have not been
issued when so required in accordance with the terms of the Trust Deed
or the Note Trustee shall have received any money which it proposes to
pay under Clause 8 of the Trust Deed to the Noteholders or the Notes
shall otherwise have become due and repayable:
7.7.1 the Paying Agents and the Registrar shall, if so required by
notice in writing given by the Note Trustee to the Issuer, the
Paying Agents and the Registrar:
(a) thereafter act as Paying Agents or Registrar, as the
case may be, of the Note Trustee in relation to payments
in respect of the Notes to be made by or on behalf of
the Note Trustee under the terms of the Trust Deed on
the terms mutatis mutandis contained herein (save that
the Note Trustee's liability under any provisions herein
contained for the indemnification of any Paying Agent or
the Registrar shall be limited to the amount for the
time being held by the Note Trustee on the trusts of the
Trust Deed which is available to be applied by the Note
Trustee for such purpose) and thereafter hold all Note
Certificates and all sums, documents and records held by
them in their capacities as Principal Paying Agent,
Paying Agent or (as the case may be) Registrar in
respect of the Notes on behalf of the Note Trustee;
and/or
-10-
(b) deliver up all Note Certificates and all sums, documents
and records held by them in respect of the Notes to the
Note Trustee or as the Note Trustee shall direct in such
notice,
provided that such notice shall be deemed not to apply to any
document or record which the Principal Paying Agent or (as the
case may be) the relevant Agent is obliged not to release by any
applicable law or regulation; and/or
7.7.2 the Agent Bank shall, if so required by notice in writing given
by the Note Trustee to the Agent Bank and until such appointment
is terminated by the Note Trustee by notice in writing:
(a) thereafter act as Agent Bank of the Note Trustee in
relation to calculations and other related functions to
be made or performed by, or on behalf of, the Note
Trustee under the terms of the Trust Deed mutatis
mutandis on the terms contained herein (save that the
Note Trustee's liability under any provision hereof for
the indemnification of the Agent Bank shall be limited
to the amounts for the time being held by the Note
Trustee in respect of principal and interest on the
Notes on the trusts of the Trust Deed which are
available to be applied by the Note Trustee for such
purposes) and thereafter to hold on behalf of the Note
Trustee all documents and records held by it in respect
of principal and interest on the Notes; and/or
(b) deliver up all documents and records held by it in
respect of principal and interest on the Notes to the
Note Trustee or as the Note Trustee shall direct in such
notice,
provided that such notice shall be deemed not to apply to any
document or record which the Agent Bank and Custodian is obliged
to retain or not to release by any applicable law or regulation.
8. CUSTODY ARRANGEMENTS
8.1 Custody Accounts
8.1.1 The Custodian shall maintain a securities custody account in
respect of the Series 03-3 MTN, the details of which shall be
set out in Schedule 2 (the "Custody Securities Account").
8.1.2 The Custodian shall maintain the cash proceeds of the Series
03-3 MTN in a cash custody account the details of which will be
set out in Schedule 2 (the "Custody Cash Account") which the
Custodian will credit with income received pursuant to Clause
8.2 and debit with payments made pursuant to Clause 8.3.
8.1.3 The Custodian shall accept for safekeeping and deposit to the
credit of the Custody Securities Account the Series 03-3 MTN
which may from time to time be delivered to it for such purpose.
-11-
8.1.4 At all times while the Series 03-3 MTN is credited to the
Custody Securities Account, the Custodian shall deal with the
Series 03-3 MTN or book entry interests in accordance with the
terms of this Agreement and the Deed of Charge.
8.2 Income from the Series 03-3 MTN
The Custodian shall, on behalf of the Issuer, endeavour to collect any
income from the Series 03-3 MTN and may execute ownership and other
certificates and affidavits for all fiscal and tax purposes from time to
time required in connection with the collection of such income and pay
any taxes which it is required to pay in connection therewith. For the
avoidance of doubt, nothing in this Clause shall make the Custodian
liable for any failure of any other person to pay or remit any sum
referred to herein.
8.3 Payments
The Custodian may from time to time pay from the Custody Cash Account to
the relevant party all sums due to that party under the terms of the
relevant Document. The Custodian shall only be bound to make payments
pursuant to this clause to the extent that it is satisfied that it has
received funds in accordance with Clause 8.2 hereof.
8.4 Exchange of Series 03-3 MTNs
The Custodian is hereby authorised without further instruction to
present and surrender, or procure the presentation and surrender of, the
Series 03-3 MTN which is under the direct control of the Custodian on
maturity to the issuer thereof or (as the case may be) the appropriate
paying agent on each date on which such presentation is required in
order to receive payment in respect thereof.
8.5 Documents necessary for Custody
Subject as herein provided, the Custodian may execute as agent for the
Issuer all declarations, affidavits and certificates of ownership now or
hereafter required in respect of the Series 03-3 MTN held in the Custody
Securities Account; provided that, prior to the occurrence of Event of
Default, the Custodian shall not under any circumstances execute any
declaration, affidavit or certificate which might be construed to mean
or imply that it is the ultimate beneficial owner of the Series 03-3 MTN
or that it is acting in any capacity other than as Custodian of the
Series 03-3 MTN.
8.6 Appointment of Sub-Custodians
Notwithstanding the provisions of Clause 11 and subject to receipt of an
opinion of legal counsel that such appointment will not give rise to any
adverse tax consequences, the Custodian may, having given the Issuer and
each relevant Rating Agency at least ten Business Days' prior written
notice, appoint any financial institution with an office in any
jurisdiction other than the United Kingdom (including any reputable
financial institution in the same group as the Custodian) to act as
sub-custodian (a "Sub-Custodian") of the Series 03-3 MTN located in that
jurisdiction on substantially the same terms as the Agreement (except
that there shall be no equivalent to this Clause 8.6). The Custodian
shall not at any time be liable to the Issuer or any other person for
the proper safekeeping
-12-
of the Series 03-3 MTN and the due performance of the obligations
assumed by any Sub-Custodian but the Custodian accepts the same level of
responsibility for any nominee company controlled by the Custodian or by
any of its affiliated companies as it accepts for itself.
8.6.1 The Custodian may change the appointment of a Sub-Custodian in
any jurisdiction having given at least ten Business Days prior
written notice to the Issuer, the Note Trustee and each relevant
Rating Agency.
8.6.2 The Custodian hereby warns the Issuer that in relation to the
Series 03-3 MTN held by the Custodian pursuant to this Clause 8
or any Sub-Custodian outside the United Kingdom, there may be
settlement, legal and regulatory requirements in the relevant
overseas jurisdictions which are different from those applying
in New York, and different practices for separate identification
of such Series 03-3 MTNs.
9. MISCELLANEOUS DUTIES OF THE AGENTS
9.1 Maintenance of records
Each of the Agents shall maintain records of all documents received by
it in connection with its duties hereunder and shall make such records
available for inspection at all reasonable times by the Issuer, the Note
Trustee and the other Agents and, in particular the Registrar shall (a)
maintain a record of all Note Certificates delivered hereunder and of
their redemption, payment, cancellation, mutilation, defacement, alleged
destruction, theft, loss and replacement; (b) make such records
available for inspection at all reasonable times by the Issuer, the Note
Trustee and the other Agents; and (c) give to the Note Trustee and the
other Agents such further information with regard to its activities
hereunder as may reasonably be required of them for the proper carrying
out of their respective duties.
9.2 Cancellation
The Issuer may from time to time deliver to, or to the order of, the
Registrar Note Certificates for cancellation whereupon the Registrar
shall cancel the same and shall make the corresponding entries in the
Register.
9.3 Notes in issue
As soon as practicable (or in any event within three months) after each
date for the payment of principal or interest in relation to the Notes,
after each date on which Note Certificates are cancelled in accordance
with Clause 9.2 and after the date on which the Notes fall due for
redemption in accordance with the Conditions, the Registrar shall notify
the Issuer, the other Paying Agents and the Note Trustee (on the basis
of the information available to it) of the number of any Note
Certificates against surrender of which payment in full has been made
and of the number of any Note Certificates (and the names and addresses
of the holders thereof) which have not yet been surrendered for payment
and the details of all Notes redeemed and cancelled.
-13-
9.4 Forwarding of communications
The Principal Paying Agent shall promptly forward to the Issuer, the
Note Trustee and the New York Paying Agent a copy of any notice or
communication addressed to the Issuer by any Noteholder which is
received by the Principal Paying Agent. The New York Paying Agent or
Registrar shall promptly notify the Principal Paying Agent in the event
that it receives any such notice or communication and promptly forward
such notice or communication to the Principal Paying Agent.
9.5 Publication of notices
The Registrar shall, upon and in accordance with the instructions, and
at the expense, of the Issuer but not otherwise, arrange for the
publication in accordance with Note Condition 14 of the Notes of any
notice which is to be given to the Noteholders and shall promptly supply
two copies thereof to the Note Trustee and a copy thereof to each other
Agent.
9.6 Destruction
The Registrar may destroy each Note Certificate delivered to or
cancelled by it in accordance with Clause 9.2, in which case it shall
promptly furnish the Issuer and the Note Trustee with a certificate as
to such destruction and specifying the reason for such destruction and
the certificate or serial numbers of the Note Certificates so destroyed.
9.7 Forms of Proxy and block voting instructions
The Registrar shall, at the request of any Noteholder in accordance with
the Trust Deed, make available uncompleted and unexecuted forms of proxy
and issue block voting instructions in a form and manner which comply
with the provisions of the Eighth Schedule of the Trust Deed. The
Registrar shall keep a full record of completed and executed forms of
proxy received by it and will give to the Issuer, not less than
twenty-four hours before the time appointed for any meeting or adjourned
meeting, full particulars of all duly completed forms of proxy received
by it in respect of such meeting or adjourned meeting.
9.8 Additional duties
The Registrar shall carry out such other acts as may reasonably be
necessary to give effect to the relevant Note Conditions, this Agreement
and the Regulations. In carrying out its functions the Registrar shall
act in accordance with the terms of this Agreement, the Regulations and
the relevant Note Conditions.
9.9 Regulations for the duties of the Transfer Agents and the Registrar
The Issuer may, from time to time, with the approval of the Principal
Paying Agent, the Transfer Agents, the Registrar and the Note Trustee
(such approval in no case to be unreasonably withheld) promulgate
reasonable regulations concerning the carrying out of their respective
duties and the forms and evidence to be proved (the "Regulations").
-14-
9.10 Notification of the Principal Amount Outstanding
The Registrar shall, on the third Business Day prior to each due date
for payment in respect of the Notes, notify the Principal Paying Agent
of the aggregate Principal Amount Outstanding of Notes evidenced by
Individual Note Certificates.
9.11 Copy documents available for inspection
The Registrar shall make copies of this Agreement, the Trust Deed and
the Regulations available for inspection at its Specified Office at all
reasonable times.
9.12 Proceeds held on trust
Each Paying Agent shall hold in trust for the benefit of Noteholders or
the Note Trustee all money held by such Paying Agent for the payment of
principal or interest on the Notes.
9.13 Notice of default
Each Paying Agent shall give the Note Trustee notice of any default by
the Issuer in the making of any payment of principal or interest on the
Notes.
10. FEES AND EXPENSES
10.1 Fees
The Issuer shall pay to the New York Paying Agent for its own account
and for the account of the Agents such fees as may have been agreed
between the Issuer and the relevant Agent in respect of the services of
the Agents hereunder (plus any applicable value added tax).
10.2 Front-end expenses
The Issuer shall after receipt of an account of such expenses reimburse
the New York Paying Agent for its own account and for the account of the
Agents for all reasonable out-of-pocket expenses properly incurred by
them in the negotiation, preparation and execution of this Agreement and
for its own account for all reasonable out-of-pocket expenses
(including, without limitation, legal fees and any publication,
advertising, communication, courier, postage and other out-of-pocket
expenses) properly incurred in connection with its services hereunder
(plus any applicable value added tax). The New York Paying Agent will be
responsible for distributing the remuneration of the Agents and the
relevant expenses of Agents and the Issuer shall not be responsible for
the apportionment of such payments between the Paying Agents, the
Registrar and the Agent Bank.
10.3 Taxes and expenses occasioned by default
The Issuer shall pay all stamp, registration and other similar taxes and
duties (including any interest and penalties thereon or in connection
therewith) which are payable upon or in connection with the execution
and delivery of this Agreement and shall indemnify each Agent against
any claim, demand, action, liability, damages, cost, loss or expense
(including, without limitation, legal fees and any applicable value
added tax) which it
-15-
incurs as a result or arising out of or in relation to any failure to
pay or delay in paying any of the same.
11. TERMS OF APPOINTMENT
11.1 Rights and powers
Each Paying Agent, any Transfer Agent, Custodian or Registrar and, in
relation to sub-clauses 11.1.2 and 11.1.3, the Agent Bank, may, in
connection with its services hereunder:
11.1.1 except as ordered by a court of competent jurisdiction or as
required by law (whether or not the relevant Note shall be
overdue and notwithstanding any notice to the contrary or
writing shown thereon or any notice of previous loss or theft or
of trust or other interest therein) be entitled to treat the
person registered in the Register as the absolute owner of such
Note for all purposes and make payments thereon accordingly
Provided that where the Registrar has notified the Issuer of the
presentation or surrender of any Note in accordance with Clause
7.1.2, it shall not make payment thereon until so instructed by
the Issuer;
11.1.2 rely upon the terms of any notice, communication or other
document believed by it to be genuine;
11.1.3 engage, at the expense of the Issuer (pursuant to Clause 10.2),
the advice or services of any lawyers or other experts (being an
appointee who shall have been appointed by the Note Trustee
after prior consultation by the Note Trustee with the Issuer and
after consideration in good faith by the Note Trustee of any
representations made by the Issuer concerning the proposed
appointee except where, in the opinion of the Note Trustee, such
consultation and consideration was not practicable) whose advice
or services it considers necessary and rely upon any advice so
obtained (and such Agent shall be protected and shall incur no
liability as against the Issuer in respect of any action taken,
or suffered to be taken, in accordance with such advice except
to the extent that such liability arises out of any breach of
contract or trust, bad faith, misconduct or negligence on the
part of any such Agent or its officers, directors or employees);
11.1.4 assume that the terms of each Note Certificate as issued are
correct;
11.1.5 refer any question relating to the ownership of any Note or the
adequacy or sufficiency of any evidence supplied in connection
with the replacement, transfer or exchange of any Note
Certificate to the Issuer for determination by the Issuer and
conclusively rely upon any determination so made; and
11.1.6 whenever in the administration of this Agreement it shall deem
it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, in the
absence of bad faith or negligence on its part, accept a
certificate signed by any person duly authorised on behalf of
the Issuer as to any fact or matter prima facie within the
knowledge of the Issuer as sufficient evidence thereof.
-16-
11.2 Extent of duties
Each Agent shall only be obliged to perform the duties set out herein
and such other duties as are necessarily incidental thereto. No Agent
shall (i) be under any fiduciary duty towards any person other than the
Issuer or, to the extent provided for in Clauses 7.7, 9.1 and 9.3, the
Note Trustee, (ii) (except to the extent that such liability arises out
of any gross misconduct or negligence on the part of any such Agent or
its officers, directors or employees) be responsible for or liable in
respect of any act or omission of any other person including, without
limitation, any other Agent or (iii) be under any obligation towards any
person other than the Issuer, the other Agents and the Note Trustee.
11.3 Freedom to transact
Each Agent may purchase, hold and dispose of a beneficial interest in a
Note and may enter into any transaction (including, without limitation,
any depository, trust or agency transaction) with any holders or owners
of any Notes or with any other party hereto in the same manner as if it
had not been appointed as the agent of the Issuer or the Note Trustee in
relation to the Notes.
11.4 Indemnity
The Issuer shall indemnify each Agent against any claim, demand, action,
liability, damages, cost, loss or expense (including, without
limitation, legal fees and any applicable value added tax) which it
incurs, other than such costs and expenses as are (i) separately agreed
to be reimbursed out of the fees payable under Clause 10; or (ii)
incurred by reason of the relevant Agent's own negligence or gross
misconduct (or that of its directors, officers or employees).
11.5 Agent Commitments
No provisions of this Agreement shall require any Agent to expend its
own funds or assume a financial commitment to a person not party to this
Agreement (other than in the ordinary course of its business) in the
performance of any of its duties hereunder, or in the exercise of any of
its rights or powers hereunder, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against
such commitment is not reasonably assured to it and, in particular, no
Agent shall be obliged to incur any expenditure in connection with the
publication of any notices required to be given hereunder unless the
Issuer has given its prior approval.
12. TERMINATION OF APPOINTMENT
12.1 Resignation
Any Agent may resign its appointment upon not less than 60 days' written
notice to the Issuer (with a copy to the Note Trustee and, in the case
of an Agent other than the Principal Paying Agent, to the Principal
Paying Agent) provided, however, that:
-17-
12.1.1 if such resignation would otherwise take effect less than 10
days before the maturity date of the Notes or any Interest
Payment Date in relation to the Notes, it shall not take effect
until the first day following such maturity date; and
12.1.2 such resignation shall not take effect until a successor
(approved in writing by the Note Trustee) has been duly
appointed by the Issuer and notice of such appointment has been
given to the Noteholders.
12.2 Revocation
The Issuer may revoke its appointment of any Agent as its agent in
relation to the Notes by not less than 60 days' notice to such Agent
(with a copy to the Note Trustee and, in the case of an Agent other than
the Principal Paying Agent) provided, however, that in the case of the
Principal Paying Agent, the Agent Bank, the Custodian, the Paying Agent
with its Specified Office in London or the only remaining Paying Agent
with its Specified Office outside the United Kingdom, such revocation
shall not take effect until a successor has been duly appointed with the
prior written consent of the Note Trustee and notice of such appointment
has been given to the Noteholders.
12.3 Automatic termination
The appointment of any Agent shall terminate forthwith if:
12.3.1 a secured party takes possession, or a receiver, manager or
other similar officer is appointed, of the whole or any part of
the undertaking, assets and revenues of such Agent;
12.3.2 such Agent admits in writing its insolvency or inability to pay
its debts as they fall due;
12.3.3 an administrator or liquidator of such Agent or the whole or any
part of the undertaking, assets and revenues of such Agent is
appointed (or application for any such appointment is made);
12.3.4 such Agent takes any action for a readjustment or deferment of
any of its obligations or makes a general assignment or an
arrangement or composition with or for the benefit of its
creditors or declares a moratorium in respect of any of its
indebtedness;
12.3.5 an order is made or an effective resolution is passed for the
winding up of such Agent; or
12.3.6 any event occurs which has an analogous effect to any of the
foregoing.
On the occurrence of any of the above the relevant Agent shall forthwith
notify the Issuer and the remaining Agents and the Issuer shall give
notice thereof to the Note Trustee and to the Noteholders in accordance
with Note Condition 14.
-18-
12.4 Additional and successor agents
The Issuer may with the prior written approval of the Note Trustee
appoint additional or successor Paying Agents, a successor Agent Bank or
a successor Registrar provided that such additional or successor Paying
Agent, Agent Bank or Registrar shall execute and deliver to its
predecessor (if any), the Issuer, the Note Trustee and (unless its
predecessor is the Principal Paying Agent) the Principal Paying Agent an
instrument accepting appointment on the terms and conditions of this
Agreement and the Issuer shall forthwith give notice of any such
appointment to the continuing Agents and the Noteholders, whereupon the
Issuer, the continuing Agents and the additional or successor agent
shall acquire and become subject to the same rights and obligations
between themselves as if they then entered into an agreement in the form
mutatis mutandis of this Agreement.
12.5 Agent may appoint successor
If any Agent gives notice of its resignation in accordance with Clause
12.1 and by the tenth day before the expiration of such notice a
successor has not been duly appointed, such Agent may itself, following
such consultation with the Issuer as is practicable in the circumstances
and with the prior written approval of the Note Trustee and the Issuer
(provided such failure to appoint was not due to default by the Issuer),
appoint as its successor any reputable and experienced bank or financial
institution and give notice of such appointment to the Issuer, the
remaining Agents and the Noteholders. Such successor shall execute and
deliver to the relevant Agent, the Issuer, the Note Trustee and (unless
the relevant Agent is the Principal Paying Agent) the Principal Paying
Agent an instrument accepting appointment on the terms and conditions of
this Agreement whereupon the Issuer, the remaining Agents and such
successor agent shall acquire and become subject to the same rights and
obligations between themselves as if they had entered into an agreement
in the form mutatis mutandis of this Agreement.
12.6 Resignation and revocation
Upon any resignation or revocation taking effect under Clause 12.1 or
12.2 or any termination under Clause 12.3, the relevant Agent shall:
12.6.1 without prejudice to any accrued liabilities and obligations, be
released and discharged from any further obligations under this
Agreement (save that it shall remain entitled to the benefit of,
and subject to, Clauses 11.3, 12 and 13);
12.6.2 repay to the Issuer following any resignation taking effect
under Clause 12.1 or any termination under Clause 12.3, such
part of any fee paid to it in accordance with Clause 10.1 as
shall relate to any period thereafter;
12.6.3 in the case of the Registrar, the Principal Paying Agent or the
Agent Bank, deliver to the Issuer and to its successor a copy,
certified as true and up-to-date by an officer of the Registrar,
the Principal Paying Agent or (as the case may be) the Agent
Bank, of the records maintained by it in accordance with Clause
9.1; and
12.6.4 forthwith (upon payment to it of any amount due to it in
accordance with Clause 10 or Clause 11.4) transfer all monies
and papers (including any unissued
-19-
Individual Note Certificates held by it hereunder) to its
successor in that capacity and, upon appropriate notice, provide
reasonable assistance to its successor for the discharge by it
of its duties and responsibilities hereunder.
12.7 Merger
Any legal entity into which any Agent is merged or converted or any
legal entity resulting from any merger or conversion to which such Agent
is a party shall, to the extent permitted by applicable law, be the
successor to such Agent without any further formality, whereupon the
Issuer, the Note Trustee, the other Agents and such successor shall
acquire and become subject to the same rights and obligations between
themselves as if they had entered into an agreement in the form mutatis
mutandis of this Agreement. Notice of any such merger or conversion
shall forthwith be given by such successor to the Issuer, the Note
Trustee and the other Agents.
13. NON-PETITION
13.1 Non-Petition
Each of the Paying Agents, the Registrar, the Note Trustee, the Agent
Bank and any Transfer Agent undertakes to the Issuer that until one year
and one day has elapsed since the last day on which the Issuer has
discharged all of its obligations in relation to the Notes, none of them
will petition or commence proceedings for the administration or
winding-up of the Issuer (nor join any person in such proceedings or
commencement of proceedings) nor commence any legal proceedings against
the Issuer.
13.2 Limited Recourse
Each of the Paying Agents, the Registrar, the Note Trustee, the Agent
Bank and any Transfer Agent shall have recourse only to the Charged
Property subject always to the charges set out in the Deed of Charge and
the priority of payments set out in the Deed of Charge. Upon final
realisation of the Charged Property, none of the Paying Agents, the
Registrar, the Note Trustee, the Agent Bank or such Transfer Agent or
any person acting on its behalf shall be entitled to take any further
steps against the Issuer to recover any sums due to each of the Paying
Agents, the Registrar, the Note Trustee, the Agent Bank and such
Transfer Agent but still unpaid and all claims in respect of such sums
due but still unpaid shall be extinguished.
14. TIME
Any date or period specified herein may be postponed or extended by
mutual agreement among the parties but, as regards any date or period
originally fixed or so postponed or extended, time shall be of the
essence.
15. NOTICES
15.1 Any notice under or in connection with the Agreement shall be in writing
and shall be delivered by hand or sent by first class post, telex,
courier or facsimile transmission to the address or facsimile number
specified below in respect of the relevant party (or to such other
address or facsimile number as may be notified in writing by any party
to the others from time to time):
-20-
15.1.1 in the case of the Issuer, to it at:
Gracechurch Card Funding (No.5) PLC
54 Lombard Street
London EC3P 3AH
Fax: 020 7699 3271
Attn: Company Secretary
15.1.2 in the case of the Principal Paying Agent, Agent Bank or
Custodian, to it at:
The Bank of New York
48th Floor
One Canada Square
London E14 5AL
Fax: 020 7964 6061/6399
Attn: Corporate Trust, Global Structured Finance
15.1.3 in the case of the New York Paying Agent, the Registrar or the
Transfer Agent, to it at:
The Bank of New York
One Wall Street
New York
NY 10286 USA
Fax: 001 212 815 5915
Attn: Corporate Trust (21W)
15.1.4 in the case of the Note Trustee, to it at:
The Bank of New York
48th Floor
One Canada Square
London E14 5AL
Fax: 020 7964 6061/6399
Attn: Corporate Trust, Global Structured Finance
15.2 Every notice or communication sent in accordance with Clause 15.1 shall
be effective as follows:
15.2.1 if sent by letter, courier or fax, upon receipt by the
addressee; and
15.2.2 if sent by telex, upon receipt by the sender of its addressee's
answer back at the end of transmission;
provided, however, that any such notice or communication which would
otherwise take effect on a day which is not a Business Day in the place
of receipt or after 4.00 p.m. on
-21-
any such Business Day shall not take effect until 10.00 a.m. on the
immediately succeeding Business Day in the place of receipt.
16. COUNTERPARTS
This Agreement may be executed in any number of counterparts and by
different parties hereto on separate counterparts each of which, when
executed and delivered, shall constitute an original, but all the
counterparts shall together constitute but one and the same instrument
Provided, however, that this Agreement shall have no force or effect
until it is executed by the last party to execute the same and shall be
deemed to have been executed as delivered in the place where such last
party executed this Agreement.
17. GOVERNING LAW AND JURISDICTION
17.1 Governing law
This Agreement shall be governed by and construed in accordance with
English law.
17.2 Jurisdiction
Each of the parties hereto agrees for the benefit of the others that the
courts of England shall have jurisdiction to hear and determine any
suit, action or proceedings, and to settle any disputes, which arise out
of or in connection with this Agreement (respectively, "Proceedings" and
"Disputes") and, for such purposes, irrevocably submits to the
jurisdiction of such courts.
17.3 Appropriate forum
Each of the parties hereto irrevocably waives any objection which it
might now or hereafter have to the courts of England being nominated as
the forum to hear and determine any Proceedings and to settle any
Disputes, and agrees not to claim that any such court is not a
convenient or appropriate forum.
17.4 Non-exclusivity
The submission to the jurisdiction of the courts of England shall not
(and shall not be construed so as to) limit the right of any party to
take Proceedings in any court of competent jurisdiction, nor shall the
taking of Proceedings in any one or more jurisdictions preclude the
taking of Proceedings in any other jurisdiction (whether concurrently or
not) if and to the extent permitted by law.
17.5 Post Maturity Call Option
Pursuant to a post maturity call option made between the Issuer,
Gracechurch Card (Holdings) Limited and the Note Trustee dated the date
hereof the Principal Paying Agent (upon receipt of the notice referred
to therein) agrees to arrange for the delivery of such notice to the
holder of the Notes and further agrees to make payment of the Exercise
Price (as defined therein) to each Noteholder.
-22-
18. CONTRACT (RIGHTS OF THIRD PARTIES) ACT
A person who is not a party to this Agreement has no right under the
Contract (Rights of Third Parties) Act 1999 to enforce any term of this
Agreement but this does not affect any right or remedy of a third party
which exists or is available apart from that Act.
AS WITNESS the hands of the duly authorised representatives of the parties
hereto the day and year first before written.
-23-
SCHEDULE 1
SPECIFIED OFFICES OF THE AGENTS
The Principal Paying Agent and Agent Bank
The Bank of New York
48th Floor
One Canada Square
London E14 5AL
Fax: 020 7964 6061/6399
Attention: Corporate Trust, Global Structured Finance
The New York Paying Agent, Registrar and Transfer Agent
The Bank of New York
One Wall Street,
New York, New York,
USA 10286
Fax: 001 212 815 5915
Attention: Corporate Trust (21W)
-24-
SCHEDULE 2
CUSTODY ACCOUNT DETAILS
Custody Securities Account
Account Bank: The Bank of New York
Account Number: [ ]
Custody Cash Account
Account Bank: The Bank of New York
Account Number: [ ]
-25-
ISSUER
Gracechurch Card Funding (No.5) PLC
By:
AGENT BANK
The Bank of New York
By:
PRINCIPAL PAYING AGENT
REGISTRAR AND TRANSFER AGENT
The Bank of New York
By:
NEW YORK PAYING AGENT
The Bank of New York
By:
NOTE TRUSTEE
The Bank of New York
By:
-26-