Exhibit 4.7
FORM OF CLASS A1 GLOBAL NOTE CERTIFICATE
CUSIP: [ ]
ISIN: [ ]
IF THIS NOTE CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. (OR SUCH OTHER
PERSON AS MAY BE NOMINATED BY THE DEPOSITORY TRUST COMPANY ("DTC") FOR THE
PURPOSE) (COLLECTIVELY, "CEDE & CO.") AS NOMINEE FOR DTC, THEN, UNLESS THIS NOTE
CERTIFICATE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF DTC TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE
CERTIFICATE ISSUED UPON REGISTRATION OF TRANSFER OR EXCHANGE OF THIS NOTE
CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. (OR SUCH OTHER NAME AS MAY
BE REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC) AND ANY PAYMENT HEREUNDER
IS MADE TO CEDE & CO. (OR, AS THE CASE MAY BE, SUCH OTHER PERSON), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO. (OR, AS THE CASE MAY BE,
SUCH OTHER PERSON), HAS AN INTEREST HEREIN.
GRACECHURCH CARD FUNDING (NO. 5) PLC
(incorporated with limited liability under
the laws of England and Wales)
$[ ]
Class A1 Floating Rate Asset-Backed Notes due [ ]
CLASS A1 GLOBAL NOTE CERTIFICATE
1. Introduction
This Class A1 Global Note Certificate is issued in respect of the $[ ]
Class A1 Floating Rate Asset-Backed Notes due [ ] (the "Class A1 Notes")
of Gracechurch Card Funding (No. 5) PLC (the "Issuer"). The Class A1
Notes are constituted by, are subject to, and have the benefit of, a
trust deed dated [ ] September 2003 (as amended or supplemented from
time to time, the "Trust Deed") between the Issuer and The Bank of New
York as trustee (the "Trustee", which expression includes all persons
for the time being appointed trustee or trustees under the Trust Deed)
and are the subject of a Paying Agency and Agent Bank Agreement dated
[ ] September 2003 (as amended or supplemented from time to time, the
"Paying Agency and Agent Bank Agreement") and made between the Issuer,
The Bank of New York as registrar (the "Registrar", which expression
includes any successor registrar appointed from time to time in
connection with the Class A1 Notes), The Bank of New York as principal
paying agent, the other paying agents and the transfer agents named
therein and the Trustee.
2. References to Conditions
Any reference herein to the "Conditions" is to the terms and conditions
of the Class A1 Notes attached hereto and any reference to a numbered
"Condition" is to the correspondingly numbered provision thereof.
3. Registered holder
This is to certify that:
CEDE & CO.
is the person registered in the register maintained by the Registrar in
relation to the Class A1 Notes (the "Register") as the duly registered
holder (the "Holder") of the Class A1 Notes represented from time to
time by this Class A1 Global Note Certificate.
4. Promise to pay
The Issuer, for value received, hereby promises to pay to the Holder
such principal sum as is noted in the records of the custodian for The
Depository Trust Company (the "DTC Custodian" and "DTC", respectively)
as being the principal amount of this Class A1 Global Note Certificate
for the time being on the Interest Payment Date in [ ] or on such
earlier date or dates as the same may become payable in accordance with
the Conditions, and to pay interest on such principal sum in arrear on
the dates and at the rate specified in the Conditions, together with any
additional amounts payable in accordance with the Conditions, all
subject to and in accordance with the Conditions.
5. Transfers in whole
Transfers of this Class A1 Global Note Certificate shall be limited to
transfers in whole, but not in part, to nominees of DTC or to a
successor of DTC or to such successor's nominee.
6. Exchange for Class A1 Individual Note Certificates
This Class A1 Global Note Certificate will be exchanged in whole (but
not in part) for duly authenticated and completed individual note
certificates ("Class A1 Individual Note Certificates") in substantially
the form (subject to completion) set out in the Fifth Schedule (Form of
Class A1 Individual Note Certificate) to the Trust Deed if any of the
following events occurs:
(a) the Notes become immediately due and repayable by reason of an
Event of Default; or
(b) DTC at any time notifies the Issuer that it is at any time
unwilling or unable to hold the Global Note Certificates or is
unwilling or unable to continue as or has ceased to be, a
clearing agency registered under the United States Securities
and Exchange Act of 1934 and in each case the Issuer is unable
to locate a qualified successor within 90 days of receiving such
notification;
Such exchange shall be effected in accordance with paragraph 7
(Delivery of Class A1 Individual Note Certificates) below. The
Issuer shall notify and the
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Holder of the occurrence of any of the events specified in
paragraphs (a) and (b) above as soon as practicable thereafter.
7. Delivery of Class A1 Individual Note Certificates
Whenever this Class A1 Global Note Certificate is to be exchanged for
Class A1 Individual Note Certificates, such Class A1 Individual Note
Certificates shall be issued in an aggregate principal amount equal to
the principal amount of this Class A1 Global Note Certificate within
five business days of the delivery, by or on behalf of the Noteholders,
DTC, Euroclear and/or Clearstream, Luxembourg, to the Registrar of such
information as is required to complete and deliver such Class A1
Individual Note Certificates (including, without limitation, the names
and addresses of the persons in whose names the Class A1 Individual Note
Certificates are to be registered and the principal amount of each such
person's holding) against the surrender of this Class A1 Global Note
Certificate at the Specified Office (as defined in the Conditions) of
the Registrar. Such exchange shall be effected in accordance with the
provisions of the Paying Agency and Agent Bank Agreement and the
regulations concerning the transfer and registration of Class A1 Notes
scheduled thereto (if any) and, in particular, shall be effected without
charge to any Holder or the Trustee, but against such indemnity as the
Registrar may require in respect of any transfer tax, governmental
charge or any cost or expense relating to insurance, postage,
transportation or any similar charge in connection with the delivery of
such Individual Note Certificates, which will be the sole responsibility
of the Issuer. No service charge will be made for any registration of
transfer or exchange of any Individual Note Certificates. In this
paragraph, "business day" means a day on which commercial banks are open
for business (including dealings in foreign currencies) in the city in
which the Registrar has its Specified Office.
8. Conditions apply
Save as otherwise provided herein, the Holder of this Class A1 Global
Note Certificate shall have the benefit of, and be subject to, the
Conditions and, for the purposes of this Class A1 Global Note
Certificate, any reference in the Conditions to "Note Certificate" or
"Note Certificates" shall, except where the context otherwise requires,
be construed so as to include this Class A1 Global Note Certificate.
9. Notices
Notwithstanding Condition 14 (Notices), so long as this Class A1 Global
Note Certificate is held on behalf of DTC or any other clearing system
(an "Alternative Clearing System"), notices to Holders of Class A1 Notes
represented by this Class A1 Global Note Certificate may be given by
delivery of the relevant notice to DTC or (as the case may be) such
Alternative Clearing System.
10. Legends
The statements set out in the legends above are an integral part of this
Class A1 Global Note Certificate and, by acceptance hereof, each Holder
of this Class A1 Global Note Certificate agrees to be subject to and
bound by such legends.
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11. Determination of entitlement
This Class A1 Global Note Certificate is evidence of entitlement only
and is not a document of title. Entitlements are determined by the
Register and only the Holder is entitled to payment in respect of this
Class A1 Global Note Certificate.
12. Authentication
This Class A1 Global Note Certificate shall not be valid for any purpose
until it has been authenticated for and on behalf of The Bank of New
York as registrar.
13. Governing law
This Class A1 Global Note Certificate is governed by, and shall be
construed in accordance with, English law.
AS WITNESS the manual or facsimile signature of a duly authorised person on
behalf of the Issuer.
Gracechurch Card Funding (No. 5) PLC
By: ..............................
[manual or facsimile signature]
(duly authorised)
ISSUED as of [issue date]
AUTHENTICATED for and on behalf of
The Bank of New York
as registrar without recourse, warranty
or liability
By: ..............................
[manual signature]
(duly authorised)
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FORM OF TRANSFER
FOR VALUE RECEIVED ..................................................., being
the registered holder of this Class A1 Global Note Certificate, hereby transfers
to..............................................................................
.................................................................................
.................................................................................
of..............................................................................
.................................................................................
.................................................,
$ ..................................... in principal amount of the $[ ] Class A1
Asset-Backed Floating Rate Notes due [ ] (the "Class A1 Notes") of Gracechurch
Card Funding (No. 5) PLC (the "Issuer") and irrevocably requests and authorises
The Bank of New York, in its capacity as registrar in relation to the Class A1
Notes (or any successor to The Bank of New York, in its capacity as such) to
effect the relevant transfer by means of appropriate entries in the register
kept by it.
Dated: .......................................
By: .......................................
(duly authorised)
Notes
(b) The name of the person by or on whose behalf this form of transfer is
signed must correspond with the name of the registered holder as it
appears on the face of this Class A1 Global Note Certificate.
(c) A representative of such registered holder should state the capacity in
which he signs, e.g. executor.
(d) The signature of the person effecting a transfer shall conform to any
list of duly authorised specimen signatures supplied by the registered
holder or be certified by a recognised bank, notary public or in such
other manner as the Registrar may require.
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[Terms and Conditions as set out in the Ninth Schedule]
PRINCIPAL PAYING AGENT REGISTRAR, NEW YORK PAYING
AGENT AND TRANSFER AGENT
The Bank of New York The Bank of New York
One Canada Square One Wall Street
London E14 5Al New York
UK New York
USA 10286
PAYING AGENTS AND TRANSFER AGENTS
[Name] [Name]
[Address] [Address]
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