Common use of POWER OF INVESTMENT Clause in Contracts

POWER OF INVESTMENT. If the amount of the monies at any time available for the payment of principal and interest in respect of the Notes under Clause 8 shall be less than 10 per cent. of the aggregate Principal Amount Outstanding of the Notes the Note Trustee may at its discretion invest such monies in some or one of the investments hereinafter authorised and such investments with the resulting income therefrom may be accumulated until the accumulations together with any other funds for the time being under the control of the Note Trustee and available for such purpose shall amount to a sum being not less than 10 per cent. of the aggregate Principal Amount Outstanding of the Notes and then such accumulations and funds shall be applied in the manner provided in Clause 8.

Appears in 7 contracts

Samples: Gracechurch Card Funding No 3 PLC, Barclaycard Funding PLC, Gracechurch Receivables Trustee LTD

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POWER OF INVESTMENT. If the amount of the monies at any time available for the payment of principal and interest in respect of the Notes under Clause 8 shall be less than 10 per cent. of the aggregate Principal Amount Outstanding of the Notes the Note Trustee may at its discretion invest such monies in some or one of the investments hereinafter authorised and such investments with the resulting income therefrom may be accumulated until the accumulations together with any other funds for the time being under the control of the Note Trustee and available for such purpose shall amount to a sum being not less than 10 per 10per cent. of the aggregate Principal Amount Outstanding of the Notes and then such accumulations and funds shall be applied in the manner provided in Clause 8.

Appears in 1 contract

Samples: Barclaycard Funding PLC

POWER OF INVESTMENT. If the amount of the monies moneys at any time available for the payment of principal and interest in respect of the Notes under Clause 8 shall be less than 10 per cent. of the aggregate Principal Amount Outstanding of the Notes the Note Trustee may at its discretion invest such monies moneys in some or one of the investments hereinafter authorised and such investments with the resulting income therefrom may be accumulated until the accumulations together with any other funds for the time being under the control of the Note Trustee and available for such purpose shall amount to a sum being not less than 10 per cent. of the aggregate Principal Amount Outstanding of the Notes and then such accumulations and funds shall be applied in the manner provided in Clause 8.

Appears in 1 contract

Samples: Gracechurch Card Funding No 2 PLC

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POWER OF INVESTMENT. If the amount of the monies moneys at any time available for the payment of principal and interest in respect of the Notes under Clause 8 shall be less than 10 [10] per cent. of the aggregate Principal Amount Outstanding of the Notes the Note Trustee may at its discretion invest such monies moneys in some or one of the investments hereinafter authorised and such investments with the resulting income therefrom may be accumulated until the accumulations together with any other funds for the time being under the control of the Note Trustee and available for such purpose shall amount to a sum being not less than 10 [10] per cent. of the aggregate Principal Amount Outstanding of the Notes and then such accumulations and funds shall be applied in the manner provided in Clause 8.

Appears in 1 contract

Samples: Gracechurch Receivables Trustee LTD

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