Common use of EACH SERIES TO BE SEPARATE Clause in Contracts

EACH SERIES TO BE SEPARATE. The Notes of each Series shall form a separate Series and accordingly, save where specifically provided in this Deed, each covenant and representation provided by the Issuer in favour of the Trustee and all other rights, Liabilities and obligations of the Issuer under this Deed shall apply separately to the Notes of each Series issued by the Issuer. Accordingly, the provisions hereof shall, in relation to any Series, be read independently and the expression "TRUSTEE" shall be construed as a reference to the Trustee of such Series, the expression "NOTES" shall be construed as a reference to the Notes of such Series, the expression "NOTEHOLDERS" shall be construed as a reference to the Noteholders of such Series, the expression "SECURED CREDITOR" shall be construed as a reference to the Secured Creditors of such Series so that each Series shall be constituted as a separate security trust and that, unless otherwise expressly provided, events affecting one Series shall not affect another Series.

EACH SERIES TO BE SEPARATE. The Loan Notes of each Series shall form a separate Series of Loan Notes and accordingly, save where specifically provided in this Deed, each covenant and representation provided by the Loan Note Issuer in favour of the Security Trustee and all other rights, Liabilities and obligations of the Loan Note Issuer under this Deed shall apply separately to the Loan Notes of each Series issued by the Loan Note Issuer. Accordingly, the provisions hereof shall, in relation to any Series, be read independently unless the context otherwise requires and accordingly the expression "TRUSTEESecurity Trustee" shall be construed as a reference to the Security Trustee of such Series, the expression "NOTESLoan Notes" shall be construed as a reference to the Loan Notes of such Series, the expression "NOTEHOLDERSLoan Note Holders" shall be construed as a reference to the Noteholders Loan Note Holders of such Series, and the expression "SECURED CREDITORSecured Creditors" shall be construed as a reference to the Secured Creditors of such Series and so that each Series shall be constituted as separately and benefit from a separate security trust and thatand, unless otherwise expressly provided, events affecting one Series shall not affect another Series.

EACH SERIES TO BE SEPARATE. The Loan Notes of each Series shall form a separate Series and accordingly, save where specifically provided in this Deed, each covenant and representation provided by the Loan Note Issuer in favour of the Security Trustee and all other rights, Liabilities and obligations of the Loan Note Issuer under this Deed shall apply separately to the Loan Notes of each Series issued by the Loan Note Issuer. Accordingly, the provisions hereof shall, in relation to any Series, be read independently unless the context otherwise requires and accordingly the expression "SECURITY TRUSTEE" shall be construed as a reference to the Security Trustee of such Series, the expression "LOAN NOTES" shall be construed as a reference to the Loan Notes of such Series, the expression "LOAN NOTEHOLDERS" shall be construed as a reference to the Loan Noteholders of such Series, the expression "SECURED CREDITORCREDITORS" shall be construed as a reference to the Secured Creditors secured creditors of such Series so that each Series shall be constituted as a separate security trust and thatand, unless otherwise expressly provided, events affecting one Series shall not affect another Series.

EACH SERIES TO BE SEPARATE. The Notes of Loan Note for each Series shall form a separate Series and accordingly, save where specifically provided in this Security Trust Deed, each covenant and representation provided by the Loan Note Issuer in favour of the Security Trustee and all other rights, Liabilities and obligations of the Loan Note Issuer under this Security Trust Deed shall apply separately to the Notes of Loan Note for each Series issued by the Loan Note Issuer. Accordingly, the provisions hereof shall, in relation to any Series, be read independently unless the context otherwise requires and accordingly the expression "SECURITY TRUSTEE" shall be construed as a reference to the Security Trustee of such Series, the expression "NOTESLOAN NOTE" shall be construed as a reference to the Notes of Loan Note for such Series, the expression "NOTEHOLDERSLOAN NOTE HOLDER" shall be construed as a reference to the Noteholders of Loan Note Holder for such Series, the expression "SECURED CREDITORCREDITORS" shall be construed as a reference to the Secured Creditors secured creditors of such Series so that each Series shall be constituted as a separate security trust and thatand, unless otherwise expressly provided, events affecting one Series shall not affect another Series.

EACH SERIES TO BE SEPARATE. The Notes of each Series shall form a separate Series and accordingly, save where specifically provided in this Deed, each covenant and representation provided by the Issuer in favour of the Trustee and all other rights, Liabilities and obligations of the Issuer under this Deed shall apply separately to the Notes of each Series issued by the Issuer. Accordingly, the provisions hereof shall, in relation to any Series, be read independently and the expression "TRUSTEETrustee" shall be construed as a reference to the Trustee of such Series, the expression "NOTESNotes" shall be construed as a reference to the Notes of such Series, the expression "NOTEHOLDERSNoteholders" shall be construed as a reference to the Noteholders of such Series, the expression "SECURED CREDITORSecured Creditor" shall be construed as a reference to the Secured Creditors of such Series so that each Series shall be constituted as a separate security trust and that, unless otherwise expressly provided, events affecting one Series shall not affect another Series.