Persons entitled
- Cardiff Automobile Receivables Securitisation (UK) No. 4 PLC
Amount secured
In favour of the chargee the obligation (the "compensation obligation") of ct to compensate the issuer in respect of the aggregate of:- (I) the difference between:- (a) the principal element of fixed payments due in a period in which, inter alia, amounts of principal payments on the notes are calculated (a "calculation period") from hirers under motor vehicle and/or caravan hire purchase contracts ("contracts") the benefit of which has been transferred to cars trustee (UK) no. 4 limited (the "receivables trustee") by due acceptance of an offer by ct to the issuer and the receivables trustee to sell the same (an "offer to sell") incorporating a standard set of terms and conditions applicable to each such contract: and (b) the principal element of such fixed payments actually received during that calculation period (ii) the outstanding principal balance of any contract the benefit of which has been transferred to the receivables trustee as described above which is deemed to be in default in accordance with ct's credit and collection procedures in that calculation period, which is contained in each contract which is concluded by the acceptance of any offer to sell
Short particulars
(I) assignment by way of mortgage of all ct's right title and interest in and to all sums deposited or to be deposited in account no. 0958126 in the name of ct with lloyds bank,. See the mortgage charge document for full details.