Primera Etapa: Estudios sobre la guerra y el concepto de paz negativa

Each series loan note sets out how money is distributed under that series loan note to the issuing entity as the holder. For each series, the payment made from the account of the loan note issuing entity to the relevant issuing entity distribution account of the issuing entity will be made monthly on a distribution date, which will also be the monthly interest payment date in respect of the notes during any amortisation period and any notes which have a monthly rate of interest.

Other payments, in particular, payments of interest on the notes prior to any amortisation period, will be made on an interest payment date which falls at the end of an annual period with respect to the notes that earn a fixed rate of interest or at the end of a quarterly or monthly interest period with respect to notes that earn a floating rate of interest (see "Annual, quarterly or monthly payments" and "Monthly payments"

below). For a description of principal payments, see "Scheduled redemption of a series" below.

Amounts transferred by the loan note issuing entity relating to the issuing entity distribution account

Amounts will be transferred by the loan note issuing entity and credited to the relevant class or sub-class distribution ledger in the relevant issuing entity distribution account with respect to the relevant series and class or sub-class, from time to time, as specified in the relevant series loan note. These payments and the utilisation thereof by the issuing entity are described in detail in, respectively, "Monthly payments" below,

"Interest and payments" below and "Scheduled redemption of a series" below.

Monthly payments

On each distribution date the aggregate of all amounts (including revenue and principal) with respect to the relevant series and class or sub-class thereof will be transferred by the loan note issuing entity to the issuing entity and credited to the issuing entity costs ledger, the excess spread ledger, the issuing entity profit ledger, the expenses loan ledger or the relevant class or sub-class distribution ledger (as applicable).

Cash received on that distribution date relating to the relevant series (but excluding amounts paid by the interest rate swap counterparty relating to quarterly or annual payments during a period which is not an amortisation period), including, if an amortisation period has commenced since the previous interest payment date, any monthly distribution amounts previously retained in the relevant class or sub-class distribution ledger since the previous interest payment date, shall be applied, together with any interest earned or investment proceeds on each relevant ledger, in the following manner:

(1) an amount equal to the issuing entity costs amount for the series for such distribution date shall be used or retained in the issuing entity costs ledger for payment of each item of the issuing entity costs amount;

(2) in respect of the class A notes and each and every sub-class thereof (if any), in respect of a distribution date falling in any period that is not in an amortisation period, an amount equal to the class A monthly distribution amount (excluding such amount of the class A monthly distribution amount which has been credited to the issuing entity costs ledger) or each and every part thereof corresponding to each and every class shall be used or retained in the relevant class or sub-class distribution ledger, or paid to any relevant swap counterparty (if required), in each case as described in "Annual, quarterly or monthly payments" below;

(3) in respect of the class A notes and each and every sub-class thereof (if any), in respect of the scheduled redemption date, if this falls in a period that is not an amortisation period, an amount equal to the principal amount referable to the class or sub-class shall be paid by the issuing entity from the relevant class or sub-class distribution ledger to the noteholders of the relevant class or sub-class in accordance with the terms and conditions of the notes (but only after exchange of such amount to the relevant currency by a swap counterparty pursuant to any relevant currency swap agreement entered into with respect to such class or sub-class);

(4) in respect of the class A notes and each and every sub-class thereof (if any), in respect of a distribution date falling in any period that is in an amortisation period, amounts (other than termination amounts) due to the interest rate swap counterparty from the relevant class or sub-class distribution ledger;

(5) in respect of the class A notes and each and every sub-class thereof (if any), in respect of a distribution date falling in any period that is in an amortisation period, if the swap agreement has not terminated, or there is no swap agreement for the class or sub-class, to pay from the relevant class or sub-class distribution ledger the amount equal to the class A monthly distribution amount (excluding such amount of the class A monthly distribution amount which has been credited to the issuing entity costs ledger) and amounts identified as class A principal or each and every part thereof corresponding to each and every class to the noteholders of the relevant class or sub-class in accordance with the terms and conditions of the notes (but only after exchange of such amount to the relevant currency by a swap counterparty pursuant to any relevant currency swap agreement entered into with respect to such class or sub-class);

(6) in respect of the class A notes and each and every sub-class thereof (if any), in respect of a distribution date falling in an amortisation period, if the swap agreement has been terminated, the following payments shall be made from the relevant class or sub-class distribution ledger pari passu and in no priority between each item but in proportion to the respective amounts due:

(A) in and towards any issuing entity fault swap termination amount for the class A notes or any sub-class thereof (if any); and

(B) in and towards payments of amounts due and unpaid in respect of the class A notes or any sub-class thereof (if any) in priority, first to interest (such monies to be applied first to the payment of any interest amount, then any outstanding deferred interest and, thereafter, any additional interest) and secondly to principal;

(7) in respect of the class B notes (if any) and each and every sub-class thereof (if any), in respect of a distribution date falling in any period that is not in an amortisation period, an amount equal to the class B monthly distribution amount or each and every part thereof corresponding to each and every sub-class shall be used or retained in the relevant class or sub-class distribution ledger, or paid to any relevant swap counterparty (if required), in each case as described in "Annual, quarterly or monthly payments" below;

(8) in respect of the class B notes (if any) and each and every sub-class thereof (if any), in respect of the scheduled redemption date, if this falls in a period that is not an amortisation period, an amount equal to the principal amount referable to the class or sub-class shall be paid by the issuing entity from the relevant class or sub-class distribution ledger to the noteholders of the relevant class or sub-class in accordance with the terms and conditions of the notes (but only after exchange of such amount to the relevant currency by a swap counterparty pursuant to any relevant currency swap agreement entered into with respect to such class or sub-class);

(9) in respect of the class B notes (if any) and each and every sub-class thereof (if any), in respect of a distribution date falling in any period that is in an amortisation period, amounts (other than termination amounts) due to the interest rate swap counterparty from the relevant class or sub-class distribution ledger;

(10) in respect of the class B notes (if any) and each and every sub-class thereof (if any), in respect of a distribution date falling in any period that is in an amortisation period, if the swap agreement has not terminated, or there is no swap agreement for the class or sub-class, to pay from the relevant class or sub-class distribution ledger the amount equal to the class B monthly distribution amount and amounts identified as class B principal or each and every part thereof corresponding to each and every sub-class to the noteholders of the relevant class or sub-class in accordance with the terms and conditions of the notes (but only after exchange of such amount to the relevant currency by a swap counterparty pursuant to any relevant currency swap agreement entered into with respect to such class or sub-class);

(11) in respect of the class B notes (if any) and each and every sub-class thereof (if any), in respect of a distribution date falling in an amortisation period, if the swap agreement has been terminated, the following payments shall be made from the relevant class or sub-class distribution ledger pari passu and in no priority between each item but in proportion to the respective amounts due:

(A) in and towards any issuing entity fault swap termination amount for the class B notes or

(B) in and towards payments of amounts due and unpaid in respect of the class B notes or any sub-class thereof (if any) in priority, first to interest (such monies to be applied first to the payment of any interest amount, then any outstanding deferred interest and, thereafter, any additional interest) and secondly to principal;

(12) in respect of the class C notes and each and every sub-class thereof (if any), in respect of a distribution date falling in any period that is not an amortisation period, an amount equal to the class C monthly distribution amount (excluding the monthly loan note issuing entity expenses loan amount (if any) and amounts therein which have been credited to the expenses loan ledger and the issuing entity profit ledger) or each and every part thereof corresponding to each and every sub-class shall be used or retained in the relevant class or sub-class distribution ledger, or paid to any relevant swap counterparty (if required) in each case as described in "Annual, quarterly or monthly payments" below;

(13) in respect of the class C notes and each and every sub-class thereof (if any), in respect of the scheduled redemption date, if this falls in a period that is not an amortisation period, an amount equal to the principal amount referable to the class or sub-class shall be paid by the issuing entity to the noteholders of the relevant class or sub-class from the relevant class or sub-class distribution ledger in accordance with the terms and conditions of the notes (but only after exchange of such amount to the relevant currency by a swap counterparty pursuant to any relevant currency swap agreement entered into with respect to such class or sub-class);

(14) in respect of the class C notes and each and every sub-class thereof (if any), in respect of a distribution date falling in any period that is in an amortisation period, amounts (other than termination amounts) due to the interest rate swap counterparty from the relevant class or sub-class distribution ledger;

(15) in respect of the class C notes and each and every sub-class thereof (if any), in respect of a distribution date falling in any period that is in an amortisation period, if the swap agreement has not terminated, or there is no swap agreement for the class or sub-class, to pay from the relevant class or sub-class distribution ledger the amount equal to the class C monthly distribution amount (excluding the monthly loan note issuing entity expenses loan amount (if any) and amounts therein which have been credited to the expenses loan ledger and the issuing entity profit ledger) and amounts identified as class C principal or each and every part thereof corresponding to each and every sub-class to the noteholders of the relevant class or sub-class in accordance with the terms and conditions of the notes (but only after exchange of such amount to the relevant currency by a swap counterparty pursuant to any relevant currency swap agreement entered into with respect to such class or sub-class);

(16) in respect of the class C notes and each and every sub-class thereof (if any), in respect of a distribution date falling in an amortisation period, if the swap agreement has been terminated, the following payments shall be made from the relevant class or sub-class distribution ledger pari passu and in no priority between each item but in proportion to the respective amounts due:

(A) in and towards any issuing entity fault swap termination amount for the class C notes or any sub-class thereof (if any); and

(B) in and towards payments of amounts due and unpaid in respect of the class C notes or any sub-class thereof (if any) in priority, first to interest (such monies to be applied first to the payment of any interest amount, then any outstanding deferred interest and, thereafter, any additional interest) and secondly to principal;

(17) if the issuing entity has entered into a swap agreement for the class A notes or any sub-class thereof (if any), in and towards any counterparty fault swap termination amount from the relevant class or sub-class distribution ledger;

(18) if the issuing entity has entered into a swap agreement for the class B notes or any sub-class thereof (if any), in and towards any counterparty fault swap termination amount from the relevant class or sub-class distribution ledger;

(19) if the issuing entity has entered into a swap agreement for the class C notes or any sub-class thereof (if any), in and towards any counterparty fault swap termination amount from the relevant class or sub-class distribution ledger;

(20) any investment proceeds and interest earned on any amounts retained in any ledger shall be credited to the excess spread ledger;

(21) in or towards payment of any sums due from (or required to be provided for by) the issuing entity to meet its liabilities to any taxation authority from the issuing entity profit ledger;

(22) any amounts due and unpaid in respect of the relevant series expense loan drawing (if any) shall be paid to the lender of the relevant series expense loan drawing from the expenses loan ledger;

(23) the amount identified as issuing entity profit in respect of the relevant series shall be retained in the issuing entity profit ledger; and

(24) the remainder (if any) including sums on the excess spread ledger shall be paid to the loan note issuing entity as deferred subscription price for that distribution date in respect of that series in an amount equal to the amount of further interest received by the issuing entity in respect of each class and sub-class of the relevant series on that distribution date and not otherwise utilised to make any of the payments in items (1) to (23) above.

Where the full amount of any revenue payments described in "Monthly Payments" above or "Annual, quarterly or monthly payments" below cannot be made due to insufficiency in the funds credited to the relevant class or sub-class distribution ledger which are available to make such payment, that payment will not be payable to that extent. However, any such shortfall may be deferred to the next and succeeding distribution dates or interest payment dates, as applicable, but only if such a deferral is expressly contemplated above or is contemplated otherwise in the relevant documents for that series.

Annual, quarterly or monthly payments

On each distribution date that is not an interest payment date, while the relevant series is not in an amortisation period, the issuing entity will retain monthly distribution amounts in the relevant class or sub-class distribution ledger of such series. However, if the issuing entity has entered into a swap agreement for any class or sub-class, the issuing entity may be required pursuant to the relevant swap agreement not to retain on each distribution date the relevant monthly distribution amount or such part thereof corresponding to the relevant class or sub-class subject to the swap agreement but to pay on such date such amount to the swap counterparty. Otherwise, on each annual or quarterly or monthly interest payment date (as applicable) of a class or sub-class (if any) in a period that is not an amortisation period, the aggregate of each amount that has been previously retained in the relevant class or sub-class distribution ledger on the twelve (in the case of annual payments) or three (in the case of quarterly payments) or one (in the case of monthly payments) distribution dates immediately prior to and including such interest payment date, together with any payment (excluding termination payments and amounts received as a consequence of entering an amortisation period) previously received from any interest rate swap counterparty relating to such class or sub-class (if applicable), shall be paid by the issuing entity firstly to any interest rate swap counterparty (if applicable) and then to the relevant class or sub-class of noteholders in accordance with the terms and conditions of the notes (but only after exchange of such amount to the relevant currency by a swap counterparty pursuant to any relevant currency swap agreement entered into with respect to such class or sub-class).

Interest and payments

Each class or sub-class of each series will bear interest for a period equal to an interest period under the notes at a rate determined in accordance with the relevant trust deed supplement and the terms and conditions of the notes to be paid by, or on behalf of, the issuing entity and as set out in the relevant final terms.

Interest payment dates

The first interest payment date for each series will be specified in the relevant final terms.

During any period that is not an amortisation period, interest on the notes will be paid monthly, quarterly or annually (depending on the note terms and conditions) on the interest payment date in accordance with the relevant note terms and conditions after making any necessary payments described in "Monthly Payments" above. During the regulated amortisation period or the rapid amortisation period, interest will only be paid monthly.

Withholding or deduction

If any withholding or deduction for, or on account of, any taxes, duties, assessments or government charges of whatever nature is imposed, levied, collected, withheld or assessed on payments of principal or interest on any note by any jurisdiction or any political subdivision or authority in or of any jurisdiction having power to tax, payments by the issuing entity to the holder of the relevant note will be reduced accordingly and neither the issuing entity nor the note trustee will be required to make any additional payments to the holders of the notes for that withholding or deduction. Such reduced payments will not be treated as deferred interest and, accordingly, will not bear additional interest. See "Material United Kingdom Tax consequences" for information on the United Kingdom withholding tax treatment of payments under the notes.

Scheduled redemption of a series

Unless the regulated amortisation period or the rapid amortisation period has earlier commenced (see

"Mandatory redemption of a series" below), each class or sub-class of note will be redeemed on its relevant scheduled redemption date to the extent of the principal amount which has on that day been credited to the relevant class or sub-class distribution ledgers of the relevant series in the issuing entity distribution account by the loan note issuing entity (after exchange of such amount to the relevant currency by a swap counterparty pursuant to any relevant currency swap agreement entered into with respect to that class or sub-class), as the case may be, in accordance with the provisions of the relevant loan note in respect of amounts owing under the relevant loan note. See also "Description of the Swap Agreements."

Mandatory redemption of a series

If either the regulated amortisation period or the rapid amortisation period commences prior to or on the relevant series scheduled redemption date, then the principal amounts will be credited monthly to the relevant class or sub-class distribution ledgers of the relevant series in the relevant issuing entity distribution account by the loan note issuing entity and, on each monthly interest payment date, principal

If either the regulated amortisation period or the rapid amortisation period commences prior to or on the relevant series scheduled redemption date, then the principal amounts will be credited monthly to the relevant class or sub-class distribution ledgers of the relevant series in the relevant issuing entity distribution account by the loan note issuing entity and, on each monthly interest payment date, principal