Persons entitled
- Chase Manhattan International Limited
Amount secured
In favour of chase manhattan international limited as security agent and trustee for the senior creditors (as defined) and the lessors (as defined) (1)the senior debt, subject to clause 11.2, clause 11.4, clause 27.3(iii) and clause 27.4(b) of the intercreditor agreement all present and future liabilities (actual or contingent) payable or owing by the obligors to the senior creditors under or in connection with the senior finance documents (as defined), (2)the lease debt, all present and future liabilities (actual or contingent) payable or owing by the obligors to the lessors under or in connection with the lease finance documents (as defined) and (3) the subordinated debt, all present and future liabilities (actual or contingent) payable or owing by the obligors to the subordinated creditors (as defined) under or in connection with the subordinated debt documents or in connection with treasury debt and all indemnity rights
Short particulars
If at any time prior to the later of the senior discharge date and the final lessor discharge date the company receives a payment or distribution in cash or kind of or on account of any subordinated debt or any subordinated debt is discharged in each case otherwise than out of the issuing bank security or in a manner not permitted by clause 7 (permitted subordinated payments) or by clause 16 (permitted subordinated debt) the company will subject to clause 10.9 (exclusion of trust) hold such recovery payment distribution proceeds set-off or other amount in trust for the security trustee. See the mortgage charge document for full details.