Persons entitled
- Deutsche Bank Ag, London Branch as Security Trustee for the Secured Parties the 'Securitytrustee'
Amount secured
All monies due or to become due from ravenscourt house limited to any of the secured parties on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge
Short particulars
If any amount of subordinated liabilities is discharged or purported to be discharged by payment, repayment, prepayment, set-off or in any other manner in contravention of clauses 2 (subordination), 3 (undertakings of the borrower) and 5 (undertakings of the subordinated lender) of the subordination agreement, the subordinated lender shall: (a) (if the subordinated lender actually receives the amount discharged or purported to be discharged) immediately pay it (up to a maximum of an amount equal to the senior liabilities) to the security trustee for application towards the senior liabilities and pending payment hold it (up to that maximum) on trust for the security trustee; and (b) (if the subordinated lender does not, as a result of discharge by set-off or otherwise, actually receive the amount discharged or purported to be discharged or for any reason the trust referred to in paragraph (a) above is invalid or unenforceable) pay to the security trustee an amount equal to that discharged or purported to be discharged. See the mortgage charge document for full details.