Common use of Basis of distribution Clause in Contracts

Basis of distribution. For the purpose of any distribution by the Security Trustee, it may: (a) fix a date as at which the amount of the indebtedness under the Facilities is to be calculated; and (b) call for, and rely on, a certificate giving details of any sums due or owing (including by way of Contingent Indebtedness) to any Creditor at the date fixed by the Security Trustee for that purpose and as to such other matters as the Security Trustee thinks fit to enable it to make that distribution.