Common use of Basis of distribution Clause in Contracts

Basis of distribution. For the purpose of any distribution by the Security Trustee, the Security Trustee may fix a date as at which the amount of the Secured Obligations is to be calculated. Any such date must not be more than 10 days before the proposed date of the relevant distribution. For the purposes of determining the amount of any payment to be made pursuant to Clause 5.1 (Order of Application) to any Secured Party, the Security Trustee shall be entitled to call for a certificate of the amount, currency and nature of any Secured Obligation due, owing or incurred to the relevant Secured Party at the date fixed by the Security Trustee for such purpose and as to such other matters as the Security Trustee may deem necessary or desirable to enable it to make a distribution. The Security Trustee shall be entitled to rely on any such certificate.