Common use of Effect of redistribution Clause in Contracts

Effect of redistribution. (a) The ECA Facility Agent shall treat a redistribution as if it were a payment by the Borrower under this Agreement and distribute it accordingly among the ECA Lenders, other than the recovering ECA Lender. (b) When the ECA Facility Agent makes a distribution under Clause 17.2(a), the recovering ECA Lender will be subrogated to the rights of the Finance Parties which have shared in that redistribution. (c) If and to the extent that the recovering ECA Lender is not able to rely on any rights of subrogation under Clause 17.2(b), the Borrower will owe the recovering ECA Lender a debt which is equal to the redistribution, immediately payable and of the type originallydischarged. (d) If: (i) a recovering ECA Lender shall subsequently return a recovery, or an amount measured by reference to a recovery, to the Borrower; and (ii) the recovering ECA Lender has paid a redistribution in relation to that recovery, each Finance Party shall reimburse the recovering ECA Lender all or the appropriate portion of the redistribution paid to that Finance Party, together with interest for the period while it held the redistribution. In this event, the subrogation in Clause 17.2(b) will operate in reverse to the extent of the reimbursement.

Effect of redistribution. (a) The ECA Facility Agent shall treat a redistribution as if it were a payment by the Borrower under this Agreement and distribute it accordingly among the ECA Lenders, other than the recovering ECA Lender. (b) When the ECA Facility Agent makes a distribution under Clause 17.2(a), the recovering ECA Lender will be subrogated to the rights of the Finance Parties which have shared in that redistribution. (c) If and to the extent that the recovering ECA Lender is not able to rely on any rights of subrogation under Clause 17.2(b), the Borrower will owe the recovering ECA Lender a debt which is equal to the redistribution, immediately payable and of the type originallydischargedoriginally discharged. (d) If: (i) a recovering ECA Lender shall subsequently return a recovery, or an amount measured by reference to a recovery, to the Borrower; and (ii) the recovering ECA Lender has paid a redistribution in relation to that recovery, each ECA Finance Party shall reimburse the recovering ECA Lender all or the appropriate portion of the redistribution paid to that ECA Finance Party, together with interest for the period while it held the redistribution. In this event, the subrogation in Clause 17.2(b) will operate in reverse to the extent of the reimbursement.