Common use of Equalisation Payments Clause in Contracts

Equalisation Payments. If at any time after the delivery of a notice by the Agent under Clause 24.18 (Acceleration) any Relevant Bilateral Bank makes a Recovery in respect of any sum owed by the relevant Bilateral Borrower whether directly or by set-off or by any other means which, if such sum had been recovered by the Relevant Bilateral Bank from an Obligor, would have fallen to be dealt with under Clause 30.10 (Application of Proceeds by Security Agent) then: (a) such Relevant Bilateral Bank will notify details of such Recovery to the Security Agent within 3 Business Days; (b) the Security Agent will then determine in good faith the amount by which such Recovery exceeds the amount which such Relevant Bilateral Bank would have received had such Recovery been affected by the Security Agent from an Obligor pursuant to the Security Documents and applied as provided in Clause 29.10 (Application of Proceeds by Security Agent); (c) such Relevant Bilateral Bank will pay an amount equal to the excess to the Security Agent, retaining the balance in pro tanto satisfaction of the amount due to it; (d) the Security Agent shall treat the excess as if it were a Recovery from an Obligor pursuant to the relevant Security Documents and shall deal with it in accordance with Clause 29.10 (Application of proceeds by Security Agent) (taking into account the amount withheld by the Relevant Bilateral Bank in paragraph (c) above).

Equalisation Payments. If at any time after the delivery of a notice by the Agent under Clause 24.18 23.17 (Acceleration) any Relevant Bilateral Bank makes a Recovery in respect of any sum owed by the relevant Bilateral Borrower whether directly or by set-off or by any other means which, if such sum had been recovered by the Relevant Bilateral Bank from an Obligor, would have fallen to be dealt with under Clause 30.10 29.10 (Application of Proceeds by Security Agent) then: (a) such Relevant Bilateral Bank will notify details of such Recovery to the Security Agent within 3 Business Days; (b) the Security Agent will then determine in good faith the amount by which such Recovery exceeds the amount which such Relevant Bilateral Bank would have received had such Recovery been affected by the Security Agent from an Obligor pursuant to the Security Documents and applied as provided in Clause 29.10 (Application of Proceeds by Security Agent); (c) such Relevant Bilateral Bank will pay an amount equal to the excess to the Security Agent, retaining the balance in pro tanto satisfaction of the amount due to it; (d) the Security Agent shall treat the excess as if it were a Recovery from an Obligor pursuant to the relevant Security Documents and shall deal with it in accordance with Clause 29.10 (Application of proceeds by Security Agent) (taking into account the amount withheld by the Relevant Bilateral Bank in paragraph (c) above).