Common use of Prompt distribution of proceeds Clause in Contracts

Prompt distribution of proceeds. (a) As at the Enforcement Date the Security Trustee shall determine the equivalent in Sterling of (i) the total amount owing to the Banks in respect of the Facilities (including principal, accrued interest and commitment commission) and (ii) the total amount of Hedge Debt (including amounts which have fallen due under Hedge Documents and are unpaid and any ▇▇▇▇ to market exposure calculated in Back to Contents accordance with the terms of the Hedge Documents), which totals will form the basis for pro rata distribution pursuant to clause 17.27(b). (b) Moneys received by the Security Trustee after the Enforcement Date pursuant to the exercise of (or otherwise by virtue of the existence of) any rights and powers under or pursuant to any of the Security Documents shall be applied by the Security Trustee (after providing for all costs, charges, expenses and liabilities and other payments ranking in priority to the Indebtedness and liabilities secured by and/or covenanted to be paid in the Security Documents and for the costs, charges, expenses and liabilities incurred and payments made by the Security Trustee) in or towards, on a pro rata basis, payment of amounts due under this Agreement and the Hedge Debt. Amounts to be applied towards amounts due under this Agreement shall be applied in accordance with clause 8.9. Amounts to be applied towards the Hedge Debt shall be paid by the Security Trustee to each Hedge Counterparty, on a pro rata basis, depending upon their respective share of the total Hedge Debt. The Security Trustee shall make each such application and/or distribution as soon as is practicable after the relevant moneys are received by, or otherwise become available to, the Security Trustee save that (without prejudice to any other provision contained in any of the Security Documents) the Security Agent (acting on the instructions of the Majority Banks) may credit any moneys received by it to a suspense account for so long and in such manner as the Security Trustee may from time to time determine with a view to preserving the rights of the Finance Parties or any of them to prove for the whole of their respective claims against the Obligors and any other members of the Charging Group, or any other person liable.

Prompt distribution of proceeds. (a) As at the Enforcement Date date of any Event of Default, the Security Trustee shall determine the equivalent in Sterling of (i) the total amount owing to the Banks Lenders in respect of the Facilities Obligations (including principal, accrued interest and commitment commission) and (ii) the total amount of Hedge Debt Hedging Obligations (including amounts which have fallen due under Hedge Documents Rate Protection Agreements and are unpaid underpaid and any ▇▇▇▇ to market exposure calculated in Back to Contents accordance with the terms of the Hedge DocumentsRate Protection Agreements), which totals will form the basis for pro rata distribution pursuant to clause 17.27(bSection 9.26(b). (b) Moneys received by the Security Trustee after the Enforcement Date occurrence of an Event of Default pursuant to the exercise of (or otherwise by virtue of the existence of) any rights and powers under or pursuant to any of the Security Loan Documents shall be applied by the Security Trustee (after providing for all costs, charges, expenses and liabilities and other payments ranking in priority to the Indebtedness and liabilities secured by and/or covenanted to be paid in the Security Loan Documents and for the costs, charges, expenses and liabilities incurred and payments made by the Security Trustee) in or towards, on a pro rata basis, payment of amounts due under this Agreement and the Hedge DebtHedging Obligations. Amounts to be applied towards amounts due under this Agreement shall be applied in accordance with clause 8.9Section 4.7. Amounts to be applied towards the Hedge Debt Hedging Obligations shall be paid by the Security Trustee to each Hedge Counterpartycounterparty to a Rate Protection Agreement, on a pro rata basis, depending upon their respective share of the total Hedge DebtHedging Obligations. The Security Trustee shall make each such application and/or distribution as soon as is practicable after the relevant moneys are received by, or otherwise become available to, the Security Trustee save except that (without prejudice to any other provision contained in any of the Security Loan Documents) the Security Agent Trustee (acting on the instructions of the Majority BanksRequired Lenders) may credit any moneys received by it to a suspense account for so long and in such manner as the Security Trustee may from time to time determine with a view to preserving the rights of the Finance Parties or any of them to prove for the whole of their respective claims against the Obligors and any other members of the Charging GroupGroup Companies, or any other person liable.