Persons entitled
- Hsbc Investment Bank Plcas Agent and Trustee for the Secured Parties Under the Subordination and Security Trust Deed
Amount secured
All monies and liabilities now or at any time in the future due, owing or incurred by the obligors to secured parties under the terms of the aforementioned instrument creating or evidencing the charge
Short particulars
The company has covenanted and agreed that in the event of payment or discharge (whether in cash, by way of transfer of shares or other assets, set-off or counterclaim or otherwise) being made to, or an encumbrance being held by, the company in breach of clause 3.2 (prohibited payments and security) of the subordination and security trust deed, it will pay or transfer to the trustee for application in accordance with the terms of clause 7 (application of proceeds) of the subordination and security trust deed any sums or other assets which shall have been received or retained by it in consequence of such breach (whereupon the underlying subordination debt equivalent to the payment made shall be deemed not to have been reduced) and, until such payment or transfer, the company shall hold such sums or other assets or such encumbrance (as the case may be) on trust for the trustee.. See the mortgage charge document for full details.