Persons entitled
- The Sumitomo Bank Limited
Amount secured
All monies due or to become due from smartwait limited to the chargee whether under the finance documents or otherwise
Short particulars
In clause 2(iii)(b) of the deed of subordination the company covenants with the bank that in the event of payment being made to or security being held by or the benefit of any right of set off or counterclaim being exercised by the company in breach of the provisions of this deed or any payment or distribution being made by the company to the bank as required by the provisions of the deed the company shall forthwith pay to the bank an amount equal to any sums which shall have been so received by it in consequence of such breach.