Persons entitled
- National Westminster Bank PLC as Security Trustee on Behalf of the Secured Parties, the Lessor,the Ngc Vat Creditors and the Junior Creditors Under the Terms of the Intercreditor Agreement (Or Any Sucessor to It in that Capacity)
Amount secured
Under and subject to clause 10 (proceeds of enforcement of security) of the intercreditor agreement, amounts paid to the chargee under the provsions referred to in the "short particulars of all the property mortgaged or charged" shall be applied against the following liabilities: (a) all cost, charges, expenses and liabilities (and all interest thereon as provided in the bank security) incurred by or on behalf of the facility agent or (subject to certain conditions) the lessor and any receiver or attorney, in each case, in connection with carrying out or puporting to carry out its duties and exercising its powers and discretions under the intercreditor agreement and the bank security or, as the case may be, the lessor security and the remuneration of every receiver under the bank security or, as the case may be, the lessor security; (b) the lessor debt; (c) the bank debt; and (d) any secured liabilities not referred to in paragraphs (a)-(c) (inclusive) above.
Short particulars
The intercreditor agreement provides that: (a) if at any time the company receives: (I) a payment (including by set-off) or distribution or cash or in kind of, or an account of: (a) any of the junior debt other than a permitted junior payment; or (b) any of the ngc vat debt other than as permitted by clause 3.5 (undertakings of ngc vat creditors) of the intercreditor agreement; or (ii) the proceeds of any enforcement of any security (including by set-off) conferred by the ngc vat security unless those proceeds are received pursuant to clause 10.2 (order of application for the ngc vat charged property) of the intercreditor agreement or are a payment from the security trustee pursuant to clause 10.3 (order of application for surplus from clause 10.1 and clause 10.2 and other assets) of the intercreditor agreement, then the company will hold the same in trust for and pay or distribute it upon demand to the security trustee for the application in accordance with clause 10 (proceeds of enforcement of security) of the intercreditor agreement;. See the mortgage charge document for full details.