Persons entitled
- Wurttembergische Hypothekenbank Aktiengesellschaft as Agent and Trustee for the Finance Parties
Amount secured
All monies due or to become due from the company to any finance party under the terms of the aforementioned instrument creating or evidencing the charge
Short particulars
The company as the subordinated creditor under the subordination deed undertook to the agent that if any subordinated liability is discharged or purported to be discharged by payment repayment prepayment set-off or in any other manner in contravention of clause 2 (subordination) clause 3 (undertakings of the borrower) or clause 5 (undertakings of the subordinated creditor) of the subordination deed the company shall (if it actually receives the amount discharged or purported to be discharged) immediately pay it (up to a maximum of an amount equal to the senior liabilities) to the agent for application towards the senior liabilities and pending payment hold it (u p to that maximum) on trust for the agent. See the mortgage charge document for full details.