Persons entitled
- Nationwide Building Society as Agent and Trustee for Each of the Finance Parties
Amount secured
All monies due or to become due from each obligor to the finance parties (or any of them) on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge
Short particulars
The company as a junior creditor under the subordination agreement has undertaken to the agent that, if: any obligor makes any payment in cash or in kind on account of, or for the purchase or other acquisition of, all or any part of the junior liabilities; or the company receives all or any amount in cash or in kind of the junior liabilities, in each case, in contravention of clause 2 or 4 of the subordination agreement, the company will hold the same upon the trust for the agent for application in or towards payment of the senior liabilities and will promptly pay the same to the agent.