Order of Application of Group Recoveries Clause Samples

Order of Application of Group Recoveries. Subject to Clause 18.2 (Prospective liabilities) and Clause ‎18.3 (

Order of Application of Group Recoveries. Subject to Clauses ‎2.5 (Maximum holdings of Noteholders; maximum interest in certain Security granted to Hedge Counterparties), ‎13.2 (Prospective liabilities) and ‎13.8 (Proceeds of Enforcement of the Supplementary Pledged Shares), all amounts from time to time received or recovered by the Security Agent pursuant to the terms of any Debt Document or in connection with the realisation or enforcement of all or any part of the Transaction Security (for the purposes of this Clause ‎13, the “Group Recoveries”) shall be applied by the Security Agent, to the extent permitted by applicable law (and subject to the provisions of this Clause ‎13), in the following order of priority: (a) first, in discharging any sums owing to the Security Agent, any Receiver or any Delegate and to the Notes Trustee (including any Senior Secured Notes Trustee Amounts), on a pari passu basis; (b) second, in discharging any sums owing to an Agent (in respect of any Agent Liabilities owing to it) on a pari passu basis; (c) third, in discharging all costs and expenses incurred by the Secured Parties in connection with any realisation or enforcement of the Transaction Security taken in accordance with the terms of this Agreement or any action taken at the request of the Security Agent under Clause ‎8.6 (Creditors’ actions); (d) fourth, in payment to the Super Senior Creditors for application towards the discharge of the Hedging Liabilities held by them in their capacity as Super Senior Creditors; (e) fifth, in payment to the Notes Trustee on its own behalf and on behalf of the Senior Secured Noteholders for application towards the discharge of the Senior Secured Notes Creditor Liabilities (in accordance with the terms of the Senior Secured Notes Finance Documents) held by them in their capacity as Senior Secured Creditors on a pro rata basis; (f) sixth, if none of the Debtors is under any further actual or contingent liability under any Secured Finance Document, in payment or distribution to any person to whom the Security Agent is obliged to pay or distribute in priority to any Debtor; and (g) seventh, the balance, if any, in payment to the relevant Debtor.