Common use of Payments to Senior Finance Parties Clause in Contracts

Payments to Senior Finance Parties. If a Senior Finance Party (a “Recovering Senior Finance Party”) receives or recovers any amount from an Obligor other than in accordance with Clause 32 (Payment mechanics) and applies that amount to a payment due under the Senior Finance Documents then: (a) the Recovering Senior Finance Party shall, within 3 Business Days, notify details of the receipt or recovery to the Agent; (b) the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Senior Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 32 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and (c) the Recovering Senior Finance Party shall, within 3 Business Days of demand by the Agent, pay to the Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Senior Finance Party as its share of any payment to be made, in accordance with Clause 32.5 (Partial payments).

Payments to Senior Finance Parties. 28.1.1 If a Senior Finance Party (a “Recovering Senior Finance Party”) receives or recovers any amount from an Obligor other than in accordance with Clause 32 clause 29 (Payment mechanics) and applies that amount to a payment due under the Senior Finance Documents then: (a) the Recovering Senior Finance Party shall, within 3 three Business Days, notify details of the receipt or recovery recovery, to the Senior Agent; (b) the Senior Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Senior Finance Party would have been paid had the receipt or recovery been received or made by the Senior Agent and distributed in accordance with Clause 32 clause 29 (Payment mechanics), without taking account of any Tax which would be imposed on the Senior Agent in relation to the receipt, recovery or distribution; and (c) the Recovering Senior Finance Party shall, within 3 three Business Days of demand by the Senior Agent, pay to the Senior Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Senior Agent determines may be retained by the Recovering Senior Finance Party as its share of any payment to be made, in accordance with Clause 32.5 clause 29.5 (Partial payments).