Common use of Prior to Liquidation or Enforcement Clause in Contracts

Prior to Liquidation or Enforcement. Prior to the liquidation of any of the Disposal Assets and any enforcement of Security, regardless of any appropriation by the Issuer, the Trustee will hold on trust all amounts it receives which are payable in respect of the Notes to apply them: (i) Trustee: first, to the Trustee in respect of the Trustee Expenses; (ii) Secured Agents: secondly, to each Secured Agent pari passu and rateably in respect of the Secured Agents’ Expenses; (iii) Noteholders: thirdly, to the Noteholders pari passu and rateably in payment of any amounts due in respect of the Notes; and (iv) Issuer: fourthly, to the Issuer in payment of any balance.