Upon Enforcement Sample Clauses

Upon Enforcement. 6.1 All moneys received or recovered by the Bank in respect of the Secured Obligations (including moneys received pursuant to clause 12.10) on or after the Enforcement Date shall be held by the Bank, and all moneys received by the Counterparty in respect of the Charged Property (other than moneys received pursuant to this clause 6.1) on or after the Enforcement Date shall forthwith be paid to (and, pending such payment, the Counterparty shall hold such moneys on trust for) the Bank and shall be paid in accordance with the following order of priority: (a) first, in or towards satisfaction, pro rata according to their respective terms, of all amounts due and payable to the Bank and the Receiver in respect of their fees, costs and expenses as referred to in clause 9 hereof; (b) second, to the Bank for the account of the Noteholders in respect of all amounts due and payable as Secured Obligations; and (c) third, the surplus (if any) to the Counterparty. 6.2 The provisions of clauses 6.1 and 12.10 shall take effect as and by way of variation of the provisions of sections 106(3), 107 and 109 of the Conveyancing Act, which provisions as so varied and extended shall be deemed incorporated herein, and as regards section 109 as if they related to a receiver of the Charged Property and not merely a receiver of the income thereof.

Upon Enforcement. 14 8. Receiver.................................................................17

Upon Enforcement. 8.1. Notwithstanding the security rights created by or pursuant to this Deed, the Agent and each of the Secured Parties hereby agrees, and the Company concurs, that upon the occurrence or declaration (as the case may be) of an Event of Default in accordance with Section 6 of the Receivables Funding Agreement: (a) no amount may be withdrawn from any of the Blocked Accounts, except to the extent that it is applied in accordance with the order of priorities set out in Clause 8.3 or as otherwise permitted by the provisions of this Deed that are applicable after the occurrence or declaration (as the case may be) of an Event of Default in accordance with Section 6 of the Receivables Funding Agreement; and (b) if not already so converted, the Agent may, by notice in writing to the Company, for the benefit of itself and the Secured Parties convert any charge created by Clause 5 which is a floating charge into a specific fixed charge of the assets then secured thereby. 8.2. Notwithstanding the security rights created by or pursuant to this Deed, the Agent and each of the Secured Parties hereby agrees, and the Company concurs, that any monies whatsoever recovered by each of them or on their behalf whether by the Agent or otherwise after the occurrence or declaration (as the case may be) of an Event of Default in accordance with Section 6.1 of the Receivables Funding Agreement, shall be applied in accordance with the order of priorities set out in Clause 8.3. 8.3. The order of priorities referred to in Clauses 8.1 and 8.2 is as follows: (a) first, in or towards satisfaction of the remuneration then payable to any Receiver appointed by the Agent and any costs, charges, liabilities and expenses (including any VAT) then incurred by such Receiver; (b) second, in or towards satisfaction of the remuneration then payable to the Agent and any costs, charges, liabilities and expenses (including any VAT) incurred by the Agent under this Deed or under the Receivables Funding Agreement and/or any of the Transaction Documents or any of them together with interest as provided therein; (c) third, in or towards discharge of the Secured Obligations in the manner and pursuant to the order of priorities set forth in Article IV of the Servicing Agreement; and (d) finally, to the Company or any other person entitled thereto.

Upon Enforcement. If an Enforcement Notice is served, this Subordinated Loan shall be cancelled and any principal amount outstanding under this Subordinated Loan, together with accrued and unpaid interest, shall become immediately due and payable, subject to Clause 5 and 8.

Upon Enforcement. 6.1 All moneys received or recovered by the Bank in respect of the Secured Obligations (including moneys received pursuant to clause 12.10) on or after the Enforcement Date shall be held by the Bank, and all moneys received by the Counterparty in respect of the Charged Property (other than moneys received pursuant to this clause 6.1) on or after the Enforcement Date shall forthwith be paid to (and, pending such payment, the Counterparty shall hold such moneys on trust for) the Bank and shall be paid in accordance with the following order of priority: (a) first, in or towards satisfaction, pro rata according to their respective terms, of all amounts due and payable to the Bank and the Receiver in respect of their fees, costs and expenses as referred to in clause 9 hereof; (b) second, to the Bank for the account of the Noteholders in respect of all amounts due and payable as Secured Obligations; and (c) third, the surplus (if any) to the Counterparty.

Upon Enforcement