Common use of Equalisation Clause in Contracts

Equalisation. If, for any reason, any Senior Liabilities remain unpaid after the Enforcement Date and after the application of Recoveries, as defined in, and in accordance with Clause 14.1 (Order of application) and the resulting losses are not borne by the Senior Creditors in the proportions which their respective exposures at the Enforcement Date bore to the aggregate exposures of all the Senior Creditors at the Enforcement Date, the Senior Creditors will make such payments, from such Recoveries (as defined in Clause 14.1 (Order of application)) actually applied, amongst themselves as the Security Agent shall require to put the Senior Creditors in such a position that (after taking into account such payments) those losses are borne in those proportions.