Common use of If AT&T Clause in Contracts

If AT&T. 6.1.1 goes into liquidation whether compulsory or voluntary (except for the purposes of a bona fide reconstruction, amalgamation or a solvent liquidation as expressly permitted under the Finance Documents); or, 6.1.2 has an administrator, receiver and manager or receiver appointed over it or over any part of its assets or undertaking, then thereafter: (a) the Subordinated Liabilities shall be postponed and subordinated in right of payment to the Senior Liabilities and VTTI shall file any proof or other claim necessary for the recovery of the Subordinated Liabilities, as the case may be; (b) any payment or distribution and any rights in respect of any payment or distribution in relation to any of the Subordinated Liabilities by a liquidator, administrator or receiver (or any equivalent of any of them) of ATT or its estate made to VTTI or to which it is entitled, shall be held in trust by VTTI for the Finance Parties and shall promptly be paid, transferred or assigned to the Agent (acting on behalf of the Finance Parties) to be applied against the Senior Liabilities, and ATT acknowledges that any such payment, transfer or assignment to the Agent shall not reduce the amount of the Subordinated Liabilities; and (c) if the trust referred to in paragraph (b) above fails or cannot be given effect, VTTI will pay an amount equal to such payment or distribution to the Agent (acting on behalf of the Finance Parties).