Virgin Media 2006 Annual Report Download - page 239

5.4 Administration
Notwithstanding any other provision of this Deed, where a petition is presented for the making of an administration order or
any step is taken for the appointment of an administrator in relation to any Obligor, the Security Trustee may (subject, where
relevant, to the provisions of the Enterprise Act 2002) appoint an administrative receiver of any Obligor (including any
Company) who may enforce all or any part of the Encumbrances conferred by the Security.
6. SHORTFALL
6.1 Notice
If, following any enforcement by Barclays of the Encumbrances conferred by the Barclays Security, the net proceeds of such
enforcement are insufficient to discharge the Barclays Liabilities in full, Barclays will not at any time prior to the Final
Discharge Date but subject to Clause 5.3 sue for, or institute any creditor’s process (including a Mareva injunction,
garnishment, execution or levy, whether before or after judgment) against the relevant Company in respect of, any obligation
of the relevant Company to meet the resulting shortfall unless:
(a) it has given written notice to the Security Trustee containing reasonable details of the enforcement action taken,
the net proceeds received or receivable and the extent of the Barclays Liabilities which will not be discharged by those net
proceeds (the “Shortfall”);
(b) a period of 10 Business Days shall have elapsed after the date of the receipt by the Security Trustee of such
notice without the Security Trustee, by service of written notice on Barclays agreeing to pay to Barclays the amount of the
Shortfall;
(c) the Security Trustee has not paid the amount of the Shortfall to Barclays within one Business Day of service of
the notice referred to in Clause 6.1(b); and
(d) the enforcement action has been undertaken by Barclays other than pursuant to Clause 5.2.
6.2 Subrogation
If the Security Trustee elects to pay to Barclays the amount of the Shortfall it shall on such payment be subrogated to the
rights of Barclays in respect of the relevant Barclays Loan Agreement and Barclays shall immediately cease to have any
interest in that Barclays Loan Agreement or any rights against the relevant Company under or in connection with that
Barclays Loan Agreement.
7. ENFORCEMENT OF SECURITY BY SECURITY TRUSTEE
7.1 Enforcement by Trustee:
Until the Final Discharge Date, if the Security Trustee enforces any Encumbrances conferred by the Security over any asset
of any Company:
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Source: VIRGIN MEDIA INVESTM, 10−K, March 01, 2007