This excerpt taken from the IRM 10-Q filed Aug 9, 2006.
35.1 Order of Application
All monies from time to time received or recovered by the Security Trustee under Clause 30.2 (Parallel Debt (Covenant to pay the Security Trustee)) and/or in connection with the realisation or enforcement of all or any part of the Transaction Security shall be held by the Security Trustee on trust to apply them, to the extent permitted by applicable law in the following order of priority:
(a) in discharging any sums owing to the Security Trustee (in its capacity as Security Trustee);
(b) in payment to the Facility Agent, on behalf of the Secured Parties, for application towards the discharge of all sums due and payable by any Obligor under any of the Finance Documents in the order set out in paragraph (c) of Clause 33.5 (Partial payments).
(c) if none of the Obligors is under any further actual or contingent liability under any Finance Document, in payment to any person to whom the Security Trustee is obliged to pay in priority to any Obligor; and
(d) the balance, if any, in payment to the relevant Obligor.