TK » Topics » 24.8 No Competition

This excerpt taken from the TK 20-F filed Apr 8, 2005.

24.8     No Competition

Any rights which any Guarantor may at any time have by way of contribution or indemnity in relation to any of the obligations of a Borrower under any of the Finance Documents or to claim or prove as a creditor of a Borrower or any other person or its estate in competition with the Finance Parties or any of them, shall (so long as there remains any sums owed by the Borrowers or either of them under any of the Finance Documents) be exercised by such Guarantor only if and to the extent that the Administrative Agent so requires and in such manner and upon such terms as the Administrative Agent may specify and each Guarantor shall hold any moneys, rights or Security held or received by it as a result of the exercise of any such rights on trust for the Administrative Agent for application in or towards payment of any sums at any time owed by the Borrowers or either of them under any of the Finance Documents as if such moneys, rights or Security were held or received by the Administrative Agent under this Agreement.

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