Document ID: chunk:federal_register_of_legislation:C2020A00130:clause:1_456k:p2
Version: federal_register_of_legislation:C2020A00130
Segment Type: clause
Provision Reference: sch 1 cl 456K (pt 2/2)
Character Range: 69024–70059

so to enter into possession or assume control (whether as agent for the secured party or for the company).
 (4) A right of indemnity of the restructuring practitioner under section 456J has priority over those debts only in so far as it is a right of indemnity for debts incurred, or remuneration accruing, before written notice of the appointment, or of the entering into possession or assuming of control, as the case may be, was given to the restructuring practitioner.

Debts secured by circulating security interests—priority over right of indemnity in relation to repayment of money borrowed etc.
 (5) A right of indemnity under section 456J does not have priority over debts of the company under restructuring that are secured by a circulating security interest in property of the company, except so far as the secured party consents in writing, to the extent that the right of indemnity relates to debts incurred for:
 (a) the repayment of money borrowed; or
 (b) interest in respect of money borrowed; or
 (c) borrowing costs.