Common use of Application of Amounts After Default Clause in Contracts

Application of Amounts After Default. Following the occurrence and during the continuance of an Event of Default, all payments and proceeds from each sale of, or other realization upon, all or any part of the Collateral by the Trustee pursuant to Article VI of the Lease Agreement and the other Collateral Documents (including, without limitation, any proceeds received in connection with the sale, assignment or sublease of the Authority’s right, title and interest in the Ground Lease), and all damages or other payments received by the Trustee for the enforcement of any rights and powers of the Trustee under Article VI of the Lease Agreement and the other Collateral Documents, shall be deposited into a special account to be established by the Trustee (a) to the payment of all amounts due the Trustee under Article VIII hereof; (b) to the payment of all amounts then due for interest on the Bonds, in respect of which, or for the benefit of which, money has been collected (other than Bonds which have become payable prior to such Event of Default and money for the payment of which is held by the Trustee), ratably without preference or priority of any kind, according to the amounts of interest on such Bonds due and payable; and (c) to the payment of all amounts then due for principal of the Bonds, in respect of which, or for the benefit of which, money has been collected (other than Bonds which have become payable prior to such Event of Default and money for the payment of which is held by the Trustee), ratably without preference or priority of any kind, according to the amounts of principal of such Bonds due and payable.

Application of Amounts After Default. Following the occurrence and during the continuance of an Event of Default, all All payments and proceeds from each sale of, or other realization upon, all or any part of the Collateral received by the Trustee with respect to the rental of the Property after a default by the City pursuant to Article VI of the Lease Agreement and the other Collateral Documents (including, without limitation, any proceeds received in connection with the sale, assignment or sublease of the Authority’s right, title and interest in the Ground Lease), and all damages or other payments received by the Trustee for the enforcement of any rights and powers of the Trustee under Article VI of the Lease Agreement and the other Collateral DocumentsAgreement, shall be deposited into a special account to be established by the TrusteeBase Rental Payment Fund and as soon as practicable thereafter applied, together with all other funds held hereunder (except funds in the Rebate Fund): (a) to the payment of all amounts due the Trustee under Article VIII hereof; (b) to the payment of all amounts then due for interest on the Bonds, in respect of which, or for the benefit of which, money has been collected (other than Bonds which have become payable prior to such Event event of Default default and money for the payment of which is held by the Trustee), ratably without preference or priority of any kind, according to the amounts of interest on such Bonds due and payable; and (c) to the payment of all amounts then due for principal of the Bonds, in respect of which, or for the benefit of which, money has been collected (other than Bonds which have become payable prior to such Event event of Default default and money for the payment of which is held by the Trustee), ratably without preference or priority of any kind, according to the amounts of principal of such Bonds due and payable.

Application of Amounts After Default. Following the occurrence and during the continuance of an Event of Default, all All payments and proceeds from each sale of, or other realization upon, all or any part of the Collateral received by the Trustee with respect to the rental of the Property after a default by the City pursuant to Article VI of the Lease Agreement and the other Collateral Documents (including, without limitation, any proceeds received in connection with the sale, assignment or sublease of the Authority’s right, title and interest in the Ground Lease), and all damages or other payments received by the Trustee for the enforcement of any rights and powers of the Trustee under Article VI of the Lease Agreement and the other Collateral DocumentsAgreement, shall be deposited into a special account to be established by the TrusteeBase Rental Payment Fund and as soon as practicable thereafter applied, together with all other funds held hereunder (except funds in the Rebate Fund): (a) to the payment of all amounts due to the Trustee under Article VIII hereof; (b) to the payment of all amounts then due for interest on the Bonds, in respect of which, or for the benefit of which, money has been collected (other than Bonds which have become payable prior to such Event event of Default default and money for the payment of which is held by the Trustee), ratably without preference or priority of any kind, according to the amounts of interest on such Bonds due and payable; and (c) to the payment of all amounts then due for principal of the Bonds, in respect of which, or for the benefit of which, money has been collected (other than Bonds which have become payable prior to such Event event of Default default and money for the payment of which is held by the Trustee), ratably without preference or priority of any kind, according to the amounts of principal of such Bonds due and payable.

Application of Amounts After Default. Following Upon the occurrence and during the continuance of an Event of Default, all payments and proceeds from each sale of, or other realization upon, all or any part of the Collateral moneys held by the Trustee pursuant in the funds and accounts established hereunder (other than the Rebate Fund) and all payments received by the Trustee with respect to Article VI the rental of the Lease Agreement and the other Collateral Documents Property (including, without limitation, any proceeds received in connection with the sale, assignment or sublease of the AuthorityCorporation’s right, title and interest in the Ground Lease), and all damages or other payments received by the Trustee for the enforcement of any rights and powers of the Trustee under Article VI VII of the Lease Agreement and the other Collateral DocumentsAgreement, shall be deposited into a special account to be established by the TrusteeBase Rental Payment Fund and as soon as practicable thereafter applied: (a) to the payment of all amounts due any expenses incurred by the Trustee necessary in the opinion of the Trustee to protect the interests of the Owners and payment of reasonable fees, charges and expenses of the Trustee (including reasonable fees and disbursements of its counsel) incurred in and about the performance of its powers and duties under Article VIII hereofthis Trust Agreement; (b) to the payment of all amounts then due for interest on evidenced by the BondsCertificates, in respect of which, or for the benefit of which, money has been collected (other than Bonds Certificates which have become payable prior to such Event of Default and money for the payment of which is held by the Trustee), ratably without preference or priority of any kind, according to the amounts of interest on evidenced by such Bonds Certificates due and payable; and (c) to the payment of all amounts then due for principal of evidenced by the BondsCertificates, in respect of which, or for the benefit of which, money has been collected (other than Bonds Certificates which have become payable prior to such Event of Default and money for the payment of which is held by the Trustee), ratably without preference or priority of any kind, according to the amounts of principal of evidenced by such Bonds Certificates due and payable.

Application of Amounts After Default. Following the occurrence and during the continuance of an Event of Default, all All payments and proceeds from each sale of, or other realization upon, all or any part of the Collateral received by the Trustee with respect to the rental of the Property after a default by the District pursuant to Article VI of the Lease Agreement and the other Collateral Documents (including, without limitation, any proceeds received in connection with the sale, assignment or sublease of the AuthorityCorporation’s right, title and interest in the Ground Lease), and all damages or other payments received by the Trustee for the enforcement of any rights and powers of the Trustee under Article VI of the Lease Agreement and the other Collateral DocumentsAgreement, shall be deposited into a special account to be established by the TrusteeBase Rental Payment Fund and as soon as practicable thereafter applied: (a) to the payment of all amounts due the Trustee under Article VIII Section 8.07 hereof; (b) to the payment of all amounts then due for interest on evidenced by the BondsCertificates, in respect of which, or for the benefit of which, money has been collected (other than Bonds Certificates which have become payable prior to such Event event of Default default and money for the payment of which is held by the Trustee), ratably without preference or priority of any kind, according to the amounts of interest on evidenced by such Bonds Certificates due and payable; and; (c) to the payment of all amounts then due for principal of evidenced by the BondsCertificates, in respect of which, or for the benefit of which, money has been collected (other than Bonds Certificates which have become payable prior to such Event event of Default default and money for the payment of which is held by the Trustee), ratably without preference or priority of any kind, according to the amounts of principal of evidenced by such Bonds Certificates due and payable; and (d) to the extent not included in clause (b) or clause (c) above, to the payment of all amounts then due hereunder to the Insurer.