Application of Moneys Received by the Trustee. (A) The Trustee shall apply all moneys received by it under these presents (without prejudice to Clause 9):
(i) first, in payment or satisfaction of the costs, charges, expenses and liabilities properly incurred by the Trustee and/or any Appointee in or about the preparation and execution of the trusts of these presents (including remuneration of the Trustee and of any Appointee);
(ii) secondly, in or towards payment pari passu and rateably of all arrears of amounts corresponding to principal, premium, if any, and interest remaining unpaid in respect of the Notes; and
(iii) the balance (if any) in payment to the Issuer.
(B) Without prejudice to the provisions of this Clause, if the Trustee shall hold any moneys which represent amounts payable in respect of Notes which have become void under Condition 8, the Trustee shall hold such moneys on the above trusts provided that the Trustee shall be required to treat any payments of principal, premium, if any, and/or interest due under the Notes as having been satisfied and no amounts as outstanding or owing in respect thereof.
Application of Moneys Received by the Trustee. 5.1 Declaration of Trust
(a) first, in payment of all amounts owing, incurred, payable or reimbursable to the Trustee and/or any Appointee under Clause 8;
(b) secondly, in or towards payment of any principal and interest owing in respect of the Notes of such Series pari passu and rateably; and
(c) thirdly, in payment of the balance (if any) to the Issuer. Without prejudice to the other provisions of this Clause 5.1, if the Trustee holds any moneys which represent principal or interest in respect of Notes or Coupons which have become void under Condition 7, the Trustee shall (subject to no sums being then overdue to the Trustee in respect of any Note or Coupon and subject to the payment or satisfaction of the costs, charges, expenses, liabilities, payments and remuneration referred to in paragraph (a) of this Clause 5.1) pay the same to the Issuer.
Application of Moneys Received by the Trustee. (A) The Trustee shall apply all moneys received by it under these presents (without prejudice to Clause 9):
(i) first, in payment or satisfaction of the costs, charges, expenses and liabilities properly incurred by the Trustee and/or any Appointee in or about the preparation and execution of the trusts of these presents (including remuneration of the Trustee and of any Appointee);
(ii) secondly, in payment or satisfaction of taxes owing by the Issuer under the laws of Ireland (including for the avoidance of doubt any value added tax payable by the Issuer on a reverse charge basis);
(iii) thirdly, in or towards payment pari passu and rateably of all arrears of amounts corresponding to principal, premium, if any, and interest remaining unpaid in respect of the Notes; and
(iv) the balance (if any) in payment to the Issuer.
(B) Without prejudice to the provisions of this Clause, if the Trustee shall hold any moneys which represent amounts payable in respect of Notes which have become void under Condition 8, the Trustee shall hold such moneys on the above trusts provided that the Trustee shall be required to treat any payments of principal, premium, if any, and/or interest due under the Notes as having been satisfied and no amounts as outstanding or owing in respect thereof.
Application of Moneys Received by the Trustee. (A) THE Trustee shall apply all moneys received by it under these presents in respect of the Notes of any Series:
(i) first, in payment or satisfaction of the reasonable costs, charges, expenses and liabilities incurred by the Trustee in or about the preparation and execution of, or in carrying out the terms of, or enforcing the trusts of these presents (including remuneration of the Trustee);
(ii) secondly, in or towards payment pari passu and rateably of all arrears of interest remaining unpaid in respect of the Notes of the relevant Series and all principal moneys, redemption amounts and premium (if any) due on or in respect of such Notes; PROVIDED THAT where Notes of more than one Series have become so due and payable, such moneys shall be applied as between the amounts outstanding in respect of the different Series pari passu and rateably (except where such moneys are paid in respect of a specific Series or several specific Series, in which event such moneys shall be applied solely to the amounts outstanding in respect of that Series or those Series respectively); and
(iii) thirdly, in payment of the balance (if any) to the relevant Issuer or, in the event that any moneys were received from the relevant Guarantor(s), to the extent of such moneys, to the relevant Guarantor(s) (provided that where any Series of Notes is guaranteed on a joint and several basis by more than one Guarantor, the Trustee shall not have regard as to how any such moneys are apportioned between the Guarantors). Without prejudice to the provisions of this Clause, if the Trustee shall hold any moneys which represent principal, redemption amount, premium or interest in respect of Notes, Receipts or Coupons which have become void under Condition 12, the Trustee shall (subject to no sums being then overdue to the Trustee in respect of any Notes, Receipts or Coupons of any Series and to the payment or provision for the payment or satisfaction of the said costs, charges, expenses and liabilities, including the remuneration of the Trustee) pay the same forthwith to the relevant Issuer (without prejudice to any question as to how such surplus should be dealt with as between the relevant Issuer and any other person for the time being entitled thereto in priority to the relevant Issuer).
(B) If more than one Series of Notes has become due and payable, the Trustee shall apportion between the relevant Noteholders the payment of the costs, charges, expenses and liabilities referred to in para...
Application of Moneys Received by the Trustee. 6.1 Declaration of Trust All moneys received by the Trustee in respect of the Notes or amounts payable under this Trust Deed shall, despite any appropriation of all or part of them by the Issuer be held by the Trustee on trust to apply them (subject to Clause 6.2 (Accumulation)): first, in payment of all costs, charges, expenses and liabilities incurred by the Trustee (including remuneration payable to it) in carrying out its functions under this Trust Deed Back to Contents secondly, in payment of any amounts owing in respect of the Notes, Receipts or Coupons pari passu and rateably and thirdly, in payment of any balance to the Issuer for itself. If the Trustee holds any moneys in respect of Notes, Receipts or Coupons that have become void or in respect of which claims have become prescribed, the Trustee shall hold them on these trusts.
6.2 Accumulation If the amount of the moneys at any time available for payment in respect of the Notes under Clause 6.1 (Declaration of Trust) is less than 10 per cent of the principal amount of the Notes then outstanding, the Trustee may, at its discretion, invest such moneys. The Trustee may retain such investments and accumulate the resulting income until the investments and the accumulations, together with any other funds for the time being under its control and available for such payment, amount to at least 10 per cent of the principal amount of the Notes then outstanding and then such investments, accumulations and funds (after deduction of, or provision for, any applicable taxes) shall be applied as specified in Clause 6.1 (Declaration of Trust).
6.3 Investment Moneys held by the Trustee may be invested in its name or under its control in any investments or other assets anywhere, whether or not they produce income, or deposited in its name or under its control at such bank or other financial institution in such currency as the Trustee may, in its absolute discretion, think fit, provided that (i) all such investments shall, at the time of investment, be rated at least A by Standard & Poor’s and/or A2 by Moody’s (in the case of long-term investments of more than one year), at least Al by Standard & Poor’s and/or P-1 by Moody’s (in the case of short-term investments of one year or less) or (ii) in the case of a deposit at a bank or other financial institution, such bank or financial institution shall, at the time of investment, be rated at least Al by Standard & Poor’s and/or P-1 by Moody’s. If that bank or institution ...
Application of Moneys Received by the Trustee. The Trustee shall apply all moneys received by it under this Trust Deed (without prejudice to Clause 9 (Power to Retain and Invest Less than 10 Per Cent.)):
(a) firstly, in payment or satisfaction of the fees, costs, charges, expenses and liabilities incurred by the Trustee in or about the preparation and execution of the trusts of this Trust Deed (including remuneration of the Trustee and of any Appointee appointed hereunder);
(b) secondly, in or towards payment pari passu and rateably of all arrears of amounts corresponding to principal and interest remaining unpaid in respect of the Notes; and
(c) thirdly, the balance (if any) in payment to the Issuer; and without prejudice to the provisions of this Clause 8, if the Trustee shall hold any moneys which represent amounts payable in respect of Notes which have become void under Condition 12 (Prescription), the Trustee shall (subject to the payment or provision for the payment or satisfaction of all costs, charges, expenses, indemnities and liabilities, including the remuneration of the Trustee or any Appointee of the Trustee) pay the same forthwith to the Issuer without prejudice to any question as to how such surplus should be dealt with as between the Issuer and any other person for the time being entitled thereto in priority to the Issuer.
Application of Moneys Received by the Trustee. Sec.
8.01 Moneys held by Trustee as part of trust estate (except moneys received for special trust or similar fund) to be paid out upon order of the Company, if not in default..
Application of Moneys Received by the Trustee. 5.1 Declaration of Trust: All moneys received by the Trustee in respect of the Notes or amounts payable under this Trust Deed will, despite any appropriation of all or part of them by the Issuer, be held by the Trustee on trust to apply them (subject to Clause 5.2): first, in payment of all costs, charges, expenses and liabilities properly incurred by the Trustee (including remuneration payable to it) in carrying out its functions under this Trust Deed secondly, in payment of any amounts owing in respect of the Notes or Coupons pari passu and rateably and thirdly, in payment of any balance to the Issuer for itself. If the Trustee holds any moneys in respect of Notes or Coupons which have become void, the Trustee will hold them on these trusts.
Application of Moneys Received by the Trustee.
5.1 Declaration of Trust All moneys received by the Trustee in respect of the Notes of a particular Series or amounts payable under this Trust Deed will be held by the Trustee upon trust to apply them:
(a) first, in payment of all amounts owing, incurred, payable or reimbursable to the Trustee and/or any Appointee under Clause 8;
(b) secondly, in or towards payment of any principal and interest owing in respect of the Notes of such Series pari passu and rateably; and
(c) thirdly, in payment of the balance (if any) to the Issuer. Without prejudice to the other provisions of this Clause 5.1, if the Trustee holds any moneys which represent principal or interest in respect of Notes or Coupons which have become void under Condition 7, the Trustee shall (subject to no sums being then overdue to the Trustee in respect of any Note or Coupon and subject to the payment or satisfaction of the costs, charges, expenses, liabilities, payments and remuneration referred to in paragraph (a) of this Clause 5.1) pay the same to the Issuer.
Application of Moneys Received by the Trustee
