Common use of Application of Rent When No Indenture Event of Default Is Continuing Clause in Contracts

Application of Rent When No Indenture Event of Default Is Continuing. Except as otherwise provided in Section 3.02, 3.04, 3.05 or 3.06, each amount of Basic Rent or Advance (as defined in Section 3.8 of the Lease) received by the Indenture Trustee from the Owner Trustee or, as assignee of the Owner Trustee, from the Company, any payment of interest payable on any Interest Payment Date on overdue installments of Basic Rent, the amount received from the Owner Participant pursuant to Section 8(dd) of the Participation Agreement as the Deferred Equity Amount, together with any amount received by the Indenture Trustee pursuant to Section 8.03(e)(i), shall be distributed by the Indenture Trustee in the following order of priority: TRUST INDENTURE AND SECURITY AGREEMENT [N605SW] -19- 26 first, so much of such aggregate amount as shall be required to pay in full the interest, principal of, Premium, if any, Break Amount, if any, and any other amounts then due on, all Outstanding Certificates shall be distributed to the Persons entitled thereto; and in case such payments or amounts shall be insufficient to pay in full the whole amount so due and unpaid, then to the payment of such interest, principal, Premium, if any, Break Amount, if any, such other amounts payable to the Holders, and without any preference or priority of one Certificate over another, ratably according to the aggregate amount so due for interest, principal, Premium, if any, Break Amount, if any, and such other amounts at the date fixed by the Indenture Trustee for the distribution of such payments or amounts; second, so much of such aggregate amount remaining as shall be required to pay any amount due the Indenture Trustee pursuant to Section 9.06 shall be applied to pay the Indenture Trustee such amounts; and third, the balance, if any, of such aggregate amount remaining thereafter shall be distributed to the Owner Trustee to be held or distributed in accordance with the terms of the Lease, the Participation Agreement and the Trust Agreement; provided, however, that if an Indenture Default shall have occurred and be continuing, then such balance shall not be distributed as provided in this clause "third" but shall be held by the Indenture Trustee as part of the Indenture Estate until whichever of the following shall first occur: (i) all Indenture Events of Default shall have been cured, in which event such balance shall, to the extent not theretofore distributed as provided herein, be distributed as provided in this clause third", or (ii) Section 3.04 or Section 3.05 shall be applicable, in which event such balance shall be distributed in accordance with the provisions of said Section 3.04 or Section 3.05, as the case may be, or (iii) such installment or payment shall have been held for a period in excess of 183 days (during which no Indenture Event of Default which is not a Lease Event of Default shall have occurred and be continuing and during which period the Indenture Trustee and the Holders shall not have been stayed or otherwise precluded by operation of law from taking action to accelerate the Certificates or to exercise remedies hereunder or under the Lease), in which event such balance shall, to the extent not theretofore applied as provided herein, be distributed as provided in this clause third".

Application of Rent When No Indenture Event of Default Is Continuing. Except as otherwise provided in Section 3.02, 3.04, 3.05 or 3.06, each amount of Basic Rent or Advance (as defined in Section 3.8 of the Lease) received by the Indenture Trustee from the Owner Trustee or, as assignee of the Owner Trustee, from the Company, any payment of interest payable on any Interest Payment Date on overdue installments of Basic Rent, the amount received from the Owner Participant pursuant to Section 8(dd) of the Participation Agreement as the Deferred Equity Amount, together with any TRUST INDENTURE AND SECURITY AGREEMENT [N620SW] -19- 26 amount received by the Indenture Trustee pursuant to Section 8.03(e)(i), shall be distributed by the Indenture Trustee in the following order of priority: TRUST INDENTURE AND SECURITY AGREEMENT [N605SW] -19- 26 first, so much of such aggregate amount as shall be required to pay in full the interest, principal of, Premium, if any, Break Amount, if any, and any other amounts then due on, all Outstanding Certificates shall be distributed to the Persons entitled thereto; and in case such payments or amounts shall be insufficient to pay in full the whole amount so due and unpaid, then to the payment of such interest, principal, Premium, if any, Break Amount, if any, such other amounts payable to the Holders, and without any preference or priority of one Certificate over another, ratably according to the aggregate amount so due for interest, principal, Premium, if any, Break Amount, if any, and such other amounts at the date fixed by the Indenture Trustee for the distribution of such payments or amounts; second, so much of such aggregate amount remaining as shall be required to pay any amount due the Indenture Trustee pursuant to Section 9.06 shall be applied to pay the Indenture Trustee such amounts; and third, the balance, if any, of such aggregate amount remaining thereafter shall be distributed to the Owner Trustee to be held or distributed in accordance with the terms of the Lease, the Participation Agreement and the Trust Agreement; provided, however, that if an Indenture Default shall have occurred and be continuing, then such balance shall not be distributed as provided in this clause "third" but shall be held by the Indenture Trustee as part of the Indenture Estate until whichever of the following shall first occur: (i) all Indenture Events of Default shall have been cured, in which event such balance shall, to the extent not theretofore distributed as provided herein, be distributed as provided in this clause "third", or (ii) Section 3.04 or Section 3.05 shall be applicable, in which event such balance shall be distributed in accordance with the provisions of said Section 3.04 or Section 3.05, as the case may be, or (iii) such installment or payment shall have been held for a period in excess of 183 days (during which no Indenture Event of Default which is not a Lease Event of Default shall have occurred and be continuing and during which period the Indenture Trustee and the Holders shall not have been stayed or otherwise precluded by operation of law from taking action to accelerate the Certificates or to exercise remedies hereunder or under the Lease), in which event such balance shall, to the extent not theretofore applied as provided herein, be distributed as provided in this clause "third".

Application of Rent When No Indenture Event of Default Is Continuing. Except as otherwise provided in Section 3.02, 3.04, 3.05 or 3.06, each amount of Basic Rent or Advance (as defined in Section 3.8 of the Lease) received by the Indenture Trustee from the Owner Trustee or, as assignee of the Owner Trustee, from the Company, any payment of interest payable on any Interest Payment Date on overdue installments of Basic Rent, the any amount received TRUST INDENTURE AND SECURITY AGREEMENT [N602SW] -19- 26 from the Owner Participant pursuant to Section 8(dd) of the Participation Agreement as the Deferred Equity Amount, together with any amount received by the Indenture Trustee pursuant to Section 8.03(e)(i), shall be distributed by the Indenture Trustee in the following order of priority: TRUST INDENTURE AND SECURITY AGREEMENT [N605SW] -19- 26 first, so much of such aggregate amount as shall be required to pay in full the interest, principal of, Premium, if any, Break Amount, if any, and any other amounts then due on, all Outstanding Certificates shall be distributed to the Persons entitled thereto; and in case such payments or amounts shall be insufficient to pay in full the whole amount so due and unpaid, then to the payment of such interest, principal, Premium, if any, Break Amount, if any, such other amounts payable to the Holders, and without any preference or priority of one Certificate over another, ratably according to the aggregate amount so due for interest, principal, Premium, if any, Break Amount, if any, and such other amounts at the date fixed by the Indenture Trustee for the distribution of such payments or amounts; second, so much of such aggregate amount remaining as shall be required to pay any amount due the Indenture Trustee pursuant to Section 9.06 shall be applied to pay the Indenture Trustee such amounts; and third, the balance, if any, of such aggregate amount remaining thereafter shall be distributed to the Owner Trustee to be held or distributed in accordance with the terms of the Lease, the Participation Agreement and the Trust Agreement; provided, however, that if an Indenture Default shall have occurred and be continuing, then such balance shall not be distributed as provided in this clause "third" but shall be held by the Indenture Trustee as part of the Indenture Estate until whichever of the following shall first occur: (i) all Indenture Events of Default shall have been cured, in which event such balance shall, to the extent not theretofore distributed as provided herein, be distributed as provided in this clause "third", or (ii) Section 3.04 or Section 3.05 shall be applicable, in which event such balance shall be distributed in accordance with the provisions of said Section 3.04 or Section 3.05, as the case may be, or (iii) such installment or payment shall have been held for a period in excess of 183 days (during which no Indenture Event of Default which is not a Lease Event of Default shall have occurred and be continuing and during which period the Indenture Trustee and the Holders shall not have been stayed or otherwise precluded by operation of law from taking action to accelerate the Certificates or to exercise remedies hereunder or under the Lease), in which event such balance shall, to the extent not theretofore applied as provided herein, be distributed as provided in this clause "third".

Application of Rent When No Indenture Event of Default Is Continuing. Except as otherwise provided in Section 3.02, 3.04, 3.05 or 3.06, each amount of Basic Rent or Advance (as defined in Section 3.8 of the Lease) received by the Indenture Trustee from the Owner Trustee or, as assignee of the Owner Trustee, from the Company, any payment of interest payable on any Interest Payment Date on overdue installments of Basic Rent, the any amount received TRUST INDENTURE AND SECURITY AGREEMENT [N603SW] -19- 26 from the Owner Participant pursuant to Section 8(dd) of the Participation Agreement as the Deferred Equity Amount, together with any amount received by the Indenture Trustee pursuant to Section 8.03(e)(i), shall be distributed by the Indenture Trustee in the following order of priority: TRUST INDENTURE AND SECURITY AGREEMENT [N605SW] -19- 26 first, so much of such aggregate amount as shall be required to pay in full the interest, principal of, Premium, if any, Break Amount, if any, and any other amounts then due on, all Outstanding Certificates shall be distributed to the Persons entitled thereto; and in case such payments or amounts shall be insufficient to pay in full the whole amount so due and unpaid, then to the payment of such interest, principal, Premium, if any, Break Amount, if any, such other amounts payable to the Holders, and without any preference or priority of one Certificate over another, ratably according to the aggregate amount so due for interest, principal, Premium, if any, Break Amount, if any, and such other amounts at the date fixed by the Indenture Trustee for the distribution of such payments or amounts; second, so much of such aggregate amount remaining as shall be required to pay any amount due the Indenture Trustee pursuant to Section 9.06 shall be applied to pay the Indenture Trustee such amounts; and third, the balance, if any, of such aggregate amount remaining thereafter shall be distributed to the Owner Trustee to be held or distributed in accordance with the terms of the Lease, the Participation Agreement and the Trust Agreement; provided, however, that if an Indenture Default shall have occurred and be continuing, then such balance shall not be distributed as provided in this clause "third" but shall be held by the Indenture Trustee as part of the Indenture Estate until whichever of the following shall first occur: (i) all Indenture Events of Default shall have been cured, in which event such balance shall, to the extent not theretofore distributed as provided herein, be distributed as provided in this clause third", or (ii) Section 3.04 or Section 3.05 shall be applicable, in which event such balance shall be distributed in accordance with the provisions of said Section 3.04 or Section 3.05, as the case may be, or (iii) such installment or payment shall have been held for a period in excess of 183 days (during which no Indenture Event of Default which is not a Lease Event of Default shall have occurred and be continuing and during which period the Indenture Trustee and the Holders shall not have been stayed or otherwise precluded by operation of law from taking action to accelerate the Certificates or to exercise remedies hereunder or under the Lease), in which event such balance shall, to the extent not theretofore applied as provided herein, be distributed as provided in this clause third".

Application of Rent When No Indenture Event of Default Is Continuing. Except as otherwise provided in Section 3.02, 3.04, 3.05 or 3.06, each amount of Basic Rent or Advance (as defined in Section 3.8 of the Lease) received by the Indenture Trustee from the Owner Trustee or, as assignee of the Owner Trustee, from the Company, any payment of interest payable on any Interest Payment Date on overdue installments of Basic Rent, the amount received from the Owner Participant pursuant to Section 8(dd) of the Participation Agreement as the Deferred Equity Amount, together with any amount received by the Indenture Trustee pursuant to Section 8.03(e)(i), shall be distributed by the Indenture Trustee in the following order of priority: TRUST INDENTURE AND SECURITY AGREEMENT [N605SWN604SW] -19- 26 first, so much of such aggregate amount as shall be required to pay in full the interest, principal of, Premium, if any, Break Amount, if any, and any other amounts then due on, all Outstanding Certificates shall be distributed to the Persons entitled thereto; and in case such payments or amounts shall be insufficient to pay in full the whole amount so due and unpaid, then to the payment of such interest, principal, Premium, if any, Break Amount, if any, such other amounts payable to the Holders, and without any preference or priority of one Certificate over another, ratably according to the aggregate amount so due for interest, principal, Premium, if any, Break Amount, if any, and such other amounts at the date fixed by the Indenture Trustee for the distribution of such payments or amounts; second, so much of such aggregate amount remaining as shall be required to pay any amount due the Indenture Trustee pursuant to Section 9.06 shall be applied to pay the Indenture Trustee such amounts; and third, the balance, if any, of such aggregate amount remaining thereafter shall be distributed to the Owner Trustee to be held or distributed in accordance with the terms of the Lease, the Participation Agreement and the Trust Agreement; provided, however, that if an Indenture Default shall have occurred and be continuing, then such balance shall not be distributed as provided in this clause "third" but shall be held by the Indenture Trustee as part of the Indenture Estate until whichever of the following shall first occur: (i) all Indenture Events of Default shall have been cured, in which event such balance shall, to the extent not theretofore distributed as provided herein, be distributed as provided in this clause third", or (ii) Section 3.04 or Section 3.05 shall be applicable, in which event such balance shall be distributed in accordance with the provisions of said Section 3.04 or Section 3.05, as the case may be, or (iii) such installment or payment shall have been held for a period in excess of 183 days (during which no Indenture Event of Default which is not a Lease Event of Default shall have occurred and be continuing and during which period the Indenture Trustee and the Holders shall not have been stayed or otherwise precluded by operation of law from taking action to accelerate the Certificates or to exercise remedies hereunder or under the Lease), in which event such balance shall, to the extent not theretofore applied as provided herein, be distributed as provided in this clause third".