APPLICATION OF SUMS RECEIVED. 8.1 The Administrator shall apply all amounts received by the CBC and the Security Trustee under any of the Transaction Documents, if any, in accordance with the Trust Deed, including in particular, without limitation, Clauses 12, 13, 14, 15, 16 and 17 thereof.
8.2 The Administrator shall, if any corporate income tax is levied on the CBC, ensure that arrangements are made with the appropriate tax authorities and make the relevant payments, on behalf of the CBC, in accordance with the applicable Priority of Payments as set forth in the Trust Deed.
APPLICATION OF SUMS RECEIVED. All sums received under this Agreement by the Agent, on behalf of the Lenders, or by any of the Lenders for any reason whatsoever will, without prejudice to complementary provisions of the Mortgage, be applied:
17.1.1 in priority, to payments of any kind due or in arrears in the order of their due payment dates and first, to fees, charges and expenses, second, to interest payable pursuant to Clause 12, third, to interest payable pursuant to Clause 4, fourth, to the principal of the Loan payable pursuant to Clause 4 and, fifth, to any other sums due under this Agreement and, if relevant, pro rata to each of the Lenders; or
17.1.2 if no payments are in arrears or if these payments have been discharged as set out above, then and to sums remaining due under this Agreement and, if relevant, pro rata to each of the Lenders and in each case in inverse order of maturity, the interest being recalculated accordingly.
APPLICATION OF SUMS RECEIVED. (a) General Sums received from the Borrower shall only discharge its payment obligations if received in accordance with the terms of this Contract.
APPLICATION OF SUMS RECEIVED. Sums received by the Bank following a demand under Article 10.01 shall be applied first in payment of expenses, interest and indemnities and secondly in reduction of the outstanding instalments in inverse order of maturity. The Bank may apply sums received between Tranches at its discretion.
APPLICATION OF SUMS RECEIVED. (a) PML as Administrator shall procure that all payments (other than (i) any Hedge Collateral provided by a Hedge Provider except to the extent that such Hedge Collateral is applied in or towards satisfaction of amounts due by the relevant Hedge Provider to the Issuer in accordance with the terms under which the Hedge Collateral was provided and only to the extent that such Hedge Collateral is not to be applied by the Issuer in the purchase of one or more replacement transactions under a Hedge Agreement; (ii) any Hedge Replacement Premium received by the Issuer that is to be applied by the Issuer in paying a Hedge Provider Termination Amount; (iii) any Hedge Replacement Premium received by the Issuer that is to be applied by the Issuer in purchasing one or more replacement transactions under a Hedge Agreement, any swap termination payments applied or to be applied by the Issuer in the purchase of one or more replacement hedging transactions and any swap replacement premia applied or to be applied by the Issuer in making any swap termination payment due from it to a Hedge Provider; and (iv) in the case of any credit in respect of Tax (as such term is defined in the relevant Hedge Agreement), allowance, set-off or repayment from the tax authorities of any jurisdiction relating to the deduction or withholding that has given rise to an Additional Amount, an amount equal to the amount to be paid by the Issuer to the relevant Hedge Provider in respect of such Tax credit, allowance, set-off or repayment)) shall be credited to the Transaction Account.
(b) Notwithstanding the generality of sub-clause 6.4.1(a), PML as Administrator, shall in respect of the Mortgages:
(i) procure that all payments by Borrowers to which Clause 6.2 applies and all Cheque Payments, redemption moneys and money recovered on the sale of the relevant Properties following enforcement of any Mortgages are credited directly into the relevant Collection Account;
(ii) on the Business Day following that on which monies received on behalf of the Issuer or of the Trustee (together in this sub-clause 6.4.1(b), the "Issuer's Monies") are credited to the Collection Account or, failing which, as soon as practicable after such Business Day, transfer such Issuer's Monies to result in a credit being made to the Transaction Account; and
(iii) procure that all payments made by the Class S VFN Holder to the Issuer pursuant to the Class S VFN are credited to the Transaction Account.
(c) PML as Administrator u...
APPLICATION OF SUMS RECEIVED. Sums received from the Company shall only discharge its payment obligations if and when received in accordance with the terms of this Agreement.
APPLICATION OF SUMS RECEIVED. Subject to the other provisions of this clause 17, the Security Trustee shall apply all amounts standing to the credit of any account referred to in clause 17.3 and any other amounts realised pursuant to the exercise of any rights or powers it might have pursuant to this Deed:
17.4.1 first, in the payment of any costs, charges and expenses of or incidental to the appointment of any receiver under the Act, the payment of his remuneration and the payment and discharge of any other Expenses incurred by or on behalf of such receiver;
17.4.2 secondly, in or towards payment of any debts or claims which are by statute payable in preference to the Secured Obligations but only to the extent to which such debts or claims have such preference;
17.4.3 thirdly, in or towards payment and discharge pro rata of any Secured Obligations then due, owing or incurred to the Security Trustee, in its capacity as Security Trustee (and not in any other capacity) for its own account;
17.4.4 fourthly, in payment to the Agent to be applied by the Agent in or towards payment and discharge of the balance of the Secured Obligations (if any) in accordance with the provisions of Section 3 of the Agreement; and
17.4.5 fifthly, in payment of the surplus (if any) to the Mortgagor or such other person entitled thereto.
APPLICATION OF SUMS RECEIVED. General Sums received from the Borrower shall only discharge its payment obligations if received in accordance with the terms of this Contract. Partial payments If the Bank receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under this Contract, the Bank shall apply that payment, in the order set out below, in or towards: pro rata to each of any unpaid fees, costs, indemnities and expenses due under this Contract; any accrued interest due but unpaid under this Contract; any principal due but unpaid under this Contract; and any other sum due but unpaid under this Contract. Allocation of sums related to Tranches In case of: a partial voluntary prepayment of a Tranche that is subject to a repayment in several instalments, the Prepayment Amount shall be applied pro rata to each outstanding instalment, or, at the request of the Borrower, in inverse order of maturity; or a partial compulsory prepayment of a Tranche that is subject to a repayment in several instalments, the Prepayment Amount shall be applied in reduction of the outstanding instalments in inverse order of maturity. Sums received by the Bank following a demand under Article 10.1 and applied to a Tranche, shall reduce the outstanding instalments in inverse order of maturity. The Bank may apply sums received between Tranches at its discretion. In case of receipt of sums which cannot be identified as applicable to a specific Tranche, and on which there is no agreement between the Bank and the Borrower on their application, the Bank may apply these between Tranches at its discretion.
APPLICATION OF SUMS RECEIVED. Subject to the other provisions of this clause 27, the Security Trustee shall apply all amounts standing to the credit of any account referred to in clause 27.3 and any other amounts realised pursuant to the exercise of any rights or powers it might have pursuant to any of the Security Documents:
27.4.1 first, in the payment of any costs, charges and expenses of or incidental to the appointment of any Receiver pursuant to the Security Documents, the payment of his remuneration and the payment and discharge of any other Expenses incurred by or on behalf of the Receiver;
27.4.2 secondly, in or towards payment of any debts or claims which are by statute payable in preference to the Secured Obligations but only to the extent to which such debts or claims have such preference;
27.4.3 thirdly, in or towards payment and discharge pro rata of any Secured Obligations then due, owing or incurred to the Security Trustee, in its capacity as Security Trustee (and not in any other capacity) for its own account; and
27.4.4 fourthly, in payment to the Agent to be applied by the Agent in or towards payment and discharge of the balance of the Secured Obligations (if any) in accordance with the provisions of clause 20.10 provided that, when distributing sums in accordance with this clause 27.4, the Security Trustee will treat any contingent liability as an actual liability and distribute to the party entitled thereto accordingly. Any such party receiving sums in respect of a contingent liability shall place such sums on deposit with such bank (not being a bank entitled to exercise any right of set-off or combination or consolidation of accounts or having the benefit of 118 any encumbrance over such deposit) and on such terms as the Security Trustee may approve and, if such contingent liability shall fail to mature, shall return such sums (together with any interest earned thereon) to the Security Trustee for distribution in accordance with the terms of this clause 27.4.
APPLICATION OF SUMS RECEIVED. All sums received under this Agreement by either of the Lenders or by SOCIETE GENERALE, on behalf of the Lenders, for any reason whatsoever will, without prejudice to complementary provisions of the Mortgages, be applied:
(a) in priority, to payments of any kind due or in arrears in the order of their Maturity Dates and, if relevant, prorata to each of the Lenders; or
(b) if no payments are in arrears or if these payments have been discharged as set out above, then:
(1) to sums remaining due under this Agreement and not evidenced by Promissory Notes, and
(2) to sums remaining due under this Agreement evidenced by Promissory Notes, and if relevant, prorata to each of the Lenders and in each case in inverse order of maturity, the interest being recalculated accordingly.
