Collateral Account. (a) The Indenture Trustee shall notify the Owner Trustee and the Lessee of any losses incurred on the Specified Investments in the Collateral Account promptly upon the realization thereof, as well as any fees, commissions and other costs, Taxes (other than income taxes) and expenses, if any, incurred by the Indenture Trustee in connection with its administration of the Collateral Account (collectively, "Losses"). Promptly upon receipt of such notification but, in any event, no later than the earlier of the Delivery Date (or, if later, the last day of any investment period referred to in Section 2.14(b) of the Indenture during which the Delivery Date occurs) and the 15th day after the Cut-Off Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, an amount equal to such Losses, provided, however, that on the Delivery Date the Lessee shall pay any such Losses to the Indenture Trustee to the extent that the Debt Portion exceeds the amount in the Collateral Account on such date. In addition to the foregoing, if Series C Certificates are outstanding following the Delivery Date and are required to be prepaid on the Series C Prepayment Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, promptly upon receipt of such notification but in any event no later than the Series C Prepayment Date, an amount equal to any additional unreimbursed Losses. (b) The Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee (A) on each Payment Date prior to the Delivery Date an amount equal to the aggregate amount of interest accrued on the Certificates from (and including) the Certificate Closing Date or previous Payment Date, as the case may be, to, but excluding, such Payment Date, (B) on the first Payment Date subsequent to the Delivery Date, interest accrued on the Certificates from and including the last Payment Date (or, if none, the Certificate Closing Date), to, but excluding, the Delivery Date and (C) on each Payment Date after the Delivery Date but prior to the Series C Prepayment Date, interest accrued on the Series C Certificates, if any, outstanding after the Delivery Date which are required to be prepaid on such Series C Prepayment Date pursuant to Section 2.03(b) hereof, in each case to the extent such interest due is in excess of any earnings on investments in the Collateral Account for the period of accrual of such interest. In addition, the Lessee will pay to the Indenture Trustee on behalf of the Owner Trustee all amounts owed by the Owner Trustee pursuant to clause (b) of the last paragraph of Section 2.04 of the Indenture. (c) If the Aircraft has not been purchased by the Owner Trustee on the Delivery Date, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the 15th day following the Cut-Off Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture. (d) If any Series C Certificates outstanding after the Delivery Date are subject to prepayment on the Series C Prepayment Date pursuant to Section 6.02(a)(viii) of the Indenture, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the Series C Prepayment Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture. (e) All amounts payable by the Lessee pursuant to this Section 17.02 shall be paid to the Indenture Trustee or the Subordination Agent, as the case may be, at its principal office at 00 Xxxxx Xxxx Xxxxxx, Xxxx Xxxx Xxxx, Xxxx, 00000, Attention: Corporate Trust Department, or as the Indenture Trustee or the Subordination Agent, as the case may be, may otherwise direct within the United States, by wire transfer of immediately available funds in U.S. Dollars no later than 10:30 a.m., New York City time, on the due date of such payment. (f) Prior to the date on which the Lessee shall be obligated to make any payment to the Subordination Agent pursuant to this Section 17.02, the Subordination Agent shall deliver a written notice to the Lessee specifying the amount of such payment with respect to each series of Equipment Trust Certificates. (g) In the event that (i) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment (as defined below) shall be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate becomes liable for such portion or (ii) (x) the Lessee shall be the subject of a voluntary or involuntary proceeding under Chapter 7 or Chapter 11 of the Bankruptcy Code on a date less than fifteen days prior to the expiration date of the Letter of Credit (after giving effect to any extensions of such expiration date) and (y) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment could be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate could become liable for such portion, the Subordination Agent shall be entitled to draw under the Letter of Credit an amount equal to the aggregate amount of such liability up to the Maximum Stated Amount. The Letter of Credit shall expire no earlier than the date 91 days after the later of the last Specified Shortfall Payment payable under this Section 17.02 and the last "Specified Shortfall Payment" payable under Section 17.02 of any Related Participation Agreement. In the event of any drawing under the Letter of Credit pursuant to clause (ii) of this subsection (g), the proceeds of such drawing shall be applied in accordance with the Intercreditor Agreement. For purposes of this subsection (g), "Specified Shortfall Payment" shall mean any payment by the Lessee pursuant to this Section 17.02 (i) in respect of any Losses which occur as a result of delivery of the Aircraft on a date other than August 26, 1998 or (ii) in respect of interest accrued for any applicable period on any Certificate in excess of any earnings on investments in the Collateral Account for such period.
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Collateral Account. (a) The Indenture Trustee shall notify the Owner Trustee and the Lessee of any losses incurred on the Specified Investments in the Collateral Account promptly upon the realization thereof, as well as any fees, commissions and other costs, Taxes (other than income taxes) and expenses, if any, incurred by the Indenture Trustee in connection with its administration of the Collateral Account (collectively, "Losses"). Promptly upon receipt of such notification but, in any event, no later than the earlier of the Delivery Date (or, if later, the last day of any investment period referred to in Section 2.14(b) of the Indenture during which the Delivery Date occurs) and the 15th day after the Cut-Off Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, an amount equal to such Losses, provided, however, that on the Delivery Date the Lessee shall pay any such Losses to the Indenture Trustee to the extent that the Debt Portion exceeds the amount in the Collateral Account on such date. In addition to the foregoing, if If Series C Certificates are outstanding following the Delivery Date and are required to be prepaid on the Series C Prepayment Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, promptly upon receipt of such notification but in any event no later than the Series C Prepayment Date, an amount equal to any additional unreimbursed Losses.
(b) The Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee (A) on each Payment Date prior to the Delivery Date an amount equal to the aggregate amount of interest accrued on the Certificates from (and including) the Certificate Closing Date or previous Payment Date, as the case may be, to, but excluding, such Payment Date, (B) on the first Payment Date subsequent to the Delivery Date, interest accrued on the Certificates from and including the last Payment Date (or, if none, the Certificate Closing Date), to, but excluding, the Delivery Date and (CB) on each Payment Date after the Delivery Date but prior to the Series C Prepayment Date, interest accrued on the Series C Certificates, if any, outstanding after the Delivery Date which are required to be prepaid on such Series C Prepayment Date pursuant to Section 2.03(b) hereofof the Original Participation Agreement, in each case to the extent such interest due is in excess of any earnings on investments in the Collateral Account for the period of accrual of such interest. In addition, the Lessee will pay to the Indenture Trustee on behalf of the Owner Trustee all amounts owed by the Owner Trustee pursuant to clause (b) of the last paragraph of Section 2.04 of the Indenture.
(c) If the Aircraft has not been purchased by the Owner Trustee on the Delivery Date, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the 15th day following the Cut-Off Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(d) If any Series C Certificates outstanding after the Delivery Date are subject to prepayment on the Series C Prepayment Date pursuant to Section 6.02(a)(viii) of the Indenture, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the Series C Prepayment Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(ed) All amounts payable by the Lessee pursuant to this Section 17.02 shall be paid to the Indenture Trustee or the Subordination Agent, as the case may be, at its principal office at 00 Xxxxx Xxxx Xxxxxx79 South Main Street, Xxxx Xxxx XxxxSalt Lake City, XxxxUtah, 0000084111, Attention: Corporate Trust DepartmentCorporaxx Xxxxx Xxxxxxxxxx, or as the Indenture Trustee xx xx xxx Xxxxxxxxx Xxxxxxx or the Subordination Agent, as the case may be, may otherwise direct within the United States, by wire transfer of immediately available funds in U.S. Dollars no later than 10:30 a.m., New York City time, on the due date of such payment.
(fe) Prior to the date on which the Lessee shall be obligated to make any payment to the Subordination Agent pursuant to this Section 17.02, the Subordination Agent shall deliver a written notice to the Lessee specifying the amount of such payment with respect to each series of Equipment Trust Certificates.
(gf) In the event that (i) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment (as defined below) shall be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate becomes liable for such portion or (ii) (x) the Lessee shall be the subject of a voluntary or involuntary proceeding under Chapter 7 or Chapter 11 of the Bankruptcy Code on a date less than fifteen days prior to the expiration date of the Letter of Credit (after giving effect to any extensions of such expiration date) and (y) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment could be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate could become liable for such portion, the Subordination Agent shall be entitled to draw under the Letter of Credit an amount equal to the aggregate amount of such liability up to the Maximum Stated Amount. The Letter of Credit shall expire no earlier than the date 91 days after the later of the last Specified Shortfall Payment payable under this Section 17.02 and the last "Specified Shortfall Payment" payable under Section 17.02 of any Related Participation Agreement. In the event of any drawing under the Letter of Credit pursuant to clause (ii) of this subsection (gf), the proceeds of such drawing shall be applied in accordance with the Intercreditor Agreement. For purposes of this subsection (gf), "Specified Shortfall Payment" shall mean any payment by the Lessee pursuant to this Section 17.02 (i) in respect of any Losses which occur as a result of delivery of the Aircraft on a date other than August 26November 17, 1998 1998, or (ii) in respect of interest accrued for any applicable period on any Certificate in excess of any earnings on investments in the Collateral Account for such period.
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Collateral Account. (a) The Indenture Trustee shall notify the Owner Trustee and the Lessee of any losses incurred on the Specified Investments in the Collateral Account promptly upon the realization thereof, as well as any fees, commissions and other costs, Taxes (other than income taxes) and expenses, if any, incurred by the Indenture Trustee in connection with its administration of the Collateral Account (collectively, "Losses"). Promptly upon receipt of such notification but, in any event, no later than the earlier of the Delivery Date (or, if later, the last day of any investment period referred to in Section 2.14(b) of the Indenture during which the Delivery Date occurs) and the 15th day after the Cut-Off Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, an amount equal to such Losses, provided, however, that on the Delivery Date the Lessee shall pay any such Losses to the Indenture Trustee to the extent that the Debt Portion exceeds the amount in the Collateral Account on such date. In addition to the foregoing, if If Series C Certificates are outstanding following the Delivery Date and are required to be prepaid on the Series C Prepayment Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, promptly upon receipt of such notification but in any event no later than the Series C Prepayment Date, an amount equal to any additional unreimbursed Losses.
(b) The Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee (A) on each Payment Date prior to the Delivery Date an amount equal to the aggregate amount of interest accrued on the Certificates from (and including) the Certificate Closing Date or previous Payment Date, as the case may be, to, but excluding, such Payment Date, (B) on the first Payment Date subsequent to the Delivery Date, interest accrued on the Certificates from and including the last Payment Date (or, if none, the Certificate Closing Date), to, but excluding, the Delivery Date and (CB) on each Payment Date after the Delivery Date but prior to the Series C Prepayment Date, interest accrued on the Series C Certificates, if any, outstanding after the Delivery Date which are required to be prepaid on such Series C Prepayment Date pursuant to Section 2.03(b) hereofof the Original Participation Agreement, in each case to the extent such interest due is in excess of any earnings on investments in the Collateral Account for the period of accrual of such interest. In addition, the Lessee will pay to the Indenture Trustee on behalf of the Owner Trustee all amounts owed by the Owner Trustee pursuant to clause (b) of the last paragraph of Section 2.04 of the Indenture.
(c) If the Aircraft has not been purchased by the Owner Trustee on the Delivery Date, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the 15th day following the Cut-Off Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(d) If any Series C Certificates outstanding after the Delivery Date are subject to prepayment on the Series C Prepayment Date pursuant to Section 6.02(a)(viii) of the Indenture, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the Series C Prepayment Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(ed) All amounts payable by the Lessee pursuant to this Section 17.02 shall be paid to the Indenture Trustee or the Subordination Agent, as the case may be, at its principal office at 00 Xxxxx Xxxx Xxxxxx79 South Main Street, Xxxx Xxxx XxxxSalt Lake City, XxxxUtah, 0000084111, Attention: Corporate Trust DepartmentCorporaxx Xxxxx Xxxxxxxxxx, or as the Indenture Trustee xx xx xxx Xxxxxxxxx Xxxxxxx or the Subordination Agent, as the case may be, may otherwise direct within the United States, by wire transfer of immediately available funds in U.S. Dollars no later than 10:30 a.m., New York City time, on the due date of such payment.
(fe) Prior to the date on which the Lessee shall be obligated to make any payment to the Subordination Agent pursuant to this Section 17.02, the Subordination Agent shall deliver a written notice to the Lessee specifying the amount of such payment with respect to each series of Equipment Trust Certificates.
(gf) In the event that (i) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment (as defined below) shall be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate becomes liable for such portion or (ii) (x) the Lessee shall be the subject of a voluntary or involuntary proceeding under Chapter 7 or Chapter 11 of the Bankruptcy Code on a date less than fifteen days prior to the expiration date of the Letter of Credit (after giving effect to any extensions of such expiration date) and (y) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment could be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate could become liable for such portion, the Subordination Agent shall be entitled to draw under the Letter of Credit an amount equal to the aggregate amount of such liability up to the Maximum Stated Amount. The Letter of Credit shall expire no earlier than the date 91 days after the later of the last Specified Shortfall Payment payable under this Section 17.02 and the last "Specified Shortfall Payment" payable under Section 17.02 of any Related Participation Agreement. In the event of any drawing under the Letter of Credit pursuant to clause (ii) of this subsection (gf), the proceeds of such drawing shall be applied in accordance with the Intercreditor Agreement. For purposes of this subsection (gf), "Specified Shortfall Payment" shall mean any payment by the Lessee pursuant to this Section 17.02 (i) in respect of any Losses which occur as a result of delivery of the Aircraft on a date other than August 26October 22, 1998 1998, or (ii) in respect of interest accrued for any applicable period on any Certificate in excess of any earnings on investments in the Collateral Account for such period.
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Collateral Account. (a) The Indenture Trustee shall notify the Owner Trustee and the Lessee of any losses incurred on the Specified Investments in the Collateral Account promptly upon the realization thereof, as well as any fees, commissions and other costs, Taxes (other than income taxes) and expenses, if any, incurred by the Indenture Trustee in connection with its administration of the Collateral Account (collectively, "Losses"). Promptly upon receipt of such notification but, in any event, no later than the earlier of the Delivery Date (or, if later, the last day of any investment period referred to in Section 2.14(b) of the Indenture during which the Delivery Date occurs) and the 15th day after the Cut-Off Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, an amount equal to such Losses, provided, however, that on the Delivery Date the Lessee shall pay any such Losses to the Indenture Trustee to the extent that the Debt Portion exceeds the amount in the Collateral Account on such date. In addition to the foregoing, if Series C Certificates are outstanding following the Delivery Date and are required to be prepaid on the Series C Prepayment Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, promptly upon receipt of such notification but in any event no later than the Series C Prepayment Date, an amount equal to any additional unreimbursed Losses.
(b) The Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee (A) on each Payment Date prior to the Delivery Date an amount equal to the aggregate amount of interest accrued on the Certificates from (and including) the Certificate Closing Date or previous Payment Date, as the case may be, to, but excluding, such Payment Date, (B) on the first Payment Date subsequent to the Delivery Date, interest accrued on the Certificates from and including the last Payment Date (or, if none, the Certificate Closing Date), to, but excluding, the Delivery Date and (C) on each Payment Date after the Delivery Date but prior to the Series C Prepayment Date, interest accrued on the Series C Certificates, if any, outstanding after the Delivery Date which are required to be prepaid on such Series C Prepayment Date pursuant to Section 2.03(b) hereof, in each case to the extent such interest due is in excess of any earnings on investments in the Collateral Account for the period of accrual of such interest. In addition, the Lessee will pay to the Indenture Trustee on behalf of the Owner Trustee all amounts owed by the Owner Trustee pursuant to clause (b) of the last paragraph of Section 2.04 of the Indenture.
(c) If the Aircraft has not been purchased by the Owner Trustee on the Delivery Date, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the 15th day following the Cut-Off Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(d) If any Series C Certificates outstanding after the Delivery Date are subject to prepayment on the Series C Prepayment Date pursuant to Section 6.02(a)(viii) of the Indenture, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the Series C Prepayment Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(e) All amounts payable by the Lessee pursuant to this Section 17.02 shall be paid to the Indenture Trustee or the Subordination Agent, as the case may be, at its principal office at 00 Xxxxx Xxxx Xxxxxx, Xxxx Xxxx Xxxx, Xxxx, 00000, Attention: Corporate Trust Department, or as the Indenture Trustee or the Subordination Agent, as the case may be, may otherwise direct within the United States, by wire transfer of immediately available funds in U.S. Dollars no later than 10:30 a.m., New York City time, on the due date of such payment.
(f) Prior to the date on which the Lessee shall be obligated to make any payment to the Subordination Agent pursuant to this Section 17.02, the Subordination Agent shall deliver a written notice to the Lessee specifying the amount of such payment with respect to each series of Equipment Trust Certificates.
(g) In the event that (i) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment (as defined below) shall be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate becomes liable for such portion or (ii) (x) the Lessee shall be the subject of a voluntary or involuntary proceeding under Chapter 7 or Chapter 11 of the Bankruptcy Code on a date less than fifteen days prior to the expiration date of the Letter of Credit (after giving effect to any extensions of such expiration date) and (y) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment could be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate could become liable for such portion, the Subordination Agent shall be entitled to draw under the Letter of Credit an amount equal to the aggregate amount of such liability up to the Maximum Stated Amount. The Letter of Credit shall expire no earlier than the date 91 days after the later of the last Specified Shortfall Payment payable under this Section 17.02 and the last "Specified Shortfall Payment" payable under Section 17.02 of any Related Participation Agreement. In the event of any drawing under the Letter of Credit pursuant to clause (ii) of this subsection (g), the proceeds of such drawing shall be applied in accordance with the Intercreditor Agreement. For purposes of this subsection (g), "Specified Shortfall Payment" shall mean any payment by the Lessee pursuant to this Section 17.02 (i) in respect of any Losses which occur as a result of delivery of the Aircraft on a date other than August 26September 23, 1998 or (ii) in respect of interest accrued for any applicable period on any Certificate in excess of any earnings on investments in the Collateral Account for such period.
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Collateral Account. (a) The Indenture Trustee shall notify the Owner Trustee and the Lessee of any losses incurred on the Specified Investments in the Collateral Account promptly upon the realization thereof, as well as any fees, commissions and other costs, Taxes (other than income taxes) and expenses, if any, incurred by the Indenture Trustee in connection with its administration of the Collateral Account (collectively, "Losses"). Promptly upon receipt of such notification but, in any event, no later than the earlier of the Delivery Date (or, if later, the last day of any investment period referred to in Section 2.14(b) of the Indenture during which the Delivery Date occurs) and the 15th day after the Cut-Off Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, an amount equal to such Losses, provided, however, that on the Delivery Date the Lessee shall pay any such Losses to the Indenture Trustee to the extent that the Debt Portion exceeds the amount in the Collateral Account on such date. In addition to the foregoing, if Series C Certificates are outstanding following the Delivery Date and are required to be prepaid on the Series C Prepayment Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, promptly upon receipt of such notification but in any event no later than the Series C Prepayment Date, an amount equal to any additional unreimbursed Losses.
(b) The Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee (A) on each Payment Date prior to the Delivery Date an amount equal to the aggregate amount of interest accrued on the Certificates from (and including) the Certificate Closing Date or previous Payment Date, as the case may be, to, but excluding, such Payment Date, (B) on the first Payment Date subsequent to the Delivery Date, interest accrued on the Certificates from and including the last Payment Date (or, if none, the Certificate Closing Date), to, but excluding, the Delivery Date and (C) on each Payment Date after the Delivery Date but prior to the Series C Prepayment Date, interest accrued on the Series C Certificates, if any, outstanding after the Delivery Date which are required to be prepaid on such Series C Prepayment Date pursuant to Section 2.03(b) hereof, in each case to the extent such interest due is in excess of any earnings on investments in the Collateral Account for the period of accrual of such interest. In addition, the Lessee will pay to the Indenture Trustee on behalf of the Owner Trustee all amounts owed by the Owner Trustee pursuant to clause (b) of the last paragraph of Section 2.04 of the Indenture.
(c) If the Aircraft has not been purchased by the Owner Trustee on the Delivery Date, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the 15th day following the Cut-Off Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(d) If any Series C Certificates outstanding after the Delivery Date are subject to prepayment on the Series C Prepayment Date pursuant to Section 6.02(a)(viii) of the Indenture, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the Series C Prepayment Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(e) All amounts payable by the Lessee pursuant to this Section 17.02 shall be paid to the Indenture Trustee or the Subordination Agent, as the case may be, at its principal office at 00 Xxxxx Xxxx Xxxxxx, Xxxx Xxxx Xxxx, Xxxx, 00000, Attention: Corporate Trust Department, or as the Indenture Trustee or the Subordination Agent, as the case may be, may otherwise direct within the United States, by wire transfer of immediately available funds in U.S. Dollars no later than 10:30 a.m., New York City time, on the due date of such payment.
(f) Prior to the date on which the Lessee shall be obligated to make any payment to the Subordination Agent pursuant to this Section 17.02, the Subordination Agent shall deliver a written notice to the Lessee specifying the amount of such payment with respect to each series of Equipment Trust Certificates.
(g) In the event that (i) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment (as defined below) shall be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate becomes liable for such portion or (ii) (x) the Lessee shall be the subject of a voluntary or involuntary proceeding under Chapter 7 or Chapter 11 of the Bankruptcy Code on a date less than fifteen days prior to the expiration date of the Letter of Credit (after giving effect to any extensions of such expiration date) and (y) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment could be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate could become liable for such portion, the Subordination Agent shall be entitled to draw under the Letter of Credit an amount equal to the aggregate amount of such liability up to the Maximum Stated Amount. The Letter of Credit shall expire no earlier than the date 91 days after the later of the last Specified Shortfall Payment payable under this Section 17.02 and the last "Specified Shortfall Payment" payable under Section 17.02 of any Related Participation Agreement. In the event of any drawing under the Letter of Credit pursuant to clause (ii) of this subsection (g), the proceeds of such drawing shall be applied in accordance with the Intercreditor Agreement. For purposes of this subsection (g), "Specified Shortfall Payment" shall mean any payment by the Lessee pursuant to this Section 17.02 (i) in respect of any Losses which occur as a result of delivery of the Aircraft on a date other than August 26October 22, 1998 or (ii) in respect of interest accrued for any applicable period on any Certificate in excess of any earnings on investments in the Collateral Account for such period.
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Collateral Account. (a) The Indenture Trustee shall notify the Owner Trustee and the Lessee of any losses incurred on the Specified Investments in the Collateral Account promptly upon the realization thereof, as well as any fees, commissions and other costs, Taxes (other than income taxes) and expenses, if any, incurred by the Indenture Trustee in connection with its administration of the Collateral Account (collectively, "Losses"). Promptly upon receipt of such notification but, in any event, no later than the earlier of the Delivery Date (or, if later, the last day of any investment period referred to in Section 2.14(b) of the Original Indenture during which the Delivery Date occurs) and the 15th day after the Cut-Off Date, the Lessee shall pay to the Subordination AgentIndenture Trustee, on behalf of the Owner Trustee, for deposit into the Collateral Account, an amount equal to such Losses, provided, however, that on the Delivery Date the Lessee shall pay Losses (net of any such Losses to the Indenture Trustee to the extent that the Debt Portion exceeds the amount in the Collateral Account on such date. In addition to the foregoing, if Series C Certificates are outstanding following the Delivery Date and are required to be prepaid on the Series C Prepayment Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, promptly upon receipt of such notification but in any event no later than the Series C Prepayment Date, an amount equal to any additional unreimbursed Lossesinvestment earnings).
(b) The Lessee shall pay to the Subordination AgentIndenture Trustee, on behalf of the Owner Trustee (A) on each Payment Date prior to the Delivery Date an amount equal to the aggregate amount of interest accrued on the Certificates from (and including) the Certificate Closing Date or previous Payment Date, as the case may be, to, but excluding, such Payment Date, Date and (B) on the first Payment Date subsequent to the Delivery Date, interest accrued on the Certificates from and including the last Payment Date (or, if none, the Certificate Closing Date), to, but excluding, the Delivery Date and (C) on each Payment Date after the Delivery Date but prior to the Series C Prepayment Date, interest accrued on the Series C Certificates, if any, outstanding after the Delivery Date which are required to be prepaid on such Series C Prepayment Date pursuant to Section 2.03(b) hereof, in each case to the extent such interest due is in excess of any earnings on investments in the Collateral Account for the period of accrual of such interest. In addition, the Lessee will pay to the Indenture Trustee on behalf of the Owner Trustee all amounts owed by the Owner Trustee pursuant to clause (b) of the last paragraph of Section 2.04 of the Indenture.
(c) If the Aircraft has not been purchased by the Owner Trustee on the Delivery Date, the Lessee agrees to pay to the Subordination AgentIndenture Trustee, on behalf of the Owner Trustee, on the 15th day following the Cut-Off Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Original Indenture over the amounts released from the Collateral Account under Section 2.16 of the Original Indenture.
(d) If any Series C Certificates outstanding after the Delivery Date are subject to prepayment on the Series C Prepayment Date pursuant to Section 6.02(a)(viii) of the Indenture, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the Series C Prepayment Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(e) All amounts payable by the Lessee pursuant to this Section 17.02 shall be paid to the Indenture Trustee or the Subordination Agent, as the case may be, at its principal office at 00 Xxxxx Xxxx Xxxxxx, Xxxx Xxxx Xxxx, Xxxx, 00000, Attention: Corporate Trust Department, or as the Indenture Trustee or the Subordination Agent, as the case may be, may otherwise direct within the United States, by wire transfer of immediately available funds in U.S. Dollars no later than 10:30 a.m., New York City time, on the due date of such payment.
(f) Prior to the date on which the Lessee shall be obligated to make any payment to the Subordination Agent pursuant to this Section 17.02, the Subordination Agent shall deliver a written notice to the Lessee specifying the amount of such payment with respect to each series of Equipment Trust Certificates.
(g) In the event that (i) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment (as defined below) shall be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate becomes liable for such portion or (ii) (x) the Lessee shall be the subject of a voluntary or involuntary proceeding under Chapter 7 or Chapter 11 of the Bankruptcy Code on a date less than fifteen days prior to the expiration date of the Letter of Credit (after giving effect to any extensions of such expiration date) and (y) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment could be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate could become liable for such portion, the Subordination Agent shall be entitled to draw under the Letter of Credit an amount equal to the aggregate amount of such liability up to the Maximum Stated Amount. The Letter of Credit shall expire no earlier than the date 91 days after the later of the last Specified Shortfall Payment payable under this Section 17.02 and the last "Specified Shortfall Payment" payable under Section 17.02 of any Related Participation Agreement. In the event of any drawing under the Letter of Credit pursuant to clause (ii) of this subsection (g), the proceeds of such drawing shall be applied in accordance with the Intercreditor Agreement. For purposes of this subsection (g), "Specified Shortfall Payment" shall mean any payment by the Lessee pursuant to this Section 17.02 (i) in respect of any Losses which occur as a result of delivery of the Aircraft on a date other than August 26, 1998 or (ii) in respect of interest accrued for any applicable period on any Certificate in excess of any earnings on investments in the Collateral Account for such period.
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Collateral Account. (a) The Indenture Trustee shall notify the Owner Trustee and the Lessee of any losses incurred on the Specified Investments Cash Equivalents in the Collateral Account promptly upon the realization thereof, as well as any fees, commissions and other costs, Taxes (other than income taxes) and expenses, if any, incurred by the Indenture Trustee in connection with its administration of the Collateral Account (collectively, "Losses"). Promptly upon receipt of such notification but, in any event, no later than the earlier of the Delivery Date (or, if later, the last day of any investment period referred to in Section 2.14(b) of the Indenture during which the Delivery Date occurs) and the 15th day after the Cut-Off Date, the Lessee shall pay to the Subordination Agent, on behalf of Indenture Trustee for deposit into the Owner TrusteeCollateral Account, an amount equal to such Losses, provided, however, that on the Delivery Date the Lessee shall pay Losses (net of any such Losses to the Indenture Trustee to the extent that the Debt Portion exceeds the amount in the Collateral Account on such date. In addition to the foregoing, if Series C Certificates are outstanding following the Delivery Date and are required to be prepaid on the Series C Prepayment Date, the investment earnings).
(b) Lessee shall pay to the Subordination Agent, Indenture Trustee on behalf of the Owner Trustee, promptly upon receipt of such notification but in any event no later than the Series C Prepayment Date, an amount equal to any additional unreimbursed Losses.
(b) The Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee (A) on each Payment Date prior to the Delivery Date an amount equal to the aggregate amount of interest accrued on the Certificates from (and including) the Certificate Closing Date or previous Payment Date, as the case may be, to, but excluding, such Payment Date, (B) on the first Payment Date subsequent to the Delivery Date, interest accrued on the Secured Certificates from and including the last Payment Date (or, if none, the Certificate Closing Date), to, but excluding, the Delivery Date and (CDate. The Indenture Trustee shall deposit all payments made by Lessee pursuant to this Section 18(b) on each Payment Date after the Delivery Date but prior in a non-interest bearing account for payment to the Series C Prepayment Date, interest accrued Certificate Holders on the Series C Certificates, if any, outstanding after the Delivery Date which are required to be prepaid on such Series C Prepayment Date pursuant to Section 2.03(b) hereof, in each case to the extent such interest due is in excess of any earnings on investments in the Collateral Account for the period of accrual of such interestfirst Payment Date. In addition, the Lessee will pay to the Indenture Trustee on behalf of the Owner Trustee all amounts owed by the Owner Trustee pursuant to clause (b) of the last third paragraph of Section 2.04 2.02 of the Trust Indenture.
(c) If [Intentionally Omitted.]
(d) [Intentionally Omitted.]
(e) [Intentionally Omitted.]
(f) On the Delivery Date immediately upon transfer of title to the Aircraft has not been purchased by the Owner Trustee on the Delivery Date, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the 15th day following the Cut-Off Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from Trustee will transfer to Lessee by wire transfer, in immediately available funds, cash equal to any amount then remaining in the Collateral Account under Section 2.16 of the IndentureAccount.
(dg) If any Series C Certificates outstanding after the Delivery Date are subject to prepayment on the Series C Prepayment Date pursuant to Section 6.02(a)(viii) of the Indenture, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the Series C Prepayment Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(e) All amounts Amounts payable by the Lessee pursuant to this Section 17.02 18 shall be paid to the Indenture Trustee or the Subordination Agentat State Street Bank and Trust Company, as the case may be, at its principal office at 00 Xxxxx Xxxx 000 Xxxxxxxx Xxxxxx, Xxxx Xxxx XxxxXxxxxx, XxxxXxxxxxxxxxxxx 00000, 00000ABA No. 011-00-0028, Account No. 0000-000-0, Attention: Corporate Trust Department, or as the Indenture Trustee or the Subordination AgentReference: Northwest/NW 1997 L, as the case may be, may otherwise direct within the United States, by wire transfer of immediately available funds in U.S. Dollars no not later than 10:30 a.m., New York City time, by wire transfer of immediately available funds in Dollars on the due date of such payment. All amounts payable to Lessee pursuant to this Section 18 shall be paid to Lessee in accordance with Schedule I hereto, not later than 10:30 a.m., New York City time, by wire transfer of immediately available funds in Dollars on the due date of such payment.
(fh) Prior to Each of the date on which the parties hereto agrees that, for Federal income tax purposes, (A) Lessee shall be obligated to make any payment to treated as the Subordination Agent pursuant to this Section 17.02, the Subordination Agent shall deliver a written notice to the Lessee specifying the amount of such payment initial borrower with respect to the Secured Certificates and shall report as income all interest and gains on the Collateral Account and shall deduct as its interest expense all interest paid or payable to each series of Equipment Trust Certificates.
(g) In the event that (i) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from for this period in a Specified Shortfall Payment manner consistent with a short-term loan to Lessee maturing on the Delivery Date, and (as defined belowB) the Owner Trustee shall be avoided treated as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate becomes liable for such portion or (ii) (x) the Lessee shall be the subject of a voluntary or involuntary proceeding under Chapter 7 or Chapter 11 of the Bankruptcy Code on a date less than fifteen days prior borrower with respect to the expiration date of the Letter of Credit (after giving effect to any extensions of such expiration date) Secured Certificates on and (y) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment could be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate could become liable for such portion, the Subordination Agent shall be entitled to draw under the Letter of Credit an amount equal to the aggregate amount of such liability up to the Maximum Stated Amount. The Letter of Credit shall expire no earlier than the date 91 days after the later of the last Specified Shortfall Payment payable under this Section 17.02 and the last "Specified Shortfall Payment" payable under Section 17.02 of any Related Participation Agreement. In the event of any drawing under the Letter of Credit pursuant to clause (ii) of this subsection (g), the proceeds of such drawing shall be applied in accordance with the Intercreditor Agreement. For purposes of this subsection (g), "Specified Shortfall Payment" shall mean any payment by the Lessee pursuant to this Section 17.02 (i) in respect of any Losses which occur as a result of delivery of the Aircraft on a date other than August 26, 1998 or (ii) in respect of interest accrued for any applicable period on any Certificate in excess of any earnings on investments in the Collateral Account for such periodDelivery Date.
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Collateral Account. (a) The Indenture Trustee shall notify the Owner Trustee and the Lessee of any losses incurred on the Specified Investments in the Collateral Account promptly upon the realization thereof, as well as any fees, commissions and other costs, Taxes (other than income taxes) and expenses, if any, incurred by the Indenture Trustee in connection with its administration of the Collateral Account (collectively, "Losses"). Promptly upon receipt of such notification but, in any event, no later than the earlier of the Delivery Date (or, if later, the last day of any investment period referred to in Section 2.14(b) of the Indenture during which the Delivery Date occurs) and the 15th day after the Cut-Off Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, an amount equal to such Losses, provided, however, that on the Delivery Date the Lessee shall pay any such Losses to the Indenture Trustee to the extent that the Debt Portion exceeds the amount in the Collateral Account on such date. In addition to the foregoing, if Series C Certificates are outstanding following the Delivery Date and are required to be prepaid on the Series C Prepayment Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, promptly upon receipt of such notification but in any event no later than the Series C Prepayment Date, an amount equal to any additional unreimbursed Losses.
(b) The Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee (A) on each Payment Date prior to the Delivery Date an amount equal to the aggregate amount of interest accrued on the Certificates from (and including) the Certificate Closing Date or previous Payment Date, as the case may be, to, but excluding, such Payment Date, (B) on the first Payment Date subsequent to the Delivery Date, interest accrued on the Certificates from and including the last Payment Date (or, if none, the Certificate Closing Date), to, but excluding, the Delivery Date and (C) on each Payment Date after the Delivery Date but prior to the Series C Prepayment Date, interest accrued on the Series C Certificates, if any, outstanding after the Delivery Date which are required to be prepaid on such Series C Prepayment Date pursuant to Section 2.03(b) hereof, in each case to the extent such interest due is in excess of any earnings on investments in the Collateral Account for the period of accrual of such interest. In addition, the Lessee will pay to the Indenture Trustee on behalf of the Owner Trustee all amounts owed by the Owner Trustee pursuant to clause (b) of the last paragraph of Section 2.04 of the Indenture.
(c) If the Aircraft has not been purchased by the Owner Trustee on the Delivery Date, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the 15th day following the Cut-Off Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(d) If any Series C Certificates outstanding after the Delivery Date are subject to prepayment on the Series C Prepayment Date pursuant to Section 6.02(a)(viii) of the Indenture, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the Series C Prepayment Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(e) All amounts payable by the Lessee pursuant to this Section 17.02 shall be paid to the Indenture Trustee or the Subordination Agent, as the case may be, at its principal office at 00 Xxxxx Xxxx Xxxxxx, Xxxx Xxxx Xxxx, Xxxx, 00000, Attention: Corporate Trust Department, or as the Indenture Trustee or the Subordination Agent, as the case may be, may otherwise direct within the United States, by wire transfer of immediately available funds in U.S. Dollars no later than 10:30 a.m., New York City time, on the due date of such payment.
(f) Prior to the date on which the Lessee shall be obligated to make any payment to the Subordination Agent pursuant to this Section 17.02, the Subordination Agent shall deliver a written notice to the Lessee specifying the amount of such payment with respect to each series of Equipment Trust Certificates.
(g) In the event that (i) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment (as defined below) shall be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate becomes liable for such portion or (ii) (x) the Lessee shall be the subject of a voluntary or involuntary proceeding under Chapter 7 or Chapter 11 of the Bankruptcy Code on a date less than fifteen days prior to the expiration date of the Letter of Credit (after giving effect to any extensions of such expiration date) and (y) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment could be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate could become liable for such portion, the Subordination Agent shall be entitled to draw under the Letter of Credit an amount equal to the aggregate amount of such liability up to the Maximum Stated Amount. The Letter of Credit shall expire no earlier than the date 91 days after the later of the last Specified Shortfall Payment payable under this Section 17.02 and the last "Specified Shortfall Payment" payable under Section 17.02 of any Related Participation Agreement. In the event of any drawing under the Letter of Credit pursuant to clause (ii) of this subsection (g), the proceeds of such drawing shall be applied in accordance with the Intercreditor Agreement. For purposes of this subsection (g), "Specified Shortfall Payment" shall mean any payment by the Lessee pursuant to this Section 17.02 (i) in respect of any Losses which occur as a result of delivery of the Aircraft on a date other than August 26September 15, 1998 1998, or (ii) in respect of interest accrued for any applicable period on any Certificate in excess of any earnings on investments in the Collateral Account for such period.
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Collateral Account. (a) The Indenture Trustee shall notify the Owner Trustee and the Lessee of any losses incurred on the Specified Investments in the Collateral Account promptly upon the realization thereof, as well as any fees, commissions and other costs, Taxes (other than income taxes) and expenses, if any, incurred by the Indenture Trustee in connection with its administration of the Collateral Account (collectively, "Losses"). Promptly upon receipt of such notification but, in any event, no later than the earlier of the Delivery Date (or, if later, the last day of any investment period referred to in Section 2.14(b) of the Indenture during which the Delivery Date occurs) and the 15th day after the Cut-Off Date, the Lessee shall pay to the Subordination AgentIndenture Trustee, on behalf of the Owner Trustee, for deposit into the Collateral Account, an amount equal to such Losses, provided, however, that on the Delivery Date the Lessee shall pay Losses (net of any such Losses investment earnings not previously applied pursuant to the Indenture Trustee to the extent that the Debt Portion exceeds the amount in the Collateral Account on such date. In addition to the foregoing, if Series C Certificates are outstanding following the Delivery Date and are required to be prepaid on the Series C Prepayment Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, promptly upon receipt of such notification but in any event no later than the Series C Prepayment Date, an amount equal to any additional unreimbursed Lossesthis Section 17.02).
(b) The Lessee shall pay to the Subordination AgentIndenture Trustee (or will provide for payment thereof pursuant to a permitted drawing by the Indenture Trustee under the Letter of Credit), on behalf of the Owner Trustee (A) on each Payment Date prior to the Delivery Date an amount equal to the aggregate amount of interest accrued on the Certificates from (and including) the Certificate Closing Date or previous Payment Date, as the case may be, to, but excluding, such Payment Date, Date (net of any investment earnings in the Collateral Account not previously applied pursuant to this Section 17.02) and (B) on the first Payment Date subsequent to the Delivery Date, interest accrued on the Certificates from and including the last Payment Date (or, if none, the Certificate Closing Date), to, but excluding, the Delivery Date and (C) on each Payment Date after the Delivery Date but prior to the Series C Prepayment Date, interest accrued on the Series C Certificates, if any, outstanding after the Delivery Date which are required to be prepaid on such Series C Prepayment Date pursuant to Section 2.03(b) hereof, in each case to the extent such interest due is in excess net of any investment earnings on investments in the Collateral Account for not previously applied pursuant to this Section 17.02) (and the period Indenture Trustee shall provide the Lessee prior written notice of accrual of any such interestamount due from the Lessee on any such Payment Date or the Delivery Date). In addition, the Lessee will pay to the Indenture Trustee on behalf of the Owner Trustee all amounts owed by the Owner Trustee pursuant to clause (b) of the last paragraph of Section 2.04 of the Indenture.
(c) If the Aircraft has not been purchased by the Owner Trustee on or before the Delivery DateCut-Off Date and the Certificates have not been assumed by the Lessee in accordance with Section 3.05(a) hereof, the Lessee agrees to pay to the Subordination AgentIndenture Trustee, on behalf of the Owner Trustee, on the 15th day following the Cut-Off Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(d) If any Series C Certificates outstanding after the Delivery Date are subject to prepayment on the Series C Prepayment Date pursuant to Section 6.02(a)(viii) of the Indenture, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the Series C Prepayment Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(e) All amounts payable by the Lessee pursuant to this Section 17.02 shall be paid to the Indenture Trustee or the Subordination Agent, as the case may be, at its principal office at 00 Xxxxx Xxxx XxxxxxXxxxxxx Street, Xxxx Xxxx XxxxBaltimore, Xxxx, 00000Maryland 21201, Attention: Corporate Trust Department, or as the Indenture Trustee or the Subordination Agent, as the case may be, may otherwise direct within the United States, by wire transfer of immediately available funds in U.S. Dollars no later than 10:30 a.m., New York City time, on the due date of such payment.
(f) Prior to the date on which the Lessee shall be obligated to make any payment to the Subordination Agent pursuant to this Section 17.02, the Subordination Agent shall deliver a written notice to the Lessee specifying the amount of such payment with respect to each series of Equipment Trust Certificates.
(g) In the event that (i) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment (as defined below) shall be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate becomes liable for such portion or (ii) (x) the Lessee shall be the subject of a voluntary or involuntary proceeding under Chapter 7 or Chapter 11 of the Bankruptcy Code on a date less than fifteen days prior to the expiration date of the Letter of Credit (after giving effect to any extensions of such expiration date) and (y) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment could be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate could become liable for such portion, the Subordination Agent shall be entitled to draw under the Letter of Credit an amount equal to the aggregate amount of such liability up to the Maximum Stated Amount. The Letter of Credit shall expire no earlier than the date 91 days after the later of the last Specified Shortfall Payment payable under this Section 17.02 and the last "Specified Shortfall Payment" payable under Section 17.02 of any Related Participation Agreement. In the event of any drawing under the Letter of Credit pursuant to clause (ii) of this subsection (g), the proceeds of such drawing shall be applied in accordance with the Intercreditor Agreement. For purposes of this subsection (g), "Specified Shortfall Payment" shall mean any payment by the Lessee pursuant to this Section 17.02 (i) in respect of any Losses which occur as a result of delivery of the Aircraft on a date other than August 26, 1998 or (ii) in respect of interest accrued for any applicable period on any Certificate in excess of any earnings on investments in the Collateral Account for such period.
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Samples: Participation Agreement (Atlantic Coast Airlines Inc)
Collateral Account. (a) The Indenture Trustee shall notify the Owner Trustee and the Lessee of any losses incurred on the Specified Investments in the Collateral Account promptly upon the realization thereof, as well as any fees, commissions and other costs, Taxes (other than income taxes) and expenses, if any, incurred by the Indenture Trustee in connection with its administration of the Collateral Account (collectively, "Losses"). Promptly upon receipt of such notification but, in any event, no later than the earlier of the Delivery Date (or, if later, the last day of any investment period referred to in Section 2.14(b) of the Indenture during which the Delivery Date occurs) and the 15th day after the Cut-Off Date, the Lessee shall pay to the Subordination AgentIndenture Trustee, on behalf of the Owner Trustee, for deposit into the Collateral Account, an amount equal to such Losses, provided, however, that on the Delivery Date the Lessee shall pay Losses (net of any such Losses to the Indenture Trustee to the extent that the Debt Portion exceeds the amount in the Collateral Account on such date. In addition to the foregoing, if Series C Certificates are outstanding following the Delivery Date and are required to be prepaid on the Series C Prepayment Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, promptly upon receipt of such notification but in any event no later than the Series C Prepayment Date, an amount equal to any additional unreimbursed Lossesinvestment earnings).
(b) The Lessee shall pay to the Subordination AgentIndenture Trustee, on behalf of the Owner Trustee (A) on each Payment Date prior to the Delivery Date an amount equal to the aggregate amount of interest accrued on the Certificates from (and including) the Certificate Closing Date or previous Payment Date, as the case may be, to, but excluding, such Payment Date, Date and (B) on the first Payment Date subsequent to the Delivery Date, interest accrued on the Certificates from and including the last Payment Date (or, if none, the Certificate Closing Date), to, but excluding, the Delivery Date and (C) on each Payment Date after the Delivery Date but prior to the Series C Prepayment Date, interest accrued on the Series C Certificates, if any, outstanding after the Delivery Date which are required to be prepaid on such Series C Prepayment Date pursuant to Section 2.03(b) hereof, in each case to the extent such interest due is in excess of any earnings on investments in the Collateral Account for the period of accrual of such interest. In addition, the Lessee will pay to the Indenture Trustee on behalf of the Owner Trustee all amounts owed by the Owner Trustee pursuant to clause (b) of the last paragraph of Section 2.04 of the Indenture.
(c) If the Aircraft has not been purchased by the Owner Trustee on the Delivery Date, the Lessee agrees to pay to the Subordination AgentIndenture Trustee, on behalf of the Owner Trustee, on the 15th day following the Cut-Off Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(d) If any Series C Certificates outstanding after the Delivery Date are subject to prepayment on the Series C Prepayment Date pursuant to Section 6.02(a)(viii) of the Indenture, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the Series C Prepayment Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(e) All amounts payable by the Lessee pursuant to this Section 17.02 shall be paid to the Indenture Trustee or the Subordination Agent, as the case may be, at its principal office at 00 Xxxxx Xxxx Xxxxxx, Xxxx Xxxx Xxxx, Xxxx, 00000, Attention: Corporate Trust Department, or as the Indenture Trustee or the Subordination Agent, as the case may be, may otherwise direct within the United States, by wire transfer of immediately available funds in U.S. Dollars no later than 10:30 a.m., New York City time, on the due date of such payment.
(f) Prior to the date on which the Lessee shall be obligated to make any payment to the Subordination Agent pursuant to this Section 17.02, the Subordination Agent shall deliver a written notice to the Lessee specifying the amount of such payment with respect to each series of Equipment Trust Certificates.
(g) In the event that (i) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment (as defined below) shall be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate becomes liable for such portion or (ii) (x) the Lessee shall be the subject of a voluntary or involuntary proceeding under Chapter 7 or Chapter 11 of the Bankruptcy Code on a date less than fifteen days prior to the expiration date of the Letter of Credit (after giving effect to any extensions of such expiration date) and (y) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment could be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate could become liable for such portion, the Subordination Agent shall be entitled to draw under the Letter of Credit an amount equal to the aggregate amount of such liability up to the Maximum Stated Amount. The Letter of Credit shall expire no earlier than the date 91 days after the later of the last Specified Shortfall Payment payable under this Section 17.02 and the last "Specified Shortfall Payment" payable under Section 17.02 of any Related Participation Agreement. In the event of any drawing under the Letter of Credit pursuant to clause (ii) of this subsection (g), the proceeds of such drawing shall be applied in accordance with the Intercreditor Agreement. For purposes of this subsection (g), "Specified Shortfall Payment" shall mean any payment by the Lessee pursuant to this Section 17.02 (i) in respect of any Losses which occur as a result of delivery of the Aircraft on a date other than August 26, 1998 or (ii) in respect of interest accrued for any applicable period on any Certificate in excess of any earnings on investments in the Collateral Account for such period.
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Collateral Account. (a) The Indenture Trustee shall notify the Owner Trustee and the Lessee of any losses incurred on the Specified Investments in the Collateral Account promptly upon the realization thereof, as well as any fees, commissions and other costs, Taxes (other than income taxes) and expenses, if any, incurred by the Indenture Trustee in connection with its administration of the Collateral Account (collectively, "Losses"). Promptly upon receipt of such notification but, in any event, no later than the earlier of the Delivery Date (or, if later, the last day of any investment period referred to in Section 2.14(b) of the Indenture during which the Delivery Date occurs) and the 15th day after the Cut-Off Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, an amount equal to such Losses, provided, however, that on the Delivery Date the Lessee shall pay any such Losses to the Indenture Trustee to the extent that the Debt Portion exceeds the amount in the Collateral Account on such date. In addition to the foregoing, if If Series C Certificates are outstanding following the Delivery Date and are required to be prepaid on the Series C Prepayment Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, promptly upon receipt of such notification but in any event no later than the Series C Prepayment Date, an amount equal to any additional unreimbursed Losses.
(b) The Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee (A) on each Payment Date prior to the Delivery Date an amount equal to the aggregate amount of interest accrued on the Certificates from (and including) the Certificate Closing Date or previous Payment Date, as the case may be, to, but excluding, such Payment Date, (B) on the first Payment Date subsequent to the Delivery Date, interest accrued on the Certificates from and including the last Payment Date (or, if none, the Certificate Closing Date), to, but excluding, the Delivery Date and (CB) on each Payment Date after the Delivery Date but prior to the Series C Prepayment Date, interest accrued on the Series C Certificates, if any, outstanding after the Delivery Date which are required to be prepaid on such Series C Prepayment Date pursuant to Section 2.03(b) hereofof the Original Participation Agreement, in each case to the extent such interest due is in excess of any earnings on investments in the Collateral Account for the period of accrual of such interest. In addition, the Lessee will pay to the Indenture Trustee on behalf of the Owner Trustee all amounts owed by the Owner Trustee pursuant to clause (b) of the last paragraph of Section 2.04 of the Indenture.
(c) If the Aircraft has not been purchased by the Owner Trustee on the Delivery Date, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the 15th day following the Cut-Off Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(d) If any Series C Certificates outstanding after the Delivery Date are subject to prepayment on the Series C Prepayment Date pursuant to Section 6.02(a)(viii) of the Indenture, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the Series C Prepayment Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(ed) All amounts payable by the Lessee pursuant to this Section 17.02 shall be paid to the Indenture Trustee or the Subordination Agent, as the case may be, at its principal office at 00 Xxxxx Xxxx Xxxxxx79 South Main Street, Xxxx Xxxx XxxxSalt Lake City, XxxxUtah, 0000084111, Attention: Corporate Trust DepartmentCorporaxx Xxxxx Xxxxxxxxxx, or as the Indenture Trustee xx xx xxx Xxxxxxxxx Xxxxxxx or the Subordination Agent, as the case may be, may otherwise direct within the United States, by wire transfer of immediately available funds in U.S. Dollars no later than 10:30 a.m., New York City time, on the due date of such payment.
(fe) Prior to the date on which the Lessee shall be obligated to make any payment to the Subordination Agent pursuant to this Section 17.02, the Subordination Agent shall deliver a written notice to the Lessee specifying the amount of such payment with respect to each series of Equipment Trust Certificates.
(gf) In the event that (i) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment (as defined below) shall be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate becomes liable for such portion or (ii) (x) the Lessee shall be the subject of a voluntary or involuntary proceeding under Chapter 7 or Chapter 11 of the Bankruptcy Code on a date less than fifteen days prior to the expiration date of the Letter of Credit (after giving effect to any extensions of such expiration date) and (y) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment could be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate could become liable for such portion, the Subordination Agent shall be entitled to draw under the Letter of Credit an amount equal to the aggregate amount of such liability up to the Maximum Stated Amount. The Letter of Credit shall expire no earlier than the date 91 days after the later of the last Specified Shortfall Payment payable under this Section 17.02 and the last "Specified Shortfall Payment" payable under Section 17.02 of any Related Participation Agreement. In the event of any drawing under the Letter of Credit pursuant to clause (ii) of this subsection (gf), the proceeds of such drawing shall be applied in accordance with the Intercreditor Agreement. For purposes of this subsection (gf), "Specified Shortfall Payment" shall mean any payment by the Lessee pursuant to this Section 17.02 (i) in respect of any Losses which occur as a result of delivery of the Aircraft on a date other than August 26July 15, 1998 1998, or (ii) in respect of interest accrued for any applicable period on any Certificate in excess of any earnings on investments in the Collateral Account for such period.
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Collateral Account. (a) The Indenture Trustee shall notify the Owner Trustee and the Lessee of any losses incurred on the Specified Investments in the Collateral Account promptly upon the realization thereof, as well as any fees, commissions and other costs, Taxes (other than income taxes) and expenses, if any, incurred by the Indenture Trustee in connection with its administration of the Collateral Account (collectively, "Losses"). Promptly upon receipt of such notification but, in any event, no later than the earlier of the Delivery Date (or, if later, the last day of any investment period referred to in Section 2.14(b) of the Indenture during which the Delivery Date occurs) and the 15th day after the Cut-Off Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, an amount equal to such Losses, provided, however, that on the Delivery Date the Lessee shall pay any such Losses to the Indenture Trustee to the extent that the Debt Portion exceeds the amount in the Collateral Account on such date. In addition to the foregoing, if If Series C Certificates are outstanding following the Delivery Date and are required to be prepaid on the Series C Prepayment Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, promptly upon receipt of such notification but in any event no later than the Series C Prepayment Date, an amount equal to any additional unreimbursed Losses.
(b) The Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee (A) on each Payment Date prior to the Delivery Date an amount equal to the aggregate amount of interest accrued on the Certificates from (and including) the Certificate Closing Date or previous Payment Date, as the case may be, to, but excluding, such Payment Date, (B) on the first Payment Date subsequent to the Delivery Date, interest accrued on the Certificates from and including the last Payment Date (or, if none, the Certificate Closing Date), to, but excluding, the Delivery Date and (CB) on each Payment Date after the Delivery Date but prior to the Series C Prepayment Date, interest accrued on the Series C Certificates, if any, outstanding after the Delivery Date which are required to be prepaid on such Series C Prepayment Date pursuant to Section 2.03(b) hereofof the Original Participation Agreement, in each case to the extent such interest due is in excess of any earnings on investments in the Collateral Account for the period of accrual of such interest. In addition, the Lessee will pay to the Indenture Trustee on behalf of the Owner Trustee all amounts owed by the Owner Trustee pursuant to clause (b) of the last paragraph of Section 2.04 of the Indenture.
(c) If the Aircraft has not been purchased by the Owner Trustee on the Delivery Date, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the 15th day following the Cut-Off Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(d) If any Series C Certificates outstanding after the Delivery Date are subject to prepayment on the Series C Prepayment Date pursuant to Section 6.02(a)(viii) of the Indenture, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the Series C Prepayment Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(ed) All amounts payable by the Lessee pursuant to this Section 17.02 shall be paid to the Indenture Trustee or the Subordination Agent, as the case may be, at its principal office at 00 Xxxxx Xxxx Xxxxxx, Xxxx Xxxx Xxxx, Xxxx, 00000, Attention: Corporate Trust Department, or as the Indenture Trustee or the Subordination Agent, as the case may be, may otherwise direct within the United States, by wire transfer of immediately available funds in U.S. Dollars no later than 10:30 a.m., New York City time, on the due date of such payment.
(fe) Prior to the date on which the Lessee shall be obligated to make any payment to the Subordination Agent pursuant to this Section 17.02, the Subordination Agent shall deliver a written notice to the Lessee specifying the amount of such payment with respect to each series of Equipment Trust Certificates.
(gf) In the event that (i) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment (as defined below) shall be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate becomes liable for such portion or (ii) (x) the Lessee shall be the subject of a voluntary or involuntary proceeding under Chapter 7 or Chapter 11 of the Bankruptcy Code on a date less than fifteen days prior to the expiration date of the Letter of Credit (after giving effect to any extensions of such expiration date) and (y) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment could be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate could become liable for such portion, the Subordination Agent shall be entitled to draw under the Letter of Credit an amount equal to the aggregate amount of such liability up to the Maximum Stated Amount. The Letter of Credit shall expire no earlier than the date 91 days after the later of the last Specified Shortfall Payment payable under this Section 17.02 and the last "Specified Shortfall Payment" payable under Section 17.02 of any Related Participation Agreement. In the event of any drawing under the Letter of Credit pursuant to clause (ii) of this subsection (gf), the proceeds of such drawing shall be applied in accordance with the Intercreditor Agreement. For purposes of this subsection (gf), "Specified Shortfall Payment" shall mean any payment by the Lessee pursuant to this Section 17.02 (i) in respect of any Losses which occur as a result of delivery of the Aircraft on a date other than August 2627, 1998 1998, or (ii) in respect of interest accrued for any applicable period on any Certificate in excess of any earnings on investments in the Collateral Account for such period.
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Collateral Account. (a) The Indenture Trustee shall notify the Owner Trustee and the Lessee of any losses incurred on the Specified Investments in the Collateral Account promptly upon the realization thereof, as well as any fees, commissions and other costs, Taxes (other than income taxes) and expenses, if any, incurred by the Indenture Trustee in connection with its administration of the Collateral Account (collectively, "Losses"). Promptly upon receipt of such notification but, in any event, no later than the earlier of the Delivery Date (or, if later, the last day of any investment period referred to in Section 2.14(b) of the Indenture during which the Delivery Date occurs) and the 15th day after the Cut-Off Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, an amount equal to such Losses, provided, however, that on the Delivery Date the Lessee shall pay any such Losses to the Indenture Trustee to the extent that the Debt Portion exceeds the amount in the Collateral Account on such date. In addition to the foregoing, if If Series C Certificates are outstanding following the Delivery Date and are required to be prepaid on the Series C Prepayment Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, promptly upon receipt of such notification but in any event no later than the Series C Prepayment Date, an amount equal to any additional unreimbursed Losses.
(b) The Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee (A) on each Payment Date prior to the Delivery Date an amount equal to the aggregate amount of interest accrued on the Certificates from (and including) the Certificate Closing Date or previous Payment Date, as the case may be, to, but excluding, such Payment Date, (B) on the first Payment Date subsequent to the Delivery Date, interest accrued on the Certificates from and including the last Payment Date (or, if none, the Certificate Closing Date), to, but excluding, the Delivery Date and (CB) on each Payment Date after the Delivery Date but prior to the Series C Prepayment Date, interest accrued on the Series C Certificates, if any, outstanding after the Delivery Date which are required to be prepaid on such Series C Prepayment Date pursuant to Section 2.03(b) hereofof the Original Participation Agreement, in each case to the extent such interest due is in excess of any earnings on investments in the Collateral Account for the period of accrual of such interest. In addition, the Lessee will pay to the Indenture Trustee on behalf of the Owner Trustee all amounts owed by the Owner Trustee pursuant to clause (b) of the last paragraph of Section 2.04 of the Indenture.
(c) If the Aircraft has not been purchased by the Owner Trustee on the Delivery Date, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the 15th day following the Cut-Off Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(d) If any Series C Certificates outstanding after the Delivery Date are subject to prepayment on the Series C Prepayment Date pursuant to Section 6.02(a)(viii) of the Indenture, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the Series C Prepayment Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(ed) All amounts payable by the Lessee pursuant to this Section 17.02 shall be paid to the Indenture Trustee or the Subordination Agent, as the case may be, at its principal office at 00 Xxxxx Xxxx Xxxxxx79 South Main Street, Xxxx Xxxx XxxxSalt Lake City, XxxxUtah, 0000084111, Attention: Corporate Trust DepartmentCorporaxx Xxxxx Xxxxxxxxxx, or as the Indenture Trustee xx xx xxx Xxxxxxxxx Xxxxxxx or the Subordination Agent, as the case may be, may otherwise direct within the United States, by wire transfer of immediately available funds in U.S. Dollars no later than 10:30 a.m., New York City time, on the due date of such payment.
(fe) Prior to the date on which the Lessee shall be obligated to make any payment to the Subordination Agent pursuant to this Section 17.02, the Subordination Agent shall deliver a written notice to the Lessee specifying the amount of such payment with respect to each series of Equipment Trust Certificates.
(gf) In the event that (i) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment (as defined below) shall be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate becomes liable for such portion or (ii) (x) the Lessee shall be the subject of a voluntary or involuntary proceeding under Chapter 7 or Chapter 11 of the Bankruptcy Code on a date less than fifteen days prior to the expiration date of the Letter of Credit (after giving effect to any extensions of such expiration date) and (y) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment could be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate could become liable for such portion, the Subordination Agent shall be entitled to draw under the Letter of Credit an amount equal to the aggregate amount of such liability up to the Maximum Stated Amount. The Letter of Credit shall expire no earlier than the date 91 days after the later of the last Specified Shortfall Payment payable under this Section 17.02 and the last "Specified Shortfall Payment" payable under Section 17.02 of any Related Participation Agreement. In the event of any drawing under the Letter of Credit pursuant to clause (ii) of this subsection (gf), the proceeds of such drawing shall be applied in accordance with the Intercreditor Agreement. For purposes of this subsection (gf), "Specified Shortfall Payment" shall mean any payment by the Lessee pursuant to this Section 17.02 (i) in respect of any Losses which occur as a result of delivery of the Aircraft on a date other than August 26September 22, 1998 1998, or (ii) in respect of interest accrued for any applicable period on any Certificate in excess of any earnings on investments in the Collateral Account for such period.
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Collateral Account. (a) The Indenture Trustee shall notify the Owner Trustee and the Lessee of any losses incurred on the Specified Investments in the Collateral Account promptly upon the realization thereof, as well as any fees, commissions and other costs, Taxes (other than income taxes) and expenses, if any, incurred by the Indenture Trustee in connection with its administration of the Collateral Account (collectively, "Losses"). Promptly upon receipt of such notification but, in any event, no later than the earlier of the Delivery Date (or, if later, the last day of any investment period referred to in Section 2.14(b) of the Indenture during which the Delivery Date occurs) and the 15th day after the Cut-Off Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, an amount equal to such Losses, provided, however, that on the Delivery Date the Lessee shall pay any such Losses to the Indenture Trustee to the extent that the Debt Portion exceeds the amount in the Collateral Account on such date. In addition to the foregoing, if Series C Certificates are outstanding following the Delivery Date and are required to be prepaid on the Series C Prepayment Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, promptly upon receipt of such notification but in any event no later than the Series C Prepayment Date, an amount equal to any additional unreimbursed Losses.
(b) The Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee (A) on each Payment Date prior to the Delivery Date an amount equal to the aggregate amount of interest accrued on the Certificates from (and including) the Certificate Closing Date or previous Payment Date, as the case may be, to, but excluding, such Payment Date, (B) on the first Payment Date subsequent to the Delivery Date, Lease Commencement Date interest accrued on the Certificates from and including the last Payment Date (or, if none, the Certificate Closing Date), to, but excluding, the Delivery Lease Commencement Date and (C) on each Payment Date after the Delivery Date but prior to the Series C Prepayment Date, interest accrued on the Series C Certificates, if any, outstanding after the Delivery Date which are required to be prepaid on such Series C Prepayment Date pursuant to Section 2.03(b) hereof, in each case to the extent such interest due is in excess of any earnings on investments in the Collateral Account for the period of accrual of such interest. In addition, the Lessee will pay to the Indenture Trustee on behalf of the Owner Trustee all amounts owed by the Owner Trustee pursuant to clause (b) of the last paragraph of Section 2.04 of the Indenture.
(c) If the Aircraft has not been purchased by the Owner Trustee on the Delivery Date, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the 15th day following the Cut-Off Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(d) If any Series C Certificates outstanding after the Delivery Date are subject to prepayment on the Series C Prepayment Date pursuant to Section 6.02(a)(viii) of the Indenture, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the Series C Prepayment Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(e) All amounts payable by the Lessee pursuant to this Section 17.02 shall be paid to the Indenture Trustee or the Subordination Agent, as the case may be, at its principal office at 00 Xxxxx Xxxx Xxxxxx79 South Main Street, Xxxx Xxxx XxxxSalt Lake City, XxxxUtah, 0000084111, Attention: Corporate Trust DepartmentCorporaxx Xxxxx Xxxxxxxxxx, or as the Indenture Trustee xx xx xxx Xxxxxxxxx Xxxxxxx or the Subordination Agent, as the case may be, may otherwise direct within the United States, by wire transfer of immediately available funds in U.S. Dollars no later than 10:30 a.m., New York City time, on the due date of such payment.
(fe) Prior to the date on which the Lessee shall be obligated to make any payment to the Subordination Agent pursuant to this Section 17.02, the Subordination Agent shall deliver a written notice to the Lessee specifying the amount of such payment with respect to each series of Equipment Trust Certificates.
(gf) In the event that (i) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment (as defined below) shall be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate becomes liable for such portion or (ii) (x) the Lessee shall be the subject of a voluntary or involuntary proceeding under Chapter 7 or Chapter 11 of the Bankruptcy Code on a date less than fifteen days prior to the expiration date of the Letter of Credit (after giving effect to any extensions of such expiration date) and (y) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment could be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate could become liable for such portion, the Subordination Agent shall be entitled to draw under the Letter of Credit an amount equal to the aggregate amount of such liability up to the Maximum Stated Amount. The Letter of Credit shall expire no earlier than the date 91 days after the later of the last Specified Shortfall Payment payable under this Section 17.02 and the last "Specified Shortfall Payment" payable under Section 17.02 of any Related Participation Agreement. In the event of any drawing under the Letter of Credit pursuant to clause (ii) of this subsection (gf), the proceeds of such drawing shall be applied in accordance with the Intercreditor Agreement. For purposes of this subsection (gf), "Specified Shortfall Payment" shall mean any payment by the Lessee pursuant to this Section 17.02 (i) in respect of any Losses which occur as a result of delivery of the Aircraft on a date other than August 26September 21, 1998 1998, or (ii) in respect of interest accrued for any applicable period on any Certificate in excess of any earnings on investments in the Collateral Account for such period.
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Collateral Account. (a) The Indenture Trustee shall notify the Owner Trustee and the Lessee of any losses incurred on the Specified Investments in the Collateral Account promptly upon the realization thereof, as well as any fees, commissions and other costs, Taxes (other than income taxes) and expenses, if any, incurred by the Indenture Trustee in connection with its administration of the Collateral Account (collectively, "Losses"). Promptly upon receipt of such notification but, in any event, no later than the earlier of the Delivery Date (or, if later, the last day of any investment period referred to in Section 2.14(b) of the Indenture during which the Delivery Date occurs) and the 15th day after the Cut-Off Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, an amount equal to such Losses, provided, however, that on the Delivery Date the Lessee shall pay any such Losses to the Indenture Trustee to the extent that the Debt Portion exceeds the amount in the Collateral Account on such date. In addition to the foregoing, if Series C Certificates are outstanding following the Delivery Date and are required to be prepaid on the Series C Prepayment Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, promptly upon receipt of such notification but in any event no later than the Series C Prepayment Date, an amount equal to any additional unreimbursed Losses.
(b) The Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee (A) on each Payment Date prior to the Delivery Date an amount equal to the aggregate amount of interest accrued on the Certificates from (and including) the Certificate Closing Date or previous Payment Date, as the case may be, to, but excluding, such Payment Date, (B) on the first Payment Date subsequent to the Delivery Date, interest accrued on the Certificates from and including the last Payment Date (or, if none, the Certificate Closing Date), to, but excluding, the Delivery Date and (C) on each Payment Date after the Delivery Date but prior to the Series C Prepayment Date, interest accrued on the Series C Certificates, if any, outstanding after the Delivery Date which are required to be prepaid on such Series C Prepayment Date pursuant to Section 2.03(b) hereof, in each case to the extent such interest due is in excess of any earnings on investments in the Collateral Account for the period of accrual of such interest. In addition, the Lessee will pay to the Indenture Trustee on behalf of the Owner Trustee all amounts owed by the Owner Trustee pursuant to clause (b) of the last paragraph of Section 2.04 of the Indenture.
(c) If the Aircraft has not been purchased by the Owner Trustee on the Delivery Date, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the 15th day following the Cut-Off Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(d) If any Series C Certificates outstanding after the Delivery Date are subject to prepayment on the Series C Prepayment Date pursuant to Section 6.02(a)(viii) of the Indenture, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the Series C Prepayment Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(e) All amounts payable by the Lessee pursuant to this Section 17.02 shall be paid to the Indenture Trustee or the Subordination Agent, as the case may be, at its principal office at 00 Xxxxx Xxxx Xxxxxx, Xxxx Xxxx Xxxx, Xxxx, 00000, Attention: Corporate Trust Department, or as the Indenture Trustee or the Subordination Agent, as the case may be, may otherwise direct within the United States, by wire transfer of immediately available funds in U.S. Dollars no later than 10:30 a.m., New York City time, on the due date of such payment.
(f) Prior to the date on which the Lessee shall be obligated to make any payment to the Subordination Agent pursuant to this Section 17.02, the Subordination Agent shall deliver a written notice to the Lessee specifying the amount of such payment with respect to each series of Equipment Trust Certificates.
(g) In the event that (i) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment (as defined below) shall be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate becomes liable for such portion or (ii) (x) the Lessee shall be the subject of a voluntary or involuntary proceeding under Chapter 7 or Chapter 11 of the Bankruptcy Code on a date less than fifteen days prior to the expiration date of the Letter of Credit (after giving effect to any extensions of such expiration date) and (y) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment could be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate could become liable for such portion, the Subordination Agent shall be entitled to draw under the Letter of Credit an amount equal to the aggregate amount of such liability up to the Maximum Stated Amount. The Letter of Credit shall expire no earlier than the date 91 days after the later of the last Specified Shortfall Payment payable under this Section 17.02 and the last "Specified Shortfall Payment" payable under Section 17.02 of any Related Participation Agreement. In the event of any drawing under the Letter of Credit pursuant to clause (ii) of this subsection (g), the proceeds of such drawing shall be applied in accordance with the Intercreditor Agreement. For purposes of this subsection (g), "Specified Shortfall Payment" shall mean any payment by the Lessee pursuant to this Section 17.02 (i) in respect of any Losses which occur as a result of delivery of the Aircraft on a date other than August 26March 15, 1998 1999, or (ii) in respect of interest accrued for any applicable period on any Certificate in excess of any earnings on investments in the Collateral Account for such period.
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Collateral Account. (a) The Indenture Trustee shall notify the Owner Trustee and the Lessee of any losses incurred on the Specified Investments in the Collateral Account promptly upon the realization thereof, as well as any fees, commissions and other costs, Taxes (other than income taxes) and expenses, if any, incurred by the Indenture Trustee in connection with its administration of the Collateral Account (collectively, "Losses"). Promptly upon receipt of such notification but, in any event, no later than the earlier of the Delivery Date (or, if later, the last day of any investment period referred to in Section 2.14(b) of the Indenture during which the Delivery Date occurs) and the 15th day after the Cut-Off Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, an amount equal to such Losses, provided, however, that on the Delivery Date the Lessee shall pay any such Losses to the Indenture Trustee to the extent that the Debt Portion exceeds the amount in the Collateral Account on such date. In addition to the foregoing, if Series C Certificates are outstanding following the Delivery Date and are required to be prepaid on the Series C Prepayment Date, the Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee, promptly upon receipt of such notification but in any event no later than the Series C Prepayment Date, an amount equal to any additional unreimbursed Losses.
(b) The Lessee shall pay to the Subordination Agent, on behalf of the Owner Trustee (A) on each Payment Date prior to the Delivery Date an amount equal to the aggregate amount of interest accrued on the Certificates from (and including) the Certificate Closing Date or previous Payment Date, as the case may be, to, but excluding, such Payment Date, (B) on the first Payment Date subsequent to the Delivery Date, interest accrued on the Certificates from and including the last Payment Date (or, if none, the Certificate Closing Date), to, but excluding, the Delivery Date and (C) on each Payment Date after the Delivery Date but prior to the Series C Prepayment Date, interest accrued on the Series C Certificates, if any, outstanding after the Delivery Date which are required to be prepaid on such Series C Prepayment Date pursuant to Section 2.03(b) hereof, in each case to the extent such interest due is in excess of any earnings on investments in the Collateral Account for the period of accrual of such interest. In addition, the Lessee will pay to the Indenture Trustee on behalf of the Owner Trustee all amounts owed by the Owner Trustee pursuant to clause (b) of the last paragraph of Section 2.04 of the Indenture.
(c) If the Aircraft has not been purchased by the Owner Trustee on the Delivery Date, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the 15th day following the Cut-Off Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(d) If any Series C Certificates outstanding after the Delivery Date are subject to prepayment on the Series C Prepayment Date pursuant to Section 6.02(a)(viii) of the Indenture, the Lessee agrees to pay to the Subordination Agent, on behalf of the Owner Trustee, on the Series C Prepayment Date the excess, if any, of the amounts payable under Section 6.02(b)(1) of the Indenture over the amounts released from the Collateral Account under Section 2.16 of the Indenture.
(e) All amounts payable by the Lessee pursuant to this Section 17.02 shall be paid to the Indenture Trustee or the Subordination Agent, as the case may be, at its principal office at 00 Xxxxx Xxxx Xxxxxx, Xxxx Xxxx Xxxx, Xxxx, 00000, Attention: Corporate Trust Department, or as the Indenture Trustee or the Subordination Agent, as the case may be, may otherwise direct within the United States, by wire transfer of immediately available funds in U.S. Dollars no later than 10:30 a.m., New York City time, on the due date of such payment.
(f) Prior to the date on which the Lessee shall be obligated to make any payment to the Subordination Agent pursuant to this Section 17.02, the Subordination Agent shall deliver a written notice to the Lessee specifying the amount of such payment with respect to each series of Equipment Trust Certificates.
(g) In the event that (i) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment (as defined below) shall be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate becomes liable for such portion or (ii) (x) the Lessee shall be the subject of a voluntary or involuntary proceeding under Chapter 7 or Chapter 11 of the Bankruptcy Code on a date less than fifteen days prior to the expiration date of the Letter of Credit (after giving effect to any extensions of such expiration date) and (y) any portion of any payment to the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate which is funded from a Specified Shortfall Payment could be avoided as a preference under Section 547 of the Bankruptcy Code and the Subordination Agent, the Pass Through Trustee or any holder of any Pass Through Certificate could become liable for such portion, the Subordination Agent shall be entitled to draw under the Letter of Credit an amount equal to the aggregate amount of such liability up to the Maximum Stated Amount. The Letter of Credit shall expire no earlier than the date 91 days after the later of the last Specified Shortfall Payment payable under this Section 17.02 and the last "Specified Shortfall Payment" payable under Section 17.02 of any Related Participation Agreement. In the event of any drawing under the Letter of Credit pursuant to clause (ii) of this subsection (g), the proceeds of such drawing shall be applied in accordance with the Intercreditor Agreement. For purposes of this subsection (g), "Specified Shortfall Payment" shall mean any payment by the Lessee pursuant to this Section 17.02 (i) in respect of any Losses which occur as a result of delivery of the Aircraft on a date other than August 26July 15, 1998 or (ii) in respect of interest accrued for any applicable period on any Certificate in excess of any earnings on investments in the Collateral Account for such period.
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