Common use of Excess Payments to Lenders Clause in Contracts

Excess Payments to Lenders. If any of the Lenders, at any time, receives payment (otherwise than as expressly provided in this agreement) of all or any part of the principal, interest or any other amounts due to it from the Trust under this agreement or the Notes purchased pursuant to this agreement, whether by set-off, counterclaim or otherwise, in excess of its pro rata share thereof, then such Lender shall make all such payments to the Liquidity Agent as are required to ensure that the principal, interest and other amounts owed to each of the Lenders by the Trust are reduced in the same proportion as the indebtedness to each of the Lenders bears to the total amount of the indebtedness to all of the Lenders pursuant to the terms of this agreement. The Trust agrees that any such collection referred to above shall be deemed payment by it for the benefit of all Lenders and shall reduce its obligations to such collecting Lenders only to the extent of the amount retained after sharing such collection as hereinabove provided.

Excess Payments to Lenders. If any of the Lenders, at any time, receives payment (otherwise than as expressly provided in this agreement) of all or any part of the principal, interest or any other amounts due to it from the Trust under this agreement or the Notes purchased pursuant to this agreement, whether by set-set- off, counterclaim or otherwise, in excess of its pro rata share thereof, then such Lender shall make all such payments to the Liquidity Agent as are required to ensure that the principal, interest and other amounts owed to each of the Lenders by the Trust are reduced in the same proportion as the indebtedness to each of the Lenders bears to the total amount of the indebtedness to all of the Lenders pursuant to the terms of this agreement. The Trust agrees that any such collection referred to above shall be deemed payment by it for the benefit of all Lenders and shall reduce its obligations to such collecting Lenders only to the extent of the amount retained after sharing such collection as hereinabove provided.