Note Payments; Repayment of Principal of the Notes. The Issuer hereby covenants with the Note Trustee to pay to the Note Trustee all amounts from time to time due and payable by it hereunder and under the Notes to any Noteholder as herein and therein provided. Without limiting the generality of the foregoing, the Issuer shall allocate all collections received on the Agency Securities during any Interest Accrual Period and after the Cut-off Date, and shall allocate the Available Amount and the Available Reserve Amount on each Monthly Payment Date, as follows, in the following order of priority: First, the principal collected on the Series 2203 Fredxxx Xxx Security will be remitted to the Trust Agreement Collection Account as received. These collections will be applied by the Issuer Certificate Agent on the related Monthly Payment Date to reduce the Outstanding Certificate Balance of the Class R Certificates, until the Outstanding Certificate Balance thereof has been reduced to zero, and will not be included in the Available Amount paid to the Noteholders. Second, principal and interest collected on the Series 2114 Fredxxx Xxx Security, Series 2137 Fredxxx Xxx Security, Series 2149 Fredxxx Xxx Security, Fannxx Xxx 0009-51 R Security, Fannxx Xxx 1999-19 R Security, and Fannxx Xxx 0009-39 R Security, and any interest collected on the Series 2203 Fredxxx Xxx Security and any principal collected on the Series 2203 Fredxxx Xxx Security after the Outstanding Certificate Balance of the Class R Certificates has been reduced to zero, in each case collected during any Interest Accrual Period and held in the Note Collection Account on the related Monthly Payment Date, will be applied as follows on the related Monthly Payment Date, in the following order of priority:
