Principal Priority of Payments Sample Clauses

Principal Priority of Payments. On each Payment Date (unless an Event of Default has occurred and is then continuing), in each case after giving effect to the application of the Interest Priority of Payments on such Payment Date, the Collateral Agent shall disburse amounts transferred to the Payment Account pursuant to Section 6.3(a) constituting Principal Proceeds (as set forth on the Monthly Report for such Payment Date) for application in accordance with the following priorities (the “Principal Priority of Payments”):

Principal Priority of Payments. (a) first, if the Pre-Maturity Test has been breached by the Issuer in respect of any Series of Hard Bullet Covered Bonds, towards a credit to the Pre-Maturity Liquidity Ledger in an amount up to but not exceeding the difference between:

Principal Priority of Payments. Without limiting any other applicable provisions of this Agreement, on each Payment Date, Principal Proceeds will be distributed in the following order of priority:

Principal Priority of Payments. On each Payment Date (unless an Event of Default has occurred and is then continuing), Principal Proceeds shall be applied as follows (the “Principal Priority of Payments”):

Principal Priority of Payments. On each Payment Date (unless an Event of Default has occurred and is then continuing), in each case af ter giving ef fect to the application of the Interest Priority of Payments on such Payment Date, the Collateral Agent shall disburse amounts transferred to the Payment Account pursuant to Section 6.3(a) constituting Principal Proceeds (as set forth on the Monthly Report for such Payment Date) for application in accordance with the following priorities (the “Principal Priority of Payments”): (1) to the payment of the amounts referred to in subclauses (1) through (5) of the Interest Priority of Payments (in the order of priority set forth therein), but only to the extent not paid in full thereunder; (2) an amount (in relation to any Payment Date the “Mandatory Prepayment Amount”) equal to the Required Principal Amortization Amount for such Payment Date to the repayment of the Loans in a mandatory prepayment pursuant to Section 2.9 until the Loans are repaid in full; provided that if the amount on deposit in the Unfunded Reserve Account equals or exceeds the amount of outstanding Loans, the Borrower (or the Collateral Manager on its behalf) may elect to withdraw such amounts f rom the Unfunded Reserve Account and repay the Loans in full pursuant to this clause (2); (3) if a Clean-Up Call Event has occurred and is continuing, to the outstanding principal of the Loans and the other Obligations until the Obligations are repaid in full; (4) [Reserved]; (5) if a Collateral Deficit exists, to the Margin Account until such Collateral Def icit has been cured; (6) if such Payment Date is during the Availability Period (Revolver), (i) first, for deposit into the Unfunded Reserve Account until the amount on deposit therein equals the amount specif ied in clause (II) of the def inition of Unfunded Reserve Required Amount, and (ii) second, all remaining Principal Proceeds (as determined by the Borrower (or the Collateral Manager on its behalf)) (x) to the repayment of the Loans in a voluntary prepayment pursuant to Section 2.8 and (y) so long as the Equity Distribution Test is satisfied after giving effect to such Equity Distribution, to the Equity Holder as an Equity Distribution; (7) to the amounts referred to in subclauses (10) and (11) of the Interest Priority of Payments (in the order of priority set forth therein), but only to the extent not paid in full thereunder; (8) to the payment of the Specif ied Payment Amounts (if any) for such Payment Date, in each case to...