Priorities of Payments. (a) On each Payment Date the Indenture Trustee shall make the following distributions from the Payment Account, net of the Indenture Trustee’s expenses and the Owner Trustee’s reimbursable expenses under the Trust Agreement, of an amount equal to the Interest Funds in the following order of priority:
(i) concurrently, to the Senior Notes, the Current Interest for each such Class of Notes (on a pro rata basis based on the amount of Current Interest due with respect to each such Class);
(ii) to the Class M-1 Notes, the Current Interest thereon;
(iii) to the Class M-2 Notes, the Current Interest thereon;
(iv) to the Class M-3 Notes, the Current Interest thereon;
(v) to the Class M-4 Notes, the Current Interest thereon;
(vi) to the Class M-5 Notes, the Current Interest thereon;
(vii) to the Class M-6 Notes, the Current Interest thereon;
(viii) to the Class B-1 Notes, the Current Interest thereon;
(ix) to the Class B-2 Notes, the Current Interest thereon;
(x) to the Class B-3 Notes, the Current Interest thereon; and
(xi) any remaining amounts shall be payable pursuant to Section 4.1(g).
(b) On each Payment Date, the Indenture Trustee shall apply Principal Funds (and any amounts in respect of Section 4.1(g)(iii)) to make the following payments from the Payment Account of an amount equal to the Principal Payment Amount in the following order of priority:
(i) to the Senior Notes, the Senior Principal Payment Amount for such date, as follows:
(A) to the Group I Senior Notes, the Senior Principal Payment Amount attributable to the Group I Senior Notes pro rata until the Class Principal Balance of each such Class has been reduced to zero, or if a Sequential Trigger Event has occurred, to the Class A-1A Notes and Class A-1B Notes sequentially until the Class Principal Balances thereof have been reduced to zero;
(B) to the Class A-2A, Class A-2B, Class A-2C and Class A-2D Notes, the Senior Principal Payment Amount attributable to the Group II Senior Notes, sequentially, until the Class Principal Balances thereof have been reduced to zero; and
(C) if either the Group I Senior Notes or the Group II Senior Notes have been retired, to the remaining Senior Notes, if any, (in the applicable order of priority specified in clause (A) or (B) above) up to the Senior Principal Payment Amount attributable to such retired Senior Notes for such date until the Note Principal Balance of each such Note has been reduced to zero;
(ii) to the Class M-1 Notes, up to the Class M-1 Principal...
Priorities of Payments. The Cover Pool Monitor agrees to be bound by the terms of the Priorities of Payments set out in the Guarantor Agreement and the Security Agreement. The Cover Pool Monitor further agrees that, notwithstanding any other provision contained herein, it will not demand or receive payment of, or any distribution in respect of or on account of, any amounts payable by the Guarantor (or the Cash Manager on its behalf) or the Bond Trustee, as applicable, to the Cover Pool Monitor under this Agreement, in cash or in kind, and will not apply any money or assets in discharge of any such amounts payable to it (whether by set off or by any other method), unless all amounts then due and payable by the Guarantor to all other creditors ranking higher in the relevant Priorities of Payments have been paid in full. The Cover Pool Monitor agrees (subject to the Security granted pursuant to the Security Agreement) that it will have recourse only to sums paid to or received by (or on behalf of) the Guarantor from time to time.
Priorities of Payments. The parties hereto acknowledge that the Guarantor Agreement sets out the Pre-Acceleration Revenue Priority of Payments, the Pre-Acceleration Principal Priority of Payments and the Guarantee Priority of Payments (as may be amended from time to time in accordance with the terms of the Transaction Documents) which will be binding on each of the parties hereto and all Secured Creditors from time to time.
Priorities of Payments. The Base Fee shall be payable to Manager monthly. The Incentive Fee, if any, shall be payable to Manager at six (6) month intervals on the next business day following actual cash payment of all accrued fixed interest and contingent payments, if any, on those certain Senior Subordinated Notes due 2009 with Contingent Payments of Owner (the "New Bonds") to be issued pursuant to the Plan in the aggregate non-contingent principal amount of ONE HUNDRED EIGHTY-SEVEN MILLION FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($187,500,000) and those certain Senior Subordinated Contingent Notes due 2009 of Owner to be issued pursuant to the Plan (the "New Contingent Bonds" and, together with the New Bonds, the "Senior Subordinated Debentures"). No Base Fee shall be paid, and no Incentive Fee shall accrue or be paid, during or with respect to any period in which Owner is in default with respect to interest or principal payments under the Senior Subordinated Debentures or the Bank Loans; provided that any unpaid Base Fee so deferred shall be payable to Manager at such time as any such default is cured.
Priorities of Payments. Application of Additional Amounts upon Failure to Exercise Auction Call. Section 4.3 [Reserved].
Priorities of Payments. (Pre-Default) On or before 3:00 p.m. (London time) on the day prior to each Payment Date, the Borrower shall deliver to the Lender and the Bank details of any amounts then due to the parties set out in this Clause (other than the Finance Parties). Subject to the terms of the Control Account Agreement, on each Payment Date all funds on deposit in the Collection Account shall be allocated in or towards payment (or provision for payment) of the following:
(a) first, to the Lender in payment of all costs, fees and expenses due to them under the Finance Documents;
(b) second, to the Bank, the Document Custodian and the Securities Custodian their fees pursuant to the Control Account Agreement, the Document Custody Agreement and the Securities Custody Agreement, respectively;
(c) third, to any Person falling within paragraph (a) of the definition of Hedging Counterparty of all amounts due to it under any Permitted Hedging Transaction entered into by it with the Borrower;
(d) fourth, to the Lender in payment of any accrued and unpaid interest on the Advances then outstanding;
(e) fifth, without limiting the rights of the Lenders under Clause 8 (Prepayment) of this Agreement, to the Lender, in the amount of any unpaid Prepayments to be applied as set forth in the applicable Prepayment Clauses;
(f) sixth, in the case of any Advance which is then due to be repaid, in or towards repayment of the same;
(g) seventh, to the payment of all other costs and fees and Obligations payable to the Finance Parties pursuant to the Finance Documents (without duplication of those described in paragraphs (a)-(f) above);
(h) eighth, to any Person falling within paragraph (b) of the definition of Hedging Counterparty of all amounts due to it under any Permitted Hedging Transaction entered into by it with the Borrower;
(i) ninth, to the Sponsor of all amounts due under the guarantee contained in Clause 21 (Guarantee and indemnity); and
(j) tenth, any remainder shall be paid to the Borrower in full.
Priorities of Payments.
Section 6.1 Pre-Acceleration Priorities of Payment.
(1) Subject to Section 6.1(2), at any time no Asset Coverage Test Breach Notice is outstanding and no Covered Bond Guarantee Activation Event has occurred:
(a) the Managing GP (or the Cash Manager on its behalf) shall on or before the Business Day that is at least two days prior to any Guarantor Payment Date calculate the following amounts as of the immediately preceding Calculation Date:
(i) the amount of Available Revenue Receipts available for distribution on the immediately following Guarantor Payment Date;
(ii) the Reserve Fund Required Amount if applicable in accordance with Section 6.1(2);
(iii) where the Pre-Maturity Test has been breached in respect of a Series of Hard Bullet Covered Bonds, on each Calculation Date falling in the five months prior to the Final Maturity Date of the relevant Series of Hard Bullet Covered Bonds, whether or not the amount standing to the credit of the Pre-Maturity Liquidity Ledger including the principal amount of any Pre-Maturity Liquidity Eligible Assets standing to the credit of the Pre-Maturity Liquidity Ledger at such date is less than the Pre-Maturity Liquidity Required Amount; and
(iv) the amount of Available Principal Receipts available for distribution on the immediately following Guarantor Payment Date;
(b) on each Guarantor Payment Date, the Managing GP (or the Cash Manager on its behalf) will transfer Available Revenue Receipts from the Revenue Ledger to the Payment Ledger and Available Principal Receipts from the Principal Ledger to the Payment Ledger, and use (or direct the Cash Manager to use) Available Revenue Receipts and Available Principal Receipts held by the Cash Manager for and on behalf of the Guarantor and, as necessary, transfer Available Revenue Receipts and Available Principal Receipts from the GDA Account to the Transaction Account (to the extent maintained), in an amount equal to the lower of (a) the amount required to make the payments set out in Schedule 5 (the “Pre-Acceleration Revenue Priority of Payments”) in the case of Available Revenue Receipts and Schedule 6 (the “Pre-Acceleration Principal Priority of Payments”) in the case of Available Principal Receipts, and (b) the aggregate amount of Available Revenue Receipts and Available Principal Receipts standing to the credit of the GDA Account; and
(c) on each Guarantor Payment Date (except for the amounts due to third parties by the Partnership under Section (a) of Schedule 5 and ...
Priorities of Payments. (a) On each Payment Date the Indenture Trustee shall make the following distributions from the Payment Account, net of the Indenture Trustee’s expenses and the Owner Trustee’s reimbursable expenses under the Trust Agreement, of an amount equal to the Interest Funds in the following order of priority: [to be provided as applicable]
(b) Subject to Section 4.2, on each Payment Date, the Indenture Trustee shall distribute to the Certificate Account for payment to the [Class X Certificate and the] Trust Certificate in the manner set forth in the Trust Agreement any remaining amounts in the Payment Account.
Priorities of Payments. 18 Section 6.1 Pre-Acceleration Priorities of Payment. ................................................................18 Section 6.2 Priority of Payments at any time an Asset Coverage Test Breach Notice is
Priorities of Payments
