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:
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. (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:
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. 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
