Common use of Receipt Distribution and Application of Income From the Indenture Estate Clause in Contracts

Receipt Distribution and Application of Income From the Indenture Estate. Section 3.01 Payments Prior to Indenture Event of Default. Except as otherwise provided in Section 3.03, any money paid over by the Company to the Trustee for payment on the Equipment Notes shall be distributed by the Trustee as promptly as possible to the holders of the Equipment Notes to pay in full the aggregate amount of the payment or payments of principal, premium, if any, and interest (as well as any interest on overdue principal) then due, such distribution to be made ratably, in the proportion that the amount of such payment or payments then due or so scheduled with respect to each such Equipment Note bears to the aggregate amount of payments then due under all such Equipment Notes. The amount so distributed to a Holder of an Equipment Note shall be applied by such Holder in payment of such Equipment Note in accordance with the terms of Section 2.09. Section 3.02 [Reserved].