Securitisation Residual Proceeds Clause Samples

Securitisation Residual Proceeds. On each Interest Payment Date and each other Distribution Date falling prior to the occurrence of an Event of Default (other than any Event of Default which has subsequently been cured (to the satisfaction of the Lender) or waived by the Lender) the Permitted Percentage of Securitisation Residual Proceeds (as determined under clause 6.6) shall be applied in or toward satisfaction of obligations of the Borrower in the following order of priority:- (1) first, in or towards payment of all interest due to the Lender under the Loan Facility Agreement on the relevant Interest Payment Date or, if the Distribution Date is not an Interest Payment Date, all interest accrued under the Loan Facility Agreement during the relevant Interest Period to the relevant Distribution Date; (2) second, in or towards repayment of Advances under the Loan Facility Agreement subject to the limits set out in clause 6.5; (3) third, in or towards payment of all amounts owing and payable to the Lender under any Transaction Document other than Advances and interest under the Loan Facility Agreement; (4) fourth, in the case of Securitisation Proceeds from any Securitisation Residual relating to the CMR6 Securitisation (other than from the Disposal of the Securitisation Subordinated Loan relating to the CMR6 Securitisation), the balance to the Borrower and in the case of all other Securitisation Residual Proceeds the balance to CMC.