Third Waterfall Sample Clauses

Third Waterfall. Except as otherwise provided in Section 2.07(b)(iv), all amounts on deposit in the Net Cash Proceeds Account shall be applied by the Depositary as and when received, provided however, if no Event of Default or Amortization Event has occurred and is continuing, the Borrower may elect that all amounts on deposit in the Net Cash Proceeds Account be applied by the Depositary on the next Settlement Date following such deposit, in each case in accordance with the following priority: first, ratably (x) to the payment of accrued and unpaid interest on the Loans (excluding Aggregated Default Interest but including interest based on the Step-Up Yield), (y) to the payment of Derivatives Obligations, if any, then due and payable and (z) to the Lenders for the payment of all indemnities in respect of Taxes, Other Taxes, stamp taxes, Funding Losses, increased costs referred to in Section 3.03 , losses, costs and expenses referred to in Section 2.03(b) , in each case in this clause first relating to the principal portion of the Loans being paid on such date pursuant to clause second below; second, ratably (x) to the Lenders for the payment of the applicable Prepayment Amount, and (y) to the Derivatives Creditors for the payment of Derivatives Termination Value (other other than for the payment of Derivatives Termination Value resulting from a Derivatives Creditor Event), if any, and (z) to the Lenders, for the payment of any Optional Prepayment Premium; third, unless an Event of Default or Amortization Event has occurred and is continuing, to be applied in the order of priority set forth in Section 2.07(c)(i) ; and fourth, if an Event of Default or Amortization Event has occurred and is continuing, to be applied in the order of priority set forth in Section 2.07(c)(ii) ;