Application of Fees. On the thirtieth day following the first full calendar quarter after the Acceptance Date and on the thirtieth day following the first day of each calendar quarter thereafter and continuing until the Fees Limit is zero, Fees collected prior to the first day of such calendar quarter and not already applied as described in this Section 11.14, will be used, to the extent possible, to pay down the MCWD Indebtedness. If either (i) any Fees remain after repaying all possible MCWD Indebtedness or (ii) for any reason, Fees cannot be applied to pay or reduce the MCWD Indebtedness, then MCWD shall apply the remaining Fees collected prior to the first day of such calendar quarter towards the MCWD O&M Costs next incurred.
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