Application of Revenues and Other Funds After Default. All amounts received by the Authority Trustee pursuant to any right given or action taken by the Authority Trustee under the provisions of this Agreement relating to the Loan and Parity Loans shall be applied by the Authority Trustee in the following order: (a) first to the payment of all installments of interest on the Loan and Parity Loans then due and unpaid on a pro rata basis based on the total amount then due and owing, and (b) second, to the payment of all installments of principal of the Loan and Parity Loans then due and unpaid on a pro rata basis based on the total amount then due and owing.
Appears in 2 contracts
Sources: Loan Agreement, Loan Agreement