Common use of Basic Rent Distribution Clause in Contracts

Basic Rent Distribution. Except as otherwise provided in Section 3.2 or 3.3, each installment of Basic Rent and any payment of Supplemental Rent constituting interest on overdue installments of Basic Rent received by the Indenture Trustee shall be distributed by the Indenture Trustee in the following order of priority: First, so much of such amounts as shall be required to pay in full the aggregate principal and accrued interest (as well as any interest on overdue principal and, to the extent permitted by Applicable Law, on overdue interest) then due and payable under the Notes shall be distributed to the Noteholders ratably, without priority of any Noteholder over any other Noteholder, in the proportion that the amount of such payment then due and payable under each such Note bears to the aggregate amount of the payments then due and payable under all such Notes; and Second, the balance, if any, of such amounts remaining shall be distributed to the Owner Trust for distribution by it in accordance with the terms of the Trust Agreement.

Basic Rent Distribution. Except as otherwise provided in Section 3.2 or 3.33.3 of this Indenture, each installment of Basic Rent Rent, and any payment of Supplemental Rent constituting interest on overdue installments of Basic Rent Rent, received by the Indenture Trustee shall be distributed by the Indenture Trustee in the following order of priority: First, so much of such amounts as shall be required to pay in full the aggregate principal and accrued interest (as well as any interest on overdue principal and, to the extent permitted by Applicable Law, on overdue interest) then due and payable under the Notes shall be distributed to the Noteholders ratably, without priority of any Noteholder over any other Noteholder, in the proportion that the amount of such payment then due and payable under each such Note bears to the aggregate amount of the payments then due and payable under all such Notes; and Second, the balance, if any, of such amounts remaining shall be distributed to the Owner Trust Trustee for distribution by it in accordance with the terms of the Trust Agreement.