Receipt Distribution and Application of Payments Sample Clauses
The 'Receipt, Distribution and Application of Payments' clause defines how payments received under the contract are to be handled, allocated, and applied among the parties involved. It typically outlines the process for acknowledging receipt of funds, the order in which payments are distributed (such as covering fees, interest, and then principal), and any priorities or instructions for applying partial payments. This clause ensures transparency and consistency in financial transactions, preventing disputes over how payments are credited and helping to manage the parties' expectations regarding the settlement of financial obligations.
Receipt Distribution and Application of Payments. SECTION 3.01. Basic Distributions Except as otherwise provided in Sections 3.02 and 3.03 hereof, each periodic payment of principal or interest on the Equipment Notes received by the Mortgagee shall be promptly distributed in the following order of priority:
(i) so much of such payment as shall be required to pay in full the aggregate amount of the payment or payments of Original Amount and interest (as well as any interest on any overdue Original Amount and, to the extent permitted by Law, on any overdue interest) then due under all Series A Equipment Notes shall be distributed to the Note Holders of Series A ratably, without priority of one over the other, in the proportion that the amount of such payment or payments then due under each Series A Equipment Note bears to the aggregate amount of the payments then due under all Series A Equipment Notes;
(ii) after giving effect to paragraph (i) above, so much of such payment remaining as shall be required to pay in full the aggregate amount of the payment or payments of Original Amount and interest (as well as any interest on any overdue Original Amount and, to the extent permitted by Law, on any overdue interest) then due under all Series B Equipment Notes shall be distributed to the Note Holders of Series B ratably, without priority of one over the other, in the proportion that the amount of such payment or payments then due under each Series B Equipment Note bears to the aggregate amount of the payments then due under all Series B Equipment Notes;
(iii) after giving effect to paragraph (ii) above (and except as otherwise provided in an amendment to this Trust Indenture pursuant to Section 10.01(b) hereof), so much of such payment remaining as shall be required to pay in full the aggregate amount of the payment or payments of Original Amount and interest (as well as any interest on any overdue Original Amount and, to the extent permitted by Law, on any overdue interest) then due under all Additional Series Equipment Notes shall be distributed to the Note Holders of Additional Series ratably, without priority of one over the other, in the proportion that the amount of such payment or payments then due under each Additional Series Equipment Note bears to the aggregate amount of the payments then due under all Additional Series Equipment Notes.
Receipt Distribution and Application of Payments. (a) Section 3.01(iii) is amended by (i) deleting each reference therein to “Additional Series Equipment Notes” and substituting in lieu thereof “Series B Equipment Notes”, (ii) deleting “Additional Series Equipment Note” and substituting in lieu thereof “Series B Equipment Note” and (iii) deleting “Additional Series” and substituting in lieu thereof “Series B”.
(b) Section 3.02 is amended by (i) deleting “Additional Series Equipment Notes” in subclause (iii) of clause Second and substituting in lieu thereof “Series B Equipment Notes”, (ii) deleting “Related Additional Series Equipment Notes” in subclause (iii) of clause Third and substituting in lieu thereof “Related Series B Equipment Notes” and (iii) inserting in the second proviso following clause Fourth after “Section 2.11(b)” the following: “or Section 2.11(c)”.
(c) Section 3.03 is amended by (i) deleting each reference to “Additional Series Equipment Notes” in subclause (iii) of clause Third and inserting in lieu thereof “Series B Equipment Notes”, (ii) deleting “Related Additional Series Equipment Notes” in subclause (iii) of clause Third and inserting in lieu thereof “Related Series B Equipment Notes” and (iii) deleting “Note Holders of Additional Series” in subclause (iii) of clause Third and inserting in lieu thereof “Note Holders of Series B”.
Receipt Distribution and Application of Payments. (a) Section 3.01 is amended by (i) deleting “and” at the end of paragraph (ii) of such Section, (ii) renumbering paragraph (iii) as paragraph (iv), and deleting in such renumbered paragraph the reference to “paragraph (ii) above” and substituting in lieu thereof “paragraph (iii) above”, and (iii) inserting a new paragraph (iii) after paragraph (ii) of such Section to read as follows:
Receipt Distribution and Application of Payments. All payments received and amounts realized by the Indenture Trustee pursuant to this Article XIV at any time shall be held, distributed or applied to the Persons, at the times and in the manner and for the purpose for which received as specified in Article VI.
Receipt Distribution and Application of Payments. (a) Section 3.01(ii) is amended by amending and restating it in its entirety as follows:
Receipt Distribution and Application of Payments. 20 Section 5.01 Payments; Basic Distributions 20 Section 5.02 Prepayment 20 Section 5.03 Payments After Event of Default 21 Section 5.04 Certain Payments 22 Section 5.05 Other Payments 22
Receipt Distribution and Application of Payments. SECTION 3.01. Basic Distributions Except as otherwise provided in Sections 3.02 and 3.03 hereof, each scheduled payment of principal or interest on the Equipment Notes received by the Mortgagee shall be promptly distributed in the following order of priority:
(i) so much of such payment as shall be required to pay in full the aggregate amount of the payment or payments of the Original Amount and interest (as well as any interest on any overdue payment of all or any portion of the Original Amount and, to the extent permitted by Law, on any overdue interest) then due under all Series G Equipment Notes shall be distributed to the Note Holders of Series G ratably, without priority of one over the other, in the proportion that the amount of such payment or payments then due under each Series G Equipment Note, bears to the aggregate amount of the payments then due under all Series G Equipment Notes;
Receipt Distribution and Application of Payments. Basic Distributions Except as otherwise provided in Sections 3.02 and 3.03 hereof, each periodic payment of principal or interest on the Equipment Notes received by the Mortgagee shall be promptly distributed in the following order of priority:
Receipt Distribution and Application of Payments