Common use of Reduced Payment Clause in Contracts

Reduced Payment. If, on any Payment Date, the application of an amount from the Total Available Income (excluding any net amounts due to be received by the Issuer Trustee on that Payment Date under clause 14.4(d) of the Supplemental Deed) towards Party B's obligations under the Basis Swap and the Fixed Swap for the Collection Period ending immediately prior to that Payment Date is insufficient to pay in full the amount due by Party B under the Basis Swap and the Fixed Swap (prior to any payment netting under Section 2(c) taking effect), then Party B's obligation to make payment on that Payment Date is limited to the extent that it has funds available for that purpose. Party A's obligations to make any payment under the Basis Swap and the Fixed Swap on that Payment Date will be reduced (prior to any payment netting under Section 2(c) taking effect) by the same proportion as the reduction in Party B's payment obligations in respect of the Basis Swap and the Fixed Swap on that Payment Date (prior to any payment netting under Section 2(c) taking effect).

Reduced Payment. If, on any Payment Date, the application of an amount from the Total Available Income (excluding any net amounts due to be received by the Issuer Trustee Party B on that Payment Date under clause 14.4(d) of the Supplemental Deed) towards Party B's obligations under the Basis Swap and the Fixed Swap for the Collection Period ending immediately prior to that Payment Date is insufficient to pay in full the amount due by Party B under the Basis Swap and the Fixed Swap (prior to any payment netting under Section 2(c) taking effect), then Party B's obligation to make payment on that Payment Date is limited to the extent that it has funds available for that purpose. Party A's obligations to make any payment under the Basis Swap and the Fixed Swap on that Payment Date will be reduced (prior to any payment netting under Section 2(c) taking effect) by the same proportion as the reduction in Party B's payment obligations in respect of the Basis Swap and the Fixed Swap on that Payment Date (prior to any payment netting under Section 2(c) taking effect).