Application of Collections Account Sample Clauses

Application of Collections Account. Subject to Section 2.07(c)(ii), so long as (x) no Event of Default has occurred and is continuing and (y) no Amortization Event has occurred and is continuing, on each Settlement Date, all amounts on deposit in the Collection Account as of the Calculation Date immediately preceding such Settlement Date and amounts which are applied in accordance with Section 6.14(c) from the then current balance of the Liquidity Reserve Account shall be applied by the Depositary on such Settlement Date in the following order of priority: first, to the Servicer, for distribution to the Lessees, if any, whose payments in respect of the applicable Leases are not made net of any Railroad Mileage Credits due and owing to such Lessee, an amount equal to the Railroad Mileage Credits due to such Lessee for which an allocation has not previously been made pursuant to this clause (or any corresponding clause of any other subsection in this Section 2.07(c)) as certified to the Agent by the Servicer not later than the Calculation Date immediately preceding such Settlement Date; second, ratably (x) to reimburse the Servicer for outstanding Servicer Reimbursable Expenses, (y) to reimburse or pay the Agent and/or the Collateral Agent for any fees and expenses incurred by the Agent and/or the Collateral Agent not described below (including, without limitation, reasonable attorney’s fees and expenses and the fees and expenses of any person appointed by the Agent to replace the Servicer pursuant to the Servicing Agreement) in connection with any Servicer Replacement Event or Event of Default and the exercise by the Agent and/or the Collateral Agent of any right or remedy hereunder and not previously reimbursed or paid by the Lenders and (z) to the reimbursement of the Lenders for any amounts paid by the Lenders to the Agent in compensation for fees and expenses incurred by the Agent as described in this clause second; third, if (A) any amount (a “Reimbursement Amount”) paid by a Lessee into the Collection Account since the last Settlement Date was specifically paid to reimburse any expense paid by the Servicer under the Servicing Agreement (but not to include Servicer Advances or other payments by the Servicer in respect of unpaid Monthly Rent amounts) because the Lessee had failed to pay an amount due or perform an obligation under the applicable Lease, (B) the Lessee has cured all payment defaults under the applicable Lease and (C) the Servicer has provided the Agent with documentation th...