Examples of Payments Priorities in a sentence
The Certificates will at all times rank without preference or priority pari passu amongst themselves.The Certificates of each Series will be secured pursuant to the security deed entered into by the trustee and the Issuer in respect of such Series (each a "Security Deed") in favour of the trustee for itself and for the other parties listed and entitled to payment in the Payments Priorities (defined below) (the "Secured Creditors"), as follows:i.
Proceeds: The Security Agreement, the STID and the Obligor Floating Charge Agreement provide that the proceeds of enforcement of the OFCA Floating Security by the Bond Trustee (or any administrative receiver appointed by it) and paid to the Borrower Security Trustee will be applied, together with any proceeds of enforcement of the other Borrower Security by the Borrower Security Trustee (or any Receiver appointed by it), in accordance with the Borrower Payments Priorities.
Summary of Payments Priorities: Below is a summary of the Payments Priorities.
The Secured Creditors in respect of a particular Series (including the Certificateholders) shall look solely to the Available Amount for payments to be made by the Issuer, the obligation of the Issuer to make payments will be limited to the Available Amount (which shall be applied in accordance with the applicable Payments Priorities) and the Secured Creditors for such Series (including the Certificateholders) will have no further recourse to the Issuer in respect thereof.
For a more detailed overview of the Payments Priorities, see the sections entitled "Transaction Overview - Overview of Credit Structure and Cashflow - Overview of Payments Priorities" or "Cashflows and Cash Management".