Can you supply me the waterfall language in our standard form trust deed?
A: SenseCheck
- 0 Yes
- 0 No
- 1 Other
- 09 Jul 2024
-
Other
|
Simple
Can't answer yes or no.:
The standard form Trust Deed states the Trustee must apply moneys in accordance with the Priority of Payments (defined as Condition 4) and the Intercreditor Deed.
Condition 4 (Status and Application of Moneys) of the Terms and Conditions is as such:
Subject to Condition 18 (Enforcement), following the occurrence of an Event of Default all funds standing to the credit of any Collateral Account shall be applied in payment, in the amounts required, in the following order of priority (in each case only if and to the extent that payments, which are either due or accrued and which may become due, of a higher priority have been made in full) and in each case together with VAT thereon (if payable) on each date that a payment falls due:- first, in or towards satisfaction of (x) the costs, expenses, fees or other remuneration and indemnity payments (if any) and any other amounts incurred by the Trustee in preparing and executing the trusts and performing any obligations under the Transaction Documents; (y) the costs, expenses, fees or other remuneration and indemnity payments (if any) and any other amounts payable to any receiver, including in the case of either the Trustee or a receiver the costs of enforcing and/or realising any Security;
- second, in or towards satisfaction of the costs, expenses, fees or other remuneration and indemnity payments (if any) and any other amounts payable to the Agents under the Transaction Documents or otherwise and any other amounts, costs, expenses, fees or other remuneration and indemnity payments (if any) by the Issuer;
- third, pro rata and pari passu to the Noteholders in or towards payment of or discharge of all amounts of interest then due and payable under or in respect of the Notes of that Series;
- fourth, pro rata and pari passu to the Noteholders in or towards payment of or discharge of all amounts of principal then due and payable under or in respect of the Notes of that Series; and
- fifth, in or towards satisfaction of the reimbursement of the Servicer for discharging fees and expenses relating to the termination of the Series.
|
Comment