4.1 The Directors shall adopt, at the first meeting of the Board, an order of priorities for the application of the Company's revenues in descending order of priority as follows:
4.1.1 any sums due and payable in respect of [Project Expenditure] (as defined in the Facility Agreement);
4.1.2 any sums due and payable under the Senior Funding Agreements to the [Agent, Security, any Hedging Counterparty and/or Account Bank] (each as defined in the Facility Agreement);
4.1.3 any amounts required to be transferred to the [Debt Service Reserve Account] and/or the [Maintenance Reserve Account] (each as defined in the Facility Agreement) in accordance with the Senior Funding Agreements;
4.1.4 any sums due and payable under the [Subordinated Funding Agreements] to the [Subordinated Lenders] (each as defined in the [Subordinated Funding Agreements]);
4.1.5 any amounts required in order to maintain a [cash buffer] of [ ][Index-linked]; and
4.1.6 Surplus Payments pursuant to clause [36] of the Agreement and as referred to in Article [3.1].2
4.2 At any time before an [Event of Default] (as defined in the Facility Agreement) has occurred, any variation to the Agreed Order of Priorities shall be effective only if recommended by the B Director and approved by the B Shareholder. At any time following the occurrence of an Event of Default (for so long as the Event of Default is continuing) the Agreed Order of Priorities may only be varied as provided for in the Senior Funding Agreements.
4.3 The Directors shall be bound, in exercising their powers and functions, to give effect to the Agreed Order of Priorities, provided that no Trigger Event would arise as a result and subject to the B Director's power to postpone payments of Surpluses (as referred to in Article [3.1]).
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2 Note that the Company's share of any Refinancing Gain and of any savings generated by a Project Co Change will be available for distribution to investors before falling to the Surplus Account.