19.1 The directors shall adopt, at their first meeting of the Board, an order of priorities for the application of the revenues of the Company in descending order of priority as follows:
19.1.1 any sums due and payable in respect of Project Expenditure (as defined in the Facility Agreement);
19.1.2 any sums due and payable under the Senior Funding Agreements to the Agent, Security Trustee, any Hedging Counterparty and/or Account Bank (each as defined in the Senior Funding Agreements);
19.1.3 any amounts required to be transferred to the Debt Service Reserve Account and/or the Maintenance Reserve Account in accordance with the Funding Agreements;
19.1.4 any sums due and payable under the Junior Funding Agreements to the Junior Funders;
19.1.5 maintaining a cash surplus of £50,000 (index linked) in the Surplus Account (as defined in the Funding Agreements);
19.1.6 any remaining sums to be transferred to and maintained within the Surplus Account for the making of payments to the Charity.
19.2 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 holders of the A Shares and the C Share. 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 Funding Agreements.
19.3 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 thereof and subject to the B Director's power to postpone any payment to the Charity, as referred to in Article 18.1.