Post-Default Distributions Sample Clauses

The Post-Default Distributions clause defines how assets or payments are to be allocated among parties after a default event has occurred. In practice, this clause outlines the order in which creditors, investors, or other stakeholders receive distributions from the remaining assets, often prioritizing certain claims over others based on contractual or legal hierarchy. Its core function is to ensure a clear and fair process for distributing assets following a default, thereby reducing disputes and uncertainty among parties involved.
Post-Default Distributions. Following an Event of Default, any Loan Payments or Property Proceeds collected by the Servicer (“Post-Default Proceeds”) shall be applied by the Servicer and/or paid to the Lenders and the Servicer in the following order of priority: (a) first, to the Servicer in an amount equal to all accrued and unpaid Servicing Fees, Management Fees or unpaid Protective Advances made by the Servicer and any other fees reimbursements or other amounts (exclusive of any Incentive Fee payable in accordance with subsection (g), below) payable to the Servicer pursuant to this Agreement, together with accrued interest thereon at the Delinquent Rate; (b) second, to the Super Priority Lenders, in relative proportion to the in total Default Contributions made under Section 6.2(d) of this Agreement, until each Super Priority Lender has received distributions under this Section 8.2(b)(ii) equal to the full amount of their Default Contribution, plus interest thereon at the Delinquent Rate; (c) third, to the Priority Lenders, in relative proportion to the total pro rata Assessment Amount paid by each Priority Lender under Section 6.2(b) of this Agreement, until each Priority Lender has received distributions under this Section 8.2(b)(iii), equal to their full Assessment Amount, plus interest thereon at the Delinquent Rate; (d) fourth, to the Super Priority Lenders, in accordance with their relative Default Contributions, until each Super Priority Lender has received distributions under this Section 8.2(b)(iv) equal to their entire Investment Interest; (e) fifth, to the Priority Lenders, in accordance with their relative Assessment Amounts, until each Priority Lender has received distributions under this Section 8.2(b)(v) equal to their entire Investment Interest; (f) sixth, to the Defaulting Lenders in proportion to their relative Fractional Interests until the Defaulting Lenders have received distributions under this Section 8.2(f) equal to their entire Investment Interest; and (g) seventh, to the Servicer in the amount of any Incentive Fee payable pursuant to Section 5.9, if any; and (h) thereafter, to the Lenders in accordance with their Fractional Interests.
View SourceView Similar (5)

Related to Post-Default Distributions

  • Post-Default Interest The Borrower shall pay interest on all Obligations (other than any Administrative Expenses) that are not paid when due for the period from the due date thereof until the date the same is paid in full at the Post-Default Rate. Interest payable at the Post-Default Rate shall be payable on each Payment Date in accordance with the Priority of Payments.

  • Distributions Following Acceleration If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

  • Final Distributions Upon the winding up of the LLC, the assets must be distributed as follows: (a) to the LLC creditors; (b) to Members in satisfaction of liabilities for distributions; and (c) to Members first for the return of their contributions and secondly respecting their LLC interest, in the proportions in which the Members share in profits and losses.

  • Special Distributions In case the Company shall fix a record date for the making of a distribution to all holders of shares of Common Stock (including any such distribution made in connection with a consolidation or merger in which the Company is the surviving corporation) or evidences of indebtedness or assets (other than dividends and distributions referred to in Sections 4(c) and 4(d) above and other than cash dividends) or of subscription rights, options, warrants, or exchangeable or convertible securities containing the right to subscribe for or purchase shares of any class of equity securities of the Company (excluding those referred to in Section 4(e) above), the Warrant Price to be in effect on and after such record date shall be adjusted by multiplying the Warrant Price in effect immediately prior to such record date by a fraction (i) the numerator of which shall be the fair market value per share of Common Stock on such record date, less the fair value (as determined by the Board of Directors of the Company in good faith as set forth in a duly adopted board resolution certified by the Company's Secretary or Assistant Secretary) of the portion of the assets or evidences of indebtedness so to be distributed or of such subscription rights, options, warrants, or exchangeable or convertible securities applicable to one (1) share of the Common Stock outstanding as of such record date, and (ii) the denominator of which shall be such fair market value per share of Common Stock. Such adjustment shall be made successively whenever such a record date is fixed; and in the event that such distribution is not so made, the Warrant Price shall again be adjusted to be the Warrant Price which would then be in effect if such record date had not been fixed, but such subsequent adjustment shall not affect the number of Warrant Shares issued upon any exercise of this Warrant prior to the date such subsequent adjustment was made.

  • Default Events (a) Any material breach of the Funding Agreement by the Recipient, including those set out below, will be an event of default (“Default Event”): 1. the Recipient has amounts owing to the IESO in respect of another funding agreement or other program, contract or arrangement with the IESO that have not been paid after due notice; 2. the IESO notifies the Recipient that it is in default of any existing agreements with the IESO, its predecessor entities, or any of their third party funds managers, including funding agreements; 3. the Recipient fails to complete or submit to the IESO any Activities set out in Schedule C by the applicable Target Completion Date; or 4. the Recipient fails to notify the IESO of any of the events set out in Section 6.1. (b) Should a Default Event occur, the IESO will be entitled to deliver to the Recipient a written notice that the Recipient is in default of the obligations under the Funding Agreement (the “Notice of Default”). The Notice of Default will set out the nature of the Default Event and a reasonable period of time by which the Default Event must be cured.