Common use of Preference Claims Clause in Contracts

Preference Claims. (a) In the event that the Trustee has received a certified copy of a final non-appealable order of the court of applicable jurisdiction that any Noteholders’ Interest Distributable Amount or Principal Distributable Amount paid on a Note has been avoided in whole or in part as a preference payment in the event of the insolvency of the Issuer, the Seller, the Servicer or Franklin Resources, Inc. under the United States Bankruptcy Code (11 U.S.C.), (a “Note Preference Amount”) the Trustee shall so notify the Security Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Security Insurer of such Note Preference Amount and shall, at the time it provides notice to the Security Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder’s payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trustee shall furnish to the Security Insurer its records evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trustee and subsequently recovered from Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Security Insurer will make such payment on behalf of the Noteholder in the manner set forth in the Note Policy.

Preference Claims. (a) In the event that the Trustee has received a certified copy of a final non-appealable order of the court of applicable jurisdiction that any Noteholders’ ' Interest Distributable Amount, Noteholders' Principal Distributable Amount or Accelerated Principal Distributable Amount paid on a Note has been avoided in whole or in part as a preference payment in the event of the insolvency of the Issuer, the Seller, the Servicer or Franklin Resources, Inc. under the United States Bankruptcy Code (11 U.S.C.), (a “"Note Preference Amount”") the Trustee shall so notify the Security Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Security Insurer of such Note Preference Amount and shall, at the time it provides notice to the Security Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder’s 's payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trustee shall furnish to the Security Insurer its records evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trustee and subsequently recovered from Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Security Insurer will make such payment on behalf of the Noteholder in the manner set forth in the Note Policy.

Preference Claims. (a) In the event that the Trustee has received a certified copy of a final non-appealable order of the court of applicable jurisdiction that any Noteholders’ ' Interest Distributable Amount, Noteholders' Principal Distributable Amount or Accelerated Principal Distributable Amount paid on a Note has been avoided in whole or in part as a preference payment in the event of the insolvency of the Issuer, the Seller, the Servicer or Franklin Resources, Inc. under the United States Bankruptcy Bankrutpcy Code (11 U.S.C.), (a “"Note Preference Amount”") the Trustee shall so notify the Security Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Security Insurer of such Note Preference Amount and shall, at the time it provides notice to the Security Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder’s 's payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trustee shall furnish to the Security Insurer its records evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trustee and subsequently recovered from Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Security Insurer will make such payment on behalf of the Noteholder in the manner set forth in the Note Policy.

Preference Claims. (a) In the event that the Trustee has received a certified copy of a final non-appealable order of the court of applicable jurisdiction that any Noteholders’ ' Interest Distributable Amount or Principal Distributable Amount paid on a Note has been avoided in whole or in part as a preference payment in the event of the insolvency of the Issuer, the Seller, the Servicer or Franklin Resources, Inc. under the United States Bankruptcy Code (11 U.S.C.), (a “"Note Preference Amount”") the Trustee shall so notify the Security Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Security Insurer of such Note Preference Amount and shall, at the time it provides notice to the Security Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder’s 's payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trustee shall furnish to the Security Insurer its records evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trustee and subsequently recovered from Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Security Insurer will make such payment on behalf of the Noteholder in the manner set forth in the Note Policy.