Priority of Distribution Sample Clauses
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Priority of Distribution. In the event of (a) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith, relative to the Borrower or its assets, or (b) any liquidation, dissolution or other winding up of the Borrower, whether voluntary or involuntary, and whether or not involving insolvency or bankruptcy, or (c) any assignment for the benefit of creditors or any other marshalling of assets or liabilities of the Borrower, then, in any such event, the Senior Lender shall be entitled to receive payment in full of all Senior Debt prior to the payment of all or any part of the Subordinated Debt, and all payments or distributions of assets of the Borrower of any kind or character, whether in cash, property or securities, to which the Subordinated Lender would be entitled, except for the provisions of this Agreement (excluding securities of the Borrower provided for by a plan of reorganization or readjustment that are equity securities or are subordinated in right of payment to all Indebtedness of the Borrower issued to the Senior Lender in such plan of reorganization or readjustment to substantially the same extent as, or to a greater extent than, the Subordinated Debt is subordinated to the Senior Debt as provided in this Agreement) (such equity securities or subordinated securities being herein called the "Permitted Junior Securities"), including any such payment or distribution which may be payable or deliverable by reason of the payment of any other Indebtedness of the Borrower being subordinated to the payment of the Subordinated Debt, shall be paid to the Senior Lender for application on the Senior Debt.
Priority of Distribution. If, after any payments by the Guarantor are made pursuant to Section 7.5, the funds available in the Certificate Accounts with respect to each Trust on any Distribution Date that are required to be included in the Certificate Distribution Amount for such date are insufficient to pay all amounts then due, the available funds will be applied in the following order, in each case to the extent then due and payable with respect to that Trust: (i) Trust Administration Fees and other amounts due to the Trustee; (ii) Securitized Excess Spread (unless previously transferred to an Other ▇▇▇▇▇▇ ▇▇▇ Trust) and, to the extent provided in the related Servicing Contract, Servicing Fees and Excess Spread;
Priority of Distribution. If, after any payments by the Guarantor are made pursuant to Section 7.5, the funds available in the Certificate Accounts with respect to each Trust on any Distribution Date that are required to be included in the Certificate Distribution Amount for such date are insufficient to pay all amounts then due, the available funds will be applied in the following order, in each case to the extent then due and payable with respect to that Trust: (i) Trust Administration Fees and other amounts due to the Trustee; (ii) Securitized Excess Spread (unless previously transferred to an Other ▇▇▇▇▇▇ Mae Trust) and Designated Excess Spread, and, to the extent provided in the related Servicing Contract, Servicing Fees, LPMI Charges and Excess Spread; (iii) reimbursement of Delinquency Advances that were made by the Master Servicer or the Direct Servicer, as applicable, from its own corporate funds and not previously reimbursed, but only to the extent that the Master Servicer or the Direct Servicer deems such Delinquency Advances to be non-recoverable, in accordance with Accepted Servicing Practices, from the Mortgage Loans as to which such Delinquency Advances were made; (iv) the Certificate Interest Distribution Amount; and (v) the Certificate Principal Distribution Amount.
Priority of Distribution. (a) Prior to the occurrence of an Event of Default and an acceleration of the entire unpaid principal amount of the Notes and so long as the Indenture Trustee has received the Servicer Report by the related Determination Date or, in any event, not later than the opening of business on the related Payment Date, the Indenture Trustee, based on information contained in the most recent Servicer Report, will make the following withdrawals from the Collection Account on such Payment Date and make deposits and payments on each Payment Date, to the extent of Available Amounts on deposit in the Collection Account with respect to such Payment Date, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as otherwise specified): First to the Servicer, any unreimbursed Servicer Advances, as defined in Section 3.6 of the Sale and Servicing Agreement, in respect of a prior Collection Period; Second if a successor servicer is being appointed, or if the Back-Up Servicer is assuming the duties of the Servicer, to the successor servicer or the Back-Up Servicer, as applicable, the costs and expenses associated with the appointment of such successor servicer and the transition relating thereto (which amount shall not, taken in the aggregate with all other amounts withdrawn for such purpose, exceed $50,000 in aggregate for the life of the transaction); Third to the Servicer, (i) the Servicing Fee then due, together with any accrued and unpaid Servicing Fees from prior Collection Periods and (ii) expenses of the Servicer, such expenses not to exceed $50,000 in the aggregate for the life of the transaction; Fourth to the Indenture Trustee, Back-Up Servicer, Owner Trustee and Custodian, pro rata based on the amounts so due, (i) the Indenture Trustee Fees, Back-Up Servicing Fees, Owner Trustee Fees and Custodian Fees then due, together with any unpaid Indenture Trustee Fees, Back-Up Servicing Fees, Owner Trustee Fees and Custodian Fees from prior Collection Periods and (ii) expenses and indemnities of the Indenture Trustee, Back-Up Servicer, Owner Trustee and Custodian, such expenses and indemnities not to exceed, $100,000 per party per annum (with the Back-Up Servicer and Custodian deemed to be one party for purposes of this priority Fourth for so long as one Person is serving in both such capacities); Fifth to pay accrued and unpaid interest on the Class A Notes ratably based on the amount of accrued and unpaid inter...
Priority of Distribution. In the event of (i) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith, relative to the Company or its assets, or (ii) any liquidation, dissolution or other winding up of the Company, whether voluntary or involuntary, and whether or not involving insolvency or bankruptcy, or (iii) any assignment for the benefit of creditors of any other marshaling of assets or liabilities of the Company, then, in any such event, the Lenders shall be entitled to receive payment in connection with the Junior Indebtedness only after payment has been made in full pursuant to the Senior Indebtedness.
Priority of Distribution. For the fiscal year in which the Company terminates, the net assets of the Company shall be distributed as follows:
(a) To the creditors of the Company who are not Members, with such distributions to be in the order of priority as provided by law;
(b) To each Member in repayment of and in proportion to the amount of any loan made to the Company, exclusive of his capital contributions, plus accrued interest; and
(c) To each Member in repayment of and in proportion to his capital account.
Priority of Distribution. If an Event of Default shall have occurred and be continuing, the proceeds of any sale of, or other realization upon, all or any part of the Collateral and any cash held in the Collateral Accounts shall be applied by the Collateral Agent in accordance with Section 5.5 of the Credit Agreement, and then to payment to the Assignors or their successors or assigns or as a court of competent jurisdiction may direct, or any surplus then remaining from such proceeds. The Collateral Agent may make distribution hereunder in cash or in kind or, on a ratable basis in any combination thereof.
Priority of Distribution.
A) Investment Proceeds for the Partnership shall be distributed as determined by the Partnership General Partner. Subject to Sections 5.8B), 5.9, 5.10, and 5.12, Investment Proceeds for a Series shall be distributed in accordance with this Section 5.6. Amounts apportioned to the Series General Partner pursuant to the preceding sentence shall be distributed to the Series General Partner. Amounts initially apportioned to each Limited Partner of a Series shall be distributed to the Series General Partner and to each such Limited Partner as set forth in the LPA Series Appendix for that Series. Notwithstanding anything to the contrary in this Agreement, a Series, and the Series General Partner on behalf of that Series, shall not make any distribution to any Partner or assigns on account of such Partner’s or assign’s interest in the Series if such distributions would violate the Act or other applicable law. Notwithstanding anything to the contrary in this Agreement, the Partnership, and the General Partner on behalf of the Partnership, shall not make any distribution to any Partner or assigns on account of such Partner’s or assign’s interest in the Partnership if such distributions would violate the Act or other applicable law.
B) Items of cash or property comprising distributions pursuant to this Section 5.6 shall be apportioned, on a preliminary basis, among the Partners in proportion to their respective aggregate capital contributions. Items apportioned to the Series General Partner pursuant to its aggregate Capital Contributions, shall be distributed in accordance with its aggregate Capital Contributions.
C) During the Term of a Series and on a separate basis for each Limited Partner, all remaining items apportioned to such Limited Partner pursuant to its aggregate Capital Contributions to such Series shall be reapportioned between and distributed to such Limited Partner, on the one hand, and the Series General Partner, on the other hand, as follows:
(i) First, 100% to that Limited Partner until the time when the Limited Partner has received distributions equal to that Limited Partner’s aggregate Capital Contributions to the Series; and
(ii) Thereafter, any remaining balance shall be reapportioned and distributed as a percentage equal to the difference between 100% and the Performance Distribution Percentage, as provided the LPA Series Appendix for the Series, to that Limited Partner and as the Performance Distribution to the Series General Partner.
D) The...
Priority of Distribution. If an Event of Default shall have ------------------------ occurred and be continuing, the proceeds of any sale of, or other realization upon, all or any part of the Collateral and any cash held in the Collateral Accounts shall be applied by the Collateral Agent in the following order of priority:
(I) to payment of the expenses of such sale or other realization, including reasonable compensation to agents and counsel for the Collateral Agent, and all expenses, liabilities and advances incurred or made by the Collateral Agent in connection therewith, and any other Obligations owing to the Collateral Agent in respect of sums advanced by the Collateral Agent to preserve the Collateral or to preserve its security interest in the Collateral;
(II) an amount equal to (A) the unpaid principal of and accrued but unpaid interest on all Revolving Loans, all Reimbursement Obligations and all other Obligations which arise or are incurred in connection with the Loan Documents; plus (B) the aggregate amount that is (or may thereafter become) available for drawing under all Letters of Credit then outstanding (or deemed to be outstanding) under the Credit Agreement; plus (C) all unpaid fees owing to the Collateral Agent under the Credit
Priority of Distribution. If the Partnership shall terminate for any reason, the General Partner shall proceed to the liquidation of the Partnership, subject to the rights of the Class A Limited Partner under Section 15.6 hereof to elect to receive certain distributions in kind, and the proceeds of such liquidation shall be applied and distributed in the following order of priority:
(a) To expenses of liquidation, and to creditors, including Partners who are creditors, to the extent permitted by law, in satisfaction of liabilities of the Partnership, except for distributions due Partners under Sections 34-20(d) and 34-27(d) of the Act.
(b) To the setting up of any reserves which the General Partner may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Partnership or of the General Partner (other than any liabilities for which the General Partner is not entitled to indemnification under Article XIII or in respect of which the General Partner must indemnify the Partners or the Partnership, in each case because of the General Partner's gross negligence or willful misconduct) arising out of, or in connection with, the Partnership. Such reserve shall be paid over by the General Partner to a commercial bank or an attorney-at-law of the State of Connecticut, as escrowee, to be held for the purpose of disbursing such reserves in payment of any of the aforementioned contingencies, and, at the expiration of such period, as the General Partner shall deem advisable, to distribute the balance thereafter remaining in the manner hereinafter provided.
(c) To Partners and former Partners in satisfaction of liabilities for distributions under Sections 34-20(d) and 34-27(d) of the Act.
(d) Any balance then remaining shall be distributed among all Partners in accordance with Section 6.4.