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:
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 Xxxxxx Xxx 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:
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:
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 Xxxxxx Xxx Trust) and, to the extent provided in the related Servicing Contract, Servicing Fees and Excess Spread;
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. 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:
Priority of Distribution. The net cash flow of the Company for a fiscal year shall be paid out to the Members pro rata in accordance with their respective Membership Interests at such time as the Managing Member(s) determines.
