Rent Distribution Clause Samples
The Rent Distribution clause defines how rental payments received from tenants are allocated among the parties entitled to them, such as landlords, property managers, or investors. Typically, this clause outlines the timing, method, and proportions for distributing rent, and may specify deductions for expenses like maintenance or management fees before disbursement. Its core function is to ensure transparency and prevent disputes by clearly establishing the process for dividing and delivering rental income.
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Rent Distribution. Except as otherwise provided in Section 3.03 hereof, each installment of Basic Rent, any payment of interest on overdue installments of Basic Rent and any payment received by the Indenture Trustee pursuant to Section 4.03 hereof and pursuant to Section 18(b) or 18(c) of the Participation Agreement shall be promptly distributed in the following order of priority:
(i) so much of such installment or payment as shall be required to pay in full the aggregate amount of the payment or payments of Principal Amount and interest and other amounts (as well as any interest on any overdue Principal Amount and, to the extent permitted by applicable law, on any overdue interest and any other overdue amounts) then due under all Series A Secured Certificates shall be distributed to the Certificate Holders of Series A ratably, without priority of one over the other, in the proportion that the amount of such payment or payments then due under each Series A Secured Certificate bears to the aggregate amount of the payments then due under all Series A Secured Certificates;
(ii) after giving effect to paragraph (i) above, so much of such installment or payment remaining as shall be required to pay in full the aggregate amount of the payment or payments of Principal Amount and interest and other amounts (as well as any interest on any overdue Principal Amount and, to the extent permitted by applicable law, on any overdue interest and any other overdue amounts) then due under all Series B Secured Certificates shall be distributed to the Certificate Holders of Series B ratably, without priority of one over the other, in the proportion that the amount of such payment or payments then due under each Series B Secured Certificate bears to the aggregate amount of the payments then due under all Series B Secured Certificates; and
(iii) after giving effect to paragraph (ii) above, so much of such installment or payment remaining as shall be required to pay in full the aggregate amount of the payment or payments of Principal Amount and interest and other amounts (as well as any interest on any overdue Principal Amount and, to the extent permitted by applicable law, on any overdue interest and any other overdue amounts) then due under all Series C Secured Certificates shall be distributed to the Certificate Holders of Series C ratably, without priority of one over the other, in the proportion that the amount of such payment or payments then due under each Series C Secured Certificate bears ...
Rent Distribution. (a) Except as otherwise provided in ----------------- Section
Rent Distribution. Except as otherwise provided in Section ----------------- ------- 4.3, each payment of Basic Rent under the Lease, as well as any payment of --- interest on overdue installments of Basic Rent under the Lease, and any other monies paid over by Lessee or Borrower to Agent for such purpose, shall be distributed as promptly as possible (it being understood that any payments of Basic Rent received by Agent under the Lease on a timely basis and in accordance with the provisions of the Lease shall be distributed on the date received in the funds so received) in the following order of priority:
(a) first, to Lenders, an amount equal to the aggregate amount of the payment of interest (as well as any interest on (to the extent permitted by Applicable Laws and Regulations) overdue interest) then due shall be distributed and paid to Lenders, such distributions under this clause first being made without priority of one such Lender over any other, in the proportion that the unpaid principal amount of the Notes held by each Lender bears to the aggregate unpaid principal amount of the Notes;
(b) second, to Lenders, an amount equal to the aggregate amount of the payment of principal then due shall be distributed and paid to Lenders, such distributions under this clause second being made without priority of one such Lender over any other, in the proportion that the unpaid principal amount of the Notes held by each Lender bears to the aggregate unpaid principal amount of the Notes; and
(c) third, the balance, if any, of such payment remaining thereafter shall be distributed at Borrower's direction.
Rent Distribution. Except as otherwise provided in Section 9.3, each payment of Facility Lease Basic Rent under the Facility Lease as well as any payment of interest on overdue installments of Facility Lease Basic Rent under the Facility Lease and any other monies paid over by Lessee, Lessor, or Issuer to Agent for such purpose, shall be distributed as promptly as possible (it being understood that any such payments received by Agent on a timely basis and in accordance with the provisions of the Facility Lease, the MEDCO Note and/or any other Operative Document shall be distributed on the date received in the funds so received) in the following order of priority: first, an amount equal to the aggregate amount (as well as any interest on, to the extent permitted by law, overdue interest) then due under the Credit Facility Documents and the Hedge Documents (if any) shall be distributed and paid to the Credit Facility Providers and the Hedge Counterparty; second, the balance, if any, of such payment remaining thereafter shall be distributed and paid to the Bank or any subsequent holder of the MEDCO Note, to the extent the Bank or any such subsequent holder of the MEDCO Note shall be entitled to such amounts under the MEDCO Note or any other Operative Document.
Rent Distribution. Except as otherwise provided in Section 3.3 and subject to Section 3.5, each payment of Rent, as well as any payment of interest on overdue installments of Rent under the Lease, and any other monies paid over by Lessee or the Borrower (as Borrower, Trustee and/or Lessor) to Administrative Agent for such purpose, shall be distributed as promptly as possible (it being understood that any payments of Rent received by or on behalf of Administrative Agent under the Lease on a timely basis and in accordance with the provisions of the Lease shall be distributed on the date received in the funds so received) in the following order of priority: first, an amount equal to the aggregate amount of the payment of interest, as well as any interest on (to the extent permitted by Applicable Laws) overdue interest, then due and payable on the Notes shall be distributed and paid to the Lenders; and second, an amount equal to the aggregate amount of the payment of principal on the Notes then due and payable shall be distributed and paid to the Lenders.
Rent Distribution. Except as otherwise provided in Section 3.3 hereof, each payment of Rent as well as any payment of interest on overdue installments of Rent under the Lease, and any other monies paid over by Lessee or Borrower to Agent for such purpose, shall be distributed as promptly as possible (it being understood that any payments of Rent received by or on behalf of Agent under the Lease on a timely basis and in accordance with the provisions of the Lease shall be distributed on the date received in the funds so received) in the following order of priority: first, an amount equal to the aggregate amount of the payment of interest as well as any interest on (to the extent permitted by Applicable Law) overdue interest then due and payable on the Notes shall be distributed and paid to Lenders; and
Rent Distribution. Except as otherwise provided in Section 3.3 and subject to Section 3.5, each payment of Rent (including, without limitation, any prepaid Rent) as well as any payment of interest on overdue installments of Rent under the Master Lease and related Lease Supplements, and any other monies paid over by any Lessee or the Borrower to the Administrative Agent for such purpose, shall be distributed as promptly as possible (it being understood that any payments of Rent received by or on behalf of the Administrative Agent under the Master Lease and related Lease Supplements on a timely basis and in accordance with the provisions of the Master Lease shall be distributed on the date received in the funds so received) in the following order of priority: first, an amount equal to the aggregate amount of the payment of interest (as well as any interest on (to the extent permitted by Applicable Laws) overdue interest) Loan Agreement then due and payable on the Notes shall be distributed and paid to the Lenders; and second, to the payment of outstanding principal under the Notes.
Rent Distribution