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Common use of Disbursements of Cash from Payment Account Clause in Contracts

Disbursements of Cash from Payment Account. (a) Notwithstanding any other provision in this Indenture, the Transaction Documents or the Notes, the Trustee shall disburse amounts transferred from the Collection Account to the Payment Account pursuant to Section 10.2(f) in accordance with the following (the Priority of Payments): (i) On each Payment Date, unless an Enforcement Event has occurred, all amounts transferred to the Payment Account from the Interest Collection Subaccount shall be applied to the payment of accrued and unpaid interest on the Class A Notes and the Class A-R Notes pro rata according to the respective Aggregate Outstanding Amounts thereof. (ii) On the date of Maturity, unless an Enforcement Event has occurred, all amounts transferred to the Payment Account from the Principal Collection Subaccount shall be applied (A) first, pro rata, to the repayment of (1) principal of the Class A Notes until the Class A Notes have been paid in full; and (2) the Outstanding Class A-R Funded Amount until the Outstanding Class A-R Funded Amount has been reduced to zero and (B) second, all remaining Principal Collections shall be paid to the Issuer (in accordance with directions of the Issuer to the Trustee). (iii) If a declaration of acceleration of the maturity of the Notes has occurred following an Event of Default and such declaration of acceleration has not been rescinded (an Enforcement Event), the Trustee shall apply proceeds in respect of the Portfolio Assets on each date or dates fixed by the Trustee (each such date to occur on a Payment Date), in accordance with clause (i) (in the case of Interest Collections) and clause (ii) (in the case of Principal Collections) of this Section 11.1(a). (b) [Reserved].

Appears in 4 contracts

Samples: Indenture (CM Finance Inc), Indenture (CM Finance Inc), Indenture (CM Finance Inc)

Disbursements of Cash from Payment Account. (a) Notwithstanding any other provision in this Indenture, the Transaction Documents or the Notes, the Trustee shall disburse amounts transferred from the Collection Account to the Payment Account pursuant to Section 10.2(f10.2(h) in accordance with the following (the Priority of Payments): (i) On each Payment Date, unless an Enforcement Event has occurred, all amounts transferred to the Payment Account from the Interest Collection Subaccount Account shall be applied applied: (A) first, to the payment of accrued and unpaid interest on the Class A Notes and the Class A-R Notes pro rata according Administrative Expenses, and (B) second, to be transferred to the respective Aggregate Outstanding Amounts thereofCollection Account. (ii) On the date of MaturityMaturity (other than a Redemption Date), unless an Enforcement Event has occurred, all amounts transferred to the Payment Account from the Principal Collection Subaccount Account shall be applied applied, pro rata: (A) first, pro ratato the payment of accrued and unpaid Administrative Expenses to the extent not paid pursuant to Section 11.1(a)(i)(A) above and provided that Administrative Expenses payable under this sub-clause (A) shall exclude any amounts to the extent that payment of such amounts would result in the aggregate amounts of Administrative Expenses paid under this sub-clause (A) exceeding (i) with respect to the calendar year 2019, $175,000 (pro-rated for the partial calendar year 2019) and (ii) with respect to any year after 2019, $175,000 in the applicable calendar year; (B) second, to the repayment of (1) principal of the Class A Notes until the Class A Notes have been paid in full; and (C) third, to pay any accrued and unpaid Administrative Expenses to the extent not paid pursuant to sub-clause (2A) the Outstanding Class A-R Funded Amount until the Outstanding Class A-R Funded Amount has been reduced above; and (D) fourth, to zero and (B) second, all remaining Principal Collections shall be paid make a payment to the Issuer of all remaining amounts in the Payment Account (in accordance with directions of the Issuer to the Trustee). (iii) If a declaration of acceleration of the maturity of the Notes has occurred following an Event of Default and such declaration of acceleration has not been rescinded (an Enforcement Event), the Trustee shall apply proceeds in respect of the Portfolio Assets on each date or dates fixed by the Trustee (each such date to occur on a Payment Date), in accordance with clause (iSection 11.1(a)(ii) (without regard to the limit in the case of Interest Collections) and clause (ii) (in the case of Principal Collections) of this Section 11.1(a11.1(a)(ii)(A)). (biv) [Reserved]On each Redemption Date, all amounts transferred to the Payment Account from the Collection Account shall be applied to pay the applicable Redemption Price in accordance with Section 9.3(b).

Appears in 2 contracts

Samples: Indenture (BC Partners Lending Corp), Indenture (BC Partners Lending Corp)

Disbursements of Cash from Payment Account. (a) Notwithstanding any other provision in this Indenture, the Transaction Documents or the Notes, the Trustee shall disburse amounts transferred from the Collection Account to the Payment Account pursuant to Section 10.2(f) in accordance with the following (the Priority of Payments): (i) On each Payment Date, unless an Enforcement Event has occurred, all amounts transferred to the Payment Account from the Interest Collection Subaccount shall be applied (A) first, to the payment of accrued and unpaid Administrative Expenses, provided that Administrative Expenses payable under this sub-clause (A) shall exclude any amounts to the extent that payment of such amounts would result in the aggregate amounts of Administrative Expenses paid under this sub-clause (A) would exceed U.S.$120,000 (prorated for the partial calendar year 2019 and the year in which the Maturity or final payment of the Notes occurs, based on the actual number of days elapsed in such partial year and a 360 day year) in the applicable calendar year; (B) second to the payment of accrued and unpaid interest on the Class A Notes A-1 Notes, the Class A-2 Notes, and the Class A-R Notes pro rata according to the respective Aggregate Outstanding Amounts thereof; and (C) third, to pay any accrued and unpaid Administrative Expenses to the extent not paid pursuant to sub-clause (A) above. (ii) On the Redemption Date (if any) and on date of Maturity, unless an Enforcement Event has occurred, all amounts transferred to the Payment Account from the Principal Collection Subaccount shall be applied applied: (A) first, pro rata, to the repayment of (1) principal of the Class A Notes until the Class A Notes have been paid in full; and (2) the Outstanding Class A-R Funded Amount until the Outstanding Class A-R Funded Amount has been reduced to zero and (B) second, all remaining Principal Collections shall be paid to the Issuer (in accordance with directions of the Issuer to the Trustee). (iii) If a declaration of acceleration of the maturity of the Notes has occurred following an Event of Default and such declaration of acceleration has not been rescinded (an Enforcement Event), the Trustee shall apply proceeds in respect of the Portfolio Assets on each date or dates fixed by the Trustee (each such date to occur on a Payment Date), in accordance with clause (i) (in the case of Interest Collections) and clause (ii) (in the case of Principal Collections) of this Section 11.1(a). (b) [Reserved].:

Appears in 1 contract

Samples: Supplemental Indenture (CM Finance Inc)

Disbursements of Cash from Payment Account. (a) Notwithstanding any other provision in this Indenture, the Transaction Documents or the Notes, the Trustee shall disburse amounts transferred from the Collection Account to the Payment Account pursuant to Section 10.2(f) in accordance with the following (the Priority of Payments): (i) On each Payment Date, unless an Enforcement Event has occurred, all amounts transferred to the Payment Account from the Interest Collection Subaccount shall be applied (A) first, first, to the payment of accrued and unpaid Administrative Expenses, provided that Administrative Expenses payable under this sub-clause (A) shall exclude any amounts to the extent that payment of such amounts would result in the aggregate amounts of Administrative Expenses paid under this sub-clause (A) would exceed U.S.$120,000 (prorated for the partial calendar year 2017 and the year in which the Maturity or final payment of the Notes occurs, based on the actual number of days elapsed in such partial year and a 360 day year) in the applicable calendar year; (B) second to the payment of accrued and unpaid interest on the Class A Notes and the Class A-R Notes pro rata according to the respective Aggregate Outstanding Amounts thereof; and (C) third, to pay any accrued and unpaid Administrative Expenses to the extent not paid pursuant to sub-clause (A) above. (ii) On the date of Maturity, unless an Enforcement Event has occurred, all amounts transferred to the Payment Account from the Principal Collection Subaccount shall be applied (A) first, pro rata, to the repayment of (1) principal of the Class A Notes until the Class A Notes have been paid in full; and (2) the Outstanding Class A-R Funded Amount until the Outstanding Class A-R Funded Amount has been reduced to zero and zero; (B) second, to pay any accrued and unpaid Administrative Expenses to the extent not paid pursuant to clause (i) above; and (C) third, all remaining Principal Collections shall be paid to the Issuer (in accordance with directions of the Issuer to the Trustee). (iii) If a declaration of acceleration of the maturity of the Notes has occurred following an Event of Default and such declaration of acceleration has not been rescinded (an Enforcement Event), the Trustee shall apply proceeds in respect of the Portfolio Assets on each date or dates fixed by the Trustee (each such date to occur on a Payment Date), in accordance with clause (i) (in the case of Interest Collections) and clause (ii) (in the case of Principal Collections) of this Section 11.1(a). (b) [Reserved].

Appears in 1 contract

Samples: Indenture (CM Finance Inc)