Monthly Distributions. (a) Each Noteholder and Certificateholder as of the related Record Date shall be paid on the next succeeding Distribution Date by check mailed to such Noteholder or Certificateholder at the address for such Noteholder or Certificateholder appearing on the Note Register or Certificate Register or by wire transfer if such Noteholder or Certificateholder provides written instructions to the Indenture Trustee or the Owner Trustee, respectively, at least ten days prior to such Distribution Date.
(b) The Indenture Trustee shall serve as the paying agent hereunder (the “Paying Agent”) and shall make the payments to or on behalf of the Noteholders and the Certificateholder required hereunder. The Indenture Trustee hereby agrees that all amounts held by it for payment hereunder will be held in trust for the benefit of the Noteholders and the Certificateholder.
Monthly Distributions. (a) Each Noteholder and Certificateholder as of the related Record Date shall be paid on each Distribution Date by wire transfer if such Noteholder or Certificateholder provides written instructions to the Indenture Trustee or the Owner Trustee, respectively, at least ten days prior to such Distribution Date.
(b) The Indenture Trustee shall serve as the paying agent hereunder (the “Paying Agent”) and shall make the payments to or on behalf of the Noteholders and the Certificateholder required hereunder. The Indenture Trustee hereby agrees that all amounts held by it for payment hereunder will be held in trust for the benefit of the Noteholders and the Certificateholder.
Monthly Distributions. Subject to subsection (b) and (c) of this Section, on each Settlement Date, based on the Servicer’s Monthly Settlement Certificate, the Paying Agent shall make the following distributions (without duplication) in the following order of priority (such order of priority, as may be modified by subsection (c) of this Section following an Event of Default, the “Priority of Payments”) to the extent of Available Funds on deposit in the Collection Account (and, if there are insufficient Available Funds to make any distribution under any particular clause in full, pro rata to each Person entitled to a distribution pursuant to such clause, as determined based on the maximum amount that could be distributable to each such Person under such clause):
(i) first, pro rata to each Agent, the Custodian, and the Account Bank (to the extent not deducted from the Collection Account or Reserve Account), all accrued but unpaid fees, reimbursable expenses, and indemnity amounts owed to such Person in such capacity under any Transaction Document or any related fee letter; provided, that no Person shall receive cumulative distributions (for all applicable Settlement Dates in any calendar year) under this priority first for expenses and indemnity amounts in excess of [***]* (provided that no such annual limit shall be applicable upon the occurrence and continuance of an Event of Default);
(ii) second, to the Servicer, an amount equal to the Servicing Fee with respect to the preceding Collection Period (and any unpaid Servicing Fee from any prior Collection Period), and if such Servicer is a successor Servicer, all accrued but unpaid fees (without duplication of the Servicing Fee), reimbursable expenses, and indemnity amounts owed to such Person in such capacity under any Transaction Document or any related fee letter; provided, that no Person shall receive cumulative distributions (for all applicable Settlement Dates in any calendar year) under this priority second for expenses and indemnity amounts in excess of [***]*;
(iii) third, to the Backup Servicer (with respect to amounts owed, without duplication, to the Backup Servicer or the Sub-Backup Servicer, but solely if any such Person is not then acting as successor Servicer and, if applicable, on a pari passu basis as between the primary Backup Servicer and any Sub-Backup Servicer) with respect to the preceding Collection Period, an amount equal to the Backup Servicing Fee, any reasonable expenses incurred in connection with tran...
Monthly Distributions. Each Noteholder as of the related Record Date shall be paid on the next succeeding Payment Date by check mailed to such Noteholder at the address for such Noteholder appearing on the Note Register or by wire transfer if such Noteholder provides written instructions to the Paying Agent at least ten days prior to such Payment Date.
Monthly Distributions. (a) Each month, the Manager will distribute the LLC's accrued Net Profits, to the extent that there is cash available and provided that the monthly distribution will not impact the continuing operations of the LLC as follows:
(1) First, to the Members until they receive an annualized six percent (6%) on their capital accounts (“Target Rate of Return”). Nevertheless, the Manager has the discretion to adjust the interest rate based on changes in the national mortgage rates and various indexes (LIBOR, Prime Rate, etc.), provided, however, that at no time shall the Target Rate of Return be less than six percent (6%) annually; and
(2) Second, the remaining Net Profits, if any, will be distributed (a) 60% to the Members, and (b) 40% to the Manager as a Performance Fee. Nevertheless, the Manager has the discretion to waive its Performance Fee. Nevertheless, there is no clawback in subsequent months for profits the Manager earns.
Monthly Distributions. Subject to Section 4.04 and Section 7.03, not later than 15 days after the end of each calendar month, the Board of Managers shall determine the amount of Distributable Cash, if any, with respect to such month and shall declare, and the Company shall distribute to each Member not later than the fifth Business Day after such declaration, a Distribution in an amount in cash equal to the product of (i) such Member’s Percentage Interest, determined as of the close of business on the last day of such month, multiplied by (ii) all Distributable Cash, if any, with respect to such month (subject to Section 5.02(c)(ii)(B) with respect to any outstanding Shortfall Loans).
Monthly Distributions are automatically reinvested in additional shares of the Trust without charge or may be received in cash. (See pages 4 and 12.)
Monthly Distributions. Seller and Buyer agree that, for purposes of Section 4.1(a) of the LLC Agreement, all distributions due by the Company with respect to any period prior to the Closing Date shall be based upon the Seller having a Participating Percentage of 4.50%.
Monthly Distributions. Except as a Supermajority-in-Interest of the Members otherwise decide, on the thirtieth (30th) day after the conclusion of each calendar month, or, if such thirtieth (30th) day is not a Business Day, on the first Business Day following such thirtieth (30th) day, commencing with distributions for the period from the date hereof through March 31, 2006, the Manager shall cause the Company to distribute its Distributable Cash for the prior month, subject to the rights of any holder of Membership Interests other than Common Units, to the Members holding Common Units, in accordance with their respective Participating Percentages.
Monthly Distributions. Except as provided in Section 1.4, between the date hereof and the Closing Date, the LLC shall make monthly distributions to its members in accordance with the Operating Agreement and the distribution guidelines of the LLC in 2010 and 2011 through the date hereof consistent with the LLC’s current distribution policies and practices. A copy of the distribution guidelines is attached as Schedule 6.17 hereto.
