PAYMENT TO SECURITY HOLDERS Clause Samples
PAYMENT TO SECURITY HOLDERS. Section 6.01 The Issuer shall deposit to the Central P&I Custodial Account funds sufficient to enable the CPTA to make (a) all payments to Security Holders required to be made under the terms and conditions of all Securities issued and outstanding under this Agreement and (b) all other payments required under this Agreement and the Guide (other than any amounts that constitute draws payable by the Issuer to or on behalf of the mortgagor and requested by the mortgagor in accordance with the terms of the Mortgage) (the “Other Payments”). All such deposits must be made in a timely manner on (i) in the case of payments required to be made to Holders of certificated Securities and all Other Payments, the 19th calendar day of the month or, if the 19th calendar day is not a business day, on the business day immediately preceding the 19th calendar day and (ii) in the case of payments required to be made to Securities in book-entry form, the 20th calendar day of the month or the next business day if the 20th calendar day is not a business day.
(a) The Issuer shall establish and maintain such controls and procedures to enable it to accurately project in advance whether or not it will have available sufficient funds to make deposits required under section 6.01, or to otherwise make the Other Payments in a timely manner.
(b) If the Issuer does not have available sufficient funds to make a required deposit or to make the Other Payments in a timely manner, the Issuer shall make Advances to meet such deposit or make such Other Payments. If the Issuer is not able to make the full deposit by these means or to otherwise make such Other Payments, it shall submit a timely notice to ▇▇▇▇▇▇ ▇▇▇, before the deposit is due, requesting ▇▇▇▇▇▇ Mae to advance funds sufficient to make the full deposit. Any such notice shall be a basis for default under section 10.01(a)(2).
Section 6.03 The portion of each deposit that is made to enable the CPTA to make payment on the Securities shall be comprised of the portion of any amounts payable in respect of the Mortgages as described in sections 2.03, 5.02 and 6.04 that is applied to the Participations pursuant to this section 6.03, and any amounts payable by the Issuer pursuant to section 3.09. With respect to each Mortgage, all amounts, excluding any miscellaneous collections (defined in section 6.04 below) and any payment by the Issuer of the Release Price to purchase any ▇▇▇▇▇▇ Participations pursuant to sections 3.06 and 4.02, in respect ...
PAYMENT TO SECURITY HOLDERS. In the event of the occurrence and continuation of the following: (i) the Issuer shall commence any proceeding seeking to have an order for relief entered on its behalf as a debtor or to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of the Issuer or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors or seeking appointment of a receiver, trustee, liquidator, custodian or other similar official for the Issuer or for all or substantially all of its property or shall file an answer or other pleading in any such proceeding admitting the material obligations of any petition, complaint on similar pleading filed against it or consenting to the relief sought therein; or shall take any action to authorize any of the foregoing; (ii) any involuntary proceeding against the Issuer shall be commenced seeking to have an order for relief entered on its behalf as a debtor or to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of the Issuer or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors or seeking appointment of a receiver, trustee, liquidator, custodian or other similar official for the Issuer or for all or substantially all of its property, (iii) the Issuer shall fail to pay the principal or interest on any Senior Indebtedness when such amounts become due and payable, (iv) an event of default relating to any Senior Indebtedness, as defined in the Senior Indebtedness or in the mortgage, indenture or other instrument relating to or under which the Senior Indebtedness is outstanding, permitting the holder or holders thereof to accelerate the maturity thereof, and such default or event of default shall not be cured or was continued beyond the period of grace, if any, in respect thereof, and such default or event of default shall not have been waived or shall not have ceased to exist, or (v) that the principal of and accrued interest on the Securities shall have been declared due and payable pursuant to Section 502 and such declaration shall not have been rescinded and annulled as provided in Section 502, then the holders of all Senior Indebtedness shall first be entitled to receive payment in full of all amounts due or to become due thereon, or provision shall be made, in accordance with the terms of such Senior Indeb...
PAYMENT TO SECURITY HOLDERS. 48 SECTION 1203. SUBROGATION. . . . . . . . . . . . . . . . . . . . . . . .50 SECTION 1204.