Principal Payments prior to an Event of Default. Prior to the Borrower or the Administrative Agent becoming aware of the occurrence of an Event of Default or prior to the occurrence of the Facility Maturity Date, on each Payment Date the Collateral Agent shall (as directed pursuant to the first paragraph of this Section 2.04) (x) transfer all Principal Collections in all Principal Collections Accounts to the Principal Collections Account of the Borrower (such transfer constituting a deemed dividend of all such amounts by each such Securitization Subsidiary to the Borrower in proportion with its percentage ownership of the outstanding shares of such Securitization Subsidiary) and (y) transfer Principal Collections held by the Account Bank in the Collection Account, in accordance with the Servicer Report, to the following Persons in the following amounts, calculated as of the most recent Determination Date, and priority:
(i) to pay amounts due under Section 2.04(a)(i) through Section 2.04(a)(v), to the extent not paid thereunder;
(ii) (x) prior to the end of the Revolving Period (at the discretion of the Servicer), to the Unfunded Exposure Account in an amount necessary to cause the amount on deposit in the Unfunded Exposure Account to equal the Aggregate Unfunded Exposure Amount; or (y) after the end of the Revolving Period, to the Unfunded Exposure Account in an amount necessary to cause the amount on deposit in the Unfunded Exposure Account to equal the Aggregate Unfunded Exposure Amount;
(iii) (A) during the Revolving Period, to pay amounts due under Section 2.04(a)(v) but only to the extent not paid in full thereunder and to the extent necessary to eliminate any outstanding Borrowing Base Deficiency, on a pro forma basis after giving effect to all payments through this clause (iii); or (B) during the Amortization Period, to repay the Advances Outstanding and any accrued and unpaid Prepayment Premium until paid in full;
(iv) to the payment of any Administrative Expenses, to the extent not paid pursuant to clause (i);
(v) to pay amounts due under Section 2.04(a)(ix) to the extent not paid thereunder;
(vi) to pay amounts due under Section 2.04(a)(x) to the extent not paid thereunder;
(vii) to pay any BDC Tax Distribution: and
(viii) so long as, to the Administrative Agent’s, Servicer’s and Borrower’s knowledge, no Unmatured Event of Default has occurred and is continuing, to the Borrower any remaining amounts.
Principal Payments prior to an Event of Default. In the absence of a continuing Event of Default and prior to the occurrence of the Facility Maturity Date, on each Payment Date the Collateral Agent shall (as directed pursuant to the first paragraph of this Section 2.04) transfer Principal Collections held by the Account Bank in the Principal Collection Subaccount to the following Persons in the following amounts, calculated as of the most recent Determination Date, and priority:
(i) to pay amounts due under Section 2.04(a)(i) through 2.04(a)(vii), to the extent not paid thereunder;
Principal Payments prior to an Event of Default. In the absence of a continuing Event of Default or prior to the occurrence of the Facility Maturity Date, on each Payment Date the Account Bank shall (as directed pursuant to the first paragraph of this Section 2.04) transfer Principal Collections held by the Account Bank in the Collection Account to the following Persons in the following amounts, calculated as of the most recent Determination Date, and priority:
(i) to pay amounts due under Section 2.04(a)(i) through 2.04(a)(iv), to the extent not paid thereunder;
(ii) (a) during the Revolving Period, (x) to pay amounts due under Section 2.04(a)(v) but only to the extent not paid in pursuant to Section 2.04(a) and (y) in the event the Overcollateralization Ratio is greater than 70% to repay the Advances Outstanding in an amount sufficient to cause the Advance Rate Test to be satisfied on a pro forma basis after giving effect to all payments through this clause (ii); or (b) during the Amortization Period, (x) to repay the Advances Outstanding in an amount sufficient to cause the Advance Rate Test to be satisfied on a pro forma basis after giving effect to all payments through this clause (ii) and (y) on and after the date on which there are 5 or fewer Eligible Loan Assets remaining as part of the Collateral or the Adjusted Borrowing Value of any Loan Asset represents 20% or more of the Aggregate Adjusted Borrowing Value of all Loan Assets;
(iii) to the payment of any Administrative Expenses, to the extent not paid pursuant to clause (i);
(iv) to pay amounts due under Section 2.04(a)(vi) through 2.04(a)(vii), to the extent not paid thereunder; and
(v) so long as no Unmatured Event of Default has occurred and is continuing and the Advance Rate Test is satisfied, to the Borrower (or its designee) any remaining amounts.
Principal Payments prior to an Event of Default. In the absence of a continuing Event of Default or prior to the occurrence of the Facility Maturity Date, on each Payment Date the Collateral Agent shall (as directed pursuant to the first paragraph of this Section 2.04) transfer Principal Collections held by the Account Bank in the Collection Account to the following Persons in the following amounts, calculated as of the most recent Determination Date, and priority:
(i) to pay amounts due under Section 2.04(a)(i) through 2.04(a)(vii), to the extent not paid thereunder;
(ii) during the Revolving Period, in the Servicer’s discretion, to be deposited into the Collection Account as Principal Collections for reinvestment in Eligible Loan Assets;
(iii) during the Amortization Period, to repay the Advances Outstanding, and any accrued and unpaid Prepayment Premium, until paid in full;
(iv) to make any Permitted RIC Distributions (subject to the limitations on the use of Interest Proceeds and Principal Proceeds set forth herein);
(v) to the payment of any Administrative Expenses, to the extent not paid pursuant to clause (i);
(vi) to pay amounts due under Section 2.04(a)(x) to the extent not paid thereunder;
(vii) to pay amounts due under Section 2.04(a)(xi) to the extent not paid thereunder; and
(viii) so long as no Unmatured Event of Default has occurred and is continuing, to the Borrower any remaining amounts as Principal Collections, which may be distributed to the Transferor at the Borrower’s discretion.
